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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.52%), DAX (0.38%), CAC40 (0.23%)

Dec 07 ,2023

  • Synopsis

    • European equity markets set to open lower amidst Asian equities lower Thursday. Hang Seng leading China markets on the downside with tech and property stocks under pressure. Moody's China ratings outlook change continues to reverberate. Elsewhere, soft rebound in China exports attributed to year-end holiday retail demand and base year effects. Lead indicators have been mixed with manufacturing PMI new export orders stuck in contraction though services PMI new export business better. Imports unexpectedly shrank, underscoring tepid domestic demand. S&P 500 futures marginally lower afterhours.

    • In Central Banks, Eurogroup meeting - ECB's Lagarde and Cipollone participate, Cyprus Central Bank's Herodotou speech at 8:25CET at a bank conf in Nicosia, Bank of Austria's Holzmann speech at 8:45CET at conf title Equilibrium Real Interest Rates - concepts, current and future drivers: New insights and policy implications, Bundesbank's Wuermeling speech at 10:20CET at BankenTech 2023, ECB publishes latest Macroprudential Bulletin at 11:00CET, Riksbank's Bunge speech at 16:00CET at Mötesplats Allmännyttan (Wed-Thu), organised by Public Housing Sweden, the same time as ECB's Elderson speaks at an event organised by the Centre for European Policy Studies.

    • Also on today's agenda: EU-China summit (through Fri), EU's von der Leyen among the participants. Greece's PM Mitsotakis meeting with Turkey's Erdogan in Thessaloniki. Norway's PM Støre and Minister for Business Vestre visit Tokyo (through Fri). Representatives from Norwegian business will also be on the trip. In UK, parliament committee topics include managing government borrowing (10:00GMT, includes OBR's Hughes). Russia's President Putin expected to speak at the annual "Russia Calling!" conf. Ministers attending the EU Competitiveness Council (Internal market and industry) are expected to reach a general approach on the Net-Zero Industry Act. European Health Summit speakers include EU's Reynders, Novo Nordisk's (NOVO.B.DC) CEO. EU's Wojciechowski in India (through Sun): participates in High-level Agri-food Trade Mission. EU's Sinkevi�?ius speech at Sustainable Solar Europe 2023 conf. In Germany, special meeting at 9:30CET of the Federal Council on the supplementary budget for 2023. Mercosur summit in Rio de Janeiro

    • On the macro front, Germany Oct industrial production, Switzerland Nov unemployment rate, France Oct trade balance, Italy Oct industrial production, retail sales, Norway Oct manufacturing production, Eurozone Q3 final GDP, UK Nov house price index - Halifax.

    • In Corporate news, Ipsen (IPN.FP) provided a new mid-term outlook and outlined its strategy for 2027. The company expects Total-sales average growth of at least 7% per year at constant exchange rates between 2023-2027 and a Core operating margin in 2027 of at least 32% of total sales. In Norway, Höegh Autoliners (HAUTO.NO) issued November trading updated indicating to 1.3M CBM of cargo transported on prorated basis.

    • In M&A, Ferrero's CTH invest entered in exclusive negotiations for the acquisition of Danone's (BN.FP) Michel et Augustin. In Switzerland, Reuters reported that Bain Capital is reportedly sole remaining bidder for SoftwareONE Holding (SWON.SW). The article goes on to note that other potential acquirers have dropped out of the bidding process since the site previously reported in October that at least four parties had submitted non-binding bids during the company's ongoing strategic review.

    • Among companies still due to report this morning are DS Smith (SMDS.LN), Watches of Switzerland (WOSG.LN), Frasers Group (FRAS.LN), and Balfour Beatty (BBY.LN). CMD/events: Sanofi (SAN.FP) R&D, BASF (BAS.GR), Siemens Healthineers (SHL.GR), Inwido (INWI.SS), Hexagon (HEXA.B.SS), Ipsen (IPN.FP), BT Group (BT.A.LN)

  • Politics/ Macro/ World News

    • ECB May Consider Rate Cuts in 2024, Not Now, Villeroy Says - Bloomberg

    • ECB's Lagarde Squeezed as Markets Boost 2024 Rate-Cut Bets - Bloomberg

    • Robert Jenrick quits over Sunak's 'fatally flawed' Rwanda Bill - The Telegraph

    • UK Wage Hike to Hit Shoppers' Pockets, Warn Pub and Retail Chiefs - Bloomberg

    • Bank of England to examine risks posed by artificial intelligence - The Times

  • Top company news

    • Earnings/updates

      • IPN.FP (Ipsen) -- provides new mid-term outlook - CMD

      • HAUTO.NO (Höegh Autoliners) -- November 2023 Trading Update: transported 1.3M CBM of cargo on prorated basis

