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StreetAccount Summary - EU Market Recap: FTSE 100 +0.19% to 7678.59, DAX +0.08% to 16190.95, CAC40 (0.07%) to 7427.31, STOXX 600 +0.06% to 465.68

Jul 24 ,2023

  • Synopsis:

    • European equity markets closed mixed on Monday, with focus on soft PMI data from the eurozone and UK, as well as inconclusive Spanish election. Looking ahead, central bank policy the focus this week with Fed, ECB and BoJ decisions due. Fed and ECB to hike by 25-bps. Some thoughts also that ECB could speed up bond sales from September, to appease more hawkish members. In China, Politburo meeting reinforced proactive fiscal policy, prudent monetary policy.

    • Best regional performers were Sweden and Norway, both closing up 0.7% Worst regional performer today was the Spanish IBEX down (0.3%) amid concerns of Spanish political deadlock as a snap election ended with no single party easily able to form a government. The BBC noted support for the far-right fell sharply and the conservative PP party is now the biggest in parliament, but would find it difficult to form a coalition. PM Pedro Sánchez's governing Socialists did better than expected, but also face an uphill struggle to form a new coalition, with the BBC adding another vote seems all but inevitable. Reuters said Catalan separatists could hold key to Spain's electoral gridlock

    • S&P Global reported that the Eurozone Flash Manufacturing PMI for July came in at 42.7 vs 43.5 expected and 44.2 prior. This was the 13th straight contraction and lowest since May 2020 (Bloomberg). Services PMI posted a six-month low, coming in at 51.1 vs 51.6 expected and 52.0 prior. As a result, the composite reading posted the fastest monthly decline in eight months, coming in at 48.9 vs 49.6 expected and 49.9 prior. Survey suggests EU demand declining for both goods and services, with services new orders dropping for the first time in seven months while the decline in new orders for manufacturing steepened further. Follows bleak releases from Germany and France, with manufacturing output lowest since May 2020 in both countries, and services missing the mark. Analysts suggest numbers point to increased recession risks with expectations of weaker output going forward. Price pressures cooling, especially for goods. Rising wages continue to keep price pressures elevated for services, resulting in a slower downward trend. ECB hawks may maintain upper hand for now.

    • The UK flash PMI for July showed the economy is close to stalling after big drop in services sector activity. Composite reading at six-month low of 50.7 versus consensus 52.3 and prior 52.8 after services sector PMI also fell to lowest level since January 2023. Manufacturing sector remains in the doldrum, with pace of contraction accelerating with latest PMI at 38-month low of 45.0 versus consensus 46.0 and prior 46.5. Primary driver for slowdown was no pickup in new orders after five-month period of expansion and a sharp reduction in backlogs of work. Total new export orders also decreased at the steepest pace since November 2022. Service providers highlighted that weakness in residential property market as an influence, along with a general cutback in discretionary spending. Average cost burdens increased sharply in July, but overall rate of inflation the weakest since February 2021. Strong wage pressure the main driver of cost pressures, and this encouraged private sector firms to increase average prices charged. A difficult mix for the BoE, as it manages the tradeoff of lower output and still sticky inflation.

    • Among European sectors, Energy outperformed, tracking a gain of over ~2% in WTI crude. Telecom also among the leading gainers, lifted by Vodafone (VOD.LN) as it reported Organic Service Revenue Growth +3.7% vs StreetAccount consensus +2.4%, and also appointed the ex SAP CFO Luka Mucic as its CFO, effective from 1-Sep. KPN (KPN.NA) was out with Q2 results today, and BT Group (BT.A.LN) advanced on back of a report 24.5% holder Patrick Drahi considering raising his stake to 29.9%. Luxury sector underperformed ahead of LVMH (MC.FP) results tomorrow. Other notable companies that reported today, Philips (PHIA.NA) was out with better than expected Q2 results and raised FY outlook. Ryanair (RYA.ID) Q1 numbers; Julius Baer (BAER.SW) reported H1 adjusted net income CHF541M vs consensus CHF536.7M; AuM CHF440.7B vs consensus CHF435.15B. Ocado Group (OCDO.LN) rose after settling all patent litigation matters with AutoStore.

