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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.24% , DAX30 +0.24%, CAC40 +0.26%

Jul 11 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory Asian equities advancing Thursday. China markets outperforming following short-selling crackdown news. Japan, Australia, and Korea also gaining while Taiwan at fresh all-time high. S&P 500 futures little changed afterhours. Treasuries muted ahead of US CPI. JGBs flat while New Zealand front-end yields pulling lower following dovish RBNZ takeaways. Kiwi and Aussie among strongest FX performers, Korean won strengthening following BOK. Crude adding to overnight gains and metals logging mild gains. Bitcoin flat.

    • On today's agenda, EuroMinds Economic Summit and Informal meeting of EU environment ministers (through Fri). UK's Ofwat will publish its draft determinations. In central banks, BOE Credit Conditions Survey published at 9:30BST. Elsewhere, IEA oil market report is due to be released.

    • Macroeconomic updates include: UK May industrial/manufacturing production, trade balance, construction output, Jun house price balance - RICS, monthly GDP tracker - NIESR, Germany Jun final CPI, Sweden Jun unemployment rate, Ireland Jun CPI

    • In corporate news, Repsol (REP.SM) posted yesterday after the close a trading statement with Q2 data. In the DACH region, Suedzucker (SZU.GR) reported today Q1 EBIT €155M vs FactSet €169.8M and confirmed its FY outlook. Barry Callebaut (BARN.SW) reports 9M revenue CHF7.32B vs consensus CHF7.12B and reaffirms FY23/24 guidance whilst Fielmann Group (FIE.GR) reports preliminary H1 EBT ~€125M vs year-ago €108M.

    • Out of the Nordics, Bufab (BUFAB.SS) reports Q2 EPS SEK3.94 vs FactSet SEK4.48. Q-linea (QLINEA.SS) is also out with Q2 earnings.

    • Partners Group Holding (PGHN.SW) CMD/event will be held today.

  • Politics/Macro/World News

    • EU leaders scheme backlash to Viktor Orbán's freelance diplomacy - FT

    • Europe braced for a weakened Emmanuel Macron - FT

    • China launches probe on EU trade barriers - Bloomberg

    • Brazil's lower house of Congress takes major step to enact tax reform - Reuters

    • India warns UK not to impose deadline on trade talks - FT

    • UK Jun house price balance (17%) vs consensus (15%) and prior (17%) - RICS

    • BoE's Mann warns price pressures still strong, sees inflation rising again - Reuters

    • UK Budget hole of up to £30B may threaten Reeves plans - Bloomberg

  • Top company news

    • Earnings/updates

      • Southern Europe

        • REP.SM (Repsol) -- trading statement: Q2 upstream production 589 Kboe/d vs year-ago 596 Kboe/d

      • DACHs

        • GXI.GR (Gerresheimer) -- reports Q2 Adj. EPS €1.24 vs consensus €1.12; confirms FY guidance

        • AMBU.B.DC (Ambu) -- reports preliminary Q3 revenue DKK1.38B vs FactSet DKK1.36B [4 est, DKK1.34-1.39B]

        • DOCM.SW (DocMorris) -- reports preliminary Q2 revenue CHF250.5M vs FactSet CHF258.5M [2 est, CHF251-266M]

        • FHZN.SW (Flughafen Zuerich) -- reports Jun traffic statistics

        • SZU.GR (Suedzucker) -- reports Q1 EBIT €155M vs FactSet €169.8M [2 est, €155.2-184.4M]

        • BARN.SW (Barry Callebaut) -- reports 9M revenue CHF7.32B vs consensus CHF7.12B; reaffirms FY23/24 guidance

        • FIE.GR (Fielmann Group) -- reports preliminary H1 EBT ~€125M vs year-ago €108M

        • ADG.GR (Bitcoin Group) -- reports FY EPS €0.39 vs year-ago (€0.48)

      • Nordics

        • KCC.NO (Klaveness Combination Carriers) -- issues Q2 business update with preliminary CABU and CLEANBU TCE earnings: preliminary Q2 fleet average TCE earnings $/day 38,376 vs guided range $/day 36,700-38,700

