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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.14%), DAX30 (0.27%), CAC40 +0.04%

Oct 04 ,2023

  • Synopsis

    • European indices are set to open broadly flat to lower with Asian equities under pressure Wednesday. Nikkei extending selloff, down to its lowest since mid-May. Tech stocks weighing on Hang Seng. Heavy selling in Korea as markets resume trade following holiday. ASX down to 11-month low. S&P 500 futures pulling lower afterhours

    • US equities finished lower in Tuesday trading, not far from worst levels, after coming under notable pressure amid a sharp move higher in Treasury yields

    • On today's agenda is meeting of OPEC's Joint Ministerial Monitoring Committee (JMMC).

    • Among central banks updates: ECB Conf on Monetary Policy (through Thu); ECB's Lagarde speech at 10:15CET, Panetta 16:00. ECB's de Guindos speech at 13:40CET at conf organised by Central Bank of Cyprus and ECB's Lagarde speech at 18:00CET at event hosted by Columbia University in New York. Iceland central bank interest rate decision whilst Bank of Portugal release its latest economic bulletin.

    • Macroeconomic releases due today include: Italy, Spain, Sweden Sep services PMIs with final reads for Eurozone, France, Germany and UK, Italy Q3 preliminary GDP, Eurozone Aug PPI, retail sales, Ireland Sep unemployment rate

    • Earnings: Tesco (TSCO.LN), HEXAOM (ALHEX.FP), Bilendi (ALBLD.FP), Tortilla Mexican Grill (MEX.LN)

    • Trading Update: Nordnet (SAVE.SS), Avanza Bank Holding (AZA.SS), Topps Tiles (TPT.LN)

    • In corporate news: NOVN.SW Novartis executes Sandoz spin-off and reiterates FY23 guidance; Sandoz shares to commence trading ~ 9:00 CET

  • Politics/Macro/World News

    • Irish GDP to Contract, But Domestic Economy to Grow, ESRI Says (BBG, RTE)

    • UK's Badenoch Says EU Won't Budge on Post-Brexit EV Tariffs (BBG)

    • Germany seeks 'grand bargain' with France over energy (FT)

    • Revealed: Joe Biden and Rishi Sunak seek UK/US trade pact before 2024 elections (Politico)

    • Meloni Can't Stop Spooking Italy's Bond Investors (BBG)

  • Top company news

    • Earnings/updates

      • NOVN.SW (Novartis) -- executes Sandoz spin-off and reiterates FY23 guidance; Sandoz shares to commence trading ~ 9:00 CET

      • STLA.IM (Stellantis) -- Stellantis's FCA US reports Q3 US sales of 380,563 vehicles, (1%) y/y

      • DSFIR.NA (DSM-Firmenich) -- confirms Q2 pro-forma results; Adj. EBITDA margin 13.5% vs year-ago 17.5%

      • BAKKA.NO (Bakkafrost) -- reports Q3 harvest volume 20.8Kt

    • M&A

      • BP.LN (BP) -- evaluating sale of minority interest in its pipeline network in US Gulf of Mexico -- Reuters

      • AF.FP (Air France-KLM) -- Follow-up: Air France-KLM to take up to a maximum 19.9% non-controlling stake in the share capital of the reorganized SAS AB

      • SAS.SS (SAS) -- reaches announces Chapter 11, winning consortium including details of the transaction structure with Air France

      • ADE.NO (Adevinta) -- discloses procedures established in response to receipt of non-binding indicative proposal

      • GAM.SW (Gam Holding) -- NewGAMe SA publishes interim results of the partial tender offer for shares in GAM Holding

      • AEVS.SW (AEVIS VICTORIA) -- Aevis' Swiss Hotel Properties SA expands its real estate portfolio in Zermatt

      • THAG.SW (Talenthouse) -- notes confirmation of target in connection with previously announced reverse merger transaction

      • Blackstone, EQT, Emerson Electric, Keysight and Fortive among groups interested in acquiring EA Elektro-Automatik - Reuters

    • Healthcare

      • ROG.SW (Roche Holding) -- RAINBOWFISH study of Genentech's Evrysdi meets primary endpoint

      • PHXM.FP (Phaxiam Therapeutics) -- and Vetophage announce strategic research collaboration

      • NWRN.SW (Newron Pharmaceuticals) -- to present three posters on its clinical program evaluating evenamide in the treatment of schizophrenia at the 36th European College of Neuropsychopharmacology Congress 7-10 Oct

    • Other

      • ABN.NA (ABN AMRO Bank) -- and Motive partners announce a strategic partnership

      • ECV.GR (Encavis AG) -- continues to reduce its carbon footprint in 2022

      • Figeac Aero finalizes new €30M+ contract with Safran

      • Follow-up: United Airlines orders 110 new aircraft with deliveries starting in 2028

      • Premier League to overhaul sale of TV rights in the UK - FT

      • United orders 110 new aircraft with deliveries starting in 2028

  • Key rating changes

    • Upgrades

      • AF.FP (Air France-KLM) -- to outperform from market perform at Bernstein

      • SKF.B.SS (SKF) -- to buy from hold at DnB Markets

      • AV.LN (Aviva) -- to buy from hold at Jefferies

      • ALK.B.DC (ALK-Abello) -- to buy from hold at DnB Markets

      • ASC.LN (Asos) -- to buy from neutral at UBS

      • CPG.LN (Compass Group) -- to sector perform from underperform at RBC Capital Markets

      • REL.LN (RELX) -- to buy from neutral at Goldman Sachs

      • SALM.NO (Salmar) -- to hold from sell at Berenberg

      • SVT.LN (Severn Trent) -- to neutral from underweight at JPMorgan

    • Downgrades

      • KER.FP (Kering) -- to market perform from outperform at Bernstein

      • SAND.SS (Sandvik) -- to hold from buy at DnB Markets

      • CLNX.SM (Cellnex Telecom) -- to equal weight from overweight at Barclays

      • VTY.LN (Vistry Group) -- to sell from neutral at UBS

      • XPP.LN (XP Power) -- to hold from buy at HSBC (3-Oct; 11:22 GMT)

      • GSF.NO (Grieg Seafood) -- to reduce from buy at Kepler Cheuvreux

      • ZAL.GR (Zalando) -- to neutral from buy at UBS

      • LGEN.LN (Legal & General) -- to hold from buy at Jefferies

    • Initiations

      • SPM.IM (Saipem) -- buy at Stifel

      • KESKOB.FH (Kesko) -- underperform at BNP Paribas Exane

      • AXFO.SS (Axfood) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei (1.68%) to 30714.22

    • Hang Seng (1.06%) to 17146.90

    • Shanghai Composite +0.00% to 3110.48

    • S&P futures (15.5) vs prior close of 4264.8

    • €-$ +0.0002 or +0.02% to 1.0471

    • $-¥ +0.18 or +0.12% to 149.22

    • €-¥ +0.24 or +0.15% to 156.23

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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