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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.69% to 7457.69, DAX +0.41% to 16134.69, CAC40 +0.46% to 7324.93, STOXX 600 +0.67% to 460.98

Jul 18 ,2023

  • Synopsis:

    • European equity markets closed mostly higher with pan-European indices reversing earlier losses and ending around best levels of the session. Switzerland +1.2%, Sweden +1.0%, Greece +0.9% led the outperformers whilst Italy (0.1%) bucked the positive trend.

    • Focus on comments from ECB officials giving somewhat dovish leaning comments on inflation ahead of another 25 bp rate hike next week. ECB official Knot signaled core inflation may have plateaued after Italy's Visco said inflation to come down more quickly than staff forecasts. Fits in with June minutes showing some officials skeptical over extent of upward revision in inflation. Some positive UK inflation developments for ahead of official data on Wednesday; Kantar data showed food prices lower for fourth month; Lloyds survey showing cut in prices by food and drinks manufacturers for the first time in more than three years.

    • In corporate news, Novartis (NOVN.SW) reported Q2 Core EPS $1.83 vs consensus $1.70 and raised FY guidance including for sales growth to be in the high single-digit percentage range vs mid-single-digit percentage range. Company added it supports separation from Sandoz through a 100% spin-off. ATOSS Software (AOF.GR) guided 2023 revenue of at least €142M vs prior €135M.

    • Out of the Nordics, Husqvarna (HUSQ.B.SS) reported Q2 EPS SEK2.46 vs consensus SEK2.65; Tele2 (TEL2.B.SS) reported Q2 adjusted net income SEK887M vs consensus SEK830M and raised FY end-user service revenue growth guidance; Getinge (GETI.B.SS) Q2 Adj. EPS SEK1.09 vs consensus SEK1.19 and confirmed FY guidance; NEL (NEL.NO) reported Q2 EPS (NOK0.20) vs FactSet (NOK0.16)

    • In the UK, Ocado Group (OCDO.LN) reported H1 EBITDA £16.6M ex-items vs consensus (£21.7M) and kept FY23 guidance unchanged; Wise (WISE.LN) Q1 revenue £239.5M, +29% vs year-ago £185.9M and FactSet £262M with unchanged FY24 guidance. Midwich Group (MIDW.LN) released a trading statement including H1 revenue in excess of £610M, +7.5% y/y.

    • In Southern Europe, SeSa (SES.IM) reported final FY earnings and raised its dividend by +11.1% y/y. In other corporate developments, Grifols (GRF.SM) completes enrollment in Phase 3 study of long-term Albutein (albumin-human injection) therapy for patients with decompensated cirrhosis.

    • On M&A front, NewGAMe and Bruellan announced partial cash offer for 28M GAM (GAM.SW) shares at CHF 0.55. The group considers Liontrust's offer highly unattractive and encourages shareholders not to tender their GAM shares to Liontrust's offer. Elsewhere, Sartorius completsd acquisition of Polyplus for ~€2.4B from private investors.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate+1.58%, Chemicals +1.39%, Retail +1.25%, Health Care +1.23%, Oil & Gas +1.09%, Media +1.08%, Financial Svcs +1.04%, Banks +1.01%, Construct & Mtls +0.94%, Ind Goods & Svcs +0.75%,

      • Underperformers

        • Telecom (0.91%), Technology (0.04%), Utilities +0.01%, Travel & Leisure +0.17%, Autos & Parts +0.25%, Food & Beverage +0.27%, Persnl & HHold Goods +0.31%, Insurance +0.55%, Basic Resources +0.60%,

    • Macro/Peripheral markets:

      • EU

        • EU Carbon Import Tax Shifts Climate Burden, South Africa Says - Bloomberg

        • EU Parliament's Foreign Affairs Committee says Turkey's EU accession process cannot resume under the current circumstances - release

      • ECB

        • ECB's Visco says inflation may drop more quickly than forecast - Bloomberg

        • ECB's Knot says interest rate increases beyond Jul are possible, but not certain - Bloomberg

      • UK

        • Public sector pay rises of 10% would add little to inflation, says UK thinktank - Guardian

        • Illegal Migration Bill: UK government sees off final Lords challenge - BBC

        • Selby, Somerton and Uxbridge by-elections: Key statistics - independent

        • Sunak under fire over SMEs' exclusion from business council - Sky

        • Ministers face reshuffle as soon as this week, Ben Wallace says - Telegraph

      • Ireland

        • Suspension of visa-free travel for refugees to Ireland to be extended - Irish Times

      • France

        • Macron opts to keep Borne as prime minister despite crises - FT

      • Spain

      • Italy

        • Tourism Minister Santanchè faces no-confidence motion - Ansa

      • Netherlands

        • Dutch MEPs back Frans Timmermans for return to national politics - Politico

      • Poland

        • Polish court overturns decision to suspend permit for Turow mine - Reuters

    • Company news:

      • Notable Gainers

        • +34.4% ALBPS.FP (Biophytis €0.03, +0.01) -- signs a framework agreement with SEQENS on the production of the active ingredient of Sarconeos

