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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.32%) to 7256.94, DAX +0.48% to 15603.40, CAC40 +0.42% to 7111.88, STOXX 600 +0.10% to 447.65

Jul 07 ,2023

  • Synopsis:

    • European equity markets generally ended the day slightly higher, though below the day's highs seen following an upward spike immediately following the US payroll data, having reversed modest falls seen earlier in the session.

    • With shares overall ending closer to the day's lows than the highs, Italy +1.0% and Ireland +0.9% led gainers, whilst Switzerland (0.8%) and Denmark, Spain both (0.4%) led underperformers

    • ECB's hawkish rhetoric remains in focus, with ECB's Lagarde reiterating inflation remains too high, and bank still has work to bring it down, whilst Nagel said ECB would have to keep rates restricted for an extended period to get inflation under control. The views were underlined in a speech by ECB's de Guindos spoke at an event organised by King's College in London, saying underlying inflation pressures are finally easing across the euro zone, but services price growth risks being sticky and keeping price growth high. Bundesbank's Nagel was a panellist at event organised by the bank (livestreamed) and BOE's Mann a panellist at CEBRA meeting. ECB's Lagarde panellist at 18:45CET at 23rd edition of Les Rencontres Economiques d'Aix-en-Provence 2023. Also, the latest US nonfarm payrolls data was scrutinized by market participants for any implications on Fed's policy

    • Economic data saw mixed monthly industrial production releases, including Germany (0.2%) m/m vs consensus 0.0% and prior +0.3%. Switzerland unemployment rate, France trade balance and UK Halifax house price index were among the other releases. In the latter, which saw third consecutive monthly decline, the banking brand said these latest figures do suggest a degree of stability in the face of economic uncertainty, and the volume of mortgage applications held up well throughout June, particularly from first-time buyers. That said the housing market remains sensitive to volatility in borrowing costs

    • Germany's Bundestag backs fast-track plans for LNG terminals. NATO's Stoltenberg held a press conf. on the forthcoming Summit in Lithuania. Ukraine's President Zelenskyy visited with Turkey's President Erdoğan. Campaigning officially got underway for Spain's upcoming general election

    • Company earnings/updates included Clariant (CLN.SW), Sulzer (SUN.SW), Coca-Cola HBC (CCH.LN) and Clas Ohlson (CLAS.B.SS). Also, BMW (BMW.GR) releases Q2 unit sale, Airbus (AIR.FP) Jun commercial aircraft sales/orders and Shell (SHEL.LN) Q2 update notes. Fynske Bank (FYNBK.DC) ups outlook for 2023. The shares were little changed

    • Amongst the M&A news flow, EQT (EQT.SS) confirms that it does not intend to make an offer for Alfa Financial Software Holdings (ALFA.LN). Coloplast (COLO.B.DC) agrees to acquire Kerecis for up to $1.3B and JD Sports Fashion (JD.LN) intends to acquire the remaining 49.98% shares in ISRG currently held by Balaiko Firaja Invest, S.L. and Sonae Holdings (SON.PL) for total cash consideration of €500.1M. Also, Valmet (VALMT.FH) acquires Körber Group's tissue business for an enterprise value of €380M on a cash and debt free basis, Tokmanni Group (TOKMAN.FH) to acquire the Swedish discount retail chain Dollarstore for €170.4M and Telefonica's (TEF.SM) Hispanoamérica agrees to sell a majority stake in Pangeaco, the wholesale fiber-to-the-home company in Peru, to KKR (KKR) and Entel Perú (ENTEL.CI). SNP Schneider-Neureither & Partner's (SHF.GR) board and managing directors issue a neutral statement on Octapharma's takeover offer. The shares edged (0.3%) lower

    • thyssenKrupp nucera (NCH2.GR) shares open at a slight premium to its IPO price of €20/share on first day of trading on Frankfurt Stock Exchange, subsequently extending gains and closing up +19.8%. Owners thyssenKrupp (TKA.GR) and Industrie De Nora (DNR.IM) are up +4.5% and +5.7%, respectively

