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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +53, DAX +122, CAC40 +48, MIB +170

Aug 06 ,2024

  • Synopsis

    • European equity markets set to rebound whilst Asian equities sharply higher Tuesday. Japan TOPIX and Nikkei surging with insurers, banks and REITs prominent gainers. S&P 500 and Nasdaq futures up 1-2% afterhours. Korean and Taiwan stocks also notably higher amid broader rebound in tech/semis.

    • Risk-on session attributed to oversold conditions following Monday's historic drop on Asian markets. Better-than-expected US ISM services appeared to ease hard landing concerns fueled by last weeks' soft ISM manufacturing and US payrolls data. Growth risks have risen, but economists do not consider recession as base case.

    • On today's agenda, in UK, NIESR summer press conf at 11:00BST ahead of the publication of latest UK and Global Economic Outlooks as well as EnergiRike conf (through Wed) speakers include Norway's minister for climate and environment Eriksen

    • Macro data releases includes: Germany Jul construction PMI, Jun factory orders, Switzerland Jul unemployment rate, Jun retail sales, Netherlands Jul final CPI, UK Jul construction PMI, retail sales monitor - BRC, Eurozone Jun retail sales, Ireland Jul unemployment rate

    • On the corporate front, DACHs names kicked off the session with Zalando (ZAL.GR), Adecco Group (ADEN.SW), Fraport (FRA.GR), Carl Zeiss Meditec (AFX.GR) and Bayer AG (BAYN.GR) reporting Q2/9M earnings with the latter indicating to results ahead of expectations and confirming its FY guidance. In France yesterday after the close Coface (COFA.FP) and Clariane (CLARI.FP) issued H1 earnings. other notable compaies due to report today includes Uniper (UN01.GR), Schaeffler (SHA.GR), Banco BPM (BAMI.IM), BPER Banca (BPE.IM), InterContinental Hotels Group (IHG.LN), Rotork (ROR.LN), abrdn (ABDN.LN) and Travis Perkins (TPK.LN).

  • Politics/Macro/World News

    • UK's Reeves Declines to Rule Out Increase in Capital Gains Tax - Bloomberg

    • Rachel Reeves leaves door open to higher borrowing to tackle UK 'fiscal hole' - FT

    • UK weather rains on consumer spending in July - Reuters

    • EU inches closer to trade deal with South America - FT

  • Top company news

    • Earnings/updates

      • DACHs

        • ZAL.GR (Zalando) -- reports Q2 net income €95.7M vs FactSet €83.0M [4 est, €55.2-97M]

        • ADEN.SW (Adecco Group) -- reports Q2 adjusted EPS €0.64 vs StreetAccount €0.62

        • AFX.GR (Carl Zeiss Meditec) -- reports 9M EPS €1.32 vs year-ago €2.29; adjusts FY24 EBIT guidance

        • RAA.GR (Rational) -- reports Q2 EPS €5.36 vs FactSet €4.99 [8 est, €4.70-5.11]; confirms FY guidance

        • OERL.SW (OC Oerlikon Corp.) -- reports Q2 operational EBITDA CHF100M vs FactSet CHF93.2M [4 est, CHF91.6-96M]

        • ADV.GR (Adtran Networks) -- reports Q2 net income (€0.8M) vs year-ago €3.3M

        • GALE.SW (Galenica) -- reports H1 adjusted net profit from ongoing business CHF77.7M, +5% vs year-ago CHF73.7M

        • ASCN.SW (Ascom Holding) -- reports H1 net income CHF2.9M vs FactSet CHF3.1M [1 est]

        • FRA.GR (Fraport) -- reports Q2 net income €148.1M vs consensus €106M

        • DWNI.GR (Deutsche Wohnen) -- reports H1 net profit (€202.8M) vs year-ago (€1.39B)

        • M5Z.GR (Manz AG) -- reports H1 revenue €98.6M, (31%) vs year-ago €142.1M

        • BAYN.GR (Bayer AG) -- reports Q2 core EPS €0.94 vs consensus €0.83; FY24 outlook confirmed

        • NWO.GR (New Work) -- reports Q2 pro-forma EPS €1.66 vs year-ago €1.72 (

      • Southern Europe

        • BFF.IM (Banca Farmafactoring) -- reports H1 adjusted net income €71.0M vs FactSet €74.8M

        • CE.IM (Credito Emiliano) -- reports H1 net income attributable €323.8M vs FactSet €306M [1 est]

