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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.1%), CAC 0.0%, MIB (0.1%), IBEX (0.1%)

Sep 13 ,2023

  • Synopsis

    • European equity markets are set for a softer open amidst mostly weaker Asian markets. Country Garden leading property developers in Hong Kong after winning another reprieve on bond repayments. Mainland China markets trading lower. ASX the other notable decliner while Nikkei and Kospi seeing only mild losses. US equity futures weaker after tech-led retreat overnight.

    • Guardian reports UK PM Sunak is close to securing an agreement for cooperation between the UK and the EU's border protection agency, Frontex. It would lead to the sharing of intelligence of migration trends but would not address the small boats crisis involving people crossing the Channel by irregular means. The article reports the deal could be signed this month.

    • EU's von der Leyen State of the Union speech at 9:00CET (livestream) and EU's Simson delivers a keynote speech at the Egypt Hydrogen Summit 2023. In UK, MPs question on Scotland precede PMQs at 12noon BST, whilst topics for parliamentary committees include preparing for the winter 9:45BST (Ofgem's CEO), electric vehicles 10:00 and work of the Dept for Energy Security and Net Zero 13:15 (Rt Hon Caroline Flint). German Cabinet meeting sees the participation of French Minister of Economy and Finance, Bruno Le Maire, and Chancellor Scholz delivers speeches at annual meeting of the Brand Association in the afternoon, and at the gala "60 years Bundesliga" in the evening. IEA oil market report. Germany's Ministry of Economics latest monthly report.

    • In central banks, attention on ECB decision tomorrow. Market expectations shifting more concretely to likelihood of a rate increase after a Reuters report said the ECB expects inflation to stay above 3% next year. Poland central bank interest rate decision is due today whilst Bank of Spain's Delgado panellist at 10:30CET at The EUROFI 2023 Financial Forum (Wed-Fri)

    • On the macro front, focus on UK monthly activity data as UK Jul industrial/manufacturing production, trade balance, construction output and Aug NIESR GDP tracker are due to be released. Eurozone Jul industrial production also out today.

    • In earnings, TeamViewer (TMV.GR) announced it will reduce scope of Manchester United partnership effective from the start of the 2024/2025 season whilst will have a positive effect on TeamViewer's adjusted revenue EBITDA. Auto1 Group (AG1.AV) confirmed the Q2/H1 earnings and outlook as per 2-Aug update. Fraport (FRA.GR) and Flughafen Zuerich (FHZN.SW) are out with Aug traffic data. In other corporate developments, BP (BP.LN) confirmed CEO Bernard Looney has resigned with immediate effect

    • On the M&A front, MSC Mediterranean Shipping Company made a €16.75 per A-Share offer for Hamburger Hafen und Logistik Aktiengesellschaft (HHFA.GR).

    • Also due to report today are Burford Capital Ltd. (BUR.LN), Redrow (RDW.LN), Tullow Oil (TLW.LN) whilst Flughafen Wien (FLU.AV) releases traffic data. Hunting (HTG.LN) and Interum (INTRUM.SS) host CMDs.

  • Macro

    • Britain wants to loosen rules and boost its arms exports - politico

    • UK nears agreement to cooperate with EU border force - Guardian

    • Germany's Foreign Minister Baerbock begins US trip by meeting with Texas governor - DW

Top company news

  • Earnings/updates

    • France:

      • PIG.FP (Haulotte Group) -- reports H1 net income from continuing operations €0.5M vs year-ago €2.2M

    • DACHs:

      • AG1.AV (Auto1 Group) -- confirms Q2/H1 earnings and outlook as per 2-Aug update

      • TMV.GR (TeamViewer) -- to reduce scope of Manchester United partnership effective from the start of the 2024/2025 season. Positive effect on TeamViewer's adjusted revenue EBITDA

      • FRA.GR (Fraport) -- reports Aug Frankfurt Airport traffic statistics: passengers ~5.9M, +12.9% y/y

      • FHZN.SW (Flughafen Zuerich) -- reports Aug traffic statistics

    • Southern Europe:

      • TIP.IM (Tamburi Investment Partners) -- reports H1 pro forma net income €64.7M, +167% vs year-ago €24.2M

      • ELN.IM (El.En.) -- reports H1 EBIT €38.9M, (6%) vs year-ago €41.4M

  • M&A

    • HHFA.GR (Hamburger Hafen und Logistik) --

      • says it will review and evaluate voluntary public takeover offer by MSC group

      • MSC Mediterranean Shipping Company makes €16.75 per A-Share offer for Hamburger Hafen und Logistik Aktiengesellschaft

