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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.23%, DAX +0.13%, CAC40 +0.12%

Dec 08 ,2023

  • Synopsis

    • European indices are set to open slightly higher. Asian equities are trading mixed Friday with Nikkei extending losses amid fallout from BOJ pivot speculation. Yen rally remains the big story with markets now pricing in almost even chance of December policy change. Lot of attention to remarks from Governor Ueda and Deputy Governor Himino this week, stoking speculation central laying groundwork for NIRP exit as soon as this month. Greater China, Indian and Australian stocks recording mild gains and Korea outperforming.

    • US equities ended higher Thursday following an uneventful trading session. S&P 500 and Nasdaq futures flat afterhours. US payrolls previews expect data to reflect cooling but still resilient labor market. Markets factoring in at least 125 bp of Fed rate cuts in 2024, widening disparity with Fed's September dot plot median and prompting concern dovish pricing has gone too far

    • In Europe, Bloomberg says its survey shows ECB to clash with markets over rate-cut timing; expectation of first reduction moved to June from September

    • Friday sees ECOFIN meeting, EU's de Guindos participates. In central banks, Riksbank's Jansson speech at 11:30CET at meeting organised by Handelsbanken Malmö.

    • In Earnings : ELI.BB (Elia Group) expects FY24 net income to range between €335M and €385M vs FactSet 366.6M -- CMD

    • Corporate earnings to be released today:

      • Earnings: Berkeley Group Holdings (BKG.LN)

      • Traffic: Finnair (FIA1S.FH)

      • CMD/events: Investor (INV.B.SS), Elia Group (ELI.BB)

    • Economic data releases: Germany Nov final CPI, Sweden Oct industrial production, Netherlands Oct manufacturing production, Denmark Oct manufacturing production, Greece Nov CPI, Oct trade balance, industrial production

  • Politics/Macro/World News

    • UK Firms Rein In Hiring and Wages as Economy Slows, Survey Finds (Bloomberg)

    • ECB to Clash With Markets Over Rate-Cut Timing, Survey Shows (Bloomberg)

    • EU ministers need more time to agree on new fiscal rules (Reuters)

    • Central bankers are worried about you getting a raise (FT)

    • EU to give member states power to block Russian gas imports (FT)

  • Top company news

    • Earnings/updates

      • ENX.FP (Euronext) -- Nov trading activity

      • ELI.BB (Elia Group) -- expects FY24 net income to range between €335M and €385M vs FactSet 366.6M -- CMD

    • M&A

      • Prosus sells 514K shares in Tencent Holdings, reducing stake to 24.99%

      • RECSI.NO (REC Silicon) -- completes sale of 15% equity interest in Yulin JV

      • SPIE.FP (SPIE) -- acquires 85% of Correll Group; terms undisclosed

      • AZE.BB (Azelis Group) -- acquires Oktrade. Terms were not disclosed

      • HAG.GR (HENSOLDT) -- places 10.5M shares at €22.94 per share in accelerated bookbuilding through BofA Securities, Commerzbank, Deutsche Bank and UniCredit

      • AGAS.NO (Avance Gas Holding) -- agrees to sell 2 newbuildings for $240M at a $73M estimated profit; will evaluate returning a substantial part of the cash proceeds to its shareholders

      • ALDAR.FP (Damartex) -- enters negotiations to sell Afibel

    • Healthcare

      • MCD0.GR (Mallinckrodt) -- FDA clears Mallinckrodt INOmax EVOLVE DS delivery system

      • FME.GR (Fresenius Medical Care) -- SEC filing: SC 13D/A (Filed by Fresenius SE & Co. KGaA)

      • GLPG.NA (Galapagos) -- to host event on 10-Dec-23, at 11:00 PST to discuss new data presented at ASH 2023

      • SDZ.SW (Sandoz Group) -- FDA approves Avzivi - fifth biosimilar of Avastin

    • Other

      • KER.FP (Kering) -- declares interim dividend for financial year 2023 in the amount to €4.50/sh

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa Group joins Airbus carbon-removal initiative (5-Dec)

      • PRY.IM (Prysmian) -- announces contract worth over €100M signed with Petrobras

      • ENX.FP (Euronext) -- CAC40 December 2023 quarterly review: Vivendi included, Worldline excluded from the CAC40

      • HAG.GR (HENSOLDT) -- launches private share placement

      • November Dodge Momentum Index (1.4.%) q/q

      • Regional Gaming Revenues - New York Sports Betting November 2023

  • Key rating changes

    • Upgrades

      • AIR.FP (Airbus) -- to buy from hold at Deutsche Bank

      • ERIC.B.SS (Ericsson) -- to buy from hold at Jefferies

      • HM.B.SS (H&M Hennes & Mauritz) -- H&M Hennes & Mauritz short-term recommendation upgraded to buy from hold at Handelsbanken

      • SBRY.LN (J Sainsbury) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • Deutsche Bank downgrades MTX.GR, SAF.FP

      • NOKIA.FH (Nokia) -- to hold from buy at Jefferies

      • TREL.B.SS (Trelleborg) -- to hold from buy at Danske Bank

      • FHZN.SW (Flughafen Zuerich) -- to neutral from buy at UBS

      • NEM.GR (Nemetschek) downgraded to hold from buy at Berenberg

  • Data

    • Nikkei (1.68%) to 32307.86

    • Hang Seng +0.09% to 16360.02

    • Shanghai Composite +0.24% to 2973.20

    • S&P futures (2.0) vs prior close of 4589.5

    • €-$ (0.0007) or (0.06%) to 1.0787

    • $-¥ (0.12) or (0.08%) to 144.01

    • €-¥ (0.26) or (0.17%) to 155.31

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".

DEPOSITARY RECEIPTS:
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