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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.16%), DAX (0.20%), CAC (0.67%), MIB (0.41%), IBEX (0.29%), STOXX (0.55%)

Oct 11 ,2023

  • Synopsis

    • European equity markets are set for a softer open amidst Asian equities extending gains Wednesday. Tech stocks driving gains in Hong Kong as mainland stocks rebound following latest stimulus headlines. Earnings a focus in Korea with Samsung driving Kospi's outperformance. Japan, Australia, and Taiwan the other notable gainers. S&P 500 futures flat afterhours.

    • G20 finance ministers and central bank governors meeting (through Fri). NATO ministers of defence meeting. UK announces new package of support for Ukraine's counter-offensive. In Germany, Chancellor Scholz hosts fourth meeting of the Alliance for Transformation, focus on the opportunities and potential of the circular economy for Germany as a business location, post meeting press conf at ~15:15CET, also economy minister Habeck presents the government's autumn economic forecast. Norway's foreign minister Huitfeldt visits Brazil (through Thu).

    • In central banks, Netherland's Central Bank's Knot panellist at 9:15BST at event organised by Reinventing Bretton Woods Committee (through Sun). Riksbank's Bunge will participate in a section of SEB talks at 12:00CET. Bundesbank's Mauderer panellist at 11:00CET at event hosted by the Moroccan Capital Market Authority. ECB publishes latest consumer expectations survey at 10:00CET. Bank of Spain's de Cos speech at 13:00CET at annual meetings of the World Bank and the IMF. Minutes from last FOMC meeting published after EU markets close.

    • A light macro front sees Germany Sep final CPI out for release.

    • In earnings, LVMH (MC.FP) reported Q3 Group Sales €19.96B vs consensus €20.74B last night after market close. Also post market close, BP (BP.LN) released an investor update and raised 2030 Resilient Hydrocarbons EBITDA aim by $2B to $41-44B and 2030 Group EBITDA aim to $53-58B. In the DACHs region, u-blox Holding (UBXN.SW) reports preliminary 9M revenue CHF436M vs year-ago CHF475M and confirmed FY expectations whilst in the Nordics, Kemira (KEMIRA.FH) raised FY guidance and now expects FY operative EBITDA to be between €620-680M vs prior guidance €550M-650M.

    • Also taking place today is Russia Energy Week until Fri.

  • Politics/Macro/World News

    • Major new package of support for Ukraine's counter-offensive announced by Grant Shapps - gov release

    • Starmer woos Tory voters as he declares 'fire of change still burns in Britain' - Guardian

    • Portugal eyes small budget surplus in 2024 despite slowing growth - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • EBUS.NA (Ebusco Holding) -- Q3 trading update: Guides FY revenue between €145-165M vs FactSet €177.5M [3 est €130.6-245.6M]

      • France:

        • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports Q3 Group Sales €19.96B vs consensus €20.74B

      • DACHs:

        • UBXN.SW (u-blox Holding) -- reports preliminary 9M revenue CHF436M vs year-ago CHF475M; confirms FY expectations

        • CE2.GR Cropenergies reports Q2 net income €16.2M vs year-ago €70.9M; FY outlook unchanged

        • ECX1.GR (Epigenomics) -- updates guidance

      • Nordics:

        • PDX.SS (Paradox Interactive) -- reports estimated impact on Q4 PBT of (SEK248M) from The Lamplighters League

        • KEMIRA.FH (Kemira) -- upgrades FY outlook: now expects FY operative EBITDA to be between €620-680M vs prior guidance €550M-650M

      • UK:

        • BP.LN (BP) -- investor update; raises 2030 Resilient Hydrocarbons EBITDA aim by $2B to $41-44B and 2030 Group EBITDA aim to $53-58B

        • BYG.LN (Big Yellow Group) -- announces capital raise to raise gross proceeds of £110M by way of accelerated bookbuild via Barclays, JPMorgan; revenue for the six months to 30-Sep is up +6%

    • M&A

      • APPS.SM (Applus) -- Apollo plans to raise offer for Applus+ Services - Cinco Dias

      • EQT.SS (EQT AB) -- EQT to acquire VetPartners; terms undisclosed

      • TECK.B.CN (Teck Resources) -- will consider range of factors beyond valuation to determine winning bid for coal assets - Bloomberg (13:37 ET)

      • DG.FP (VINCI SA) -- Offshore bidders lineup for Melbourne's EastLink motorway - Australian Financial Review

      • EQT.SS (EQT AB) -- EQT Life Sciences participates in Agomab's $100M Series C funding round to advance fibrosis-focused pipeline

      • ECX1.GR (Epigenomics) -- closes sale of assets to New Day Diagnostics

      • FOYRK.GA (Fourlis Holdings) -- announces share purchase agreement for total shares of YIALOU

      • SFE.LN (Safestyle UK) -- issues response to media speculation and provides update on status of ongoing work

