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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.10%) to 7519.72, DAX (0.26%) to 16039.17, CAC40 (0.23%) to 7369.93, STOXX 600 +0.07% to 461.30

Jul 04 ,2023

  • Synopsis:

    • European equity markets closed mixed to higher, with pan-European indices ending back around the session lows originally seen shortly after the open, have given back all of the modest gains seen during the day

    • Austria +1.0%, Greece +0.6% and Belgium +0.5% led outperformers, with Spain (0.6%) and Portugal (0.3%) leading underperformers.

    • US markets are closed for Independence Day holiday

    • No change in broader market narrative with softer landing hopes offset by notion of central banks keeping rates higher for longer. Setup for second half of the year appears to be more challenging with strategists recently warning of challenging macro backdrop and risk of more earnings downgrades. German trade balance the only macro data of note in Europe.

    • On today's agenda, EU-UK Parliamentary Partnership Assembly and 10th EU-Chile Joint Consultative Committee. Elsewhere, Irish government published the Summer Economic Statement. In Germany, Chancellor Scholz hosts Romanian PM Ciolacu.

    • In geopolitics, NATO Allies agree to extend the mandate of Secretary General Jens Stoltenberg by a further year, until 1-Oct-24. The decision will be endorsed by NATO Heads of State and Government at the Vilnius Summit

    • In corporate news, Virbac (VIRP.FP) lowered its FY guidance indicating a revenue between 0%-4% y/y vs prior guidance of 4%-6% and FactSet 3.4% and guided adjusted EBIT to 12%-13% from prior 13%-14%. Out of the DACH region, Manz AG's (M5Z.GR) management is optimistic about the remainder of FY23 and provided guidance; SYZYGY GROUP (SYZ.GR) reduced FY23 forecast for revenue growth to a low single-digit percentage range.

    • In the UK, J Sainsbury (SBRY.LN) posted Q1 Like-for-like sales (exc. fuel) up +9.8% amid strong performance in groceries and general merchandise. Restore (RST.LN) anticipates adjusted PBT will be lower than previously expected and will be £31M for the full year vs FactSet £41.2M. Strix Group (KETL.LN) confirmed FY PAT remains in line with market expectations. In airlines sector, WIZZ Air Holding (WIZZ.LN) reported June traffic +22.5% y/y and Ryanair Holdings (RYA.ID) released June passengers 17.4M, +9% y/y

    • On M&A front, Catena (CATE.SS) announced acquisition of Bockasjö for SEK 462M partly financed by issuance of new shares. Boiron (BOI.FP) family shareholders intend to launch a simplified public tender offer for remaining shares; transaction value is €50/share including special dividend. On the speculation front, rumours in the Spanish press of potential acquisition of Endesa by Repsol was dismissed by Enel sources. Elsewhere, Abu Dhabi and OMV are reportedly exploring combination of Borouge Plc and Borealis AG.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate+2.79%, Technology +0.52%, Health Care +0.51%, Basic Resources +0.38%, Retail +0.37%, Travel & Leisure +0.36%, Media +0.35%, Financial Svcs +0.26%, Oil & Gas +0.22%, Utilities +0.20%, Persnl & HHold Goods +0.19%,

      • Underperformers

        • Banks (0.62%), Autos & Parts (0.53%), Construct & Mtls (0.39%), Ind Goods & Svcs (0.30%), Insurance (0.21%), Food & Beverage (0.04%), Telecom +0.00%, Chemicals +0.02%,

    • Macro/Peripheral markets:

      • EU

        • EU-UK Parliamentary Partnership Assembly press point - release

        • Galway Statement anniversary: a decade of marine research cooperation along and across the Atlantic Ocean - release

      • NATO

        • NATO set to approve new defence plans at Vilnius summit - euractiv

      • France

        • Macron's wooing of bankers risks adding to societal tensions - FT

        • Macron to meet with mayors as France counts cost of riots - Bloomberg

      • UK

        • Tory MPs issue plan for Rishi Sunak to slash migration - BBC

        • UK major banks summoned to meet financial watchdog over 'measly' easy access savings rates - Sky

        • Rishi Sunak and Jeremy Hunt urged to raise investment to unlock £150B economic boost - City A.M

      • Ireland

        • Summer Economic Statement to increase core spending by 6.1% - rte; report

      • Greece

        • Parliament to elect president on Tuesday, vote of confidence on Saturday - ekathimerini

      • Italy

        • Govt to help people with variable-rate mortgages, Salvini - Ansa

      • Turkey

        • Turkish state banks resume supporting lira as rout deepens - Bloomberg

      • Sweden

        • Government tasks National Grid Agency to submit a proposal to improve the reliability and robustness in the Swedish electricity system - release

