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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.13%, DAX +0.25%, CAC +0.26%, MIB +0.33%, IBEX +0.27%, OMX +0.34%, STOXX +0.29%

Oct 06 ,2023

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities mostly higher Friday. Hang Seng outperforming amid strong gains in property and tech stocks. Korean and Australian markets recording moderate gains while Japan slightly weaker. Mainland China remains closed for Golden Week holiday. S&P 500 futures flat afterhours.

    • No change in market narrative. Some stabilization in rates providing stocks with a modicum of support, though expectation is yields will continue to press higher as central banks keep policy restrictive for an extended period. ECB's Villeroy said late Thursday there was no justification for more rate hikes now.

    • US September payrolls report due at 8:30 ET. Headline payrolls expected to fall to 161.5K from August 187K print, which would be lowest since the Dec-20 268K net loss.

    • Macroeconomic releases due in Europe today include: Switzerland Sep unemployment rate, Germany Aug factory orders, France Aug trade balance, Italy Aug retail sales, UK Sep house price index - Halifax, Norway Aug manufacturing production, Denmark Aug manufacturing production, Austria Sep PPI

    • Also on today's European agenda, Informal European Council meeting. In UK, Green Party Conf (through Sun). Norway's Minister of Finance presents the State Budget 2024. EU's Simson delivers a keynote speech at the Comolake 2023 Next Generation Innovations EXPO Conf. Labour celebrates 'seismic' win in Rutherglen and Hamilton West by-election - BBC; swing of 20% - Sky News

    • In central banks, BOE, Banque de France, IMF, OECD and Banca d'Italia workshop title International capital flows and financial policies. Central Bank of Cyprus' Herodotou speech at 7:45CET at Limassol Economic Forum. Russia central bank interest rate decision and Russia Sep new car sales.

    • Quiet earnings session, Repsol (REP.SM) issued a Q3 trading statement indicating an upstream production of 595 Kboe/d vs FactSet 596 Kboe/d and year-ago 549 Kboe/d. In Finland, Finnair published additional financial targets for its long-term outlook and decided to bring forward the release of its Q3 interim report. In Sweden, Clas Ohlson (CLA.B.SS) reported its September sale up by 6% to SEK762M.

    • In M&A, the FT reported that Metro Bank (MTRO.LN) is considering selling £2.3B of £7.5B mortgage book to raise funds and reduce regulatory capital requirements. People familiar with the matter say that Metro is gauging interest in the book from peers including Lloyds Banking Group (LLOY.LN), NatWest (NWG.LN) and HSBC (HSBA.LN).

  • Politics/Macro/World News

    • EU, US Seek Interim Steel Deal to Avoid Return of Trump Tariffs - Bloomberg

    • US Warns EU's Landmark AI Policy Will Only Benefit Big Tech - Bloomberg

    • Swedish Home Prices Stand Still as Rate Peak Is Nearing - Bloomberg

    • EU bond futures launch looks likely in 2024 - EU official - Reuters

  • Top company news

    • Earnings/updates

      • REP.SM (Repsol) -- Q3 trading statement: upstream production 595 Kboe/d vs FactSet 596 Kboe/d and year-ago 549 Kboe/d

      • FIA1S.FH (Finnair) -- planning rights issue of up to €600M; publishes additional financial targets and brings forward release of its Q3 2023 interim report

      • HAUTO.NO (Höegh Autoliners) -- reports Sep prorated transported cargo 1.3M CBM

      • FIA1S.FH (Finnair) -- planning rights issue of up to €600M; publishes additional financial targets and brings forward release of its Q3 2023 interim report

      • CLAS.B.SS (Clas Ohlson) -- reports September sales +6% to SEK 762M; in local currency +6%

    • M&A

      • MRTX (Mirati Therapeutics) -- Sanofi (SAN.FP) reportedly considering acquisition of Mirati Therapeutics -- Bloomberg

      • TRB.LN (Tribal Group) -- Ellucian offers to acquire Tribal Group for 74p per share in cash

      • BG (Bunge Ltd) -- Bunge shareholders approve previously announced Viterra combination

      • RI.FP (Pernod Ricard) -- considering sale of Czech liqueur brand Becherovka - Bloomberg (5-Oct, 16:18 CET)

      • TTE.FP (TotalEnergies) -- Follow-up: TotalEnergies considering sale of ~25% holding in Seagreen Wind Energy - Bloomberg

      • HLN.LN (Haleon) -- GSK intends to sell 270M ordinary shares in Haleon, equivalent to approximately 2.9% of Haleon's issued share capital.

