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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.27%, DAX +0.04%, CAC40 (0.43%)

Jul 05 ,2024

  • Synopsis

    • European equity markets are set for a mixed open. Follows positive close on Thursday. Asian markets mixed on Friday. Kospi outperforming following Samsung's earnings beat. Mainland China equites turning lower and Hang Seng little changed. Shares in Japan and Australia flat. S&P 500 futures unchanged with US closed Thursday for Independence Day.

    • Focus on UK election. Pound little changed in reaction. Sir Keir Starmer will become the United Kingdom's next prime minister after his Labour party comfortably won a parliamentary majority in Thursday's general election, ending 14 years of Conservative party rule. Rachel Reeves to become UK's first female Chancellor of the Exchequer (Finance Minister), Angela Rayner to be Deputy PM, David Lammy foreign secretary. Exit polls point to Labour to win a landslide with 410 seats, and the Conservatives on 144. Outcome was largely priced in by markets. New Parliament has been called to meet on Tuesday 9 July 2024 when the business will be the election of the Speaker. The State Opening of Parliament and the King's Speech will follow on Wednesday 17 July 2024 (new government outline their legislative programme).

    • Attention is also on second round of French election on Sunday and whether Marine Le Pen's National Rally can secure absolute parliamentary majority. Poll suggests anti-right alliance may block path to power. In the US, Biden's candidacy remains uncertain with president digging in against calls for him to exit. However, betting markets continue to favor VP Harris replacing him.

    • In central banks International Conf. on Payments and Securities Settlement, speakers include Bundesbank's Nagel at 9:00CET. Bank of Spain's Delgado speech at 9:15CET at Conf. on the Spanish Economy. ECB's Elderson speech/Q+A at 14:15CET at Data Innovation for Future of Regulation (DIFoR) Conf whilst ECB's Lagarde in conversation at 19:15CET at Les Rencontres Economiques d'Aix-en-Provence (through Sat), also participating is EU's Schmit. Latvia Central Bank's Kaz�?ks and Purgaile participate in LAMPA festival. Russia Jun new car registrations are due to be released.

    • Economic data due include, UK Jun house price index - Halifax, Spain May industrial production, Switzerland Jun consumer confidence - SECO, Eurozone May retail sales

    • In Corporate news, Aixtron (AIXA.GR) reported preliminary Q2 earnings and revised its FY24 guidance downwards. In Nordics, Salmar (SALM.NO), Lerøy Seafood Group (LSG.NO) and Grieg Seafood (GSF.NO) all issued Q2 harvest volumes. In M&A, Glencore (GLEN.LN) received all necessary regulatory approvals to acquire Teck Resources's remaining 77% interest in the steelmaking coal business, Elk Valley Resources. The transaction is now expected to close 11-Jul.

  • Politics/Macro/World News

    • UK

      • Labour Passes 400 Seats in UK Election, Former PM Truss Loses Seat - Bloomberg

      • 'We did it,' says Starmer as Labour wins landslide in general election - BBC, The Guardian, The Telegraph

      • Farage elected MP for first time as Reform wins four seats - BBC , Sky news

      • National Rally to fall short of absolute majority in French parliamentary elections, poll shows - Reuters

    • France

      • Le Pen party in talks to join Orbán's group in European parliament - FT

      • Investors Bet French Assets Face Months Of Volatility After Election - Bloomberg

    • Germany

      • Coalition agrees on budget and growth package - Handelsblatt

    • Central banks

      • Lagarde Says ECB Needs More Data to Reassure It on Inflation - Bloomberg

      • Ireland's central bank chief warns Dublin against pre-election giveaways - FT

  • Top company news

    • Earnings/updates

      • AIXA.GR (Aixtron) -- reports Q2 preliminary revenue of ~€132M vs guidance of €120-140M; revises FY24 guidance downwards

      • LMN.SW (lastminute.com) -- signs commercial agreement with Ryanair; lastminute.com has seen a weaker-than-expected H1, but outlook for the rest of the year is positive

