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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.43%, DAX30 +0.42%, CAC40 +0.27%

Oct 05 ,2023

  • Synopsis

    • European equity markets indicate a higher open with Asian equities rebounding and S&P 500 futures flat following earlier weakness. Nikkei outperforming as momentum builds on other markets. Tech and property stocks driving gains in Hong Kong. Mainland China markets remain closed for Golden Week holiday. Bonds rallying with Treasury curve steepening and Aussie yields down almost 10 bp. WTI crude picking up gains after registering its largest drop in 13-months. Dollar in a broad-based retreat, weakest against Aussie. Some reprieve for markets following reversal in bond yields. Rebound chalked up to renewed support for disinflation narrative after US macro data came in softer and crude extended its selloff from last week's high to more than 10%. Also suggestions bonds nearing oversold territory given speed and magnitude of latest yield backup.

    • On the agenda for today in Europe, European Political Community (EPC) summit is held in Granada, Spain; event includes 47 countries and participants include EU's von der Leyen. In central banks, ECB hosts conference on Monetary Policy with Riksbank's Breman, BOE's Broadbent panelists at 11:45 CET, de Guindos speech 15:45 CET. Also of note BoE releases its DMP monthly survey. Germany and UK Sep new car registrations. In notable macro releases for today, Germany Aug Trade Balance is due at 7:00 BST, followed by France Aug Industrial Production at 7:45 BST. Germany Sept Construction PMI is out at 8:30 BST followed by UK Sept Construction PMI at 9:30 BST.

    • Subdued earnings releases for today; Volvo Car (VOLCAR.B.SS), Pennon Group (PNN.LN), GRENKE (GLJ.GR) due to publish trading updates; Norwegian Air Shuttle (NAS.NO) pending traffic stats and Ferrexpo (FXPO.LN) production numbers. GFT Technologies (GFT.GR), Hyloris Pharmaceuticals (HYL.BB), Karnov Group (KAR.SS), Pandora (PNDORA.DC), Prysmian (PRY.IM) host CMD/ events today. Of note, Alstom (ALO.FP) released prelim H1 revenue after the market close yesterday with sales at €8.30B vs FactSet €8.76B; group also lowered FY FCF outlook but confirmed outlook for organic revenue growth for the 2023/24 fiscal year in excess of 5%.

  • Politics/Macro/World News

    • UK:

      • Rishi Sunak defends plan to ban smoking for younger generation -- BBC

      • How Rishi Sunak decided to slash the UK's troubled HS2 rail project - FT

      • UK property rental market sees biggest supply jump in 10 months - Bloomberg

    • European leaders' summit marred by conflicts and absences -- FT

    • Giorgia Meloni turns to Rishi Sunak to take battle against migration beyond EU - The Guardian

    • Russia scrambles to cover ballooning cost of Ukraine war -- FT

    • Poland's election: Big hopes but no quick fixes -- Politico

  • Top company news

    • Earnings/updates

      • ALO.FP (Alstom) -- preliminary H1 revenue €8.30B vs FactSet €8.76B [2 est, €8.24-9.28B]. Lowers FY FCF outlook

      • GXI.GR (Gerresheimer) -- Q3 EPS €1.07 ex-items vs consensus €1.17

      • S92.GR (SMA Solar Technology) -- expects 9M EBITDA €230-235M vs year-ago €50M

      • PNDORA.DC (Pandora) -- sees EBIT margin target of 26-27% by 2026, up from "around 25%" in 2023 -- udpates on Phoenix strategy

      • AKRBP.NO (Aker BP) -- Q3 net production 449.8 Mboe/d vs FactSet 447.4 Mboe/d

      • PRY.IM (Prysmian) -- CMD update: financial targets set for 2027 including EBITDA of €2B(+/-€100M), up from €1.49B in 2022

      • RDC.GR (Redcare Pharmacy) -- preliminary Q3 revenue €475M, +67% y/y vs FactSet €444.7M [3 est, €422.2-466M]

      • GLJ.GR (GRENKE) -- Q3 new leasing business +4.5% y/y to €591.1M vs year-ago €565.5M

      • MITRA.BB (Mithra Pharmaceuticals) -- updates in the context of recent market announcements and developments

      • BNOR.NO (BlueNord) -- prelim Sept production 25.0 mboepd (net)

      • STSU.NO (Standard Supply) -- Sept TCE $15.6K/day

    • M&A

      • TTE.FP (TotalEnergies) -- Suncor Energy (SU.CN) to acquire TotalEnergies' Canadian operations for $1.468B; ConocoPhillips (COP) completes purchase of remaining 50% interest in Surmont from TotalEnergies EP Canada Ltd.

