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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.07%), DAX30 +0.01%, CAC40 +0.16%

Aug 22 ,2024

  • Synopsis

    • European equity markets are set to open mixed to flat amidst Asian equities mixed Thursday. Hang Seng leading China markets as mainland indexes erase initial gains. Nikkei also off best levels with Korean and Taiwan markets turning negative. S&P 500 futures easing afterhours. Treasury and JGB yields up slightly while Australian yield curve bull steepening. Dollar strongest against Aussie, kiwi and Korean won, steady against yen. Crude flat while gold edging back from record high. Bitcoin retreating from topside of recent range.

    • On today's agenda, ECB minutes from last MPC meeting release at 13:30CET. Annual Jackson Hole Economic Policy Symposium 'Reassessing the Effectiveness and Transmission of Monetary Policy' (through Fri). Germany's Ministry of Economics publishes latest monthly report. Sweden's finance minister Svantesson press conf at 15:00CET on the country's economy and 2025 budget. Nominations deadline in Scottish Conservatives' leadership race.

    • Macroeconomic releases due today include: Eurozone, France, Germany, UK Aug flash manufacturing/services PMIs, Norway Q2 GDP, Ireland Jul PPI, UK Aug industrial trends orders - CBI, Eurozone Aug flash consumer confidence

    • In corporate news, Swiss Re (SREN.SW) reported Q2 net income attributable $996M vs consensus $925M and reaffirmed FY targets. Also in the DACH region, Swiss Prime Site (SPSN.SW) reports H1 FFO I CHF2.03 per share vs year-ago CHF4.05. CTS Eventim (EVD.GR) reports Q2 EBITDA €110.0M vs FactSet €104.8M and raises FY24 guidance Schoeller-Bleckmann Oilfield Equipment (SBO.AV) and Banque Cantonale Vaudoise (BCVN.SW) are also out with Q2 earnings.

    • From the Netherlands, Aegon (AGN.NA) reports H1 operating capital generation (before holding funding & op. exp.) €588M vs consensus €551M along with 2024 interim dividend of €0.16/share. Kinepolis Group (KIN.BB) and Biotalys (BTLS.BB) are also out with H1 earnings. Out of the Nordics, GN Store Nord (GN.DC) reports Q2 EPS DKK0.66 vs consensus DKK0.71 and reaffirms FY guidance. Instalco (INSTAL.SS) reports Q2 EPS SEK0.47 vs FactSet SEK0.59. Bavarian Nordic A/S (BAVA.DC) reports Q2 net income DKK261.1M vs FactSet DKK92.7M and reaffirms FY guidance at upper end of guidance ranges. ROCKWOOL (ROCK.B.DC) and Royal Unibrew (RBREW.DC) are also due to report.

    • In the UK, Hays (HAS.LN) is expected to update the market with its latest numbers.

  • Macro/Politics/World news

    • China hits back at EV tariffs with European dairy probe - FT

    • French caretaker PM outlines spending freeze in 'reversible' 2025 budget - FT

    • Fed steaming toward September rate cut, minutes from meeting show - Reuters

    • European Gas Faces Crunch Time as Norway Enters Repair Season - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • SREN.SW (Swiss Re) -- reports Q2 net income attributable $996M vs consensus $925M; Reaffirms FY targets

        • SFZN.SW (Siegfried Holding) -- reports H1 core net income CHF71.7M vs FactSet CHF64.7M [4 est, CHF61.5-69.3M]

        • BCVN.SW (Banque Cantonale Vaudoise) -- reports H1 net income CHF221.1M, (8%) vs year-ago CHF240.0M

        • SBO.AV (Schoeller-Bleckmann Oilfield Equipment)-- reports Q2 EPS €0.64 vs FactSet €0.92 [1 est]

        • SPSN.SW (Swiss Prime Site) -- reports H1 FFO I CHF2.03 per share vs year-ago CHF4.05