      • ALO.FP (Alstom) -- presents preview to its Q1 2024/25 orders and sales results

      • SALM.NO (Salmar) -- reports preliminary Q2 consolidated harvest volumes (1,000 tgw) 44.8

      • LSG.NO (Lerøy Seafood Group) -- Q2 trading update: total harvest volume of salmon and trout 36.7K GWT; ex-volumes from Scottish Seafarms

      • GSF.NO (Grieg Seafood) -- trading update; Q2 harvest volume ~15,300t GWT

      • FABG.SS (Fabege) -- reports H1 EPRA NRV per share 146, (9%) vs year-ago 161

      • CLAS.B.SS (Clas Ohlson) -- reports Jun sales ( ex acquired Spares Group) +5% to SEK 789M, organic sales +6% y/y

      • KID.NO (Kid ASA) -- reports preliminary Q2 revenue NOK797.8M vs FactSet NOK803.9M

    • M&A

      • EMMN.SW (Emmi) -- has entered into a put option agreement for the contemplated acquisition of Mademoiselle Desserts Group for ~€900M (enterprise value)

      • GS (Goldman Sachs) -- PE offers Goldman Sachs €3.2-3.3B ($3.46-3.57B) for B&B Hotels - London Times

      • TECK.B.CN (Teck Resources) -- Canada set to imminently approve Glencore's acquisition of Teck's metallurgical coal business with several stringent conditions - Globe and Mail

      • TECK.B.CN (Teck Resources) -- confirms its sale of remaining 77% of EVR to Glencore has received all necessary regulatory approvals

      • REP.SM (Repsol) -- Altarea acquires Prejeance Industrial in France from Repsol for ~ €140M

      • IDR.SM (Indra Sistemas) -- will receive dividend of €59.6M for the 9.5% stake it holds in the capital of ITP Aero

      • VAR1.GR (VARTA) -- currently in negotiations with Porsche regarding possible investment by V4Drive business

      • VID.SM (Vidrala) -- announces closing of the sale of Italia

      • CARA.NO (Carasent) -- EG decides not to proceed with making takeover offer for Carasent

      • HBC, parent company of Saks Fifth Avenue, to acquire Neiman Marcus Group for $2.65B

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA approves Genentech's Vabysmo PFS for AMD, DME, RVO

      • OXUR.BB (Oxurion) -- convenes a new EGM on 24-Jul-24 regarding proposal to consolidate the company's outstanding shares at a ratio of 1 for 10,000

    • Other

      • BATS.LN (British American Tobacco) -- subsidiary Imperial Tobacco Canada submits feedback to Health Canada on nicotine replacement therapy products

      • FGR.FP (Eiffage) -- consortium wins contract to build four electrical substations off the coast of Belgium for the world's first artificial energy island

      • TRN.IM (TERNA Rete Elettrica Nazionale) -- TERNA signs an ESG-linked credit facility for €200M (post EU close 4-Jul)

  • Key rating changes

    • Upgrades

      • DNB.NO (DNB Bank) -- to buy from hold at Carnegie Securities

      • SPX.LN (Spirax Group) -- to neutral from underperform at BNP Paribas Exane

      • OCI.NA (OCI NV) -- to buy from hold at Jefferies

    • Downgrades

      • TEL2.B.SS (Tele2) -- to sell from hold at Berenberg

      • YAR.NO (Yara International) -- to hold from buy at Kepler Cheuvreux

      • SCT.LN (Softcat) -- to underperform from buy at Jefferies

    • Initiations

      • VZN.SW (VZ Holding) -- Add at Baader Helvea

      • CAPSL.NO (Capsol Technologies) -- buy at Pareto

    • Others

      • ESSITY.B.SS (Essity) -- short-term recommendation transferred hold at Handelsbanken; prior rating was buy

  • Data

    • Nikkei (0.24%) to 40814.51

    • Hang Seng (0.89%) to 17867.93

    • Shanghai Composite (0.72%) to 2936.18

    • S&P futures +5.3 vs prior close of 5590.3

    • €-$ +0.0011 or +0.10% to 1.0824

    • $-¥ (0.59) or (0.37%) to 160.66

    • €-¥ (0.50) or (0.29%) to 173.86

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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