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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.40%), DAX30 (0.08%)

Jul 19 ,2024

  • Synopsis

    • European indices are set to open lower in line with Asian equities lower. Hang Seng leading China market declines with property developers under pressure following Third Plenum communique. Shares in Korea and Taiwan seeing sizable losses amid continuation of tech sell-off. Nikkei logging milder decline. S&P 500 futures edging higher afterhours. Bonds weaker with Treasuries weaker while JGB yields lower at the long end. FX markets steady after dollar rebounded against majors.

    • US equities were lower in Thursday trading as stocks extended Wednesday's declines though finished a bit off worst levels

    • In central banks, ECB survey of professional forecasters released at 10:00CET, whilst the ESRB Annual Report 2023 is released at 11:00. Speech at ~17:00CET by Chancellor Scholz at the start of the SPD election campaign in Sate of Saxony (election 1-Sep, the same day as election in the State of Thuringia)

    • In Macro data: Germany Jun PPI, UK Jun retail sales, public sector net borrowing, Jul consumer confidence - GfK, Spain May trade balance, Austria Jun final CPI

    • In corporate news earnings came mostly from the Nordics this morning with, (WRT1V.FH) Wartsila, (SAAB.B.SS) Saab, (BONAV.B.SS) Bonava, (KNEBV.FH) Kone, (TOM.NO) Tomra Systems, (BILL.SS) Billerud

  • Politics/Macro/World News

    • ECB policymakers weighing fewer rate cuts amid lingering inflation concerns (Bloomberg)

    • ECB hawks open to September rate cut if data supports it, sources say (Reuters)

    • Keir Starmer opens door to processing asylum claims outside UK (FT)

    • Europe Agrees New Crackdown on Russian Oil Tanker 'Shadow Fleet' (BBG)

  • Top company news

    • Earnings/updates

      • UBI.FP (Ubisoft Entertainment) -- reports Q1 revenue €323.5M vs FactSet €306.1M [3 est, €286.3-319M]

      • SRT3.GR (Sartorius) -- reports H1 underlying EPS €2.15 vs year-ago €2.95

      • SCHP.SW (Schindler Holding) -- reports Q2 EPS CHF2.27 vs consensus CHF2.15; reaffirms FY guidance

      • DIM.FP (Sartorius Stedim Biotech) -- reports H1 EPS €1.71 vs year-ago €2.62

      • TOM.NO (Tomra Systems) -- reports Q2 EPS ex-items €0.08 vs FactSet €0.08

      • BILL.SS (Billerud) -- reports Q2 EPS SEK0.25 vs FactSet (SEK0.41) [6 est, (SEK0.96)-0.39]

      • SOP.FP (Sopra Steria Group) -- guides H1 revenue €2.95B vs FactSet €3.18B [2 est, €3.17-3.18B]

      • OBEL.BB (Orange Belgium) -- reports H1 net income (€17.7M) vs FactSet €5M [1 est]; now guides FY EBITDAaL to slightly exceed €535M vs prior guidance €515-535M and FactSet €524.14M

      • SMHN.GR (SÜSS MicroTec) -- reports preliminary Q2 revenue €99.3M

      • ALMDT.FP (MEDIAN Technologies) -- reports H1 revenue €10.9M vs year-ago €11.4M

    • M&A

      • EVO.SS (Evolution) -- to acquire Galaxy Gaming for ~$85M

      • DSFIR.NA (DSM-Firmenich) -- to sell MEG-3 fish oil business to KD Pharma Group

      • EQT.SS (EQT AB) -- Bain Capital, Veritas Capital and Permira through to final round of sale process for $15B Nord Anglia - FT

      • (OTHER) SCHP.FP (Seche Environnement) -- Séché Environnement completes acquisition of ECO

    • Healthcare

      • EMBLA.DC (Embla Medical hf) -- Embla Medical announces CMS grants extended coverage in the U.S. for lower-limb active K2 amputee patients to access bionic prosthetic solutions

    • Other

      • PUB.FP (Publicis Groupe) -- Madison and Wall: Publicis 2Q24 shows continued outperformance

      • EVO.SS (Evolution) -- announces capital allocation framework (post EU close 18-Jul)

      • DEC.FP (JCDecaux) -- JCDecaux's Group carbon reduction trajectory approved by the SBTi, including 2050 net zero goal

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group confirms that Guichard-Perrachon subject of a preliminary investigation by the National Financial Prosecutor's Office

  • Key rating changes

    • Upgrades

      • AJB.LN (AJ Bell) -- to buy from hold at Jefferies

      • HNSA.SS (Hansa Biopharma) -- to buy from hold at SEB

      • MIPS.SS (MIPS) -- to buy from hold at Jefferies

      • YOU.GR (ABOUT YOU Holding) -- to buy from neutral at UBS

    • Downgrades

      • HUSQ.B.SS (Husqvarna) -- to hold from buy at SEB

      • SVT.LN (Severn Trent) -- to market perform from outperform at Bernstein

      • GJF.NO (Gjensidige Forsikring) -- to underperform from hold at Jefferies

      • ENI.IM (Eni) -- to hold from buy at Stifel

      • NOVN.SW Novartis -- to hold from buy at Deutsche Bank

    • Initiations

      • AED.BB (Aedifica) -- overweight at JPMorgan

  • Data

    • Nikkei (0.35%) to 39987.66

    • Hang Seng (2.10%) to 17405.52

    • Shanghai Composite (0.17%) to 2972.14

    • S&P futures +9.8 vs prior close of 5594.5

    • €-$ (0.0008) or (0.07%) to 1.0890

    • $-¥ +0.05 or +0.03% to 157.42

    • €-¥ (0.10) or (0.06%) to 171.39

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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