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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (2.17%) to 7280.50, DAX (2.57%) to 15528.54, CAC40 (3.13%) to 7082.29, STOXX 600 (2.34%) to 447.22

Jul 06 ,2023

  • Synopsis:

    • European equity markets closed sharply lower and near the lowest level of the session. Real estate and Travel&leisure the big decliners; Personal care and Food&beverages outperformed.

    • Reuters reports Greece's re-elected PM Mitsotakis is expected to outline his government's agenda over the next four years, which may include tax cuts and wage and pension increases. NATO's Stoltenberg due to host a meeting of senior officials from Turkey, Sweden and Finland, to try to overcome Turkish objections to Sweden joining NATO. Reports that US close to selling F16 plane to Turkey, which may help facilitate Swedish NATO application.

    • Macro data calendar in Europe includes a big beat in German factory orders. UK construction PMI contracted in June. Eurozone retail sales flat on month, but still negative on the year.

    • Some attention on BoE Governor Bailey blaming retailers for overcharging customers as part of the UK's inflation problem, which might trigger criticism that he is deflecting from the Bank's role in ensuring price stability.

    • In earnings, Gerresheimer (GXI.GR) posted Q2 results whilst Suedzucker (SZU.GR) reported Q1 earnings and raised FY EBITDA and EBIT guidance. Out of the UK, Currys (CURY.LN) is down on the back of its annual results whilst Jet2 (JET2.LN) shares also under pressure as airline miss FY earnings expectations. On the upside, Hunting (HTG.LN) jumped on its half-year trading update, said to expect EBITDA likely to be in the range of $48-50M vs FactSet $40.43M and raised FY EBITDA guidance to $96-100M vs prior $92-94M and FactSet $92.50M. In the Nordics, Chr. Hansen Holding (CHR.DC) is out with Q3 results whilst Alm. Brand (ALMB.DC) closed higher on upgrading guidance for FY PBT (ex special costs) to DKK 1,525-1,625M vs previous guidance DKK 1,375-1,575M. Also from the Nordics, Bang & Olufsen (BO.DC) reported Q4 earnings and Rockwool (ROCK.B.DC) released preliminary Q2 earnings and raised FY EBIT margin outlook. Elsewhere, Aegon (AGN.NA) began its €1.5B share buyback program.

    • In M&A news, Norwegian Air Shuttle (NAS.NO) agreed to acquire Widerøe for cash consideration NOK1.13B, whilst Sika (SIKA.SW) has acquired Thiessen Team USA for an undisclosed sum.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Personal Care Drug and Grocery Stores (1.08%), Food, Beverage and Tobacco (1.28%), Telecom (1.37%), Utilities (1.45%), Media (1.56%), Insurance (1.96%), Health Care (1.96%)

      • Underperformers:

        • Real Estate (4.15%), Travel & Leisure (3.97%), Retail (3.80%), Basic Resources (3.58%), Consumer Products and Services (3.46%), Construct & Mtls (3.02%), Technology (2.99%), Energy(2.68%), Autos & Parts (2.68%), Financial Svcs (2.57%), Chemicals (2.41%), Ind Goods & Svcs (2.37%)

    • Macro:

      • UK:

        • BOE Governor Bailey cannot say when rates will fall with inflation still high - BBC

        • UK edges closer to rejoining EU's £85bn Horizon science program - Guardian

      • Finland:

        • Russia to expel nine persons working in Finland's diplomatic missions to Russia and announced closure of Finland's Consulate General in St Petersburg - gov release

      • Italy:

        • Italy launches COVID inquiry panel, opposition fears witch hunt - Reuters

        • BCC Quarterly Economic Survey: Signs Inflation Pressure Easing - release

      • Germany:

        • Yesterday approves first draft of 2024 budget focused on 'fiscal realities' - Reuters

      • Greece:

        • Greece's re-elected PM to outline government goals up to 2027 - Reuters

      • Switzerland:

        • SNB doesn't rule out further rate hikes - Reuters

    • Company news:

      • Notable Gainers

        • +22.2% HTG.LN (Hunting £2.44, +0.44) -- H1 trading update

        • +7.1% RDC.GR (Redcare Pharmacy €105.00, +6.92) -- Q2 preliminary earnigs

        • +6.2% FBK.IM (FinecoBank €12.50, +0.73) -- Jun net sales €764.6M vs year-ago €851.4M

        • +5.2% ICEAIR.IR (Icelandair Group ISK2.21, +0.11) -- and Airbus finalize order for up to 25 Airbus A321XLR aircraft; follows previously announced MoU; finalizes lease agreements for four new A321LR aircraft

        • +3.6% ALMB.DC (Alm. Brand DKK10.91, +0.38) -- raises FY guidance

        • +3.4% SZU.GR (Suedzucker €17.13, +0.57) -- Q1 earnings

        • +3.0% MPCC.NO (MPC Container Ships NOK19.00, +0.55) -- sells last two JV-owned vessels Cimbria and Cardonia for $42.5M

        • +3.0% CWC.GR (CEWE Stiftung & Co €95.00, +2.80) -- Hauck & Aufhäuser upgrade

        • +2.6% BNOR.NO (BlueNord NOK413.50, +10.50) -- significant progress of the two gas turbine generators (GTGs) on Tyra II which have now been powered up

        • +2.5% VCT.FP (Vicat €29.10, +0.70) -- HSBC upgrade

        • +2.0% SNI.NO (Stolt-Nielsen NOK257.50, +5.00) -- H1 earnings

        • +1.9% OSE.FP (OSE Immunotherapeutics €3.77, +0.07) -- study update

        • +1.9% SKJE.DC (Skjern Bank DKK131.50, +2.50) -- raises FY pre-tax income, core earning guidance

