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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +0.19%% to 7642.92, DAX +0.54% to 16378.29, CAC +1.45% to 7396.99

Jun 16 ,2023

  • Synopsis:

    • European equity markets closed higher. Finland (0.1%) bucks the firmer trend and lead underperformers along with Netherlands +0%, whilst France +1.5% and Norway +1.0% lead outperformers.

    • ECB raised its key rates by 25 bp to 3.5% as expected on Thursday. Lagarde said July hike likely after inflation projections were revised up. Inst ECB officials on Friday reiterated hawkish stance, debating whether to hike rates in September, and also whether to change spreads between key rates as in 2014. IMF called for more policy tightening. BoE survey showed UK consumers less gloomy about inflation outlook. Comes ahead of next week's BoE decision. To note, NatWest and Nationwide raised mortgage rates again. Elon Musk met with both French President Macron and Italy PM Meloni.

    • On the macro-calendar: Eurozone May CPI and Italy May CPI came in line with prelim readings at +6.1% y/y and +7.6% y/y, respectively.

    • Light on the corporate front, FDA approves Roche's (ROG.SW) Columvi for treatment of adult patients with relapsed or refractory DLBCL. Solvay (SOLB.BB) announces target capital structures of independent publicly traded companies. IPH.FP (Innate Pharma) Highlights Increased Lacutamab Clinical Activity From Interim Results of Phase 2 TELLOMAK Study With Updated Olsen Criteria. Tesco (TSCO.LN) Q1 trading update: Reports Q1 LFL Sales +8.2% vs consensus +8.3%; reiterates guidance for the full year

    • In M&A news: Credit Agricole (ACA.FP), ABN Amro and two Swiss private banks in line to acquire Degroof Petercam (Les Echos). Millicom International Cellular (TIGO.SS) announces termination of discussions on a potential transaction with Apollo Global Management.

    • Looking ahead to Monday's calendar (please see attached our StreetAccount Summary - Europe Week Ahead: Jun 19-23), Finsbury Food Group (FIF.LN), Aetoports de Paris ADP (ADP.FP), and Technogym (TGYM.IM) will be among other names to update investors, whilst no major releases are expected on the macro-calendar.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Consumer Products and Services +2.10%, Utilities +1.42%, Travel & Leisure +1.19%, Media +0.99%, Personal Care Drug and Grocery Stores +0.94%, Health Care +0.88%, Real Estate +0.76%, Banks +0.72%,

      • Underperformers:

        • Basic Resources (0.30%), Insurance (0.09%), Technology (0.02%), Ind Goods & Svcs +0.17%, Autos & Parts +0.21%, Financial Svcs +0.26%, Retail +0.35%, Food, Beverage and Tobacco +0.44%, Energy+0.45%, Telecom +0.53%, Construct & Mtls +0.42%,

    • Macro:

      • EU

        • France and Germany spar over future of EU budget rules - FT

        • Bundesbank chief says ECB interest rates likely to keep rising after summer - FT, Bloomberg

        • ECB's Guindos Is Ruling Out Return to Spain After July Election - Bloomberg

        • EU Horse-Trading Over Top Jobs Begins as Italy Makes EIB Bid - Bloomberg

      • UK

        • Corporate insolvencies surge in England and Wales in May - FT, Reuters

        • Tesco sees early signs inflation is starting to ease - BBC

      • France

        • France Grants Aid to Help Build €1 Billion Green Jet-Fuel Plant - Bloomberg

      • Germany

        • Germany looks abroad to attract labor - DW

        • Building permits for apartments collapse by almost a third in April - Handelsblatt

    • Peripheral markets:

      • Italy:

        • Bank of Italy, inflation slowing down with the fall in energy prices - Ansa

      • Spain:

        • Spanish Socialists ahead but lead narrows before election, state pollster says - Reuters

      • Greece:

        • Greek budget shows surplus of €2.29 bln in Jan-May - ekathimerini

      • Portugal

        • Press release of the Banco de Portugal on the June 2023 issue of the Economic Bulletin - release

    • Company news:

      • Trading Higher:

        • +11.5% VIVE.SS (Vivesto SEK0.29, +0.03) -- positive Paccal Vet FDA pre-submission meeting

