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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.10%), DAX30 +0.05%, CAC40 +0.09%

Oct 17 ,2023

  • Synopsis

    • European indices are set to open mixed to higher amidst Asia equities trading higher Tuesday. Mainland China briefly swung to losses, damping some momentum in other benchmarks. China sluggish price action put down to caution ahead of tomorrow's GDP and activity data. US contracts also edged lower. Regional tech mostly firmer after positive leads from Nasdaq and SOX.

    • In geopolitical news, diplomatic efforts to prevent escalation of Israeli-Hamas conflict also offered a reprieve, though Israeli ground assault still looms and bombardment of Gaza continued as cease-fire arrangements to open a humanitarian corridor through Egypt stalled. Israel warned of a protracted war against Hamas as Secretary of State Blinken returned to Israel for further talks. Russian President Putin spoke with leaders of Egypt, Syria, Iran and PLA, concluding with unanimous support for urgent ceasefire. Calls echoed by China in a meeting with Russian delegation in Beijing ahead of Putin's visit.

    • Today's agenda sees ECOFIN meeting and EU Energy Council will seek a general approach on a proposal to amend the EU's electricity market design rules. Saudi-EU Investment Forum, participiants include EU's Šef�?ovi�?. In Germany, Federal Geothermal Association Congress (through Thu) and German Employers' Day, speakers include Chancellor Scholz at 9:35CET, the German Chancellor hosts King Abdullah of Jordan later in the day. In the UK, Levelling-Up and Regeneration Bill continues its passage through HoC and committee business includes Three (1.HK) -Vodafone (VOD.LN) merger: implications for competition (10:00BST), long-duration energy storage (10:15) and implications of Russia's invasion of Ukraine for UK-EU relations (16:00). Sweden's Climate and Environment Minister Pourmokhtari press conf at 11:00CET connected with investigator's report on how Sweden can achieve its climate commitments. Russian President Putin will attend Belt and Road Forum.

    • In central banks, Riksdag Committee on Finance hearing on current monetary policy at 9:00CET; Executive Board of the Riksbank will participate (livestream). BOE's Dhingra panellist at 10:05BST at the Royal Economic Society Summit 2023 and ECB's af Jochnick speech at 13:50CET followed by Q&A at the European Supervisors' Education Initiative conf (through Wed). Bundesbank's Nagel speech at 19:00CET. Joint ECB/IMF conf (through Wed) Netherland central bank's Knot, Ireland central bank's Madouros panellists at 15:15CET, de Guindos speech 19:00.

    • Macroeconomic releases due today include: Germany Oct ZEW survey. Note that UK data based on its labour force survey (LFS) will not be released until next week. Today, the ONS will publish only figures on wages and vacancies, based on different surveys, along with experimental figures drawn from HM Revenue & Customs records.

    • On the earnings front, DACHs companies kicked off the session with BAWAG Group (BG.AV), Lonza Group (LONN.SW), and Drägerwerk (DRW3.GR) among others from the region to update investors. In Nordics, BioGaia (BIOG.B.SS), Grieg Seafood (GSF.NO), and Ericsson (ERIC.B.SS)) issued Q3 earnings/updates. Also reporting today, Telekom Austria (TKA.AV), flatexDEGIRO (FTK.GR), Bellway (BWY.LN), X5 Retail Group (FIVE.LN), Jupiter Fund Management (JUP.LN), Ninety One (N91.LN), and Integrafin (IHP.LN).

  • Politics/Macro/World News

    • UK

      • Labour Investment Plans Could Deliver 'Meaningful' Boost for UK - Bloomberg

      • UK's Hunt Tied by Highest Interest Bill Since 1980s, IFS Says - Bloomberg

      • British Companies Are Cutting Back on Pound Hedging - Bloomberg

    • EU

      • EU to tighten rules for airline mergers - FT

      • Why EU plans to tap Russia's frozen assets are moving forward - FT

      • EU urges reforms, single market in Western Balkans to boost membership bids - Reuters

    • Poland election

      • Polish opposition looks set to oust ruling nationalists in major political shift - Reuters

    • Geopolitics

      • Biden to visit Israel as rocket attacks continue and Gaza crisis grows - BBC

      • Iran says 'preemptive action' by resistance front expected in coming hours - Reuters

  • Top company news

    • Earnings/updates

      • RIO.AU (Rio Tinto) -- reports Q3 production; confirms Pilbara iron ore shipments (100% basis) 83.9Mt; lowers IOC pellets and concentrate guidance

      • LONN.SW (Lonza Group) -- hosts CMD: outlines mid-term guidance for 2024-2028, including +11-13% sales growth; confirms 2023 guidance

      • UMI.BB (Umicore) -- says profitability targets envisaged under Umicore's 2030 RISE Strategy in Battery Materials have been firmly secured

      • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport Septeeber traffic 31.19M, +15.1% y/y

      • NOD.NO (Nordic Semiconductor) -- reports Q3 net income $1.2M vs FactSet $3.2M [9 est, ($1.3)-7M]; expects gross margin of ~50% also in Q4

      • BG.AV (BAWAG Group) -- reports Q3 EPS €2.25 vs FactSet €2.16 [3 est, €2.12-2.18]; expects to meet or exceed its FY financial targets

      • DRW3.GR (Drägerwerk) -- reports preliminary Q3 EBIT €29M vs year-ago (€36.6M); raises FY outlook

      • BIOG.B.SS (BioGaia) -- reports preliminary Q3 revenue SEK318M vs year-ago SEK258M

      • GSF.NO (Grieg Seafood) -- trading update: Q3 harvest volume ~12,200 tonnes GWT vs prior guidance 10,500 tonnes GWT

