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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.06%) to 7527.26, DAX (0.41%) to 16081.04, CAC (0.18%) to 7386.70

Jul 03 ,2023

  • Synopsis:

    • European equity markets closed mixed. Pan-European indices touched session highs shortly after, shares settled back into a trading ranges just above opening levels. US markets will close early today and are closed all day Tuesday for Independence Day holiday.

    • Greece +1.1%, Portugal and Norway both +1.0% lead outperformers, whilst Denmark (0.8%) and Sweden (0.7%) lead underperformers.

    • In central banks, pressure on BoE policy via leading economists. Bundesbank chief Nagel said ECB monetary policy signals clearly point in the direction of further tightening.

    • In geopolitical news, In France, the killing of a 17-year-old of North African descent by a police officer on Tuesday has thrown France into chaos. President Macron was compelled to postpone a state visit to Germany and called disorder an unacceptable instrumentalisation of adolescent death. New protests follow months of similar unrest over pension reforms and opposition parties benefitting from Macron's weakened stance. Moreover, Saudis extended the 1M bpd voluntary production cut by an extra month. Russia also announced plans to dial back production.

    • On a busy macro-data calendar, focus on slew of June manufacturing PMIs data: Italy miss, Spain, Switzerland beat; Germany, Eurozone final revised lower from prelim. reading whilst France and UK better than expected. Also, Switzerland Jun CPI recorded at +1.7% y/y in June vs consensus +1.8% and down from prior +2.2%.

    • On a light corporate newsflow front, local press reported that Italy insurance regulator IVASS authorised Del Vecchio's Delfin to hold more than 10% of Generali (G.IM) whilst - in the DACH region - BAWAG Group (BG.AV) posted its Q2 trading update and Abcam is reportedly getting takeover interests from Danaher and Agilent, while also approaching Merck KGaA (MRK.GR) to gauge interest; also, UBS Group (UBSG.SW) dropped the idea of listing CS Switzerland and also hopes to say it won't use the Swiss government CHF9B backstop for the Credit Suisse purchase. In the Nordics, Nokia (NOKIA.FH) and Apple signed a long-term patent license agreement, whilst Peab (PEAB.B.SS) contract with Unibail Rodamco Westfield for Mall of Scandinavia was concluded.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: Jun 03-07 attached), ActiveOps (AOM.LN), FastPartner (FPAR.B.SS), Kitwave Group (KITW.LN), Solid State (SOLI.LN), J Sainsbury (SBRY.LN), Cairn Homes (C5H.ID), Moscow Exchange MICEX-RTS (MOEX.RU), and PZ Cussons (PZC.LN) will be among other names to update investors, whilst the macro-calendar releases will include, Germany May trade balance and Spain Jun unemployment change.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.13%, Energy+1.59%, Real Estate +1.41%, Banks +1.08%, Utilities +0.82%, Personal Care Drug and Grocery Stores +0.57%, Telecom +0.41%, Insurance +0.34%, Chemicals +0.04%,

      • Underperformers:

        • Health Care (1.97%), Consumer Products and Services (0.84%), Ind Goods & Svcs (0.79%), Travel & Leisure (0.78%), Technology (0.64%), Media (0.54%), Retail (0.37%), Financial Svcs (0.37%), Autos & Parts (0.25%), Construct & Mtls (0.22%),

    • Macro/Peripheral markets::

      • Ukraine/Russia

        • Saudi Arabia and Russia announce new oil production cuts - FT

        • Kremlin: "Not too many hopes" for Black Sea grain deal - Reuters

      • EU

        • EU considers Russian bank concession to safeguard Black Sea grain deal - FT

      • UK

        • BOE Newcomer Greene Warns UK Rates May Be Higher Permanently - Bloomberg

        • Weak competition added 6p to supermarket fuel prices - BBC

        • EU-UK friendship can survive post-Brexit rows, British foreign secretary says - Politico

      • France

        • French unrest eases after six nights of protests - FT

      • Germany

        • Draft budget for 2024 is ready - Lindner plans new debt with 16.6 billion euros - Handelsblatt

      • Spain

        • Spain's conservative PP party, ally Vox lose ground, still ahead as election looms - Reuters

      • Italy

        • Meloni: 'Italy is growing, it is the most reliable in the Eurozone' - Ansa

      • Greece

        • Rating to depend on policies - ekathimerini

        • Tax breaks and benefits to boost low incomes planned by government - ekathimerini

    • Company news:

      • Trading Higher:

        • +8.8% ALZCUR.SS (AlzeCure Pharma SEK5.70, +0.46) -- new scientific article on preclinical results supporting antidepressive effects with NeuroRestore ACD856 has been published

        • +8.3% BICO.SS (BICO Group SEK42.24, +3.23) -- sign several sub-sales and distribution agreements with Satorius

        • +8.2% RESURS.SS (Resurs Holding SEK21.68, +1.64) -- agens Industri out with buy recommendation

        • +7.8% PEAB.B.SS (Peab SEK46.20, +3.36) -- concludes contract with Unibail Rodamco Westfield for Mall of Scandinavia

        • +7.8% EYE.LN (Eagle Eye Solutions Group £5.55, +0.40) -- contract

        • +7.5% NEXT.NO (Next Biometrics Group NOK6.00, +0.42) -- signs commercial agreement and receives NOK 65M purchase

