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StreetAccount Summary - EU Market Recap: FTSE 100 +0.07% to 7698.15, DAX +0.44% to 16477.58, CAC40 +0.36% to 7492.13, STOXX 600 (0.13%) to 471.11

Jul 28 ,2023

  • Synopsis:

    • European equity markets closed mixed but well off worst levels. Germany, France both + +0.4%, Netherlands +0.3% led the overperformers whilst Denmark (1.1%), Greece (0.9%) and Switzerland (0.5%) led the decliners.

    • Latest ECB survey of professional forecasters little changed with inflation still seen at +2.2% in 2025. Markets also digested ECB policy. Raised rates 25-bps, as expected. Hinted at possibility of a pause in cycle in September, if inflation eases further. US data on Thursday also points to possibility of a soft landing. Further on today's agenda, European Banking Authority (EBA) stress test results published at 18:00 CEST.

    • Among the flurry of macroeconomic releases, German prelim GDP stagnated in Q2 with 0.0% reading vs consensus for +0.1% expansion and prior (0.1%) contraction revised from (0.3%) fall initially reported. French Q2 GDP expanded +0.5% vs consensus for +0.1% expansion and prior +0.1% increase. Spanish GDP expanded +0.4% in Q2, in line with consensus and compared with prior +0.5% increase revised from +0.6%. Also Spanish CPI for July surprised to the upside, coming in at +2.1% vs +1.7% expected y/y. Meanwhile, French inflation eased and German state inflation softened.

    • On a busy earnings front, BASF (BAS.GR) posted final Q2 numbers. Also in the DACH region, Clariant (CLN.SW) reported EBITDA CHF319M ex-items, (29%) vs year-ago CHF448M and reiterated FY guidance which was lowered on 7-Jul; ams-OSRAM (AMS.SW) Q2 EPS, op. income beat; revenue missed; company expects Q3 revenue between €840-940M with adj. EBIT margin 5-8%.

    • In the Benelux, Signify (LIGHT.NA) reported Q2 EPS €0.32 vs consensus €0.58 and lowered adjusted EBITA margin guidance; Umicore (UMI.BB) posted H1 EPS €0.97 ex-items vs consensus €0.95 along with a dividend proposal of €0.25/share and provided FY adj. EBITDA guidance; Proximus (PROX.BB) Q2 net income €94M, (23%) vs year-ago €122M and confirmed FY guidance. Out of the Nordics, Securitas (SECU.B.SS) reported Q2 EPS SEK2.05 vs consensus SEK1.89.

    • In Southern Europe, Intesa Sanpaolo (ISP.IM) reported Q2 net income €2.27B ahead of consensus €1.85B; CaixaBank (CABK.SM) Q2 net income €1.28B vs consensus €1.15B; Fomento de Construcciones y Contratas (FCC.SM) H1 net income €256.0M, +13% y/y; BBVA (BBVA.SM) Q2 net income, NII, op. income all beat; CET1 missed; announced new €1.0B buyback

    • In France, VINCI SA (DG.FP) reported H1 attributable net income €2.09B vs FactSet €2.05B and reaffirmed FY23 guidance; Rexel (RXL.FP) reported H1 net income €428.4M vs consensus €407.0M; raises FY adjusted EBITA margin guidance; ENGIE (ENGI.FP) H1 net income attributable (€847M); recurring net income €4.0B; reaffirms FY guidance; Hermes (RMS.FP) H1 net income €2.23B vs consensus €2.03B

    • In the UK, AstraZeneca (AZN.LN) Q2 core EPS, revenue, op. profit all beat citing strong performance of cancer drugs offsetting loss of COVID-19 vaccine sales; YouGov (YOU.LN) said in its trading update it expects to report FY adjusted operating profit in line with market expectations; Standard Chartered (STAN.LN) Q2 EPS, op. income CET1, PBT all beat; NII missed; announced new $1B buyback.

