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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.10% to 7602.74, DAX +0.49% to 16310.79, CAC40 +0.52% to 7328.53, STOXX 600 +0.36% to 464.94

Jun 14 ,2023

  • Synopsis:

    • European equity markets closed higher though off the session's best levels. Oil up after IEA revised up outlook for oil demand. Basic Resources and Banks outperformed whilst Travel&Leisure and Health Care lagged.

    • IEA released Oil Market report for June and upgraded demand projections for 2023 but forecast a coming demand peak as the energy transition advances and EV uptake accelerates. In its latest monthly report, German Economy Ministry says economic data points to moderate recovery over remainder of the year.

    • Focus on central bank policy with FOMC decision later and ECB tomorrow at at 14:15CET (press conf 14:45CET). BoE rate hike expectations elevated after firmer-than-expected labor market data. Some BoE officials weighing in with more considered remarks late Tuesday with prior tightening still feeding through.

    • Attention also on UK monthly activity data, which sees 0.2% expansion in May as expected. Other UK data included industrial/manufacturing production as well as trade balance. Inflation in Sweden higher than expected in May at +9.7% y/y vs consensus +9.4%, although lower than the two-digit figure of prior month. Meanwhile, Eurozone Apr industrial production on a y/y basis moved back into growth, though not as much as expected. Bloomberg reported that concerns rising over looming ECB TLTRO repayments, which could expose banks in southern Europe.

    • On the corporate front, at its CMD, Shell (SHEL.LN) hiked its dividend by 15% and buybacks of at least $5B for H2. Still in the UK, Robert Walters (RWA.LN) shares closed (12.5%) after issuing a trading update with Hays (HAS.LN), PageGroup (PAGE.LN), Adecco Group (ADEN.SW), Randstad (RAND.NA) also down in sympathy. Frontier Developments (FDEV.LN) is down post FY trading update and Foundry games label review update; Shore Capital Stockbrokers and Peel Hunt both issued downgrades of Frontier Developments following its FY trading update. Elsewhere, Logitech (LOGN.SW) trading lower after the departure of CEO Bracken Darrell. Also, Wacker Neuson (WAC.GR) posted a new Strategy 2030 and Colruyt (COLR.BB) released better-than-expected FY numbers and CEO successor announcement. K+S Aktiengesellschaft (SDF.GR) closed (5.5%) lower after announcing the achievability of forecast key figure ranges unlikely due to recent potash price movements

    • In M&A, Vodafone (VOD.LN) and Three (1.HK) announced agreement to combine to create biggest UK mobile network. Under terms of the deal, Vodafone will own 51% of the new company and CK Hutchison will control the remainder of Three UK. Companies expect to close the deal before the end of 2024. Entain (ENT.LN) announced tender offer to acquire 100% of STS Holdings SA for a total consideration of £750M and placed 48.3M new shares at £12.30/sh to raise gross proceeds of £600M. In response to rumors circulating in the press, Groupe Casino (CO.FP) announced that it has received a preliminary letter of intent from Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari concerning a proposal to strengthen Casino Guichard Perrachon's equity by up to €1.1B

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.29%, Banks +1.06%, Autos & Parts +0.96%, Construct & Mtls +0.90%, Real Estate +0.85%, Insurance +0.69%, Consumer Products and Services +0.68%, Utilities +0.53%, Telecom +0.52%, Food, Beverage and Tobacco +0.48%, Media +0.38%

      • Underperformers:

        • Travel & Leisure (1.10%), Health Care (0.31%), Energy+0.04%, Chemicals +0.09%, Technology +0.11%, Personal Care Drug and Grocery Stores +0.14%, Financial Svcs +0.20%, Ind Goods & Svcs +0.21%

    • Macro:

      • EU:

        • Banks alarmed at threat of EU crackdown on cross-border access - FT

        • France-Germany Spat Over Nuclear Delays EU Renewables Deal - Bloomberg

        • EU member states team up to cancel bloc's ammunition production boost plan - Euractiv

      • Germany:

        • German coalition reaches deal on law banning new gas boilers - Politico

      • France:

        • Le Maire pledges to put France's finances back on track with spending cuts - FT

      • Sweden

        • Turkey's President Erdogan Says Sweden's Anti-Terror Law Not Enough for NATO Bid - Bloomberg

      • UK:

        • UK has no alternative to Bank interest rate rises to calm inflation, Hunt - BBC

        • PM Sunak orders banks to protect borrowers from surging mortgage rates -Telegraph

        • Boris Johnson hits back at Rishi Sunak in row over peerages list - Sky

        • UK lenders set to follow HSBC in raising mortgage rates, brokers warn - FT

        • Number of Britons working in EU travel sector down more than two-thirds since Brexit - FT

    • Company news:

      • Notable Gainers

        • +35.4% MDG1.GR (Medigene €2.22, +0.58) -- to present at the Immuno-Oncology Summit Europe

        • +24.7% IVA.FP (Inventiva €4.24, +0.84) -- study results; KBC upgrade

        • +22.8% CO.FP (Casino Guichard-Perrachon €8.15, +1.52) -- confirms proposal to strengthen Casino Guichard Perrachon's equity by up to €1.1B

        • +18.0% ORP.FP (Orpea €2.09, +0.32) -- France's Commission des Finances currently discussing the "Opération de recapitalisation d'Orpea"

        • +11.4% SFR.LN (Severfield £0.68, +0.07) -- FY earnings

        • +10.3% COLR.BB (Colruyt €34.29, +3.21) -- FY earnings

        • +8.3% WAC.GR (Wacker Neuson €22.30, +1.70) -- announces new Strategy 2030

        • +6.5% AML.LN (Aston Martin Lagonda Global Holdings £2.97, +0.18) -- Jefferies upgrade