        • EVD.GR (CTS Eventim) -- reports Q2 EBITDA €110.0M vs FactSet €104.8M [4 est, €103.3-106.3M]; raises FY24 guidance

        • UQA.AV (UNIQA Insurance Group) -- reports H1 net income attributable €220.9M, +25% vs year-ago €177.3M

      • Nordics

        • GN.DC (GN Store Nord) -- reports Q2 EPS DKK0.66 vs consensus DKK0.71; reaffirms FY guidance

        • BETCO.SS (Better Collective) -- reports Q2 EPS €0.16 vs FactSet €0.26 [2 est, €0.17-0.34]

        • EMGS.NO (Electromagnetic Geoservices) -- reports Q2 EPS $0.03 vs year-ago ($0.02)

        • SATS.NO (SATS ASA) -- reports Q2 EPS NOK0.50 vs FactSet NOK0.46 [4 est, NOK0.43-0.50]

        • MEKO.SS (MEKO AB ) --reports Q2 net income SEK169M vs FactSet SEK137M [1 est]

        • INSTALL.SS Instalco reports Q2 EPS SEK0.47 vs FactSet SEK0.59 [3 est, SEK0.54-0.67]

        • GUBRA.DC (Gubra A/S) -- reports H1 Adjusted EBIT (DKK20.6M) vs year-ago (DKK9.2M)

        • BAVA.DC (Bavarian Nordic A/S) -- reports Q2 net income DKK261.1M vs FactSet DKK92.7M [3 est, DKK26-199M]; reaffirms FY guidance at upper end of guidance ranges

      • Benelux

        • ALFEN.NA (Alfen) -- reports H1 adjusted net income €1.9M vs FactSet €7.3M

        • DECB.BB (Deceuninck) -- reports H1 net income €8.3M vs year-ago €17.8M

        • AGN.NA (Aegon) -- reports H1 operating capital generation (before holding funding & op. exp.) €588M vs consensus €551M

    • M&A

      • SU.FP (Schneider Electric) -- Temasek exploring options, including potential sale, of 35% stake in JV with Schneider Electric - Bloomberg

      • TEF.SM (Telefonica) -- Goldman Sachs, Wren House Infrastructure, Igneo Infrastructure short-listed to acquire Nabiax - Bloomberg

      • DG.FP (VINCI SA) -- acquires German cybersecurity services group Fernao; terms undisclosed

      • SXS.LN (Spectris) -- completes acquisition of SciAps

      • RDW.LN (Redrow) -- Barratt Developments and Redrow announce scheme of arrangement becomes effective

    • Other

      • MT.NA (ArcelorMittal) -- Brazil signs contracts for two solar energy projects

      • DBK.GR (Deutsche Bank) -- reaches settlements with large share of plaintiffs in Postbank takeover litigation matter

      • ALFEN.NA (Alfen) -- Follow-up: Alfen appoints current interim CFO Onno Krap as permanent CFO

      • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic receives 440,000 dose contract to supply smallpox and Mpox vaccines for undisclosed European country

  • Key rating changes

    • Upgrades

      • CBRAIN.DC (cBrain) -- upgraded to hold from sell at ABG Sundal Collier

      • GSF.NO (Grieg Seafood) -- upgraded to hold from sell at Carnegie Securities

      • GVR.ID (Glenveagh Properties) -- upgraded to buy from hold at Jefferies

      • ADM.LN (Admiral Group) -- upgraded to hold from underperform at Jefferies

    • Downgrades

      • ORSTED.DC (Ørsted) -- downgraded to hold from buy at Kepler Cheuvreux

  • Data

    • Nikkei +0.43% to 38116.60

    • Hang Seng +0.65% to 17504.42

    • Shanghai Composite (0.10%) to 2853.82

    • S&P futures (3.8) vs prior close of 5641.5

    • €-$ (0.0008) or (0.07%) to 1.1143

    • $-¥ (0.01) or (0.01%) to 145.26

    • €-¥ (0.12) or (0.07%) to 161.87

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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