        • +22.7% ENEA.SS (Enea AB SEK47.10, +8.70) -- Q2 earnings; initiates up to 10% repurchase program

        • +19.9% GAM.SW (Gam Holding CHF0.50, +0.08) -- NewGAMe and Bruellan announce partial cash offer for 28M company shares at CHF 0.55

        • +19.1% OCDO.LN (Ocado Group £6.92, +1.11) -- H1 earnings

        • +18.2% ARBB.LN (Arbuthnot Banking Group £11.20, +1.73) -- H1 earnings

        • +11.8% NCC.B.SS (NCC SEK112.60, +11.90) -- Q2 earnings

        • +11.6% DOM.SS (Dometic Group SEK79.96, +8.30) -- Q2 earnings

        • +10.9% NEL.NO (NEL ASA NOK13.94, +1.38) -- Q2 earnings; order

        • +10.3% HKY.NO (Havila Kystruten NOK1.39, +0.13) -- agrees €20M subordinated loan with main shareholder Havila Holding; intends to raise NOK equivalent of ~ €65M through private placement

        • +9.4% NIOX.LN (NIOX Group £0.70, +0.06) -- H1 trading update

        • +8.5% JUST.LN (Just Group £0.84, +0.07) -- H1 business update

        • +8.3% CAR.LN (Carclo £0.14, +0.01) -- updates on Banking Covenant Adjustment

        • +8.2% SESL.FP (SES-imagotag €134.00, +10.20) -- resumed buy at Berenberg

        • +8.0% CAMX.SS (Camurus SEK303.20, +22.40) -- Q2 earnings

        • +7.8% ZTF.LN (Zotefoams £3.45, +0.25) -- joint development agreement with a world-leading packer of beverages

        • +7.8% ORX.SS (Orexo SEK16.56, +1.20) -- Q2 earnings

        • +6.7% GMS.LN (Gulf Marine Services £0.08, -0.00) -- notes PIK has stopped to accrue as of Q2

        • +6.2% DKSH.SW (DKSH Holding CHF68.80, +4.00) -- H1 earnings

        • +5.0% SCHA.NO (Schibsted NOK201.40, +9.60) -- Q2 earnings

      • Notable Decliners

        • -14.6% BIKE.GR (Bike24 Holding €2.53, -0.43) -- Q2 earnings; lowers FY guidance

        • -13.0% MIRI.LN (Mirriad Advertising £0.01, -0.00) -- H1 trading update

        • -10.4% TEL2.B.SS (Tele2 SEK79.32, -9.16) -- Q2 earnings; updates FY guidance

        • -10.1% CO.FP (Casino Guichard-Perrachon €2.83, -0.32) -- receives revised offer from EP Global Commerce, Fimalac and Attestor; board makes decision to continue such negotiations

        • -6.6% SFSN.SW (SFS Group CHF105.40, -7.40) -- H1 earnings

        • -6.2% KEMIRA.FH (Kemira €14.00, -0.92) -- Q2 earnings; CEO to step down

        • -5.7% REC.LN (Record £0.83, -0.05) -- Q1 update

        • -5.2% ATEA.NO (Atea NOK139.80, -7.60) -- Q2 earnings

        • -3.7% HUSQ.B.SS (Husqvarna SEK95.96, -3.66) -- Q2 earnings

        • -3.3% NETI.B.SS (Net Insight SEK4.54, -0.16) -- Q2 earnings

        • -3.2% TTALO.FH (Terveystalo €7.89, -0.26) -- Q2 earnings

        • -2.1% AFRY.SS (AFRY AB SEK148.20, -3.20) -- Q2 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASML Holding (ASML.NA), Barco (BAR.BB),

        • DACH: BAWAG Group (BG.AV),

        • France: Gecina (GFC.FP)

        • Finland: Alma Media (ALMA.FH)

        • Norway: Yara International (YAR.NO), Pareto Bank (PARB.NO)

        • Southern Europe: Vidrala (VID.SM), NOS (NOS.PL)

        • Sweden: Atlas Copco (ATCO.A.SS), Volvo (VOLV.B.SS), Assa Abloy (ASSA.B.SS), Sandvik (SAND.SS), Svenska Handelsbanken (SHB.A.SS), SKF (SKF.B.SS), Trelleborg (TREL.B.SS), AAK (AAK.SS), Thule Group (THULE.SS), HEXPOL (HPOL.B.SS), Lagercrantz Group (LAGR.B.SS), Hemnet Group (HEM.SS), Ratos (RATO.B.SS), Ework Group (EWRK.SS)

        • UK: Redcentric (RCN.LN)

  • Data:

    • Economics:

      • No major releases.

    • Markets:

      • €-$ (0.0013) or (0.12%) to 1.1227

      • £-$ (0.0005) or (0.04%) to 1.3068

      • €-£ (0.0007) to 0.8590

      • S&P 500 +0.28%

      • Performance year-to-date

      • FTSE 100: +0.08%

      • DAX: +15.88%

      • CAC: +13.15%

      • MIB: +21.12% Stoxx 600: +8.49%

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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