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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.2%), CAC 0.0%, MIB (0.2%), IBEX (0.1%)

Sep 27 ,2023

  • Synopsis

    • European equity markets are set to open softer amidst mixed Asian markets. Follows two consecutive sessions of softer levels and last week's losses. Greater China markets outperforming with tech stocks driving gains in Hong Kong. Shares in Japan, Korea and Australia recording mild losses. US equity futures higher.

    • ECB's Enria panellist at 14:00CET at Analysis Forum. SNB releases its latest quarterly bulletin. Latvia central bank's Krasovska participates in "Nordic Fintech Week" (through Thu). Norway holding an open input conf on updating the overall management plans for Norwegian marine areas.

    • Macro releases due include Germany Oct GfK consumer confidence, France Sep consumer confidence, Switzerland Sep expectations - ZEW, Norway Aug unemployment rate, Sweden Aug trade balance, Eurozone Aug M3 money supply and Ireland Aug retail sales.

    • In earnings, Helvetia Holding (HELN.SW) reported H1 net income CHF257.8M, +35% vs year-ago CHF191.4M whilst Hornbach Holding (HBH.GR) is out with final Q2 earnings in line with preliminary release: EPS €3.69 and confirmed FY guidance. Elsewhere, Nanobiotix (NANO.FP) reported H1 net income (€28.1M) vs year-ago (€26.4M) whilst yesterday post close Danieli & C. Officine Meccaniche (DAN.IM) reported FY net income €243.6M vs FactSet €141.0M [3 est, €125.8-171M].

    • Other companies due to report today include H&M Hennes & Mauritz (HM.B.SS), Pendragon (PDG.LN), NCC Group (NCC.LN), Saga (SAGA.LN) and Avingtrans (AVG.LN).

    • Amongst CMDs/investor events are TotalEnergies (TTE.FP) Investor Day - Strategy & Outlook, Arkema (AKE.FP), Pendragon (PDG.LN), TI Fluid Systems (TIFS.LN) and Cambi (CAMBI.NO).

  • Macro

    • Meloni Confronts Italian 2024 Budget Deficit as Wide as 4.5% - Bloomberg

    • Italy to raise 2024 deficit goal to 4.1%-4.3% of GDP, sources say - Reuters

    • Macron's Budget to Test Taxpayer Tolerance for Climate Spending - Bloomberg

    • French steal Sunak's thunder with rival AI summit - Telegraph

    • After Brexit, Britain and Europe embrace ever-closer union - politico

  • Top company news

    • Earnings/updates

      • DACHs:

        • HELN.SW (Helvetia Holding) -- reports H1 net income CHF257.8M, +35% vs year-ago CHF191.4M

        • HBH.GR (Hornbach Holding) -- reports final Q2 earnings in line with preliminary release: EPS €3.69, reaffirms FY guidance

        • KWS.GR (KWS Saat) -- reports FY EPS €3.85 vs FactSet €4.13 [4 est, €3.79-4.30]

      • France:

        • VLTSA.FP (Voltalia) -- reports H1 net income (€19.4M) vs year-ago (€4.6M)

        • ALICA.FP (ICAPE Holding) -- reports H1 net income €1.9M vs FactSet €2.6M [1 est]

        • LHYFE.FP (Lhyfe) -- reports H1 net income (€15.9M) vs year-ago (€13.9M); reaffirms guidance

        • NANO.FP (Nanobiotix) -- reports H1 net income (€28.1M) vs year-ago (€26.4M)

      • Nordics:

        • CAMBI.NO (Cambi) -- releases presentation material in connection with its CMD

      • Southern Europe:

        • DAN.IM (Danieli & C. Officine Meccaniche) -- reports FY net income €243.6M vs FactSet €141.0M [3 est, €125.8-171M]

    • M&A

      • PDG.LN (Pendragon) -- confirms receipt of proposal from AutoNation (AN)

      • BG (Bunge Ltd) -- Canadian government to launch review of Bunge's proposed merger with Glencore-backed (GLEN.LN) Viterra -- Reuters (earlier, intraday)

      • BHP.AU (BHP Group) -- Whitehaven Coal understood to have bid $3.5B (~A$5.47B) for BHP's Daunia and Blackwater coal mines - The Australian

      • TEF.SM (Telefonica) -- Spain considering imposing conditions on Saudi Telecom's acquisition of 9.9% stake in Telefonica - Bloomberg (26-Sep, 16:57 CET)

      • SGO.FP (Compagnie de Saint-Gobain) -- enters agreement to acquire Adfil; terms undisclosed

      • IMCD.NA (IMCD) -- acquires speciality distribution company Needfill South Korea; terms undisclosed

