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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.4%) , DAX (0.6%) , CAC (0.7%), MIB (0.6%), IBEX (0.6%), SMI (0.7%)

Oct 19 ,2023

  • Synopsis

    • European equities are set to open in negative territory amid Asia equities trading lower Thursday. Notably weak morning session with major benchmarks gapping lower on the open and most down sharply near intraday lows. Follows sharp US losses and lower futures. US Treasuries adding to overnight declines across the curve. Dollar narrowly mixed with yen gaining and yuan little changed. Crude oil and gold futures moderately retracing overnight sharp gains, while Bitcoin also lower.

    • On the agenda today, EU's Lenar�?i�?, Simson participate at the 8th EU-Nigeria Ministerial Dialogue; Informal meeting of EU trade ministers (through Fri) takes place; Chancellor Scholz will make a government statement in the German Bundestag at 9:00CET regarding the meeting of the European Council on 26/27-Oct; UK's Mid Bedfordshire along with Tamworth by-elections

    • In central banks, Riksbank's Breman speech at 13:00CET at event organized by the County Administrative Board of Jämtland whilst Bank of Spain hosts the 78th Economic Policy Panel Meeting (through Fri); Bank of Latvia hosts experts' conversation on the key findings from the Bank's Financial Availability Report 2023.

    • Macroeconomic data scheduled: France Oct business survey, Switzerland Sep trade balance and watch export data, Spain Aug trade balance, Netherlands Sep unemployment rate, Portugal Sep PPI

    • In corporate news, notable companies updating the market this morning included Nokia (NOKIA.FH), with weak Q3 earnings and announced strategic and operational changes; also reiterated its long-term FY26 comparable operating margin target of at least 14%. Also out of the Nordics, Telia Co. (TELIA.SS), Arjo (ARJO.B.SS), Elisa (ELISA.FH), Fingerprint Cards (FING.B.SS) posted their respective earnings updates.

    • In the DACH region, Roche Holding (ROG.SW) reported Q3 revenue CHF14.27B vs consensus CHF14.33B and reaffirmed FY outlook; Nestle (NESN.SW) 9M revenue CHF68.83B vs year-ago CHF69.54B and reaffirmed FY outlook; Sartorius (SRT3.GR) reported Q3 EPS €1.04 vs FactSet €1.34 and confirmed its FY guidance.

    • In France, Renault (RNO.FP) posted Q3 revenue €10.51B vs StreetAccount €10.22B; Sartorius Stedim Biotech (DIM.FP) reported final 9M numbers; Edenred (EDEN.FP) reports Q3 revenue €634.0M vs consensus €635.0M and now aims for the upper half of its 2023 EBITDA target range of between €1.02B and €1.09B vs FactSet €1.07B. Pernod Ricard (RI.FP), Getlink (GET.FP) also released their respective earnings whilst L'Oreal (OR.FP), EssilorLuxottica (EL.FP) and Vivendi (VIV.FP) are expected to update the market later today.

    • Corporate events include Germany's Institute for the Automotive Industry Congress (through Fri) speakers include execs from Daimler Truck (DTG.GR), Skoda (VOW.GR)

    • On the speculation front, Intesa Sanpaolo (ISP.IM) more likely to increase capital reserves than to pay tax on NIM, Reuters reported.

  • Politics/Macro/World News

    • How security concerns feed into EU migration discussions - FT

    • EU plans for countries to share medicines in case of shortage - FT

    • UK should consider raising BoE inflation target to 3%, think tank say - Reuters

    • Rishi Sunak to visit Israel as world leaders seek de-escalation - BBC

    • Netherlands Sep Unemployment Rate 3.7% vs consensus 3.7% and prior 3.6%

  • Top company news

    • Earnings/updates

      • DACHs

        • SAP.GR (SAP) -- reports Q3 EPS €1.45 ex-items vs FactSet €1.34 [19 est, €1.10-1.46]

        • ROG.SW (Roche Holding) -- reports Q3 revenue CHF14.27B vs consensus CHF14.33B; reaffirms FY outlook

        • SRT3.GR (Sartorius) -- reports Q3 EPS €1.04 vs FactSet €1.34; confirms FY guidance

        • DB1.GR (Deutsche Börse) -- reports Q3 EPS €2.28 ex-items vs FactSet €2.34 [8 est, €2.20-2.52]

        • SCHP.SW (Schindler Holding) -- reports Q3 EPS CHF1.97 vs StreetAccount CHF1.82

        • COTN.SW (COMET Holding) -- trading update: Q3 net sales CHF77.7M vs year-ago CHF164.8M

        • GURN.SW (Gurit Holding) -- reports 9M revenue CHF352.5M vs year-ago CHF362.8M

        • NESN.SW (Nestle) -- reports 9M revenue CHF68.83B vs year-ago CHF69.54B; reaffirms FY outlook

        • IFCN.SW (Inficon Holding) -- reports Q3 net income $26.3M vs FactSet $21.8M [4 est, $18-24M]; increases guidance for fiscal 2023

        • VSC.GR (4SC)- provides Q3 business update; estimates current funds should now be sufficient to finance 4SC into Q3 of 2024, longer than previously expected

