Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.24%) , DAX30 (0.27%), CAC40 (0.18%)

Jul 16 ,2024

  • Synopsis

    • European equity markets are set to open in negative territory amidst Asian equities mixed Tuesday. Hang Seng leading China market declines with property developers under pressure for a second session. Nikkei logging mild gains as Japan resumes trade following Monday holiday. Shares in Korea, Australia and Taiwan little changed. S&P 500 futures edging higher afterhours. Treasury and JGB curves bull flattening with yields down 1-2 bp. Australian bonds rallying. Dollar seeing across-the-board gains. Muted price action in gold and crude. Copper pulling back further. Bitcoin extending rally towards one-month high.

    • Markets continue to process political implications of assassination attempt on Trump, as his election odds firmed and fueled momentum in trades likely to be influenced by his policies. Also bringing into sharper view likely impact of Trump's protectionist policies with economists warning of sizable hit to Chinese growth from 60% tariffs.

    • On today's agenda, EU Parliament plenary (through Fri), kick's off at 10:00CET, with it's first act after its constitution is to elect its President for the next two-and-a-half years (half the legislature). Further, EU's Employment, Social Policy, Health and Consumer Affairs Council meet. EU's Simson participates in debate at event hosted by European Energy Forum. G7 Trade Ministers' Meeting (through Wed). In addition, Russia's Foreign Minister Sergey Lavrov chairs open ministerial-level debate on multilateral cooperation for a more just, democratic and sustainable world order.

    • In central banks, publication at 12noon CET of selected articles from latest Bundesbank monthly report. ECB bank lending survey released at 10:00CET. Elsewhere, ECOFIN meeting, participants include ECB's de Guindos.

    • Macroeconomic data include: Germany Jul ZEW survey, Italy Jun final CPI, May trade balance, Eurozone May trade balance, UK Jul house price index - Rightmove

    • In corporate news, Nordics earnings in focus. Elisa Oyj (ELISA.FH) reports Q2 EPS €0.57 ex-items vs FactSet €0.58 and reaffirms FY guidance. Swedbank (SWED.A.SS) reports Q2 EPS SEK7.61 vs consensus SEK7.07. Skandinaviska Enskilda Banken (SEB.A.SS) posted Q2 earnings and announced yesterday after the close that it had completed SEK2.0B share buyback programme and initiates new SEK 2.5B buyback programme. Camurus (CAMX.SS) reports Q2 EPS SEK1.25 vs FactSet SEK1.47.

    • From the DACH region, Richemont (CFR.SW) reports Q1 sales €5.27B vs consensus €5.30B. DKSH Holding (DKSH.SW) H1 EPS CHF1.71 vs consensus CHF1.49 and confirmed outlook for 2024.

    • On M&A front, EQT and Temasek reportedly seeking to sell O2 Power.

  • Macro/World/Politics

    • Why von der Leyen is banking on parliament choosing her over chaos - FT

    • German 2025 budget draft has a 17 billion euros hole, sources - Reuters

    • Italy, Spain back EU duties on China-built EV imports - Reuters

    • UK, EU States to Target Russian Oil Fleet With More Checks - Bloomberg

    • The French left never had a plan for winning, and it could cost them their victory - Politico

  • Top company news

    • Earnings/updates

      • DACHs

        • BOSS.GR (Hugo Boss) -- guides Q2 EBIT €70M vs year-ago €121M

        • DKSH.SW (DKSH Holding) -- reports H1 EPS CHF1.71 vs consensus CHF1.49; Confirmed outlook for 2024

        • CFR.SW (Richemont) -- reports Q1 sales €5.27B vs consensus €5.30B

      • Southern Europe

        • EDP.PL (EDP-Energias de Portugal) -- reports Q2/H1 operating data

        • EDPR.PL (EDP Renovaveis) -- reports H1 operating data: Electricity generation +5% y/y

      • France

        • ABVX.FP (Abivax) -- provides operational and key program updates; names Sheldon Sloan as Chief Medical Officer; cash runway potential to extend into Q1 2026

        • SCR.FP (SCOR SE) -- provides update on Q2 and FY24 results

      • Nordics

        • SWED.A.SS (Swedbank) -- reports Q2 EPS SEK7.61 vs consensus SEK7.07

        • SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q2 EPS SEK4.54 vs consensus SEK4.22

        • HTRO.SS (Hexatronic Group) -- reports Q2 EPS SEK0.44 vs FactSet SEK0.51 [3 est, SEK0.48-0.56]

        • WITH.FH (WithSecure) -- reports Q2 EPS (€0.02) vs FactSet (€0.01) [5 est, (€0.02)-0.00]

        • SOFF.NO (Solstad Offshore) -- reports Q2 EPS (NOK0.01) vs FactSet NOK3.41 [1 est]

        • NCC.B.SS (NCC) -- reports Q2 EPS SEK4.83 vs consensus SEK4.47

        • ELISA.FH (Elisa Oyj) -- reports Q2 EPS €0.57 ex-items vs FactSet €0.58 [12 est, €0.55-0.61]; reaffirms FY guidance

        • BERG.B.SS (Bergman & Beving) -- reports Q1 net income SEK58M vs FactSet SEK58.5M

    • M&A

      • EQT.SS (EQT AB) -- EQT and Temasek seeking to sell O2 Power- Mint

      • EMEIS.FP (Emeis SA) -- emeis announces signature of real estate promissory sales agreement concerning assets in Portugal worth total value of €24M

    • Healthcare

      • PHO.NO (PhotoCure) -- and Richard Wolf enter into agreement to develop a high-definition flexible blue light cystoscope for global commercialization

      • VSC.GR (4SC) -- receives orphan drug status (ODs) for resminostat (Kinselby) in cutaneous t-cell lymphoma in Switzerland

    • Other

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- Street Takeaways - Telefonaktiebolaget LM Ericsson Q2 Earnings

      • ERF.FP (Eurofins Scientific) -- Follow up: Eurofins Disputes the Validity of SGS' Purported Termination of the agreement to Divest Its Crop Science Operations to Eurofins

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- completes latest SEK2.0B share buyback programme and initiates new SEK 2.5B buyback programme

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- wins Ultra High Resolution 3D (UHR3D) acquisition contract in Europe

      • TRST.LN (Trustpilot Group) -- holder Trafalgar Acquisition to sell ~12.5M shares via accelerated bookbuild through Berenberg

      • ALCOX.FP (Nicox) -- Chairman, Jean-François Labbe retires

  • Key rating changes

    • Upgrades

      • MRL.SM (MERLIN Properties SOCIMI) -- to buy from neutral at Van Lanschot Kempen

      • AAF.LN (Airtel Africa) -- to overweight from neutral at JPMorgan

      • HELN.SW (Helvetia Holding) -- to buy from reduce at Kepler Cheuvreux

    • Downgrades

      • BALN.SW (Baloise)-- to reduce from hold at Kepler Cheuvreux

      • GSF.NO (Gjensidige Forsikring) -- to sell from hold at Berenberg

      • BOSS.GR (Hugo Boss) -- to neutral from outperform at Oddo

    • Initiations

      • FDJ.FP (La Francaise des Jeux) -- outperform at Bernstein

  • Data

    • Nikkei +0.31% to 41320.35

    • Hang Seng (1.21%) to 17797.15

    • Shanghai Composite (0.10%) to 2970.98

    • S&P futures +10.5 vs prior close of 5683.0

    • €-$ (0.0006) or (0.05%) to 1.0889

    • $-¥ +0.64 or +0.41% to 158.71

    • €-¥ +0.59 or +0.34% to 172.82

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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE