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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.32% to 7594.78, DAX +0.83% to 16230.68, CAC40 +0.56% to 7290.80, STOXX 600 +0.55% to 463.27

Jun 13 ,2023

  • Synopsis:

    • European equity markets ended the session just below the best levels if the day. Pan-European indices mostly opened higher, as expected, however failed to hold on to much of the gains as shares pared advances, until getting a boost from better than expected US CPI data. The recovery in share prices was further aided by the firmer open on Wall Street, though saw a minor retreat from session highs just before the close

    • Norway +1.9%, Finland, Netherlands, Sweden all +1.0% lead outperformers. Spain (0.1%), Denmark +0.1% and Greece +0.2% led underperformers

    • UK labour market data surprised on the upside with an unexpected drop in claimant count in May, a better than expected unemployment rate, and also showed an up tick in wage growth, all accelerating BoE rate hike bets. Germany and Spain May final CPIs were generally in line with preliminary releases, while Germany ZEW sentiment improved in Jun, though the current situation deteriorated more than expected.

    • ECB's Enria stated that Eurozone banks are sitting on relatively modest amounts of unrealised losses related to sharply higher interest rates as he spoke at European Financials Conf. BOE's Bailey testified to parliamentary economic affairs committee, as did Meghan Greene (set to join the BOE's MPC). BOE's Dhingra spoke at Manchester Metropolitan University

    • OPEC released monthly oil market report and left its forecast for 2023 global oil demand growth unchanged

    • As the war in Ukraine continues for a 16th month, Russian President Putin comments during a televised meeting today, that he believed Ukraine had lost 25-30% of military vehicles supplied to Kyiv by western countries since the start of its recent counteroffensive

    • Among the handful of earnings/updates Ashtead Group (AHT.LN) reported FY Adj. EPS $3.89 vs FactSet $3.85, raises dividend +25% y/y, Continental's (CON.GR) CFO said in an interview with Börsen-Zeitung the company is on track to achieve EBIT margin of 2-3% in 2023 and 6-8% in 2025 or 2026 in automotive segment, Oxford Instruments (OXIG.LN) reports FY EPS 111.3p ex-items vs FactSet 108.3p, raises dividend +7.7% y/y and at it's Wealth Management CMD, Schroders (SLN) stated AuM £115.6B as of 30-Apr vs £111.4B as of 31-Dec-22, supported by net new business of £2.9B. Centrica (CNA.LN) expects FY adj. EPS to be around the top end of the range of recent sell side analyst expectations

    • M&A news included Saint-Gobain (SGO.FP) agrees to acquire Building Products of Canada Corp, Bunge to merge with Glencore's (GLEN.LN) Viterra and Liontrust (LIO.LN) publishes prospectus for offer for GAM (GAM.SW) shares. In other smaller deals, Jyske Bank (JYSB.DC) agree to acquire PFA Bank A/S for DKK245M and Pernod Ricard's (RI.FP) Canadian affiliate Corby acquire majority stake in Ace Beverage Group. Embracer Group (EMBTAC.B.SS) announces comprehensive restructuring program with immediate implementation. The share gave up much of their initial gains. Sky News reported that Next (NXT.LN) and Warburg Pincus working with Raymond James on sale of Reiss

    • On the first day of bookbuilding, DOF Group's (+DOFG.NO) IPO is oversubscribed at the fixed price of NOK 28/share

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.67%, Travel & Leisure +1.41%, Technology +1.40%, Ind Goods & Svcs +1.32%, Oil & Gas +1.15%, Autos & Parts +1.10%, Financial Svcs +0.78%, Construct & Mtls +0.66%, Media +0.62%, Retail +0.60%, Banks +0.59%

      • Underperformers:

        • Real Estate (1.23%), Telecom (0.63%), Utilities (0.52%), Health Care (0.29%), Insurance (0.02%), Food & Beverage +0.34%, Chemicals +0.50%, Persnl & HHold Goods +0.54%

    • Macro/Peripheral markets:

      • EU:

        • Von der Leyen vows to conclude EU-Mercosur deal by year-end - Politico

        • EU liberals seek to drag EPP away from Meloni's 'extreme right' - Euractiv

      • Central Banks:

        • ECB's Enria says overall amount of unrealised losses in the ballpark of €70B for all the banks under the supervision of the ECB - Reuters

        • BOE's future MPC member Meghan Greene (succeeds Silvana Tenreyro on 5-Jul) says policymakers should be focused on the medium term outlook for inflation rather than "dynamics that already exists" - Bloomberg

        • BOE's Bailey say that inflation will come down, but it will take longer than expected -

      • Germany:

        • ifo President Fuest speaks out against four-day week - release

      • Ireland:

        • Set to gain one extra MEP under proposal for slightly expanded EU Parliament - RTE

      • Turkey:

        • Finland and Sweden's NATO applications to be discussed in Turkey tomorrow - Daily Sabah

      • UK:

        • Banks ditch sustainability as economic headwinds slows progress - City AM

    • Company news:

      • Notable Gainers

        • +39.4% ATORX.SS (Alligator Bioscience)

          • To Host Virtual Key Opinion Leader Event on Mitazalimab Latest Interim Phase 2 Data in 1st Line Metastatic Pancreatic Cancer

          • Reinstated buy at DnB Markets; prior rating was buy

        • +24.1% DOCM.SW (DocMorris) -- German Federal Minister of Health Karl Lauterbach says it will be possible to redeem e-prescriptions via eGK from July - Apotheke Adhoc

          • +4.5% RDC.GR (Redcare Pharmacy N.V. (formerly Shop Apotheke Europe))

        • +9.3% STORY.B.SS (Storytel) -- Presents mid-term financial targets and strategic direction to further strengthen its leading position - CMD

        • +8.2% ALERS.FP (Eurobio-Scientific) -- Agrees to acquire Diagnostic International Distribution SPA for an undisclosed sum in cash

        • +7.5% TRIN.LN (Trinity Exploration & Production)

          • Guides FY23 capex $16-18M vs FactSet $16.8M, sales 2,800-3,100 bopd

        • +6.9% PLUS.LN (Plus500) -- Buys back 7.3M shares from Odey Asset Management LLP at 1,383p/share

        • +5.8% DUE.GR (Duerr) -- Acquires the BBS Automation Group for an enterprise value of €440-480M

        • +5.3% GREEN.SS (Green Landscaping Group) -- Acquires Schmitt & Scalzo in Germany

        • +4.9% GLEN.LN (Glencore) -- Will receive ~$3.1B in Bunge(BG) stock (32.8M shares) and $1.0B in cash for its ~50% stake in Viterra

        • +4.9% NESTE.FH (Neste) -- to outperform from sector perform at RBC Capital Markets

        • +4.0% DIS.IM (D'Amico International Shipping) -- Approves 1-for-10 stock split

        • +3.9% FIA1S.FH (Finnair) -- Updates its FY23 profit outlook as it expects the travel demand to continue stronger than previously anticipated

        • +3.2% SGO.FP (Saint-Gobain) -- Agrees to acquire Building Products of Canada Corp for C$1.325B (~€925M) in cash

        • +1.8% DFDS.DC (DFDS) - May Freight volume (18.6%)

          • On earnings/updates: CON.GR (Continental), FHZN.SW (Flughafen Zuerich), OXIG.LN (Oxford Instruments), NB2.GR (Northern Data), BUR.LN (Burford Capital), TAM.LN (Tatton Asset Management), IOM.LN (iomart Group)

      • Notable Decliners

        • -22.0% HYPRO.NO (HydrogenPro) -- Places 5.25M new shares at NOK24/share

        • -9.4% GREENH.DC (Green Hydrogen Systems) -- Announces the initiation of a rights issue

        • -7.5% EVD.GR (CTS Eventim) -- to hold from buy at Kepler Cheuvreux

        • -7.3% ALM.SM (Almirall ) -- Places 24.4M new shares at €8.2/share

        • -6.0% VRLA.FP (Verallia) -- to hold from buy at Berenberg

        • -5.1% ADM.LN (Admiral Group) -- to sell from neutral at Citi

        • -3.9% ZV.IM (Zignago Vetro) -- to hold from buy at Berenberg

        • -3.7% NOD.NO (Nordic Semiconductor) -- initiated equal-weight at Morgan Stanley

        • -3.0% BWY.LN (Bellway) -- On track to deliver full year volume output of ~11,000 homes

        • -2.5% CMCX.LN (CMC Markets) -- FY EPS 14.6p vs FactSet 12.9p [5 est, 12.6-13.2p]

        • -1.3% SENS.SS (Sensys Gatso Group) -- Guides FY23 and FY25; announces new ticker SGG and trading following 80:1 split

          • On earnings/updates: AHT.LN (Ashtead Group), SDR.LN (Schroders), HSHP.NO (Himalaya Shipping), CNA.LN (Centrica)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Greenyard (GREEN.BB)

        • DACH: Heidelberger Druckmaschinen (HDD.GR), Kapsch TrafficCom (KTCG.AV)

        • France: Oeneo (SBT.FP)

        • Southern Europe: OVS (OVS.IM)

        • UK: Safestore (SAFE.LN), Severfield (SFR.LN), Castings (CGS.LN), Eckoh (ECK.LN), Marks Electrical Group (MRK.LN)

      • Traffic: Fraport AG Frankfurt Airport Services Worldwide (FRA.GR), Flughafen Wien (FLU.AV)

  • Data:

    • Economics:

      • Germany

        • May CPI +6.1% y/y vs preliminary +6.1%; (0.1%) m/m vs preliminary (0.1%)

        • Jun ZEW survey

          • Economic sentiment indicator (8.5) vs consensus (13.1), prior (10.7)

          • Current situation (56.5) vs consensus (40.0), prior (34.8)

      • Spain May CPI +3.2% y/y vs preliminary +3.2%; 0.0% m/m vs preliminary (0.1%)

      • UK

        • May claimant count change (13.6K) vs consensus +21.4K, prior revised +23.4K from +46.7K

        • Apr ILO unemployment rate 3.8% vs consensus 4.0%, prior 3.9%

    • Markets:

      • WTI Crude (Jul 23): +$2.02 or +3.01% to $69.14

      • €-$ +0.0029 or +0.27% to 1.0790

      • £-$ +0.0095 or +0.76% to 1.2607

      • €-£ (0.0042) to 0.8557

      • S&P 500 +0.58%

      • Performance year-to-date:

        • FTSE 100: +1.92%

        • DAX: +16.57%

        • CAC: +12.62%

        • MIB: +16.28%

        • Stoxx 600: +9.03%

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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