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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.59% to 7490.27, DAX +1.21% to 15853.66, CAC40 +0.55% to 7137.43, STOXX 600 +0.78% to 455.27

Jun 01 ,2023

  • Synopsis:

    • European equity markets closed broadly higher Thursday, after STOXX 600 hit two-month lows in prior session. In the US, House of Representatives passed debt ceiling legislation as expected. Focus continues to shift to subsequent liquidity drag from looming TGA rebuild. Markets remain attuned to Fed signaling on rates. While recent Fedspeak has leaned hawkish, latest commentary offered support for June pause

    • Positive inflation developments for Eurozone with May data easing in headline and core reading. Flash CPI at 6.1% y/y versus consensus 6.3% and prior 7.0% gain, while core at 5.3% versus 5.5% forecast and prior 5.6%. Muted reaction after downside surprise in several national readings saw sell-side analysts flag likelihood of softer reading. Eurostat breakdown showed easing in energy and food prices. Another encouraging signal was non-energy industrial goods seeing easier prices and services inflation at 5.0% from prior 5.2%. This is the first slower reading for services inflation this year. On a monthly basis, Germany, France, Spain the main influence on euro area. Still some cautious interpretation of inflation developments. Some thoughts Spanish reading exacerbated by special factors, while Germany data influenced by temporary moderation in prices of holiday-sensitive services and lower prices for transport. Data still moving in right direction and mirrors findings in recent forward-looking surveys. However, wage growth still seen as a problem in some Eurozone countries and likely to play into cautious rhetoric. ECB's Lagarde was cited saying today inflation is too high and set to remain so for too long.

    • In the UK, the BoE's monthly survey of decision makers at UK firms showed some signs of easing in inflation expectations, though well above target and consumer prices edging up. BoE credit data showed weaker-than-expected mortgage approvals. Nationwide chief economist Gardener warned of headwinds for the UK housing market after its latest update showed a 0.1% fall in house prices in May (Bloomberg). Compared with forecast for 0.5% drop and prior 0.4% increase revised down from 0.5%. On a y/y basis, prices down 3.4% versus consensus 3.2% and prior 2.7% fall.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.17%, Media +1.93%, Energy+1.86%, Banks +1.66%, Autos & Parts +1.29%, Insurance +1.28%, Ind Goods & Svcs +1.16%, Technology +0.91%, Chemicals +0.87%

      • Underperformers:

        • Consumer Products and Services (0.32%), Health Care +0.09%, Utilities +0.16%, Real Estate +0.31%, Telecom +0.38%, Personal Care Drug and Grocery Stores +0.40%, Food, Beverage and Tobacco +0.44%, Financial Svcs +0.69%, Travel & Leisure +0.69%, Construct & Mtls +0.76%

    • Macro:

      • EU/ECB

        • ECB still has ground to cover but policy is working: Lagarde - Reuters

        • ECB's Villeroy: upcoming rate hikes will be marginal - Reuters

        • Euro-Area Core Inflation Eases But Won't Stop ECB Hiking - BBG

        • Matteo Salvini: 'The hypothesis of a center-right majority in the European Parliament is closer' - EL PAIS

      • UK

        • UK executives not yet convinced worst is over, survey finds - Bloomberg

        • BoE Monthly Decision Maker Panel data - release

        • UK house prices extend falls as mortgage repayments soar - FT

      • Russia

        • EU Moves Closer to New Russia Sanctions After Proposals Weakened - BBG

    • Company news:

      • Notable gainers

        • +8.9% MEGP.LN (ME Group International £1.47, +0.12) -- H1 trading update

        • +5.7% CWR.LN (Ceres Power Holdings £2.89, +0.16) -- to apply for listing on LSE main market

        • +5.2% JMT.PL (Jeronimo Martins €23.32, +1.18) -- BofA upgrade

        • +3.9% TRIN.LN (Trinity Exploration & Production £0.81, +0.03) -- FY earnings

        • +3.9% PGS.NO (PGS ASA NOK7.17, +0.28) -- 3D exploration contract award

        • +3.9% WKL.NA (Wolters Kluwer €110.40, +4.20) -- BNP Paribas Exane upgrade

        • +3.8% PDL.LN (Petra Diamonds £0.68, +0.03) -- BofA upgrade

        • +3.3% NESTE.FH (Neste €36.69, +1.15) -- UBS upgrade

        • +3.2% MB.IM (Mediobanca €10.53, +0.33) -- Jefferies upgrade

        • +3.1% CPI.LN (Capita £0.34, +0.01) -- completes sale of its Resourcing & Security Watchdog businesses

        • +3.1% CTEC.LN (ConvaTec Group £2.09, +0.06) -- Morgan Stanley upgrade

        • +2.8% FLS.DC (FLSmidth & Co. DKK297.40, +8.20) -- acquisition of Morse Rubber

        • +2.8% AIR.FP (Airbus SE €0.00, +3.40) -- seen delivering at least 60 jets in May - Reuters, citing industry sources

