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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.12% to 7282.52, DAX +0.75% to 15790.34, CAC40 +1.07% to 7220.01, STOXX 600 +0.72% to 451.72

Jul 11 ,2023

  • Synopsis:

    • European equity markets closed broadly higher Tuesday, with just Denmark (1.1%) bucking the positive trend on corporate developments (see below). In the UK, wage growth came in hotter than expected, pushing sterling to 15-month highs and boosting expectations for a 50 bps rate hike at next BoE meeting. BoE Governor Bailey reiterated commitment to bringing inflation back to target in Mansion House speech on Monday night. Highlighted tightness in labor market contributing to stickiness in inflation. Chancellor Hunt also said government would play its part in cutting inflation. Urged restraint on company profit margins. Other macro releases included big miss in German ZEW; increase in UK like-for-like retail sales; and German final CPI in line with flash. Across the Atlantic, lot of moving pieces as market waits for US CPI on Wednesday and unofficial start of Q2 earnings season on Friday with the Wall Street banks.

    • In Denmark, Topdanmark (TOP.DC) and Tryg (TRYG.DC) both reported lower than expected Q2 net income with the former also lowering FY guidance. Also weighing in Copenhagen (and the broader European healthcare sector) was Novo Nordisk (NOVO.B.DC) on back of Reuters' exclusive, real-world analysis of GLP-1 adherence, while Ambu (AMBU.B.DC) also fell on back of prelim Q3 results.

    • Among European sector outperformers, Construction & Materials outperformed led by Kingspan (KRX.ID) after releasing its trading update saying it expects to report H1 trading profit in region of €435M vs previous guidance of just over €400M. In Real Estate, British Land (BLND.LN) saw its shares rise nearly 4% on back of its latest update. Among other stocks in focus today; Daimler Truck (DTG.GR) increased FY2023 guidance and announced share buyback program; Daimler Truck also hosting CMD today where it said it was on track to deliver on 2025 ambition of above 10% adjusted ROS; dividend payout ratio of 40-60%. Nordic Semiconductor (NOD.NO) Q2 earnings beat expectations and it also issued Q3 guidance; however the company noted revenue visibility is low beyond the current quarter, and the range of outcomes is wide; Sensirion (SENS.SW) cut revenue forecast after H1 sales miss.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +2.84%, Construct & Mtls +2.44%, Consumer Products and Services +1.91%, Basic Resources +1.82%, Retail +1.40%, Energy+1.38%, Travel & Leisure +1.23%, Banks +0.98%, Ind Goods & Svcs +0.91%,

      • Underperformers:

        • Personal Care Drug and Grocery Stores (0.19%), Technology (0.19%), Health Care (0.14%), Media +0.01%, Autos & Parts +0.29%, Telecom +0.33%, Food, Beverage and Tobacco +0.42%, Utilities +0.45%, Insurance +0.62%, Financial Svcs +0.64%

    • Macro:

      • NATO summit

        • Ukraine's Zelenskiy says lack of timeframe for membership 'absurd' - Reuters

      • EU

        • EU, Australia fail to reach free trade deal - EU Commission - Reuters

      • UK

        • UK wage growth surprise could spell repeat 50bp rate hike - ING

        • Liz Truss seeks to revive her 'pro-growth' agenda with economic project - FT

        • Wage growth was 7.3% from March to May in blow to Bank of England - Sky News

        • Average two year fixed mortgage surpasses mini-Budget peak - Moneyfactscompare

      • Italy

        • Govt presents shopping card for 1.3mn families in need - ANSA

      • Spain

        • PM Sanchez Fails to Notch Much Needed Election Debate Win - Bloomberg

      • Greece

        • Mitsotakis envisages 'road map' with Turkey - ekathimerini

        • Greece raises €3.5 bln from 15-year bond sale - ekathimerini

      • Tech

        • MEPs adopt legislation to boost EU chips industry - link

        • OECD says rich economies on cusp of AI 'revolution - FT

    • Company news:

      • Notable Gainers:

