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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +0.3%, CAC +0.3%, IBEX +0.4%, MIB +0.2%

Oct 07 ,2024

  • Synopsis

    • European equity markets set to open broadly higher, following last week's losses when the STOXX Europe 600 fell 1.80%). French CAC underperformed last week and fell (3.2%) after French PM Barnier outlined his plan for fiscal consolidation. Middle East tensions weighed on sentiment, which impacted several sectors, boosted oil prices and gold recorded a new record high.

    • The week ahead sees Eurogroup meeting, Chancellor Scholz meet with US President Biden, German Aug industrial production, Switzerland Sep Consumer Climate - SECO, UK Aug industrial/manufacturing production as well as earnings/updates from the likes of Givaudan (GIVN.SW), OMV (OMV.AV), Porsche (P911.GR), Repsol (REP.SM) and Tryg (TRYG.DC).

    • European macro data releases out today include Germany Aug factory orders, Norway Aug manufacturing production, Denmark Aug manufacturing production, Eurozone Aug retail sales, Oct Sentix investor confidence, UK Sep house price index - Halifax

    • Today's agenda also sees, in central banks, Bundesbank's Payment Transactions Symposium, speakers include ECB's Cipollone at 9:05CET, Bundesbank's Balz 9:25, ECB conf on Monetary Policy (through Tue), ECB's Lane speech at 9:45CET, ECB's Escriva speech at 13:45CET at event in Madrid organised by KPMG and Expansión, and Bundesbank's Nagel speech at 16:30CET. BaFin and Bundesbank joint press conf. at 12:00CET on the results of the Less Significant Institutions stress test 2024. Elsewhere, there's Eurogroup meeting, participants include ECB's Lagarde and Cipollone and in UK, MPs return after the Party conf recess, with questions on work and pensions including on winter fuel payments. In Norway, finance minister presents to parliament at 10:00CET the government's proposal for the state budget 2025, press conf at 12:30. Chancellor Scholz attends Hamburg Sustainability Conf . EU's Vestager in fire side chat on Europe AI and global competitiveness at the CopenhAIgen Forum and speaks later in the day at AI related event . Also, World Investor Week. Non-GMO Summit (through Tue). Also, DS Smith (SMDS.LN) shareholders vote on offer from International Paper (IP). Airbus (AIR.FP) latest monthly orders/deliveries

    • Stocks in focus this morning include Rio Tinto (RIO.LN) as it makes non-binding approach for Arcadium Lithium (LTM.AU). Mytheresa to acquire YOOX NET-A-PORTER in exchange for Richemont (CFR.SW) to take a 33% equity stake in Mytheresa. Italgas (IG.IM) announces that 2i Rete Gas has accepted the company's acquisition offer of ~$5.3B. Shell (SHEL.LN) is to issue Q3 2024 Quarterly Update Release.

  • Politics/Macro/World News

    • ECB's Villeroy: Will "quite probably" cut rates in Oct due to rising risk of inflation undershooting 2% target - La Repubblica Interview

    • Starmer Forced Into Messy Reset Less Than 100 Days In -- Bloomberg

    • UK Salaries Rise at Weakest Pace Since 2021, Job Recruiters Say -- Bloomberg

    • Oil traders flip from bearish to bullish as Israel weighs response to Iran's missile attack:

  • Top company news

    • Earnings/updates

      • GET.FP (Getlink) -- provides update on ElecLink issues

      • LSG.NO (Lerøy Seafood Group) -- Q3 trading update: total harvest volume of salmon and trout 51.4K GWT, ex volumes from Scottish Seafarms

      • CLAS.B.SS (Clas Ohlson) -- reports Sep sales (ex acquired Spares Group) +4% to SEK793M

      • BNOR.NO (BlueNord) -- reports prelim Q3 production 26.5 Mboe/d vs FactSet 28.1 Mboe/d

      • Also reporting today

        • Earnings: Beeks Financial Cloud Group (BKS.LN)

        • Trading Update: Repsol (REP.SM), Shell (SHEL.LN)

        • Production: Ferrexpo (FXPO.LN)

