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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.39%, DAX30 +0.39%, CAC40 +0.12%

Oct 12 ,2023

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities advancing Thursday. Tech stocks driving Hang Seng's outperformance. Nikkei extending week-to-date rebound. Mainland China, Korea and Taiwan markets also adding to recent gains. S&P 500 futures pushing higher afterhours.

    • Today's agenda sees IEA and OPEC release Monthly Oil Reports and NATO defence ministers meeting (thru Fri). EU's Schinas delivers a keynote speech at the 2nd East Med & SouthEast Europe Conf. EU's Kyriakides delivers a keynote speech at 10:15BST at Economist Impact event (Wed-Thu) and meets with UK's health minister Steve Barclay. Chancellor Scholz hosts the Emir of Qatar

    • In central banks the Institute of International Finance Annual Membership Meeting (thru Sat), speakers include Bank of France's Villeroy de Galhau at 9:30BST and Netherland's Central Bank's Knot at 11:00. BOE's Pill, Austria Central Bank's Holzmann panellists at 10:00BST at event organised by Reinventing Bretton Woods Committee, BoE publishes Credit Conditions Survey for Q3 at 09:30 BST, EU's Gentiloni, Croatia Central Bank's Vujcic, Slovenia Central Bank's Vasle panellist at the same event at 11:50BST. Riksbank's Ingves panellist at 10:30BST at event hosted by Toronto Centre. ECB's Elderson participates at European Business Nature Summit. ECB's Panetta panellist at 13:00CET at IMF's New Economy Forum. ECB publishes minutes of last MPC meeting at 13:30CET. Denmark Central Bank, Bundesbank and Norges Bank host conf at 12:00CET title Macroeconomic Risks, Uncertainty and Sustainability.

    • Macroeconomic releases included UK Sep house price balance (69%) vs consensus (63%) and prior (68%) - RICS. Also due today UK Aug trade balance, manufacturing/industrial production, monthly GDP tracker - NIESR, Ireland Sep CPI, Portugal Sep final CPI

    • On the earnings front, DACHs companies kicked off the session with Suedzucker (SZU.GR), Givaudan (GIVN.SW), and Agrana Beteiligungs (AGR.AV), among others from the region to report H1/Q3 updates. In France, Publicis Groupe (PUB.FP) reported Q3 revenue and upgraded its FY guidance. Also, in France, Orpea (ORP.FP) reported H1 earnings and announced the details concerning the planned capital increase, which will result in a massive dilution of the existing shareholders. In Nordics, Ericsson (ERIC.B.SS) reported preliminary Q3 earnings (and also announced it will record a non-cash impairment charge of SEK 32B in Q3 of 2023; the impairment charge represents 50% of the total amount of goodwill and other intangible assets attributed to Vonage) and Atrium Ljungberg (ATRLJ.B.SS). In Poland, Pepco Group (PCO.PW) issued a Q4/FY trading update and guided to a FY revenue of €5.65B vs FactSet €5.61B

  • Politics/Macro/World News

    • UK Relies on Nordic Power Lifeline to Keep Lights on This Winter - Bloomberg

    • Holzmann Wants ECB to Cap Remuneration of Banks' Deposits at 90% - Bloomberg

    • UK GDP Report Set to Show Economy Bounced Back - Bloomberg

    • More surveyors report falling UK house prices than at any time since 2009 - FT

    • BOE's Dhingra sas rate cut may come sooner if growth falls much more than expected

  • Top company news

    • Earnings/updates

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports preliminary Q3 revenue SEK64.5B vs FactSet SEK66.10B [16 est, SEK64.17-68.02B]

      • GIVN.SW (Givaudan) -- reports Q3 revenue CHF1.73B vs consensus CHF1.76B

      • VACN.SW (VAT Group) -- reports preliminary Q3 revenue CHF209.8M vs FactSet CHF216.3M [4 est, CHF205.0-227.0M]; reaffirms FY guidance

      • ORP.FP (Orpea) -- reports H1 net income (€371M) vs year-ago (€269M)

      • HNSA.SS (Hansa Biopharma) -- provides update on ConfIdeS Phase 3 trial of imlifidase in highly sensitized kidney transplant patients

      • FHZN.SW (Flughafen Zuerich) -- reports Sep traffic statistics

      • FAGR.BB (Fagron) -- reports preliminary Q3 revenue €191.4M vs FactSet €183.5M [1 est]; specifies FY revenue guidance

      • AED.BB (Aedifica) -- completed 7 development projects from it's investment program in Q3

      • BOSN.SW (Bossard Holding) -- reports Q3 revenue CHF249.8M vs FactSet CHF274.0M [3 est, CHF268.7-278.4M]

      • AFP.SW (Aluflexpack) -- guides FY23 revenue (ex-IAS 29) €360M-390M vs prior guidance €390M-430M and FactSet €404.9M

      • KURN.SW (Kuros Biosciences) -- reports 9M direct MagnetOs sales CHF20.4M, +152% vs year-ago CHF8.1M; CEO Joost de Bruijn to transition to executive director, effective today

      • SZU.GR (Suedzucker) -- reports H1 EBIT €592M, +87% vs year-ago €316M; expects FY operating result to be €900M-1.00B vs previous forecast €850-950M

      • HPHA.GR (Heidelberg Pharma) -- reports 9M EPS (€0.34) vs year-ago (€0.39); comments on FY23 outlook