        • +16.9% AGY.LN (Allergy Therapeutics £0.02, -0.00) -- CFO appointment

        • +15.5% KRX.ID (Kingspan Group €66.26, +8.86) -- trading update

        • +14.8% UPG.BB (Unifiedpost Group €3.84, +0.50) -- resumed buy at Berenberg

        • +11.5% IQG.LN (IQGeo Group £2.79, +0.29) -- new contracts

        • +10.6% MPAC.LN (Mpac Group £2.33, +0.23) -- trading update

        • +9.1% NB2.GR (Northern Data €23.70, +2.00) -- investment agreement for acquisition

        • +8.0% OTL.NO (Odfjell Technology NOK47.85, +3.55) -- initiated buy at Fearnley

        • +7.7% GFRD.LN (Galliford Try Holdings £2.08, +0.15) -- trading update

        • +7.3% NOD.NO (Nordic Semiconductor NOK133.20, +9.10) -- Q2 earnings

        • +7.0% D4T4.LN (D4t4 Solutions £1.69, +0.11) -- FY earnings

        • +5.4% RHIM.LN (RHI Magnesita £28.30, +1.46) -- Ignite Luxembourg received valid acceptances in respect of ~19.50% of RHI Magnesita shares as of 10-Jul

        • +5.1% ALZCUR.SS (AlzeCure Pharma SEK5.74, +0.28) -- publishes new disease modifying data

        • +5.0% GFT.GR (GFT Technologies €26.38, +1.26) -- Berenberg upgrade

        • +4.6% EVT.GR (Evotec €21.23, +0.93) -- exclusive global licence agreement

        • +4.5% JUST.LN (Just Group £0.77, +0.03) -- Confirms targets and strategy

        • +4.2% BETS.B.SS (Betsson SEK0.00, +4.68) -- expects Q2 Operating profit (EBIT) to be ~ €53.5-55.0M vs FactSet €44.2M

        • +3.8% BLND.LN (British Land Co. £3.13, +0.12) -- AGM operational update: Continue to see strong operational momentum in the business

        • +3.7% CBK.GR (Commerzbank €10.87, +0.39) -- to target return on equity of 10% as part of new financial targets - Bloomberg

        • +3.3% FUTR.LN (Future Plc £7.62, +0.24) -- Canaccord Genuity upgrade

        • +3.1% ACLN.SW (Accelleron Industries CHF21.46, +0.64) -- initiated buy at UBS

        • +3.1% BKT.SM (Bankinter €6.19, +0.18) -- upgraded at buy at UBS and SocGen

        • +2.7% EYE.LN (Eagle Eye Solutions Group £5.70, +0.15) -- trading update

        • +2.5% NDX1.GR (Nordex €11.80, +0.29) -- order

        • +2.5% DTG.GR (Daimler Truck Holding $32.67, +0.81) -- increases FY2023 guidance and announces share buyback program / CMD update

        • +2.2% NETEL.SS (Netel Holding SEK11.85, +0.25) -- agreement

        • +1.7% MCPHY.FP (McPhy Energy €7.91, +0.14) -- partnership

        • +1.4% FORT.LN (Forterra Plc £1.64, +0.02) -- trading update

        • +0.6% VOW3.GR (Volkswagen €122.96, +0.70) -- Volkswagen also struggling with demand problems for its electric models in its home market - Handelsblatt

        • +0.5% MBG.GR (Mercedes-Benz Group €72.35, +0.34) -- reports Q2 car sales 515,700 units, +6% y/y

      • Notable Decliners:

        • -19.9% SENS.SW (Sensirion Holding CHF72.50, -18.00) -- prelim H1 sales; adjusts FY sales outlook

        • -15.1% DIB.IM (Digital Bros €0.00, -2.64) -- updates outlook for fiscal year ending 30-Jun-23: actual revenues show decline of (13.2%) y/y despite original forecasts

        • -7.9% XSPRAY.SS (Xspray Pharma SEK33.90, -2.90) -- request for additional information concerning Dasynoc from FDA

        • -7.8% RAL.FP (Rallye €0.92, -0.08) -- Casino Guichard-Perrachon updates on new money equity

