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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.01%), DAX30 (0.58%), CAC40 +0.41%

Oct 09 ,2023

  • Synopsis

    • European equity markets are set to open mixed with focus on developments in Israel. Crude up ~3-4% and haven flows underpinning strength in bonds and precious metals. Big weekend development was Hamas launching surprise attack against Israel that was deadliest since Yom Kippur war 50-years ago. Israeli retaliation comes as country officially declared war and vowed to dismantle Hamas' military infrastructure, setting stage for a potentially long and difficult conflict. Press have highlighted risk of wider conflict after Hezbollah and Israel traded fire at Israel's northern border while separates reports noted Iran helped Hamas plan attacks.

    • Hamas' attack adds fresh uncertainty for markets following weeks of volatility driven by a surge in bond yields. Markets have typically looked past previous geopolitical skirmishes, though key concern revolves around potential for a a wider conflict that draws in major oil producing nations and threatens supplies

    • In Europe, focus on election news (see below), including German regional elections (Bavaria and Hesse) that showed all three parties in the federal coalition government are on track to lose support in both states, while the far-right AfD made further gains in the two states. In Hesse, the CDU achieved a landslide victory in the state elections.

    • Today's agenda sees start of the annual meeting of the IMF/World Bank (thru Sun), ECB's Lagarde and Panetta participating. Also up today: Bank of Portugal's Centeno speech at 8:15CET at conf with members from the Central Banks of Portuguese-speaking countries. ECB's de Guindos speech at 10:00CET at event organised by Diario Expansion. Netherlands Central Bank's Knot speech at 11:00CET with presentation of the bi-annual financial stability report. ECB's Enria participates at 11:15CET in event organised by CIRSF. BOE's Mann speech at 21:00BST at NABE Annual Meeting (Sun-Tue). Germany's Chancellor Scholz hosts France's President Macron for latest French-German Council of Ministers meeting (thru Tue). Bulgaria's PM hosts PMs of Greece, Moldova and Romania to discuss migration, EU's Schinas also attending. EU's Simson panellist at 16:40CET at event hosted by Politico

    • Macro data releases include Germany Aug industrial production, Eurozone Oct Sentix investor confidence, Denmark Aug trade balance

    • On the corporate front this morning, focus on Metro Bank (MTRO.LN) as it agrees to financing package with investors including Jaime Gilinski Bacal; after many developments over the weekend. Metro secured £325M capital raise, comprising £150M of new equity and £175M of new MREL issuance, alongside £600M of debt refinancing. The Times notes while the funding deal shores up the troubled lender, it inflicts pain on its investors and leaves the group shouldering expensive borrowing costs. Notes shareholders will be heavily diluted by the £150M equity-raising, which is being priced at 30p

    • In notable M&A, Schaeffler (SHA.GR) offers to acquire Vitesco Technologies Group (VTSC.GR) for €91/share in cash

  • Macro/politics

    • Israel

      • Israel retaliates after Hamas attacks, deaths pass 1,100 - Reuters

      • US moves warships closer to Israel after Hamas attack - BBC

      • Israel's Central Bank to Sell Up to $30 Billion as Shekel Falls - Bloomberg

    • German regional elections

      • Far-right, conservatives gain in German votes in blow to Scholz - Reuters

      • German voters give government parties a drubbing in state elections - FT

      • CSU and CDU victorious in Bavaria and Hesse - DW

    • Luxembourg elections

      • Government booted out as voters punish Greens - Luxembourg Times

      • Luxembourg election delivers likely return to power for conservative CSV party - Guardian

    • Greece local elections

      • Local elections confirm ND's dominance; few runoff challenges from fragmented opposition - ekathimerini

    • ECB

      • ECB's Lagarde: confident over 2% inflation target and Europe's winter gas situation - Reuters

    • Spain

      • Tens of thousands protest against possible Catalan amnesty deal - Reuters

    • Italy

      • Italy's central bank governor Visco urges Giorgia Meloni to heed investors' debt fears - FT

  • Top company news

    • Earnings/updates

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- reports preliminary Q3 revenue $225M vs FactSet $253.4M [7 est, $201.0-280.7M]

      • MTRO.LN (Metro Bank Holdings) -- agrees to fnancing package with investors including Jaime Gilinski Bacal

      • EMGS.NO (Electromagnetic Geoservices) -- provides Q3 update

      • Also reporting today

        • Earnings: Sareum Holdings (SAR.LN)

        • Trading Update/Sales: OMV (OMV.AV), MDxHealth (MDXH.BB), Kid (KID.NO)