    • Looking ahead to tomorrow, it's a busy day for earnings in the region, with the like of Akzo Nobel, UBS, Alstom, Unilever, Compass Group, DSV among those reporting.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.49%, Telecom +1.20%, Basic Resources +1.00%, Financial Svcs +0.92%, Autos & Parts +0.81%, Ind Goods & Svcs +0.38%, Banks +0.27%, Chemicals +0.25%

      • Underperformers:

        • Media (0.79%), Technology (0.63%), Consumer Products and Services (0.57%), Retail (0.54%), Health Care (0.41%), Travel & Leisure (0.39%), Utilities (0.24%), Personal Care Drug and Grocery Stores (0.17%), Real Estate (0.08%), Food, Beverage and Tobacco (0.05%), Construct & Mtls +0.03%

    • Macro:

      • Spain

        • Election mutes Vox and leaves political deadlock - BBC

        • Catalan separatists could hold key to Spain's electoral gridlock - Reuters

      • Germany

        • German opposition leader sparks anger as he eases stance on far right AfD - FT

        • Germany readies €20 Billion in Aid to Bolster Chip Output - Bloomberg

      • UK

        • Economic activity slows as rising interest rates hit spending - FT

        • Rishi Sunak casts doubt on 2030 petrol and diesel car ban - Telegraph

        • Interest rate rises to hit growth next year, EY Item Club forecasts - Times

      • Heatwave

        • Southern Europeans splash out on air-con as heatwave drags on - Reuters

        • Greece wildfires blaze with no respite as islands evacuated - POLITICO

    • Company news:

      • Notable gainers:

        • +14.1% OCDO.LN (Ocado Group £7.62, +0.97) -- settles all patent litigation with AutoStore

        • +11.6% MIND.LN (Mind Gym £0.47, +0.05) -- co-founder and President Sebastian Bailey acquired 825K shares on 20-Jul

        • +11.0% EGTX.SS (Egetis Therapeutics SEK4.13, +0.44) -- study update

        • +8.3% BAER.SW (Julius Baer Group CHF59.64, +4.70) -- H1 earnings

        • +4.7% SGSN.SW (SGS CHF81.60, +3.72) -- H1 earnings

        • +4.1% CRAYN.NO (Crayon Group Holding NOK105.60, +4.10) -- completion of audit of Philippine public sector agreement

        • +3.9% VOD.LN (Vodafone Group £0.76, +0.03) -- Q1 revenue

        • +3.7% GAM.SW (Gam Holding CHF0.50, +0.02) -- issues further update on the Liontrust offer

        • +2.8% POM.FP (Plastic Omnium €19.78, +0.52) -- H1 earnings

        • +2.6% BEIJ.B.SS (Beijer Ref SEK140.10, +3.60) -- initiated buy at Jefferies

        • +2.5% DKSH.SW (DKSH Holding CHF68.25, +1.65) -- BNP Paribas Exane upgrade

        • +2.4% DAE.SW (Dätwyler Holding CHF168.00, +4.40) -- H1 earnings; Zürcher Kantonalbank downgrade

        • +2.4% BILI.A.SS (Bilia SEK107.90, +2.50) -- Kepler Cheuvreux upgrade

        • +2.2% LOOMIS.SS (Loomis SEK308.40, +6.40) -- Carnegie Securities upgrade

        • +1.8% ORSTED.DC (Ørsted DKK610.60, +10.60) -- divests its remaining 25% share of London Array to funds managed by Schroders Greencoat (

        • +1.5% PSN.LN (Persimmon £0.00, +0.17) -- upgraded to neutral at Citi

        • +0.3% PAY.LN (PayPoint £4.54, +0.02) -- reaffirms FY guidance

      • Notable decliners:

        • -26.0% BAVA.DC (Bavarian Nordic A/S DKK145.20, -49.40) -- provides update on RSV vaccine program

        • -21.4% SFOR.LN (S4 Capital £1.08, -0.30) -- H1/Q2 trading update

        • -7.9% BOUL.SS (Boule Diagnostics SEK10.70, -0.90) -- Q2 earnings

        • -7.6% MBTN.SW (Meyer Burger Technology CHF0.56, -0.05) -- prelim H1 earnings; CCO to step dopwn; to open a high performance solar cell manufacturing facility in USA

        • -7.4% ORX.SS (Orexo SEK16.94, -1.40) -- Sun appeales the patent litigation decision issued by the US District Court for ZUBSOLV

        • -6.2% RYA.ID (Ryanair Holdings €15.88, -1.02) -- Q1 earnings

        • -5.7% PHIA.NA (Koninklijke Philips €19.53, -1.19) -- Q2 earnings

        • -4.0% DEZ.GR (Deutz AG €4.92, -0.21) -- HSBC downgrade

        • -3.2% ASC.LN (Asos £3.83, -0.13) -- BofA downgrade

        • -2.6% PION.B.SS (PION Group SEK7.44, -0.19) -- appoints new CEO

        • -2.0% KMK.LN (Kromek Group £0.05, -0.00) -- FY earnings

        • -1.8% IAG.LN (International Consolidated Airlines Group £1.51, -0.03) -- makes significant investment into Nova Pangaea Technologies

