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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.32%), DAX30 (0.14%), CAC40 +0.52%

Oct 02 ,2023

  • Synopsis

    • European equity markets set to open mixed in the first session of the new month and quarter. Recall that last month European equity markets ended (1.7%) lower with the STOXX 600 hitting its lowest levels in six months. In the Q3, the index fell (2.5%), snapping a three quarter winning streak.

    • Asian equities mixed Monday. Banks driving Nikkei's rebound amid the higher rate backdrop. Semis underpinning gains in Taiwan while ASX logging small decline. S&P 500 futures advancing after US lawmakers narrowly averted government shutdown (though this was a never really a major concern for markets). China and other Asian markets closed for Golden Week holiday. Note China official manufacturing PMI showed factory activity returned to expansion for first time since March. Contrasted somewhat with Caixin PMI, which showed manufacturing slowed (though remained in expansion).

    • Macro data releases include Italy, Norway, Spain, Sweden, Switzerland Sep manufacturing PMIs with final reads for Eurozone, France, Germany and UK, Switzerland Aug retail sales, Italy Aug unemployment rate, Greece Aug unemployment rate, Eurozone Aug unemployment rate

    • Today's agenda also sees EP Committee questions Commissioner-designate for Climate Action Wopke Hoekstra (replacing Frans Timmerman) from 18:30CET (livestream). Germany's Chancellor Scholz holds latest of his Chancellor's TALK with citizens in afternoon, in Hamburg. EU's Simson speech at IEA Climate and Energy Summit.

    • In central banks, ECB's de Guindos speech at 9:00CET at Foro Empresarial El Diario Vasco, Bank of Portugal's Centeno, Bank of Spain's de Cos speeches at 9:00CET at conf hosted by Bank of Portugal. Riksbank publishes at 9:30CET the minutes from the last monetary policy meeting whilst BOE's Khan speech at 14:00BST at Assn of Financial Mutuals Annual Conf. BOE's Mann fireside chat at 16:00BST hosted by Redburn and Rothschild. Also out Mon are France, Italy, Spain Sep new car registrations

    • In the UK, Chancellor Jeremy Hunt is to address the Conservative Party conference today (speech due to kick-off ~14:00BST)

  • Politics/Macro/World News

    • France

      • Sep new passenger car registration +16.0% y/y (comparable working days) to 156,304 vehicles -- PFA (1-Oct)

    • Italy

      • Plans 21-billion euro asset sell-off to keep debt in check - Reuters

    • UK

      • Sunak's premiership under scrutiny at fractious Tory conference - FT

      • UK's Hunt to Offer Wage Boost for Lowest-Paid Amid Tax Cut Calls - Bloomberg

      • Rishi Sunak refuses to commit to pre-election tax cuts - BBC

    • ECB

      • 'Last mile' of disinflation the hardest, warns ECB deputy head - FT

    • Geopolitics

      • EU to Reveal List of Critical Tech as China Concerns Grow - Bloomberg

      • Germany welcomes China's support for G20 debt restructuring framework - Reuters

  • Top company news

    • Earnings/updates

      • ARYN.SW (Aryzta) -- reports FY net income €112.0M vs FactSet €72.5M [4 est, €51.2-115.7M]; remains on track to deliver further improvements across all key metrics in line with guidance for remainder of 2023

      • AB.FP (AB Science) -- reports H1 net income (€10.4M) vs year-ago (€7.1M)

      • WIHN.SW (WISeKey International Holding) -- WISeKey reports H1 adjusted net income ($6.4M) vs year-ago ($9.3M)

      • BON.FP (Bonduelle) -- reports FY net income €14.5M vs year-ago €35.4M; guides FY24

      • RENEW.SS (Re:NewCell) -- reports September total production output ~2,000 metric tons of dissolving pulp

      • SBO.NO (Selvaag Bolig) -- sold 85 homes in Q3 worth NOK 543M

      • Also reporting today

        • Earnings: James Halstead (JHD.LN), Kaufman & Broad (KOF.FP)

        • Trading Update: Repsol (REP.SM)

        • CMD/events: AstraZeneca (AZN.LN) Barclays, Fireside Chat

    • M&A

      • ASCL.LN (Ascential) -- comments on recent media speculation; confirms exclusive talks to acquire WGSN

      • SPIE.FP (SPIE) -- acquires 85% of Réseaux Environnement; price not disclosed

      • DKSH.SW (DKSH Holding) -- acquires 100% of Partizan Worldwide Pty Limited; terms undisclosed

      • NK.FP (Imerys) -- announces paper assets sale to Syntagma Capital unlikely to materialize

