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StreetAccount Summary - EU Market Recap: FTSE 100 +0.33% to 7702.19, DAX +1.70% to 16405.48, CAC40 +2.17% to 7474.12, STOXX 600 +1.40% to 471.99

Jul 27 ,2023

  • Synopsis:

    • European equity markets closed higher. Netherlands, France both +2.2%, Switzerland +1.6% join Germany +1.7% in leading outperformers. Portugal (1.3%), Finland (1.0%) are the only country benchmark indices to end lower on the day.

    • Focus on ECB raising key rates by 25 bps, as expected. Tweaked statement which said future decisions to ensure rates "set at" sufficiently restrictive levels rather than phrase "brought to" in order to bring timely return of inflation to 2% medium-term target. Has opened door to potential pause, although maintained data dependent approach.

    • Looking at macroeconomic releases, Germany GfK consumer confidence came in slightly better-than-expected with August outturn at (24.4) vs consensus (24.7). Spanish retail sales in June +6.4% y/y vs consensus +7.5% and prior +6.1% and +0.3% m/m vs consensus (0.1%) and prior +0.4%. Italian business and consumer confidence both fell in July. In UK, Jun car manufacturing +16.2% y/y, SMMT reported, and Jul CBI Distributive Trades missed at (25) consensus (2) and prior (9).

    • On a busy earnings session, ArcelorMittal (MT.NA) posted Q2 EPS $2.20 vs consensus $1.69. Further in the Benelux, Universal Music Group (UMG.NA) released Q2 beats across main earnings metrics; BE Semiconductor Industries (BESI.NA)Q2 EPS €0.66 vs FactSet €0.61 and provided Q3 guidance; Fugro (FUR.NA) Q2 EBITDA €101.7M, +44% vs year-ago €70.6M and improves FY outlook; Arcadis (ARCAD.NA) Q2 Net income €38.0M, (14%) y/y.

    • In the DACH region, Mercedes-Benz (MBG.GR) reported Q2 EPS €3.34 vs consensus €3.16 and provided additional FY23 and divisional guidance; Kion Group (KGX.GR) reported Q2 net income €72.8M vs consensus €87M and raised FY guidance; VAT Group (VACN.SW) posted weaker H1 EPS CHF2.81 vs year-ago CHF4.92 and net income CHF84.2M vs FactSet CHF91.5M. Company said preparations on track for return to growth in 2024; Holcim (HOLN.SW) beat Q2 EBIT and revenue and confirmed guidance; Nestle (NESN.SW) H1 underlying EPS CHF2.43 vs consensus CHF2.34; Roche (ROG.SW) saw weaker H1 core EPS CHF10.10 vs consensus CHF10.10 and revenue CHF29.78B vs consensus CHF29.92B as sales from new drugs failed to offset the softening market for Covid-19 tests and treatments

    • In France, BNP Paribas (BNP.FP) reported Q2 net income €2.81B vs consensus €2.47B; L'Air Liquide (AI.FP) H1 EPS €3.30 vs consensus €3.05; confident in its ability to further increase FY23 operating margin; JCDecaux (DEC.FP) H1 net income €37.8M vs year-ago (€11.7M); Forvia (FRVIA.FP) H1 revenue €13.62B vs consensus €13.49B but missed operating income; Airbus (AIR.FP) Q2 EBIT €1.85B ex-items vs consensus €1.73B; Schneider Electric (SU.FP) posted H1 Revenue, adj EBITA slight beat and upgrades its 2023 financial target

    • In Southern Europe, Iberdrola (IBE.SM) reported H1 net income €2.52B vs consensus €2.51B and raises FY net profit growth outlook to high single digit vs prior mid single digit; Telefonica (TEF.SM) posted Q2 OIBDA €3.14B vs consensus €3.12B; Repsol (REP.SM) Q2 adjusted net income €827M vs FactSet €677.3M and said it will update its Strategic Plan in Q1 24; Enel (ENEL.IM) reported H1 net income €3.28B vs year-ago €2.16B and confirms FY guidance; Cellnex Telecom (CLNX.SM) reported H1 adjusted EBITDA €1.49B, +16% y/y and reiterated its 2025 outlook.

