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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +1.56% to 7607.28, DAX +1.25% to 16051.23, CAC40 +1.87% to 7270.69, STOXX 600 +1.51% to 462.15

Jun 02 ,2023

  • Synopsis:

    • European equity markets closed mostly higher with pan-European indices at best levels of the session. Belgium, Finland both +2.3%, Austria +2.2%, Norway +2.1% led outperformers with Denmark (0.4%) bucked the firmer trend.

    • ECB officials continued to talk up the likelihood of further rate hikes despite positive inflation developments. Panetta said the ECB has not yet reached final destination on rates but not far off. He highlighted that it must not be too hasty in raising rates given the ground it has already covered. ECB's Vasle said more rate hikes needed to get inflation to the 2% target, and that core inflation remains high and persistent. RTE cited ECB's Makhlouf who said a fall this week in Eurozone inflation is "very welcome" but not definitive with underlying pressures and prices for services remaining quite strong.

    • It was quiet from a macro calendar perspective today. French industrial production beat expectations, with a +0.8% m/m expansion reported in April vs consensus +0.3% and prior (1.1%) drop.

    • In corporate news, Revolution Beauty Group (REVB.LN) reported H1 EPS (4.3p) vs year-ago (11.3p) and said it sees improving trend of performance through H2 2023; Gateley (GTLY.LN) expects FY revenue of not less than £161M vs year-ago £137.2M; PayPoint (PAY.LN) reconfirmed guidance for FY net revenue ~ £125M vs FactSet £125.2M and PBT at top end of range of market expectations. CECONOMY (CEC.GE) presented new business model and mid-term financial targets in connection with today's CMD.

    • On M&A front, EQT made recommended cash acquisition offer for Dechra Pharmaceuticals of 3,875p/share and FCC (FCC.SM) agreed to sell 24.99% interest in FCC Servicios Medio Ambiente Holding to CPP Investments for €965M.

    • Sovereign credit rating reviews due after the close include DBRS (Germany), Fitch (UK), Moody's (Finland), S&P (France)

    • The week ahead sees US President Biden hosting Denmark PM Frederiksen and UK PM Sunak, Italy PM Meloni hosting Germany's Chancellor Scholz, release of services PMIs from across the region, Germany trade balance, industrial production, Switzerland CPI and Eurozone Sentix investor confidence as well as earnings from M&G (MNG.LN), Ferguson (FERG.LN), Soitec (SOI.FP) and Wizz Air Holdings (WIZZ.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Basic Resources +4.23%, Real Estate+3.98%, Autos & Parts +2.89%, Banks +2.39%, Oil & Gas +2.31%, Retail +2.19%, Persnl & HHold Goods +2.05%, Chemicals +2.01%, Construct & Mtls +2.00%, Insurance +1.97%, Ind Goods & Svcs +1.82%, Financial Svcs +1.80%,

      • Underperformers

        • Telecom (2.79%), Utilities +0.40%, Technology +0.65%, Health Care +0.86%, Food & Beverage +0.88%, Media +1.03%, Travel & Leisure +1.28%,

    • Macro/Peripheral markets:

      • EU

        • EU's Breton wants Sovereignty Fund to buy out firms of systemic importance - Euractiv

      • ECB

        • ECB's Panetta believes the end of interest raises is near - Le Monde interview

      • OPEC

        • OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say - Reuters

      • UK

        • Rishi Sunak prioritises illegal migration in European talks - BBC

        • Brussels urges UK to join trade pact to ease risk of post-Brexit car tariffs - FT

        • UK Government offers civil servants £1,500 bonus to end row - Bloomberg

        • Sticky inflation and regulatory pressure push UK deals to lowest level since 2016 - City AM

      • Ireland

        • Economists cast doubt over Ireland's sharp contraction - FT

      • France

        • Macron struggles to kick France's spending habit - Reuters

      • Greece

        • ND 41.0% has 21.9 ppts lead over Syriza in opinion poll - iefimerida

      • Ukraine

        • Ukraine's Zelensky wants clear decision on NATO entry - Reuters

    • Company news:

