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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.11%) to 7453.58, DAX (0.11%) to 15813.06, CAC40 +0.29% to 7184.35, STOXX 600 (0.10%) to 452.68

Jun 26 ,2023

  • Synopsis:

    • European equity markets closed mixed and just off the best levels of the session after a negative open. Chemicals and energy outperformed. Health care and Food&Beverages lagged.

    • Fallout continues from Wagner boss Yevgeniy Prigozhin's aborted advance on Moscow. Press takeaways largely concurred insurrection attempt has weakened Putin's grip on power. From a market perspective, Prigozhin's abrupt withdrawal has avoided potential bloodshed scenario that was cited a negative risk factor. Also, Ukraine held preliminary peace conference with EU/US allies in Denmark over the weekend.

    • German voters elected a member of far-right AfD as district administrator in Thuringia. Greece's Mitsotakis was sworn in for a second term as PM after his conservatives won an election majority in parliament. In the UK, government officials signal crackdown on corporate profiteering and public sector pay cuts.

    • Narrative of rates staying "higher for longer" and concerns of slowing growth may continue to spill over and weigh on risk sentiment, at least for early part of the week given a lack of data Last week, the BoE and Norges Bank returned with an increase in pace of hikes while Fed Chair Powell and colleagues reiterated that it will be appropriate to raise rates again this year.

    • In macro, Germany IFO business climate lowest since Nov 2022, Expectations lowest since Dec 2022. Spain May PPI fell more than expected whilst UK Jun CBI Distributive Trades was also below consensus. Markets may also look for comments from ECB's Sintra conference, but main event will be Wednesday's panel with Fed's Powell, BoJ's Ueda, BoE's Bailey and ECB's Lagarde. Over the weekend, ECB VP de Guindos said the bank entered final stretch of tightening cycle.

    • On the corporate front, on Friday after the close, Commerzbank (CBK.GR) announced that its Q2 operating result will be burdened by additional provisions whilst Leoni (LEON.SW) lowered FY pre-tax income guidance. Still in the DACHs, wires reported that Deutsche Bank (DBK.GR) told clients that it can't guarantee access to their Russian stocks. In the UK, Associated British Foods (ABF.LN) issued its Q3 trading update, whilst Aston Martin Lagonda (AML.LN) and Mercedes-Benz (MBG.GR) amended their Strategic Co-operation and - furthermore - Aston Martin Lagonda and Lucid Group entered in to strategic supply agreement, with Lucid Group becoming a ~3.7% shareholder in Aston Martin Lagonda. Braemar (BMS.LN) reaffirmed FY23 revenue of not less than £150M and noted the delay in publication of FY23 results. In France, Casino Guichard-Perrachon (CO.FP) guided H1 and also issued Q2 and liquidity updates.

    • In M&A news, Renault Group (RNO.FP) and Alpine announced a €200M investment from Otro Capital and their partner, RedBird Capital Partners, along with Maximum Effort Investments in Alpine Racing Ltd; representing a 24% equity stake, whilst Euronext (ENX.FP) sold its 11.1% stake in LCH SA to LCH Group Holdings Limited for €111M. Of note, SES-imagotag (SESL.FP) issued a further response to the Gotham City Report

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Chemicals +0.85%, Energy+0.81%, Basic Resources +0.79%, Retail +0.52%, Banks +0.44%, Consumer Products and Services +0.38%, Technology +0.30%, Insurance +0.18%, Utilities +0.04%, Construct & Mtls +0.03%

      • Underperformers:

        • Health Care (1.14%), Food, Beverage and Tobacco (0.67%), Media (0.41%), Travel & Leisure (0.33%), Ind Goods & Svcs (0.27%), Financial Svcs (0.26%), Real Estate (0.19%), Telecom (0.15%), Personal Care Drug and Grocery Stores (0.14%)

    • Macro:

      • ECB:

        • ECB Officials Gather in Sintra Amid Strain Over Hiking Journey's Last Mile - Bloomberg

        • ECB Is Entering Final Stretch of Interest Rate Hikes, Guindos Says - Bloomberg

        • ECB's Makhlouf undecided about rate rise beyond July - Reuters

      • Germany:

        • Germany: Far-right AfD wins first governing post - DW

        • Germany plans 'permanent' force in Lithuania to strengthen Nato's eastern flank - FT

      • Greece:

        • Mitsotakis sworn in as Greek PM, promises more jobs and 'big changes' - Reuters

        • Greek elections: Mitsotakis hails conservative win as mandate for reform - BBC

      • UK:

        • Public sector pay increase must be responsible, PM Sunak - BBC

        • Jeremy Hunt to ask UK regulators to investigate firms exploiting price rises - Guardian

    • Company news:

      • Notable Gainers

        • +16.1% SESL.FP (SES-imagotag €80.80, +11.20) -- issues further response to the Gotham City report

        • +10.7% AML.LN (Aston Martin Lagonda Global Holdings £3.62, +0.35) --

          • amendment and restatement of strategic co-operation agreement with Mercedes-Benz AG