      • MTRO.LN (Metro Bank Holdings) -- Metro Bank considering selling £2.3B of £7.5B mortgage book to raise funds and reduce regulatory capital requirements - FT

      • VAR.NO (Vår Energi) -- sells Brage assets as part of portfolio optimization

      • OpenAI looking at making its own AI chips, has evaluated potential target to buy - Reuters

    • Healthcare

      • PFE (Pfizer) -- FDA granted interchangeability to Pfizer's biosimilar of Humira (earlier)

    • Other

      • ENEL.IM (Enel) -- launches sustainability-linked share buyback program for up to 4.2M shares

      • ACA.FP (Credit Agricole) -- Crédit Agricole S.A. launches a Share Repurchase Program for up to 26.8M ordinary shares of the company

      • MTRO.LN (Metro Bank Holdings) -- looking at sale of part of its mortgage book, approaching potential interest parties - Sky News

      • ACC.NO (Aker Carbon Capture) -- awarded feasibility study for mineral production facilities in the United States

      • General Motors reportedly has built 20M+ vehicles with potentially faulty air-bag part -- media reports

      • Regional Gaming Revenues - New York Sports Betting September 2023

  • Key rating changes

    • Upgrades

      • ARYN.SW (Aryzta) -- to Buy from Add at Baader Helvea

      • BNZL.LN (Bunzl) -- to equal weight from underweight at Barclays

      • EMG.LN (Man Group) -- to outperform from neutral at BNP Paribas Exane

      • MAIRE.IM (Maire Tecnimont) -- to outperform from neutral at Mediobanca

      • PDX.SS (Paradox Interactive) -- to buy from hold at Carnegie Securities

      • RNO.FP (Renault) -- to equal weight from underweight at Barclays

      • UBSG.SW (UBS Group) -- to outperform from neutral at BNP Paribas Exane

      • VWS.DC (Vestas Wind Systems) -- to buy from hold at Danske Bank

      • WIZZ.LN (Wizz Air Holdings) -- to hold from reduce at HSBC

      • BZU.IM (Buzzi SpA) -- to buy from hold at HSBC

      • HEI.GR (Heidelberg Materials) -- to buy from hold at HSBC

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

      • RIO.LN (Rio Tinto) -- to neutral from sell at UBS

      • VOE.AV (Voestalpine) -- to neutral from sell at UBS

      • PRY.IM (Prysmian) -- to outperform from neutral at Mediobanca

    • Downgrades

      • NHY.NO (Norsk Hydro) -- to Sell from Hold at Arctic Securities

      • WIZZ.LN (Wizz Air Holdings) -- to neutral from overweight at JPMorgan

      • DUST.SS (Dustin Group) -- to hold from buy at Kepler Cheuvreux

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- to hold from buy at Nordea

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

    • Initiations

      • FNOX.SS (Fortnox) -- underweight at Morgan Stanley

    • Other Actions

      • MTRO.LN (Metro Bank Holdings) -- assumed underweight at Barclays

      • ARJO.B.SS (Arjo) -- resumed hold at Nordea

  • Data

    • Nikkei (0.03%) to 31065.16

    • Hang Seng +1.48% to 17468.83

    • Shanghai Composite +0.00% to 3110.48

    • S&P futures (5.8) vs prior close of 4290.8

    • €-$ (0.0015) or (0.14%) to 1.0538

    • $-¥ +0.35 or +0.23% to 148.84

    • €-¥ +0.16 or +0.10% to 156.84

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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