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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.34% to 7628.26, DAX (0.13%) to 16290.12, CAC40 (0.51%) to 7290.91, STOXX 600 (0.13%) to 464.33

Jun 15 ,2023

  • Synopsis:

    • European equity markets ended mixed with pan-European indices just below session highs. Denmark, Portugal both +0.4%, FTSE +0.3% and Switzerland +0.2%, led the overperformers whilst Austria (1.0%), France (0.7%), Italy and France both down (0.5%) led the decliners.

    • Focus on ECB raising its key rates by 25-bps to bring its deposit rate to 3.50%, as expected. No direct hint on policy in July, but it said inflation is projected to remain too high for too long, which will raise the likelihood of further tightening. Fed left funds rate unchanged at 5.00-5.25%, as expected. However, median dot in SEP jumped 50bp to 5.6% vs 25bp expected, implying two more rate hikes. Powell largely dismissed prospects for a rate cut this year and suggested such a move probably "a couple of years out."

    • Also in central banks, BoE agrees to external review of its forecasting errors after failing to anticipate scale of inflation shock. Lawmakers want to draw lessons on process and role in forecasting in policymaking.

    • Looking at macroeconomic updates, French inflation in May matched preliminary readings at +5.1% y/y and (0.1%) m/m. Eurozone trade balance fell in April to (€11.7B) vs €25.6B in March. In Switzerland, KOF and SECO released their latest economic forecasts, whilst in Germany, DIW and IfW did similar.

    • In corporate news, H&M Hennes & Mauritz (HM.B.SS) reported Q2 sales SEK 57.62B vs consensus SEK 58.31B adding that June has got off to a good start. Also in the Nordics, Billerud (BILL.SS) announced lower Q2 result than current market expectations and accelerated delivery of efficiency program. Out of the DACHs, HUGO BOSS (BOSS.GR) raised FY25 sales ambition to €5B and EBIT now set to reach at least €600M. VAT Group (VACN.SW) is trading to the downside as company noted sharply lower spending by semiconductor customers and implements short time work scheme; HELMA Eigenheimbau (H5E.GR) guided FY revenue €220-260M vs prior guidance >€300M, FactSet €283.1M; sees negative earnings

    • In the UK, Halma (HLMA.LN) posted FY EPS 76.3p ex-items vs consensus 75.0p with total DPS 20.20p vs consensus 20.41p and said it expects ROS for the year to increase to approx 20%. Asos (ASC.LN) trading statement: P3 revenue £858.9M; reaffirmed FY guidance. RHI Magnesita (RHIM.LN) now expects modest outperformance on earlier 2023 EBITA and EBITA margin guidance. Informa (INF.LN) published trading update ahead of today's AGM including strong underlying performances combined with portfolio additions delivers 7% increase in revenue guidance and 10% increase in adjusted operating profit guidance.

    • Still in the UK, Bunzl (BNZL.LN) said group revenue in H1 expected to increase +4% y/y and raises FY operating margin guidance to be slightly lower than that achieved over 2022. GB Group (GBG.LN) shares traded lower following its FY earnings update.

    • In Southern Europe, Italgas (IG.IM) presented Strategic Plan 2023-2029 and extends dividend policy until 2026 with confirmed payout ratio of 65% and 4% DPS growth floor. A2A (A2A.IM) said does not find the conditions for submitting any offer regarding possible acquisition of majority shareholding in share capital of Egea.

    • Further on M&A, Generali (G.IM) reached agreement with Liberty Mutual for the purchase of Liberty Seguros for €2.3B in cash and Bain Capital announced submission of non-binding offer for SoftwareOne Holding at CHF18.50/share.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Media +0.68%, Telecom +0.52%, Food & Beverage +0.41%, Health Care +0.39%, Retail +0.32%, Oil & Gas +0.03%, Travel & Leisure +0.02%, Utilities (0.11%),

      • Underperformers

        • Real Estate(0.91%), Banks (0.76%), Construct & Mtls (0.72%), Technology (0.59%), Autos & Parts (0.51%), Financial Svcs (0.38%), Basic Resources (0.34%), Ind Goods & Svcs (0.31%), Insurance (0.29%), Persnl & HHold Goods (0.23%), Chemicals (0.15%),

    • Macro/Peripheral markets:

      • EU

        • Can the EU cut its greenhouse gas emissions by 95 per cent? - FT

      • ECB

        • ECB increases interest rates to highest level since 2001 - FT

      • NATO

        • NATO races to design long-term package for Ukraine, differences remain - Reuters

      • UK

        • Boris Johnson report latest: ex-PM calls partygate findings 'a lie' - Times

        • Boris Johnson facing UK parliament ban after damning Partygate inquiry - Politico

        • More lenders expected to hike mortgage rates following HSBC, brokers warn - City AM

      • Ireland

        • Reintroduction of tax relief on mortgages needs to be considered, O'Brien says - Irish Times

      • France

        • France wants European defence industry in on EU Sovereignty Fund - Euractiv

      • Greece

        • Party leaders' debate called off after deadly migrant boat sinking - ekathimerini

      • Denmark

        • Governor Christian Kettel Thomsen's speech at PwC's Finance Conference - release

      • Romania

        • Romania's Ciolacu Becomes Prime Minister After Securing Majority - Bloomberg

    • Company news:

      • Notable Gainers

        • +18.7% SWON.SW (SoftwareONE Holding CHF18.01, +2.84) -- Bain Capital announces submission of non-binding offer at CHF18.50/share; Board says Bain Capital's indicative, unsolicited and non-binding offer materially undervalues the company

