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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.32%), DAX30 (0.15%), CAC40 (0.43%)

Jul 02 ,2024

  • Synopsis

    • European equity markets set to open lower whilst Asian equities are mixed on Tuesday. Hang Seng outperforming amid rallies in property developers following positive home sales data on weekend. Mainland China little changed. Nikkei recording mild gain while shares in Korea, Australia and Taiwan lower. US contracts weaker afterhours.

    • On today's agenda, EU parliament (EP) political group leaders due to meet von der Leyen (proposed by EU Council to EP to continue as President of the EU Commission) for an exchange of views. Annual Economist Government Roundtable also on Tue (through Thu) panellists include Guy Verhofstadt, Alok Shatma, Greece's PM Mitsotakis speech at 19:30CET. Polish PM Tusk hosting Chancellor Scholz for the 16th German-Polish government consultations. A joint press conf. follows. EU's Ferreira speech at Jacques Delors​ Agora event. Press conf at 10:00CET of the ZVEI Battery Assn on the situation of the battery industry in Germany. Fitch on Banking 2024 event in Paris at 15:30CET.

    • In central banks, ECB Forum includes panels chaired by ECB's de Guindos, Elderson and Schnabel. ECB's Lagarde and Fed's Powell on panel at 14:30CET.

    • European macro data releases out today include, Netherlands Jun preliminary CPI +3.2% y/y vs consensus +2.7% and prior +2.7%, UK Jun shop price index +0.2% y/y vs consensus +0.5% vs prior +0.6%; lowest since Oct-21 - BRC. Also due today, Spain Jun unemployment change, Italy May unemployment rate, Eurozone Jun preliminary CPI, Austria Jun preliminary CPI.

    • In corporate news, Sodexo (SW.FP) reported Q3 sales of €6.07B vs. consensus of €6.10B and confirmed FY24 guidance as Q3 2024 activity was in line with expectations. Also due to report today include Dustin Group (DUST.SS), Kitwave Group (KITW.LN), Supreme (SUP.LN), Mercia Asset Management (MERC.LN), CML Microsystems (CML.LN) and J Sainsbury (SBRY.LN).

    • In M&A, Bloomberg reported that EQT (EQT.SS) is in advanced talks to acquire a 30% stake in Flix (+FLIX.GR) for €900M. People familiar with the matter say that EQT is seeking to acquire a 10% stake by subscribing for new shares, with the remainder to be acquired from some existing shareholders. In Italy, Reuters reported that the Italian government moves a step closer to selling a minority shareholding in PagoPA to Poste Italiane.

  • Politics/Macro/World News

    • UK Becomes Safe Haven for Investors Spooked by France Chaos - Bloomberg

    • Scholz takes German cabinet to Poland with defence high on agenda - Reuters

    • ECB's next rate cut an easy decision before choices become hard, Wunsch says - Reuters

    • Senior Tory criticises 'worst campaign in my lifetime' as frustration grows - The Guardian

  • Top company news

    • Earnings/updates

      • SW.FP (Sodexo) -- reports Q3 Sales €6.07B vs consensus €6.10B; confirms FY guidance

      • BAKKA.NO (Bakkafrost) -- reports Q2 harvest volume 21.6Kt

      • FCH.LN (Funding Circle Holdings) -- Funding Circle completes sale of US business

    • M&A

      • GIVN.SW (Givaudan) -- completes acquisition of b.kolormakeup & skincare; terms of the deal will not be disclosed

      • TIT.IM (Telecom Italia) -- completes the sale of NetCo

      • EQT.SS (EQT AB) -- EQT in advanced talks to acquire 30% stake in Flix for €900M - Bloomberg (1-Jul, 17:17 CET)

      • LLBN.SW (Liechtensteinische Landesbank) -- LLB acquires Zürcher Kantonalbank Österreich AG; purchase price not disclosed

      • GCC.NO (Gram Car Carriers) -- SAS Shipping Agencies Services Sàrl announces preliminary result of the recommended voluntary cash offer for Gram Car Carriers

      • GCC.NO (Gram Car Carriers) -- SAS Shipping Agencies Services Sàrl announces final result of the recommended voluntary cash offer for Gram Car Carriers (post EU close 1-Jul)