    • Sovereign credit rating reviews due after the close include S&P (Hungary)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Chemicals +1.63%, Basic Resources +1.44%, Travel & Leisure +1.12%, Retail +1.02%, Oil & Gas +0.88%, Banks +0.81%, Autos & Parts +0.79%, Financial Svcs +0.74%, Technology +0.68%, Ind Goods & Svcs +0.47%, Real Estate +0.47%, Construct & Mtls +0.37%, Insurance +0.28%, Persnl & HHold Goods +0.11%

      • Underperformers:

        • Media (1.24%), Health Care (1.18%), Utilities (1.13%), Telecom (0.55%), Food & Beverage (0.55%)

    • Macro/Peripheral markets:

      • ECB:

        • de Guindos speech title The inflation outlook and monetary policy in the euro area at King's College London - release

        • Lagarde interview with La Provence - release

      • Germany:

        • Bundestag backs fast-track plans for LNG terminals - Upstream

      • Spain:

        • Right begins the campaign with an advantage, but without reaching a majority, poll shows - El Pais

      • UK:

        • Conservatives could be set to lose the Selby by-election poll suggests - Yorkshire Post

    • Company news:

      • Notable Gainers

        • +11.9% RENX.LN (Renalytix) -- new KidneyIntelX clinical data presentation

        • +9.3% SCATC.NO (Scatec) -- overweight from equal weight at Barclays

        • +7.6% TOKMAN.FH (Tokmanni Group) -- to acquire the Swedish discount retail chain Dollarstore for €170.4M

        • +5.4% CCH.LN (Coca-Cola HBC) -- trading update: upgrades 2023 earnings expectations

        • +4.9% CLAS.B.SS (Clas Ohlson) -- June sales +5% to SEK 748M; in local currency +7%

        • +4.9% CLN.SW (Clariant)

          • prelim Q2 revenue CHF1.08B vs FactSet CHF1.16B [3 est, CHF1.10-1.23B], EBITDA between CHF155-165M vs FactSet CHF159.2M [4 est, CHF143.0-189.0M], lowers FY guidance

          • actively evaluating strategic options for sunliquid and will provide an update by end of 2023; also initiates further cost reduction measures

        • +4.6% ELM.LN (Elementis) -- overweight from neutral at JPMorgan

        • +4.6% TWEKA.NA (TKH Group) -- reinitiated buy at Kepler Cheuvreux

        • +4.3% SUN.SW (Sulzer) -- H1 order intake CHF1.99B y/y vs FactSet CHF1.98B; raises FY order intake growth guidance

        • +4.0% HAUTO.NO (Höegh Autoliners) -- trading update: Jun transported 1.3M CBM of cargo on prorated basis

        • +3.7% FDR.SM (Fluidra) -- completes the acquisition of Meranus Group for €30M on a cash and debt free basis

        • +3.4% NOS.PL (NOS) -- outperform from neutral at Santander

        • +3.0% RATO.B.SS (Ratos) secures new contracts totalling NOK 2.3B with the Norwegian and the Swedish eoad authorities

        • +2.9% LAMM.B.SS (Lammhults Design Group) -- CFO Carolina Nerman resigns, effective early 2024 at the latest

        • +2.7% FIA1S.FH (Finnair) -- Jun traffic +16.4% y/y

        • +2.6% SON.PL (Sonae) -- notes sale of stake in ISRG to JD Sports Fashion (JD.LN); sees related capital gain of ~€175M

          • +2.4% JD.LN (JD Sports Fashion) -- intends to acquire the remaining 49.98% shares in ISRG currently held by Balaiko Firaja Invest, S.L. and Sonae Holdings (SON.PL) for total of €500.1M in cash

        • +2.5% ROR.LN (Rotork) -- buy from hold at Jefferies

        • +2.2% FABG.SS (Fabege) -- Q2 EPRA NRV per share SEK161, (12%) vs year-ago SEK183; the shares reversed initial falls

        • +2.1% FPE3.GR (FUCHS) -- initiated overweight at Barclays

        • +1.8% VALMT.FH (Valmet) -- acquires Körber Group's tissue business for an enterprise value of €380M on a cash and debt free basis

          • On earnings/updates: PLAY.IR (Fly Play), SAS.SS (SAS), MAS.NO (Måsøval), AIR.FP (Airbus) and reversing initial falls SHEL.LN (Shell), ARISE.SS (Arise),