        • +1.6% UU.LN (United Utilities Group £9.48, +0.15) -- Morgan Stanley upgrade

      • Notable Decliners

        • -14.3% SUSE.GR (SUSE SA €10.72, -1.79) -- Q2 earnings; reinstated hold at Numis

        • -13.8% EMBRAC.B.SS (Embracer Group SEK23.75, -3.80) -- completes directed issue of 80M new B shares at SEK25/share to raise SEK2B

        • -11.7% ALFEN.NA (Alfen €55.10, -7.32) -- esumed sell at Van Lanschot Kempen

        • -10.6% CURY.LN (Currys £0.48, -0.06) -- FY earnings

        • -9.9% JET2.LN (Jet2 £11.38, -1.25) -- FY earnings; Chairman to step down

        • -7.4% BO.DC (Bang & Olufsen DKK10.28, -0.82) -- Q4 earnings

        • -6.2% IDIA.SW (Idorsia CHF6.11, -0.40) -- resumed sell at Citi

        • -5.9% CANTA.SS (Cantargia SEK3.73, -0.23) -- reports a favorable outcome of the oppositions on its European patent EP3293202

        • -5.3% AVAP.LN (Avation £1.16, -0.06) -- guides FY23 lease revenue

        • -5.3% HEI.GR (Heidelberg Materials €69.92, -3.88) -- HSBC downgrade

        • -5.1% NEM.GR (Nemetschek €60.60, -3.24) -- Barclays downgrade

        • -4.4% FXPO.LN (Ferrexpo £0.90, -0.04) -- Q2 production report

        • -4.1% BWLPG.NO (BW LPG NOK101.30, -4.30) -- CEO to step down

        • -4.0% ABDN.LN (abrdn Plc £2.11, -0.09) -- holding a presentation for analysts and investors on its Personal vector with a focus on interactive investor

        • -3.6% ROCK.B.DC (Rockwool DKK1,639.50, -61.50) -- prelim Q2 earnings; raises FY EBIT margin outlook

        • -3.6% AI.FP (Air Liquide €154.84, -5.70) -- restructures its Home Healthcare activity in France, cuts 430 positions

        • -3.5% YOU.LN (YouGov £9.55, -0.35) -- confirms advanced discussions regarding potential acquisition of GfK SE's European consumer panel business

        • -3.4% LMP.LN (LondonMetric Property £1.64, -0.06) -- divests 5 assets for £42.8M

        • -3.2% VLTSA.FP (Voltalia €14.10, -0.46) -- Van Lanschot Kempen upgrade

        • -3.1% LNZ.AV (Lenzing €44.80, -1.45) -- successfully completes capital increase

        • -3.1% GEBN.SW (Geberit CHF441.30, -14.00) -- HSBC downgrade

        • -3.0% SIKA.SW (Sika Group CHF245.10, -7.70) -- acquires Thiessen Team USA

        • -2.9% EQT.SS (EQT AB SEK198.30, -6.00) -- notes EQT Exeter Industrial Value Fund VI closes at $4.9B, exceeding target size of $4.0B

        • -2.9% SAN.FP (Sanofi €95.12, -2.84) -- Adocia grants company exclusive right to negotiate a partnership on M1Pram for €10M and obtains commitment from investors to provide €10M in financing

        • -2.6% LSG.NO (Lerøy Seafood Group NOK40.30, -1.06) -- Q2 trading update

        • -2.5% G.IM (Assicurazioni Generali €18.45, -0.47) -- to acquire Conning and its affiliates

        • -1.8% GXI.GR (Gerresheimer €103.10, -1.90) -- Q2 earnings

        • -1.8% TEF.SM (Telefonica €3.67, -0.07) -- BNP Paribas Exane downgrade

        • -1.6% INDU.A.SS (Industrivarden SEK288.20, -4.70) -- Q2 NAVPS

    • EU companies reporting tomorrow:

      • Earnings: ABG Sundal Collier Holding (ABG.NO), Catena (CATE.SS), Eastnine (EAST.SS), Fabege (FABG.SS), Q-Free (QFR.NO)

      • Trading Update: MJ Gleeson (GLE.LN), Porsche (P911.GR)

      • Sales: Clas Ohlson (CLAS.B.SS)

      • Traffic: Finnair (FIA1S.FH), Icelandair Group (ICEAIR.IR), SAS (SAS.SS)

  • Data:

    • Economics:

      • Germany

        • Jun construction PMI 41.4 vs consensus 45.1 and prior 43.9

        • May factory orders +6.4% m/m vs consensus +1.2% and prior revised +0.2% from (0.4%)

      • UK Jun construction PMI 48.9 vs consensus 51.0 and prior 51.6

      • Eurozone May retail sales (2.9%) y/y vs consensus (2.7%), prior revised (2.9%) from (2.6%)

        • 0.0% m/m vs consensus +0.2%, prior 0.0%

    • Markets:

      • WTI Crude (Aug 23): ($1.31) or (1.82%) to $70.48

      • €-$ +0.0020 or +0.18% to 1.0878

      • £-$ +0.0004 or +0.03% to 1.2708

      • €-£ +0.0013 to 0.8560

      • S&P 500 (1.24%)

      • Performance year-to-date

        • FTSE 100: (2.30%)

        • DAX: +11.53%

        • CAC: +9.40%

        • MIB: +16.03%

        • Stoxx 600: +5.26%

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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