    • In the UK, ITV (ITV.LN) reported H1 EPS ex-items 2.3p vs StreetAccount 2.2p and adj. EBITA £153M vs SA £138.5M; Anglo American (AAL.LN) miss on Q2 lower revenue $15.67B vs consensus $15.93B; Barclays (BARC.LN) posted mixed Q2 earnings; Shell (SHEL.LN) reports Q2 adjusted earnings $5.07B vs consensus $5.58B; announces $3B share buyback

    • On M&A front, Global Auto Holdings Limited increased offer for Lookers (LOOK.LN) to 130p/share in cash from 120p/share

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +4.29%, Media +4.10%, Construct & Mtls +2.47%, Autos & Parts +2.43%, Persnl & HHold Goods +2.18%, Chemicals +1.65%, Ind Goods & Svcs +1.61%, Travel & Leisure +1.60%, Food & Beverage +1.49%,

      • Underperformers

        • Oil & Gas (0.56%), Real Estate(0.23%), Utilities (0.16%), Banks +0.38%, Basic Resources +0.41%, Telecom +0.43%, Financial Svcs +0.60%, Insurance +0.84%, Health Care +1.07%, Retail +1.38%,

    • Macro/Peripheral markets:

      • ECB

        • ECB hikes rates again while keeping September options open - Bloomberg

      • UK

        • UK car output rises for a fifth straight month in June - SMMT

        • British Gas profits jump to record £969M after price cap increase - Times

        • UK rebuffs EU offer for strategic dialogue - FT

        • Keir Starmer's popularity sinks in Red Wall - Telegraph

      • Italy

        • Italy's relationship with China leads agenda in Meloni-Biden talks - FT

      • Germany

        • Germany gives up on EU-wide meat labelling regulation, tables national one - euractiv

      • Ukraine

        • Ukraine sends fresh troops into the battlefield in new push against the Russians - Politico

      • Sweden

        • Sweden rejects Vattenfall's planned Stora Middelgrund wind farm - Reuters

      • Turkey

        • Turkey says it wants to kick-start shelved talks to join the EU - Bloomberg

    • Company news:

      • Notable Gainers

        • +46.0% QLINEA.SS (Q-linea SEK4.57, +1.89) -- order

        • +25.5% LOOK.LN (Lookers £1.24, +0.25) -- Global Auto Holdings Limited increases offer for Lookers Plc to 130p/sh in cash from 120p/sh

