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StreetAccount Summary - EU Market Recap: FTSE 100 (0.19%) to 7676.89, DAX (0.49%) to 16131.46, CAC40 (1.35%) to 7315.07, STOXX 600 (0.53%) to 465.46

Jul 26 ,2023

  • Synopsis:

    • European equity markets closed lower, but off worst levels. Personal/luxury, basic resources and tech under pressure; banks and utilities holding up better. France's CAC underperforms amid weakness in luxury goods names. Spain and Portugal buck the negative trend. Bonds mixed; US 10-year off 3 bps at 3.88%, Bund 3 bps higher at 2.44%. Dollar softer versus euro, sterling and yen, higher elsewhere. Oil down. Gold firmer. Industrial metals lower.

    • Relatively quiet macro calendar in Europe ahead of Fed decision later and tomorrow's ECB policy announcement Note Fed widely expected to raise rates by 25 bp today after its June skip, bringing the funds rate to 5.25-5.50%. Reuters poll of economists published late Tuesday shows majority expect BoE to hike by 25 bps next week and see peak rate at 5.75%, both in line with market pricing. UK PM Sunak reiterated pledge to bank new petrol and diesel cars by 2030 despite speculation government would water down net zero targets to boost support. Amidst limited macro releases, French consumer confidence was lower than expected, and inflation expectations lowest since 2009. Eurozone M3 money supply growth continues to trend lower. Latest update from UK's REC said firms feeling more confident about hiring prospects.

    • A busy day for earnings and corporate updates. Out of DACHs, RWE (RWE.GR) upgraded FY 2023 guidance. Uniper (UN01.GR) reported prelim H1 adj EBIT €3.70B vs year-ago (€757M) and adj net income €2.49B vs year-ago (€490M). Puma (PUM.GR) reported Q2 numbers with weaker EPS vs cons whilst sales and EBIT were ahead and said it was perfectly on track to achieve FY outlook in the transition year 2023. Deutsche Bank (DBK.GR) posted strong Q2 beats across headline metrics. In the UK, Rio Tinto (RIO.LN) H1 underlying EBTIDA, earnings, revenue, DPS all missed and group slashed interim dividend on lowest H1 underlying earnings in three years. Lloyds Banking Group (LLOY.LN) reported strong Q2 underlying profit £1.82B vs consensus £1.82B and net interest income £3.47B vs consensus £3.43B. Rolls-Royce (RR.LN) issued H1 Trading Update with expected underlying operating profit £660 vs company consensus £328M and upgraded FY23 guidance. GSK (GSK.LN) reported Q2 numbers and revised FY guidance at constant exchange rates. NatWest Group (NWG.LN) confirmed CEO Alison Rose agrees by mutual consent to step down with immediate effect. In France, Danone (BN.FP) prelim Q2 revenue beat and group reiterated guidance. Orange (ORA.FP) posted Q2 EBITDAaL in-line; revenue beat. EssilorLuxottica (EL.FP) posted H1 adj net income, revenue, op. profit beat and will introduce a new hearing aid form factor via acquisition of Nuance. Worldline (WLN.FP) reported H1 revenue, OMDA, beat, whilst FCF missed and confirmed FY targets. In Italy, UniCredit (UCG.IM) reported Q2 net income, revenue beat and hiked FY23 guidance. Stellantis (STLAM.IM) posted H1 EBIT and revenue beat and reiterated FY guidance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Travel & Leisure +0.86%, Personal Care Drug and Grocery Stores +0.81%, Real Estate +0.65%, Utilities +0.39%, Media +0.36%, Financial Svcs +0.31%, Retail +0.26%, Telecom (0.14%), Food, Beverage and Tobacco (0.23%), Banks (0.28%), Autos & Parts (0.48%), Oil & Gas(0.50%), Ind Goods & Svcs (0.53%),

      • Underperformers: Consumer Products and Services (2.24%), Basic Resources (1.75%), Technology (1.25%), Health Care (0.98%), Chemicals (0.80%), Construct & Mtls (0.60%),

    • Macro:

      • BoE:

        • Survey of economists expect BoE to hike rates by 25 bps next week: Reuters

        • IMF says UK interest rates need to stay higher for longer to beat inflation: Guardian