      • 500495.IN (Escorts Kubota) -- likely to sell its railway business to Knorr-Bremse for more than INR40.00B (€453.2M) - CNBC-TV18

      • Wintershall Dea in advanced talks to sell 10% stake in Ghasha natural gas project to PTT Exploration & Production - Bloomberg (10-Oct, 14:04 CET/19:04 ICT)

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- will stop the once-weekly injectable semaglutide kidney outcomes trial, FLOW, based on interim analysis

      • UCB.BB (UCB) -- NICE recommends UCB's Bimzelx to treat AS

      • 6AP0.GR (Neoleukin Therapeutics) -- SEC filing: SC 13D/A (Filed by BAKER BROS. ADVISORS LP)

      • CPIX (Cumberland Pharmaceuticals) -- announces new Vibativ pediatric publication highlighting safety in patients 2 to 17 years of age

      • EGTX.SS (Egetis Therapeutics) -- secured approximately SEK 462M in a combined financing including SEK172M equity private placement

    • Other

      • BRAV.SS (Bravida Holding) -- awarded contracts worth ~ SEK 1.3B to perform installation work for the extension of the Stockholm metro

      • MITRA.BB (Mithra) -- comments on Uteron Sellers -- Shareholder Letter

      • AC.FP (Accor) -- announces launch of €400M share buyback program

      • SGO.FP (Compagnie de Saint-Gobain) -- provides update on share buyback

      • HLN.LN (Haleon) --

        • SEC filing: SC 13D/A (Filed by GSK plc)

        • SEC filing: SC 13D/A (Filed by PFIZER INC)

      • ACC.NO (Aker Carbon Capture) -- awarded feasibility study for biomass combined heat and power facility in Germany

      • TRST.LN (Trustpilot Group) -- Northzone intends to sell ~ 12M shares in Trustpilot Group via accelerated bookbuild to institutional investors

      • A mixed bag for the consumer - normalization, trade downs, but savings underestimated

  • Key rating changes

    • Upgrades

      • Handelsbanken upgrades HUH1V.FH, HUSQ.B.SS, MIPS.SS, and RBREW.DC

      • Morgan Stanley upgrades CARL.B.DC; downgrades HEIA.NA

      • Mediobanca upgrades SREN.SW; downgrades SCR.FP

      • ELISA.FH (Elisa Oyj) -- buy from hold at ABG Sundal Collier

      • WTB.LN (Whitbread) -- neutral from underperform at BNP Paribas Exane

      • TEL2.B.SS (Tele2) -- buy from sell at ABG Sundal Collier

      • ENX.FP (Euronext) -- outperform from neutral at Autonomous Research

      • DHER.GR (Delivery Hero) -- neutral from underperform at BNP Paribas Exane

      • TKWY.NA (Just Eat Takeaway.com) -- neutral from underperform at BNP Paribas Exane

      • 1U1.GR (1&1 AG) -- to buy from neutral at Goldman Sachs

      • CRDA.LN (Croda International) -- to neutral from underweight at JPMorgan

      • EPI.A.SS (Epiroc) -- to hold from sell at Deutsche Bank

      • GAMA.LN (Gamma Communications) -- to neutral from underperform at Oddo

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

      • ORK.NO (Orkla) -- Orkla short-term recommendation upgraded to buy from hold at Handelsbanken

    • Downgrades

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- hold from buy at SBG Securities

      • FRVIA.FP (Forvia) -- neutral from outperform at Oddo

      • IHG.LN (InterContinental Hotels Group) -- underperform from neutral at BNP Paribas Exane

      • TEL.NO (Telenor) -- hold from buy at ABG Sundal Collier

      • HFG (HelloFresh) -- underperform from neutral at BNP Paribas Exane

      • MDM.FP (Maisons du Monde) -- neutral from outperform at BNP Paribas Exane

      • NOKIA.FH (Nokia) -- hold from buy at ABG Sundal Collier

      • TELIA.SS (Telia Co.) -- to hold from buy at ABG Sundal Collier

      • KESKOB.FH (Kesko) -- to hold from buy at SEB

    • Initiations

      • MANTA.FH (Mandatum) -- buy at Nordea

      • NOBI.SS (Nobia) -- reduce at Kepler Cheuvreux

      • GXI.GR (Gerresheimer) -- overweight at Barclays

      • SCA.B.SS (Svenska Cellulosa) -- neutral at JPMorgan

      • RHM.GR (Rheinmetall) -- overweight at Barclays

      • BFSA.GR (Befesa) -- buy at Jefferies

  • Data

    • Nikkei +0.76% to 31987.75

    • Hang Seng +1.76% to 17976.43

    • Shanghai Composite +0.23% to 3082.26

    • S&P futures +1.5 vs prior close of 4391.5

    • €-$ (0.0005) or (0.05%) to 1.0603

    • $-¥ +0.23 or +0.15% to 148.94

    • €-¥ +0.17 or +0.11% to 157.89

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.
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