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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.08%) to 7434.57, DAX (0.22%) to 16105.07, CAC40 +0.06% to 7374.54, STOXX 600 (0.11%) to 460.83

Jul 14 ,2023

  • Synopsis:

    • European equity market ended mostly mixed to lower. France, Netherlands and Switzerland firmer. In sectors, tech and financials were the biggest gainers whilst energy was the outsized laggard.

    • Quiet macro calendar in Europe with German wholesale prices easing, Switzerland PPI also decelerating in June whilst Swedish CPI higher than forecast. May Italy trade balance largely beats, Eurozone trade balance deficit narrower than expected. Elsewhere, UK job ads data reinforcing notion of slowing labor market.

    • Attention in the UK remain on PM Sunak's proposed public sector pay rises on Thursday. Reuters noted that the package will mean finding an additional £5-2B this year and £3B next year - from existing departmental budgets. Elsewhere, FT reports Saudi Crown Prince Mohammed bin Salman has been invited to visit London this Autumn, expected in October or November. In other political news, the Dutch general election will take place on Nov. 22, domestic public broadcaster NOS reported today.

    • On the corporate front, out of the UK, Burberry Group (BRBY.LN) posted Q1 sales in line with expectations with comparable Retail Sales +18% vs consensus +18%, retail sales £589M vs consensus £591.8M and confirmed FY guidance. Ashmore (ASHM.LN) reported Q4 AuM $55.9B vs consensus $57.2B and net flows ($2.9B) vs consensus ($1.2B). Out of the Nordics, LM Ericsson (ERIC.B.SS) reported Q2 EPS (SEK0.21) vs FactSet (SEK0.42) and said it expects Q3 EBITA margin in line with or slightly higher than Q2, also confirmed 2024 guidance; Nokia (NOKIA.FH) recorded preliminary Q2 net sales of €5.7B vs FactSet €6.04B and lowered FY net sales guidance. Orkla (ORK.NO) posted better-than-expected Q2 numbers with EPS NOK1.55 ex-items vs FactSet NOK1.25 and EBIT NOK1.79B ex-items vs FactSet NOK1.59B and maintained positive outlook.

    • In M&A, ITV (ITV.LN) said it is no longer actively exploring possible acquisition of All3Media whilst XPS Pensions Group (XPS.LN) entered a option agreement to sell XPS Pensions (Nexus) Limited to SEI for £42.5M upon completion. Molecular Energies (MEN.LN) sold part of stake in ATOME (ATOM.LN).

    • Looking ahead to next week EU econ-calendar, main releases will include, amongst others, Eurozone, UK and Italy Jun CPI, Germany Jun PPI, France Jul Business Survey, and a few data from the UK including Jun Input/Output PPI as well as Jul GfK Consumer Confidence and Jun Retail Sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +1.15%, Financial Svcs +0.92%, Persnl & HHold Goods +0.59%, Health Care +0.43%, Construct & Mtls +0.41%, Media +0.11%, Food & Beverage +0.05%

      • Underperformers

        • Oil & Gas (2.05%), Telecom (1.26%), Basic Resources (1.02%), Insurance (1.01%), Chemicals (0.81%), Banks (0.64%), Travel & Leisure (0.63%), Utilities (0.38%), Real Estate(0.36%), Ind Goods & Svcs (0.30%), Retail (0.16%), Autos & Parts (0.15%)

    • Macro:

      • EU

        • France tells EU Commission to rethink American choice for top job -- Politico

        • EU Spars With ECB on Plan to Tax Sanctioned Russian Assets -- Bloomberg

      • UK

        • High UK inflation will not help public finances: OBR's Hughes -- Reuters

        • Prince Mohammed bin Salman invited to visit UK in autumn -- FT

      • Germany

        • Scholz Backs Germany's Return to Tight Government Spending -- Bloomberg

      • Italy:

      • Spain

        • The PP reaches its maximum in seats while Sumar steals votes from Sánchez and already surpasses Vox -- ElMundo

      • Netherlands:

        • Dutch election to be held November 22, public broadcaster reports -- Reuters

    • Company news:

      • Notable Gainers

        • +41.8% NELLY.SS (Nelly Group SEK6.16, +2.08) -- Q2 earnings

        • +23.1% SBX.NO (Seabird Exploration NOK3.83, +0.82) -- Letter of Award for OBN source services

