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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.36%), DAX (0.28%), CAC40 (0.04%)

Nov 27 ,2023

  • Synopsis

    • European equity markets are indicated slightly lower this morning, following last week's gains when the Stoxx Europe 600 closed up 0.9% for the week. The index remains on track for the best monthly performance since January. Equity market sentiment continues to be supported by expectations of inflation cooling further and soft-landing hopes amid positive macro data. Crude sliding ahead of delayed OPEC+ meeting, industrial metals a little lower, precious metals finding support. Gold at ~$2,011/oz.

    • This week in Europe sees start of COP28, OECD publishing its latest world economic outlook, OPEC+ meeting, ECB's bank supervision conf., Nov manufacturing PMIs from across the region, Germany Nov preliminary CPI, unemployment change, France Nov consumer confidence as well as earnings from the likes of easyJet (EZJ.LN), Elekta (EKTA.B.SS), Prosus (PRX.NA), Remy Cointreau (RCO.FP) and Vienna Insurance Group (VIG.AV).

    • Asia markets trading lower across the region Monday, ex Jakarta. China property developers pulling back following outsized gains last week amid the flurry of policy support headlines. Takeaways have been varied with measures seen encouraging completion of unfinished housing projects but also raising credit risk for banks. Contagion risks also lurk in the background with China authorities investigating shadow bank Zhongzhi after it warned of severe insolvency last week. On the macro front, China industrial profits (ytd) shrank at a marginally shallower pace in October though y/y rate growth slowed more substantially. Data consistent with other October indicators showing factory activity turned negative and deflation pressures picked up.

    • In central banks today, ECB's Lagarde testifies at 15:00CET before EP's Committee on Economic and Monetary Affairs. Bundesbank's Balz panellist at 14:10CET at event hosted by Verbraucherzentrale Bundesverband.

    • In the UK, Prime Minister Rishi Sunak has today unveiled £29.5B of new investment for thriving UK sectors, as the world's A-list CEOs and investors arrive at the UK's Global Investment Summit at Hampton Court Palace (link).

    • Also on today's agenda: German Equity Forum (through Wed) and FT Global Banking Summit (through Wed). Spain's finance minister Montero speech at 9:00CET at event hosted by Forum Europa. In UK, House of Commons sees the conclusion of debate on the Autumn Statement, while the work of Ofwat (15:00GMT) is among the committee topics. EU trade ministers meet whilst Finland's PM Orpo hosts Sweden's PM Kristersson. Chancellor Scholz hosts responsible ministries, the CEOs of the automobile companies producing in Germany for second top-level discussion with focus on the question of how the goal of 15M fully electric cars in Germany by 2030 can be achieved and the market ramp-up of electric cars can be strengthened. EU's Simson speech at CCUS Forum (through Tue) whilst EU's Ivanova speech at Ukraine Green Recovery conf (through Fri). European Council President Michel on Budapest to try and reach agreement with Hungary's PM Orbán over rule-of-law concerns ahead of EU Leader's Summit.

  • Macro/politics

    • Biden hopes for extension of Israel-Hamas truce as more hostages released - Reuters

    • Sunak Eyes More Tax Cuts in Spring as He Weighs UK Election Date - Bloomberg

    • House of Lords report calls for Bank of England reform after inflation failures - FT

    • Global firms pledge £30bn to UK economy ahead of Sunak summit - Telegraph

    • ECB Probably Won't Need to Increase Rates Again, Muller Says - Bloomberg

    • SNB doesn't rule out increase in minimum reserve requirements for Swiss banks - NZZ am Sonntag

    • High probability that the interest rate peak maybe near says Riksbank's Thedéen - EKOT

    • DUP's Donaldson says party won't be calendar-led on Stormont return - Belfast Telegraph

  • Top company news

    • Earnings/updates

      • BAER.SW (Julius Baer Group) -- Julius Baer issues update on private debt exposure in light of recent market developments; reconfirms its capital distribution policy

      • ARYN.SW (Aryzta) -- achieves Q5 (13 week period to 28-Oct) revenue of €538.9M vs StreetAccount €548.9M; reiterates expectation for further sequential margin expansion for remainder of 2023

