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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.01%, DAX (0.01%), CAC +0.21%

Dec 13 ,2023

  • Synopsis

    • European equity markets are set to open mixed/flat following Asian equities trending lower Wednesday. Japan set to close higher and Australia also finished up but the rest of the region largely lower. US futures higher. US dollar flat. Treasury yields lower at the long end, higher at the short. Crude blends extending overnight falls, iron ore leading industrial metals lower. Gold hovering just below $2K. Cryptocurrencies down again.

    • On today's agenda, EU-Western Balkans Summit takes place. EU's von der Leyen participates in the EP plenary debate. In the meantime, Netherlands parliament debates the election result and the next step in the coalition formation process with the scout beginning at 10:15CET. Also, Chancellor Scholz will make a government statement at 13:00CET in the German Bundestag regarding the upcoming meeting of the European Council. In UK, weekly PMQs at 12noon GMT, committee topics include governance of artificial intelligence (AI) (9:15GMT), keeping the power on: our future energy technology mix (14:00). Elsewhere, OPEC oil market report is also due

    • Macroeconomic releases today include: UK Oct manufacturing/industrial production, trade balance, construction output, Nov monthly GDP tracker - NIESR, Eurozone Oct industrial production. In addition, Switzerland KOF and SECO economic forecasts as well as FOMC interest rate decision after the EU market close.

    • In corporate news, Storebrand (STB.NO) presents Group's strategic direction and financial ambitions towards 2025 in connection with today's CMD; targets ROE of 14%. Meanwhile, DFDS (DFDS.DC) presents updated strategy and financial ambitions at CMD today. On M&A front, Vertex has commenced a public tender offer for 100% of the shares of Pagero (PAGERO.SS) at a price of SEK36 in cash per share, equivalent to a total tender value of $555M.

  • Macro/Politics

    • How the EU is scrambling to strike a deal with Viktor Orbán - FT

    • COP28 leaders announce newest attempt to seal long-fought climate compromise - Politico

    • Rishi Sunak sees off Tory rebellion in Rwanda bill vote - BBC

    • Zelenskyy meets Biden and US lawmakers with aid for Ukraine at risk of collapse - euronews

  • Top company news

    • Earnings/updates

      • FRA.GR (Fraport) -- reports November Frankfurt Airport traffic statistics: passengers 4.6M, +12.2% y/y

      • COLR.BB (Colruyt Group) -- reports H1 EPS continuing ops €1.51 ex-items vs FactSet €1.12 [1 est]

      • FHZN.SW (Flughafen Zuerich) -- reports November traffic statistics

      • KIT.NO (Kitron) -- reiterates FY guides EBIT €65-75M vs FactSet €70.1M [4 est, €69.5-71.0M]; guides on 2024, 2027

      • STB.NO (Storebrand) -- presents Group's strategic direction and financial ambitions towards 2025 in connection with today's CMD; targets ROE of 14%

      • PUUILO.FH (Puuilo) -- reports Q3 EPS €0.13 vs year-ago €0.13; specifies FY23 outlook

      • FLU.AV (Flughafen Wien) -- reports Nov Group total passenger traffic +13.8% to ~2.67M

      • DFDS. DC (DFDS) -- reports Nov Freight volume (1.5%)

    • M&A

      • IDS.LN (International Distributions Services) -- may offer up to €500M (£429.6M) for Packeta - London Times

      • OBII.SS (Tobii) -- to launch SEK300M rights issue in 1Q24 to fund acquisition of AutoSense business from Xperi

      • SRI.IM (Servizi Italia) -- Servizi Italia's board publishes opinion in connection with €1.65/share offer from Cometa S.r.l (post EU close12-Dec)

      • IPEL.LN (Impellam Group) -- The Panel on Takeovers and Mergers has consented HeadFirst Global and Impellam.to a further extension to the Deadline to 13-Dec-23 at 5pm London Time

      • PAGERO.SS (Pagero Group) - Vertex, Inc offers SEK36/share in cash for Pagero Group

    • Healthcare

      • AZN.LN (AstraZeneca) -- Three indications for AstraZeneca's Soliris included on China's National Reimbursement Drug List

      • PHARM.NA (Pharming Group) -- announces expansion of its rare disease pipeline with plans to develop leniolisib for additional primary immunodeficiencies (PIDs) beyond activated phosphoinositide 3-kinase delta syndrome (APDS)

      • IBAB.BB (Ion Beam Applications) -- IBA, CMI and Life Molecular Imaging announce Japanese approval for the reimbursement of amyloid-PET diagnostic Neuraceq in Alzheimer's disease

      • EGTX.SS (Egetis Therapeutics) -- provides update on the expanded access program for tiratricol (Emcitate) in the USA

    • Other

      • SHEL.LN (Shell Plc) -- Shell announces FID for phased wells campaign at Perdido spar in US GoM

      • BA.LN (BAE Systems) -- awarded $8.82B US Army contract

      • SW.FP (Sodexo) -- announces the composition of Pluxee's future Board of Directors

      • KBC.BB (KBC Group) -- KBC has been informed by ECB of its new minimum capital requirements

      • NEL.NO (NEL ASA) -- HyCC cancels previously announced purchase order for 40 MW electrolyser, cites market conditions and client postponing project till 2028

      • MTRO.LN (Metro Bank Holdings) -- Metro Bank ends attempts to get PRA to let it use its own risk calculations - FT

      • BPOST.BB (bpost) -- bpostgroup comments on government decision on distribution of newspapers and magazines in Belgium

      • MMB.FP (Lagardere) -- decided to co-opt Yannick Bolloré as a director, replacing René Ricol, who wished to step down

  • Key rating changes

    • Upgrades

      • P911.GR (Porsche) -- to buy from hold at HSBC

      • WKL.NA (Wolters Kluwer) -- to overweight from neutral at JPMorgan

      • AKE.FP (Arkema) -- to buy from neutral at UBS

      • CGG.FP (CGG) -- to outperform from neutral at Oddo

      • PAG.LN (Paragon Banking Group) -- to outperform from sector perform at RBC Capital Markets

      • BAS.GR (BASF SE) -- to buy from sell at UBS

    • Downgrades

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to neutral from overweight at JPMorgan

      • AAL.LN (Anglo American) -- to hold from buy at HSBC

      • ADE.NO (Adevinta) -- to equal weight from overweight at Barclays

      • RACE.IM (Ferrari) -- to hold from buy at HSBC

      • WPP.LN (WPP) -- to neutral from overweight at JPMorgan

      • AKZA.NA (Akzo Nobel) -- to neutral from buy at UBS

    • Initiations

      • BETCO.SS (Better Collective) -- buy at Jefferies

  • Data

    • Nikkei +0.25% to 32926.35

    • Hang Seng (1.03%) to 16205.40

    • Shanghai Composite (0.83%) to 2978.49

    • S&P futures +5.3 vs prior close of 4697.3

    • €-$ (0.0008) or (0.07%) to 1.0786

    • $-¥ +0.33 or +0.22% to 145.78

    • €-¥ +0.20 or +0.13% to 157.21

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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