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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.29%) to 7566.49, DAX (0.55%) to 16111.32, CAC (0.27%) to 7294.17

Jun 20 ,2023

  • Synopsis:

    • European equity markets closed mostly lower. Denmark +0.3% and Norway, Portugal, Spain all +0.1% buck the lower trend and lead outperformers. The Netherlands and Switzerland both (0.8%) join Finland (1.8%) in leading underperformers.

    • Focus on central banks as markets await monetary policy decisions from the Bank of England, Swiss National Bank and Norges Bank this week. Norway's central bank is expected to hike rates by 25bps to 3.50% and lift the rate path for 2023-2024 with a new peak rate seen at 4.25%. In the UK, Sterling and Gilt yields are under pressure, with market participants trimming up positions ahead of tomorrow's UK inflation data and Thursday's BoE meeting. Moreover, press discussions focused on higher UK rates' impact on mortgage holders as the BoE is set to hike by another 25-bps.

    • Another quiet macro calendar in Europe; German PPI missed in May, reinforcing risk of disinflationary pressure. ECB-speak showed divisions on Eurozone inflation and September rate hike.

    • In corporate news, Lanxess (LXS.GR) issued a profit warning after the close on Monday, lowering FY adjusted EBITDA to €600-650M vs prior €850-950M and Factset €882M. In France, Renault (RNO.FP) outlined financial targets for Ampere and appointed CEO Luca de Meo as future chairman and CEO of Ampere, whilst, Neoen (NEOEN.FP) raised its adjusted EBITDA target for 2025 to <€700M after winning a contract from AEMO (Australian Energy Market Operator) for the Collie Battery Stage 1. In Sweden, Elekta (EKTA.B.SS) and SkiStar (SKIS.B.SS) updated investors with their latest numbers. In Denmark, Spar Nord Bank (SPNO.DC) raised its FY guidance and expects core earnings before impairment between DKK2.9-3.2B vs prior guidance of DKK2.5-2.9B. In the UK, Sthree (STEM.LN), IG Design Group (IGR.LN), and Saga Plc (SAGA.LN) are among other companies from the region to publish earnings reports.

    • In M&A, Covestro (1COV.GR) shares are up +13.9% as Bloomberg reported that Abu Dhabi National Oil Company reportedly made a preliminary takeover approach for the German chemical maker, adding that the deliberations are in the early stages.

    • Looking ahead to tomorrow's calendar (please see attached our StreetAccount Summary - Europe Week Ahead: Jun 19-23), Roblon (RBLN.B.DC), Biovica International (BIOVIC.B.SS), Berkeley Group Holdings (BKG.LN), Liontrust Asset Management (LIO.LN), and Halfords Group (HFD.LN) will be among other names to update investors, whilst the macro-calendar releases will include, UK May CPI/RPI/PPI output/input, public sector net borrowing, Jun industrial trends orders - CBI, Sweden May unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +0.79%, Personal Care Drug and Grocery Stores +0.13%, Health Care (0.07%), Travel & Leisure (0.10%), Retail (0.21%), Banks (0.37%), Media (0.41%), Food, Beverage and Tobacco (0.48%), Telecom (0.49%),

      • Underperformers:

        • Basic Resources (2.27%), Autos & Parts (1.41%), Energy(1.35%), Technology (1.25%), Financial Svcs (1.09%), Chemicals (0.93%), Real Estate (0.87%), Consumer Products and Services (0.79%), Ind Goods & Svcs (0.74%), Construct & Mtls (0.71%),

    • Macro:

      • Russia/Ukraine

        • EU Readies €50 Billion Ukraine Package Ahead of Donor Summit - Bloomberg

      • EU

        • EU states resist Brussels over €66bn budget top-up - FT

      • UK

        • Jeremy Hunt calls in banks for talks over spiralling UK mortgage costs - FT

        • UK Headed for Recession if Rates Reach 6%, Economist Says - Bloomberg

        • Jeremy Hunt rules out government help on mortgages - BBC

      • France

        • France probes alleged corruption in Paris Olympics contracts - FT

      • Germany

        • German, Chinese Premiers Tentatively Agree to Deeper Cooperation - Bloomberg

    • Peripheral markets:

      • Greece

      • Hungary

        • Hungary Cuts EU's Highest Key Rate to 16%, Flags More Easing - Bloomberg

      • Finland

        • Riikka Purra appointed Minister of Finance in Finland's new government - release

        • Blow for EU as Finland refuses to surrender more powers to bloc but promotes links to UK - Express

      • Sweden

        • Swedish Krona Slumps to Record Low as End of Rate Hikes Nears - Bloomberg

    • Company news:

      • Trading Higher:

        • +33.7% LOOK.LN (Lookers £1.19, +0.30) -- recommended all-cash offer at 120p/share by Global Auto Holdings Limited

