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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.20%, DAX30 (0.07%), CAC40 (0.16%)

Oct 16 ,2023

  • Synopsis

    • European equity market set to open mixed, following last week's gains, which were seen despite a material increase in geopolitical risks, mixed US inflation data and cautious signals from central banks. STOXX 600 posted gains of ~1% for the week (led by Energy sector +6.1%) as a whole despite the flare-up of tensions in the Middle East between Israel and Hamas, as investors watch for any evident involvement of the Iran-backed Hezbollah. Focus remains on any potential escalation in the Middle-East conflict this week.

    • US and EU Q3 earnings season also gets into gear. Amongst EU earnings, focus this week on the likes of Nestle (NESN.SW), ASML Holding (ASML.NA), L'Oreal (OR.FP), Roche (ROG.SW) and SAP (SAP.GR), among many others.

    • In Poland, focus on election results. Sky News reports Polish opposition leader Donald Tusk is declaring the beginning of a new era after three opposition parties (Civic Coalition, Third Way and the New Left) appeared to have won enough votes in Sunday's election to oust the governing party. The FT notes the ruling Law and Justice party expected to come first but without the votes to govern alone or with the far right

    • Macro data releases: Italy Sep final CPI, Norway Sep trade balance, Eurozone Aug trade balance. UK Oct house price index already out coming in at (0.8%) y/y vs prior (0.4%); +0.5% m/m vs prior +0.4%, according to the Rightmove index

    • Central banks agenda: ECB's Enria opening remarks at 9:30CET, Tuominen speech at 10:00 at the 2023 SRB-ECB CMDI Seminar, BOE's Pill speech at 9:30BST at event hosted by the OMFIF Economic and Monetary Policy Institute. Bank of Spain's de Cos speech at 12:30CET at event hosted by Univ. of Alicante (livestream), BOE's Woods speech at 21:10BST (text published at 15:30) at the City Banquet, Mansion House. Bundesbank's Nagel in monetary policy dialogue with European Committee in the German Bundestag and Bank of Portugal publishes its latest Official Bulletin.

    • Today's agenda also sees Eurogroup meeting and EU Environment Council. EU's von der Leyen, Várhelyi attend the Berlin Process Summit; Chancellor Scholz speech ~11:00CET whilst EU's Gentiloni hosts US Secretary of the Treasury Janet Yellen. UK parliament resumes after recess, with MPs questions on Levelling Up, Housing and Communities at 14:30BST. Russia's foreign minister Lavrov due to visit China (through Wed).

    • Among stocks likely to be on the move today: SoftwareONE Holding (SWON.SW) reportedly receives several non-binding bids; Lagardere (MMB.FP) reports Q3 revenue €2.21B, +11.7% vs year-ago €1.98B, up 9.6% like for like; Hapag-Lloyd (HLAG.GR) will not make counteroffer for Hamburger Hafen und Logistik (HHFA.GR), reports Welt am Sonntag. Wendel (MF.FP) considering acquiring mid-market private equity firm IK Partners, made an initial approach, reports BBG. ATOS (ATO.FP) updates on planned sale of Tech Foundations to the EPEI group; to host conference call today; also announces Chairman Bertrand Meunier to step down; appoints Jean Pierre Mustier as non-executive Chairman (

  • Macro/politics

    • Poland election

      • Knife-edge Polish exit poll gives ex-PM Tusk potential route back to power (FT)

      • Poland's opposition leader Donald Tusk declares election victory(Sky News)

      • Expected political earthquake delights Brussels (BBC)

    • Central banks

      • ECB's Nagel sees upside risks to inflation (Bloomberg)

      • ECB's Lagarde says core inflation still elevated (Bloomberg).

      • ECB's Scicluna sees EZ consumer strength helping avoid a hard landing (Bloomberg)

      • BoE's Bailey says he's puzzled by stubborn pay growth in UK (Reuters).

      • Bank of England deputy: Interest rates will stay higher for longer (London Times

      • ECB Seen Preserving Peak Rates Until Second Half of Next Year (Bloomberg poll)

    • Geopolitics

      • Rishi Sunak urged to sanction Qatar, where Hamas leaders live in five-star luxury (Telegraph)

      • Israel and Ukraine wars mean 'difficult decisions' for Britain, warns Hunt (Telegraph)

      • Borrell calls on China to treat EU as a 'geopolitical power' in its own right (FT)

      • Europe, Australia set for trade showdown at G-7 meeting in Japan (Bloomberg)

    • UK

      • Britain, South Korea agree to extend tariff-free trade for two years (Reuters)

      • Cab fares could rise by 20% after court ruling on 'taxi tax' (London Times).

      • High gas prices could refuel inflation (London Times).

      • City minister presses UK regulator to show restraint on new crypto advertising rules (FT).