        • +2.2% INTRUM.SS (Intrum SEK78.40, +1.68) -- completes acquisition of UK servicing platforms from Arrow Global, wins CaixaBank real estate servicing contract in Spain and exits Brazil

        • +2.0% HEI.GR (Heidelberg Materials €68.08, +1.36) -- JPMorgan upgrade

        • +1.7% BOR.LN (Borders & Southern Petroleum £0.03, -0.00) -- FY earnings

        • +1.5% SAF.FP (Safran €145.55, +2.06) -- in exclusive talks with Safran Aerosystems for sale of its oxygen and nitrogen aerospace technology activities

        • +1.3% CANTA.SS (Cantargia SEK4.69, +0.06) -- new CSO

        • +1.2% PNN.LN (Pennon Group £7.64, +0.09) -- FY earnings

        • +1.1% SHG.LN (Shanta Gold £0.12, -0.00) -- Singida Gold Mine in Tanzania achieves commercial production

      • Notable decliners

        • -11.9% SAS.SS (SAS SEK0.38, -0.05) -- Q2 earnings

        • -9.4% CO.FP (Casino Guichard-Perrachon €0.00, -0.53) -- Jean-Charles Naouri under investigation by the National Financial Prosecutor's Office suspected of stock price manipulation -- Challenges

        • -3.4% AUTO.LN (Auto Trader Group £6.16, -0.21) -- FY earnings; chair to step down

        • -1.9% BEIJ.B.SS (Beijer Ref SEK158.40, -3.00) -- acquires HVAC distributor in France

        • -1.0% ITM.LN (ITM Power £0.71, -0.01) -- FY trading update

        • -0.3% GNFT.FP (GENFIT €3.82, -0.01) -- licenses rights of ASK1 Inhibitor SRT-015

        • -0.1% HNSA.SS (Hansa Biopharma SEK46.98, -0.06) -- positive reimbursement decision for Idefirix in Belgium

    • EU companies reporting tomorrow:

      • Earnings: Sectra (SECT.B.SS)

  • Data:

    • Economics:

      • UK

        • May House Prices (3.4%) y/y vs consensus (3.2%) and prior (2.7%) - Nationwide

        • Apr M4 Money Supply 0.0% m/m vs consensus (0.2%) and prior (0.6%)

        • May BoE Mortgage Approvals 48.69K vs consensus 49.3K and prior revised 51.49K from 52.01K

      • Austria May Preliminary CPI +8.8% y/y vs consensus +9.1% and prior +9.7%

      • Eurozone

        • May preliminary CPI +6.1% y/y vs consensus +6.3% and prior +7.0%; +0.0% m/m vs consensus +0.4% and prior +0.6%

        • Apr Unemployment Rate 6.5% vs consensus 6.5% and prior revised 6.6% from 6.5%

      • Greece Apr Unemployment Rate 11.2% y/y vs consensus 10.8% and prior revised 11.1% from 10.9%

      • Belgium Q1 GDP +1.4% y/y vs preliminary +1.3%; +0.5% q/q vs preliminary +0.4%

      • Italy Apr Unemployment Rate 7.8% vs consensus 7.8% and prior revised 7.9% from 7.8%

      • May manufacturing PMI

        • Ireland 47.5 vs consensus 48.9, prior 48.6

        • Netherlands 44.2 vs consensus 45.1, prior 44.9

        • Russia 53.5 vs consensus 52.9, prior 52.6

        • Sweden 40.6 vs consensus 46.3 and prior revised 44.9 from 45.5

        • Spain 48.4 vs consensus 47.8 and prior 49.0

        • Switzerland 43.2 vs consensus 44.5 and prior 45.3

        • Italy 45.9 vs consensus 45.6 and prior 46.8

        • France 45.7 vs preliminary 46.1

        • Germany43.2 vs preliminary 42.9

        • Eurozone 44.8 vs preliminary 44.6

        • UK 47.1 vs preliminary 46.9

        • Norway 47.4 vs consensus 49.3, prior 51.2

        • Denmark 45.7 vs consensus 46.0, prior revised 47.6 from 44.2

      • Netherlands May preliminary CPI +6.1% y/y vs consensus +4.8% and prior +5.2%

      • Germany Apr Retail Sales (4.3%) y/y vs consensus (5.0%) and prior (8.6%)

      • Switzerland Apr Trade Balance CHF2.60B vs consensus CHF3.7B and prior CHF4.53B

        • April Swiss Watch Exports +6.8% y/y to CHF 2.06B

    • Markets:

      • WTI Crude (Jul 23): +$2.12 or +3.11% to $70.21

      • €-$ +0.0055 or +0.51% to 1.0742

      • £-$ +0.0090 or +0.72% to 1.2527

      • €-£ (0.0018) to 0.8575

      • S&P 500 +0.63%

      • Performance year-to-date

        • FTSE 100: +0.52%

        • DAX: +13.86%

        • CAC: +10.25%

        • MIB: +12.04%

        • Stoxx 600: +7.15%

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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