      • Notable Decliners

        • -24.6% ALFA.LN (Alfa Financial Software Holdings) -- EQT (EQT.SS) confirms that it does not intend to make an offer for Alfa

        • -8.5% LOK.LN (Lok 'n' Store Group) -- issues 2.7M new shares at 765p/share in upsized fundraising through finnCap and Peel Hunt

        • -8.0% LMKG.SS (LMK Group) -- prelim Q2 revenue SEK230.5M vs FactSet SEK239.6M [1 est]

        • -7.6% RAY.B.SS (RaySearch Laboratories) -- CFO Henrik Bergentoft to leave; appoints Annika Blondeau Henriksson as interim CFO; announces order wins

        • -5.3% S92.GR (SMA Solar Technology) -- neutral from outperform at BNP Paribas Exane

        • -3.6% BACTI.B.SS (Bactiguard Holding) -- EBITDA for Q2 and FY23 negatively impacted by SEK42M due to one-time adjustments

        • -3.0% BIOA.B.SS (BioArctic) -- leqembi for treatment of adult patients with Alzheimer's Disease converted to FDA traditional approval

        • -2.8% COLO.B.DC (Coloplast) -- agrees to acquire Kerecis for up to $1.3B; transaction is expected to be financed through an equity capital raise of ~DKK 9B in Q4 of of 2022/23

        • -2.1% TKWY.NA (Just Eat Takeaway.com)

          • files lawsuits against New York City over minimum wage law

          • underperform from neutral at BNP Paribas Exane

        • -1.7% CATE.SS (Catena) -- Q2 NAVPS SEK364.23, (2%) vs year-ago SEK372.15

        • -1.6% UTDI.GR (United Internet) -- hold from buy at HSBC

          • On earnings/updates: GLE.LN (MJ Gleeson), EAST.SS (Eastnine), BMW.GR (BMW.GR), ABG.NO (ABG Sundal Collier Holding), MAHA.A.SS (Maha Energy) and reversing initial gains STSU.NO (Standard Supply)

    • EU companies reporting Monday:

      • Earnings: Wihlborgs Fastigheter (WIHL.SS)

      • Trading Update: OMV (OMV.AV), Kid (KID.NO), Horizonte Minerals (HZM.LN)

      • Sales: Daimler Truck (DTG.GR) Q2

      • CMD/events: AstraZeneca (AZN.LN) Deutsche Bank, R&D Series

  • Data:

    • Economics:

      • Germany May industrial production (0.2%) m/m vs consensus 0.0%, prior +0.3%

      • France May trade balance (€8.42B) vs consensus (€9.0B), prior revised (€10.56B) from (€9.71B)

      • Sweden May industrial production +0.3% m/m vs consensus (0.9%), prior revised +2.1% from +1.8%

      • Norway May manufacturing production +1.4% m/m vs consensus +0.2%, prior (0.4%)

      • Denmark May manufacturing production (0.9%) m/m vs consensus (1.6%), prior revised +1.1% from +1.3%

      • Switzerland Jun unemployment rate 1.9% vs consensus 1.8%, prior 1.9%

      • UK Jun house price index (2.6%) y/y vs consensus (1.7%), prior revised (1.1%) from (1.0%); (0.1%) m/m vs consensus (0.1%), prior revised (0.2%) from 0.0% - Halifax release

      • Italy May retail sales +3.0% y/y vs consensus +4.2%, prior +3.2%; +0.7% m/m vs consensus +0.1%, prior +0.2%

      • Greece Jun CPI +1.8% y/y vs consensus +1.7%, prior +2.8%

    • Markets:

      • WTI Crude (Aug 23): +$1.04 or +1.45% to $72.84

      • €-$ +0.0066 or +0.61% to 1.0956

      • £-$ +0.0098 or +0.77% to 1.2834

      • €-£ (0.0013) to 0.8537

      • S&P 500 +0.10%

      • Performance year-to-date:

        • FTSE 100: (2.61%)

        • DAX: +12.06%

        • CAC: +9.86%

        • MIB: +17.03%

        • Stoxx 600: +5.36%

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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