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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.03%), DAX (0.09%), CAC40 +0.03%

Nov 28 ,2023

  • Synopsis

    • European indices are set to open little changed to lower amid Asian equities trading mixed Tuesday. No change in recent market drivers. Equity markets easing after recent strength. Focus still on central bank policy outlook. Policymakers continues to pushback on rate cut expectations. ECB's Cos said it was too soon to talk about rate cuts. Similar comments from other ECB officials in recent sessions. BoE Governor Bailey also said on Monday it was too premature to talk about rate cuts.

    • On the agenda for today, Minister of the Economy, Finance and Recovery of France, Bruno Le Maire, among the speakers at Investir Day. Chancellor Scholz hosts Malta's PM Abela. EU's Breton speech at the World Nuclear Exhibition (through Thu) whilst EU's Simson speech at the 4th PCI Energy Days and EU's Sinkevi�?ius speech at Ukraine Green Recovery conf. In Norway, Court hears lawsuit against government over development of three new oil fields (thorough 6-Dec). NATO foreign ministers meeting (through Wed) and IEFA Conf of Paris (through Wed). In UK, there's MPs questions on energy security and net zero, whilst committee topics include Channel 4 (10:00GMT), the collapse of Wilko (10:00), Autumn Statement (10:15 OBR execs and a gain at 14:15, IFS, others), UK accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

    • In central banks, Bank of Spain's de Cos speech at 2:15CET HKMA-BIS High-Level Conf (livestream). BOE's Ramsden speech at 1:20GMT at a Hong Kong Monetary Authority conf, Bailey panellist at FT Global Banking Summit, Haskel speech at 17:00GMT at Warwick University. Bundesbank's Nagel speech at 9:00CET title "Inflation Tide after Peak: What Next?" at event hosted by Central Bank of Cyprus. ECB's McCaul panellist at 13:30CET at FT Global Banking Summit whilst Riksbank's Flodén speech at 16:30CET during a conf organized by the National Confederation of Savings Banks. ECB's Lagarde speech at 17:00CET at EFRAG and ECB's Lane speech at 19:30CET at event organised by Harvard University. Norges Bank Investment Management press seminar at 10:00CET on unlisted equity investments in the Government Pension Fund Global.

    • Macro data on the calendar include: Germany Dec consumer confidence - GfK, France Nov consumer confidence, Denmark Oct retail sales, Eurozone Oct M3 money supply, Ireland Oct retail sales

    • In corporate news, Novartis (NOVN.SW) upgraded its mid-term sales guidance to 5% CAGR (2022-27), with core operating income margin of ~40%+ by 2027, driven by continued strong momentum of key growth drivers. In Germany, ADLER Group (ADJ.GR) reported 9M earnings and confirmed its FY net rental income of €207-219M. In Norway, Avance Gas Holding (AGAS.NO), Cool Co. (CLCO.NO) and Dolphin Drilling AS (DDRIL.NO) reported Q3 earnings. Also, in Norway, Vow ASA (VOW.NO) issued today its capital market day targeting a normalised EBITDA margin of 15% during H2 of 2024 and comprehensive plan for controlled and profitable growth.

    • In other corporate developments, the FT reported that Barclays (BARC.LN) is considering dropping thousands of clients at investment bank as part of strategic overhaul. People close to the situation tell the FT that as part of Barclays' plans to save £1B, it is likely to focus on cutting ties with its least profitable investment banking clients, which could see an end to relationships with more than 2,500 customers out of a total of over 10,000.

    • Also due to report today, Trigano (TRI.FP), Dottikon ES (DESN.SW), GK Software (GKS.GR), easyJet (EZJ.LN), Pets At Home (PETS.LN), GB Group (GBG.LN), Renew (RNWH.LN), Marlowe (MRL.LN), Greencore (GNC.LN), RWE (RWE.GR), Rolls-Royce (RR.LN) and Deutsche Bank (DBK.GR).

