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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX30 +0.17%, CAC40 +0.09%

Dec 19 ,2023

  • Synopsis

    • European equity markets set to open higher amidst Asian equities trading mixed Tuesday. Japan's Nikkei outperforming the Topix but both set to close higher post BOJ announcement on keeping rates stable. Australia continued its recent rally to end higher and at an 11-month high. Mainland China stocks struggling for direction, Hang Seng weighed by growth stocks. US futures mixed.

    • On today's agenda, Norway's PM Støre half-yearly summary press conf at 11:00CET. In UK, there's MPs questions regards HM Treasury at 11:30GMT, whilst PM Sunak is before parliamentary committee at 13:00, other committee topics include UK accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership 16:00 and UK-Rwanda asylum Agreement 17:00. Chancellor Scholz hosts Slovak PM Fico, joint press conf. to follow meeting. EU energy ministers meeting.

    • In central banks, ECB banking supervision press conf at 10:00CET on the status of capital requirements (SREP) for banks, ECB's Enria makes introductory statement, Elderson also participates. Estonia central bank economic forecast press conf 10:00CET. Bank of Finland press conf at 10CET on the outlook for the Finnish economy. BOE's Breeden speech at 13:00GMT at IIF talking policy series. G7 finance ministers and central bank governors hold virtual meeting. Central bank governors of Lithuania (Simkus), Slovakia (Kazimir) and Estonia ( Müller) all due to hold news confs on economic outlooks for their respective countries.

    • On the macro front, Switzerland Nov trade balance (and watch export data), Eurozone and Austria Nov final CPI and UK Dec industrial trends orders - CBI are due to be released.

    • In corporate news, Deutsche Lufthansa (LHA.GR) CEO said In an interview with the Süddeutsche Zeitung that the airline will slightly adjust the flight plan for 2024 and slightly reduce the originally planned growth, because the company is struggling with delivery delays for aircraft, engines, seats and spare parts, as well as unplanned engine overhauls for the A320. In France, Aeroport de Paris (ADP.FP) reported total Paris Aeroport November traffic of 7.34M, +4.5% y/y. In Nordics, SkiStar (SKIS.B.SS) reported Q1 earnings with a Revenue of SEK220.2M, +24% vs year-ago SEK177.2M.

    • In other corporate developments, Cevian Capital confirms a ~€1.2B investment (~1.3% ownership) in UBS Group AG (UBSG.SW). Cevian co-founder Lars Förberg tells the FT that this is the biggest opportunity in global financials, because UBS is valued like an average European bank, not as a leading global wealth manager, and if the valuation gap to Morgan Stanley is closed, the UBS share is worth CHF50.

  • Politics/Macro/World News

    • Surge in EU sustainable fund upgrades prompts call for regulation - FT

    • US Announces New Task Force to Counter Houthi Red Sea Threat - Bloomberg

    • After wild year, euro zone is top pick of world bond markets - Reuters

    • UK sets out 64 bln pounds funding for local councils - Reuters

  • Top company news

    • Earnings/updates

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa scaling back planned growth in flight plan in 2024 due to delivery delays and unplanned engine overhauls - Süddeutsche Zeitung

      • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport November traffic 7.34M, +4.5% y/y

      • SKIS.B.SS (SkiStar) -- reports Q1 EPS (SEK4.89) vs FactSet (SEK4.69)

      • DNO.NO (DNO ASA) -- announces gross production from its operated Tawke license in Kurdistan region of Iraq continues to climb, with Dec to date average approaching 90,000 bopd (bopd)

      • Also due to report today

        • Earnings:

          • France: MedinCell (MEDCL.FP)

          • Nordics: Per Aarsleff Holding (PAAL.B.DC)

          • Southern Europe: SeSa (SES.IM)

          • UK: De La Rue (DLAR.LN)

    • M&A

      • 1COV.GR (Covestro) -- Adnoc reportedly plans increased offer for Covestro of ~€60 per share -- Bloomberg

      • EXN.FP (Exclusive Networks) -- acquires Consigas, a global cybersecurity services provider specialised in training and consulting, for an undisclosed sum

      • NHH.SM (NH Hotel Group) -- announces acquisition of Minor Hotels Portugal for €133.2M

      • ATT.SS (Attendo) -- confirms talks regarding possible acquisition of certain business in Team Olivia

      • TXT.IM (TXT e-Solutions) -- sells 176,471 treasury shares to Alkemia Capital at €17/share (post EU close 18-Dec)

      • LEHTO.FH (Lehto Group) -- notes letter of intent regarding sale of operative subsidiaries terminated

      • NBA.PL (Novabase SGPS) -- completes the sale of Neotalent to Conclusion Group (post EU close 18-Dec)

      • LEON.SW (Leonteq) -- acquires 10% stake in Swiss stock exchange BX Swiss, for single-digit million amount

    • Healthcare

      • BAYN.GR (Bayer AG) -- Superior Court jury in Seattle, Washington, finds Monsanto should pay $857M for seven people's exposure to PCBs - NYT

      • IPH.FP (Innate Pharma) -- announces licensing of a fourth natural killer cell engager in oncology to Sanofi; Innate to receive €15M as option exercise payment

    • Other

      • UBSG.SW (UBS Group) -- Activist investor Cevian Capital builds €1.2B (CHF1.14B) stake in UBS - FT

      • SW.FP (Sodexo) -- releases Pluxee's financial statements and announces intended listing date of 1-Feb-24

      • EDP.PL (EDP-Energias de Portugal) -- agrees to sell €898M in securitization of Portuguese tariff deficit (post EU close 18-Dec)

      • S92.GR (SMA Solar Technology) -- comments on a report issued by NINGI Research

      • VPK.NA (Royal Vopak) -- Royal Vopak's COO Frits Eulderink to step down as per the next AGM on 24-Apr-24

      • EJD.GR (Endeavour Silver) -- enters into ATM common stock sales agreement of up to $60M

      • BAR.BB (Barco) -- launches share buyback program of up to 2M shares

      • CIE.SM (CIE Automotive) -- approves interim dividend of €0.45/share (gross) for the year 2023

  • Key rating changes

    • Upgrades

      • DUE.GR (Duerr) -- to neutral from underperform at BNP Paribas Exane

      • EPI.A.SS (Epiroc) -- to buy from hold at Danske Bank

      • FLTR.LN (Flutter Entertainment) -- to buy from hold at Peel Hunt

      • STERV.FH (Stora Enso) -- to buy from hold at DnB Markets

    • Downgrades

      • EQNR.NO (Equinor) -- to sector perform from outperform at RBC Capital Markets

    • Initiations

      • GJF.NO (Gjensidige Forsikring) -- neutral at Sparebank 1 Markets

  • Data

    • Nikkei +1.41% to 33219.39

    • Hang Seng (1.08%) to 16448.96

    • Shanghai Composite (0.49%) to 2916.57

    • S&P futures (0.3) vs prior close of 4793.0

    • €-$ +0.0003 or +0.03% to 1.0928

    • $-¥ +0.61 or +0.43% to 143.41

    • €-¥ +0.79 or +0.51% to 156.77

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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