    • TEF.SM (Telefonica) -- STC will demand a seat on the board of Telefonica - El Economista, citing sources

    • NCAB.SS (NCAB Group) -- R12 Kapital set to divest its 11.4% stake in NCAB AB Group through Carnegie Investment Bank

    • SGSN.SW (SGS) -- acquires remaining 40% interest in Maine Pointe; terms undisclosed

    • TRI.FP (Trigano) -- provides update on acquisitions

    • MERY.FP (Mercialys) -- signs agreement to acquire the investment management company Imocom Partners

    • SG.IM (SAES Getters) -- FTC closes investigation into SAES Getters' sale of its Nitinol business to Resonetics

  • Healthcare

    • MOR.GR (Morphosys) -- receives US FDA fast track designation for Tulmimetostat in endometrial cancer

    • MOLN.SW (Molecular Partners) -- presents new data on its radio DARPin Therapy (RDT) platform at the EANM 2023 Annual Meeting

    • MITRA.BB (Mithra Pharmaceuticals) -- notes adjustment of conversion price of €125M senior unsecured convertible bonds due 2025

    • EVE.SW (Evolva Holding) -- Evolva and Nice & Green agree on improvements to financing agreement

  • Other

    • BWE.NO (BW Energy) -- starts production from fourth well in the Hibiscus / Ruche development

    • PEN.NO (Panoro Energy) -- reports DHIBM-6H production well successfully drilled, has been put onstream at a rate of ~6,500 bopd

    • NOVO.B.DC (Novo Nordisk) -- conducts two-for-one stock split

    • FRA.GR (Fraport) -- continues to do business in Russia - Sueddeutsche Zeitung

    • BP.LN (BP) -- BP confirms CEO Bernard Looney to step down due to lack of disclosures around past relationships with colleagues -- FT

    • BP.LN (BP) -- confirms that CEO Bernard Looney has resigned as CEO with immediate effect

    • NESN.SW (Nestle) -- launching pilot in UK to assess use of cocoa shells in low-carbon fertilizer

    • DBK.GR (Deutsche Bank) -- discards 60% of trading apps as it seeks to cut costs by increasing automation of fixed-income trading business - Bloomberg

    • DBK.GR (Deutsche Bank) -- continued to mis-sell complex derivative products in Spain even after internal probe uncovered the practice - FT

    • LHA.GR (Deutsche Lufthansa) -- Lufthansa to extend service life of older A320 models and lease dozens of aircraft to combat partial grounding of A320neo jets - Bloomberg

    • HSX.LN (Hiscox) -- announces scrip reference share price

    • Goldman Sachs recent beer distributor survey indicates strong summer and Labor Day trends

Key rating changes

  • Upgrades

    • CVSG.LN (CVS Group) -- outperform from sector perform at RBC Capital Markets

    • MKS.LN (Marks & Spencer Group) -- overweight from equal-weight at Morgan Stanley

    • COST.LN Costain Group upgraded to buy from add at Peel Hunt

    • AC.FP (Accor) -- Accor long- and short-term issuer credit ratings upgraded to BBB- from BB+ at Standard & Poor's

    • FME.GR (Fresenius Medical Care) -- to neutral from sell at UBS

  • Downgrades

    • ABF.LN (Associated British Foods) -- to hold from buy at Deutsche Bank

    • KRX.ID (Kingspan Group) -- to neutral from overweight at JPMorgan

  • Other Actions

    • A5G.ID (AIB Group) assumed buy at Goldman Sachs

    • BIRG.ID (Bank of Ireland Group) -- assumed neutral at Goldman Sachs

    • SWEC.B.SS (Sweco) -- initiated buy at DnB Markets

    • AFRY.SS (AFRY) -- initiated hold at DnB Markets

    • UTDI.GR (United Internet) -- resumed buy at Deutsche Bank; prior rating was buy

    • PHLL.LN (Petershill Partners) -- resumed add at Numis

Data

  • Nikkei (0.12%) to 32737.91

  • Hang Seng (0.04%) to 18018.02

  • Shanghai Composite (0.72%) to 3114.40

  • S&P futures (5.3) vs prior close of 4513.8

  • €-$ (0.0012) or (0.11%) to 1.0744

  • $-¥ +0.24 or +0.17% to 147.32

  • €-¥ +0.10 or +0.06% to 158.25

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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