      • MTG.SW (Meier Tobler Group) -- reports Q3 sales CHF 131.5M vs year-ago CHF 144.7M; expects significantly lower Q4 sales than in same period last year

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports final Q3 earnings in line with prelim. release: net income SEK1.4B ex-items; For Q4 expects similar market trends as in Q3, while the cost-out impact will increase. Expects a group Q4 EBITA margin at around 10%; Given current uncertainty will not give guidance beyond Q4 of 2023

      • EQT.SS (EQT) -- issues Q3 trading update: Fee generating AuM €127.9B as at 30-Sep, +1% q/q

      • Also reporting today:

        • Earnings:

          • DACHs: Telekom Austria (TKA.AV)

          • France: Broadpeak (ALPBPK.FP)

          • Nordics: Note (NOTE.SS), Elanders (ELAN.B.SS), ProfilGruppen (PROF.B.SS), Olvi (OLVAS.FH)

          • UK: Bellway (BWY.LN), Abingdon Health (ABDX.LN), Nanoco (NANO.LN), Revolution Bars Group (RBG.LN)

        • Trading Update: X5 Retail Group (FIVE.LN), Jupiter Fund Management (JUP.LN), Ninety One (N91.LN), Integrafin (IHP.LN), flatexDEGIRO (FTK.GR), Mercialys (MERY.FP), Esker (ALESK.FP), Pierre & Vacances (VAC.FP), Sidetrade (ALBFR.FP)

    • M&A

      • FRAS.LN (Frasers Group) -- reaches deal to acquire German retail chain SportScheck -- Sky News

      • BNRE (Brookfield Reinsurance) -- Brookfield reportedly considering entrance into UK's pension insurance market -- Reuters, citing sources

    • Healthcare

      • ROG.SW (Roche Holding) -- NICE recommends Roche's Columvi to treat relapsed or refractory diffuse large B-cell lymphoma after 2 or more systemic treatments

      • ABVX.FP (Abivax) -- files amended F-1 in connection with proposed US offering; expects to offer total of ~18.7M ADSs/ordinary shares through Morgan Stanley, Leerink, LifeSci Capital, and Bryan, Garnier

      • HNSA.SS (Hansa Biopharma) -- announces imlifidase demonstrated 90% patient survival and 82% graft survival at five years in extended study

      • MITRA.BB (Mithra Pharmaceuticals) -- board to seek postponement of remuneration discussion

      • +BOEHRINGER (Boehringer Ingelheim) -- FDA grants orphan drug designation to Boehringer Ingelheim for the treatment of small cell lung cancer

    • Other

      • AIR.FP (Airbus SE) -- Airbus critical of German blockade on export of Eurofighters - Handelsblatt

      • VOW3.GR (Volkswagen) -- behind schedule in cost cutting plan - Reuters

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce planning to lay off ~2.5K employees as part of cost reduction effort -- Sky News

      • MAERSK.B.DC (Maersk) -- offers customers certified green fuel shipping

      • UMI.BB (Umicore) -- enters 10-year supply agreement with AESC

      • UMI.BB (Umicore) -- confirms expansion of its EV battery materials production footprint

      • EDP.PL (EDP-Energias de Portugal) -- Portuguese Electricity Regulator announces its proposal for electricity tariffs in 2024

      • Regional Gaming Revenues - Massachusetts September 2023

      • Regional Gaming Revenues - New Jersey September 2023

      • SATS Ltd. and Kuehne+Nagel enter air logistics collaboration; terms undisclosed

      • September Komtrax North America data (3.8%) y/y

  • Key rating changes

    • Upgrades

      • DNB.NO (DNB Bank) -- to hold from underperform at Jefferies

      • AIR.FP (Airbus SE) -- to buy from hold at Jefferies

      • BOOZT.SS (Boozt Fashion) -- to buy from hold at Danske Bank

      • SCA.B.SS (Svenska Cellulosa) -- to hold from sell at SEB

      • STMN.SW (Straumann Holding) -- to outperform from neutral at Oddo

      • IG.IM (Italgas) -- to buy from hold at Deutsche Bank

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- to buy from hold at Kepler Cheuvreux

      • OKDBV.FH (Oriola) -- to buy from hold at Carnegie Securities

    • Downgrades

      • DANSKE.DC (Danske Bank) -- to hold from buy at Jefferies

      • SWED.A.SS (Swedbank) -- to hold from buy at Jefferies

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to underperform from hold at Jefferies

      • SHB.A.SS (Svenska Handelsbanken) -- to underperform from hold at Jefferies

      • HSBA.LN (HSBC Holdings) -- to sell from hold at Societe Generale

      • FBK.IM (FinecoBank) -- to hold from buy at Deutsche Bank

      • UPM.FH (UPM-Kymmene) -- to hold from buy at Jefferies

    • Initiations

      • STLAM.IM (Stellantis) -- overweight at Barclays

      • KEMIRA.FH (Kemira) -- buy at DnB Markets

      • SUS.SS (Surgical Science Sweden) -- buy at Berenberg

      • CE2.GR (Cropenergies) -- buy at Kepler Cheuvreux

    • Other Actions

      • DB1.GR (Deutsche Börse) -- resumed equal-weight at Morgan Stanley

      • HOLM.B.SS (Holmen) -- reinitiated hold at Kepler Cheuvreux

      • SCA.A.SS (Svenska Cellulosa) -- reinitiated buy at Kepler Cheuvreux

  • Data

    • Nikkei +0.91% to 31947.75

    • Hang Seng +0.68% to 17760.10

    • Shanghai Composite +0.12% to 3077.61

    • S&P futures (5.5) vs prior close of 4401.0

    • €-$ (0.0014) or (0.13%) to 1.0548

    • $-¥ +0.08 or +0.06% to 149.59

    • €-¥ (0.10) or (0.06%) to 157.78

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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