    • Healthcare

      • GNRO.FP (GeNeuro) -- announces new study published in PNAS further substantiates the neuropathogenic role of the HERV-W protein in MS

      • SIGHT.FP (GenSight Biologics) -- Provides Update on European Medicines Agency Scientific Advice for LUMEVOQ

      • ONWD.BB (Onward Medical) -- announces first-in-Human implant of ARC-IM stimulator with brain-computer interface (BCI)

      • VSC.GR (4SC) -- receives Orphan Drug Designation (ODD) for resminostat (Kinselby) in CTCL from the US FDA

      • BIOS.BB (BioSenic) -- performs further analysis of its phase 2 clinical trial data, leading to an optimal administration scheme for its next late-stage trial of arsenic trioxide in cGvHD

      • INDV.LN (Indivior) -- publishes data showing SUBLOCADE may reduce non-fatal overdoses Among individuals with OUD

      • GNFT.FP (GENFIT) -- announces publication in Nature Medicine confirming the performance of its NASH diagnostic technology NIS4

      • CALTX.SS (Calliditas Therapeutics) -- FDA grants orphan drug designation to setanaxib for treatment of Alport syndrome

      • COPN.SW (Cosmo Pharmaceuticals) -- Cosmo and Glenmark announce signing of Distribution and License agreements for Winlevi in Europe and South Africa

      • MITRA.BB (Mithra Pharmaceuticals) -- Mithra announces presentation of positive data on Estetrol (E4) native Estrogen at NAMS 2023

    • Other

      • ENSU.NO (Ensurge Micropower) -- to host a Company update presentation with the Chairman Terje Rogne, on 28-Sep

      • MT.NA (ArcelorMittal) -- expects Chinese government mandates for output cuts to help reduce exports for next 5-10 years - Bloomberg

      • VOW3.GR (Volkswagen) -- scales down EV production at German factories in response to declining demand - Bloomberg (earlier)

      • SAN.SM (Banco Santander) -- declares interim cash dividend of €8.10 cents per share and announces new share repurchase program - 6-K

      • RNO.FP (Renault) -- Renault's alliance with Nissan and Mitsubishi to transit from standardized global model towards project-driven cooperation

      • NN.NA (NN Group) -- notes Court of Appeal judgement against the company in respect to unit-linked insurances labelled Flexibel Verzekerd Beleggen

      • NEL.NO (NEL ASA) -- selects Plymouth, Michigan for gigafactor

      • FERG.LN (Ferguson) -- SEC filing: 10-K

      • FLS.DC (FLSmidth & Co.) -- FLSmidth to deliver three Top Service Design (TSUV) gyratory crushers to South American copper mine; order valued at approx. DKK 200M

      • GAM.SW (Gam Holding) -- Rock Investment SAS announces its intention to provide financing of up to CHF 100M to GAM Holding AG

      • DAL.IM (Datalogic) -- increases size of previously announced share buyback program to up to 2.3M shares from up to 1.2M shares (post EU close 26-Sep)

      • More retailers point to theft in store closures

  • Key rating changes

    • Upgrades

      • HOME.SM (Neinor Homes) -- outperform from neutral at Santander

      • ICP.LN (Intermediate Capital Grou) -- outperform from neutral at BNP Paribas Exane

      • JPMorgan upgrades DSV.DC; downgrades KNIN.SW

      • ADYEN.NA (Adyen) -- to overweight from equal weight at Barclays

      • ANA.SM (Acciona) -- to sector perform from underperform at RBC Capital Markets

      • ANE.SM (Corporación Acciona Energías Renovables) -- to outperform from sector perform at RBC Capital Markets

      • BRG.NO (Borregaard) -- Borregaard long-term recommendation upgraded to outperform from market perform at Handelsbanken

      • WIE.AV (Wienerberger) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • TEP.FP (Teleperformance) -- to neutral from buy at UBS

      • CNA.LN (Centrica) -- to equal-weight from overweight at Morgan Stanley

      • TEG.GR (TAG Immobilien) -- to hold from buy at HSBC

      • PHLL.LN (Petershill Partners) -- to neutral from buy at UBS

    • Initiations

      • DEC.FP JCDecaux initiated neutral at BNP Paribas Exane

      • REL.LN (RELX) -- re- buy at Berenberg

  • Data

    • Nikkei (0.08%) to 32288.38

    • Hang Seng +0.54% to 17561.13

    • Shanghai Composite +0.28% to 3110.90

    • S&P futures +11.5 vs prior close of 4314.8

    • €-$ (0.0011) or (0.10%) to 1.0562

    • $-¥ +0.04 or +0.03% to 149.06

    • €-¥ (0.15) or (0.10%) to 157.45

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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