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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.16%), DAX +0.17%, CAC +0.20%

Dec 04 ,2023

  • Synopsis

    • European equity markets set to open mixed after last week's gains, with the UK FTSE 100 indicated lower amid lower oil prices. Gold hits fresh record highs; currently above $2,100/oz having pared some earlier gains. Bitcoin tops $42,000.

    • Markets last week continued to key off the persistent rally in the rates market, which gained traction after Eurozone inflation came in slower than expected, with core and services prices also easing

    • Asian equities mixed Monday. Hang Seng leading China markets lower amid tech weakness. Evergrande leading gains among developers after winning court reprieve.

    • European macro data releases out Monday include Germany Oct trade balance, Switzerland Nov CPI, Spain Nov unemployment change, Eurozone Dec Sentix investor confidence

    • In corporate highlights, Roche (ROG.SW) to acquire Carmot Therapeutics for $2.7B up front. Worldline (WLN.FP) Is reportedly weighing options including asset sales amid recent share price decline; Credit Agricole reportedly may acquire a stake in the company. 888 Holdings (888.LN) rejected 156p/share indicative approach from Playtech, according to the Sunday Times

    • In central banks, ECB's Elderson panellist at 6:45CET at organised by the COP28 Presidency, speech at 12:10 at event organised by the Abu Dhabi Global Market, fireside chat at 14:35 at event Network for Greening the Financial System (NGFS) (livestream) and panellist at 15:30CET at event organised by the COP28 Presidency. Bundesbank's Mauderer speech at 5:30CET at UNFCCC Leader Level Nature Finance event at COP28. Riksbank publishes the minutes from the last monetary policy meeting at 9:30CET whilst Riksbank's Breman speech at 11:00CET at a seminar organised by the Royal Swedish Academy of Engineering Sciences. ECB's de Guindos speech at 9:45CET at event co-organised by Grant Thornton. ECB's Lagarde speech at 15:00CET at event organised by Académie des Sciences Morales et Politique. Bank of Spain's de Cos speech at 19:30CET at event organised by Cinco Dias (livestream). Ireland Central Bank hosts conf. on financial stability policies in a changing lending landscape (through Tue)

    • Also on today's agenda: EU Energy Days at COP28 (through Tue). Meetings of EU's Justice and Home Affairs Council (through Tue) and transport ministers. EU's Sinkevi�?ius meets with Norway's Minister for Climate and the Environment Eriksen, delivers speech in the Friends of Europe event on European environmental and pollution reduction objectives. EU's McGuinness in Sofia (through Tue), meets with PM Denkov, Finance Minister Vassilev, others. Norway's Agriculture and Food Minister Pollestad is present during the Finance Debate at the Storting. Germany Nov new car registrations are due to be released. Chancellor Scholz hosts Brazil's President Lula for government consultations, follows welcome last night.

  • Macro/politics

    • Geopolitics

      • EU budget dispute threatens €50bn war lifeline for Ukraine - FT

    • Central Banks:

      • ECB's Nagel says way too early to declare victory over inflation -Reuters

      • Top ECB official wants to give risk managers more power on bank bonuses - FT

      • Poland's central bank turns to ECB in spat with Tusk - FT

      • BoE's Bailey pours cold water while overseas dish out a vote of confidence - Telegraph

    • UK

      • Fitch Affirms United Kingdom at 'AA-'; Outlook Negative - link

      • UK Debt Outlook Remains Negative at Fitch in Setback for Sunak - Bloomberg

      • Sunak Polling Worse Than Truss With Key UK Voters, Study Finds - Bloomberg

      • UK house prices likely to fall by 1% next year, says Rightmove - Guardian

      • UK economy shows signs of steadying amid pause in interest rate rises - Guardian

      • Sunak considers spending restraint to allow for more UK tax cuts - Bloomberg

      • Britain's economic stagnation leaves households £8,300 worse off - Bloomberg

    • Germany

      • German economy minister cancels Middle East trip for budget talks - Reuters

      • German finance minister names target areas for cuts amid budget crisis - Funke

    • Greece

      • Fitch Upgrades Greece to 'BBB-'; Outlook Stable - link

      • Greece's credit rating now at investment grade from all major agencies except Moody's - ekathimerini

  • Top company news

    • Earnings/updates

      • Earnings: Victrex (VCT.LN), Wavestone (WAVE.FP), Integrum (INTEG.B.SS)

      • Trading Update: Volvo Car (VOLCAR.B.SS)

      • CMD/events: Continental (CON.GR), BETMGM business update (ENT.LN)

    • M&A

      • ROG.SW (Roche) -- to acquire Carmot Therapeutics for $2.7B up front

      • WLN.FP (Worldline) -- reportedly weighing options including asset sales amid recent share price decline -- Reuters

