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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.31%) to 7600.40, DAX +0.22% to 15996.40, CAC +0.31% to 7225.35

Jun 08 ,2023

  • Synopsis:

    • European equity markets closed mixed. Switzerland (0.4%) and UK (0.3%) lead the decliners whilst Austria +0.7%, Portugal and Greece both +0.6% lead the overperformers.

    • Central bank policy developments leaving a cautious tone for markets. After RBA hawkish takeaways from RBA decision and Bank of Canada's surprise hike, markets looking ahead to next week's FOMC and ECB policy decisions. Consensus is for Fed to hike one more time but forecast to leave rates on hold next week. ECB still seen hiking rates by 25-bps in June and July, and BoE likely to take terminal rate to at least 5%. Recent focus has been below the surface with rate-sensitive megacap tech giving back some of its outsized gains, while small-caps and cyclicals have bounced. Low equity market volatility another area of focus.

    • On the macro-calendar, Eurozone Q1 GDP rose by +1.0% vs same quarter of the previous year, down from the preliminary estimate of +1.8%. On a quarterly basis, Q1 GDP shrank by (0.1%) vs the previous quarter and preliminary estimate of 0.0%. Also out today are UK May house price balance - RICS and Ireland May CPI due.

    • In earnings news, Systemair (SYSR.SS) and Clas Ohlson (CLA.B.SS) reported Q4 earnings. In France, SOITEC (SOI.FP) reported FY earnings and held its CMD confirming its FY26 strategic roadmap targeting revenue of ~ $2.1B and EBITDA margin of ~ 40%, Whilst Saint-Gobain (SGO.FP) reported preliminary H1 earnings indicating to an expected double-digit operating margin. In the UK, FirstGroup (FGP.LN), Mitie Group (MTO.LN), RWS Holdings (RWS.LN) and Wizz Air Holdings (WIZZ.LN) are among other companies from the region to publish earnings reports. In M&A, Societe Generale (GLE.FP) announced that it's considering selling its 52.34% stake in the International Union of Banks (Tunisia). The Societe Generale Group states that it has initiated a study with a bank to identify potential counterparties for its participation in the capital of UIB

    • Looking ahead to tomorrow's calendars (please see attached our StreetAccount Summary - Europe Week Ahead: Jun 5-9), Integrum (INTEG.B.SS), Ceres Power Holdings (CWR.LN), Dassault Systemes (DSY.FP), and Deutsche Post (DPW.GR) will be among other names to update investors, whilst on the macro-calendar releases will include Italy Apr industrial production, Sweden Apr industrial production, Norway May CPI, PPI, Denmark Apr trade balance, Greece May CPI, Apr industrial production, Netherlands Apr manufacturing production.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.17%, Basic Resources +0.48%, Banks +0.31%, Energy+0.27%, Financial Svcs +0.23%, Ind Goods & Svcs +0.21%, Utilities +0.16%, Construct & Mtls +0.15%, Consumer Products and Services +0.10%, Travel & Leisure +0.09%, Health Care +0.07%,

      • Underperformers:

        • Telecom (1.13%), Real Estate (0.82%), Personal Care Drug and Grocery Stores (0.77%), Food, Beverage and Tobacco (0.57%), Retail (0.47%), Insurance (0.34%), Media (0.27%), Technology (0.22%),

    • Macro:

      • Russia/Ukraine

        • UK imposes new sanctions on Belarus for its role in Ukraine war - FT

        • Ukraine fears losing millions of tons of crops after dam collapse - Reuters

      • EU

        • Eurozone economy shrinks for two consecutive quarters - FT

        • Taiwan foreign minister to make Europe trip next week - Reuters

      • UK

        • UK Banks Should Increase 'Measly' Interest Rates for Savers, MPs Say - Bloomberg

        • UK's Sunak, Biden to focus on deepening economic ties at White House meeting - Reuters

        • Housebuilding approvals hit 15-year low after Tory reform - The Times

      • Germany

        • Habeck removes chip manufacturer with Chinese owner from funding list - Handelsblatt

    • Peripheral markets:

      • Italy:

        • Meloni receives Scholz in Rome: 'Intense relations with Germany' - Ansa

      • Greece

      • Finland

        • Finland's Foreign Minister Haavisto to run for president - Reuters

    • Company news:

      • Trading Higher:

        • +14.9% FGP.LN (FirstGroup £1.35, +0.18) -- FY earnings

        • +11.6% RWS.LN (RWS Holdings £2.53, +0.26) -- H1 earnings

        • +9.2% HSP.LN (Hargreaves Services £4.14, +0.38) -- trading update

        • +8.5% EVT.GR (Evotec €22.83, +1.80) -- Citi upgrade

        • +8.2% IMP.A.SS (Implantica SEK17.94, +1.42) -- completion of first RefluxStop procedures by the president of the European foregut society

        • +7.9% GFRD.LN (Galliford Try Holdings £1.89, +0.15) -- settlement agreed with major infrastructure fund

        • +7.4% ALPIX.FP (Pixium Vision €0.07, -0.00) -- €1.8M research tax credit from French government

        • +5.9% IPH.FP (Innate Pharma €3.02, +0.17) -- FDA grants Fast Track Designation for SAR'579/IPH6101

        • +5.4% VRLA.FP (Verallia €34.04, +1.78) -- reinstated buy at BofA

        • +5.1% ORSTED.DC (Ørsted DKK632.20, +31.00) -- confirms goal of ~50 GW renewable capacity by 2030 and strong financial outlook

        • +5.0% BIOA.B.SS (BioArctic SEK340.80, +16.00) -- Eisai submits Marketing Authorisation Application to MFDS in South Korea for lecanemab

        • +4.9% GMAA.LN (Gama Aviation £0.54, +0.03) -- FY earnings

        • +4.5% CKN.LN (Clarkson £31.40, +1.35) -- JPMorgan upgrade

        • +3.6% MTO.LN (Mitie Group £0.95, +0.04) -- FY earnings

        • +3.4% TGS.NO (TGS-NOPEC Geophysical Co. NOK156.20, +5.20) -- and SLB announce engagement phase 4 in the US Gulf of Mexico

        • +3.2% GVR.ID (Glenveagh Properties €1.09, +0.03) -- trading update

        • +2.9% 2020.NO (2020 Bulkers NOK108.40, +3.00) -- commercial update

        • +1.6% TKA.GR (ThyssenKrupp €7.15, +0.11) -- and Mazagon Dock Shipbuilders confirm they will build submarines for and in India

        • +1.5% NN.NA (NN Group €33.19, +0.49) -- resumed outperform at RBC Capital Markets

        • +1.5% GLE.FP (Societe Generale €23.05, +0.33) -- considers selling its 52.34% stake in International Union of Banks (Tunisia)

      • Trading Lower:

        • -28.3% IMMU.SS (Mendus SEK1.03, -0.38) -- directed share issue and fully secured rights issue of units totaling ~ SEK 317M in financing; and NorthX Biologics to enter strategic cell therapy manufacturing alliance supported by new investor Flerie

        • -10.9% SKIS.B.SS (SkiStar SEK123.50, -14.60) -- Nordea downgrade

        • -7.5% CRST.LN (Crest Nicholson Holdings £2.40, -0.19) -- H1 earnings

        • -7.2% SYSR.SS (Systemair SEK84.60, -6.50) -- Q4 earnings

        • -5.3% WIZZ.LN (Wizz Air Holdings £28.27, -1.48) -- FY earnings

        • -4.9% TKWY.NA (Just Eat Takeaway.com €13.10, -0.66) -- Bryan Garnier downgrade

        • -1.6% INSTAL.SS (Instalco SEK55.65, -0.90) -- new framework agreement with JM

    • EU companies reporting tomorrow:

      • Earnings: Integrum (INTEG.B.SS)

      • CMD/events: Ceres Power Holdings (CWR.LN), Dassault Systemes (DSY.FP), Deutsche Post (DPW.GR) automation

  • Data:

    • Economics:

      • Eurozone Q1 GDP +1.0% y/y vs preliminary +1.8%; (0.1%) q/q vs preliminary 0.0%

      • Ireland May CPI % y/y due at 6:00ET; consensus +6.3% and prior +7.2%

    • Markets:

      • WTI Crude (Jul 23): ($0.61) or (0.84%) to $71.92

      • €-$ +0.0082 or +0.77% to 1.0781

      • £-$ +0.0117 or +0.94% to 1.2552

      • €-£ (0.0015) to 0.8587

      • S&P 500 +0.41%

      • Performance year-to-date

        • FTSE 100: +2.00%

        • DAX: +14.89%

        • CAC: +11.61%

        • MIB: +15.17%

        • Stoxx 600: +8.45%

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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