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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.32%), DAX30 +0.09%, CAC40 (0.01%)

Aug 20 ,2024

  • Synopsis

    • European equity markets set to open mixed, whilst Asian equities mostly higher Tuesday. Nikkei outperforming as Japan stocks rebound following Monday's pullback. Shares in Korea, Australia and Korea also registering gains. Greater China markets retreating with property developers under pressure in Hong Kong. S&P 500 futures flat afterhours.

    • Markets await Fed Chair Powell's speech on Friday. More Fed officials signaling openness to near-term easing, with Powell expected to reinforce expectations of a September cut. Markets also weighing prospects for rate path beyond next month after tempering expectations of aggressive easing as recession/hard landing fears ebb. Economists expect three 25 bp rate cuts at final three meetings of 2024.

    • On today's agenda, Summer dialogue with Vice Chancellor and Federal Minister for Economic Affairs Robert Habeck whilst President of Singapore Shanmugaratnam visits Switzerland and France (through Wed). Chancellor Scholz speaks at the groundbreaking ceremony of Taiwan Semiconductor Manufacturing Co.'s (2330.TT) chip production facility in Dresden. Norway's minister of fisheries and oceans Næss will participate in Nor-Fishing (through Thu).

    • In central banks, Riksbank interest rate decision at 9:30CET, press conf 11:00. Expectations are for a (25bps) cut in the benchmark rate to 3.50%. Turkey central bank interest rate decision, with no change expected in the 50% benchmark interest rate. Bundesbank releases its latest monthly report at 12noon CET

    • Macroeconomic releases due today include, Germany Jul PPI, Switzerland Jul trade balance (and month watch export data), Finland Jul unemployment rate, Denmark Q2 preliminary GDP, Eurozone Jul final CPI, Jun construction output, Austria Jul final CPI.

    • In earnings news, DACHs names kicked off with the session with HUBER+SUHNER (HUBN.SW), PSP Swiss Property (PSPN.SW) and Flughafen Wien (FLU.AV) among other in the region to update investors with their latest numbers. In Denmark, Coloplast (COLO.B.DC) reported Q3 earnings and confirmed its guidance for 2024. Also due to report today includes, Jyske Bank (JYSK.DC), Antofagasta (ANTO.LN) and John Wood Group (WG.LN).

  • Politics/Macro/World News

    • De Wever given a further three days to attempt to form a new government - Tijd

    • Blinken says Israel accepts Gaza proposal, urges Hamas to do same - Reuters

    • Switzerland Is Getting Squeezed Between China and the US - Bloomberg

    • Ministers launch pension credit campaign after restricting winter fuel payments - The Guardian

  • Top company news

    • Earnings/updates

      • DACHs

        • DOCM.SW (DocMorris) -- reports H1 net income from cont. ops (excl. Swiss business) (CHF37.9M) vs FactSet (CHF46.1M) [2 est, (CHF61)-(31.2M)]; adjusts FY outlook

        • PSPN.SW (PSP Swiss Property) -- reports H1 EPS CHF2.48 ex-items vs FactSet CHF2.47 [1 est]

        • HUBN.SW (HUBER+SUHNER) -- reports H1 net income attributable CHF34.5M vs FactSet CHF28.9M [2 est, CHF25.3-32.5M]; reaffirms FY guidance

        • VPBN.SW (VP Bank) -- reports H1 net income CHF11.5M vs FactSet CHF14.8M

        • MED.SW (Medartis Holding) -- reports H1 EBITDA CHF16.3M ex-items vs FactSet CHF18.0M

        • BVHN.SW (SKAN Group) -- reports H1 EPS CHF0.61 vs year-ago CHF0.35

        • AOX.GR (Alstria) -- reports H1 FFO €41.5M vs year-ago €47.9M

        • B7X.GR (Ensurge Micropower) -- reports H1 EPS ($0.01) vs year-ago ($0.09)

        • F3C.GR (SFC Energy) -- reports Q2 EPS €0.07 vs year-ago €0.07; reaffirms FY guidance

        • FLU.AV (Flughafen Wien) -- reports H1 net income €108.4M, +31% vs year-ago €82.7M

          • reports Jul Group total passenger traffic +7.7% to 4.41M

      • Nordics

        • SALM.NO (Salmar) -- reports Q2 adjusted EPS NOK6.2 vs year-ago NOK8.9

        • NCOD.NO (Norcod) -- reports Q2 EBIT (NOK47.3M) ex-items vs year-ago (NOK71.4M)