        • +7.2% PGS.NO (PGS ASA NOK6.39, +0.43) -- contract

        • +7.0% BLTG.LN (Blancco Technology Group £1.68, +0.11) -- FY trading update

        • +5.3% MTRS.SS (Munters Group SEK128.80, +6.50) -- order

        • +5.2% CDA.FP (Compagnie des Alpes €14.56, +0.72) -- initiated buy at Stifel

        • +5.1% CGG.FP (CGG €0.73, +0.04) -- contract

        • +4.9% DOKA.SW (dormakaba Holding CHF421.50, +19.50) -- launches transformation program

        • +4.4% SHG.LN (Shanta Gold £0.09, -0.00) -- new five-year plan for its Singida gold mine in Tanzania; provides 2023 production guidance

        • +4.1% AAL.LN (Anglo American £23.25, +0.92) -- De Beers and Botswana agree on sales agreement

        • +3.5% G.IM (Assicurazioni Generali €19.26, +0.65) -- Italy insurance regulator IVASS authorises Del Vecchio's Delfin to hold more than 10% of Generali -- Repubblica

          • +1.6% MB.IM (Mediobanca €11.14, +0.18) --

        • +2.5% NOKIA.FH (Nokia €3.93, +0.10) -- signs long-term patent license agreement with Apple

        • +2.4% CRAYN.NO (Crayon Group Holding NOK107.50, +2.50) -- $45M outstanding receivables in the Philippines enter into last step of audit clearance approval

        • +2.1% ODL.NO (Odfjell Drilling NOK26.40, +0.55) -- successful completion of refinancing

        • +2.1% HEIA.NA (Heineken €96.20, +2.02) -- Royal Unibrew acquires 100% of Vrumona from company for €300M

        • +2.1% NCC.B.SS (NCC SEK96.25, +2.00) -- to build new sewage treatment plant in Enköping for SEK 325M

        • +2.1% BG.AV (BAWAG Group €43.10, +0.88) -- Q2 earnings

        • +1.8% SHB.A.SS (Svenska Handelsbanken SEK91.98, +1.64) -- receives extended permission for structural FX positions

      • Trading Lower:

        • -9.9% INSTAL.SS (Instalco SEK48.52, -5.33) -- to sell Tim Kyla AB to a Nordic climate group

        • -8.0% AZN.LN (AstraZeneca £103.78, -9.04) -- study update

        • -7.1% SNI.NO (Stolt-Nielsen NOK253.50, -19.50) -- Court of Appeals rules against Stolt Tank Containers BV in MSC Flaminia case; to record related loss provision in Q2

        • -3.2% CO.FP (Casino Guichard-Perrachon €3.94, -0.13) -- issues update on the requests from the conciliators

        • -2.5% TIETO.FH (TietoEVRY €24.64, -0.64) -- Handelsbanken downgrade

        • -2.5% ALCOX.FP (Nicox €0.48, -0.01) -- additional data on NCX 470 have been presented at the 10th World Glaucoma Congress

    • EU companies reporting tomorrow:

      • Earnings: ActiveOps (AOM.LN), FastPartner (FPAR.B.SS), Kitwave Group (KITW.LN), Solid State (SOLI.LN)

      • Trading Update: J Sainsbury (SBRY.LN), Cairn Homes (C5H.ID), Moscow Exchange MICEX-RTS (MOEX.RU)

      • CMD/events: PZ Cussons (PZC.LN)

  • Data:

    • Economics:

      • Jun manufacturing PMI

        • Ireland 47.3 vs consensus 46.0, prior 47.5

        • Netherlands 43.8 vs consensus 45.1, prior 44.2

        • Russia 52.6 vs consensus 52.5, prior 53.5

        • Sweden 44.8 vs consensus 41.5, prior revised 40.7 from 40.6

        • Spain 48.0 vs consensus 47.7, prior 48.4

        • Switzerland 44.9 vs consensus 42.3, prior 43.2

        • Italy 43.8 vs consensus 45.3, prior 45.9

        • France 46.0 vs preliminary 45.5

        • Germany 40.6 vs preliminary 41.0

        • Eurozone 43.4 vs preliminary 43.6

        • Greece 51.8 vs consensus 51.1, prior 51.5

        • Norway 48.0 vs consensus 45.9, prior 47.4

        • UK 46.5 vs preliminary 46.2

      • Switzerland Jun CPI +1.7% y/y vs consensus +1.8%, prior +2.2%; +0.1% m/m vs consensus +0.2%, prior +0.3%

      • Greece Jun business expectations in industry 108.6 vs prior 105.1 and year-ago 103.9 - IOBE

    • Markets:

      • WTI Crude (Aug 23): +$0.07 or +0.10% to $70.71

      • €-$ (0.0018) or (0.16%) to 1.0906

      • £-$ (0.0023) or (0.18%) to 1.2677

      • €-£ +0.0002 to 0.8602

      • S&P 500 +0.01%

      • Performance year-to-date

        • FTSE 100: +1.02%

        • DAX: +15.43%

        • CAC: +14.13%

        • MIB: +20.03%

        • Stoxx 600: +8.50%

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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