      • CA.FP (Carrefour) -- finalizes acquisition of Cora and Match in France

      • KCR.FH (Konecranes) -- acquiries service business of Dungs Kran- und Anlagentechnik GmbH

      • SFZN.SW (Siegfried Holding) -- completed acquisition of early-phase CDMO site from Curia Global yesterday; deal was announced 12-Jun

      • ELIS.FP (Elis) -- closes acquisition of Wonway in Malaysia

      • PSPN.SW (PSP Swiss Property) -- acquires commercial property in Geneva's "Quartier des Banques" for CHF 58M

      • FCH.LN (Funding Circle Holdings) -- Funding Circle completes sale of US business

      • EBOX.LN (Tritax EuroBox) -- Tritax EuroBox provides update on possible offer from Brookfield

      • EG7.SS (Enad Global 7) -- acquires Singularity 6 Corporation; terms not disclosed

      • NB2.GR (Northern Data) -- Follow-up: Northern Data exploring IPO of combined AI cloud computing and data center businesses - Bloomberg

      • MRN.FP (Mersen) -- to acquire GMI Group

      • ODHN.SW (Orascom Development Holding) -- subsidiary ODE has sold 145,266 sqm of land at El Gouna for CHF 28.8M

      • MTW.LN (Mattioli Woods) -- receives FCA approval for acquisition by Tiger Bidco

      • BRKN.SW (Burkhalter Holding) -- Burkhalter Group acquires Kippel Leo + Söhne AG in Susten in the canton of Valais with effect from 1-Jul-24

      • OJM.IM (Openjobmetis) -- Groupe Crit announces final results of mandatory offer for Openjobmetis; will hold 98.90%; shares to be suspended from 4-Jul (post EU close 1-Jul)

      • Celtics ownership led by Wyc Grousbeck reportedly planning to put the team up for sale - ESPN's Adrian Wojnarowski via tweet

      • DSV and CVC Capital Partners considered leading contenders for DB Schenker - Bloomberg (1-Jul, 11:47 ET/17:47 CET)

    • Healthcare

      • IPN.FP (Ipsen) -- expands collaboration and license agreement for development of Cabometyx in advanced neuroendocrine tumors based on positive CABINET Phase III trial

    • Other

      • LOGN.SW (Logitech International) -- Chair Wendy Becker to not stand for reelection at next year's 2025 AGM

      • TEF.SM (Telefonica) -- SEC filing: SC 13D/A (Filed by CRITERIA CAIXA, S.A.U.)

      • RNO.FP (Renault) -- EV unit Ampere releases new plan to integrate lithium iron phosphate batteries

      • KPN.NA (Royal KPN) -- confirms obtains 100 MHz in Dutch 3.5 GHz spectrum auction for a total consideration of €58.4M

      • ENR.GR (Siemens Energy) -- assigns €1.2B to new factories, boosted capacity and hiring spree for Grid Technologies division amid surging orders and plans to put the unit at the centre of growth plan - FT, citing executive

      • Italy Jun new passenger car registrations 160,046 units, +15.0% y/y -- UNRAE

      • KPN, Odido and VodafoneZiggo winners of Dutch 5G networks auction

  • Key rating changes

    • Upgrades

      • NN.NA (NN Group) -- to overweight from neutral at JPMorgan

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- to overweight from equal weight at Barclays

    • Downgrades

      • CGCBV.FH (Cargotec) -- to sell from reduce at Inderes

      • ATEA.NO (Atea) -- to hold from buy at Arctic Securities ASA (30-Jun)

      • ASRNL.NA (ASR Nederland) -- to neutral from overweight at JPMorgan

      • BEAN.SW (BELIMO Holding) -- downgraded to equal-weight from overweight at Morgan Stanley

    • Others

      • TEP.FP (Teleperformance) -- assumed overweight at Morgan Stanley; prior rating was equal-weight

  • Data

    • Nikkei +1.03% to 40041.24

    • Hang Seng +0.38% to 17785.71

    • Shanghai Composite +0.19% to 3000.57

    • S&P futures (8.8) vs prior close of 5533.8

    • €-$ (0.0011) or (0.10%) to 1.0732

    • $-¥ +0.13 or +0.08% to 161.66

    • €-¥ +0.10 or +0.06% to 173.49

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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