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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.34%, DAX30 +0.40%, CAC40 (0.30%)

Sep 28 ,2023

  • Synopsis

    • European equity markets set to open mixed to higher. Asian equities are trading mixed with Nikkei selloff deepening with index hitting one-month low. Losses also picking up in Hong Kong as property developers extend drop. S&P 500 futures higher. Treasuries yields down 1 bp but backup continues elsewhere with JGB curve steepening and Australian and New Zealand rates sharply higher. Yen firming against other currencies, Aussie tracking gains in offshore yuan. EUR/USD trading in 1.0560s, levels not seen since March 2023. Crude at 13-month high with supply squeeze in focus following another drop in US stockpiles.

    • Risk sentiment remains hamstrung by relentless backup in bond yields and markets dialing back 2024 rate cut expectations. Bearish bond market narrative driven largely by higher-for-longer Fed messaging, resilient labor markets, upside risk to inflation from surging oil prices, and ramp in bond issuance compounded by QT. Higher rate backdrop putting more scrutiny on equity market valuations, particularly high growth/tech pockets.

    • On the agenda for today, ECB's Enria fireside chat at 14:00CET and McCaul panellist at 9:45 at 7th SSM and EBF Boardroom Dialogue. Riksbank's Flodén speech at 10:15CET at the Swedish Credit Union's autumn conf; BOE's Hauser speech at 10:30BST at Market News. ECB economic bulletin is published at 10:00CET

    • In macroeconomic releases, Spain Sep preliminary CPI and Aug retail sales are due at 8:00 BST. Italy Sep business/consumer confidence is out at 9:00 BST, followed by Aug PPI at 10:00 BST. Eurozone Sep economic sentiment is released at 10:00 BST as well and Germany Sep preliminary CPI is out at 13:00 BST.

  • Macro/Politics/World News:

    • Business braced for red tape from EU carbon border tax - FT

    • Italy hikes deficit targets as economic growth weakens - Reuters

    • France Explores Windfall Levy To 'Take Back Control' Of Energy Prices - FT

  • Top company news

    • Earnings/updates

      • PSG.GR (PharmaSGP Holding) -- confirms preliminary H1 results announced on 14-Sep; raised FY revenue outlook

      • PCO.PW (Pepco Group N.V.) -- makes further downward revision to forecast for the full year 2023

      • KOMN.SW (Komax Holding) -- targets revenues of more than CHF1B and EBIT of over CHF120M for 2028 - Investor Day

      • AMS.SW (ams-OSRAM) -- announces long-term financing consisting of €2.25B of rights issue, notes, and other financial instruments

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- announces new publication date for Q3 report of 9-Nov from prior 26-Oct

      • ALBPS.FP (Biophytis) -- H1 net income (€7.8M) vs year-ago (€12.4M)

      • BEN.FP (Beneteau) -- H1 net income €117.1M, +121% vs year-ago €52.9M

      • TFIN.IM (Trevi-Finanziaria Industriale) -- H1 net income attributable €23.6M vs year-ago (€19.8M)

      • OSE.FP (OSE Immunotherapeutics) -- H1 net income (€11.9M) vs year-ago (€2.0M)

      • ALCRB.FP (Carbios) -- H1 net income (€13.7M) vs year-ago (€11.8M)

    • M&A

      • TIT.IM (Telecom Italia) -- KKR (KKR) granted extension to 15-Oct for submission of binding offer for Telecom Italia's Netco unit

      • IAG.LN (International Consolidated Airlines Group) -- optimistic about TAP's prospects if it acquires the airline - Reuters

      • BPSO.IM (Banca Popolare di Sondrio) -- Unipol Gruppo to purchase 46.3M ordinary shares of Banca Popolare di Sondrio, equal to ~ 10.2% of the bank's share capital, at a price not exceeding €5.10/sh, through a reverse accelerated book building process

      • AAA.FP (Alan Allman Associates) -- finalizes acquisition of KEYTEO's Asian Branch

      • IPEL.LN (Impellam Group) -- announces further extension of deadline to11-Oct for HeadFirst to either announce firm intention to make offer for Impellam or to announce that it does not intend to make offer

    • Healthcare

      • CALTX.SS (Calliditas Therapeutics) -- confirms FDA orphan drug designation for the treatment of Alport syndrome with setanaxib

      • BSLN.SW (Basilea Pharmaceutica) -- announces New England Journal of Medicine publication of phase 3 data on ceftobiprole for the treatment of Staphylococcus aureus bacteremia

      • PHO.NO (PhotoCure) -- appoints current board member Dylan Hallerberg as interim Chairperson