        • +20.6% MCB.LN (McBride £0.31, +0.05) -- FY trading update; Peel Hunt upgrade

        • +13.2% VIT.B.SS (Vitec Software Group SEK585.00, +68.00) -- Q2 earnings

        • +12.0% PGHN.SW (Partners Group Holding CHF873.00, +100.20) -- H1 AuM

        • +11.6% KAHOT.NO (Kahoot! NOK0.00, +3.62) -- agrees recommended voluntary all cash offer at NOK 17.2B from GS AM Private Equity business

        • +11.5% ARJO.B.SS (Arjo SEK43.42, +4.68) -- Q2 earnings

        • +11.0% INWI.SS (Inwido SEK108.20, +10.60) -- Q2 earnings; acquisition of Sidey Group

        • +10.2% AQ.SS (AQ Group SEK437.50, +41.50) -- Q2 earnings

        • +9.8% JSG.LN (Johnson Service Group £1.06, +0.10) -- pre-close trading update

        • +8.1% AXFO.SS (Axfood SEK246.50, +19.20) -- Q2 earnings

        • +5.3% MIPS.SS (MIPS SEK545.80, +27.80) -- Pareto upgrade

        • +5.2% ORK.NO (Orkla NOK80.14, +3.96) -- Q2 earnings

        • +4.4% MEN.LN (Molecular Energies £1.18, +0.05) -- sale of 800K shares in ATOME

        • +3.8% TLW.LN (Tullow Oil £0.30, +0.01) -- successful start-up of Jubilee South East (JSE) in Ghana

        • +3.4% EQT.SS (EQT AB SEK211.90, +7.50) -- H1 earnings

        • +3.1% FPIP.SS (FormPipe Software SEK28.00, +0.80) -- Q2 earnings

        • +1.8% VK.FP (Vallourec €12.02, +0.21) -- raises Q2 guidance

        • +1.6% GAMA.LN (Gamma Communications £11.30, +0.18) -- initiated buy at Panmure Gordon

        • +1.6% FTON.SW (Feintool International Holding CHF22.95, +0.35) -- multi-year contract from American OEM

        • +1.6% HEIA.NA (Heineken €97.92, +1.50) -- Goldman Sachs upgrade

        • +1.0% BMAX.SS (Byggmax Group SEK29.40, +0.30) -- Q2 earnings

        • +1.0% HEIO.NA (Heineken €82.10, +0.80) -- Goldman Sachs upgrade

      • Notable Decliners

        • -36.8% ZOO.LN (Zoo Digital Group £0.76, -0.39) -- Q1 trading update

        • -25.8% VRS.LN (Versarien £0.01, -0.00) -- raises £650K through placing of 65.0M new ordinary shares

        • -25.1% 888.LN (888 Holdings £0.00, -0.27) -- terminates discussions with FS Gaming; says is fully cooperating with GBGC review; remains on track to deliver FY market expectations

        • -20.8% ALIF.B.SS (AddLife SEK104.90, -25.00) -- Q2 earnings

        • -18.1% DEDI.SS (Dedicare SEK99.30, -20.80) -- Q2 earnings

        • -17.8% VITR.SS (Vitrolife SEK192.50, -37.80) -- Q2 earnings

        • -16.6% BRAV.SS (Bravida Holding SEK91.70, -16.75) -- Q2 earnings

        • -16.3% PHLY.NO (Philly Shipyard $37.20, -6.50) -- Q2 earnings

        • -16.0% BERG.B.SS (Bergman & Beving SEK147.00, -26.20) -- Q1 earnings

        • -14.3% HMS.SS (HMS Networks SEK430.60, -68.00) -- Q2 earnings

        • -12.8% NEXAM.SS (Nexam Chemical Holding SEK3.40, -0.51) -- Q2 earnings

        • -12.5% NIL.B.SS (Nilörngruppen SEK55.50, -8.00) -- Q2 earnings

        • -10.6% PCELL.SS (PowerCell Sweden SEK82.98, -9.54) -- Q2 earnings

        • -10.6% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK54.79, -6.23) -- Q2 earnings

        • -9.4% NOKIA.FH (Nokia €3.67, -0.37) -- Q2 sales and FY sales guidance downgrade