        • AKAST.NO (Akastor) -- reports Q2 net income from cont. ops NOK899M vs FactSet (NOK28M) [1 est]

        • EPR.NO (Europris) -- reports Q2 EPS NOK1.65 vs FactSet NOK1.39 [4 est, NOK1.21-1.54]

        • BUFAB.SS (Bufab) -- reports Q2 EPS SEK3.94 vs FactSet SEK4.48 [2 est, SEK4.07-4.90]

        • QLINEA.SS (Q-linea) -- reports Q2 EPS (SEK0.56) vs year-ago (SEK2.23)

    • M&A

      • SRS.IM (Saras) -- Vitol (through Varas) launches €1.60/share mandatory tender offer for Saras (post EU close 10-Jul)

      • GLE.FP (Societe Generale) -- Credit Agricole in advanced talks to acquire Societe Generale's Hanseatic Bank - Bloomberg

      • FRAS.LN (Frasers Group) -- updates on its current investment in Hugo Boss

      • SRS.IM (Saras) -- CONSOB approves Varas offer document for Saras at €1.60/sh

      • ALLDL.FP (Groupe LDLC) -- completes acquisition of Rue du Commerce

    • Healthcare

      • SAN.FP (Sanofi) -- FDA grants orphan drug designation to Sanofi for drug to treat of myotonic dystrophy type 1

      • NOVO.B.DC (Novo Nordisk) -- receives complete response letter from US FDA for insulin icodec Awiqli; does not expect to fulfil requests in 2024

    • Other

      • BP.LN (BP) -- Pulse announces deal with Simon Property Group to install and operate Gigahubs on 75 sites

      • PHIA.NA (Koninklijke Philips) -- FDA restates the number of injuries and deaths associated with the BiPAP V30 recall

      • BAS.GR (BASF SE) -- BASF units announce the breaking of ground on new green hydrogen investment in Germany and to cease production of glufosinate-ammonium at two sites in Germany

      • LHA.GR (Deutsche Lufthansa) -- Deutsche Lufthansa's core brand Lufthansa Airlines to undertake further austerity measures amid high costs and falling revenues - Handelsblatt

      • EDPR.PL (EDP Renovaveis) -- secures a 15-year PPA to sell 90% of the energy produced by a 150 MWac (213 MWdc) solar project in Illinois

      • ERF.FP (Eurofins Scientific) -- Provides Update on Current and Upcoming Actions Following Communications Published by Muddy Waters Since 24-Jun-24

  • Key rating changes

    • Upgrades

      • ALO.FP (Alstom) -- Alstom resumed overweight at JPMorgan; prior rating was neutral

      • ENG.SM (Enagas) -- to outperform from neutral at Mediobanca

      • NOVN.SW (Novartis) -- to outperform from neutral at Oddo

      • ROR.LN (Rotork) -- to buy from hold at HSBC

      • MFEB.IM (MFE-MEDIAFOREUROPE) ---to overweight from neutral at JPMorgan

      • PSM.GR (ProSiebenSat.1 Media) -- to overweight from neutral at JPMorgan

    • Downgrades

      • NESTE.FH (Neste) -- to sector perform from outperform at RBC Capital Markets

      • EVT.GR (Evotec) -- to hold from buy at Deutsche Bank

      • GALP.PL (Galp Energia SGPS) -- to underweight from equal-weight at Morgan Stanley

      • PUB.FP (Publicis Groupe) -- to neutral from overweight at JPMorgan

      • WKL.NA (Wolters Kluwer) -- to neutral from overweight at JPMorgan

    • Initiations

      • SMHN.GR (SÜSS MicroTec) -- buy at Deutsche Bank

  • Data

    • Nikkei +1.27% to 42365.02

    • Hang Seng +1.63% to 17757.02

    • Shanghai Composite +0.77% to 2962.04

    • S&P futures (2.5) vs prior close of 5688.0

    • €-$ +0.0006 or +0.06% to 1.0838

    • $-¥ +0.04 or +0.02% to 161.69

    • €-¥ +0.15 or +0.09% to 175.24

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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