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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.10%) to 7599.99, DAX (0.54%) to 15963.89, CAC40 (0.96%) to 7200.91, STOXX 600 (0.48%) to 459.93

Jun 05 ,2023

  • Synopsis:

    • European equity markets closed lower with the exception of Norway +0.3%. Greece and Denmark were shut for bank holidays. Telecoms, autos and health care outperformed whilst travel/leisure and luxury were the main laggards.

    • ECB President Lagarde to speak to lawmakers later. Unlikely to yield anything new given ongoing emphasize on curbing inflation in the near-term. ECB's Visco said recent decline in energy costs should help cool inflation. ECB's Vujcic said risks to inflation still tilted to the upside.

    • S&P left its credit rating for France unchanged AA on Friday post close despite concerns over country's rising debt levels and after Fitch lowered its rating in April. S&P said France's wealthy economy and strong institutions underpin its credit worthiness, but the outlook was still negative.

    • A busy macro front saw May Services PMIs out from across the region. The Eurozone data was revised down from flash at 55.1 vs preliminary 55.9, Germany was revised lower to 57.2 vs flash 57.8 and France down to 52.5 vs flash 52.8. UK data was revised up slightly to 55.2 vs flash 55.1. Other macro data included German trade data seeing an unexpected rise in exports and Swiss CPI weaker than forecast. Eurozone Sentix survey deteriorated due to weakness in German economy.

    • In earnings, Viaplay Group (VPLAY.A.SS) lowered its 2023 outlook following deterioration in operating environment and longer than expected realisation of its cost savings programme and closed the session (59.8%) lower. CEO Anders Jensen also resigned. Still in the Nordics, Volvo Car (VOLV.A.SS) reported May car sales +31% y/y to 60,398 units whilst Avanza Bank Holding (AZA.SS) reported May preliminary net inflow SEK 6.31B vs year-ago SEK 2.78B. In the DACH region Engine Capital (BNR.GR) issued statement regarding its efforts to facilitate a negotiated refreshment of Brenntag's supervisory board. Petrus issued letter to Chairman of Temenos (TEMN.SW) following an increase of its investment to just below 4% of the company.

    • In M&A news, Novo Nordisk (NOVO.B.DC) acquired a 45.3% stake in BIOCORP (ALCOR.FP) followed by a simplified tender offer at a price of €35.00 per BIOCORP shares in cash and - still in the Nordics - Goldman Sachs Asset Management agreed to acquire 72.11% of the shares in Frøy (FROY.NO) at NOK 76.50/each.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom +0.43%, Autos & Parts +0.18%, Health Care +0.00%, Utilities (0.10%), Energy(0.28%), Personal Care Drug and Grocery Stores (0.30%), Construct & Mtls (0.30%), Financial Svcs (0.40%), Media (0.47%)

      • Underperformers:

        • Travel & Leisure (1.27%), Consumer Products and Services (1.25%), Retail (1.12%), Banks (0.83%), Ind Goods & Svcs (0.71%), Food, Beverage and Tobacco (0.68%), Chemicals (0.66%), Insurance (0.66%), Basic Resources (0.58%), Technology (0.52%)

    • Macro:

      • ECB

        • ECB may need to keep raising rates beyond summer, Nagel says - Reuters

        • ECB's Visco says falling energy prices should help tame inflation - Reuters

      • France:

        • France dodges a second downgrade as Macron plans to slash debt -Bloomberg

      • UK:

        • UK PM Sunak wants to cut taxes before the next election - Telegraph

        • Bank of England looks to broaden reform of deposit guarantee scheme - FT

        • CBI president: the outcome of vote on our future is not a given - FT

    • Company news:

      • Notable Gainers

        • +22.0% TNG.FP (Transgene €2.22, +0.40) -- new TG4001 data

        • +13.1% TSTL.LN (Tristel £4.10, +0.48) -- ULT FDA De Novo approval; Numis upgrade

        • +13.0% DXRX.LN (Diaceutics £0.91, +0.11) -- 3-year enterprise contract worth $10.1M

        • +10.4% IGR.LN (IG Design Group £1.44, +0.14) -- announces a three-year refinancing of its lending facilities for $125M

        • +7.3% CINE.LN (Cineworld Group £0.01, -0.00) -- Estimated weekend box office revenues in US, Canada $203.1M, +66.9% y/y - Box Office Mojo

