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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.25%), DAX30 +0.05%, CAC40 (0.29%)

Sep 20 ,2023

  • Synopsis

    • European equity market futures point to a mostly lower open amidst broad weakness in Asia. Hong Kong underperforming on tech weakness. Nikkei and ASX experience moderate losses. US equity futures also edging lower, with S&P off ~0.1%.

    • EU chief von der Leyen highlighted need for level playing field behind investigation into Chinese support for electric vehicles in a Bloomberg interview; also talked up Ukraine's EU membership bid. UK press reports PM Sunak to water down some of government's big net zero commitments, including delaying planned sale of new petrol and diesel cars from 2030. France and Germany have tabled plan for new outer tier EU membership, that could include the UK under a Labour government.

    • Early attention in Europe on UK inflation data. Unlikely to significantly change BoE policy outlook. Wage pressure and still high underlying inflation tipped to result in 25-bp rate increase on Thursday, though thoughts it could be the last move in the rate cycle. Also due to be released today, Eurozone Jul Construction Output, Germany Aug PPI, Sweden Aug Unemployment Rate.

    • Also today, Handelsblatt banking summit.

    • On the reporting front, Baloise (BALN.SW) reported H1 net income CHF205.7M, (4%) vs year-ago CHF214.7M and said it sees lower H2 earnings by an amount in the mid-double-digit million. Elsewhere, Flow Traders (FLOW.NA) reported Aug ETP market data. In the press, Reuters reports Credit Suisse (CSGN.SW) could still make substantial losses in H2 this year and Commerzbank (CBK.GR) expects to earn net interest income of €8B this year

    • Also due to report today include M&G (MNG.LN), Dunelm Group (DNLM.LN) and Cegedim (CGM.FP)

  • Macro

    • Rishi Sunak considering weakening key green policies - BBC; FT; Guardian

  • Top company news

    • Earnings/updates

      • Benelux:

        • FLOW.NA (Flow Traders) -- reports Aug ETP market data

        • CTPNV.NA (CTP NV) -- reports guides FY24 specific adjusted EPRA EPS €0.80-0.82 vs FY23 guidance €0.72

      • DACHs:

        • BALN.SW (Baloise) -- reports H1 net income CHF205.7M, (4%) vs year-ago CHF214.7M; sees lower H2 earnings by an amount in the mid-double-digit million

        • UBSG.SW (UBS Group) -- Credit Suisse could still make substantial losses in H2 this year - Reuters, citing UBS Vice-Chairman Lukas Gaehwiler

        • CBK.GR (Commerzbank) -- expects to earn net interest income of €8B this year - Reuters

      • France:

        • ALVIV.FP (Visiativ) -- unveils new development ambitions with SHIFT5 strategic plan for 2028; aims for €500M in sales and €100M in ARR SaaS subscription

        • ALSEN.FP (Sensorion) -- reports H1 net income (€12.3M) vs year-ago (€12.3M)

      • Nordics:

        • PEN.NO (Panoro Energy) -- reports YTD crude liftings 2.0M barrels, reaffirms FY23 crude oil liftings 3M barrels

        • BWO.NO (BW Offshore) -- issues company presentation in connection with Pareto Securities' 30th annual Energy Conference

        • BWE.NO (BW Energy) -- issues company presentation in connection with Pareto Securities annual Energy Conference

        • DDRIL.NO (Dolphin Drilling) -- issues company presentation in connection with Pareto Securities' 30th annual Energy Conference

      • UK:

        • HSBA.LN (HSBC Holdings) -- HSBC can still grow revenues even as central banks look to taper interest rate rises - Reuters

    • M&A

      • TNET.BB (Telenet) -- Liberty Global reopens its offer for Telenet Group Holding as a simplified squeeze-out on 22-Sep

      • GIMB.BB (Gimv) -- updates on Vlaamse Participatiemaatschappij NV shareholding

      • RECSI.NO (REC Silicon) -- issues update on the agreement for the sale of Yulin equity interest

      • BYW6.GR (BayWa) -- ENCAVIS AG acquires wind farm (17 megawatts) in Sommerland in Schleswig-Holstein from BayWa r.e.; price not disclosed

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA grants tentative approval to Norwich Pharmaceuticals' generic of Xofluza

      • UCB.BB (UCB) -- provides pdate on BLA for bimekizumab for the treatment of adults with moderate to severe plaque psoriasis.

