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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.4%) , DAX (0.8%), CAC (0.7%), MIB (0.6%), IBEX (0.7%)

Oct 03 ,2023

  • Synopsis

    • European equity markets are set to open in negative territory amid Asian equities lower Tuesday. S&P 500 futures flat afterhours. Australian and New Zealand curves steepening as Treasury yields continue to push higher. JGB rates down 1-2 bp. Dollar strongest against Aussie, steady elsewhere. Crude and metals extending pullback with gold nearing year-to-date low.

    • On today's agenda, EU to announce at 15:30CET the Commission's recommendation on critical technologies for the economic security of the European Union. EU's Simson gives a speech at REDay 2023. Meanwhile yesterday, MEPs decided to delay their decision on whether Dutch politician Wopke Hoekstra can become the EU's new climate commissioner until this afternoon. Elsewhere, Norway's parliament ceremonial opening takes place. In UK, Conservative Party Conf continues. Also, Made in Italy Summit organised by Il Sole 24 Ore, FT and Sky TG24.

    • In central banks, Bank of Lithuania conf; speeches Šimkus at 8:00CET, ECB's Lane 8:10, Riksbank's Bunge speech/panellist at 8:40. Bank of Finland's Välimäki will brief the press at 10:00CET on the euro area's economic outlook and monetary policy. Bank of France's Villeroy de Galhau speech at 14:45CET. BOE's Morley panellist at 19:05BST on second and final day of the Futures Industry Assn Future & Options Expo.

    • Macroeconomic data scheduled include: Switzerland Sep CPI, Spain Sep unemployment change, Austria Sep unemployment rate. Also, Spain Sep new passenger car registrations is due.

    • In corporate news, SkiStar (SKIS.B.SS) reported operating profit (SEK230M) vs year-ago (SEK265M) and said looking ahead to 2023/24 sees an increased demand for ski holidays for the winter, with a booking rate of +7% compared to the same period of the previous year. In the UK, boohoo group (BOO.LN) and Greggs (GRG.LN) are expected to update the market.

    • In the DACH region, Sika (SIKA.SW) presents its new "Strategy 2028" at CMD; reports strong sales growth year to date (January to August 2023) of +12.2%. In Spain, Repsol (REP.SM) also holds its CMD/event.

  • Politics/Macro/World News

    • UK shop price inflation at lowest in a year, BRC - Reuters

    • Why the EU frets over the prospect of fading support for Ukraine - FT

    • Ukraine puts on brave face as West goes wobbly - Politico

    • BOE's Mann says UK interest rates may remain permanently higher - Bloomberg

    • Brussels to unfreeze Hungary funds as it seeks help for Ukraine - FT

  • Top company news

    • Earnings/updates

      • SIKA.SW (Sika Group) -- presents its new "Strategy 2028" at CMD; reports strong sales growth year to date (January to August 2023) of +12.2%.

      • KOF.FP (Kaufman & Broad) -- reports Q3 adjusted net income €7.0M, (24%) vs year-ago €9.2M

      • SKIS.B.SS (SkiStar) -- reports Q4 EPS (SEK2.64) vs year-ago (SEK2.70)

    • M&A

      • HEI.GR (Heidelberg Materials) -- JSW Cement in initial talks to buy Heidelberg's Indian operation - Economic Times

      • SPIE.FP (SPIE) -- expands its Building Solutions division in the Netherlands with the acquisition of IMI Aero-Dynamiek; terms undisclosed

      • BOUV.NO (Bouvet) -- completes Headit AS acquisition

      • SAMS.FP (Groupe Samse) -- acquires GEMOISE; terms undisclosed

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA grants orphan drug designation to Alexion (AZN.LN) drug for the treatment of transthyretin amyloidosis

      • ABVX.FP (Abivax) -- highlights obefazimod ulcerative colitis program with new data to be presented at the UEG Week 2023

      • POXEL.FP (Poxel) -- to host virtual presentation on "Direct AMPK Activation: From Preclinical to Clinical. Perspectives in Rare Metabolic Diseases" at the upcoming 12th International Meeting on AMPK

      • SYNACT.SS (SynAct Pharma) -- SynAct Pharma reports additional results from Phase 2b EXPAND study

      • SAN.FP (Sanofi) -- Sanofi announces agreement for potential first-in-class vaccine against extraintestinal pathogenic E. coli; Sanofi to pay $175M upfront to Janssen

    • Other

      • TTE.FP (TotalEnergies) -- Environmental groups file complaint against TotalEnergies for oil pipeline dev, fossil fuel projects

      • DUFN.SW (Dufry) -- to change name to Avolta

      • SAS.SS (SAS) -- to hold press conf at 18:00CET on 3-Oct for status update on capital raising process

      • VONN.SW (Vontobel Holding) -- Vontobel appoints Christel Rendu de Lint and Georg Schubiger to succeed Zeno Staub as Co-CEOs

  • Key rating changes

    • Upgrades

      • HEXA.B.SS (Hexagon) -- to equal weight from underweight at Barclays

      • KNEBV.FH (Kone) -- to hold from sell at Deutsche Bank

      • NEM.GR (Nemetschek) -- to equal weight from underweight at Barclays

      • NOKIA.FH (Nokia) -- to buy from hold at DnB Markets

      • ESSITY.B.SS (Essity) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • BRBY.LN (Burberry Group) -- to sell from neutral at UBS

      • FLS.DC (FLSmidth & Co.) -- FLSmidth & Co. long-term recommendation downgraded to market perform from outperform at Handelsbanken

      • VTY.LN (Vistry Group) -- to hold from buy at Jefferies

      • RAA.GR (Rational) -- to hold from buy at Berenberg

      • SYAB.GR (Synlab) -- to neutral from outperform at BNP Paribas Exane

      • STB.NO (Storebrand) -- to hold from buy at Kepler Cheuvreux

      • CAI.AV (CA Immobilien Anlagen) -- to hold from accumulate at Erste Group

    • Initiations:

      • LECN.SW (Leclanché) -- reduce at Kepler Cheuvreux

      • COTY.FP (Coty) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei (1.77%) to 31198.72

    • Hang Seng (2.88%) to 17295.92

    • Shanghai Composite +0.00% to 3110.48

    • S&P futures (8.0) vs prior close of 4324.3

    • €-$ (0.0018) or (0.17%) to 1.0462

    • $-¥ +0.07 or +0.05% to 149.93

    • €-¥ (0.18) or (0.11%) to 156.85

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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