      • CAST.SS (Castellum AB) -- sells 5 properties for ~ SEK 900 M

      • HTRO.SS (Hexatronic Group) -- acquires USNet and strengthens its position in the US market within Data Centers

      • YIT.FH (Yit) -- sells its stake in Sia LiveOn co-investment vehicle in Latvia to Vienna Insurance; terms undisclosed

      • AFP.SW (Aluflexpack) -- signs agreement to acquire 68% of Helioflex; terms undisclosed

      • BBED.NA (Beter Bed Holding) -- Torqx Capital Partners provides update on acquisition of Beter Bed Holding: Acceptance Period runs from 5-Oct-23 to 29-Nov-23. Completion of the Offer is expected before year-end

      • ACA.FP (Credit Agricole) -- Credit Agricole Italy announces the sale of its 16.6% stake in Generalfinance (GF.IM) through Intesa Sanpaolo (ISP.IM) for ~€15M

    • Healthcare

      • NOVN.SW (Novartis) -- to present new oncology data at ESMO 2023 demonstrating practice-changing innovation in advanced prostate and early breast cancer

      • NOVO.B.DC (Novo Nordisk) -- US Patent Trial and Appeals Board grants Mylan's request to institute inter partes review of Novo Nordisk's '462 semaglutide patent

      • IPH.FP (Innate Pharma) -- FDA places partial clinical hold on the Innate Pharma's lacutamab IND

      • NANO.FP (Nanobiotix) -- announces final readout from Phase 1 cohort expansion evaluating NBTXR3 in locally advanced head and neck cancer

    • Other

      • SHEL.LN (Shell Plc) -- Shell's dependence on LNG under question by shareholders - FT

      • INGA.NA (ING Groep) -- ING will struggle to achieve climate targets if governments do not set tougher rules to aid decarbonisation - Reuters

      • EBS.AV (Erste Group Bank) -- appoints Peter Bosek to succeed Willi Cernko as CEO in 2024

      • BG.AV (BAWAG Group) -- receives ECB approval for $175M share buyback

      • DKSH.SW (DKSH Holding) -- DKSH converts existing CHF 150M revolving credit facility loan into a sustainability-linked revolving credit facility.

      • CO.FP (Casino Guichard-Perrachon) -- provides update on grace periods for senior unsecured notes

      • MTRO.LN (Metro Bank Holdings) -- Metro Bank seeking to raise up to £600M - FT

      • EXA.FP (Exail Technologies) -- announces four major new contracts for three European navies and one Asian navy; total value of almost €10M

  • Key rating changes

    • Upgrades

      • ABDN.LN (abrdn Plc) -- to buy from hold at Panmure Gordon

      • ARJO.B.SS (Arjo) -- to buy from sell at ABG Sundal Collier

      • CARL.B.DC (Carlsberg) -- to hold from reduce at Kepler Cheuvreux

      • HEIA.NA (Heineken) -- to buy from hold at Kepler Cheuvreux

      • LNZ.AV (Lenzing) -- to hold from reduce at Kepler Cheuvreux

      • CARL.B.DC (Carlsberg) -- to hold from reduce at Kepler Cheuvreux

    • Downgrades

      • BAKKA.NO (Bakkafrost) -- to hold from buy at DnB Markets

      • BVIC.LN (Britvic) -- to hold from buy at Kepler Cheuvreux

      • PGS.NO (PGS ASA ) -- to hold from buy at Carnegie Securities

    • Initiations:

      • SDZ.SW (Sandoz Group) -- buy at Berenberg

      • SCHA.NO (Schibsted) -- hold at Kepler Cheuvreux

      • MANTA.FH (Mandatum) -- neutral at Goldman Sachs

      • VBG.B.SS VBG Group initiated buy at Nordea

  • Data

    • Nikkei +1.57% to 31007.28

    • Hang Seng +0.61% to 17300.92

    • Shanghai Composite +0.00% to 3110.48

    • S&P futures (3.0) vs prior close of 4297.8

    • €-$ +0.0013 or +0.12% to 1.0518

    • $-¥ (0.54) or (0.36%) to 148.58

    • €-¥ (0.36) or (0.23%) to 156.28

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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