  • Politics/Macro/World News

    • Inflation in UK Shops Falls to a 17-Month Low - Bloomberg

    • UK Voters Skeptical Hunt's Tax Cuts Will Improve Their Finances - Bloomberg

    • BoE leads central bank chorus on need for restrictive policy - Reuters

    • Britain's Sunak cancels meeting with Greek PM in row over Parthenon sculptures - Reuters

    • Eleven Israelis and 33 Palestinians freed as truce extended - BBC

  • Top company news

    • Earnings/updates

      • NOVN.SW (Novartis) -- upgrades mid-term sales guidance to 5% CAGR (2022-27), with core operating income margin of ~40%+ by 2027, driven by continued strong momentum of key growth drivers -- R&D Day

      • ADJ.GR (ADLER Group) -- reports 9M FFO (€7.0M) vs year-ago €68.0M; confirms guidance for FY net rental income of €207-219M

      • AGAS.NO (Avance Gas Holding) -- reports Q3 EPS $0.39 vs FactSet $0.58 [6 est, $0.55-0.61]

      • VOW.NO (Vow ASA) -- to target normalised EBITDA margin of 15% during H2 of 2024 and comprehensive plan for controlled and profitable growth -- CMD

      • CLCO.NO (Cool Co.) -- reports Q3 net income $39.2M vs FactSet $31.0M

      • DDRIL.NO (Dolphin Drilling AS) -- reports Q3 EPS ($0.01) vs FactSet $0.00

      • BRNL.NA (Brunel) -- hosting Capital Markets Event today; to present update on its strategy and growth plans for the period 2024-2027

      • Also due to report today

        • Earnings:

          • DACHs: Dottikon ES (DESN.SW), GK Software (GKS.GR), PharmaSGP (PSG.GR)

          • France: Trigano (TRI.FP), Aramis Group (ARAMI.FP)

          • Nordics: Nekkar (NKR.NO)

          • UK: easyJet (EZJ.LN), Pets At Home (PETS.LN), GB Group (GBG.LN), Renew (RNWH.LN), Marlowe (MRL.LN), Greencore (GNC.LN), Focusrite (TUNE.LN), Treatt (TET.LN), Vp (VP.LN), Loungers (LGRS.LN), Brickability (BRCK.LN), IG Design (IGR.LN), Supreme (SUP.LN), Topps Tiles (TPT.LN)

        • Trading Update: Safestore (SAFE.LN), Precia (ALPM.FP), DP Eurasia (DPEU.LN)

        • CMD/events: RWE (RWE.GR), Rolls-Royce (RR.LN), Deutsche Bank (DBK.GR) capital market outlook 2024, Vattenfall (+VATTENF.SS), HELLA GmbH & Co. KGaA (HLE.GR), Scandi Standard (SCST.SS), Sandvik (SAND.SS), Cerillion (CER.LN), BONESUPPORT HOLDING (BONEX.SS), Haypp Group (HAYPP.SS), Next 15 Group (NFG.LN), Westwing Group (WEW.GR)

    • M&A

      • SIKA.SW (Sika Group) -- Sika acquires 30% stake in Finnish startup company specializing in highly innovative concrete floors Concria Oy; financial details not provided

      • RF.FP (Eurazeo) -- to become reference shareholder in EFESO Management Consultants; terms undisclosed

      • RTN.LN (Restaurant Group) -- The Restaurant Group reports shareholder approval of previously announced agreement to be acquired by affiliate of Apollo

      • COK.GR (CANCOM) -- announces acquisition of IT Consulting & Services business of DextraData GmbH; terms undisclosed

      • UPONOR.FH (Uponor) -- Georg Fischer announces final result of the subsequent offer period of GF's voluntary recommended public cash tender offer for all shares in Uponor

      • ABY.AU (Adore Beauty Group) -- holder Quadrant PE may seek to sell 32.59% stake into a firm offer from The Hut Group - The Australian

      • ROL.SW (Von Roll Holding) -- AG notes ALTANA AG announces completion of the tender offer and initiates squeeze-out procedure under takeover law