      • UN01.GR (Uniper) -- notified of award of ~€550M against a subsidiary in arbitration proceedings, reviewing all possible avenues of legal recourse

      • AXFO.SS (Axfood) -- releases presentation material in connection with its CMD

      • Also reporting today

        • Earnings:

          • France: Nacon (NACON.FP), Bigben Interactive (BIG.FP)

          • DACHs: 2G Energy (2GB.GR)

          • UK: Celebrus Technologies (CLBS.LN)

        • CMD/events: Icade (ICAD.FP), Rightmove (RMV.LN)

    • M&A

      • ABY.AU (Adore Beauty Group) -- THG puts in non-binding indicative bid for Adore Beauty - Australian Financial Review, citing sources

      • MMAG.LN (MusicMagpie) -- Aurelius does not intend to make offer for MusicMagpie

      • CNV.FP (Cnova) --Groupe Casino announces acquisition of GPA's 34.0% stake in Cnova for €10M

      • ASRNL.NA (ASR Nederland) -- confirms non-binding offers for Knab

      • TRB.LN (Tribal Group) -- Speculation Tribal Group was previously targeted by TechnologyOne - Australian Financial Review

      • Deutsche Fussball-Liga expects at least four bids for marketing rights - Reuters

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- in talks with healthcare systems about flexible pricing for Wegovy - FT

      • BAYN.GR (Bayer AG) -- Bayer CEO has high hopes for company's drug R&D strategy adopted in 2018 - FT

      • SAN.FP (Sanofi) -- Phase 3 NOTUS trial of Regeneron's Dupixent meets primary endpoint

      • MSB.AU (Mesoblast) -- files for orphan drug designation and rare pediatric disease designation with FDA for Revascor (rexlemestrocel-L) in treatment of congenital heart disease hypoplastic left heart syndrome

      • IPH.FP (Innate Pharma) -- to host virtual KOL event on Lacutamab on 12-Dec

      • HNSA.SS (Hansa Biopharma) -- CFO Donato Spota to step down effective 28-Feb-24

      • MDXH.BB (MDxHealth) -- completes mandatory ADS exchange and commencement of transition period to single listing on NASDAQ

      • ALBPS.FP (Biophytis) -- appoints Yann Meunier and Bernard Lévy to its Scientific Advisory Board

    • Other

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce CEO to seek strong UK government support for British nuclear technology - Mail on Sunday

      • LLOY.LN (Lloyds Banking Group) -- could shed more than 2,500 jobs - Guardian

      • UCG.IM (UniCredit) -- remains well above all capital requirements following Bank of Italy methodological review of O-SII's capital buffers (post-close 24-Nov)

      • SGRO.LN (Segro) -- CEO discusses the company's performance, industry outlook and succession in an interview with the FT

      • SZG.GR (Salzgitter) -- warns that Germany faces creeping deindustrialisation amid high energy costs - FT

      • MTRO.LN (Metro Bank Holdings) -- Hedge funds betting against Metro Bank - Mail on Sunday

      • Estimated weekend box office revenues in US, Canada $114.7M, +22.4% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • ELIOR.FP (Elior Group) -- to buy from hold at Deutsche Bank

    • Downgrades

      • BAS.GR (BASF SE) -- to underweight from equal-weight at Morgan Stanley

      • ENT.LN (Entain) -- to sell from buy at Goldman Sachs

      • ETL.FP (Eutelsat Communications) -- to neutral from buy at Goldman Sachs

      • JDEP.NA (JDE Peet's) -- to hold from buy at Kepler Cheuvreux

      • EQT.SS (EQT) -- to hold from buy at Nordea

  • Data

    • Nikkei (0.53%) to 33447.67

    • Hang Seng (0.29%) to 17508.92

    • Shanghai Composite (0.29%) to 3032.06

    • S&P futures (13.3) vs prior close of 4568.3

    • €-$ +0.0007 or +0.06% to 1.0951

    • $-¥ (0.58) or (0.39%) to 148.95

    • €-¥ (0.51) or (0.31%) to 163.13

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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