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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE 7637 (0.11%), DAX 15395 (0.20%), CAC 7087 (0.25%), MIB 28380 (0.40%) IBEX 9313 (0.24%), SMI 10965 (0.13%)

Oct 13 ,2023

  • Synopsis

    • European indices are set to open lower, as Asia trades lower and US equities also closed lower yesterday.

    • Israel-Hamas fighting now in its sixth day with the region awaiting the imminent wide-scale ground invasion of Gaza by the IDF and the potential for it to drag Iran and its proxy Hezbollah into the conflict. Early intel reports still not showing a smoking gun for Iran involvement, but White House says Iran was at least "complicit".

    • Asian equities weaker Friday. Hang Seng underperforming with tech stocks swinging sharply lower following recent rally. Real estate developers also weighing. Shares in mainland China, Japan, Korea and Australia all logging declines

    • US equities were lower in Thursday trading, though ended off worst levels. Weakness broke four-straight gains for both the S&P 500 and Nasdaq, though the averages still on pace for weekly gains. Big tech mixed though equal-weight S&P a big laggard to the official index. September headline CPI of 0.4% hotter than consensus for 0.3%, down from August 0.6% print. Annualized headline of 3.7% unchanged m/m, though hotter than 3.6% consensus.

    • Among central banks updates: Friday sees Institute of International Finance Annual Membership Meeting, speakers include BOE's Bailey at 9:00BST, EU's McGuinness at 9:30, Bank of Spain's de Cos at 12:15, BOE's Saporta 15:50 and BOE's Cunliffe 17:30. ECB's Lagarde panellist at 15:00CET at IMF Seminar: Debate on the Global Economy. Germany's Ministry of Economics releases its Monthly Report

    • Macroeconomic releases due today include: Switzerland Sep PPI, France Sep final CPI, Spain Sep final CPI, Sweden Sep CPI, Eurozone Aug industrial production. Finland Sep CPI already on the tape coming in at +5.5% y/y vs consensus +5.4% and prior +5.6%

    • Earnings: Sartorius (SRT3.GR) preannounced preliminary 9M results and also lowered FY23 outlook (second time this year). TomTom (TOM2.NA) reports Q3 net income (€7.9M) vs consensus (€9.0M); reiterates FY guidance. Tryg (TRYG.DC) reports Q3 net income DKK914M vs consensus DKK796M; is launching a share buy back programme of DKK 1B. Bystronic (BYS.SW) reports 9M revenue CHF681.2M, (4%) vs year-ago CHF712.4M; confirms FY23 outlook. NSI (NSI.NA) publishes Q3 2023 trading update: EPRA EPS €1.54 vs year-ago €1.59. Fraport (FRA.GR) reports Sep Frankfurt Airport traffic statistics: passengers ~5.78M, +18.2% y/y.

    • Trading Updates: Ashmore Group (ASHM.LN), Volkswagen (VOW.GT) monthly sales

  • Politics/Macro/World News

    • US urges Israel to exercise restraint amid fears of regional war (FT)

    • China Weighs New Stabilization Fund to Prop Up Stock Market (BBG)

    • 'New cloud darkening' over global economy after Hamas attack on Israel, says IMF (DT)

  • Top company news

    • Earnings/updates

      • TRYG.DC (Tryg) -- reports Q3 net income DKK914M vs consensus DKK796M; is launching a share buy back programme of DKK 1B

      • SRT3.GR (Sartorius) -- reports preliminary 9M underlying EBITDA €733M vs year-ago €1.05B; guides FY Revenue to decline ~(17%) vs prior guidance to decline in the low to mid-teens %; now expects an underlying EBITDA margin of slightly above 28% vs prior guidance ~30%

      • Revenue to decline ~(17%) vs prior guidance to decline in the low to mid-teens %

      • DIM.FP (Sartorius Stedim Biotech) -- reports preliminary 9M revenue €2.07B vs year-ago €2.60B

      • FRA.GR (Fraport) -- reports Sep Frankfurt Airport traffic statistics: passengers ~5.78M, +18.2% y/y

      • TOM2.NA (TomTom) -- reports Q3 net income (€7.9M) vs consensus (€9.0M); reiterates FY guidance

