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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.22%, DAX30 +0.23%, CAC40 +0.10%

Jun 28 ,2024

  • Synopsis

    • European indices are set to open higher, tracking Asian markets also higher. US contracts extending gains after a positive, albeit uneventful, Thursday session. Australian curve bull steepening after yields rose to seven-month high. Comes after Treasuries firmed following well-received 7Y auction

    • US equities finished higher in Thursday trading after an up-and-down session that saw official S&P performance a hair behind the equal-weight index. Mag 7 names were mostly higher, though NVDA pulled back. Other outperformers included software, communications/networking, oil services, hospitals, regional banks, IBs, P&C insurers, exchanges, and waste

    • In central banks, Riksbank's Bunge will talk about the economic situation and current monetary policy in the podcast "Makromorgon", arranged by SEB, at 8:30CET, speak at seminar arranged by the Swedish Association of Industrial Employers 9:15 and panellist at 11:30 at event organised by Swedbank. ECB releases latest consumer expectations survey results at 10:00CET. In Central Banking Series: Paris organised by Global Interdependence Centre, speakers include Bank of France's Villeroy at 12:00CET. BIS annual conf (thru Sun), participants include Lithuania Central Bank's Šimkus.

    • Macroeconomic releases due today include: Germany Jun unemployment change, May retail sales, UK Q1 final GDP, Denmark Q1 final GDP, May unemployment rate, Sweden May retail sales, trade balance, France Jun preliminary CPI, May PPI, household consumption, Spain Jun preliminary CPI, Italy Jun preliminary CPI, Switzerland Jun leading indicator - KOF, Ireland May retail sales, Portugal Jun preliminary CPI, Norway May retail sales, Austria May PPI

    • In corporate news: (ECR.SM) Esseco Industrial offers to acquire Ercros for €3.84/share in cash. (TIBN.SW) Bergbahnen Engelberg-Trübsee-Titlis reports H1 net income CHF10.5M vs year-ago CHF3.9M. (GNRO.FP) GeNeuro announces results of GNC-501 study in Post-Covid-19 Syndrome; patients had no clinically meaningful improvement compared to placebo on the primary endpoint; company to further reduce its operating costs

    • Earnings due at 2ET: Record (REC.LN), Thruvision Group (THRU.LN), Graines Voltz (GRVO.FP)

  • Politics/Macro/World News

    • Democrats panic as Biden stumbles in bad-tempered debate with Trump (FT)

    • Macron and Scholz's Move to Hijack Summit Enrages EU Leaders (BBG)

    • Mortgage repayments set to rise for three million households, says Bank of England (SkyNews)

  • Top company news

    • Earnings/updates

      • GNRO.FP (GeNeuro) -- announces results of GNC-501 study in Post-Covid-19 Syndrome; patients had no clinically meaningful improvement compared to placebo on the primary endpoint; company to further reduce its operating costs

    • M&A

      • NOKIA.FH (Nokia) -- confirms to acquire Infinera for $2.3B

      • INFN (Infinera) -- Nokia said to be exploring possible acquisition of Infinera -- Bloomberg

      • RNO.FP (Renault) -- Saudi Aramco set to acquire ~10% stake in Renault, Geely Horse Powertrain JV - Bloomberg (27-Jun, 14:37 CET/20:37 HKT)

      • TIGO.SS (Millicom International Cellular) -- IBC believes anticipated takeover offer by Atlas at $24/sh significantly undervalues Millicom

      • HAYN (Haynes International) -- CFIUS approves Acerinox's acquisition of Haynes International

      • TATE.LN (Tate & Lyle) -- has completed the sale of its remaining 49.7% interest in Primary Products Investments LLC to KPS Capital Partners, LP

      • DEZ.GR (Deutz AG) -- acquires genset manufacturer Blue Star Power Systems, Inc.; terms undisclosed

      • DEX.GR (Delticom) -- CORRECTION: Delticom did not acquire genset manufacturer Blue Star Power Systems, Inc.

      • TRIFOR.DC (Trifork Holding) -- acquires Sapere Group ApS; terms not disclosed

      • INF.FP (Infotel) -- acquires a 30% stake in Altanna, an expert in complex IT infrastructure solutions. Terms were not disclosed

      • ECR.SM (Esseco) -- Industrial offers to acquire Ercros for €3.84/share in cash

    • Healthcare

      • GRF.SM (Grifols) -- responds to media reports

      • GMAB.DC (Genmab) -- completes DKK3.5B share-buyback program

      • UCB.BB (UCB) -- announces mew analyses and patient insights supporting its recently launched gMG portfolio at the 10th Congress of the European Academy of Neurology (EAN)

      • 4523.JP (Eisai) -- LEQEMBI" (Lecanemab) for the treatment of Alzheimer's disease launched in China

      • PHXM.FP (Phaxiam Therapeutics) -- HAXIAM Therapeutics announces the success of its capital increase with maintenance of preferential subscription rights of €7.8M

    • Other

      • PHIA.NA (Koninklijke Philips) -- Philips Respironics issues update to instructions of use for BiPAP V30, BiPAP A30, BiPAP A40 stemming from interruptions and/or loss of therapy - FDA

      • OR.FP (L'Oreal) -- expects slower growth for overall beauty market this year amid China weakness - Bloomberg

      • ALPHA.GA (Alpha Services & Holdings) -- long-term senior unsecured debt rating upgraded to Baa3 from Ba2 at Moody's (post EU close 27-Jun)

      • Venture Global receives FERC approval for CP2 LNG

  • Key rating changes

    • Upgrades

      • ITRK.LN (Intertek Group) -- to buy from neutral at Goldman Sachs

    • Downgrade

      • (AF.FP) Air France-KLM downgraded to equal weight from overweight at Barclays

      • (SAFE.LN) Safestore Holdings downgraded to equal-weight from overweight at Morgan Stanley

    • Initiations

      • (BRE.IM) Brembo buy at Deutsche Bank

      • (AVON.LN) Avon Protection initiated equal weight at Barclays

  • Data

    • Nikkei +0.37% to 39488.71

    • Hang Seng +0.53% to 17810.38

    • Shanghai Composite +1.15% to 2979.86

    • S&P futures +10.8 vs prior close of 5546.0

    • €-$ (0.0011) or (0.10%) to 1.0693

    • $-¥ +0.19 or +0.12% to 160.95

    • €-¥ (0.00) or (0.00%) to 172.07

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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