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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.03%) to 7625.73, DAX (0.18%) to 15963.15, CAC40 +0.00% to 7208.87, STOXX 600 (0.16%) to 460.94

Jun 07 ,2023

  • Synopsis:

    • European indices finished mostly lower, except for Norway, Spain, Sweden and Italy. The OECD Economic Outlook noted signs of improvement in the global economy, but warned the upturn remains weak and there is significant downside risk. Said financial markets could fall sharply if stubbornly high inflation forces central banks into more aggressive tightening. It forecast global growth of 2.4% this year and 2.7% next year (prior 2.6% and 2.9%); US GDP forecast at 1.6% and 1.0% (prior 1.5% and 0.9%) and Eurozone at 0.9% and 1.5% (prior 0.8% and 1.4%). US rates seen peaking at 5.25%-5.50% from Q2 2023 and two modest cuts seen in H2 2024. It sees no further rate increases from Canada and South Korea and expects rate peaks in Australia and UK from Q2 2023. The ECB rate peak is seen in Q3 2023. OECD chief economist Lombardelli called on governments to cut fiscal support measures as it would be more consistent with central bank policy. OECD economists also carried out analysis of inflationary pressures and found high company profits were partly to blame in the UK and other economies

    • In central bank news, most ECB-speak this week under underpinned expectations for another rate increase next week. Market still pricing in peak rate at 3.75%, suggesting two 25 bps moves and then a pause. ECB's Schnabel says core inflation remain sticky and reiterated ECB council stance that future decision to be data dependent and that it will depend on the incoming data by how much more rates will have to increase.

    • In macro-news, Destatis reported that German Industrial Production for April missed expectations at 0.3% m/m vs 0.6% expected. Equates to 1.6% y/y vs. 1.5% expected. Motor-vehicle manufacturing dipped, adding to concerns about key manufacturing base. On the bright side, prior monthly and yearly figures revised higher, from (3.4%) to (2.1%) and from 1.8% to 2.3% respectively. April increase reportedly due to construction sector and strong performance of pharmaceutical products. Despite the increase, 0.4% decline in new orders paints bleak picture for coming months. However, manufacturing output, which excludes energy and construction, rose 0.1% in April compared with March, as production of consumer goods increased by 1.5% on month. In the UK, the Halifax house price data showed first y/y decline in a decade. Also, UK PM Sunak has been talked up the benefits of free trade ahead of a visit to Washington DC, where he will be meeting US President Biden, Congress leaders and business leaders. Sunak is look for cooperation from Biden after its Inflation Reduction Act triggered worries among some Conservatives that the UK might get left behind. Sunak has said that subsidy races are a zero sum game. The London Times reported that Biden is expected to offer fresh concessions to help the UK car industry via a new critical minerals agreement. This is in line with similar concessions made to Japan. It would allow UK companies that export electric vehicles to the US to benefit from some of the tax credits available to US manufacturers. Sunak also wants to create an alliance to counter the rise of China and the threat of artificial intelligence. He also believes UK's strength in offshore wind made it an ideal partner to collaborate economically.

    • On the corporate newsflow front, Inditex (ITX.SM) reported Q1, whilst In Fortum (FORTUM.FH) and Westinghouse will explore possibilities for new nuclear in Finland and Sweden; also, Danske Bank (DANSKE.DC) presented its new Forward '28 strategy and financial targets for 2026 and Voestalpine (VOE.AV) issued FY earnings

    • Looking ahead to tomorrow's calendars, Clas Ohlson (CLAS.B.SS), Wizz Air Holdings (WIZZ.LN), MITIE Group (MTO.LN), RWS Holdings (RWS.LN), FirstGroup (FGP.LN), Crest Nicholson Holdings (CRST.LN), M&G (MNG.LN) and SAS (SAS.SS) will be among few other companies to update investors, whilst Novartis (NOVN.SW), Orsted (ORSTED.DC), Renishaw (RSW.LN), Soitec (SOI.FP), and Volvo Car (VOLCAR.B.SS) host CMDs. a quiet macro-calendar, Eurozone Q1 final GDP and Ireland May CPI are the main releases. Of note, Poland (Corpus Christi) and various German States and around a handful of countries have bank holidays

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Retail +2.15%, Energy +0.99%, Basic Resources +0.70%, Banks +0.66%, Construct & Mtls +0.57%, Media +0.40%, Autos & Parts +0.38%, Technology +0.14%, Ind Goods & Svcs +0.13%, Telecom +0.07%, Consumer Products and Services (0.07%), Financial Svcs (0.13%)

      • Underperformers: Health Care (1.35%), Insurance (0.86%), Utilities (0.71%), Chemicals (0.67%), Food, Beverage and Tobacco (0.59%), Travel & Leisure (0.53%), Personal Care Drug and Grocery Stores (0.25%)

    • Macro:

      • OECD forecasts 'long road' for global economic recovery (dw)

      • ECB Preview: Don't look back in anger (ING)

      • Macron's new headache: A successful Giorgia Meloni (Politico)

      • Italy Readies Restrictions on Pirelli's Chinese Investor (BBG)

      • Germany's far-right rides high on anti-immigration, anti-green agenda (Reuters)

      • Rishi Sunak to raise trade issues in US talks with Joe Biden (BBC)

      • Keir Starmer's ruthless remaking of the Labour party (FT)

    • Company news:

      • Notable Gainers

        • +64.8% NANOV.NO (Nordic Nanovector NOK1.58, +0.62) -- to acquire Thor Medical

        • +27.0% 888.LN (888 Holdings £1.02, +0.22) -- FS Gaming Investments discloses 6.57% stake in 888 Holdings

        • +16.6% ALTHX.FP (Theranexus €1.99, +0.28) -- and BBDF granted positive opinion by EMA for the design of Phase III trial to evaluate Batten-1 in CLN3 Batten disease

        • +13.6% DSCV.LN (discoverIE Group £9.05, +1.08) -- FY earnings

        • +8.0% DANSKE.DC (Danske Bank DKK160.65, +11.85) -- new Forward '28 strategy and financial targets for 2026; on a clear trajectory to exceed original 2023 financial targets; to exit market for personal customers in Norway

        • +6.0% ITX.SM (Inditex €33.75, +1.91) -- Q1 earnings

        • +5.9% SII.FP (SII SA €54.00, +3.00) -- FY earnings

        • +5.3% RFX.LN (Ramsdens Holdings £2.60, +0.13) -- H1 earnings

        • +3.7% SBS.GR (Stratec €64.40, +2.30) -- acquires Natech Plastics, Inc for $30M (plus earn out)

        • +3.7% SBS.GR (Stratec €64.40, +2.30) -- acquires Natech Plastics, Inc for $30M (plus earn out)

        • +3.2% FSJ.LN (James Fisher & Sons £3.90, +0.12) -- completes refinancing

        • +2.6% SWP.FP (Sword Group €41.55, +1.05) -- to put AAA subsidiary up for sale

        • +2.6% HBR.LN (Harbour Energy £2.46, +0.06) -- Talos Energy reported to be in talks to merge with Harbour Energy -- Reuters

        • +2.4% HM.B.SS (H&M Hennes & Mauritz SEK144.14, +3.44) -- Inditex (ITX.SM) Q1 earnings sympathy

        • +2.0% CPC.LN (City Pub Group £1.01, +0.02) -- AGM trading update

        • +2.0% DX.LN (DX (Group) £0.26, +0.01) -- settles claim; no impact on the company's FY expectations

        • +2.0% EXM.BB (Exmar NV €11.00, +0.22) -- Saverex launches already announced offer for Exmar

        • +2.0% TKA.GR (ThyssenKrupp €6.97, +0.14) -- Marine Systems and Mazagon Dock Shipbuilders confirm they will build submarines for and in Indi

        • +1.3% NIOX.LN (NIOX Group £0.63, +0.01) -- special divi

        • +1.1% CLA.FP (Claranova €1.87, +0.02) -- subsidiary Avanquest enters discussions with several potential investors for the sale of its non-core activities in Europe

      • Notable Decliners

        • -19.7% MIRI.LN (Mirriad Advertising £0.03, -0.01) -- FY earnings

        • -4.4% IQE.LN (IQE £0.21, -0.01) -- CFO steps down

        • -3.0% FBK.IM (FinecoBank €12.37, -0.39) -- May sales

        • -2.7% ABEO.FP (Abéo €17.70, -0.50) -- FY earnings

        • -1.2% PDL.LN (Petra Diamonds £0.68, -0.01) -- to postpone majority of Tender 6 rough diamond sales; Panmure Gordon downgrade

    • EU companies reporting tomorrow:

      • Nordics: Systemair (SYSR.SS), Clas Ohlson (CLAS.B.SS)

      • UK: Wizz Air Holdings (WIZZ.LN), MITIE Group (MTO.LN), RWS Holdings (RWS.LN), FirstGroup (FGP.LN), Crest Nicholson Holdings (CRST.LN), Idox (IDOX.LN)

      • Trading Update: M&G (MNG.LN), SAS (SAS.SS)

      • CMD/events: Novartis (NOVN.SW), Orsted (ORSTED.DC), Renishaw (RSW.LN), Soitec (SOI.FP), Volvo Car (VOLCAR.B.SS)

  • Data:

    • Economics:

      • Italy Apr Retail Sales +3.2% y/y vs consensus +4.3% and prior +5.8%; +0.2% m/m vs consensus +0.3% and prior 0.0%

      • France Apr Trade Balance (€9.7B) vs consensus (€7.7B) and prior (€8.0B)

      • Germany Apr Industrial Production +0.3% m/m vs consensus +0.6% and prior revised (2.1%) from (3.4%)

      • Switzerland May Unemployment Rate 1.9% vs consensus 1.9% and prior 2.0%

      • UK May Halifax House Prices (1.0%) y/y vs consensus (0.9%) and prior +0.1%

      • Norway May Manufacturing Production (0.4%) m/m vs consensus (0.3%) and prior (0.4%)

      • Greece Q1 GDP +2.1% y/y vs consensus +3.1% and prior revised +4.8% from +5.2%

    • Markets:

      • WTI Crude (Jul 23): +$1.03 or +1.44% to $72.77

      • €-$ +0.0012 or +0.11% to 1.0707

      • £-$ +0.0031 or +0.25% to 1.2459

      • €-£ (0.0012) to 0.8593

      • S&P 500 (0.03%)

      • Performance year-to-date

        • FTSE 100: +2.33%

        • DAX: +14.65%

        • CAC: +11.36%

        • MIB: +14.04%

        • Stoxx 600: +8.48%

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.
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