      • Notable Gainers

        • +12.1% ANP.LN (Anpario £2.05, +0.24) -- tender offer of up to 4.0M ordinary shares at 225p/share

        • +8.1% SECT.B.SS (Sectra SEK195.90, +14.70) -- Q4 earnings

        • +7.9% DPH.LN (Dechra Pharmaceuticals £36.32, +2.68) -- recommended cash acquisition offer of 3,875p/sh by Freya Bidco Limited (EQT)

        • +7.4% AMP.SM (Amper €0.00, +0.01) -- contract award

        • +6.9% BINV.SS (BioInvent International SEK20.90, +1.36) -- IND approval for clinical trial with anti-TNFR2 antibody BI-1910

        • +6.3% DWNI.GR (Deutsche Wohnen €19.25, +1.18) -- Glass Lewis backs Elliott's call for investigation into loan Deutsche Wohnen made to top shareholder Vonovia - Reuters

        • +6.0% PAY.LN (PayPoint £3.99, +0.23) -- trading update

        • +5.9% NETI.B.SS (Net Insight SEK0.00, +0.30) -- to launch buyback program of SEK 50M

        • +5.8% AKRBP.NO (Aker BP NOK249.30, +14.10) -- Subsea Frame agreement extension with Aker Solutions

        • +4.8% TKA.GR (ThyssenKrupp €6.62, +0.31) -- ThyssenKrupp new CEO wants to speed up restructuring process - manager magazin

        • +4.7% VNA.GR (Vonovia €17.47, +0.81) -- Glass Lewis backs Elliott's call for investigation into loan Deutsche Wohnen made to top shareholder Vonovia - Reuters

        • +4.2% EQT.SS (EQT AB SEK209.60, +8.40) -- recommended cash acquisition offer of 3,875p/sh by Freya Bidco Limited (EQT)

        • +3.7% EVT.GR (Evotec €21.34, +0.78) -- $1.7M grant

        • +3.6% AKSO.NO (Aker Solutions NOK36.96, +1.32) -- Subsea Frame agreement extension with Aker Solutions

        • +3.6% AED.BB (Aedifica €64.70, +2.30) -- to sell portfolio of 10 buildings in Finland

        • +3.6% AGL.IM (Autogrill €6.68, +0.24) -- to delist based on prelim. results of Dufry tender

        • +3.0% FCC.SM (Fomento de Construcciones y Contratas €9.32, +0.27) -- sale of 24.99% interest in FCC Servicios Medio Ambiente Holding to CPP Investments for €965M

      • Notable Decliners

        • -3.6% BOY.LN (Bodycote £6.28, -0.23) -- BofA downgrade

        • -1.9% WIZZ.LN (Wizz Air Holdings £27.59, -0.53) -- May traffic

        • -0.5% CEC.GR (CECONOMY €2.34, -0.01) -- new mid-term financial targets to FY 2025/26

    • EU companies reporting on Monday:

      • Earnings: Integrum (INTEG.B.SS)

  • Data:

    • Economics:

      • France Apr Industrial Production +0.8% m/m vs consensus +0.3% and prior (1.1%)

      • Austria Q1 GDP +1.9% y/y vs preliminary +1.8%; 0.0% q/q vs preliminary (0.3%)

      • Spain May Unemployment Change (49.3K) vs consensus (40.1K) and prior (73.9K)

      • Greece May business expectations in industry 105.1 vs prior 108.9 and year-ago 111.4 - IOBE

    • Markets:

      • €-$ (0.0036) or (0.33%) to 1.0729

      • £-$ (0.0053) or (0.42%) to 1.2476

      • €-£ +0.0010 to 0.8601

      • S&P 500 +1.30%

      • Performance year-to-date

      • FTSE 100: +2.09%

      • DAX: +15.28%

      • CAC: +12.31%

      • MIB: +14.24%

      • Stoxx 600: +8.77%

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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