          • enter in to strategic supply agreement with Lucid Group

        • +7.3% ADJ.GR (ADLER Group €0.44, +0.03) -- chairman Artur Stefan Kirsten buys 200k shares - filing

        • +6.6% ORP.FP (Orpea €2.13, +0.13) -- issues clarification on the two independent expert reports issued on behalf of the Nanterre commercial court

        • +6.2% CREO.LN (Creo Medical Group £0.36, +0.02) -- completion of first upper GI Speedboat procedure in Europe

        • +5.5% HYQ.GR (Hypoport €152.70, +7.90) -- BNP Paribas Exane upgrade

        • +3.8% MAIRE.IM (Maire Tecnimont €3.39, +0.12) -- contract

        • +3.3% SPKSJF.DC (Sparekassen Sjælland-Fyn DKK183.80, +5.80) -- raises FY PBT guidance to DKK 650-725M from DKK 550-650M

        • +3.3% CWC.GR (CEWE Stiftung & Co €85.70, +2.70) -- decides to buy back 250K company shares

        • +2.6% NN.NA (NN Group €33.32, +0.83) -- JPMorgan upgrade

        • +1.8% TRIN.LN (Trinity Exploration & Production £0.84, +0.02) -- exploration & production issues Jacobin drilling update

      • Notable Decliners

        • -19.7% BMS.LN (Braemar £2.24, -0.55) -- reaffirms FY23 guidance; Braemar faces delay to releasing FY figures - Sky News

        • -17.9% CINE.LN (Cineworld Group £0.01, -0.00) -- files updated supplement to their second amended joint Chapter 11 plan of reorganisation

        • -7.7% CRNA.NO (Circio Holding NOK0.56, -0.05) -- issues ~5M new shares to Atlas Special Opportunities, LLC, upon conversion of convertible bonds

        • -5.7% BSE.AU (Base Resources A$0.17, -0.01) -- reaffirms FY23 and issues FY24 production guidance

        • -5.6% LEON.SW (Leonteq CHF40.80, -2.40) -- business update

        • -5.6% CO.FP (Casino Guichard-Perrachon €7.40, -0.44) -- prelim Q2/H1 earnings; updates on liquidity

        • -5.5% EVE.SW (Evolva Holding CHF5.16, -0.30) -- igns CHF12M financing agreement with Nice & Green

        • -5.5% BANB1.SW (Bachem Holding CHF75.60, -4.40) -- initiated sell at Citi

        • -4.2% ATORX.SS (Alligator Bioscience SEK0.55, -0.02) -- study results

        • -3.8% HLUN.B.DC (H. Lundbeck DKK34.08, -1.36) -- appoints Charl van Zyl as successor to Deborah Dunsire as CEO; Dunsire continues in role until no later than 1-Oct-23

        • -3.1% PROF.B.SS (ProfilGruppen SEK105.00, -3.40) -- new CEO Mari Kadowaki to start on 1-Sep

        • -2.3% BUR.LN (Burford Capital £9.65, -0.23) -- corporate update

        • -1.7% BMED.IM (Banca Mediolanum €8.03, -0.14) -- CEO and holder says his family prepared to buy further 3-4% in the bank, should Fininvest cut its 30% stake - Milano Finanza

        • -1.3% SAS.SS (SAS SEK0.38, -0.01) -- files monthly operating reports with U.S. court

        • -1.0% LLOY.LN (Lloyds Banking Group £0.42, -0.00) -- JPMorgan downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Bergbahnen Engelberg-Trübsee-Titlis (TIBN.SW)

        • Nordics: Dustin Group (DUST.SS), Flugger Group (FLUG.B.DC)

        • UK: Wise (WISE.LN), Telecom Plus (TEP.LN), Accsys Technologies (AXS.LN), CML Microsystems (CML.LN)

      • Trading Update: Trigano (TRI.FP), PZ Cussons (PZC.LN), Petrofac Ltd. (PFC.LN)

      • CMD/events: Accor (AC.FP), Grainger (GRI.LN), Mendus (IMMU.SS)

  • Data:

    • Economics:

      • Spain May PPI (6.9%) y/y vs consensus (4.5%) and prior (4.5%)

      • Germany Jun Ifo survey

        • Business Climate 88.4 vs consensus 90.7 and prior revised 91.5 from 91.7

        • Current Conditions 93.7 vs consensus 93.5 and prior 94.8

        • Expectations 83.6 vs consensus 88.0 and prior revised 88.3 from 88.6

      • Finland May PPI (6.5%) y/y vs consensus (3.8%) and prior (0.3%)

      • UK Jun CBI Distributive Trades (9) vs consensus (7) and prior (10)

    • Markets:

      • WTI Crude (Aug 23): ($0.02) or (0.03%) to $69.14

      • €-$ +0.0014 or +0.13% to 1.0917

      • £-$ +0.0006 or +0.05% to 1.2718

      • €-£ (0.0023) to 0.8581

      • S&P 500 (0.08%)

      • Performance year-to-date

        • FTSE 100: +0.02%

        • DAX: +13.57%

        • CAC: +10.98%

        • MIB: +14.89%

        • Stoxx 600: +6.54%

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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