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StreetAccount Summary - EU Market Recap: FTSE 100 (0.36%) to 7473.45, DAX (0.07%) to 15937.83, CAC40 +0.41% to 7316.16, STOXX 600 +0.13% to 456.65

Jun 29 ,2023

  • Synopsis:

    • European indices ended mixed. In macro-news, German state inflation accelerated in June, bucking cooling trends seen in Italy and Spain (where today the preliminary CPI cooled to +1.6% y/y), pushing back against the notion that inflation may have peaked. On the central banks front, the ECB is evidently more concerned about wage-price spirals, with markets expecting rates in Europe to remain higher for longer than in US. Stance was reiterated not only by ECB chief Lagarde, but also by Banque de France chief Villeroy. ECB members will privilege rate hikes, despite evidence that policy tightening does little to slow inflation, and instead has stronger effect on corporate investment levels, leading to decline in capital accumulation and decline in EZ economy's potential growth. Instead, policymakers appear unwilling to accelerate QT. One concern appears to be related to national central banks' holdings of bonds which, marked to market, are already showing substantial losses which a faster tightening could aggravate. Of note, €500B in TLTRO liquidity will also disappear this week, leaving EZ banking sector even more vulnerable and enhanced fragmentation risks, further limiting need to enhance QT. Furthermore, at today's policy decision, Sweden's central bank hiked rates by 0.25% to 3.75% as expected, and signaled at least one more hike this year. The bank will also increase sales of government bonds from September

    • On the reporting front, Renault (RNO.FP) guided H1 operating margin superior to 7% and upgraded its FY23 financial outlook, whilst H&M Hennes & Mauritz (HM.B.SS) reported better-than-expected Q2 and said that Q3 has got off to a good start. Elsewhere, Serco Group (SRP.LN) and B&M European Value Retail (BME.LN) updated investors before the open. Of note, Casino Group (CO.FP), shares were halted after it proposed to convert debt into equity. In M&A news, Keysight intends to acquire ESI Group (ESI.FP), Imerys (NK.FP) acquired a 80% stake in British Lithium; announce strategic partnership to accelerate development of UK's largest lithium deposit and Matas Group (MATAS.DC) acquired KICKS Group from Axel Johnson at an enterprise value of DKK1.34B

    • Looking ahead to tomorrow's calendars, amidst a light earnings front, Record (REC.LN) and Sodexo (SW.FP) will issue updates whilst - on a busy macro front - Germany Jun unemployment change and May retail sales, Switzerland Jun KOF leading indicator, May retail sales, France Jun preliminary CPI, UK Q1 final GDP, Italy May unemployment rate, Norway Jun unemployment rate, Greece May unemployment rate, PPI, Apr retail sales and Eurozone Jun preliminary CPI will be among few other official statistics to be published

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Retail +1.80%, Banks +1.42%, Autos & Parts +1.23%, Consumer Products and Services +0.61%, Energy +0.39%, Telecom +0.37%, Food, Beverage and Tobacco +0.28%, Technology +0.16%, Basic Resources +0.13%

      • Underperformers: Real Estate (1.16%), Travel & Leisure (0.68%), Personal Care Drug and Grocery Stores (0.60%), Utilities (0.44%), Ind Goods & Svcs (0.42%), Media (0.38%), Chemicals (0.32%), Health Care (0.16%), Insurance (0.15%), Construct & Mtls (0.04%)

    • Macro:

      • ECB Hiking Critics Keep Up Political Heat From Portugal to Italy (BBG)

      • Inflation is moving in different directions in Europe. It hit 6.8% in Germany and 1.6% in Spain (Independent)

      • Germany's failure to attract business investment 'alarming', say economists (FT)

      • France deploys 40,000 police as Macron seeks to avoid 2005 riots rerun (Politico and Reuters)

      • PM Sunak: Court is wrong to stop Rwanda plan, and we will appeal (BBC)

      • Britain's first lithium mine to open in boost for electric carmakers (Telegraph)

      • UK households withdrawing savings at fastest rate on record (Guardian)

      • Where are Russian generals Gerasimov and Surovikin after Wagner rebellion? (Reuters)

      • Tsipras resigns from SYRIZA leadership after crushing election defeat (ekathimerini)

    • Company news:

      • Notable Gainers

        • +47.3% ESI.FP (ESI Group €148.00, +47.50) -- Keysight to acquire company for €155/share in cash or €913M

        • +28.5% FCC.SM (Fomento de Construcciones y Contratas €11.80, +2.63) -- calls EGM for 19-Jul; proposals include offer to buyback of up to ~32M shares at €12.5/share

        • +17.8% HM.B.SS (H&M Hennes & Mauritz SEK186.06, +28.06) -- Q2 earnings

        • +16.3% DLAR.LN (De La Rue £0.41, +0.06) -- FY earnings; reinstated add at Numis

        • +10.2% MATAS.DC (Matas DKK91.30, +8.50) -- to acquire KICKS from Axel Johnson at EV of DKK 1.34B

        • +9.8% AZT.NO (ArcticZymes Technologies NOK40.25, +3.60) -- filed DMF for SAN HQ GMP

        • +8.9% SRP.LN (Serco Group £1.54, +0.13) -- H1 trading update

        • +6.6% PPH.LN (PPHE Hotel Group £11.30, +0.70) -- H1 trading update

        • +5.2% BONEX.SS (BONESUPPORT HOLDING SEK123.00, +6.10) -- launch of the next generation of the company's breakthrough antibiotic-eluting bone graft substitute CERAMENT G

        • +4.9% MSAB.B.SS (Micro Systemation SEK47.10, +2.20) -- unveiling its highly anticipated second major release