        • +5.3% AMS.LN (Advanced Medical Solutions Group £2.47, +0.13) -- LiquiBandFix8 FDA Pre-Market Approval (PMA) for use in hernia surgery

        • +4.6% MEKKO.FH (Marimekko €9.27, +0.41) -- initiated buy at Nordea

        • +3.6% ABDN.LN (abrdn Plc £2.11, +0.07) -- starts share repurchase programme of up to £150M

        • +3.4% GAPW.B.SS (Gapwaves SEK24.40, +0.80) -- receives new order from Hella for new generation of ADAS radar sensor worth SEK 3.7M

        • +3.1% NOD.NO (Nordic Semiconductor NOK126.30, +3.85) -- Arctic Securities upgrade

        • +2.9% ERA.FP (Eramet €91.80, +2.60) -- initiated buy at Stifel

        • +2.6% SALM.NO (Salmar NOK490.00, +12.40) -- Goldman Sachs Asset Management acquires 72.11% stake at 76.50/each and launches subsequent mandatory offer

        • +2.1% GOFORE.FH (Gofore €24.80, +0.50) -- chosen as supplier in Finnish Tax Administration's extensive tender for an IT expert services frame agreement

        • +1.8% KMK.LN (Kromek Group £0.06, -0.00) -- new $1.5M CBRN contract

        • +1.5% WJG.LN (Watkin Jones £0.69, +0.01) -- forward sale of Loft Lines for £155M

        • +1.4% TUI1.GR (TUI Group €6.20, +0.09) -- Deutsche Bank upgrade

      • Notable Decliners

        • -59.8% VPLAY.A.SS (Viaplay Group SEK88.50, -131.50) -- lowers 2023 outlook

        • -6.2% BOL.FP (Bolloré €5.57, -0.37) -- Kepler Cheuvreux downgrade

        • -2.3% MNDI.LN (Mondi £12.62, -0.30) -- confirms that it has advised Augment Investments that it is withdrawing from the agreement to sell Mondi Syktyvkar

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Burckhardt Compression Holding (BCHN.SW)

        • UK: Ferguson (FERG.LN), Paragon Banking Group (PAG.LN), Chemring (CHG.LN), Newriver Reit (NRR.LN), Speedy Hire (SDY.LN), Gooch & Housego (GHH.LN), N Brown Group (BWNG.LN), Oxford Metrics (OMG.LN)

      • Traffic: Norwegian Air Shuttle (NAS.NO)

      • CMD/events: GSK (GSK.LN) ESG, Bakkafrost (BAKKA.NO), BE Semiconductor Industries (BESI.NA), PageGroup (PAGE.LN), Software (SOW.GR)

  • Data:

    • Economics:

      • May Services PMI

        • UK 55.2 vs preliminary 55.1

        • Eurozone 55.1 vs preliminary 55.9

        • Spain 56.7 vs consensus 59.9 and prior 57.9

        • Sweden 50.2 vs consensus 51.0 and prior 50.5

        • Italy 54.0 vs consensus 56.5 and prior 57.6

        • France 52.5 vs preliminary 52.8

        • Germany 57.2 vs preliminary 57.8

      • Germany Apr Trade Balance €18.4B vs consensus €16.0B and prior revised €14.9B from €16.7B

      • Switzerland May CPI +2.2% y/y vs consensus +2.8% and prior +2.6%

      • Eurozone

        • Apr PPI +1.0% y/y vs consensus +5.9% and prior revised +5.5% from +5.9%; (3.2%) m/m vs consensus (3.1%) and prior revised (1.3%) from (1.6%)

        • Jun Sentix Economic Index (17) vs consensus (15.2) and prior (13.1)

    • Markets:

      • WTI Crude (Jul 23): +$1.18 or +1.64% to $72.92

      • €-$ (0.0007) or (0.07%) to 1.0704

      • £-$ (0.0039) or (0.31%) to 1.2414

      • €-£ +0.0022 to 0.8624

      • S&P 500 +0.21%

      • Performance year-to-date

        • FTSE 100: +1.99%

        • DAX: +14.65%

        • CAC: +11.23%

        • MIB: +13.29%

        • Stoxx 600: +8.25%

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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