        • -1.6% IDHC.LN (Integrated Diagnostics Holdings £0.56, -0.01) -- HSBC downgrade

        • -0.9% TW.LN (Taylor Wimpey £0.00, -0.01) -- downgraded at UBS

        • -0.6% SGL.GR (SGL Carbon €0.00, -0.05) -- reports prelim H1 EBITDApre €88.0M vs year-ago €87.9M; discloses impairment loss of between €40-50M for Carbon Fibers Business Unit

        • -0.5% MCPHY.FP (McPhy Energy €8.69, -0.04) -- signs strategic partnership with Vulcain Engineering for the installation and commissioning of its electrolyzers and stations

        • -0.3% BBVA.SM (Banco Bilbao Vizcaya Argentaria €7.03, -0.02) -- plans to redeem €1B contingently convertible preferred securities

        • -0.2% CWK.LN (Cranswick £34.04, -0.08) -- Q1 trading statement

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASM International (ASM.NA), Akzo Nobel (AKZA.NA), Randstad (RAND.NA), Basic-Fit (BFIT.NA), ACOMO (ACOMO.NA)

        • DACHs: UBS Group (UBSG.SW), Kuhne + Nagel International (KNIN.SW), Deutsche Borse (DB1.GR), Chocoladefabriken Lindt & Sprungli (LISN.SW), SIG Group (SIGN.SW), HELLA & Co. (HLE.GR), Hochtief (HOT.GR), Sulzer (SUN.SW), Idorsia Ltd. (IDIA.SW), Amadeus FiRe (AAD.GR)

        • France: LVMH (MC.FP), EssilorLuxottica (EL.FP), Dassault Systemes (DSY.FP), Edenred (EDEN.FP), Verallia (VRLA.FP), Lagardere (MMB.FP), Ipsos (IPS.FP), Metropole Television (MMT.FP), LISI (FII.FP)

        • Nordics: DSV (DSV.DC), UPM-Kymmene (UPM.FH), Var Energi (VAR.NO), Nordnet (SAVE.SS)

        • Southern Europe: UniCredit (UCG.IM), Poste Italiane (PST.IM), Italgas (IG.IM), Gestamp Automocion (GEST.SM), Acea (ACE.IM), Applus Services (APPS.SM)

        • UK/Ireland: Unilever (ULVR.LN), Croda International (CRDA.LN), The UNITE Group (UTG.LN), Games Workshop Group (GAW.LN), Tyman (TYMN.LN), SThree (STEM.LN)

      • Trading Update: Compass (CPG.LN), Alstom (ALO.FP), Remy Cointreau (RCO.FP), Interparfums (ITP.FP), Zuger Kantonalbank (ZUGER.SS), MITIE Group (MTO.LN), Compagnie des Alpes (CDA.FP), Assystem (ASY.FP), Greencore Group (GNC.LN)

  • Data:

    • Economics:

      • Jul Flash Manufacturing

        • France 44.5 vs consensus 46.0 and prior 46.0

        • Germany 38.8 vs consensus 41.0 and prior 40.6

        • Eurozone 42.7 vs consensus 43.5 and prior 43.4

        • UK 45.0 vs consensus 46.1 and prior 46.5

      • Jul Flash Services

        • France 47.4 vs consensus 48.4 and prior 48.0

        • Germany 52.0 vs consensus 53.1 and prior 54.1

        • Eurozone 51.1 vs consensus 51.5 and prior 52.0

        • UK 51.5 vs consensus 53.0 and prior 53.7

      • Finland Jun PPI (9.5%) y/y vs consensus (8.3%) and prior (6.5%)

      • Spain Jun PPI (8.1%) y/y vs consensus (7.1%) and prior revised (6.8%) from (6.9%)

    • Markets:

      • WTI Crude (Sep 23): +$1.68 or +2.18% to $78.75

      • €-$ (0.0050) or (0.45%) to 1.1079

      • £-$ (0.0025) or (0.20%) to 1.2828

      • €-£ (0.0022) to 0.8635

      • S&P 500 +0.36%

      • Performance year-to-date

        • FTSE 100: +3.04%

        • DAX: +16.28%

        • CAC: +14.73%

        • MIB: +21.94%

        • Stoxx 600: +9.60%

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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