    • M&A

      • ALHRG.FP (HERIGE) -- in talks to sell Building Materials Trading division to SAMSE Group

      • BN.FP (Danone) -- Ferrero's CTH invest enters in exclusive negotiations for the acquisition of Danone's Michel et Augustin

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain reaches agreement for sale of majority stake in its PIR insulation activity in the UK; terms not disclosed

      • LICY (Li-Cycle Holdings) -- Li-Cycle 11.3% holder Glencore files amended 13D: says in discussions about potential financial and strategic alternatives regarding the company - 13D/A

      • PAX (Patria Investments) -- to acquire Credit Suisse's Real Estate business in Brazil for up to BRL650M ($130M)

      • SWON.SW (SoftwareONE Holding) -- Bain Capital reported to be sole remaining bidder for SoftwareONE Holding -- Reuters

      • VLTSA.FP (Voltalia) -- announces acquisition of 55% stake in 60-megawatt Mosselbanken Solar Plant; terms not disclosed

      • BBED.NA (Beter Bed Holding) -- and Torqx Capital Partners announce final results of offer; 98.44% of shares obtained

      • THAG.SW (Talenthouse) -- announces all agenda items approved by shareholders at extraordinary general meeting

    • Healthcare

      • SAN.FP (Sanofi) -- to detail pipeline at R&D Day in New York

      • SAN.FP (Sanofi) -- NICE unable to make recommendation on Sanofi's Dupixent to treat osinophilic oesophagitis in people 12 years and over

      • SAN.FP (Sanofi) -- CEO admits he could have done better at explaining aspects of R&D plan - FT

      • IPN.FP (Ipsen) -- confirms FDA grants priority review for NDA for elafibranor for the treatment of rare cholestatic liver disease, PBC

      • GNFT.FP (GENFIT) -- announces publication of NIS2+ performance in Journal of Hepatology

      • HNSA.SS (Hansa Biopharma) -- Hansa Biopharm announces Imlifidase demonstrated positive safety, tolerability, and early efficacy outcomes in 15-HMedIdeS-09 phase 2 trial in Guillain-Barré Syndrome (GBS)

      • 1801.HK (Innovent Biologics) -- expands licensing deal with Synaffix following positive preliminary clinical signal from ongoing Phase 1 study

      • CRNA.NO (Circio Holding) -- announces completion of planned safety review and opening for full enrollment of TG01 study at Oslo University Hospital

    • Other

      • AMS.SW (ams-OSRAM) -- ams OSRAM hereby announces that 99.0% of the subscription rights for 716.8M Offered Shares under the current Rights Issue have been validly exercised

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- Lindt & Sprüngli announces science-based climate targets

  • Key rating changes

    • Upgrades

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to market perform from underperform at Keefe, Bruyette & Woods

      • TELIA.SS (Telia Co.) -- to neutral from underperform at BNP Paribas Exane

      • ADYEN.NA (ADYEN) -- to buy from hold at Jefferies

      • DHL.GR (DHL Group) -- to neutral from underweight at JPMorgan

      • SIKA.SW (Sika Group) -- to neutral from underweight at JPMorgan

    • Downgrades

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

      • BOL.SS (Boliden) -- to underweight from equal-weight at Morgan Stanley

      • SSAB.A.SS (SSAB) -- to equal-weight from overweight at Morgan Stanley

      • VOD.LN (Vodafone Group) -- to underperform from neutral at BNP Paribas Exane

      • WLN.FP (Worldline) -- to underperform from hold at Jefferies

    • AF.FP (Air France-KLM) -- to underweight from overweight at JPMorgan

    • IAG.SM (International Consolidated Airlines Group) -- to underweight from neutral at JPMorgan

    • LHA.GR (Deutsche Lufthansa) -- to underweight from overweight at JPMorgan

    • KRX.ID (Kingspan Group) -- to underweight from neutral at JPMorgan

    • ROCK.B.DC (Rockwool) -- to underweight from neutral at JPMorgan

  • Initiations

    • CVSG.LN (CVS Group) -- buy at Panmure Gordon (6-Dec, timing uncertain)

  • Other Actions

    • OXB.LN (Oxford BioMedica) -- reinstated buy at Peel Hunt; prior rating was buy

Data

  • Nikkei (1.76%) to 32858.31

  • Hang Seng (1.01%) to 16297.18

  • Shanghai Composite +0.03% to 2969.76

  • S&P futures (2.5) vs prior close of 4556.0

  • €-$ +0.0004 or +0.04% to 1.0768

  • $-¥ (1.10) or (0.75%) to 146.24

  • €-¥ (1.15) or (0.73%) to 157.43

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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