      • SPIE.FP (SPIE) -- signs agreement for acquisition of ROBUR Industry Service Group GmbH in Germany

    • Healthcare

      • STX.LN (Shield Therapeutics) -- Chairman Hans Peter Hasler acquires 2.0M shares at 6.1p/sh

    • Other

      • UBI.FP (Ubisoft Entertainment) -- launches convertible bond offering for a nominal amount of ~ €500M

      • BARC.LN (Barclays) -- considering dropping thousands of clients at investment bank as part of strategic overhaul - FT

      • CO.FP (Casino Guichard-Perrachon) -- releases presentation relating to the update of the current trading of its supermarkets and hypermarkets

      • BPOST.BB (bpost) -- notes no decision taken yet regarding press distribution contracts

      • Cathay Pacific Airways leaning towards ordering around six Airbus A350 freighters - Reuters

      • Headlines highlight nearshoring, supply chain resiliency as fueling industrial demand

  • Key rating changes

    • Upgrades

      • DWS.GR (DWS Group) -- to overweight from equal-weight at Morgan Stanley

      • ENX.FP (Euronext) -- to overweight from equal-weight at Morgan Stanley

      • EQT.SS (EQT AB) -- to overweight from equal-weight at Morgan Stanley

      • LLOY.LN (Lloyds Banking Group) -- to overweight from equal-weight at Morgan Stanley

      • ASHM.LN (Ashmore Group) -- to buy from hold at Jefferies

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to overweight from neutral at JPMorgan

      • IFX.GR (Infineon Technologies) -- to buy from hold at Jefferies

      • MRL.SM (MERLIN Properties SOCIMI) -- to buy from neutral at Goldman Sachs

      • CON.GR (Continental) -- to buy from hold at Berenberg

      • SN.LN (Smith & Nephew) --to equal weight from underweight at Barclays

    • Downgrades

      • ABN.NA (ABN AMRO Bank) -- to hold from buy at Deutsche Bank

      • EMG.LN ( Man Group) -- to equal-weight from overweight at Morgan Stanley

      • SAVE.SS (Nordet) -- to underweight from equal-weight at Morgan Stanley

      • BAER.SW (Julius Baer Group) -- to underweight from equal-weight at Morgan Stanley

      • MRK.GR (Merck KGaA) -- to hold from buy at DZ Bank

      • PSON.LN (Pearson) -- to neutral from outperform at BNP Paribas Exane

      • BIG.FP (Bigben Interactive) -- to neutral from outperform at Oddo

    • Initiations

      • FRAS.LN (Frasers Group) -- overweight at Barclays

      • MNG.LN (M&G Plc) -- buy at Goldman Sachs

      • BOOZT.SS (Boozt Fashion) -- re hold at SEB

      • BMK.NO (Benchmark Holdings) -- buy at Arctic Securities

      • COOR.SS (Coor Service Management Holding) -- hold at Nordea

    • Others

      • GLEN.LN (Glencore) -- reinstated outperform at RBC Capital Markets; prior rating was outperform

      • FRA.GR (Fraport) -- reinitiated buy at Kepler Cheuvreux

      • ENAV.IM (ENAV) -- reinitiated hold at Kepler Cheuvreux

      • Flughafen Wien (FLU.AV) -- reinitiated hold at Kepler Cheuvreux

      • ADP.FP (Aeroport de Paris) -- reinitiated hold at Kepler Cheuvreux

      • FHZN.SW (Flughafen Zuerich) -- reinitiated reduce at Kepler Cheuvreux

  • Data

    • Nikkei (0.12%) to 33408.39

    • Hang Seng (0.82%) to 17381.55

    • Shanghai Composite +0.14% to 3036.08

    • S&P futures +2.5 vs prior close of 4561.0

    • €-$ (0.0007) or (0.06%) to 1.0949

    • $-¥ (0.38) or (0.25%) to 148.31

    • €-¥ (0.48) or (0.29%) to 162.38

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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