        • -9.3% ELK.NO (Elkem NOK23.60, -2.40) -- Q2 earnings

        • -8.3% ASHM.LN (Ashmore Group £2.00, -0.18) -- Q4 AuM

        • -8.2% GJF.NO (Gjensidige Forsikring NOK154.60, -13.40) -- Q2 earnings

        • -7.2% ADDT.B.SS (Addtech SEK181.00, -15.20) -- Q1 earnings

        • -5.8% COOR.SS (Coor Service Management Holding SEK49.50, -2.95) -- Q2 earnings

        • -5.6% LIFCO.B.SS (Lifco SEK195.15, -12.00) -- Q2 earnings

        • -5.5% ENTRA.NO (Entra Eiendom NOK98.25, -5.65) -- Q2 earnings

        • -5.4% SIX2.GR (Sixt €106.90, -6.10) -- Deutsche Bank downgrade

        • -4.7% NSKOG.NO (Norske Skog NOK43.42, -2.18) -- Q2 earnings

        • -4.5% XXL.NO (XXL ASA NOK1.61, -0.08) -- Q2 earnings; extension of its senior secured financing facilities and NOK500M right issue

        • -4.0% SHOT.SS (Scandic Hotels Group SEK39.10, -1.70) -- Q2 earnings

        • -3.2% PMI.LN (Premier Miton Group £0.75, -0.03) -- Q3 AuM

        • -3.2% BNR.GR (Brenntag €68.82, -2.28) -- JPMorgan downgrade

        • -2.9% GRNG.SS (Gränges SEK99.20, -3.10) -- Q2 earnings

        • -2.3% LIME.SS (Lime Technologies SEK262.00, -6.00) -- Q2 earnings

        • -2.2% STB.NO (Storebrand NOK86.16, -1.92) -- Q2 earnings; NOK1B share buyback

        • -1.7% WALL.B.SS (Wallenstam SEK37.40, -0.64) -- Q2 earnings

        • -1.6% OMV.AV (OMV €0.00, -0.66) -- to pursue negotiations with ADNOC about a potential cooperation regarding their polyolefins business

        • -1.4% CLA.B.SS (Cloetta SEK20.14, -0.28) -- Q2 earnings

        • -1.3% PNDX.B.SS (Pandox SEK113.40, -1.60) -- Q2 earnings

        • -1.2% CAST.SS (Castellum AB SEK104.05, -1.25) -- Q2 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: TomTom (TOM2.NA)

        • Nordics: Nordea Bank (NDA.FI.FH), Investor (INVE.B.SS), Sagax (SAGA.B.SS), Softronic (SOF.B.SS), Orion (ORNBV.FH), Biotage (BIOT.SS), Volati (VOLO.SS), Gofore (GOFORE.FH), Bong (BONG.SS)

        • UK: Brickability Group (BRCK.LN)

      • Trading Update: Galp Energia (GALP.PL), Richemont (CFR.SW), Alphawave IP Group (AWE.LN), Aramis Group (ARAMI.FP), CATANA Group (CATG.FP)

  • Data:

    • Economics:

      • Eurozone May Trade Balance (€0.3B) vs consensus (€7.6B) and prior (€11.7B)

      • Italy May Trade Balance €4.71B vs consensus €1.45B and prior revised to €0.36B from €0.32B

      • Switzerland June PPI y/y (0.6%) vs consensus (1.2%) and prior (0.3%)

      • Sweden June CPI y/y +9.3% vs consensus +9.1% and prior +9.7%

      • Norway June Trade Balance NOK44.2B vs consensus NOK29.9B and prior NOK41.1B

      • Finland Jun CPI +6.3% y/y vs consensus +6.4% and prior +6.8%

    • Markets:

      • WTI Crude (Aug 23): ($1.29) or (1.68%) to $75.60

      • €-$ +0.0013 or +0.12% to 1.1241

      • £-$ (0.0023) or (0.18%) to 1.3114

      • €-£ +0.0026 to 0.8571

      • S&P 500 +0.19%

      • Performance year-to-date:

        • FTSE 100: (0.23%)

        • DAX: +15.67%

        • CAC: +13.91%

        • MIB: +20.91%

        • Stoxx 600: +8.46%

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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