      • SOBI.SS (Swedish Orphan Biovitrum) -- announces final outcome of the rights issue

      • EXAI (Exscientia) -- announces new collaboration with Merck KGaA (MRK.GR) focused on discovery of novel small molecule drug candidates across oncology, neuroinflammation and immunology

      • YPSN.SW (Ypsomed Holding) -- Ypsomed concludes a long-term supply agreement for large quantities of autoinjectors

      • FAGR.BB (Fagron) -- completes share buy-back program

      • ADXN.SW (Addex Therapeutics) -- awarded €4M Eurostars grant to support its metabotropic glutamate 2 (mGlu2) receptor negative allosteric modulator (NAM) program for mild neurocognitive disorder (mNCD)

    • Other

      • OSE.FP (OSE Immunotherapeutics) -- updates on its research programs during upcoming international conferences

      • NDX1.GR (Nordex) -- receives order from Ibereólica for ~ 60 MW in Spain

      • DUFN.SW (Dufry) -- concludes execution of the "Accordion" option for its current 2027-maturity Revolving Credit Facility (RCF) agreement

      • STMPA.FP (STMicroelectronics) -- board reappoints CEO Jean-Marc Chery to a new 3 year term

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Aug

      • BA.LN (BAE Systems) -- awarded $128.7M US Army contract modification

      • FGR.FP (Eiffage) -- short term GHG emissions reduction targets approved by SBTi

      • TLX.GR (Talanx) --

        • initiated a capital increase of up to €300M against cash contributions by partially utilizing the authorized capital to increase the free float

        • completes capital raise; 4.9M shares placed with institutional investors at €61.50 per share

      • ACKB.BB (Ackermans & Van Haaren) -- MRM Health Reports Positive Topline Results from Phase 2a Clinical Study with MH002 in Mild-to-Moderate Ulcerative Colitis

      • Boston Properties signed renewable power purchase agreement with Enel in Texas

      • Regional Gaming Revenues - Pennsylvania August 2023

      • TotalEnergies nearing deal to invest $300M in 50:50 renewable energy JV with Adani Green Energy - Economic Times, citing sources

  • Key rating changes

    • Upgrades

      • PGS.NO (PGS) -- buy from sell at SEB

      • BOSS.GR (Hugo Boss) -- buy from hold at Jefferies

      • AMP.IM (Amplifon) -- to buy from hold at HSBC

      • CLN.SW (Clariant) -- to buy from hold at Jefferies

      • GEBN.SW (Geberit) -- to neutral from underperform at Oddo

      • TELIA.SS (Telia Co.) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • KER.FP (Kering) -- hold from buy at Jefferies

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- hold from buy at Jefferies

      • UHR.SW (Swatch Group) --hold from buy at Jefferies

      • MONC.IM (Moncler) -- hold from buy at Jefferies

      • WPP.LN (WPP Group) -- to neutral from outperform at BNP Paribas Exane

      • MONC.IM (Moncler) -- to hold from buy at Deutsche Bank

    • Initiations

      • WAF.GR (Siltronic) -- initiated buy at Kepler Cheuvreux

  • Data

    • Nikkei (0.53%) to 33064.96

    • Hang Seng (0.40%) to 17925.01

    • Shanghai Composite (0.28%) to 3116.14

    • S&P futures (3.3) vs prior close of 4490.0

    • €-$ (0.0004) or (0.04%) to 1.0677

    • $-¥ +0.03 or +0.02% to 147.88

    • €-¥ (0.06) or (0.04%) to 157.86

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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