        • +13.9% 1COV.GR (Covestro €45.84, +5.61) -- ADNOC reportedly made a preliminary takeover approach for Covestro -- Bloomberg

        • +13.2% OTEC.NO (Otello Corp. NOK8.60, +1.00) -- 4.6M shares buyback program

        • +12.9% VLA.FP (Valneva €7.66, +0.88) -- Kepler Cheuvreux upgrade

        • +4.4% NEOEN.FP (Neoen €30.38, +1.28) -- raises 2025 adj. EBITDA guidance

        • +4.3% SAGA.LN (Saga Plc £1.37, +0.06) -- AGM trading update

        • +3.7% SAN.FP (Sanofi €97.94, +3.52) -- Arbitral tribunal sentence on ongoing Zantac litigation in the U.S

        • +3.7% CAMX.SS (Camurus SEK285.60, +10.20) -- octreotide SC depot (CAM2029) Phase 3 acromegaly trial results

        • +3.1% TCM.DC (TCM Group DKK67.40, +2.00) -- acquires 100% of Aubo Production for DKK225M; raises FY outlook

        • +3.0% SPNO.DC (Spar Nord Bank DKK110.20, +3.20) -- raises FY profit guidance

        • +2.8% AVON.LN (Avon Protection £8.87, +0.24) -- shareholder Ancora urges immediate review of strategic alternatives

        • +1.9% IGR.LN (IG Design Group £1.38, +0.02) -- FY earnings

      • Trading Lower:

        • -14.9% LXS.GR (Lanxess €26.79, -4.71) -- downgrades FY guidance

        • -9.8% SOM.LN (Somero Enterprises £2.98, -0.33) -- H1 trading update

        • -9.2% GETI.B.SS (Getinge SEK192.35, -19.45) -- negative impact of ~(SEK400M) on Q2 EBITA from quality and supply challenges; Carnegie Securities downgrade; DnB Markets downgrade

        • -7.3% G4M.LN (Gear4music (Holdings) £0.95, -0.08) -- FY earnings

        • -5.6% COTN.SW (COMET Holding CHF219.20, -13.00) -- Zuercher Kantonalbank downgrade

        • -5.4% OPG.LN (OPG Power Ventures £0.09, -0.01) -- FY trading update

        • -4.7% SKIS.B.SS (SkiStar SEK111.20, -5.50) -- Q3 earnings

        • -4.3% KNOW.SS (Knowit SEK178.20, -8.00) -- Handelsbanken downgrade

        • -4.3% MITRA.BB (Mithra Pharmaceuticals €2.44, -0.11) -- ING downgrade

        • -3.9% COLR.BB (Colruyt €32.82, -1.34) -- KBC downgrade

        • -2.9% VERK.FH (Verkkokauppa.com €2.67, -0.08) -- Inderes Oy downgrade

        • -2.5% OCDO.LN (Ocado Group £4.24, -0.11) -- latest UK grocery share figures from Kantar Worldpanel

        • -1.9% SANN.SW (Santhera Pharmaceuticals Holding CHF0.88, -0.02) -- exclusive license and collaboration agreement for vamorolone in North America with Catalyst Pharmaceuticals, Inc.

        • -1.7% BMS.LN (Braemar £2.82, -0.05) -- CFO to leave the company

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: Roblon (RBLN.B.DC), Biovica International (BIOVIC.B.SS)

        • UK: Berkeley Group Holdings (BKG.LN), Liontrust Asset Management (LIO.LN), Halfords Group (HFD.LN)

  • Data:

    • Economics:

      • Finland May unemployment rate 9.0% vs consensus 8.5%, prior 7.9%

      • Germany May PPI +1.0% y/y vs consensus +1.7%, prior +4.1%; (1.4%) m/m vs consensus (0.7%), prior +0.3%

      • Switzerland May trade balance CHF5.48B vs consensus CHF3.9B, prior revised CHF2.56B from CHF2.60B

        • Swiss watch exports +14.4% to CHF 2.3B

      • Eurozone Apr construction output +0.2% y/y vs consensus (2.0%), prior revised (0.7%) from (1.5%)

      • Portugal May PPI (3.5%) y/y vs consensus (2.8%) and prior (0.9%)

    • Markets:

      • WTI Crude (Jul 23): ($1.59) or (2.22%) to $70.19

      • €-$ (0.0015) or (0.14%) to 1.0909

      • £-$ (0.0041) or (0.32%) to 1.2746

      • €-£ +0.0016 to 0.8558

      • S&P 500 (0.74%)

      • Performance year-to-date

        • FTSE 100: +1.54%

        • DAX: +15.71%

        • CAC: +12.58%

        • MIB: +16.37%

        • Stoxx 600: +8.09%

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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