      • France

        • CLARI.FP (Clariane) -- reports H1 net income (€52M) vs year-ago €1M

        • COFA.FP (Coface) -- reports H1 net income €142.3M, +10% vs year-ago €128.8M

      • Nordics

        • CS.SS (Coinshares International) -- reports Q2 net income £25.8M vs FactSet £23.1M

        • NOHO.FH (NoHo Partners) -- reports Q2 adjusted EPS €0.11 vs FactSet €0.24

        • EQV1V.FH (eQ) -- reports Q2 EPS €0.18 vs FactSet €0.18

        • TETY.SS (Tethys Oil) -- reports Q2 EPS $0.14 vs FactSet $0.13

      • Also due to report today

        • Earnings:

          • Benelux: Nyxoah (NYXH.BB)

          • Germany: Uniper (UN01.GR), Schaeffler (SHA.GR), Biotest (BIO.GR), Northern Data (BN2.GR),

          • Nordics: NTG Nordic Transport Group (NTG.DC), Scanfil (SCANFL.FH), Detection Technology (DETEC.FH)

          • Southern Europe: Banco BPM (BAMI.IM), BPER Banca (BPE.IM), Banca Popolare di Sondrio (BPSO.IM), FILA - Fabbrica Italiana Lapis ed Affini (FILA.IM), Public Power Corp. (PPC.GA)

          • UK: InterContinental Hotels Group (IHG.LN), Rotork (ROR.LN), abrdn (ABDN.LN), Travis Perkins (TPK.LN), International Workplace Group (IWG.LN), Domino's Pizza (DOM.LN), Keller (KLR.LN), SIG (SHI.LN), Zotefoams (ZTF.LN), Hargreaves Services (HSP.LN)

        • Trading Update: YouGov (YOU.LN),

        • Traffic: Norwegian Air Shuttle (NAS.NO)

    • M&A

      • DKSH.SW (DKSH Holding) -- to acquire Euroingredientes in Portugal; terms undisclosed

      • SRS.IM (Saras) -- Varas crosses 50% threshold of share capital in mandatory tender offer for Saras

      • FNAC.FP (Fnac Darty) -- announces suspension of the review period by CONSOB

      • AKBM.NO (Aker BioMarine) -- announces clearance of Feed Ingredients transaction by all relevant competition authorities

      • MT.NA (ArcelorMittal) -- completes previously-announced acquisition of 28.4% interest in Vallourec

    • Healthcare

      • 673.GR (Cerevel Therapeutics) -- SEC filing: SC 13D/A (Filed by BC Perception Holdings, LP)

      • 673.GR (Cerevel Therapeutics) -- SEC filing: SC 13D/A (Filed by PFIZER INC)

      • ADXN.SW (Addex Therapeutics) -- SEC filing: SC 13D/A (Filed by Growth Equity Opportunities Fund IV, LLC)

      • GALE.SW (Galenica) -- notes Julian Fiessinger will succeed Felix Burkhard as CFO from 1-Jan-25; announces expansion of the executive committee

    • Other

      • ADS.GR (Adidas) -- announces Martin Shankland, Executive board member for Global Operations, to step down

      • NWG.LN (NatWest Group) -- SEC filing: SC 13D/A (Filed by HM Treasury)

      • Some solar firms Q2 results well received last week; hydrogen and EV makers results in focus this week (5-Aug)

  • Key rating changes

    • Upgrades

      • ARGX.BB (argenx) -- to overweight from equal weight at Barclays

      • NDA.GR (Aurubis) -- to neutral from sell at UBS

      • CICN.SW (Cicor Technologies) -- to buy from add at Baader Helvea

      • SIKA.SW (Sika Group) -- to buy from hold at Stifel

      • RUSTA.SS (Rusta) -- to buy from hold at DnB Markets

      • SHL.GR (Siemens Healthineers) -- to buy from hold at Kepler Cheuvreux

      • VACN.SW (VAT Group) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • HLN.LN (Haleon) -- to neutral from buy at Goldman Sachs

      • COK.GR (CANCOM) -- to hold from buy at Kepler Cheuvreux

    • Other Actions

      • NTGY.SM (Naturgy Energy Group) -- resumed equal-weight at Morgan Stanley

      • CLARI.FP (Clariane) -- resumed neutral at Oddo; prior rating was neutral

  • Data

    • Nikkei +9.13% to 34329.90

    • Hang Seng (0.08%) to 16684.42

    • Shanghai Composite (0.31%) to 2851.80

    • S&P futures +78.3 vs prior close of 5217.5

    • €-$ (0.0005) or (0.05%) to 1.0949

    • $-¥ +1.21 or +0.84% to 145.38

    • €-¥ +1.60 or +1.01% to 159.49

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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