        • BoE forecasts net £150B loss from QE sales by 2033: BoE quarterly update

      • ECB eyes capital charges for more bank on leveraged finance: Bloomberg

      • French inflation expectations hit lowest since 2009: Bloomberg

    • Peripheral markets:

      • Italy:

        • Italy's economy is resilient but there is a risk of GDP falling, says IMF: ANSA

      • Spain:

        • Popular Party leader Feijoo got the most votes in the election but lacks the support needed to form a government: Politico

      • Greece:

        • EU watchdog opens probe in role of bloc's border agency in Mediterranean shipwreck tragedy: Kathimerini

      • Norway

        • Norway struggles to pull the plug on EV subsidies: Bloomberg

    • Company news:

      • Notable Gainers

        • +20.7% RR.LN (Rolls-Royce Holdings £1.84, +0.32) -- H1 trading update

        • +17.8% ADOC.FP (Adocia €5.90, +0.89) -- Q2 revenue; concludes €10M financing package

        • +17.1% UN01.GR (Uniper €5.87, +0.86) -- prelim H1 earnings

        • +15.8% WIL.LN (Wilmington £3.00, +0.41) -- FY trading update

        • +10.2% SAS.SS (SAS SEK0.39, +0.04) -- files monthly operating reports with U.S. court and announces certain financial information for the group

        • +9.6% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €45.82, +4.00) -- H1 earnings; initiates up to 2.7M share buyback program

        • +7.3% VRLA.FP (Verallia €37.76, +2.58) -- H1 earnings; BNP Paribas Exane upgrade

        • +6.1% TKWY.NA (Just Eat Takeaway.com €16.97, +0.98) -- H1 earnings

        • +5.6% WAVE.FP (Wavestone €50.90, +2.70) -- signs Memorandum of Understanding with Q_PERIOR

        • +5.4% SANOMA.FH (Sanoma €7.21, +0.37) -- Q2 earnings

        • +5.4% MOTR.LN (Motorpoint Group £1.08, +0.05) -- AGM trading update

        • +4.4% DWS.GR (DWS Group €30.88, +1.30) -- Q2 earnings

        • +4.3% CEY.LN (Centamin £0.98, +0.04) -- H1 earnings

        • +3.9% EDPR.PL (EDP Renovaveis €18.42, +0.69) -- H1 earnings; completes sale of a 257 MW wind portfolio in Spain to Verbund for €460M

        • +3.3% SOI.FP (SOITEC €169.10, +5.45) -- Q1 revenue

        • +2.8% STLAM.IM (Stellantis €17.25, +0.47) -- H1 earnings

        • +2.8% FM.IM (Fiera Milano €2.42, +0.06) -- H1 earnings

        • +2.7% NRR.LN (NewRiver REIT £0.87, +0.02) -- AGM trading update

        • +2.5% KAMBI.SS (Kambi Group SEK202.60, +4.90) -- Q2 earnings

        • +2.5% EFGN.SW (EFG International CHF10.70, +0.26) -- H1 earnings

        • +2.4% BVI.FP (Bureau Veritas €25.14, +0.58) -- H1 earnings

        • +1.9% AML.LN (Aston Martin Lagonda Global Holdings £3.47, +0.06) -- H1 earnings

        • +1.5% RWE.GR (RWE €40.53, +0.60) -- H1 earnings

        • +1.1% MARS.LN (Marston's £0.32, -0.00) -- trading update

        • +1.0% 8TRA.GR (TRATON €19.61, +0.20) -- H1 earnings

      • Notable Decliners

        • -17.5% LTG.LN (Learning Technologies Group £0.70, -0.15) -- H1 trading update

        • -10.4% HEXA.B.SS (Hexagon SEK104.50, -12.15) -- Q2 earnings; launches an operational efficiency programme targeting annualised savings of €160-170 M from 2025