        • +15.0% ASC.LN (Asos £3.77, +0.49) -- trading statement

        • +12.0% W7L.LN (Warpaint London £2.78, +0.30) -- Q2 trading update

        • +7.7% PNL.NA (PostNL €1.59, +0.11) -- ING upgrade

        • +7.1% JTC.LN (JTC £7.75, +0.51) -- acquiers South Dakota Trust Company for a maximum consideration of $270M; proposes placing £62M new shares via accelerated bookbuilding

        • +4.8% KRN.GR (Krones €113.20, +5.20) -- Hauck & Aufhäuser upgrade

        • +3.8% HM.B.SS (H&M Hennes & Mauritz SEK151.20, +5.60) -- Q2 revenue; initiated underperform at Bernstein

        • +3.8% ADXN.SW (Addex Therapeutics CHF0.11, -0.00) -- announces issue of 17.6M new registered shares at a nominal value of CHF 0.01

        • +3.7% INF.LN (Informa £7.30, +0.26) -- trading update

        • +3.3% VOS.GR (Vossloh €40.80, +1.30) -- raises FY sales and EBIT guidance

        • +3.1% F3C.GR (SFC Energy €25.15, +0.75) -- received call-off orders of framework agreement with NATO Support and Procurement Agency

        • +2.8% 888.LN (888 Holdings £1.21, +0.03) -- Activist HG Vora backs FS Gaming's plan to appoint new management at 888 - FT, citing person familiar with the fund's thinking

        • +2.8% ALIG.SS (Alimak Group SEK85.20, +2.30) -- Carnegie Securities upgrade

        • +2.5% HP3A.GR (Ringmetall €3.30, +0.08) -- acquires Liner Factory in Ahaus, Germany for mid-single-digit million € amount

        • +2.4% FBK.IM (FinecoBank €12.78, +0.31) -- Jefferies upgrade

        • +2.0% SWED.A.SS (Swedbank SEK178.85, +3.50) -- Berenberg upgrade

        • +2.0% IBT.B.SS (Infant Bacterial Therapeutics SEK46.50, +0.90) -- European Patent Office has approved its patent application for Lactobacillus reuteri

        • +1.9% RECSI.NO (REC Silicon NOK15.73, +0.30) -- signs agreement for a $30M facility loan for the purpose of supporting the capital needs of the company

        • +1.9% MITRA.BB (Mithra Pharmaceuticals €2.67, +0.05) -- study results

        • +1.5% BWE.NO (BW Energy NOK26.75, +0.40) -- begins production from second Hibiscus / Ruche Phase 1 well

      • Notable Decliners

        • -22.1% PWG.FP (Prodways Group €1.58, -0.45) -- FY earnings; Oddo and Midcap Partners downgrades

        • -19.2% ENSU.NO (Ensurge Micropower NOK0.12, -0.03) -- contemplates NOK45-75M private placement priced at NOK0.10/share

        • -16.1% H5E.GR (HELMA Eigenheimbau €9.90, -1.90) -- lowers FY revenue guidance

        • -12.0% GBG.LN (GB Group £2.52, -0.34) -- FY earnings

        • -8.3% ITS.LN (Itsarm £0.00, -0.00) -- releases timetable regarding winding-up petition

        • -5.8% HMS.SS (HMS Networks SEK509.50, -31.50) -- ABG Sundal Collier downgrade

        • -5.3% ALPHA.FP (Pharnext €0.05, -0.00) -- appoints new CMO

        • -4.4% AOF.GR (ATOSS Software €204.50, -9.50) -- General Atlantic purchases ~20% of company shares from AOB Invest GmbH

        • -4.3% MOBA.NO (Morrow Bank NOK4.69, -0.21) -- completes NOK100M private placement at NOK4.50/sh

        • -4.2% VACN.SW (VAT Group CHF376.00, -16.60) -- notes sharply lower spending by semiconductor customers; implements short time work scheme

        • -3.9% BWNG.LN (N Brown Group £0.23, -0.01) -- Q1 trading update

        • -3.6% HLMA.LN (Halma £23.41, -0.88) -- FY earnings

        • -3.6% BILL.SS (Billerud SEK85.28, -3.18) -- ower Q2 result than current market expectations

        • -2.5% LGEN.LN (Legal & General Group £2.32, -0.06) -- appoints new CEO

        • -2.4% IG.IM (Italgas €5.47, -0.14) -- presents strategic plan 2023-2029

        • -2.1% STERV.FH (Stora Enso €12.12, -0.27) -- plans restructuring actions

    • EU companies reporting tomorrow:

      • Earnings: Integrum (INTEG.B.SS)

  • Data:

    • Economics:

      • Netherlands May Unemployment Rate 3.5% vs consensus 3.4% and prior 3.4%

      • Norway May Trade Balance NOK41.1B vs consensus NOK53.0B and prior revised NOK74.7B from NOK76.1B

      • Switzerland May PPI (0.3%) y/y vs consensus (0.2%) and prior +1.0%; (0.3%) m/m vs consensus +0.1% and prior +0.2%

      • France May CPI +5.1% y/y vs preliminary +5.1%; (0.1%) m/m vs preliminary (0.1%)

      • Spain Apr Trade Balance (€4.38B) vs consensus (€1.4B) and prior (€0.16B)

      • Eurozone Apr Trade Balance (€11.7B) vs consensus €21.5B and prior €25.6B

    • Markets:

      • €-$ +0.0100 or +0.92% to 1.0934

      • £-$ +0.0099 or +0.78% to 1.2761

      • €-£ +0.0012 to 0.8568

      • S&P 500 +0.80%

      • Performance year-to-date

      • FTSE 100: +2.37%

      • DAX: +17.00%

      • CAC: +12.62%

      • MIB: +16.98%

      • Stoxx 600: +9.28%

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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