      • 888.LN (888 Holdings) -- rejected 156p/share indicative approach from Playtech - Sunday Times

      • CBK.GR (Commerzbank) -- has approached sovereign wealth funds to gauge their interest in buying stake of up to 9.9% - Bloomberg (1-Dec, 16:09 CET)

      • ELI.BB (Elia Group) -- agrees to acquire a 35.1% stake in energyRe Giga Projects, a US clean energy company

      • RBT.FP (Robertet) -- Group announces signing of an agreement for the takeover and progressive acquisition of Sonarome; price not disclosed

      • TPG.GR (The Platform Group) -- acquires further stakes in Lott Fahrzeugteile-Plattform

      • After Ferrovial's sale of Heathrow stake, airport deals may now flow - Reuters

      • Daiwa House, Sekisui House and Sumitomo Forestry all actively shopping for housebuilders to buy in the US - FT

    • Healthcare

      • AZN.LN (AstraZeneca) -- AstraZeneca, Absci sign deal worth up to $247M to design antibody to fight cancer - FT

      • UCB.BB (UCB) -- presents new data on FINTEPLA at 2023 AES Annual Meeting

      • CYAD.BB (Celyad Oncology) -- announces CEO and managing director Georges Rawadi to step down, effective 1-Dec-23

      • VLA.FP (Valneva) -- Reports Positive 24-Month Antibody Persistence Data for its Single-Shot Chikungunya Vaccine IXCHIQ

      • MITRA.BB (Mithra Pharmaceuticals) -- Mithra Pharmaceuticals, Gedeon Richter sign binding Head of Terms for a twenty-year partnership to commercialize ESTELLE and DONESTA in China

      • ALBPS.FP (Biophytis) -- and the Univ. of Liège explore the potential of Sarconeos (BIO101) in the treatment of viral respiratory failure

    • Other

      • UBSG.SW (UBS Group) -- UBS CEO Ermotti aims to identify potential successor in the next three years - Bloomberg

      • UBSG.SW (UBS Group) -- UBS to invest in US as part of strategy to garner $150B of annual new money - NZZ Am Sonntag

      • VWS.DC (Vestas Wind Systems) -- Vestas Wind Systems, DTEK sign MoU on second phase of Tyligulska wind project

      • RWE.GR (RWE) -- considers Europe to still be vulnerable to gas supply shocks despite cutting reliance on Russian gas - FT

      • BIRG.ID (Bank of Ireland Group) -- notes outcome of 2023 ECB SREP

      • SLHN.SW (Swiss Life Holding) -- Swiss Life CEO Patrick Frost to step down at AGM on 15-May-24; appoints CFO Matthias Aellig as his successor

      • SIX2.GR (Sixt) -- to eliminate Tesla cars from its fleet - Bloomberg

      • Estimated weekend box office revenues in US, Canada $94.4M, +79.2% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • PROX.BB (Proximus) -- to overweight from neutral at JPMorgan

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to outperform from market perform at Keefe, Bruyette & Woods

      • JMT.PL (Jeronimo Martins) -- to outperform from market perform at Bernstein

      • JYSK.DC (Jyske Bank) -- to buy from hold at SEB

      • RR.LN (Rolls-Royce Holdings) -- to overweight from neutral at JPMorgan

      • SCT.LN (Softcat) -- to buy from hold at HSBC

      • SMDS.LN (DS Smith) -- to overweight from equal weight at Barclays

      • TIETO.FH (Tietoevry) -- to buy from hold at SEB

      • TPE.GR (PVA TePla) -- to buy from hold at Stifel

      • RBREW.DC (Royal Unibrew) -- to hold from sell at Deutsche Bank

      • ANA.SM (Acciona) -- to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • ABI.BB (Anheuser-Busch InBev) --to hold from buy at Deutsche Bank

      • WIHL.SS (Wihlborgs Fastigheter) -- to hold from buy at DnB Markets

      • HTO.GA (Hellenic Telecommunications Organization) -- to neutral from overweight at JPMorgan

      • SCMN.SW (Swisscom) -- to underweight from neutral at JPMorgan

      • WIZZ.LN (Wizz Air Holdings) -- to sell from hold at Deutsche Bank

      • IMCD.NA (IMCD) -- to underweight from neutral at JPMorgan

    • Initiations

      • TECN.SW (Tecan Group) -- equal-weight at Morgan Stanley

  • Data

    • Nikkei (0.60%) to 33231.27

    • Hang Seng (0.70%) to 16712.31

    • Shanghai Composite (0.18%) to 3026.05

    • S&P futures (8.5) vs prior close of 4600.8

    • €-$ (0.0016) or (0.15%) to 1.0869

    • $-¥ (0.02) or (0.02%) to 146.72

    • €-¥ (0.27) or (0.17%) to 159.44

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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