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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.87%) to 7493.69, DAX (0.28%) to 15978.33, CAC40 (0.88%) to 7197.26, STOXX 600 (0.55%) to 454.48

Jun 22 ,2023

  • Synopsis:

    • European equity markets closed lower. Norway (1.6%), Finland (1.4%), Italy (1.2%) led the underperformers whilst Switzerland +0.0%, Belgium (0.3%), Denmark (0.4%) led the overperformers. Banks, Autos & Parts and Real Estate the worst performing sectors. Food & Beverage and Retail faring better vs the broader index.

    • Focus today was on central bank policy decisions. SNB raised benchmark rate +25bps to 1.75%, as expected. Norges Bank unexpectedly raised benchmark interest rate +50bps to 3.75%. BOE hiked key Bank Rate by 50 bps to 5% vs sell-side estimates for a 25 bp move. Also lot of focus now on UK mortgage crisis on higher BoE rates, raising prospects of it becoming a highly politicized issue in coming months. Meanwhile, Turkey Central Bank has hiked its main interest rate from 8.5% to 15%.

    • Macroeconomic data included French business survey better than forecast and Eurozone Flash Consumer Confidence in Jun raised to (16.1) according to flash data vs prior's month (17.4).

    • In corporate news, Aegon (AGN.NA) presented the next chapter of its transformation during its CMD, Transamerica's strategic plan and update on on the a.s.r. transaction. BerGenBio (BGBIO.NO) reported Q1 EPS (NOK0.81) vs year-ago (NOK0.92) and said that with net proceeds from the NOK 250M rights issue and the actions taken post quarter to significantly reduce the operating costs, the company is now well positioned to advance bemcentinib withing the defined strategy.

    • Out of the DACH region, Leoni (LEO.GR) posted a trading update for Q1 saying sales and EBIT before exceptional items well up year on year in Q1 whilst free cash flow significantly down and maintains FY guidance; Einhell Germany (EIN3.GR) expects H1 sales of €520M vs year-ago €563.7M. In Spain, Meliá Hotels (MEL.SM) aims to achieve FY23 EBITDA of at least €475M vs FactSet €434.6M.

    • In the UK, DS Smith (SMDS.LN) reported FY EPS 43.0p ex-items vs FactSet 43.0p with a total dividend up +20% y/y. Mulberry Group (MUL.LN) pushed back FY23 results date by one week, reiterated guidance given in trading update released on 20-Apr; NCC Group (NCC.LN) reported FY Unaudited Group Adj. EBIT £28.5M within range announced in Mar-23 of £28-32M, FactSet £28.6M.

    • On M&A front, SES (SESG.FP) confirmed that discussions regarding possible combination with Intelsat have ceased. Telecom Italia (TIT.IM) is reportedly renewing efforts to sell minority stake in enterprise unit. Demant (DEMANT.DC) notes amended scope of divestment of Oticon Medical to Cochlear following UK's CMA blocking part of the deal, updates FY guidance for discontinued ops; GF commenced voluntary recommended public cash tender offer for all shares in Uponor (UPONOR.FH); ADNOC has reportedly $12B offer for Covestro rebuffed.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Retail +0.33%, Food & Beverage +0.23%, Chemicals +0.11%, Technology +0.05%, Persnl & HHold Goods (0.07%), Health Care (0.24%), Media (0.41%), Telecom (0.41%), Insurance (0.49%), Construct & Mtls (0.49%),

      • Underperformers

        • Banks (1.96%), Autos & Parts (1.35%), Real Estate(1.31%), Oil & Gas (1.29%), Financial Svcs (1.01%), Travel & Leisure (0.92%), Utilities (0.69%), Ind Goods & Svcs (0.68%), Basic Resources (0.61%),

    • Macro/Peripheral markets:

      • EU

        • Europe's digital 'enforcer' takes EU tech rulebook to Silicon Valley - Politico

      • UK

        • Interest rates in the UK set to rise for 13th time in a row - BBC

        • Another Sunak priority in doubt as national debt reaches 100% of GDP - Sky

        • Our inflation target has become harder to hit, says Sunak - Times

        • UK bank shares fall as recession fears grow - FT

        • Taxes going unpaid could fund UK Transport department for a year - Bloomberg

      • Ireland

        • Ireland should not be 'squeamish' over security issues, Micheál Martin tells UCC forum - Irish Times

      • Germany

        • German opposition 'disrupter' battles rising far right and internal rivalry - FT

        • Finance ministry monthly report - link

        • Germany reforms immigration law to attract skilled workers - DW

      • France

        • Macron says global lending system must adapt to fight climate change at Paris summit - France24

      • Switzerland

      • Norway

        • Norges Bank unexpectedly hikes 50bps to 3.75% - release

      • Turkey

        • Turkey's central bank brings low-rate era to close with 6.5 percentage point rise - FT

    • Company news:

      • Notable Gainers

        • +32.4% OCDO.LN (Ocado Group £5.70, +1.39) -- : Amazon, other tech heavies considering 800p/share bid for Ocado - London Times

        • +17.6% HFG.GR (HelloFresh €21.84, +3.27) -- initiated neutral at Goldman Sachs

        • +8.3% LEO.GR (Leoni €0.26, +0.02) -- Q1 update

        • +7.2% SESG.FP (SES €5.21, +0.35) -- confirms that discussions regarding possible combination with Intelsat have ceased

        • +4.4% NDX1.GR (Nordex €11.23, +0.47) -- BNP Paribas Exane upgrade

        • +3.7% ISS.DC (ISS A/S DKK141.75, +5.00) -- UBS upgrade

        • +3.2% MEL.SM (Melia Hotels International €6.37, +0.20) -- Meliá Hotels aims to achieve FY23 EBITDA of at least €475M vs FactSet €434.6M -- CEO

        • +2.7% DDRIL.NO (Dolphin Drilling AS NOK11.42, +0.30) -- launches $60M share placement with subscription price fixed at NOK 8.50/share

        • +2.3% WAWI.NO (Wallenius Wilhelmsen NOK74.00, +1.65) -- contract

        • +2.0% CRNA.NO (Circio Holding NOK0.61, +0.01) -- doses first Oslo patient with TG01 in multiple myeloma trial

        • +1.6% SDG.LN (Sanderson Design Group £1.30, +0.02) -- AGM Statement

        • +1.5% XPS.LN (XPS Pensions Group £1.73, +0.02) -- FY earnings

      • Notable Decliners

        • -62.3% BGBIO.NO (BerGenBio NOK0.10, -0.17) -- Q1 earnings

        • -16.9% SBB.B.SS (Samhällsbyggnadsbolaget i Norden SEK3.30, -0.67) -- Swedish FSA opens investigation into the company regarding potential violation of accounting rules

        • -16.4% AFM.LN (Alpha Financial Markets Consulting £4.18, -0.82) -- FY earnings

        • -8.8% WITH.FH (WithSecure €1.23, -0.12) -- Danske Bank downgrade

        • -7.4% ISOFOL.SS (Isofol Medical SEK0.50, -0.04) -- appoints Roger Tell as acting CEO

        • -6.7% MCPHY.FP (McPhy Energy €8.73, -0.63) -- Panmure Gordon downgrade

        • -5.3% STAR.B.SS (Starbreeze SEK0.83, -0.05) -- announces outcome of oversubscribed rights issue for gross proceeds of ~SEK453M

        • -5.3% VALMT.FH (Valmet €25.22, -1.41) -- Danske Bank downgrade

        • -4.3% ELUX.B.SS (Electrolux SEK138.15, -6.15) -- Midea reportedly ends pursuit to acquire Electrolux -- Bloomberg

        • -3.7% EIN3.GR (Einhell Germany €140.80, -5.40) -- expects H1 sales of €520M vs year-ago €563.7M -- AGM

        • -3.2% CO.FP (Casino Guichard-Perrachon €8.06, -0.26) -- provides update on conciliation proceedings; launches sale of its residual stake in Assaí

        • -3.2% EQNR.NO (Equinor NOK312.25, -10.35) -- Morgan Stanley downgrade

        • -2.3% ACSO.LN (accesso Technology Group £8.00, -0.19) -- announces acquisition of VGS

        • -2.2% BNP.FP (BNP Paribas €55.73, -1.28) -- Orange set to transfer Orange Bank customer portfolio to BNP Paribas -- Le Figaro

        • -1.9% KCR.FH (Konecranes €35.87, -0.69) -- acquires industrial crane service operations of Norway's Munck Cranes AS

        • -1.1% SSPG.LN (SSP Group £2.52, -0.03) -- releases presentation material in connection with investor and analyst event in New York

        • -1.1% GSK.LN (GSK Plc £13.56, -0.16) -- CDC ACIP votes in favor of recommending the use of AREXVY in adults aged 60 and older

    • EU companies reporting tomorrow:

      • Earnings: HORNBACH Holding AG & Co. KGaA (HBH.GR), Muhlbauer Holding (MUB.GR)

  • Data:

    • Economics:

      • Norway May Unemployment Rate 3.5% vs consensus 3.6% and prior 3.5%

      • France Jun Business Survey 101 vs consensus 98 and prior 99

      • Eurozone Jun Flash Consumer Confidence (16.1) vs consensus (17.0) and prior (17.4)

    • Markets:

      • €-$ (0.0033) or (0.30%) to 1.0954

      • £-$ (0.0035) or (0.27%) to 1.2735

      • €-£ (0.0002) to 0.8601

      • S&P 500 +0.01%

      • Performance year-to-date

      • FTSE 100: +0.56%

      • DAX: +14.76%

      • CAC: +11.18%

      • MIB: +15.59%

      • Stoxx 600: +6.96%

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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