        • ISLAX.NO (Icelandic Salmon) -- reports Q2 Operational EBIT (€3.8M) vs FactSet (€0.6M)

        • NEXT.NO (Next Biometrics Group) -- reports Q2 adjusted EBITDA (NOK6.7M) vs year-ago (NOK13.1M)

        • OTOVO.NO (Otovo ASA) -- reports Q2 EPS (NOK0.39) vs FactSet (NOK0.41)

        • NORDH.NO (Nordhealth) -- reports Q2 net income (€1.6M) vs year-ago (€2.5M)

        • BICO.SS (BICO Group) -- reports Q2 EPS from cont ops (SEK1.10) vs FactSet (SEK0.95)

        • STAR.B.SS (Starbreeze) -- reports Q2 EPS (SEK0.05) vs FactSet (SEK0.04)

        • IDUN.B.SS (Idun Industrier) -- reports Q2 EPS SEK4.00 ex-items vs year-ago SEK3.90

        • BAHN.B.SS (Bahnhof) -- reports H1 EPS SEK1.02 vs year-ago SEK0.90

        • SYNACT.SS (SynAct Pharma) -- reports Q2 EPS (SEK0.47) vs year-ago (SEK1.37)

        • TRIFOR.DC (Trifork Holding) -- reports Q2 net income €1.3M vs FactSet €2.3M

        • COLO.B.DC (Coloplast) -- reports Q3 net income DKK1.27B vs consensus DKK1.33B; confirms FY guidance

        • TAALA.FH (Taaleri) -- reports Q2 EPS €0.11 vs FactSet €0.09

        • ANORA.FH (Anora Group) -- reports Q2 EPS €0.03 vs FactSet €0.07

      • Also due to report today

        • Earnings:

          • Nordics: Jyske Bank (JYSK.DC),Investment AB Latour (LATO.B.SS),Genovis (GENO.SS), Viking Supply Ships (VSSAB.B.SS), Odfjell (ODF.NO), Nordhealth (NORDH.NO), Gigante Salmon (GIGA.NO)

          • UK: Antofagasta (ANTO.LN), John Wood Group (WG.LN), Tribal (TRB.LN), Anexo (ANX.LN)

        • Traffic: Aeroports de Paris ADP (ADP.FP)

    • M&A

      • I3E.LN (i3 Energy) -- Gran Tierra Energy launches offer for i3 Energy; mixed consideration at implied value 13.92p per i3 Energy share

      • AOI.CN (Africa Oil) -- to purchase 25.7M shares in Impact Oil & Gas for $18.6M

      • GENO.SS (Genovis) -- announces divestment of antibody business to Leinco technologies; terms not disclosed

      • I3E.LN (i3 Energy) -- i3 Energy confirms discussions with Gran Tierra Energy

      • KDDI, Mitsubishi confirm to have completed the share consolidation of Lawson's common stock

    • Healthcare

      • GMAB.DC (Genmab) -- announces TEPKINLY (epcoritamab) receives second European Commission approval for the treatment of adults with relapsed/refractory follicular lymphoma

      • BGBIO.NO (BerGenBio) -- Collaborates with Tempus to Potentially Accelerate Development in STK11M Non-Small Cell Lung Cancer

    • Other

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded four-month extension to Ocean Bottom Node data acquisition contract in North America

      • JM.SS (JM) -- announces 145 potential lay-offs

  • Key rating changes

    • Upgrades

      • LUMI.SS (Lundin Mining) -- to overweight from neutral at JPMorgan

      • TNOM.FH (Talenom) -- to buy from accumulate at Inderes

      • ROO.LN (Deliveroo) -- to neutral from underperform at Santander

    • Downgrades

      • GMAB.DC (Genmab) -- to neutral from overweight at JPMorgan

      • HMSO.LN (Hammerson) -- to hold from add at Peel Hunt

      • SGRO.LN (Segro) -- to neutral from buy at UBS

    • Initiations

      • PAH3.GR (Porsche Automobil Holding SE) -- re-initiated market perform at Bernstein

      • STERV.FH (Stora Enso) -- reinitiated buy at Kepler Cheuvreux

  • Data

    • Nikkei +2.20% to 38210.79

    • Hang Seng (0.39%) to 17500.73

    • Shanghai Composite (1.12%) to 2861.37

    • S&P futures +1.5 vs prior close of 5630.0

    • €-$ (0.0011) or (0.10%) to 1.1074

    • $-¥ +0.62 or +0.43% to 147.22

    • €-¥ +0.54 or +0.33% to 163.05

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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