      • TIP.IM (Tamburi Investment Partners) -- provides update on Alpitour World

      • CLAS.B.SS (Clas Ohlson) -- to acquire ~91% of the shares in Spares Europe AB for ~SEK430M

      • ROL.SW (Von Roll Holding) -- ALTANA AG completes acquisition of majority stake in Von Roll Holding AG

      • PNOR.NO (Petronor E&P) -- to acquire New Age's 32% interest in OML 113 containing the Aje field for $6M cash plus a deferred future gas production payment of up to $20M(

    • Healthcare

      • BIIB (Biogen) -- issues press release on previously reported FDA approval for TOFIDENCE (tocilizumab-bavi), a Biosimilar referencing ACTEMRA

      • ROG.SW (Roche Holding) -- Roche's to present new key clinical and real-world data for OCREVUS (ocrelizumab) at ECTRIMS-ACTRIMS 2023

      • NANO.FP (Nanobiotix) -- to announces final results from Phase 1 Dose Expansion Study Evaluating NBTXR3 in Head and Neck Cancer on 4-Oct at ASTRO - 6-K

      • ABVX.FP (Abivax) -- files ADS offering of indeterminate amount through Morgan Stanley, Leerink, LifeSci and Bryan, Garnier - F-1

      • PPGN.SW (PolyPeptide Group) -- secures revolving credit facility

    • Other

      • UBSG.SW (UBS Group) -- Credit Suisse reaches out-of-court 'tuna bond' settlement with Mozambique -- Reuters

      • UBSG.SW (UBS Group) -- UBS "not aware" of reported DoJ investigation into sanctions-related compliance failures - Reuters

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- received a resolution from the bank of Spain

      • BA.LN (BAE Systems) -- awarded £4B UK contract to build nuclear submarines -- Bloomberg

      • AGN.NA (Aegon) -- completes redomiciliation to Bermuda

      • SHB.A.SS (Svenska Handelsbanken) -- receives the result of the Swedish FSA's annual Supervisory Review and Evaluation Process (SREP)

      • SWED.A.SS (Swedbank) -- receives the result of the Swedish FSA's annual Supervisory Review and Evaluation Process (SREP)

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- receives the result of the Swedish FSA's annual Supervisory Review and Evaluation Process (SREP)

      • SAMPO.FH (Sampo) -- Partial demerger of Sampo completed; Mandatum to be listed on Nasdaq Helsinki

      • AZA.SS (Avanza Bank Holding) -- Avanza Bank comments on Sweden's FSA's 2023 review

      • COFB.BB (Cofinimmo) -- Cofinimmoto to build eco-friendly nursing and care home in the Netherlands

      • CO.FP (Casino Guichard-Perrachon) -- announces extension of lock-up agreement deadline until 3-Oct

      • Estimated weekend box office revenues in US, Canada $84.6M, +32.2% y/y - Box Office Mojo

      • SBTi actions last week include near term approval for Synopsis, commitment for Expedia (29-Sep)

  • Key rating changes

    • Upgrades

      • KNEBV.FH (Kone) -- to overweight from equal-weight at Morgan Stanley

      • SCHP.SW (Schindler Holding) -- to equal-weight from underweight at Morgan Stanley

      • EL.FP (EssilorLuxottica) -- to sector perform from underperform at RBC Capital Markets

      • BA.LN (BAE Systems) -- to buy from hold at Berenberg

      • BILL.SS (Billerud) -- to buy from hold at ABG Sundal Collier

      • LOOMIS.SS (Loomis) -- to buy from neutral at Goldman Sachs

      • PAGE.LN (PageGroup) -- to hold from underperform at Jefferies

      • STMN.SW (Straumann Holding) -- to hold from reduce at HSBC

      • VIV.FP (Vivendi) -- to overweight from equal weight at Barclays

    • Downgrades

      • TEF.SM (Telefonica) -- to Neutral from Outperform at Nextgen Research LTD

      • NWG.LN (NatWest Group) -- to equal-weight from overweight at Morgan Stanley

      • TEP.FP (Teleperformance) -- to hold from buy at Deutsche Bank

      • KAP.LN (National Atomic Company Kazatomprom) -- to neutral from overweight at JPMorgan

      • RWA.LN (Robert Walters) -- to hold from buy at HSBC

      • CFR.SW (Richemont) -- to sector perform from outperform at RBC Capital Markets

  • Data

    • Nikkei (0.10%) to 31826.15

    • Hang Seng +0.00% to 17809.66

    • Shanghai Composite +0.00% to 3110.48

    • S&P futures +15.0 vs prior close of 4325.5

    • €-$ (0.0023) or (0.22%) to 1.0566

    • $-¥ +0.27 or +0.18% to 149.65

    • €-¥ (0.06) or (0.04%) to 158.09

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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