      • Russia

        • Russia sees no grounds to renew grain deal, foreign ministry - Reuters

    • Company news:

      • Notable Gainers

        • +63.6% RAL.FP (Rallye €1.04, +0.41) -- new money equity proprosals

          • +16.2% CO.FP (Casino Guichard-Perrachon) - EP Global-Fimalac raise offer for Casino Guichard-Perrachon - FT

        • +13.5% CINE.LN (Cineworld Group £0.00, -0.00) -- Cineworld Group identifies Cinepolis executive Eduaro Acuna as candidate to take over as CEO - Sky News

        • +7.5% OMV.AV (OMV €42.81, +2.97) -- Abu Dhabi and OMV exploring combination of Borouge Plc and Borealis AG - Bloomberg

        • +7.1% ORRON.SS (Orrön Energy SEK12.24, +0.81) -- €150M revolving credit facility

        • +5.0% HEX.NO (Hexagon Composites NOK29.08, +1.38) -- initiated buy at Danske Bank

        • +4.8% KETL.LN (Strix Group £1.06, +0.05) -- AGM statement

        • +4.5% HNSA.SS (Hansa Biopharma SEK44.74, +1.94) -- recognizes a write-up of SEK 1.43B in intangible assets to Idefirix in the financial statements of the parent company

        • +4.1% MIG.GA (MIG Holdings €4.17, +0.17) -- Greece's Competition Commission to discuss Attica's proposed acquisition of ANEK Lines on 12-Jul - ekathimerini

        • +4.0% SPM.IM (Saipem €1.37, +0.05) -- Redburn upgrade

        • +3.3% BOKU.LN (BOKU £1.39, +0.04) -- H1 trading update; CEO to retire

        • +3.3% FPAR.A.SS (Fastpartner SEK42.45, +1.35) -- H1 earnings

        • +3.1% MN.IM (Arnoldo Mondadori Editore €2.14, +0.06) -- Arnoldo Mondadori Editore's AdKaora completes the acquisition of the remaining 70% of Adgage

        • +2.5% WIZZ.LN (Wizz Air Holdings £28.62, +0.69) -- June traffic

        • +2.4% KIND.SS (Kindred Group SEK118.15, +2.75) -- ABG Sundal Collier upgrade

        • +2.0% VRS.LN (Versarien £0.02, -0.00) -- trading update

        • +1.6% WCH.GR (Wacker Chemie €128.65, +2.05) -- HSBC upgrade

        • +1.2% VIV.FP (Vivendi €8.63, +0.10) -- Vivendi announces that Prisma Media entered into exclusive negotiations with Groupe Figaro for the sale of the Gala magazine

      • Notable Decliners

        • -27.2% RST.LN (Restore £1.68, -0.63) -- trading update

        • -8.9% VIRP.FP (Virbac €247.00, -24.00) -- FY revenue guidance

        • -5.3% IBT.B.SS (Infant Bacterial Therapeutics SEK53.20, -3.00) -- raises ~SEK101M through rights issue

        • -4.5% DNLM.LN (Dunelm Group £10.70, -0.50) -- RBC Capital Markets

        • -3.4% FLOW.NA (Flow Traders €19.16, -0.67) -- prelim. Q2 net trading income

        • -3.1% SYZ.GR (Syzygy €4.94, -0.16) -- reduces FY23 forecast for revenue growth to a low single-digit percentage range

        • -2.2% TOBII.SS (Tobii SEK16.42, -0.37) -- Handelsbanken downgrade

        • -1.9% SBRY.LN (J Sainsbury £2.70, -0.05) -- Q1 trading update

    • EU companies reporting tomorrow:

      • Earnings: AO World (AO.LN), CropEnergies (CE2.GR), Redde Northgate (REDD.LN), Supreme (SUP.LN)

  • Data:

    • Economics:

      • Germany May Trade Balance €14.4B vs consensus €17.5B and prior revised €16.5B from €18.4B

      • Spain Jun Unemployment Change (50.2K) vs consensus (63.5K) and prior (49.3K)

    • Markets:

      • €-$ (0.0016) or (0.15%) to 1.0899

      • £-$ +0.0033 or +0.26% to 1.2727

      • €-£ (0.0034) to 0.8565

      • S&P 500 +0.00%

      • Performance year-to-date

      • FTSE 100: +0.91%

      • DAX: +15.19%

      • CAC: +13.84%

      • MIB: +19.83%

      • Stoxx 600: +8.57%

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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