      • VAR.NO (Vår Energi) -- Q3 trading update; net production 209.7Kboepd vs year-ago 214.5Kboepd, (2% y/y)

      • NDX1.GR (Nordex) -- reports Q3 wind turbines orders 365 vs year-ago 277; total rated capacity 2.2 GW vs year-ago 1.4 GW

      • PUB.FP (Publicis Groupe) -- reports Q3 revenue €3.24B vs consensus €3.19B; upgrades 2023 guidance

      • ATRLJ.B.SS (Atrium Ljungberg) -- reports Q3 EPS SEK0.29 vs FactSet SEK2.33

      • AGR.AV (Agrana Beteiligungs) -- reports Q2 net income attributable €24.5M vs year-ago (€55.6M)

      • PCO.PW (Pepco Group) -- guides FY revenue €5.65B vs FactSet €5.61B [14 est, €5.51-5.70B]

      • Also reporting today:

        • Earnings:

          • DACH: centrotherm international (CTNK.GR)

          • France: Wallix Group (ALLIX.FP)

          • Nordics: Chr. Hansen Holding (CHR.DC), Creades (CRED.A.SS)

          • UK: Dechra Pharmaceuticals (DPH.LN), Scancell Holdings (SCLP.LN), N Brown Group (BWNG.LN)

        • Trading Update/Sales:

          • Benelux: Fastned (FAST.NA)

          • DACH: VAT Group (VATN.SW)

          • France: Spineway (ALSPW.FP), Thermador Groupe (THEP.FP), VINCI (DG.FP)

          • Nordic: DFDS (DFDS.DC)

          • UK: easyJet (EZJ.LN), Hays (HAS.LN), Atalaya Mining (ATYM.LN)

        • Traffic: Flughafen Wien (FLU.AV)

        • CMD/events: Severn Trent (SVT.LN), MITIE Group (MTO.LN), SkiStar (SKIS.B.SS), Dermapharm (DMP.GR)

    • M&A

      • X.CI (United States Steel) -- trading higher; circulation of comments attributed to Betaville cited

      • DOV (Dover Corp) -- Stabilus signs agreement to acquire DESTACO from Dover for $680M (€640.0M) in cash

      • ENR.GR (Siemens Energy) -- to sell high-voltage components division to Triton - Handelsblatt (11-Oct, 13:48 CET)

      • BSQR (Bsquare) -- to be acquired by Kontron for $1.90 per share

      • LOUP.FP (LDC) -- enters negotiations to acquire the factory Les Délices de Saint Léonard from the Agromousquetaires Group

      • Several copper mining deals set to be agreed over the next 6-12 months - Reuters (14:56 ET)

    • Healthcare

      • ROG.SW (Roche Holding) -- New Data for Genentech's Ocrevus Show That After 10 Years of Treatment 77% of People With Relapsing Multiple Sclerosis Were Free From Disability Progression and 92% Continue to Walk Unaided

      • INDV.LN (Indivior) -- obtains exclusive rights to Alar Pharmaceuticals' portfolio of injectable formulations that release a prodrug of buprenorphine for $10M

      • ALM.SM (Almirall) -- gets license to EpimAb Biotherapeutics's FIT-Ig technology; EpimAb to receive up to $210M (€197.6M)

      • 207940.KS (SAMSUNG BIOLOGICS) -- Samsung Bioepis reports phase 3 clinical results for SB17; confirms equivalence with original drug

      • ORP.FP (Orpea) -- provides details concerning the capital increases; will result in a massive dilution of the existing shareholders

      • BCART.BB (Biocartis Group) -- Biocartis announces expansion of its collaboration with APIS Assay Technologies to commercialize the APIS ESR1 Mutations Kit

    • Other

      • BARC.LN (Barclays) -- expects sluggish deal activity, diminishing volatility and peaking interest rates to compound pressure on bank earnings - Bloomberg

      • DHL.GR (DHL Group) -- DHL, NESTE, & ISCC to develop a new system to track aviation emissions reductions

      • ELIS.FP (Elis) -- BWGI completes acquisition of 6.2% stake in Elis

      • EURN.BB (Euronav) -- SEC filing: SC 13D/A (Filed by Famatown Finance Ltd)

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group announces extension of the accession period to the lock-up agreement

  • Key rating changes

    • Upgrades

      • STERV.FH (Stora Enso) -- Stora Enso short-term recommendation upgraded to buy from hold at Handelsbanken

    • Downgrades

      • JMAT.LN (Johnson Matthey) -- to hold from buy at Berenberg

      • DWL.LN (Dowlais Group Plc) -- to neutral from overweight at JPMorgan

      • HELN.SW (Helvetia Holding) -- to sell from hold at Berenberg

      • LUMI.SS (Lundin Mining) -- to underweight from neutral at JPMorgan

    • Initiations

      • REY.IM (Reply) -- buy at Societe Generale (timing uncertain)

  • Data

    • Nikkei +1.62% to 32452.86

    • Hang Seng +2.09% to 18266.64

    • Shanghai Composite +0.84% to 3104.96

    • S&P futures +12.5 vs prior close of 4409.8

    • €-$ +0.0013 or +0.12% to 1.0633

    • $-¥ (0.09) or (0.06%) to 149.06

    • €-¥ +0.08 or +0.05% to 158.50

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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