      • Nordics

        • NOKIA.FH (Nokia) -- reports Q3 comparable EPS €0.05 vs consensus €0.07; outlook maintained despite weak operator spending weighing on Q3

        • NDA.SE.SS (Nordea Bank) -- reports Q3 EPS €0.38 vs consensus €0.37; reaffirms FY outlook

        • ATEA.NO (Atea) -- reports Q3 EPS NOK1.62 vs FactSet NOK1.85 [6 est, NOK1.66-2.02]

        • ARJO.B.SS (Arjo) -- reports Q3 EPS SEK0.36 vs FactSet SEK0.39 [5 est, SEK0.37-0.41]

        • TELIA.SS (Telia Co.) -- reports Q3 EPS SEK0.46 vs consensus SEK0.40; now guides FY Adj EBITDA LFL to grow by low single digits vs prior guidance flat to grow by low single digits

        • ELISA.FH (Elisa Oyj) -- reports Q3 Comparable EPS €0.63 vs FactSet €0.65 [9 est, €0.63-0.68]; raises FY Revenue and EBITDA guidance to "slightly higher" vs prior "same level or slightly higher"

        • BERG.B.SS (Bergman & Beving) -- reports Q2 net income SEK49M vs FactSet SEK44.7M [3 est, SEK44-45.1M]

      • France

        • RNO.FP (Renault) -- reports Q3 revenue €10.51B vs StreetAccount €10.22B

        • DIM.FP (Sartorius Stedim Biotech) -- reports final 9M numbers: underlying EPS €3.47 vs FactSet €2.79

        • GFC.FP (Gecina) -- Q3 Trading Update: Gross rental income +7.3% on a current basis and +6.1% like-for-like

        • EDEN.FP (Edenred) -- reports Q3 revenue €634.0M vs consensus €635.0M; now aims for the upper half of its 2023 EBITDA target range of between €1.02B and €1.09B vs FactSet €1.07B

        • GET.FP (Getlink) -- reports Q3 revenue €472.5M vs year-ago €466.3M; reiterates its confidence in its ability to exceed FY23 EBITDA of €910M

        • RI.FP (Pernod Ricard) -- reports Q1 revenue €3.04B vs consensus €3.05B; remains confident in FY23 to FY25 mid-term financial framework

      • Benelux

        • Sligro Food Group (SLIGR.NA) -- trading update: reports Q3 revenue €705M, +8% vs year-ago €652M; hosting CMD

    • M&A

      • ALPIX.FP (Pixium Vision) -- announces launch of process to find buyers

      • AMSC.NO (AMSC ASA) -- completes U.S. Jones ACT business sale to funds managed by Maritime Partners

      • BONAV.B.SS (Bonava) -- sells its business in St. Petersburg to Star Development LLC for purchase price of ~ €50M

    • Healthcare

      • ABVX.FP (Abivax) -- files amended F-1 in connection with proposed US offering; expects to offer total of ~20.3M ADSs/ordinary shares through Morgan Stanley, Leerink, LifeSci Capital, and Bryan, Garnier

      • SEQUA.BB (Sequana Medical) -- announces additional alfapump data supporting strong and durable clinical profile; PMA on track for year-end submission

      • BSLN.SW (Basilea Pharmaceutica) -- announces acquisition of novel clinical-stage antifungal for treatment of Aspergillus mold infections for $2M in upfront payment

    • Other

      • SAF.FP (Safran) -- demands regulators in Europe and US crack down harder on rogue aircraft parts dealers - Bloomberg

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for September

      • CLN.SW (Clariant) -- rejects Shell's allegations against four companies related to the 2020 competition law infringement

      • EQT.SS (EQT AB) -- discloses 19.4M share sale at SEK 205 per share by current and former employees

      • ISP.IM (Intesa Sanpaolo) -- more likely to increase capital reserves than to pay tax on NIM - Reuters

  • Key rating changes

    • Upgrades

      • FDEV.LN (Frontier Developments) -- to hold from sell at Shore Capital Stockbrokers

      • G1A.GR (GEA Group) -- to buy from hold at Deutsche Bank

      • PROX.BB (Proximus) -- to equal weight from underweight at Barclays

      • HAYPP.SS (Haypp Group) -- to buy from hold at Carnegie Securities

      • DOM.SS (Dometic Group) -- to hold from sell at Handelsbanken

    • Downgrades

      • EZJ.LN (EasyJet) -- to equal weight from overweight at Barclays

      • THULE.SS (Thule Group) -- to hold from buy at Barclays

    • Initiations

      • TLX.GR (Talanx) -- initiated equal-weight at Morgan Stanley

      • TGYM.IM (Technogym) -- initiated buy at Berenberg

  • Data

    • Nikkei (1.73%) to 31487.31

    • Hang Seng (2.13%) to 17354.77

    • Shanghai Composite (1.44%) to 3014.55

    • S&P futures (11.0) vs prior close of 4342.3

    • €-$ (0.0002) or (0.02%) to 1.0534

    • $-¥ (0.12) or (0.08%) to 149.82

    • €-¥ (0.20) or (0.13%) 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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