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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.2%), CAC (0.2%), MIB (0.2%), IBEX (0.2%)

Sep 26 ,2023

  • Synopsis

    • European equity markets are set to open in negative territory amid Asian equities weaker Tuesday. Markets remain in risk-off mode amid the higher rate backdrop. Shares in Japan, Korea, Australia and Taiwan also making new lows. S&P 500 futures extending drop afterhours. Dollar and yen strengthening against other currencies. Commodities mixed with crude peeling lower while base and precious metals little changed.

    • On today's agenda, Chancellor Scholz hosts representatives of the chemical industry; will discuss the current economic situation and the medium and long-term competitiveness of the industry. Also, German Economy Minister Habeck speaks at BDI climate conf. In addition, Dutch senate votes on making work from home a legal right and start of two day debate and vote in the Spanish Parliament on new government. Elsewhere, European Parliament President Metsola meets the U.S. Special Representative for Ukraine's Economic Recovery Penny Pritzker. IEA update to its Net Zero Roadmap at 11:00CET (livestream). Other events include Future Mobility Summit of the Tagesspiegel (through Wed).

    • Among central banks updates/speakers, ECB/Banque de France/CEPR conf, speakers include ECB's Lane 9:00CET. Riksbank's Jansson lecture at 18:00CET on the bank's goals and mission. Estonia central bank releases latest economic forecast at 10:00CET, speakers include Governor Müller. Slovakian central bank releases quarterly macroprudential commentary.

    • Economic releases include: Sweden Aug PPI, Finland Aug unemployment rate.

    • In corporate news, Biocartis Group (BCART.BB) reported H1 net income (€31.3M) vs year-ago (€28.8M) and updates on status of its operational reorganization and recapitalization. ASM International (ASM.NA) hosts 2023 Investor Day; increases 2025 revenue target to €3.0-3.6B vs prior €2.8-3.4B, also provides guidance for 2027and confirms Q3 guidance. On M&A front, Vivendi (VIV.FP) reportedly to be weighing sale of tickets and festival units, according to Sky News.

  • Politics/Macro/World News

    • Bank of England studies sweeping reform of forecasting - FT

    • UK seeks aerospace deals in new trade pact with Washington state - Bloomberg

    • Global trade falls at fastest pace since pandemic - FT

    • EU trade chief warns China's Ukraine stance is hurting trade - Bloomberg

    • Gatwick to restrict flights all week after Covid outbreak - Telegraph

    • President Macron lays out France's road map to cut greenhouse gas emissions - FT; La Tribune

    • The impossible dream: Feijóo launches doomed bid to lead Spain - Politico

    • Finland Aug Unemployment Rate 6.7% vs consensus 7.0% and prior 6.9%

  • Top company news

    • Earnings/updates

      • MITRA.BB (Mithra Pharmaceuticals) -- reports H1 net income (€50.5M) vs year-ago (€31.3M)

      • ALCAR.FP (Carmat) -- reports H1 net income (€26.7M) vs year-ago (€26.0M)

      • BCART.BB (Biocartis Group) -- reports H1 net income (€31.3M) vs year-ago (€28.8M); updates on status of its operational reorganization and recapitalization

      • POXEL.FP (Poxel) -- reports H1 net income (€26.2M) vs year-ago (€13.4M)

    • M&A

      • EQNR.NO (Equinor) -- chooses Chappal Energies as preferred buyer of 20.2% stake in Agbami oilfield - Bloomberg

      • VIV.FP (Vivendi) -- reported to be weighing sale of tickets and festival units -- Sky News

      • DUNI.SS (Duni) -- independent bid committee recommends shareholders not accept the cash-based mandatory public offer submitted by Mellby Gård

      • MDF.SM (Duro Felguera) -- completes the sale of 60% of Epicom S.A. to Indra Sistemas

    • Healthcare

      • UCB.BB (UCB) -- announces approval of RYSTIGGO (rozanolixizumab) and ZILBRYSQ (zilucoplan) for the treatment of adult patients with generalized myasthenia gravis in Japan

      • CYAD.BB (Celyad Oncology) -- announces the termination of its American Depository Receipt program

      • NOVN.SW (Novartis) -- Sandoz receives European Commission approval for Tyruko (natalizumab)

    • Other

      • UBI.FP (Ubisoft Entertainment) -- expects streaming to transform video games industry - FT

      • BA.LN (BAE Systems) -- awarded ceiling $319.0M Defense Information Systems Agencty contract

      • GLE.FP (Societe Generale) -- completes share buyback program

      • AF.FP (Air France-KLM) -- The Air France-KLM Group confirms order for 50 Airbus A350 family aircraft

      • CRBN.NA (Corbion) -- launches AlgaPrime DHA P3 to reduce dependency on marine-based resources and positively impact carbon footprint

  • Key rating changes

    • Upgrades

      • AV.LN (Aviva) - to neutral from underperform at BNP Paribas Exane

      • ADE.NO (Adevinta) -- to neutral from underperform at BNP Paribas Exane

      • BARC.LN (Barclays) -- to overweight from equal-weight at Morgan Stanley

      • BIOG.B.SS (BioGaia) -- to buy from hold at Carnegie Securities

      • BVIC.LN (Britvic) -- to buy from hold at Peel Hunt

      • EKTA.B.SS (Elekta) -- to buy from hold at SEB Enskilda

    • Downgrades

      • SAVE.SS (Nordnet) -- to equal-weight from overweight at Morgan Stanley

      • IF.IM (Italgas) -- to underweight from equal-weight at Morgan Stanley

      • ZURN.SW (Zurich Insurance Group) -- to underperform from neutral at BNP Paribas Exane

      • DNB.NO (DNB Bank) -- to neutral from outperform at Autonomous Research

  • Data

    • Nikkei (1.04%) to 32338.25

    • Hang Seng (0.76%) to 17594.02

    • Shanghai Composite (0.19%) to 3109.79

    • S&P futures (15.3) vs prior close of 4378.8

    • €-$ (0.0007) or (0.07%) to 1.0586

    • $-¥ +0.05 or +0.04% to 148.94

    • €-¥ (0.05) or (0.03%) to 157.65

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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