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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.75%), DAX (0.73%), CAC40 (0.76%)

Dec 21 ,2023

  • Synopsis

    • European equity markets set to open lower amidst Asian equities trading with a negative tilt Thursday. Japan benchmarks erasing yesterday's gains and leading the region lower. US futures higher whilst US dollar slightly lower, notable strengthening in the yen and AUD. Treasury yields mostly higher although the 10Y is lower. Crude off overnight peaks on US inventory build. Precious and industrial metals lower.

    • On today's agenda, ECB's Lane panellist at 16:00GMT at workshop hosted by Ireland's central bank. Germany's Ministry of Finance latest monthly report. Turkey central bank interest rate decision and in Italian parliament there's budget law / confidence vote.

    • Macroeconomic releases expected today include: France Dec business confidence, Italy Nov PPI, UK Nov public sector borrowing requirement (PSBR), Dec distributive trades CBI, Norway Nov unemployment rate.

    • In corporate news, Sanofi (SAN.FP) announced end of Phase 3 program evaluating tusamitamab ravtansine after 2L NSCLC did not meet a primary endpoint. In management changes, Bankinter (BKT.SM) confirmed to propose Gloria Ortiz Portero as CEO to succeed María Dolores Dancausa Treviño. On M&A front, Banco Santander (SAN.SM) announced yesterday after the close it will acquire 20% equity stake in a joint venture to service Signature Bank's multifamily real estate assets. Euronext unlikely to make another offer for Allfunds Group (ALLFG.NA), Reuters reports. Elsewhere, EXEL Industries (EXE.FP) and Carr's Group (CARR.LN) are expected to update investors with their respective trading updates.

  • Politics/Macro/World News

    • Why Brussels fears 'survival mode' elections in 2024 - FT

    • Turkey expected to hike interest rates for seventh straight time - Bloomberg

    • Oil set to end winning streak over US stock build - Reuters

    • Argentina's Javier Milei unveils sweeping decree to deregulate the economy - FT

    • Sweden Democrats support continues to increase; Moderates have weakest support during Ulf Kristersson's time as party leader - DN/Ipsos barometer

    • Netherlands Nov Unemployment Rate 3.5% vs consensus 3.7% and prior 3.6%

  • Top company news

    • M&A

      • VOD.LN (Vodafone Group) -- Swisscom exploring offer for Vodafone's Italian business early next year - Bloomberg

      • SAN.SM (Banco Santander) -- to acquire 20% equity stake in a joint venture to service Signature Bank's multifamily real estate assets

      • BT.A.LN (BT Group) -- Rumour: Saudi Telecom may seek to buy into BT - London Times

      • CS.FP (AXA) -- France Vie has entered into a reinsurance agreement with Réassurance Vie France

      • RECT.BB (Recticel) -- to acquire REX PANELS & PROFILES from founder for EV of €70M

      • SWTQ.SW (Schweiter Technologies) -- acquires 60% stake in Jiangsu ZNL Coating New Materials

      • TXT.IM (TXT e-Solutions) -- agrees to acquire 51% of Arcan S.r.l. for an undisclosed sum

      • FUR.NA (Fugro) -- agrees to acquire two PSVs which will be used as geotechnical assets

    • Healthcare

      • CALTX.SS (Calliditas Therapeutics) -- announces FDA approval of TARPEYO in adults with primary IgAN at risk for disease progression

      • IPH.FP (Innate Pharma) -- files $200M ADS equity shelf - F-3

      • IVA.FP (Inventiva) -- announces randomization of first patient in NATiV3 Phase III clinical trial in China; lanifibranor granted Breakthrough Therapy Designation in NASH by China's NMPA

      • MITRA.BB (Mithra Pharmaceuticals) -- completes pediatric study of ESTELLE in adolescent patients; data expected in Q2 2024.

      • SAN.FP (Sanofi) -- announces end of Phase 3 program evaluating tusamitamab ravtansine after 2L NSCLC did not meet a primary endpoint

    • Other

      • PHIA.NA (Koninklijke Philips) -- FDA identifies Panorama MRI as a class I recall

      • BN.FP (Danone) -- releases its Climate Transition Plan, details roadmap to reach its 2030 1.5°C targets and achieve Net-Zero emissions by 2050

      • AC.FP (Accor) -- signs new €1B revolving banking credit facility; announces completion of share buyback program

      • DG.FP (VINCI SA) -- VINCI awarded commitment deed contract for 35-year major PPP contract of high voltage transmission lines in Australia

      • CBK.GR (Commerzbank) -- receives ECB approval for new share buyback program of up to €600M

      • BKT.SM (Bankinter) -- confirms proposes Gloria Ortiz Portero as CEO to succeed María Dolores Dancausa Treviño (post EU close 20-Dec)

      • CAST.SS (Castellum AB) -- Castellum's board proposes further dividend pause for 2023

      • PSM.GR (ProSiebenSat.1 Media) -- ProSiebenSat.1 major holder MFE growing impatient and sceptical over the company's revamp strategy - Reuters, citing source close to MFE

  • Key rating changes

    • Upgrades

      • SRT3.GR (Sartorius) -- to overweight from sector weight at KeyBanc

      • EZJ.LN (EasyJet) -- to outperform from neutral at Oddo

    • Downgrades

      • VACN.SW (VAT Group) -- to hold from buy at Berenberg

      • ADM.LN (Admiral Group) -- to hold from buy at Berenberg

      • ARGX.BB (argenx) -- to equal weight from overweight at Barclays

      • VER.AV (Verbund) -- to neutral from outperform at Oddo

    • Initiations

      • XVIVO.SS (Xvivo Perfusion) -- buy at DnB Markets

  • Data

    • Nikkei +1.37% to 33675.94

    • Hang Seng +0.66% to 16613.81

    • Shanghai Composite (1.03%) to 2902.11

    • S&P futures (68.5) vs prior close of 4820.3

    • €-$ (0.0042) or (0.38%) to 1.0939

    • $-¥ (0.16) or (0.11%) to 143.67

    • €-¥ (0.79) or (0.50%) to 157.15

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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