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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.71%) to 7588.48, DAX (0.96%) to 16201.20, CAC40 (1.01%) to 7314.05, STOXX 600 (1.02%) to 462.04

Jun 19 ,2023

  • Synopsis:

    • European indices ended the session lower with US markets closed for Juneteenth holiday. In sectors, chemicals, construc/mtls and basic resources the worst performers whilst banks fair better.

    • No change in broader narrative. Markets in a holding pattern ahead of this week monetary policy decisions from Bank of England, Swiss National Bank and Norges Bank. Bloomberg reported that the UK interest rate market may be reaching an inflection point with this week's inflation data and the BoE decision to shape the outlook. Official data is expected to show inflation slowed to its lowest level in 14 months to 8.4% versus prior 8.7% and the BoE is expected to hike rates by 25 bps to 4.75%. The market is pricing in four hikes by year-end to take the key rate to 5.75% but also attribute a small chance of a final move to 6%. In the EZ, ECB officials continue to sound hawkish since last week's policy decision despite warnings that the Governing Council may be underestimating disinflationary trends and liquidity risks posed by TLTRO repayment. Markets see greater than 50% chance of terminal rate of 4% with one final rate increase needed either in September or October.

    • In politics, latest Spanish election poll published in El Pais showed People's Party (PP) increased support. Ahead of next month's election, PP estimated to win between 128 and 142 seats in the 350-member lower house, up from the 131 in the previous poll at the end of May (Reuters).

    • Latest in Russia-Ukraine conflict sees continuation of Kyiv counteroffensive. African delegation is the latest to try to work on a peace initiative.

    • On the corporate front, AstraZeneca (AZN.LN) in focus after the FT reported that the company is considering the spin-off of the China unit with potential listing in Hong Kong or Shanghai, whilst Crayon (CRAYN.NO) is reportedly exploring options including a sale; still in M&A news, Novo Nordisk (NOVO.B.DC) agreed to acquire BIOCORP Production (ALCOR.FP) for €35/share and Michelin (ML.FP) acquired 100% of Flex Composite Group (FCG) for an enterprise value of €700M; in another story, Ball Corp is said to be weighing the ~$5B sale of its aerospace business, attracting interest of BAE Systems (BA.LN), Textron (TXT) and private equity.

    • In Germany, Sartorius (SRT3.GR) and Sartorius Stedim Biotech (DIM.FP) lowered their forecasts for 2023, whilst MTX.GR (MTU Aero Engines) raised its earnings forecast. Elsewhere, Stellantis (STLAM.IM) and Archer Aviation (ACHR) update on their partnership and Avacta Group (AVCT.LN) responded to recent market speculation stating that no fundraising is imminent.

    • Looking ahead to tomorrow's EU econ-calendar, main releases will include, amongst others, Germany May PPI, Eurozone Apr construction output and Switzerland May trade balance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Banks +0.03%, Oil & Gas (0.42%), Insurance (0.35%), Technology (0.43%), Telecom (0.51%), Retail (0.65%), Autos & Parts (0.64%), Ind Goods & Svcs (0.83%), Utilities (0.99%)

      • Underperformers

        • Chemicals (2.80%), Construct & Mtls (2.45%), Basic Resources (2.20%), Real Estate(1.86%), Health Care (1.61%), Financial Svcs (1.35%), Persnl & HHold Goods (1.22%), Media (1.18%), Food & Beverage (1.17%), Travel & Leisure (1.09%)

    • Macro:

      • Central banks

        • ECB hawks argue for more hikes even as Lane opens door to pause - Reuters

        • ECB Officials Spar as Lane Rebuffs Talk of September Rate Hike - Bloomberg

        • BoE: plagued by gilt - FT

      • EU

        • Europe has fallen behind America and the gap is growing - FT

        • EU's trade ideals face 'economic security' reality check - Politico

        • EU will regret making farmers scapegoats for climate change - Politico

      • UK

        • Bets for Soaring UK Interest Rates May Unravel Over 30 Hours - Bloomberg

        • Rate rises quash spring price bounce but activity holds up - Rightmove

      • Germany

        • Germany to pass immigration reform law this week - Reuters

        • How Germany's Coal Phase-Out Risks Drying Out Berlin - Bloomberg

      • France

        • France targets 10B euros in budget savings - minister - forexlive

      • Italy:

        • Unpacking Taiwan's Foreign Minister's unannounced trip to Italy - Decode39

      • Spain:

        • Spain's conservative PP party widens lead ahead of national election, poll shows - Reuters

        • El PP afianza su ventaja sobre el PSOE y roza la mayoría absoluta con Vox - El Pais

        • Quarterly report on the Spanish economy - Banco de España

    • Company news:

      • Notable Gainers

        • +18.0% CREO.LN (Creo Medical Group £0.35, +0.06) -- notes Speedboat Inject cleared for upper GI use in Europe

        • +15.0% ONCO.SS (Oncopeptides SEK9.44, +1.28) -- completes first sales of Pepaxti in Greece

