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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.21%, DAX30 +0.19%, CAC40 (0.02%)

Dec 06 ,2023

  • Synopsis

    • European equity market futures point to a mostly positive open amidst advancing equities in Asia Wednesday. Nikkei and ASX outperforming region while markets in Korea, China and Taiwan logging milder gains. S&P 500 futures advancing following tech-led retreat overnight.

    • Note, Finland remains closed for Independence Day.

    • G7 leaders will hold a virtual meeting at 14:30GMT with Ukraine President Zelenskiy to discuss the situation in Ukraine, the Middle East and artificial intelligence, Japan's chief cabinet secretary Hirokazu Matsuno said at press conference. EU College Meeting and EU's latest Eurobarometer survey. Norway's Finance Minister Vedum participates in the financial debate at the Storting. German coalition government leaders continue to negotiate the federal budget, with the topic not on official list of today's cabinet meeting (last scheduled of the year) topics. In UK, PM Sunak faces weekly PMQs at 12noon GMT, which follows MPs questions on Wales, committee topics include rail services and infrastructure (9:30), benefit levels (9:25), SME finance (14:15) and financial distress in local authorities (16:00 Michael Gove). Conservative MP reportedly will present The Greater London Low Emission Zone Charging (Amendment) Bill to the House of Commons in a plan to axe the charge

    • In central banks, Riksbank's Flodén will discuss at 9:00CET the economic situation during an event organised by Insurance Sweden. Also in Sweden, there's a meeting of the Financial Stability Council at 9:00CET. BOE publishes latest Financial Stability Report at 10:30GMT, press conf. 11:00. Bundesbank's Nagel panellist at shortly after 16:00CET at Bundesbank Invited Speakers Series - Still Too Big to Fail? Lessons from the Failure of Credit Suisse.

    • Also today, Handelsblatt BankenTech 2023 conf (through Thu), speakers include Commerzbank (CBK.GR) COO and FT's Upscaling the Power Grid for the Energy Transition webinar at 15:00GMT includes CEO-designate Prysmian (PRY.IM) Massimo Battaini.

    • On the macro front, Germany Oct factory orders, Nov construction PMI, Eurozone Oct retail sales, UK Nov construction PMI, Austria Nov PPI, Greece Q3 GDP and Ireland Nov unemployment rate

    • In earnings, Airbus (AIR.FP) reports Nov gross orders 113 aircraft and 64 deliveries. In the DACHs region, Clariant (CLN.SW) announced it will shut its sunliquid bioethanol plant in Romania which will create cash impact for FY23 and FY24. It also cut FY23 EBITDA guidance to CHF 570-600M vs prior guidance CHF 650-700M and FactSet CHF655.86M. Ascom Holding (ASCN.SW) announced it is now expecting mid-single digit revenue growth at constant currencies for the FY23 vs prior Revenue growth of around 10% at current currencies. Elsewhere, Rio Tinto (RIO.LN) reaffirmed its FY23 production guidance and issued FY24 production guidance and medium-term capex guidance.

    • Note, Merck (MRK.GR) announced overnight its Phase III trial results for evobrutinib in relapsing multiple sclerosis did not meet its primary endpoint.

  • Macro

    • G7 leaders to hold virtual meeting on Wednesday with Ukraine's Zelenskiy - Reuters

    • Former PM Boris Johnson to defend record and conduct at UK COVID inquiry - Reuters

    • US and Sweden sign Defence Cooperation Agreement - Reuters

    • Cameron to reaffirm British support for Ukraine in US visit - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • VVY.NA (Vivoryon Therapeutics) -- reports 9M net income (€17.1M) vs year-ago (€18.9M); promotes Anne Doering to CFO

      • France:

        • AIR.FP (Airbus SE) -- reports Nov gross orders 113 aircraft, deliveries 64

      • DACHs:

        • FRE.GR (Fresenius) -- to retain Energy Relief Package payments; subject to a ban on dividends and bonuses for 2023

        • CLN.SW (Clariant) -- shuts its sunliquid bioethanol plant in Romania; to create cash impact for FY23 and FY24; cuts FY23 EBITDA guidance to CHF 570 - 600M

        • ASCN.SW (Ascom Holding) -- Ascom is now expecting mid-single digit revenue growth at constant currencies for the FY23 vs prior Revenue growth of around 10% at current currencies

        • ARBN.SW (Arbonia) -- updates on current trading; confirms mid-term guidance - Capital Markets Day

      • Nordics:

        • NORSE.NO (Norse Atlantic) -- reports Nov average load factor of 61%, +11 ppt y/y

        • BNOR.NO (BlueNord) -- reports preliminary November production 24.5 mboepd (net); expects FY production in the upper range of guidance

        • STSU.NO (Standard Supply) -- reports November TCE ~$16.4K/day, utilization rate 100%

      • UK:

