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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.27%), DAX30 (0.01%), CAC40 +0.22%

Dec 05 ,2023

  • Synopsis

    • European equity markets set to open mixed to lower. Asian equities weaker Tuesday with regional benchmarks near worst levels with semis weighing on Nikkei and Kospi. US equity futures also lower. Bonds firmer, leaving US 10-year yields 2 bps lower at 4.23%. Dollar slightly firmer versus euro and sterling, weaker versus Japanese yen. Oil flat. Gold firmer. Industrial metals lower.

    • Extent of dovish rate repricing over recent weeks fueling concern markets too optimistic about how far rates will be cut in 2024. Strategists argue amount of rate cuts being priced in is more consistent with hard landing scenario and equities nearing overbought levels following a historic November rally driven in large part by the dovish rate outlook. ECB's Schnabel confirming it can take rate hikes off the table but warned against guiding for steady rates through mid-2024. RBA left cash rate unchanged as expected.

    • European macro data releases for today are light with France Oct Industrial Production due at 7:45 GMT, followed by Eurozone Oct PPI at 10:00 GMT. UK industry data showed retail sales weaker in the run-up to the holiday trading period. Citi/YouGov survey showed public inflation expectations still on the higher side.

    • In central banks, Riksbank's Thedéen speech at 7:30CET at seminar organised by SBAB; ECB publishes latest Consumer Expectations Survey results at 10:00CET; ECB's Tuominen speech and panellist at 14:20CET at event organised by the European Banking Institute; BOE's Mills panellist at 15:30GMT at FT crypto and digital assets summit. In Germany, Bundestag Budget Committee holds hearing on the supplementary budget for 2023 and suspension of the debt brake.

    • In corporate highlights, press reports suggest Airbus (AIR.FP) could require EU government support for commercial aircraft programme to replace A320. Deutsche Bank (DBK.GR) commissioned external investigation by auditor EY into Postbank IT integration. AT&T (T) confirmed extension of collaboration with Ericsson (ERIC.B.SS). Roche (ROG.SW) Genentech's Phase III INAVO120 study met its primary endpoint of progression-free survival.

  • Politics/ Macro/ World News

    • ECB hawk Schnabel scraps more rate hikes after 'remarkable' inflation drop; defends smaller balance sheet as debate heats up - Reuters, Reuters

    • UK's new car registrations up nearly 9% in November, according to prelim data - Reuters

    • UK Nov retail sales monitor +2.6% y/y vs consensus +2.7% and prior +2.6% - BRC

    • India, UK seek to wrap up trade talks before busy election year - Bloomberg

    • Germany's budget woes risk dampening its chipmaking ambitions - FT

    • Zelenskiy invited to address senators as Ukraine aid's ensnared - Bloomberg

  • Top company news

    • Earnings/updates

      • CDA.FP (Compagnie des Alpes) -- FY net income attributable €90.4M vs FactSet €86.8M [6 est, €78.3-97M]

      • NOKIA.FH (Nokia) -- comments on AT&T vendor plans; now expects revenue from AT&T in Mobile Networks to decrease over next 2-3 years

      • DOKA.SW (dormakaba Holding) -- continues to expect organic growth to be in line with its 3-5% mid-term guidance; CEO Jim Heng Lee to leave company to return to Asia

    • M&A

      • BX (Blackstone) -- reportedly exploring potential sale of Anthos Therapeutics -- Reuters

      • OMV.AV (OMV) -- to enter into negotiations with bidders for potential Sapurasale; to continue sales process for NZL separately

      • VID.SM (Vidrala) -- completes Vidroporto acquisition

      • RISH.NO (GC Rieber Shipping) -- The board of GC Rieber resolves to carry out a compulsory acquisition of all remaining shares in GC Rieber Shipping

      • BVI.FP (Bureau Veritas) -- acquires Impactiva group S.A.; terms undisclosed

      • UNIR.IM (UniEuro) -- completes acquisition of Covercare S.p.A.