        • +8.4% LEO.GR (Leoni €0.29, +0.02) -- FY earnings

        • +8.0% MER.LN (Mears Group £2.84, +0.21) -- trading update; Peel Hunt downgrade

        • +7.9% MOR.GR (Morphosys €27.88, +2.04) -- JPMorgan upgrade

        • +7.8% KTA.GR (Knaus Tabbert €51.40, +3.70) -- 2023-27 targets

        • +7.4% GRE.SM (Grenergy Renovables €29.20, +2.00) -- sale of 150MW of solar assets in Spain for net proceeds of €83M (equity value)

        • +5.4% IDEX.NO (IDEX Biometrics NOK0.76, +0.04) -- order

        • +5.1% KLIN.SW (Klingelnberg CHF18.70, +0.90) -- FY earnings

        • +4.4% ADMIE.GA (Admie Holdings (IPTO) €2.15, +0.09) -- Q1 earnings

        • +2.7% SHB.A.SS (Svenska Handelsbanken SEK91.98, +2.38) -- Barclays upgrade

        • +2.4% NOD.NO (Nordic Semiconductor NOK135.50, +3.15) -- initiated buy at Kepler Cheuvreux

        • +2.3% ENT.LN (Entain £12.30, +0.28) -- Eminence Capital, LP issues open letter

        • +2.2% MPCC.NO (MPC Container Ships NOK20.26, +0.45) -- raises FY guidance

        • +1.6% FRAS.LN (Frasers Group £6.95, +0.11) -- Frasers Group raises stake in AO World to 21.33% from 18.96% - filing

      • Trading Lower:

        • -12.3% INRN.SW (Interroll Holding CHF2,710.00, -380.00) -- lowers its expectations for operating result in H1, FY vs year-ago; Zuercher Kantonalbank downgrade

        • -9.3% HH.DC (H+H International DKK88.10, -9.00) -- lowers FY23 financial guidance

        • -8.2% NCOD.NO (Norcod NOK36.00, -3.20) -- to proceed with subsequent offering to raise total gross proceeds of up to NOK 40.0M

        • -7.0% LNZ.AV (Lenzing €55.90, -4.20) -- ~ €400M fully underwritten capital increase with subscription rights

        • -6.7% TPK.LN (Travis Perkins £8.10, -0.58) -- trading update

        • -6.3% CLA.FP (Claranova €1.74, -0.12) -- to launch €20M capital increase at €1.75/sh

        • -6.1% BAI.NA (BenevolentAI €1.55, -0.10) -- Oddo downgrade

        • -4.1% SOLB.BB (Solvay €103.00, -4.35) -- business separation

        • -3.8% AEP.LN (Anglo-Eastern Plantations £7.60, -0.30) -- production

        • -3.6% MAERSK.B.DC (Maersk DKK12,185.00, -450.00) -- initiated sell at Handelsbanken

        • -3.2% TIGO.SS (Millicom International Cellular SEK178.45, -5.90) -- termination of discussions on potential transaction with Apollo Global Management

        • -2.4% BC8.GR (Bechtle €37.72, -0.92) -- Kepler Cheuvreux downgrade

        • -1.7% ALMA.FH (Alma Media €9.34, -0.16) -- "

        • -1.6% NOBI.SS (Nobia SEK13.34, -0.22) -- Handelsbanken downgrade

        • -1.5% PEEL.LN (Peel Hunt £1.01, -0.02) -- FY earnings

    • EU companies reporting Monday :

      • Trading Update: Finsbury Food Group (FIF.LN)

      • Traffic: Aetoports de Paris ADP (ADP.FP)

      • CMD/events: Technogym (TGYM.IM)

  • Data:

    • Economics:

      • Austria May CPI +9.0% y/y vs preliminary +8.8%; +0.3% m/m vs preliminary +0.1%

      • Italy May CPI +7.6% y/y vs preliminary +7.6%; 0.3% m/m vs preliminary +0.3%

      • Eurozone May CPI +6.1% y/y vs preliminary +6.1%; 0.0% m/m vs preliminary 0.0%

    • Markets:

      • WTI Crude (Jul 23): +$0.34 or +0.48% to $70.96

      • €-$ (0.0017) or (0.16%) to 1.0929

      • £-$ +0.0035 or +0.27% to 1.2817

      • €-£ (0.0036) to 0.8527

      • S&P 500 +0.02%

      • Performance year-to-date

        • FTSE 100: +2.57%

        • DAX: +17.63%

        • CAC: +14.26%

        • MIB: +17.64%

        • Stoxx 600: +9.94%

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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