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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4% , DAX +0.5%, CAC +0.3%

Aug 12 ,2024

  • Synopsis

    • European equity markets set to open broadly higher, in what should be a relatively quiet start to the week. Later this week, focus turns to potential macro catalysts including US inflation with PPI on Tuesday and CPI on Wednesday. In Europe, this week sees Norges Bank interest rate decision (Thurs), UK Q2 preliminary GDP (Thurs) and Jul inflation data (Wed) as well as earnings from the likes of RWE (RWE.GR), Pandora (PNDORA.DC), Straumann Holding (STMN.SW) and UBS Group (UBSG.SW)

    • Note that risk appetite returned last week albeit cautiously. The Stoxx 600 Europe index rallied for four consecutive days, ending the week with a modest gain of 0.3% after a 3% decline the previous week.

    • Macro data releases out today include Portugal Jul final CPI, Denmark Jul CPI. Today's agenda also sees OPEC monthly oil market report. Arendal Week kicks off (through Thu), the largest political gathering in Norway, speakers include ministers of defence Gram (Tue), climate and environment Eriksen (Tue) and energy Aasland (Tue/Thu). Norway's PM Støre participates in the DN conversation with Harald Eia at 18:00CET (Tue).

  • Macro/politics

    • UK employers plan smallest pay rises in two years, survey shows - Reuters

    • UK to See First Inflation Rise This Year, Bolstering BOE Caution - Bloomberg

    • UK wage growth still a concern for inflation, warns Bank of England ratesetter - FT

    • Fitch Revises Finland's Outlook to Negative; Affirms at 'AA+' - link

    • SNB Will Cut Just Once More Despite Franc Surge, Economists Say - Bloomberg

    • ECB to Cut Key Rate Six Times by End of 2025, Survey Shows - Bloomberg

  • Top company news

    • Earnings/updates

      • ARYN.SW (Aryzta) --reports H1 net income €58.1M vs year-ago €58.0M; Reiterates FY24 guidance; on track to deliver remaining FY25 EBITDA margin target

      • BORR.NO (Borr Drilling) -- reports preliminary Q2 revenue $272M vs FactSet $242.4M [7 est, $231-261.2M]

      • VIL.FP (Viel & Cie) -- reports preliminary H1 revenue €597.2M vs year-ago €553.7M

      • QBY.GR (q.beyond) -- reports Q2 net income attributable (€1.0M) vs year-ago (€3.0M); reaffirms FY guidance

      • HYQ.GR (Hypoport) -- confirms prelim Q2/H1 earnings as per 23-Jul update; keeps FY24 forecast unchanged

      • HNR1.GR (Hannover Re) -- reports Q2 net income €603M vs consensus €533M; confirms FY guidance

      • SZG.GR (Salzgitter AG) -- confirms prelim Q2/H1 earnings (19-Jul) and FY24 outlook (30-Jul)

      • EKT.GR (EnergieKontor) -- reports H1 EPS €0.85 vs year-ago €1.50

      • Also reporting today

        • Earnings: Varta (VAR1.GR), q.beyond (QBY.GR), Addex Therapeutics (ADXN.SW), Team Internet Group (TIG.LN), Stelrad Group (SRAD.LN), Marshalls (MSLH.LN)

    • M&A

      • ETL.FP (Eutelsat Communications) -- enters into exclusive negotiations for the carve-out and partial sale of its passive ground segment infrastructure assets

      • ALESK.FP (Esker) -- Bridgepoint considering bid to acquire Esker - Bloomberg, citing people familiar with the matter (9-Aug, 15:39 CET)

      • BT.A.LN (BT Group) -- Altice estimated to have sold 9% stake in BT worth ~£980M since February - Telegraph

      • PGHN.SW (Partners Group Holding) -- Partners Group considering launching Techem IPO as soon as September - Bloomberg (9-Aug, post-EU close)

      • RHC.AU (Ramsay Health Care) -- Speculation European Private Equity firm considering takeover offer for Ramsay Health Care - The Australian

      • SRS.IM (Saras) -- Varas crosses 66.67% threshold of Saras share capital

      • 541988.IN (Aavas Financiers) -- board agrees to sell ~26.5% stake to Aquilo House & CVC Capital Partners at INR1635/sh

      • Vista Equity evaluating potential sale of Finastra's Capital Markets unit - Bloomberg

    • Healthcare

      • SPRY (ARS Pharmaceuticals) -- FDA approves neffy (epinephrine nasal spray) for the emergency treatment of allergic reactions (Type I)

      • SPRY (ARS Pharmaceuticals) -- issues press release on FDA approval of neffy (epinephrine nasal spray)

      • SDZ.SW (Sandoz Group) -- receives FDA approval for Enzeevu (aflibercept-abzv) to treat nAMD

    • Other

      • STLA.IM (Stellantis) -- to lay off up to 2,450 workers at Warren plant - Reuters

      • TKA.GR (ThyssenKrupp) -- says steel division must be restructured to fund investment needs with its own earnings - Reuters

      • ATG.LN (Auction Technology Group) -- Breon Corcoran Chair and non-executive director to step down with immediate effect

      • Arrow Energy to develop Phase 2 of Surat Gas Project

      • BHP pushed to negotiate with unions under industrial relations changes - Australian Financial Review

      • Estimated weekend box office revenues in US, Canada $158.1M, +41.2% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • BWY.LN (Bellway) -- to add from hold at Peel Hunt

      • BESI.NA (BE Semiconductor Industries) -- to buy from hold at Stifel

      • DGE.LN (Diageo) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • GLJ.GR (GRENKE) -- to neutral from outperform at Oddo

      • JD.LN (JD Sports Fashion) -- to sell from hold at Deutsche Numis

    • Initiations

      • YPSN.SW (Ypsomed Holding) -- equal weight at Barclays

    • Other Actions

      • UBSG.SW (UBS Group) -- transferred underperform at Mediobanca; prior rating was underperform

  • Data

    • Nikkei +0.00% to 35025.00

    • Hang Seng +0.00% to 17089.68

    • Shanghai Composite (0.15%) to 2857.90

    • S&P futures +2.5 vs prior close of 5370.3

    • €-$ +0.0001 or +0.01% to 1.0920

    • $-¥ +0.58 or +0.40% to 147.21

    • €-¥ +0.63 or +0.39% to 160.73

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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