        • +18.1% IFCN.SW (Inficon Holding CHF1,082.00, +180.00) -- earnings

        • +15.4% MILDEF.SS (MilDef Group NT$81.50, +11.40) -- earnings

        • +12.3% AIXA.GR (Aixtron €34.75, +3.82) -- earnings

        • +11.5% SOP.FP (Sopra Steria Group €198.30, +21.30) -- earnings

        • +10.1% CVSG.LN (CVS Group £19.61, +1.91) -- trading update

        • +8.7% INCH.LN (Inchcape £8.71, +0.68) -- earnings

        • +8.5% GMR.LN (Gaming Realms £0.31, +0.03) -- trading update

        • +7.7% KGX.GR (Kion Group €35.77, +2.71) -- earnings

        • +7.5% MAB.LN (Mitchells & Butlers £2.24, +0.16) -- sales

        • +7.3% CNA.LN (Centrica £1.30, +0.09) -- appoints CFO; earnings

        • +7.1% MONC.IM (Moncler €64.10, +4.38) -- earnings

        • +7.1% JUP.LN (Jupiter Fund Management £1.27, +0.08) -- Numis upgrade; earnings

        • +6.4% TE.FP (Technip Energies €21.60, +1.32) -- earnings

        • +6.4% BUSER.SS (Bambuser SEK1.85, +0.12) -- earnings

        • +6.0% BANB1.SW (Bachem Holding CHF76.30, +4.50) -- earnings

        • +5.8% PDX.SS (Paradox Interactive SEK305.80, +16.40) -- earnings

        • +5.7% IDR.SM (Indra Sistemas €12.89, +0.71) -- earnings

        • +5.7% FUR.NA (Fugro €16.49, +0.87) -- earnings

        • +5.1% SGO.FP (Compagnie de Saint-Gobain €60.80, +3.01) -- earnings

        • +5.0% HEI.GR (Heidelberg Materials €71.92, +3.52) -- 3rd buyback tranche; earnings

        • +4.9% BB.FP (Bic €55.10, +2.60) -- earnings

        • +4.8% REL.LN (RELX £26.10, +1.22) -- earnings

        • +4.8% 2GB.GR (2G Energy €25.65, +1.20) -- order intake; confirms FY guidance

        • +4.4% DOTD.LN (dotDigital Group £0.92, +0.04) -- trading update

        • +4.4% INF.LN (Informa £7.77, +0.33) -- earnings

        • +4.2% UNI.SM (Unicaja Banco €1.06, +0.04) -- earnings

        • +4.2% ITV.LN (ITV £0.71, +0.03) -- earnings

      • Notable Decliners

        • -31.7% RBGP.LN (RBG Holdings £0.20, -0.08) -- pre-close trading and business update

        • -18.8% AMGO.LN (Amigo Holdings £0.00, -0.00) -- earnings

        • -15.5% STJ.LN (St. James's Place £10.57, -1.84) -- earnings

        • -13.6% NESTE.FH (Neste €34.36, -5.13) -- earnings

        • -10.2% MCG.LN (Mobico Group £0.98, -0.11) -- earnings

        • -9.5% ERA.FP (Eramet €83.20, -8.35) -- earnings

        • -8.7% HSD.LN (Hansard Global £0.40, -0.04) -- trading update

        • -6.7% RF.FP (Eurazeo €60.70, -4.15) -- earnings

        • -6.7% EBUS.NA (Ebusco Holding €7.33, -0.54) -- prelim earnings

        • -6.5% ALNOV.FP (Novacyt €0.76, -0.05) -- trading update

        • -6.5% XLM.LN (XLMedia £0.09, -0.01) -- trading update

        • -6.3% LEO.GR (Leoni €0.00, -0.01) -- shareholder Martin Hetzer reduces stake in the company to 1.53% from prior 5.15 % - filing

        • -5.9% HEAD.LN (Headlam Group £2.06, -0.14) -- trading update

        • -5.9% JMT.PL (Jeronimo Martins €25.66, -1.56) -- JB Capital Markets downgrade; earnings

        • -5.7% SECARE.SS (Swedencare SEK43.80, -2.65) -- earnings

        • -5.1% BARC.LN (Barclays £1.55, -0.08) -- redeems convertible; earnings

        • -4.9% ELTEL.SS (Eltel SEK8.00, -0.40) -- earnings

        • -4.5% SCR.FP (SCOR SE €27.12, -1.28) -- earnings

        • -4.4% ECONB.BB (Econocom Group €2.65, -0.12) -- Oddo downgrade

        • -4.3% LEHTO.FH (Lehto Group €0.22, -0.01) -- earnings

        • -4.2% FRVIA.FP (Forvia €23.19, -1.03) -- earnings

        • -3.6% MTG.SW (Meier Tobler Group CHF48.95, -1.80) -- earnings

        • -3.2% SDF.GR (K+S €17.50, -0.57) -- DZ Bank; Warburg Research downgrades

        • -2.6% ELIS.FP (Elis €18.45, -0.50) -- earnings

        • -2.6% INDV.LN (Indivior £17.73, -0.48) -- earnings

        • -2.3% VOW3.GR (Volkswagen €119.44, -2.78) -- earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Umicore (UMI.BB), Warehouses De Pauw (WDP.BB), Royal Vopak (VPK.NA), Allfunds (ALLFG.NA), Signify (LIGHT.NA), Cofinimmo (COFB.BB), Proximus (PROX.BB), Bekaert (BEKB.BB), Aperam (APAM.NA), Flow Traders Ltd. (FLOW.NA), Brunel International (BRNL.NA), Ontex Group (ONTEX.BB)