        • RIO.LN (Rio Tinto) -- reaffirms FY23 production guidance, issues FY24 production guidance and provides medium-term capex guidance

    • M&A

      • HAG.GR (HENSOLDT) -- acquires ESG Elektroniksystem- und Logistik GmbH for enterprise value of €675M, plus earn-out of up to €55M

      • TEG.LN (Ten Entertainment Group) -- set to announce recommended takeover offer from Thrive Capital -- Sky News

      • TIT.IM (Telecom Italia) -- TIM announces that KKR has requested to be allowed to deepen the due diligence activities regarding the purchase of Sparkle until the end of January 2024

      • ORSTED.DC (Ørsted) -- completes divestment of 50 % of Gode Wind 3

      • LDO.IM (Leonardo) -- will not participate in Hensoldt's potential capital increase but confirms commitment to partnership project

      • HAG.GR (HENSOLDT) -- Follow-up: HENSOLDT provides additional details in connection with ESG acquisition

      • WHA.NA (Wereldhave) -- acquires shopping center Polderplein in Hoofddorp for €74M (€82M including transaction costs)

      • ELOS.B.SS (Elos Medtech) -- completes acquisition of Klingel

    • Healthcare

      • EVT.GR (Evotec) -- partner Jingxin receives approval for EVT201 in China

      • NOVN.SW (Novartis) --

        • FDA approves Novartis' Iptacopan to treat adults with paroxysmal nocturnal hemoglobinuria (PNH)

        • NICE recommends Novartis's Cosentyx to treat moderate to severe hidradenitis suppurativa

      • MRK.GR (Merck KGaA) -- Phase III trial results for evobrutinib in relapsing multiple sclerosis do not meet primary endpoint

      • 4568.JP (Daiichi Sankyo) -- subsidiary obtains $182M (¥26.4B) settlement resolving U.S. patent infringement lawsuit against Novartis

      • COPN.SW (Cosmo Pharmaceuticals) -- confirms full repayment of €175M senior unsecured convertible bonds due 2023

      • TNG.FP (Transgene) -- appoints Arnaud Dubarry as CFO; effective 1-Jan-24

      • ACTI.SS (Active Biotech) -- enters into collaboration agreement for clinical ocular biodistribution study with laquinimod

    • Other

      • ORP.FP (ORPEA) -- announces the launch of a share capital increase without preferential subscription rights reserved to Caisse des Dépôts et Consignations, MAIF, CNP Assurances and MACSF Epargne Retraite

      • AM.FP (Dassault Aviation) -- CEO Eric Trappier discusses new Rafale order in France and abroad -- Les Echos

      • CI.SS (Cell Impact) -- announces the final outcome of it's rights issue; covered up to ~85%

      • LOGN.SW (Logitech International) -- pledges to have carbon impact labels on packaging across portfolio by 2025

      • BARC.LN (Barclays) -- BofA and Citi left holding some of Barclays shares offered by Qatar Holdings -- Reuters citing sources

      • BMW.GR (Bayerische Motoren Werke) -- to carry out second tranche of previously announced share buyback program

      • ASM.NA (ASM International) -- to spend €300M over five years on new facility in Arizona

      • UCG.IM (UniCredit) -- board seeking to pick new candidate for chair by January - Reuters

      • SKA.B.SS (Skanska) -- awarded $146.8M US Navy contract

      • BHG.SS (BHG Group) -- holder EQT has sold its entire remaining holding of 21.9M shares through Carnegie Investment Bank AB

      • RIO (Rio Tinto )--

        • guides share of Simandou mine and infrastructure capex at ~$6.2B

        • publishes presentation slides for today's investor seminar

  • Key rating changes

    • Upgrades

      • SKIS.B.SS (SkiStar) -- buy from hold at Nordea

      • JPMorgan upgrades OCDO.LN, SAX.GR; downgrades AG1.AV, G24.GR

      • UBS assumes ABI.BB, CARL.B.DC, CCEP, others

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- to buy from hold at Carnegie Securities

      • GMAB.DC (Genmab) -- to buy from neutral at UBS

      • MRL.SM (MERLIN Properties SOCIMI) -- to buy from neutral at Alantra Equities

    • Downgrades

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

      • DOKA.SW (dormakaba Holding) -- to hold from buy at Jefferies

    • Initiations

      • KID.NO (Kid) -- initiated buy at SEB

      • MOR.GR (Morphosys) -- market perform at Leerink Partners

      • III.LN (3i Group) -- outperform at RBC Capital Markets

  • Data

    • Nikkei +2.04% to 33445.90

    • Hang Seng +0.70% to 16442.32

    • Shanghai Composite (0.08%) to 2969.93

    • S&P futures +12.0 vs prior close of 4575.0

    • €-$ (0.0008) or (0.07%) to 1.0789

    • $-¥ +0.02 or +0.01% to 147.17

    • €-¥ (0.11) or (0.07%) to 158.78

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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