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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.04% to 7565.30, DAX +0.86% to 16086.31, CAC40 +0.52% to 7250.96, STOXX 600 +0.14% to 460.65

Jun 12 ,2023

  • Synopsis:

    • European indices ended in positive territory, but off the session's highs. In politics, Mediaset founder and Forza Italia leader, Silvio Berlusconi, died today. The event could have serious repercussions on PM Meloni's government even though Forza Italia is a junior partner in the current coalition as political instability and further uncertainty are likely to arise. It is not yet clear who will succeed him as the leader of Forza Italia, which could face some internal divisions and challenges from other parties. Opposition parties such as the Democratic Party and 5-Star movement may also seek to exploit cracks or conflicts within the ruling coalition or seek to present themselves as a more moderate and reliable alternative. In Spain, the center-right People's Party (PP) appear to be on track for an election win, but Socialist PM Sanchez received a boost Friday, which could improve electoral chances. A deal was agreed between more than a dozen small leftist parties to run on a joint ticket and could help Sanchez form a new coalition government, providing it shores up left vote. Polls still pointing to a strong performance for PP though, with an ABC survey showing close to 37% of the vote or ~150 seats in parliament. Vox on track to win ~12% of the vote, or up to 35 seats, suggesting parties on the right in a strong position to secure 176 seats required for a majority. Poll shows Socialists with ~100 seats and with other parties a total of ~165 seats, falling short of majority. Some thoughts a prolonged coalition-building process after 23-Jul vote might undermine economy, though coming from a stronger position

    • Quiet start of the week for macro data ahead of a big week for central bank updates and key economic data releases. Market fully priced for another ECB rate hike on Thursday by 25-bps, as well as reiterating intention to stop APP reinvestment from July. More UK economic forecasts in focus with KPMG and CBI suggesting small expansion likely this year. Both pointed to stickiness in inflation and likelihood of further BoE tightening. Meanwhile, UK politics got some attention on the weekend after former PM Johnson quit as a MP ahead of findings of Covid inquiry into whether he misled parliament

    • In central bank news, Hawkish BoE MPC member Haskel warned that rates may need to be raised more than once from their current level to bring inflation under control whilst - in the afternoon - BoE's Mann stated that output data suggests strong growth ahead

    • M&A news dominated the headlines today: Novartis (NOVN.SW) acquired Chinook Therapeutics for $40/share in cash or $3.2B total. Les Echos reports Auchan is ready for a merger with Casino (CO.FP) after the company solves its debt problem. Expansion wrote that that Indra Sistemas (IDR.SM) hired AZ Capital and KPMG to acquire a stake Bain Capital's ITP Aero. Georg Fischer (GF.SW) announced an offer for Uponor (UPONOR.FH) at €28.85/share in cash; ERYTECH Pharma (ERYP.FP) reacted to a series of disinformation attempts by Akkadian Partners to try and destabilize ERYTECH. Furthermore, UBS (UBSG.SW) completed the Credit Suisse (CSGN.SW) merger and today is the last trading day of Credit Suisse shares on SIX Swiss Exchange. In Italy, Telecom Italia (TIT.IM) announced two new non-binding offers for Netco from CdP-Macquarie and KKR whilst - in the UK - Glencore (GLEN.LN) confirmed that it submitted alternative proposal to acquire Teck's steelmaking coal business (TECK.B.CN); Also, Frasers Group (FRAS.LN) took a 18.9% stake in AO World (AO.LN)

    • Looking ahead to tomorrow's calendars, Colruyt (COLR.BB), Partouche (PARP.FP), MedinCell (MEDCL.FP), Ashtead Group (AHT.LN), Oxford Instruments (OXIG.LN), CMC Markets (CMCX.LN), Tatton Asset Management (TAM.LN), iomart Group (IOM.LN), Mind Gym (MIND.LN), Bellway (BWY.LN) and DFDS (DFDS.DC) will be among few other names to update investors. On the macro-front, Germany prelim May CPI and Jun Economic Sentiment, UK Apr Unemployment Rate and UK May Claimant Count Change are the main releases

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:Consumer Products and Services +1.58%, Autos & Parts +1.35%, Technology +1.17%, Chemicals +0.80%, Construct & Mtls +0.77%, Retail +0.74%, Ind Goods & Svcs +0.64%, Media +0.36%

      • Underperformers: Energy (1.35%), Real Estate (1.33%), Basic Resources (1.24%), Telecom (0.96%), Food, Beverage and Tobacco (0.30%), Banks (0.29%), Insurance (0.26%), Health Care (0.12%), Utilities +0.03%, Financial Svcs +0.06%, Personal Care Drug and Grocery Stores +0.13%

    • Macro:

      • Silvio Berlusconi, former Italian PM, dies at 86 (BBC and Politico)

      • France warns Iran on drone deliveries to Russia (Reuters)

      • Nato begins huge air forces exercise over Germany (Times)

      • Bank of England rates-setter says further hikes may be needed (Guardian)

      • Ex-PM accuses Sunak of 'talking rubbish' in bitter honours list row (Independent)

      • EU and UK heading nowhere fast on finance (Politico)

      • Spain's hard left unites ahead of July election in boost to PM Sanchez (F24)

      • Romanian Premier Quits to Hand Power to Ally in Pre-Agreed Shift (BBG)

    • Company news:

      • Notable Gainers

        • +41.8% OPDE.SM (Opdenergy Holding €5.66, +1.67) -- Antin Infrastructure Partners announces €5.85/share in cash offer for 100% of Opdenergy

        • +15.4% FUM.LN (Futura Medical £0.50, +0.07) -- FDA approves over the counter sale of Futura Medical's MED3000 for erectile dysfunction

        • +15.2% RISH.NO (GC Rieber Shipping NOK17.10, +2.25) -- proposes extraordinary dividend

        • +12.7% OCN.LN (Ocean Wilsons Holdings £9.24, +1.04) -- confirms strategic review involving subsidiary Wilson Sons

        • +12.6% CO.FP (Casino Guichard-Perrachon €6.78, +0.76) -- Auchan ready for a merger with Casino after the company solves its debt problem -- Les Echos

        • +7.4% AO.LN (AO World £0.75, +0.05) -- confirms that Frasers Group plc has acquired an 18.9% strategic stake

        • +7.4% OXUR.BB (Oxurion €0.00, -0.00) -- study update

        • +6.7% UPONOR.FH (Uponor €29.32, +1.84) -- Georg Fischer offers €28.85/share in cash

        • +6.7% DEDI.SS (Dedicare SEK118.60, +7.40) -- accepted as a supplier of nurses to all hospitals in Norway

        • +5.8% CAPD.LN (Capital £1.02, +0.06) -- contract

        • +5.2% IPH.FP (Innate Pharma €3.22, +0.16) -- rovides updated data on IPH6501 at EHA

        • +4.6% SENS.SS (Sensys Gatso Group SEK1.09, +0.05) -- contract

        • +3.7% NIBE.B.SS (NIBE Industrier SEK109.90, +3.95) -- signs agreement to acquire 100% of shares in Dutch Group Climate for life (CFL)

        • +3.5% BWLPG.NO (BW LPG NOK101.40, +3.40) -- launches tender offer via a reverse bookbuilding process to buyback share equivalent of $25-50M

        • +3.5% GF.SW (Georg Fischer CHF63.80, +2.15) -- announces recommended offer for Uponor at €28.85/share in cash

        • +2.8% MFEB.IM (MFE-MEDIAFOREUROPE €0.71, +0.02) -- founder - and former Italian PM - Silvio Berlusconi passes away at 86 -- Corriere

        • +1.2% RILBA.DC (Ringkjøbing Landbobank DKK973.50, +11.50) -- raises FY guidance

        • +1.1% NOVN.SW (Novartis CHF91.13, +0.96) -- to acquire Chinook Therapeutics for $40/share in cash or $3.2B total

        • +1.1% CSGN.SW (Credit Suisse Group CHF0.82, +0.01) -- UBS completes Credit Suisse merger

        • +0.4% TKA.GR (ThyssenKrupp €7.19, +0.03) -- Nucera's IPO related

        • +0.2% GLEN.LN (Glencore £4.36, +0.01) -- Teck engaging with Glencore on proposal related to Teck's steelmaking coal business

      • Notable Decliners

        • -16.0% PGS.NO (PGS ASA NOK5.85, -1.12) -- receives contract termination notice for Ramform Titan

        • -13.8% SESG.FP (SES €4.82, -0.77) -- CEO to step down

        • -8.7% EVD.GR (CTS Eventim €64.85, -6.20) -- comments from Jan Böhmermann (TV satirist) cited

        • -7.7% IMMU.SS (Mendus SEK0.67, -0.06) -- study results

        • -3.2% LTG.LN (Learning Technologies Group £0.98, -0.03) -- AGM statement

        • -2.4% STAF.LN (Staffline Group £0.34, -0.01) -- AGM trading update

        • -2.1% CINE.LN (Cineworld Group £0.01, -0.00) -- Estimated weekend box office revenues in US, Canada $163.2M, (24.0%) y/y - Box Office Mojo

        • -1.9% BONAV.B.SS (Bonava SEK18.98, -0.36) -- to divest its Norwegian operations to Union Residential Development for SEK1.50B

        • -1.3% TIT.IM (Telecom Italia €0.25, -0.00) -- announces two new non-binding offers for Netco received from CdP-Macquarie consortium and KKR

        • -0.9% EURN.BB (Euronav €15.00, -0.14) -- Euronav in focus amid takeover speculation -- Betaville

    • EU companies reporting tomorrow:

      • Benelux: Colruyt (COLR.BB)

      • France: MedinCell (MEDCL.FP)

      • UK: Ashtead Group (AHT.LN), Oxford Instruments (OXIG.LN), CMC Markets (CMCX.LN), Tatton Asset Management (TAM.LN), iomart Group (IOM.LN), Mind Gym (MIND.LN)

      • Trading Update: Bellway (BWY.LN), DFDS (DFDS.DC), Groupe Partouche (PARP.FP)

  • Data:

    • Economics:

      • Denmark May CPI +2.9% y/y vs consensus +4.8% and prior +5.3%

    • Markets:

      • WTI Crude (Jul 23): ($2.14) or (3.05%) to $68.03

      • €-$ +0.0004 or +0.04% to 1.0754

      • £-$ (0.0072) or (0.57%) to 1.2503

      • €-£ +0.0054 to 0.8602

      • S&P 500 +0.29%

      • Performance year-to-date

        • FTSE 100: +1.52%

        • DAX: +15.53%

        • CAC: +12.01%

        • MIB: +15.56%

        • Stoxx 600: +8.42%

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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