        • +4.8% RNO.FP (Renault €38.42, +1.76) -- giuides H1; upgrades FY23 financial outlook

        • +4.5% MGNS.LN (Morgan Sindall Group £18.06, +0.78) -- FY trading update

        • +4.3% ENGI.FP (ENGIE €15.05, +0.61) -- signs an agreement with the Belgian government on the extension of Tihange 3 and Doel 4 nuclear reactors

        • +4.3% NK.FP (Imerys €36.26, +1.48) -- acquires 80% stake in British Lithium; announce strategic partnership to accelerate development of UK's largest lithium deposit

        • +3.7% IPN.FP (Ipsen €110.00, +3.90) -- FDA panel votes to support the risk-benefit profile and evidence of treatment effect of palovarotene

        • +3.1% MN.IM (Arnoldo Mondadori Editore €2.02, +0.06) -- raises FY23 guidance

        • +2.7% SPM.IM (Saipem €1.25, +0.03) -- contract

        • +2.7% ZAG.AV (Zumtobel Group €7.23, +0.19) -- FY earnings

        • +0.8% DX.LN (DX (Group) £0.32, -0.00) -- signs agreement with administrator of Tuffnells for initial licence-to-occupy 13 former Tuffnells sites

        • +0.5% FYB.GR (Formycon €63.00, +0.30) -- submission of the BLA for FYB203 to the FDA

        • +0.2% VOW.GR (Volkswagen €152.05, +0.30) -- Audi CEO Markus Duesmann to be succeeded by Gernot Döllner effective 1-Sep

      • Notable Decliners

        • -79.0% TBLD.LN (tinyBuild £0.07, -0.27) -- comments on past business review of motor total loss claims; does not expect review to have material financial impact in 2023

        • -49.7% RAL.FP (Rallye €0.75, -0.76) -- Casino proposes to convert debt into equity

        • -35.0% CINE.LN (Cineworld Group £0.00, -0.00) -- confirmation of the third amended joint chapter 11 plan

        • -32.6% CO.FP (Casino Guichard-Perrachon €5.21, -2.45) -- proposes to convert debt into equity

        • -16.7% SIS.LN (Science In Sport £0.13, -0.03) -- FY earnings

        • -12.9% ORP.FP (Orpea €1.95, -0.29) -- restructuring plan is supported by a majority of the classes of parties affected

        • -5.7% ANP.LN (Anpario £2.05, -0.13) -- AGM Statement

        • -5.6% IWG.LN (IWG Plc £1.32, -0.08) -- H1 trading update

        • -5.2% DLG.LN (Direct Line Insurance Group £1.35, -0.07) -- comments on past business review of motor total loss claims; does not expect review to have material financial impact in 2023

        • -5.1% GLKBN.SW (Glarner Kantonalbank CHF24.00, -1.30) -- Group of cantonal banks has placed a block of 1.5M registered shares in company

        • -4.8% BME.LN (B&M European Value Retail £5.56, -0.28) -- Q1 trading update

        • -4.6% NNIT.DC (NNIT DKK77.40, -3.80) -- Danish Agency for Higher Education and Science withdraws from contract

        • -4.3% BOO.LN (boohoo Group £0.33, -0.01) -- issues statement on Revolution Beauty Group's grant of share options

        • -4.0% BALN.SW (Baloise CHF129.30, -5.40) -- updates on new financial reporting under IFRS 17/9

        • -3.8% AWDR.NO (Awilco Drilling NOK12.50, -0.50) -- private placement

        • -3.4% EAS2P.NA (Ease2pay €0.88, -0.03) -- strategy update

        • -2.0% FARN.LN (Faron Pharmaceuticals £2.41, -0.05) -- €6.6M private placement priced at €2.55 per share

        • -1.9% HUM.LN (Hummingbird Resources £0.13, -0.00) -- AGM Statement

        • -1.0% TKA.GR (ThyssenKrupp €7.16, -0.08) -- Boerse Online article mentions CVC, Jindal, CSN, Emirates Steel Arkan also supposedly eyeing ThyssenKrupp steel division

        • -0.8% MRL.LN (Marlowe £5.90, -0.05) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings: Record (REC.LN)

      • Trading Update: Sodexo (SW.FP)

  • Data:

    • Economics:

      • Germany Jun Preliminary CPI +6.4% y/y vs consensus +6.3% and prior +6.1%

      • Spain Jun Preliminary CPI +1.9% y/y vs consensus +1.7% and prior +3.2%

      • Ireland Jun preliminary HCPI +4.8% y/y vs consensus +4.5% and prior +5.4%

      • UK May

        • M4 Money Supply +0.2% m/m vs consensus (0.1%) and prior revised (0.1%) from 0.0%

        • Mortgage Approvals 50.52K vs consensus 49.7K and prior revised 49.02K from 48.69K

      • Eurozone Jun

        • Economic Sentiment Indicator 95.3 vs consensus 96.0 and prior revised 96.4 from 96.5

        • Consumer Confidence (16.1) vs preliminary (16.1)

        • Services Sentiment Indicator 5.7 vs consensus 5.5 and prior revised 7.1 from 7.0

      • Sweden May Retail Sales (5.4%) y/y vs consensus (7.0%) and prior revised (7.1%) from (6.5%)

    • Markets:

      • WTI Crude (Aug 23): ($0.39) or (0.56%) to $69.17

      • €-$ (0.0032) or (0.29%) to 1.0885

      • £-$ (0.0032) or (0.25%) to 1.2610

      • €-£ (0.0003) to 0.8632

      • S&P 500 +0.34%

      • Performance year-to-date

        • FTSE 100: +0.29%

        • DAX: +14.47%

        • CAC: +13.01%

        • MIB: +17.73%

        • Stoxx 600: +7.47%

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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