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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.01%, DAX30 +0.25%, CAC40 +0.13%

Aug 16 ,2024

  • Synopsis

    • European indices are set to open mixed as Asian equities trend higher today. Nikkei outperforming region with rally of more than 3%. Shares in Korea, Australia, and Korea also notably higher. Hang Seng leading China markets with tech rallying following positive earnings takeaways.

    • US equities were higher in Thursday trading, ending near best levels. S&P and Nasdaq higher for sixth straight session and major indices on track for solid weekly gains. S&P also finished at highest level since 22-Jul, now 2.2% off record close.

    • Macroeconomic releases due today include: UK Jul retail sales, Eurozone Jun trade balance

    • In corporate news, earnings today mostly came from the Nordics with NAVA.NO Navamedic reports Q2 net income NOK20.3M vs FactSet NOK21.6M. TEKNA.NO Tekna Holding reports Q2 net income (C$7.5M) vs year-ago (C$2.5M). TOKMAN.FH Tokmanni Group reports Q2 EPS €0.25 vs FactSet €0.31. KOJAMO.FH Kojamo reports Q2 FFO €0.17 vs FactSet €0.17. ARCH.NO Archer reports Q2 EPS $0.01 vs FactSet $0.10. NKT.DC NKT A/S reports Q2 net income from cont. ops. €75M vs year-ago €35M; reaffirms FY guidance KOSKI.FH Koskisen reports Q2 EPS €0.21 vs FactSet €0.21.

  • Politics/Macro/World News

    • Carry Trade That Blew Up Markets Is Attracting Hedge Funds Again (Bloomberg)

    • Western businesses backtrack on their Russia exit plans (FT)

  • Top company news

    • Earnings/updates

      • SCATC.NO (Scatec) -- reports Q2 net income (NOK33.0M) vs year-ago NOK402.0M; FY24 proportionate EBITDA estimate unchanged

      • VZN.SW (VZ Holding) -- reports H1 net income CHF102.8M vs FactSet CHF100.6M [1 est]

      • AMBEA.SS (Ambea AB) -- reports Q2 EPS SEK1.09 vs FactSet SEK1.09 [2 est, SEK0.92-1.26]

    • M&A

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain acquires OVNIVER Group for €740M in cash

      • EQT.SS (EQT AB) -- subsidiary to acquire KJ Environment and affiliated companies from Genesis Private Equity; terms not disclosed

      • ALSN.SW (ALSO Holding) -- completes the acquisitions of SWS and Entec in Czech Republic and Slovakia

      • BRNK.GR (Branicks Group) -- announces sale of four retail park properties to leading US real estate investment manager

      • ARCH.NO (Archer) -- agrees to acquire an additional 10% of Iceland Drilling from its joint venture partner Kaldbakur for $2.5M in shares

    • Healthcare

      • GSK.LN (GSK Plc) -- welcomes Florida court ruling excluding plaintiffs' expert testimony as unreliable in Wilson case; GSK will now seek dismissal of the upcoming Wilson case

      • INCY (Incyte) -- announces phase 3 inMIND trial of tafasitamab (Monjuvi) in R/R follicular lymphoma meets its primary endpoint; expects to file sBLA by year-end

      • BAYN.GR (Bayer AG) -- sees favorable ruling from US appeals court in Roundup case - Bloomberg

      • MOR.GR (Morphosys) -- SEC filing: SC 13D/A (Filed by NOVARTIS AG)

    • Other

      • AVOL.SW (Avolta) -- announces new 5-year F&B contract for two stores at Norway's Stavanger Airport

      • INTRUM.SS (Intrum) -- has entered into a binding agreement with revolving credit facility lenders who hold ~75.6% of the debt under its revolving credit facility agreement

      • GSK Plc welcomes Florida court ruling excluding plaintiffs' expert testimony as unreliable in Wilson case; GSK will now seek dismissal of the upcoming Wilson case

      • Regional Gaming Revenues - Massachusetts July 2024

      • US Appeals Court affirms judgment of indefiniteness of certain claims of Philips '007 patent, vacates and remands non-infringement of claim of '377 patent in litigation against Garmin

  • Key rating changes

    • Upgrades

      • ENT.LN (Entain) -- to neutral from sell at Goldman Sachs

      • PEXIP.NO (Pexip Holding) -- upgraded to buy from hold at Carnegie Securities

      • CPR.IM (Davide Campari-Milano) -- upgraded to buy from hold at HSBC

    • Downgrades

      • COK.GR (CANCOM) downgraded to underperform from neutral at BNP Paribas Exane

      • KOJAMO.FH (Kojamo) downgraded to neutral from overweight at JPMorgan

      • NCH2.GR (Thyssenkrupp nucera) downgraded to hold from buy at Berenberg

      • NEL.NO (NEL ASA) downgraded to hold from buy at Berenberg

    • Other Actions

      • CRST.LN (Crest Nicholson Holdings) -- reinstated equal weight at Barclays

  • Data

    • Nikkei +3.25% to 37920.81

    • Hang Seng +1.88% to 17430.34

    • Shanghai Composite (0.05%) to 2875.84

    • S&P futures +12.8 vs prior close of 5567.5

    • €-$ +0.0015 or +0.14% to 1.0988

    • $-¥ (0.36) or (0.24%) to 148.94

    • €-¥ (0.20) or (0.12%) to 163.60

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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