      • DUP leader preps party for move back into Belfast power-sharing (POLITICO)

      • Yousaf sets out election plan to end 'Westminster roadblock' to independence (Scotsman)

    • EU

      • EU seeks to ease US tariff, green subsidy threats (Reuters)

    • Greece

      • Candidates officially backed by ruling ND lose in five of six regions in local election runoff (ekathimerini)

  • Top company news

    • Earnings/updates

      • IBE.SM (Iberdrola) -- reports provisional Q3 net electricity production 40,236 GWh, +3.6% y/y

      • MMB.FP (Lagardere) -- reports Q3 revenue €2.21B, +11.7% vs year-ago €1.98B, up 9.6% like for like

      • OKDBV.FH (Oriola) -- to sell Svensk dos to Apotekstjänst Sverige for SEK 110M

      • Also reporting today

        • Earnings: Tristel (TSTL.LN), Groupe OKwind (ALOKW.FP)

        • Trading Update: Galp Energia (GALP.PL), Alphawave IP (AWE.LN), GB Group (GBG.LN), Cicor Technologies (CICN.SW), Prodways (PWG.FP), CATANA (CATG.FP)

        • Traffic: Aeroports de Paris ADP (ADP.FP)

    • M&A

      • SWON.SW (SoftwareONE Holding) -- receives several non-binding bids -Reuters

      • TIT.IM (Telecom Italia) -- KKR to raise offer for Telecom Italia's Netco unit to close to ~ €24B -- Republica

      • SHEL.LN (Shell Plc) -- Saudi Aramco considering potential bid for Shell's assets in Pakistan - Bloomberg

      • APO (Apollo Global Management) -- in talks to join SAS bankruptcy consortium - Reuters

      • HLAG.GR (Hapag-Lloyd) -- will not make counteroffer for Hamburger Hafen und Logistik - Welt am Sonntag

      • MTRO.LN (Metro Bank Holdings) -- Metro Bank wants bidders to submit offers for mortgage book by early November - Sky News

      • MF.FP (Wendel) -- considering acquiring mid-market private equity firm IK Partners, made an initial approach - Bloomberg

      • HELN.SW (Helvetia Holding) -- Helvetia does not consider merger with Baloise to be an option - FuW

      • OKDBV.FH (Oriola) -- to sell Svensk dos to Apotekstjänst Sverige for SEK 110M

      • ORDI.NA (Ordina) -- Sopra Steria reports final offer for Ordina; will hold 98.01% of all shares

      • CO.FP (Casino Group) -- announces disposal of Casino's stake in Éxito Group

    • Healthcare

      • ABBV (AbbVie) -- AbbVie's SKYRIZI (risankizumab) versus STELARA (ustekinumab) head-to-head study in Crohn's Disease meets all primary and secondary endpoints

      • REGN (Regeneron) -- to present latest clinical data in early and late-stage cancers from its oncology pipeline at ESMO

      • AZN.LN (AstraZeneca) -- CEO Pascal Soriot moves to Australia - Mail on Sunday

      • RARE (Ultragenyx Pharmaceutical) -- Ultragenyx, Mereo BioPharma present interim Phase 2 data from Orbit study of setrusumab at ASBMR

      • UCB.BB (UCB) -- will present six abstracts in hidradenitis suppurativa (HS) at the 8th Annual Symposium on Hidradenitis Suppurativa Advances (SHSA)

      • MLTX (MoonLake Immunotherapeutics) -- announces the full dataset from its 24-week MIRA clinical trial, establishing the Nanobody sonelokimab as a highly promising and differentiated therapeutic solution for Hidradenitis Suppurativa

      • BGBIO.NO (BerGenBio) -- to present additional data on its selective AXL inhibitor bemcentinib at the 2023 ESMO meeting

      • CANTA.SS (Cantargia) -- to present clinical data from the phase Ib nadunolimab TRIFOUR trial at ESMO Congress

    • Other

      • SAN.SM (Banco Santander) -- sets aside $250M (€237.7M) for expansion of corporate and investment bank over next two years - FT

      • ATO.FP (ATOS SE) -- Follow-up: Atos confirms Chairman Bertrand Meunier to step down; appoints Jean Pierre Mustier as non-executive Chairman

      • CO.FP (Casino Guichard-Perrachon) -- provides update on accession to the lock-up agreement

      • SHA.GR (Schaeffler) -- expects demand for internal combustion engines to continue beyond 2035 - FAZ

      • TEG.GR (TAG Immobilien) -- appoints COO Claudia Hoyer and CFO Martin Thiel as Co-CEOs

      • ACC.NO (Aker Carbon Capture) -- awarded pre-FEED in Sweden covering more than 200,000 tonnes of CO2 per year

      • Estimated weekend box office revenues in US, Canada $134.8M, +76.6% y/y - Box Office Mojo

      • SBTi actions last week include Agilent, Goodyear Tire net zero approvals, Veeva Systems commitment (13-Oct)

      • Stellantis and Ford Motor to lay off 1,250 workers amid UAW strike - Reuters

  • Key rating changes

    • Upgrades

      • Jefferies upgrades UK water sector: PNN.LN, SVT.LN, UU.LN

      • JPMorgan upgrades SSAB.A.SS, SSAB.B.SS, SZG.GR

      • P911.GR (Porsche) -- to market perform from underperform at Bernstein

      • UBSG.SW (UBS Group) -- to outperform from sector perform at RBC Capital Markets

      • SYNT.LN (Synthomer) -- to buy from hold at Peel Hunt

    • Downgrades

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to hold from buy at Kepler Cheuvreux

      • NDA.FI.FH (Nordea Bank) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • DSCV.LN (discoverIE Group) -- buy at HSBC

  • Data

    • Nikkei (2.17%) to 31615.16

    • Hang Seng (0.88%) to 17655.82

    • Shanghai Composite (0.53%) to 3071.87

    • S&P futures +4.3 vs prior close of 4357.3

    • €-$ +0.0015 or +0.14% to 1.0530

    • $-¥ (0.10) or (0.07%) to 149.45

    • €-¥ +0.12 or +0.08% to 157.34

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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