      • NSI.NA (NSI NV) -- NSI publishes Q3 2023 trading update: EPRA EPS €1.54 vs year-ago €1.59

      • RENEW.SS (Re:NewCell) -- provides Q3 update:sales to textile value chain taking a longer time to ramp up with Circulose than expected

    • M&A

      • URW.FP (Unibail-Rodamco-Westfield) -- announces the sale of Polygone Riviera for €272.3M

      • G.IM (Assicurazioni Generali) -- Generali reaches agreement to dispose of TUA Assicurazioni to Allianz for € 280M

      • BRK.LN (Brooks MacDonald Group) -- working with defence adviser on strategy amid takeover interest - Reuters

      • EBK.GR (EnBW Energie Baden-Wuerttemberg) -- EnBW makes binding offer to finance insolvency plan for bmp greengas (12-Oct)

      • NBA.PL (Novabase SGPS) -- enters into agreement with Conclusion Group to sell Neotalent for €49.4M

      • FIF.LN (Finsbury Food Group) -- major holder Fidelity International plans to vote against 110p/share bid from DBAY Advisors - Sky News

      • Squared Capital nearing deal to acquire Arriva - FT

      • OpenAI close to selling shares in deal that values the company at $90B - NY Post

    • Healthcare

      • UCB.BB (UCB) -- presented first analyses of pooled data from the two Phase 3 bimekizumab studies (BE HEARD I and BE HEARD II) in moderate to severe hidradenitis suppurativa (HS) at EADV 2023

      • ALCLS.FP (Cellectis SA) -- Cellectis and Imagine Institute publish a proof-of-Concept study of a Gene surgery candidate to treat activated Phosphoinositide 3-Kinase syndrome type 1 (APDS1)

      • BIM.FP (bioMerieux) -- announces CE-marking of VIDAS TBI (GFAP, UCH-L1)

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera receives positive CHMP opinion recommending approval of AGAMREE (vamorolone) for treatment of Duchenne muscular dystrophy

    • Other

      • TIGO.SS (Millicom International Cellular) -- and EPM to jointly capitalize UNE EPM Telecomunicaciones, each partner will contribute COP300B ($71M)

      • STJ.LN (St. James's Place) -- under pressure from regulators to overhaul fee structure to ensure compliance with UK's new consumer duty - FT

      • SYNT.LN (Synthomer) -- received valid acceptances in respect of 129.9M new shares, representing 92.6% of total number of new shares to be issued pursuant to the fully underwritten rights issue

  • Key rating changes

    • Upgrades

      • Keefe, Bruyette & Woods upgrades ADM.LN; downgrades DLG.LN

      • Morgan Stanley upgrades MOR, MOR.GR

      • Oddo upgrades RCO.FP; downgrades CPR.IM

      • ADP.FP (Aeroport de Paris) -- to neutral from underweight at JPMorgan

      • CINT.SS (Cint Group) -- to buy from hold at Carnegie Securities

      • HOLN.SW (Holcim) -- to neutral from sell at Goldman Sachs

      • PDX.SS (Paradox Interactive) -- to buy from hold at DnB Markets

      • QTCOM.FH (Qt Group) -- to buy from hold at SEB

      • ROO.LN (Deliveroo) -- to neutral from underweight at JPMorgan

      • S32.LN (South32) -- to overweight from underweight at Barclays

      • SUBC.NO (Subsea 7) -- to buy from underperform at Jefferies

      • ZAL.GR (Zalando) -- to buy from hold at HSBC

    • Downgrades

      • SRT3.GR (Sartorius) -- to hold from buy at Societe Generale

      • LI.FP (Klepierre) -- to hold from buy at HSBC

    • Initiations

      • LDO.IM (Leonardo) -- market perform at Bernstein

      • ECV.GR (Encavis AG) -- equal-weight at Morgan Stanley

  • Data

    • Nikkei (0.65%) to 32282.64

    • Hang Seng (2.22%) to 17833.36

    • Shanghai Composite (0.78%) to 3083.60

    • S&P futures +3.3 vs prior close of 4380.5

    • €-$ +0.0017 or +0.16% to 1.0548

    • $-¥ (0.08) or (0.06%) to 149.72

    • €-¥ +0.18 or +0.11% to 157.92

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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