        • -6.8% DIC.GR (Dic Asset €4.60, -0.34) -- Berenberg downgrade

        • -6.6% TRYG.DC (Tryg DKK134.80, -9.55) -- Q2 earnings

        • -6.4% NWO.GR (New Work €119.00, -8.00) -- Berenberg downgrade

        • -5.3% PGS.NO (PGS ASA NOK5.47, -0.30) -- prelim Q2 earnings

        • -4.6% VLK.NA (Van Lanschot Kempen €28.65, -1.40) -- Kepler Cheuvreux downgrade

        • -4.4% AMBU.B.DC (Ambu DKK103.75, -4.75) -- prelim Q3 revenue

        • -4.2% VACN.SW (VAT Group CHF344.20, -15.20) -- Oddo downgrade

        • -3.4% TOP.DC (Topdanmark DKK310.20, -11.00) -- prelim Q2 earnings

        • -2.7% COK.GR (CANCOM €25.62, -0.70) -- Berenberg downgrade

        • -2.4% ALESK.FP (Esker €131.00, -3.20) -- Berenberg downgrade

        • -2.0% KINV.B.SS (Kinnevik SEK137.60, -2.75) -- Q2 earnings

        • -1.7% ACC.NO (Aker Carbon Capture NOK13.06, -0.22) -- Q2 earnings; new CEO appointment

        • -0.9% BMW.GR (Bayerische Motoren Werke €106.76, -1.00) -- Metzler Capital Markets downgrade

        • -0.8% ATORX.SS (Alligator Bioscience SEK0.42, -0.00) -- study update

        • -0.7% REVB.LN (Revolution Beauty Group £0.30, -0.00) -- to hold general meeting 7-Aug; compromise with boohoo (BOO.LN) possible

        • -0.7% CO.FP (Casino Guichard-Perrachon €3.03, -0.02) -- updates on new money equity

        • -0.4% VNV.SS (VNV Global SEK20.04, -0.08) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • DACH: ABOUT YOU Holding (YOU.GR)

        • France: Kaufman & Broad (KOF.FP)

        • Nordics: DNB Bank (DNB.NO), Kongsberg Gruppen (KOG.NO), BlueNord (BNOR.NO), JM (JM.SS), Bulten (BULTEN.SS), HEBA Fastighets (HEBA.B.SS), Elanders (ELAN.B.SS), BioArctic (BIOA.B.SS)

        • Southern Europe: Unieuro (UNIR.IM)

        • UK: Loungers (LGRS.LN), Renold (RNO.LN), ECO Animal Health Group (EAH.LN), Knights Group Holdings (KGH.LN)

      • Trading Update: Grafton Group (GFTU.LN), JD Wetherspoon (JDW.LN), Tullow Oil (TLW.LN), Ten Entertainment Group (TENG.LN), PageGroup (PAGE.LN), Atalaya Mining (ATYM.LN), Hostelworld (HSW.LN)

      • Revenue/sales: DFDS (DFDS.DC), ATEME (ATEME.FP), u-blox Holding (UBXN.SW)

      • Traffic: Flughafen Zuerich (FHZN.SW)

  • Data:

    • Economics:

      • Germany

        • Jun CPI +6.4% y/y vs preliminary +6.4%; +0.3% m/m vs preliminary +0.3%

        • Jul ZEW survey

          • Economic Sentiment Indicator (14.7) vs consensus (10.5) and prior (8.5)

          • Current Situation (59.5) vs consensus (60.0) and prior (56.5)

      • UK

        • Jun Claimant Count Change +25.7K vs consensus (8.6K) and prior revised (22.5K) from (13.6K)

        • May ILO Unemployment Rate 4.0% vs consensus 3.8% and prior 3.8%

        • Jun retail sales monitor +4.2% y/y vs consensus +4.6% and prior +3.7% - BRC

      • Netherlands Jun CPI +5.7% y/y vs preliminary +5.7%

      • Italy May Industrial Production (3.7%) y/y vs consensus (4.5%) and prior revised (7.4%) from (7.2%); +1.6% m/m vs consensus +0.7% and prior revised (2.0%) from (1.9%)x

    • Markets:

      • WTI Crude (Aug 23): +$1.63 or +2.23% to $74.62

      • €-$ (0.0011) or (0.10%) to 1.0993

      • £-$ +0.0037 or +0.29% to 1.2895

      • €-£ (0.0030) to 0.8527 S&P 500 +0.23%

      • Performance year-to-date

        • FTSE 100: (2.27%)

        • DAX: +13.41%

        • CAC: +11.53%

        • MIB: +18.37%

        • Stoxx 600: +6.31%

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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