      • BLC.FP (Bastide Le Confort Medical) -- announces sale of Distrimed subsidiary to Hygie31; financial terms undisclosed

      • TGHN.GR (Logwin) -- acquires ATL Logistics BV

      • TXT.IM (TXT e-Solutions) -- acquires FastCode S.p.A

      • SAMS.FP (Groupe Samse) -- enters exclusive negotiations with the HERIGE Group (ALHRG.FP) to acuire its trading branch

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- eyeing first drugs designed to prevent obesity - FT

      • ROG.SW (Roche Holding) -- Genentech's Phase III INAVO120 study met its primary endpoint of progression-free survival

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

      • VLA.FP (Valneva), Pfizer (PFE) -- complete recruitment for Phase 3 VALOR trial for Lyme disease vaccine candidate, VLA15

      • IVA.FP (Inventiva) -- notes recommendation to continue lanifibranor NATiV3 Phase III trial in patients with NASH

      • NANO.FP (Nanobiotix) -- announces closing of the remaining $4.8M investment from Johnson & Johnson Innovation

      • IBAB.BB (Ion Beam Applications) -- signs research collaboration agreement with University of Kansas Medical Center on FLASH technology

    • Other

      • AIR.FP (Airbus SE) -- could require European government support for commercial aircraft programme to replace A320 - FT

      • DBK.GR (Deutsche Bank) -- commissions external investigation by auditor EY into Postbank IT integration - Handelsblatt (4-Dec, 15:58 CET)

      • BARC.LN (Barclays) -- Qatar said be offering ~362M Barclays shares -- Bloomberg

      • OERL.SW (OC Oerlikon Corp.) -- to strategically realign additive manufacturing business

      • BCP.PL (Banco Comercial Portugues) -- notes outcome of 2023 ECB SREP

      • SPEX.SW (Spexis) -- has been granted debt-restructuring moratorium

      • KTN.GR (Kontron) -- awarded contract worth over €30M for fiber optic solutions

      • CRL.IM (Carel Industries) -- announces conclusion of the subscription period of the rights issue

      • ERIC.B.SS (Ericsson) -- AT&T (T) to accelerate open and interoperable RAN in US through new collaboration with Ericsson

      • Premier League concludes four-year deals to 2028/29 season with Sky Sports and TNT for UK live rights

      • RIO.LN (Rio Tinto) -- approves $77M pre-feasibility study to progress development of Rhodes Ridge project

  • Key rating changes

    • Upgrades

      • RIO.LN (Rio Tinto) -- to outperform from neutral at BNP Paribas Exane

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to buy from hold at SBG Securities

      • BLND.LN (British Land Co.) -- to neutral from sell at Goldman Sachs

      • LAND.LN (Land Securities Group)-- to buy from neutral at Goldman Sachs

      • PIRC.IM (Pirelli & C.) -- to buy from neutral at UBS

      • POM.FP (Plastic Omnium) -- to neutral from sell at UBS

      • BNOR.NO (BlueNord) -- to buy from neutral at Sparebank 1 Markets

      • EQNR.NO (Equinor) -- to buy from neutral at Sparebank 1 Markets

    • Downgrades

      • ATG.LN (Auction Technology Group) -- to equal weight from overweight at Barclays

      • AEDAS.SM (AEDAS Homes) -- to hold from buy at Mirabaud

      • EAPI.FP (Euroapi) -- to neutral from overweight at JPMorgan

      • GRE.SM (Grenergy Renovables) -- to neutral from buy at CaixaBank

      • SAN.FP (Sanofi) -- to neutral from overweight at JPMorgan

      • UCB.BB (UCB) -- to underweight from neutral at JPMorgan

      • GFC.FP (Gecina) -- to neutral from buy at Goldman Sachs

      • GEST.SM (Gestamp Automoción) -- to neutral from buy at UBS

      • S32.LN (South32) -- to underperform from neutral at BNP Paribas Exane

      • STMN.SW (Straumann Holding) -- to neutral from overweight at JPMorgan

      • ATG.LN (Auction Technology Group) -- to equal weight from overweight at Barclays

      • ECO.LN (Eco Atlantic Oil & Gas) -- to neutral from buy at Sparebank 1 Markets

    • Initiations

      • AFX.GR (Carl Zeiss Meditec) -- underweight at JPMorgan

      • HLAG.GR (Hapag-Lloyd) -- underweight at Barclays

      • SPSN.SW (Swiss Prime Site) -- outperform at Oddo

      • PSPN.SW (PSP Swiss Property) -- neutral at Oddo

    • Other

      • FIA1S.FH (Finnair) -- reinstated hold at Nordea; prior rating was hold

  • Data

    • Nikkei (1.37%) to 32775.82

    • Hang Seng (2.19%) to 16281.17

    • Shanghai Composite (1.31%) to 2983.29

    • S&P futures (13.8) vs prior close of 4576.5

    • €-$ (0.0006) or (0.06%) to 1.0832

    • $-¥ (0.27) or (0.18%) to 146.92

    • €-¥ (0.30) or (0.19%) to 159.14

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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