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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.28%), DAX30 (0.06%), CAC40 (0.38%)

Sep 18 ,2023

  • Synopsis

    • European equity markets are set to open lower after last week's gains when the STOXX Europe 600 rose +1.60% for the week. Basic Resources sector was the biggest outperformer last week, rising 7%, largely on the back of China recovery hopes.

    • Busy week of central bank meetings as markets eye end to global tightening cycle. Policy decisions due in coming days from the Fed (expected to hold), SNB (+25bp hike to 2% expected), Riksbank (+25bp hike to 4% expected), Norges Bank (+25bp hike to 4.25% expected) and BOE (+25bps hike to 5.5% expected)

    • Macro data calendars empty today but this week's agenda does contain some key releases including flash Sep Manufacturing and Services PMIs for Eurozone, Germany, UK and France as well as UK Aug inflation data.

    • On today's agenda, BOE's Cleland panellist at 15:30BST at Sibos conf and SDG Summit (through Tue)

    • On the corporate front, earnings due from Phoenix Group (PHNX.LN), while SocGen (GLE.FP) holds a Capital Markets Day where it has announced some 2026 targets ahead of the event. Lonza (LONN.SW) in focus on news CEO Pierre-Alain Ruffieux to leave company at end of Sept by mutual agreement; Chairman Albert M. Baehny to step in as CEO ad interim. Frasers Group (FRAS.LN) in talks to sell Missguided to Shein, according to Sky News. Liberty Global, Warner Bros Discovery formally commence sale process for All3Media, reports Reuters.

    • Elsewhere, Oil prices extending gains; Bloomberg notes Saudi Energy Minister Prince Abdulaziz bin Salman due to address a conference on the kingdom's crude policy and view on net zero.

  • Macro/politics

    • Keir Starmer pledges to seek major rewrite of Brexit deal - FT

    • Lagarde seized ECB colleagues' handsets to prevent leaks - Reuters

    • ECB's Holzmann Says Latest Interest Rate Hike Might Not Be Last - Bloomberg

    • Don't Bet on ECB Rate Cuts in First Half of 2024, Kazaks Says - Bloomberg

    • ECB's Stournaras Urges Governments to Help Bring Down Inflation - Bloomberg

    • UK Rents Surge at Record Pace as Home Sellers Lift Asking Prices - Bloomberg

    • Europe Must Cut Down on Its Dependence With China, Baerbock Says - Bloomberg

    • One year after a mini-Budget meltdown, Bank of England prepares to test the market - Telegraph

    • France to Allow Selling Fuel at Loss to Curb Inflation - Bloomberg

    • Rishi Sunak considers banning Chinese officials from half of AI summit - Guardian

  • Top company news

    • Earnings/updates

      • GLE.FP (Societe Generale) -- CMD update; 2026 financial targets including CET 1 ratio at 13%, Cost-to-income ratio below 60% and Return on tangible equity (ROTE) between 9% and 10%

      • ALD.FP (ALD) -- LeasePlan is releasing its new "PowerUP 2026" strategic plan; management will present detailed overview of ALD | LeasePlan's strategic operational and financial objectives on 21- Sep

      • STLN.SW (Swiss Steel Holding) -- withdraws outlook of a range for adjusted EBITDA between €160 - 200M for the full year 2023

      • SIGHT.FP (GenSight Biologics) -- reports H1 EPS (€0.26) vs year-ago (€0.23)

      • Also reporting today

        • Earnings:

          • France: Hoffmann Green Cement Technologies (ALHGR.FP), Adocia (ADOC.FP), StreamWIDE (ALTSW.FP)

          • UK: Phoenix Group (PHNX.LN), S4 Capital (SFOR.LN), City of London Investment (CLIG.LN), Futura Medical (FUM.LN), Shanta Gold Ltd. (SHG.LN), The Artisanal Spirits Co. (ART.LN)

        • Traffic: VINCI (DG.FP), Aeroports de Paris ADP (ADP.FP)

        • CMD/events: Societe Generale (GLE.FP), Aston Martin (AML.LN) EGM relating to the proposed strategic supply arrangement with Lucid Group, NNIT (NNIT.DC)

    • M&A

      • HO.FP (Thales) -- seeking additional acquisitions - FT

      • FRAS.LN (Frasers Group) -- in talks to sell Missguided to Shein - Sky News

      • GIMB.BB (Gimv) -- has entered into exclusive negotiations with Crédit Mutuel Equity to sell its majority stake in Groupe Claire

      • WHC.AU (Whitehaven Coal) -- responds to AFR article; confirms it is participating in sale process in relation to Daunia and Blackwater mines

      • Liberty Global, Warner Bros Discovery formally commence sale process for All3Media - Reuters

    • Healthcare

      • GSK.LN (GSK Plc) -- FDA approves GSK's momelotinib ("Ojjaara") for myelofibrosis -- Endpoints News

      • GSK.LN (GSK Plc) -- issues press release on FDA approval of Ojjaara

      • LONN.SW (Lonza Group) -- announces CEO Pierre-Alain Ruffieux to leave company at end of Sept by mutual agreement; Chairman Albert M. Baehny to step in as CEO ad interim

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: NT 10-Q

      • VIVE.SS (Vivesto) -- to delist from Frankfurt Stock Exchange effective as of 15-Sep

    • Other

      • VOW.GR (Volkswagen) -- tones down expectations as it prepares for lengthy restructuring process - Handlesblatt

      • NWG.LN (NatWest Group) -- NatWest tells FCA it will begin remediation programme of treatment of customers at Ulster Bank - FT

      • PRX.NA (Prosus) -- Naspers and Prosus CEO Bob van Dijk steps down, effective immediately

      • ENR.GR (Siemens Energy) -- largely suspends sales of new onshore turbines - Handelsblatt

      • FBK.IM (FinecoBank) -- to exit UK business

      • Estimated weekend box office revenues in US, Canada $62.1M, +20.6% y/y - Box Office Mojo

      • Rio Tinto expands exploration tenements in Western Australia as it looks to secure future in lithium - Australian Financial ReviewG

      • SCHOTT Pharma launches IPO today; shares to be offered within price range of €24.50 - 28.50 per share

  • Key rating changes

    • Upgrades

      • CON.GR (Continental) -- to neutral from sell at Goldman Sachs

      • IDS.LN (International Distributions Services) -- to overweight from neutral at JPMorgan

      • ENOG.LN (Energean) -- to buy from hold at Jefferies

      • FEVR.LN (Fevertree Drinks) -- to sector perform from underperform at RBC Capital Markets

      • PDX.SS (Paradox Interactive) -- to buy from hold at ABG Sundal Collier

      • URW.FP (Unibail-Rodamco-Westfield) -- to overweight from underweight at Barclays

      • VOLV.B.SS (Volvo) -- to buy from hold at DnB Markets

    • Downgrades

      • FR.FP (Valeo) -- to sell from neutral at Goldman Sachs

      • MAERSK.B.DC (Maersk) -- to neutral from overweight at JPMorgan

    • Other Actions

      • ENT.LN (Entain) -- resumed overweight at Morgan Stanley

      • IFCN.SW (Inficon) -- initiated hold at Kepler Cheuvreux

  • Data

    • Nikkei +0.00% to 33533.09

    • Hang Seng (0.93%) to 18013.66

    • Shanghai Composite +0.11% to 3121.31

    • S&P futures +6.5 vs prior close of 4498.0

    • €-$ +0.0005 or +0.05% to 1.0671

    • $-¥ (0.07) or (0.04%) to 147.65

    • €-¥ (0.03) or (0.02%) to 157.51

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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