        • +5.8% DHG.ID (Dalata Hotel Group €4.67, +0.26) -- H1 trading update

        • +5.8% GAW.LN (Games Workshop Group £102.00, +5.55) -- FY trading update

        • +5.3% RECT.BB (Recticel €11.96, +0.60) -- completes divestment of Engineered Foams business to Carpenter Co

        • +3.8% ALIG.SS (Alimak Group SEK82.90, +3.00) -- CMD

        • +3.1% MAU.FP (Maurel et Prom €4.15, +0.12) -- in advanced discussions to acquire all the shares of Assala in Gabon

        • +2.8% FRA.GR (Fraport €48.32, +1.33) -- May Frankfurt Airport traffic statistics

        • +2.6% BST.GR (Bastei Lübbe €4.74, +0.12) -- new CFO

        • +1.3% BFIT.NA (Basic-Fit €35.96, +0.46) --

          • announces amended and extended term loan and revolving facilities agreement

          • KBC upgrade

      • Notable Decliners

        • -44.2% EVE.SW (Evolva Holding CHF5.66, -4.49) -- renegotiates financing arrangement, initiates review of strategic alternatives and revokes guidance

        • -40.0% GCM.LN (GCM Resources £0.03, -0.02) -- places 20M new shares at 2.5p/share through WH Ireland

        • -33.3% SLE.LN (San Leon Energy $0.15, -0.08) -- expects its shares will be suspended from trading on AIM with effect from 3-Jul

        • -18.3% CINE.LN (Cineworld Group £0.01, -0.00) -- Cineworld Group preparing to go into administration - Sky News

        • -12.5% LOGN.SW (Logitech International CHF50.74, -7.26) --

          • CEO to step down

          • ZKB downgrade

        • -12.0% RWA.LN (Robert Walters £4.10, -0.56) -- Q2 trading update

        • -10.7% AAQ1.GR (aap Implantate €1.00, -0.12) -- decides to propose to AGM reduction of the share capital of the company

        • -9.2% SAA.LN (M&C Saatchi £1.58, -0.16) -- YTD Trading update

        • -9.1% ENT.LN (Entain £12.02, -1.20) --

          • to acquire 100% of STS Holdings SA for a total consideration of £750M

          • completes placing of 48.3M new shares at a price of £12.30/share to raise gross proceeds of £600M

        • -8.7% FDEV.LN (Frontier Developments £5.32, -0.51) --

          • FY trading update

          • Shore Capital downgrade

        • -7.6% OVS.IM (OVS €2.51, -0.21) -- Q1 earnings

        • -7.4% HDD.GR (Heidelberger Druckmaschinen €1.57, -0.13) -- FY earnings

        • -7.2% SAGCV.FH (Saga Furs €9.98, -0.77) -- June auction result

        • -6.0% BOL.SS (Boliden SEK324.20, -20.80) --

          • announces est. Q2 EBIT impact of (SEK700M) due to Rönnskär fire; Tara mine placed under care and maintenance

          • DnB Markets and ABG Sundal Collier downgrades

        • -5.7% A28890.GR (CompuGroup Medical €45.18, -2.74) -- Morgan Stanley downgrade

        • -4.9% SDF.GR (K+S €15.12, -0.78) -- achievability of forecast key figure ranges unlikely due to recent potash price movements

        • -4.4% VCT.LN (Victrex £14.70, -0.67) -- trading statement

        • -4.0% MOTR.LN (Motorpoint Group £1.20, -0.05) -- FY earnings

        • -2.4% HHFA.GR (Hamburger Hafen und Logistik €12.40, -0.30) -- CFO to step down

        • -1.0% CGS.LN (Castings £4.02, -0.04) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Focus Entertainment (ALFOC.FP), Groupe LDLC (ALLDL.FP)

        • Nordics: Pyrum Innovations (PYRUM.NO), Agat Ejendomme(AGAT.DC)

        • Southern Europe: Admie Holdings (IPTO) (ADMIE.GA)

        • UK: Halma (HLMA.LN), GB Group (GBG.LN), Halfords Group (HFD.LN), Fuller, Smith & Turner (FSTA.LN), Norcros (NXR.LN), Wentworth Resources (WEN.LN)

      • Trading Update: H&M Hennes & Mauritz (HM.B.SS)

      • Traffic: VINCI (DG.FP), Origin Enterprises (OIZ.ID)

  • Data:

    • Economics:

      • May CPI

        • Finland +6.8% y/y vs consensus +7.0% and prior +7.9%

        • Sweden +9.7% y/y vs consensus +9.4% and prior +10.5%

      • UK

        • Apr Construction Output +3.6% y/y vs consensus +4.3% and prior +4.1%

        • Apr Visible Trade Balance (£15.00B) vs consensus (£16.5B) and prior (£16.36B)

        • Apr Industrial Production (1.9%) y/y vs consensus (1.7%) and prior (2.0%)

      • Eurozone Apr Industrial Production +0.2% y/y vs consensus +0.8% and prior (1.4%)

    • Markets:

      • WTI Crude (Jul 23): ($0.16) or (0.23%) to $69.26

      • €-$ +0.0054 or +0.50% to 1.0852

      • £-$ +0.0083 or +0.66% to 1.2694

      • €-£ (0.0017) to 0.8547

      • S&P 500 +0.44%

      • Performance year-to-date

        • FTSE 100: +2.03%

        • DAX: +17.15%

        • CAC: +13.20%

        • MIB: +17.37%

        • Stoxx 600: +9.43%

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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