        • Traffic: SAS (SASQB), Fly Play (PLAY.IR)

    • M&A

      • LTM.AU (Arcadium Lithium), RIO.LN (Rio Tinto)

        • Arcadium Lithium confirms approach from Rio Tinto

        • Arcadium Lithium holder opposes takeover worth less than $8B (A$11.77B) - Australian Financial Review (

      • CFR.SW (Richemont) -- MYT Netherlands Parent B.V. and Richemont sign agreement for Mytheresa to acquire YOOX NET-A-PORTER in exchange for a 33% equity stake in Mytheresa

      • IG.IM (Italgas) -- announces that 2i Rete Gas has accepted the company's acquisition offer of ~$5.3B

      • SAN.FP (Sanofi) -- CD&R, PAI revising offers for Opella - Bloomberg

      • RR.LN (Rolls-Royce Holdings) -- Czech government to buy into Rolls-Royce SMR consortium; terms undisclosed - Sunday Times

      • BVI.FP (Bureau Veritas)

        • agrees to sell its food testing business to Mérieux NutriSciences for €360M (Enterprise Value)

        • agrees to acquire IDP Group for an undisclosed sum

      • UNF (UniFirst) -- issues statement related to recent industry activity and Elis SA

      • TIT.IM (Telecom Italia) -- examines Sparkle purchase offer; board mandates CEO Pietro Labriola to initiate interlocutions on an exclusive basis with the bidders

      • HEI.GR (Heidelberg Materials) -- Adani Group in discussions to acquire Heidelberg's India cement business - Economic Times

      • FUTR.LN (Future Plc) -- Future considered breaking itself up in strategic review - Mail on Sunday

      • MUL.LN (Mulberry Group) -- founder: LVMH could buy company - Mail on Sunday

      • TFBANK.SS (TF Bank) -- enters into share purchase agreement regarding transfer of a majority stake in the subsidiary Rediem Capital AB

      • British Land, Land Securities "need to justify their existence" - Sunday Times

      • (NULL) Loscam owners now looking to sell only portion of business - The Australian

    • Healthcare

      • VICO.SS (Vicore Pharma Holding) -- rights issue through Pareto oversubscribed

    • Other

      • IG.IM (Italgas) -- to present 2024-2030 Strategic Plan pre-open tomorrow; conference call at 15:00 CET

      • TKA.GR (ThyssenKrupp) -- could potentially cancel its multi-billion dollar flagship project to convert steel mills to green steel using hydrogen -- Handelsblatt

      • PTEC.LN (Playtech) -- Certain Playtech holders critical of executive bonus scheme linked to sale of Snaitech - FT

      • UniCredit and Nexi reach agreement on payments deal -- Corriere (6-Oct)

      • Estimated weekend box office revenues in US, Canada $89.1M, +22.1% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • PNDX.B.SS (Pandox) -- Pandox long-term recommendation resumed outperform at Handelsbanken; prior rating was market perform

      • STERV.FH (Stora Enso) -- to overweight from underweight at Barclays

      • EXPN.LN (Experian) -- to buy from hold at Deutsche Numis

      • ITRK.LN (Intertek Group) -- to hold from sell at Deutsche Numis

      • UBI.FP (Ubisoft) -- to market perform from underperform at Bernstein

      • CIE.SM (CIE Automotive) -- to buy from hold at Kepler Cheuvreux

      • PIRC.IM (Pirelli & C.) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • TPE.GR (PVA TePla) -- to hold from buy at Jefferies

      • SMDS.LN (DS Smith) -- to underweight from equal weight at Barclays

    • Initiations

      • BANB.SW (Bachem Holding) -- hold at Deutsche Bank

  • Data

    • Nikkei +2.36% to 39547.69

    • Hang Seng +1.25% to 23021.66

    • Shanghai Composite +0.00% to 3336.50

    • S&P futures (8.5) vs prior close of 5800.0

    • €-$ +0.0001 or +0.01% to 1.0969

    • $-¥ (0.31) or (0.21%) to 148.41

    • €-¥ (0.35) or (0.21%) to 162.73

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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