        • -7.8% KCR.FH (Konecranes €31.85, -2.71) -- Q2 earnings

        • -6.1% VAR1.GR (VARTA €21.36, -1.39) -- prelim Q2 earnings

        • -5.3% VALMT.FH (Valmet €24.96, -1.39) -- Q2 earnings

        • -5.0% MC.FP (LVMH Moet Hennessy Louis Vuitton €811.20, -42.80) -- H1 earnings

        • -4.7% COIC.SS (Concentric SEK185.40, -9.20) -- Q2 earnings

        • -4.5% NHOA.FP (NHOA SA €3.85, -0.18) -- H1 earnings

        • -4.1% NXR.LN (Norcros £1.63, -0.07) -- AGM trading update

        • -3.8% UPR.ID (Uniphar €2.91, -0.12) -- H1 trading update

        • -3.7% NWG.LN (NatWest Group £2.42, -0.09) -- CEO to step down

        • -3.7% COPN.SW (Cosmo Pharmaceuticals CHF45.95, -1.75) -- H1 earnings

        • -3.5% NEX.FP (Nexans €78.25, -2.85) -- H1 earnings

        • -3.1% RIO.LN (Rio Tinto $52.26, -1.68) -- H1 earnings

        • -3.1% CPR.IM (Davide Campari-Milano €12.36, -0.39) -- H1 earnings

        • -2.3% ORA.FP (Orange €10.49, -0.24) -- Q2 earnings

        • -2.1% EL.FP (EssilorLuxottica €173.60, -3.68) -- H1 earnings; announces expansion into hearing solutions market

        • -2.1% SDF.GR (K+S €17.76, -0.39) -- prelim Q2 EBITDA

        • -2.0% MCOV.B.SS (Medicover SEK161.40, -3.30) -- Q2 earnings

        • -1.8% BN.FP (Danone €55.74, -1.02) -- H1 earnings

        • -1.6% LLOY.LN (Lloyds Banking Group £0.45, -0.01) -- Q2 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ArcelorMittal (MT.NA), UCB (UCB.BB), BE Semiconductor Industries (BESI.NA), Aalberts (AALB.NA), Arcadis (ARCAD.NA), Telenet (TNET.BB), Fugro (FUR.NA), Titan Cement International (TITC.BB)

        • DACHs: Nestle (NESN.SW), Roche (ROG.SW), Mercedes-Benz (MBG.GR), Volkswagen (VOW3.GR), Holcim Ltd. (HOLN.SW), VERBUND (VER.AV), Heidelberg Materials (HEI.GR), VAT Group (VACN.SW), Wacker Chemie (WCH.GR), Bachem (BANB.SW), Andritz (ANDR.AV), KION GROUP (KGX.GR), Bucher Industries (BUCN.SW), AIXTRON (AIXA.GR), Vontobel (VONN.SW), Nordex (NDX1.GR), Inficon (IFCN.SW), LEM Holding (LEHN.SW), Siltronic (WAF.GR), Kardex (KARN.SW), Valiant (VATN.SW), Elmos Semiconductor (ELG.GR), Befesa (BFSA.GR), AMAG Austria Metall (AMAG.AV), AKKT (TTK.GR), Dragerwerk & Co. (DRW3.GR), PSI Software (PSAN.GR)

        • France: L'Oreal (OR.FP), TotalEnergies (TTE.FP), Schneider Electric (SU.FP), L'Air Liquide (AI.FP), BNP Paribas (BNP.FP), Kering (KER.FP), Safran (SAF.FP), Aeroports de Paris ADP (ADP.FP), Renault (RNO.FP), Ipsen (IPN.FP), Accor SA (AC.FP), Vivendi SE (VIV.FP), La Fran oaise des Jeux SA (FDJ.FP), Euronext NV (ENX.FP), Valeo SE (FR.FP), SCOR (SCR.FP), Forvia (FRVIA.FP), Eurazeo (RF.FP), SPIE (SPIE.FP), Neoen (NEOEN.FP), Wendel (MF.FP), Tikehau Capital (TKO.FP), Sopra Steria Group (SOP.FP), JCDecaux (DEC.FP), Technip Energies (TE.FP), Television Francaise 1 (TFI.FP), X-FAB Silicon Foundries (XFAB.FP), Gaztransport & Technigaz (GTT.FP), Imerys (NK.FP), Altarea (ALTA.FP), Lectra (LSS.FP), Mersen (MRN.FP), Fnac Darty (FNAC.FP), Burelle (BUR.FP), Thermador (THEP.FP), Clariane (CLARI.FP), SMCP (SMCP.FP), NRJ Group (NRG.FP), CGG (CGG.FP)