        • DACHs: BASF (BAS.GR), OMV (OMV.AV), Clariant (CLN.SW), FUCHS (FPE3.GR), HENSOLDT (HAG.GR), Forbo (FORN.SW), COMET (COTN.SW), ams-OSRAM (AMS.SW), Palfinger (PAL.AV), Zehnder (ZEHN.SW), APG (APGN.SW)

        • France: Hermes International (RMS.FP), Sanofi (SAN.FP), VINCI (DG.FP), ENGIE (ENGI.FP), Capgemini (CAP.FP), Bouygues (EN.FP), Amundi (AMUN.FP), Arkema (AKE.FP), Rexel (RXL.FP), Air France-KLM (AF.FP), Colas (RE.FP), Vallourec (VK.FP), Atos (ATO.FP), Eutelsat Communications (ETL.FP)

        • Nordics: Securitas (SECU.B.SS), Vaisala (VAIAS.FH)

        • Southern Europe: Intesa Sanpaolo (ISP.IM), Eni (ENI.IM), Banco Bilbao Vizcaya Argentaria (BBVA.SM), Amadeus IT (AMS.SM), CaixaBank (CABK.SM), Recordati (REC.IM), Leonardo (LDO.IM), Mapfre (MAP.SM), A2A (A2A.IM), ERG (ERG.IM), Fluidra (FDR.SM), De'Longhi (DLG.IM), Autogrill (AGL.IM), Zignago Vetro (ZV.IM), Piaggio & C (PIA.IM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Italmobiliare (ITM.IM), Semapa Sociedade de Investimento e Gestpo (SEM.PL), Prosegur Cash (CASH.SM), Tecnicas Reunidas (TRE.SM), Lar Espana Real Estate SOCIMI (LRE.SM)

        • UK/Ireland: AstraZeneca (AZN.LN), NatWest (NWG.LN), Standard Chartered (STAN.LN), AIB Group (A5G.ID), International Consolidated Airlines Group (IAG.LN), Intertek (ITRK.LN), Rightmove (RMV.LN), IMI (IMI.LN), Vanquis Banking Group (VANQ.LN)

  • Data:

    • Economics:

      • Germany Aug GfK Consumer Confidence (24.4) vs consensus (24.7) and prior revised to (25.2) from (25.4)

      • Spain

        • Q2 Unemployment Rate 11.6% vs consensus 13.0% and prior 13.3%

        • Jun Retail Sales +6.4% y/y vs consensus +7.5% and prior revised +6.1% from +6.0%; +0.3% m/m vs consensus (0.1%) and prior revised +0.4% from +0.3%

      • Italy Jul

        • Business Confidence 99.3 vs consensus 99.8 and prior revised 100.2 from 100.3

        • Consumer Confidence 106.7 vs consensus 107.8 and prior 108.6

      • UK Jul CBI Distributive Trades (25) vs consensus (2) and prior (9)

    • Markets:

      • €-$ (0.0091) or (0.82%) to 1.0997

      • £-$ (0.0076) or (0.59%) to 1.2866

      • €-£ (0.0018) to 0.8549 S&P 500 +0.54%

      • Performance year-to-date

      • FTSE 100: +3.36%

      • DAX: +17.83%

      • CAC: +15.45%

      • MIB: +24.83%

      • Stoxx 600: +11.09%

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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