        • CMD/events: Koenig & Bauer (SKB.GR)

    • M&A

      • MRTX (Mirati Therapeutics) -- Bristol Myers Squibb to acquire Mirati for $58.00/sh

      • VTSC.GR (Vitesco Technologies Group) -- Schaeffler offers to acquire Vitesco Technologies Group for €91/share in cash

      • VOD.LN (Vodafone Group) -- JB Capital working with Apollo on bid for Vodafone Spain - Expansion, citing sources familiar with the situation

      • FME.GR (Fresenius Medical Care) -- Ramsay Health Care submits first-round offer for Cura Day Hospitals - Australian Financial Review

      • TIT.IM (Telecom Italia) -- Italian Treasury keen to implement plan agreed with KKR to bid for Telecom Italia's NetCo - Reuters, citing source with knowledge of the matter

      • EQT.SS (EQT AB) -- to acquire Australian veterinary chain VetPartners for more than A$1B (~€600M) - Australian Financial Review

      • MTRO.LN (Metro Bank Holdings) -- agrees to fnancing package with investors including Jaime Gilinski Bacal

      • PDG.LN (Pendragon) -- AutoNation considering raising offer for Pendragon - Sunday Times

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Italy starts process to sell Banca Monte Paschi stake - Bloomberg

      • QLT.LN (Quilter) -- CEO doesn't see Quilter being bought - London Times (16:00 BST, 6-Oct)

      • RWI.LN (Renewi) -- Top-ten Renewi holders offer divided opinions on bid from Macquarie - Sunday Times

      • BLTG.LN (Blancco Technology Group) -- Francisco Partners further updates acceptance level for Blancco shares, now at 66.36% of existing share capital; extends "Day 60" deadline until 18-Oct

    • Healthcare

      • NOVN.SW (Novartis) -- FDA approves Novartis Cosentyx IV formulation in rheumatic diseases

      • UCB.BB (UCB) -- to Present New Bimekizumab Data in Hidradenitis Suppurativa, Psoriasis and Psoriatic Arthritis at EADV 2023

      • ADXN.SW (Addex Therapeutics) -- to change ratio of ADS to ordinary shares to 1 to 120 from 1 to 6

      • EGTX.SS (Egetis Therapeutics) -- submits MAA for Emcitate for treatment of MCT8 deficiency to the EMA

    • Other

      • BMW.GR (Bayerische Motoren Werke) -- BMW planning to introduce direct sales model as it seeks to control prices - Handelsblatt

      • DTE.GR (Deutsche Telekom) -- wants to cut thousands of jobs - Handelsblatt, citing insiders

      • IAG.LN (International Consolidated Airlines Group) -- in talks for widebody-plane order - Bloomberg (12:06 ET/17:06 BST/18:06 CET)

      • VAR1.GR (VARTA) -- remains positive despite economic downturn slowing down restructuring measures - Handelsblatt

      • Estimated weekend box office revenues in US, Canada $73.6M, +24.7% y/y - Box Office Mojo

    • ESG

      • Saudi Aramco, Siemens to sign agreement to build pilot project for carbon capture and storage - Bloomberg

      • SBTi actions last week include net zero approvals for Qualcomm, Encavis (6-Oct)

  • Key rating changes

    • Upgrades

      • ERIC.B.SS (Ericsson) -- short-term recommendation upgraded to buy from hold at Handelsbanken

      • Jefferies upgrades CPG.LN, SW.FP

      • ATEA.NO (Atea) -- to buy from hold at Carnegie Securities

      • HPOL.B.SS (HEXPOL) -- to buy from hold at ABG Sundal Collier

      • HPOL.B.SS (HEXPOL) -- to buy from hold at Danske Bank

      • KCR.FH (Konecranes) -- to buy from hold at SEB

      • SAAB.B.SS (Saab) -- to buy from hold at SEB

    • Downgrades

      • BAS.GR (BASF SE) -- to market perform from outperform at Bernstein

    • Initiations

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

      • JDG.LN (Judges Scientific) -- buy at Berenberg

    • Other Actions

      • ALFA.LN (Alfa Financial Software Holdings) -- reinstated overweight at Barclays; prior rating was overweight

  • Data

    • Nikkei +0.00% to 30994.67

    • Hang Seng +0.00% to 17485.98

    • Shanghai Composite (0.34%) to 3099.85

    • S&P futures (30.5) vs prior close of 4341.5

    • €-$ +0.0003 or +0.03% to 1.0556

    • $-¥ +0.08 or +0.05% to 149.19

    • €-¥ +0.12 or +0.08% to 157.48

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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