        • Nordics: STMicroelectronics (STMPA.FH), Neste Corp. (NESTE.FH), Kesko (KESKOB.FH), Metsa Board (METSB.FH), Millicom International Cellular (TIGO.SS), Paradox Interactive (PDX.SS), Swedencare (SECARE.SS)

        • Southern Europe: Iberdrola (IBE.SM), Cellnex Telecom (CLNX.SM), Telefonica (TEF.SM), EDP-Energias de Portugal (EDP.PL), Repsol (REP.SM), SNAM (SRG.IM), TERNA Rete Elettrica Nazionale (TRN.IM), Prysmian (PRY.IM), Mediobanca Banca di Credito Finanziario (MB.IM), Grifols (GRF.SM), ACS Actividades de Construccion y Servicios (ACS.SM), Acciona (ANA.SM), Amplifon (AMP.IM), Banco de Sabadell (SAB.SM), DiaSorin (DIA.IM), Brembo (BRE.IM), Banco Comercial Portuguese (BCP.PL), Banca Generali (BGN.IM), Inmobiliaria Colonial SOCIMI (COL.SM), Viscof in (VIS.SM), Azimut (AZM.IM), Unicaja Banco (UNI.SM), Lottomatica Group (LTMC.IM), Iren (IRE.IM), Indra Sistemas (IDR.SM), Sonae (SON.PL), Webuild (WBD.IM), Alerion Cleanpower (ARN.IM), Rai Way (RWAY.IM), Maire Tecnimont (MAIRE.IM), Cementir (CEM.IM), Elecnor (ENO.SM), Altri (ALTR.PL), ATRESMEDIA Corporacion de Medios de Comunicaci |n SA (A3M.SM), Pharma Mar SA (PHM.SM), CTT - Correios de Portugal SA (CTT.PL), Ascopiave (ASC.IM), Talgo (TLGO.SM), D'Amico International Shipping (DIS.IM)

        • UK/Ireland: Shell (SHEL.LN), RELX (REL.LN), Anglo American (AAL.LN), Barclays (BARC.LN), Rentokil Initial (RTO.LN), BT Group (BT.A.LN), Informa (INF.LN), SEGRO (SGRO.LN), Schroders (SDR.LN), Centrica (CNA.LN), St. James's Place (STJ.LN), Airtel Africa (AAF.LN), Inchcape (INCH.LN), ITV (ITV.LN), Indivior (INDV.LN), Drax Group (DRX.LN), Hammerson (HMSO.LN), Vesuvius (VSVS.LN), Morgan Advanced Materials (MGAM.LN), Mobico Group (MCG.LN), ITM Power (ITM.LN), Jupiter Fund Management (JUP.LN), Forterra (FORT.LN)

      • Trading Update: The Sage Group (SGE.LN), Alten (ATE.FP), Beazley (BEZ.LN), RS Group (RS1.LN), Britvic (BVIC.LN), SES-imagotag (SESL.FP), CVS Group (CVSG.LN), Elior (ELIOR.FP), CMC Markets (CMCX.LN), AKWEL (AKW.FP)

  • Data:

    • Economics:

      • Eurozone Jun M3 Money Supply +0.6% y/y vs consensus +1.0% and prior +1.4%

      • Switzerland Jul ZEW Expectations (32.6) vs consensus (31.1) and prior (30.8)

      • France Jul Consumer Confidence 85 vs consensus 86 and prior 85

      • Sweden Jun Trade Balance SEK1.1B vs consensus (SEK2.7B) and prior revised (SEK0.60B) from (SEK0.30B)

    • Markets:

      • WTI Crude (Sep 23): ($0.03) or (0.04%) to $79.60

      • €-$ +0.0017 or +0.15% to 1.1074

      • £-$ +0.0027 or +0.21% to 1.2930

      • €-£ (0.0002) to 0.8567

      • S&P 500 (0.20%)

      • Performance year-to-date

        • FTSE 100: +3.02%

        • DAX: +15.86%

        • CAC: +13.00%

        • MIB: +22.17%

        • Stoxx 600: +9.55%

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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