      • CANTA.SS (Cantargia) -- presents new clinical and biomarker data supporting nadunolimab's antitumor activity and a key role of its target IL1RAP in pancreatic cancer

      • EVE.SW (Evolva Holding) -- Evolva and LEHVOSS sign agreement for distribution of Veri-teTM Resveratrol in over a dozen European countries

    • Other

      • UBSG.SW (UBS Group) -- UBS seeking deal with Mozambique to avoid litigation over Credit Suisse's involvement in 'tuna bond' scandal - FT

      • VOW.GR (Volkswagen) -- production halted at several plants following IT malfunction - Stern

      • RYA.ID (Ryanair Holdings) -- Ryanair facing broad delivery delays of Boeing 737 Max with disruptions set to continue through mid-2024 - Bloomberg

      • GLEN.LN (Glencore) --

        • to stop funding Koniambo Nickel mine in New Caledonia effective 29-Feb-24

        • Glencore among parties participating in Chalice's (CHN.AU) Gonneville auction process - Australian Financial Review

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- resolved the payment of a cash interim dividend of €0.16 (gross) per share on account of the 2023 dividend, to be paid on 11-Oct-23

      • BA.LN (BAE Systems) -- awarded $288.2M US Army contract modification

      • DG.FP (VINCI SA) -- announces intent to appeal the draft finance law for 2024 presented to the Council of Ministers; opposes introduction of new tax on certain transport infrastructures

      • SFL.IM (Safilo Group) -- Safilo Group, Stuart Weitzman announce a new exclusive global licensing agreement till June 2029, for the design, manufacturing and distribution of Stuart Weitzman branded sunglasses and optical eyewear collections

      • LOG.SM (Compañía de Distribución Integral Logista) -- board further extends repurchase program to 1-Oct-24

      • YCA.LN (Yellow Cake) -- to conduct non-pre-emptive placing of shares at £5.50/sh to raise gross proceeds of up to ~$125M (~£103M) through Cantor, Canaccord, and Berenberg

      • AUTN.SW (Autoneum Holding) -- announces remaining 18,312 new registered shares for which subscription rights were not validly exercised during subscription period were sold in the market at average placement price of CHF 114.00 /sh

      • SIP.BB (Sipef) -- CFO Johan Nelis to step down, become general manager of Sipef's Plantations J. Eglin; effective from start of 2024

      • ALSN.SW (ALSO Holding) -- CFO Ralf Retzko to step down, Andreas Kuhn appointed replacement, effective 1-Oct

      • GETI.B.SS (Getinge) -- reaches settlements with insurer Trygg-Hansa Försäkring (TRYG.DC) and If Skadeförsäkringar for a total compensation amount of SEK 450M

  • Key rating changes

    • Upgrades

      • BILL.SS (Billerud) -- to buy from hold at SEB

      • SVT.LN (Severn Trent) -- to overweight from equal weight at Barclays

      • TLX.GR (Talanx) -- to buy from hold at Berenberg

      • MTX.GR (MTU Aero Engines) -- to buy from neutral at UBS

      • RED.SM (Redeia Corporacion) -- to overweight from underweight at Barclays

      • SLR.SM (Solaria Energia) -- to overweight from underweight at Barclays

    • Downgrades

      • VLTSA.FP (Voltalia) -- to neutral from outperform at Oddo

      • HM.B.SS (H&M Hennes & Mauritz) -- to hold from buy at Deutsche Bank

      • UU.LN (United Utilities Group) -- to equal weight from overweight at Barclays

      • NTGY.SM (Naturgy Energy Group) -- to underweight from equal weight at Barclays

      • AXFO.SS (Axfood) -- to sell from hold at Danske Bank

    • Initiations

      • ADE.NO (Adevinta) -- hold at Kepler Cheuvreux

      • HEM.SS (Hemnet Group) -- buy at Pareto

      • MACF.LN (Macfarlane Group) -- buy at Berenberg

      • ARGX.BB (argenx) -- outperform at Oddo

      • GLPG.NA (Galapagos) -- neutral at Oddo

      • EVD.GR (CTS Eventim) -- buy at Societe Generale (timing uncertain)

      • NAS.NO (Norwegian Air Shuttle) -- buy at Carnegie Securities

    • Other Actions:

      • NG.LN (National Grid) -- reinstated overweight at Barclays

  • Data

    • Nikkei (1.42%) to 31910.67

    • Hang Seng (0.92%) to 17449.47

    • Shanghai Composite +0.17% to 3112.66

    • S&P futures +8.3 vs prior close of 4313.5

    • €-$ +0.0007 or +0.07% to 1.0511

    • $-¥ (0.28) or (0.19%) to 149.35

    • €-¥ (0.22) or (0.14%) to 156.94

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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