        • +6.8% FTK.GR (flatexDEGIRO €9.21, +0.58) -- Oddo upgrade

        • +6.4% BOO.LN (boohoo Group £0.00, +0.02) -- issues statement regarding Revolution Beauty Group plc

        • +4.6% STLN.SW (Swiss Steel Holding CHF0.14, +0.01) -- "BigPoint Holding AG sold participation of 8.07% in company to PCS Holding AG

        • +4.2% MTX.GR (MTU Aero Engines €234.20, +9.50) -- raises FY outlook

        • +4.0% ULTI.NO (Ultimovacs NOK81.40, +3.10) -- study update

        • +3.8% SIOFF.NO (Siem Offshore NOK21.55, +0.80) -- primary inside purchased 3.0M company shares at NOK 20.75/share

        • +3.3% GRNG.SS (Gränges SEK103.40, +3.30) -- Handelsbanken upgrade

        • +2.5% FGP.LN (FirstGroup £1.39, +0.03) -- HSBC upgrade

        • +2.2% GET.FP (Getlink €16.05, +0.35) -- Morgan Stanley upgrade

        • +1.7% VSCA.GR (4SC €12.30, +0.20) -- Kinselby accepted by EMA Name Review Group (NRG)

        • +1.3% SCHO.DC (Schouw & Co DKK558.00, +7.00) -- reinitiated buy at Danske Bank

        • +1.1% KPN.NA (Royal KPN €3.18, +0.04) -- acquires fiber network of Primevest Capital Partners

        • +0.5% BEI.GR (Beiersdorf €122.35, +0.60) -- Societe Generale upgrade

        • +0.4% OVS.IM (OVS €2.44, +0.01) -- initiated outperform at Mediobanca

        • +0.4% NESTE.FH (Neste €0.00, +0.17) -- updates dividend policy; keeps financial targets unchanged -- CMD

        • +0.1% IMM.LN (ImmuPharma £0.03, -0.00) -- to commence phase 2/3 trial of P140 for SLE/Lupus in H2

      • Notable Decliners

        • -78.0% AGY.LN (Allergy Therapeutics £0.02, -0.05) -- H1 earnings

        • -25.9% BIOS.BB (BioSenic €0.08, -0.03) -- puts Phase IIb ALLOB trial on hold

        • -14.9% SRT3.GR (Sartorius €306.60, -52.90) -- lowers forecast for 2023

        • -12.8% DIM.FP (Sartorius Stedim Biotech €238.20, -35.40) -- lowers forecast for 2023

        • -11.2% ALK.B.DC (ALK-Abello DKK79.55, -10.00) -- CEO to step down

        • -6.2% ALIF.B.SS (AddLife SEK122.90, -8.10) -- Dagens Industri out with sell recommendation

        • -5.6% KNOS.LN (Kainos Group £13.41, -0.80) -- CEO to step down; Goodbody Stockbrokers downgrade

        • -3.8% STERV.FH (Stora Enso €11.56, -0.44) -- BNP Paribas Exane downgrade

        • -3.6% BAS.GR (BASF SE €44.57, -1.64) -- HSBC downgrade

        • -3.6% MTRS.SS (Munters Group SEK119.10, -4.40) -- Kepler Cheuvreux downgrade

        • -2.8% SUBC.NO (Subsea 7 NOK111.90, -3.25) -- notes its offer for DOF Group ASA expires today; does not extend its offer

        • -1.9% NOVO.B.DC (Novo Nordisk DKK1,083.80, -21.00) -- agrees to acquire BIOCORP Production for €35/share

        • -1.6% TEP.FP (Teleperformance €159.90, -2.60) -- appoints new deputy CEO

        • -0.6% 1U1.GR (1&1 AG €10.26, -0.06) -- Barclays downgrade

        • -0.2% RHIM.LN (RHI Magnesita £26.80, -0.06) -- "Ignite Luxembourg Holdings S.à r.l. offers to acquire 29.9% of company for 2,850p/share

    • EU companies reporting tomorrow:

      • Earnings: SkiStar (SKIS.B.SS), IG Design Group (IGR.LN)

      • Trading Update: Three (STEM.LN), ASA International Group (ASAI.LN)

      • CMD/events: Elekta (EKTA.B.SS), Gestamp Automoc (GEST.SM), MediGene (MDG1.GR), Neste (NESTE.FH), Proton Motor Power Systems (PPS.LN)

  • Data:

    • Economics:

      • None

    • Markets:

      • WTI Crude (23-Jul): ($0.65) or (0.91%) to $71.13

      • €-$ (0.0013) or (0.12%) to 1.0926

      • £-$ (0.0025) or (0.19%) to 1.2797

      • €-£ +0.0009 to 0.8539

      • S&P 500 +0.00%

      • Performance year-to-date:

        • FTSE 100: +1.84%

        • DAX: +16.36%

        • CAC: +12.98%

        • MIB: +16.99%

        • Stoxx 600: +8.74%

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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