    • The week ahead sees BOE policy decision, manufacturing/services PMIs from across the region, Germany Jul unemployment data, as well as earnings/updates from Adecco Group (ADEN.SW), Axa (CS.FP), BP (BP.LN), Deutsche Post (DHL.GR), HSBC Holdings (HSBA.LN), Piraeus Financial Holdings (TPEIR.GA), Telecom Italia (TIT.IM), Wolters Kluwer (WKL.NA) and WPP (WPP.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Chemicals +1.10%, Autos & Parts +0.93%, Persnl & HHold Goods +0.72%, Banks +0.26%, Telecom +0.22%, Construct & Mtls +0.04%, Financial Svcs +0.03%,

      • Underperformers

        • Media (1.20%), Basic Resources (1.18%), Utilities (1.01%), Real Estate(0.87%), Oil & Gas (0.66%), Retail (0.54%), Food & Beverage (0.51%), Technology (0.34%), Health Care (0.33%), Insurance (0.21%), Ind Goods & Svcs (0.18%), Travel & Leisure (0.13%),

    • Macro/Peripheral markets:

      • ECB

        • Publishes results of survey of professional forecasters for Q3 - release

        • Central banks leave investors in the dark as they near peak rates - FT

      • UK

        • UK home sellers more open to price cuts as costly mortgages hit demand - Bloomberg

        • High Court ruling on ULEZ expansion to be published on Friday - Sky

        • London mayor Sadiq hails Ulez expansion ruling by High Court - BBC

        • Will ghosts of Tory past return to help Rishi Sunak re-election? - Evening Standard

        • Energy bills could drop again to £1,860 a year - Express

      • Spain

        • Spain's curbs on Uber-style apps face probe over breach of EU law - FT

      • Italy

        • Italy eyes €19B in EU post-COVID funds for energy investments - euractiv

      • France

        • France's Macron says Niger coup 'illegitimate' and 'dangerous' for Sahel region - France24

      • Sweden

        • Sweden's GDP Shrinks More Than Expected, Fueling Recession Risks - Bloomberg

      • Ireland

        • McGrath bank warning over 'dramatic' mortgage interest rate hike - RTE

      • Greece

        • Yiannis Oikonomou to succeed Notis Mitarakis as Minister of Citizen Protection - ekathimerini

    • Company news:

      • Notable Gainers

        • +22.0% TGP.LN (Tekmar Group £0.13, +0.02) -- extension of banking facilities

        • +18.3% AMS.SW (ams-OSRAM CHF7.98, +1.24) -- Q2 earnings

        • +14.7% MCAP.SS (MedCap SEK312.00, +40.00) -- Q2 earnings

        • +10.3% FDR.SM (Fluidra €20.26, +1.89) -- H1 earnings

        • +5.9% IAG.LN (International Consolidated Airlines Group £1.64, +0.09) -- Q2 earnings

        • +5.6% OHLA.SM (Obrascon Huarte Lain €0.47, +0.03) -- H1 earnings

        • +5.5% SPEC.LN (Inspecs Group £1.24, +0.06) -- H1 trading update

        • +4.3% CLNX.SM (Cellnex Telecom €38.38, +1.57) -- H1 earnings; prices €1B convertible bonds due 11-Aug-30

        • +4.3% IMMU.SS (Mendus SEK0.51, +0.02) -- raises SEK 317M through directed share issue and fully secured rights issue of units

        • +4.2% RMS.FP (Hermes €2,015.50, +81.80) -- H1 earnings

        • +4.0% EN.FP (Bouygues €33.19, +1.29) -- Q2 earnings

        • +4.0% STAN.LN (Standard Chartered £7.38, +0.28) -- Q2 earnings

        • +3.8% PAY.LN (PayPoint £4.87, +0.18) -- FY earnings; Q1 trading update

        • +3.7% AZN.LN (AstraZeneca £110.92, +4.00) -- Q2 earnings; acquires portfolio of preclinical rare disease gene therapies from Pfizer for up to $1B

        • +3.5% LIGHT.NA (Signify €28.91, +0.98) -- Q2 earnings

        • +3.3% A5G.ID (AIB Group €4.16, +0.13) -- H1 earnings

        • +2.6% MRN.FP (Mersen €43.75, +1.10) -- H1 earnings

        • +2.5% ONTEX.BB (Ontex Group €7.65, +0.19) -- Q2 earnings

        • +2.4% IDR.SM (Indra Sistemas €13.50, +0.32) -- acquires ICA Sistemas y Seguridad

        • +2.4% AZM.IM (Azimut Holding €21.66, +0.51) -- H1 earnings

        • +2.1% EVE.SW (Evolva Holding CHF4.45, +0.09) -- new financing agreement with Nice & Green SA.

        • +2.0% SECU.B.SS (Securitas SEK93.60, +1.82) -- Q2 earnings

        • +1.6% REDD.LN (Redde Northgate £3.44, +0.06) -- £30M buyback

        • +1.6% HOFI.SS (Hoist Finance SEK31.40, +0.50) -- Q2 earnings

        • +1.4% MTRO.LN (Metro Bank Holdings £1.17, +0.02) -- capital update

        • +1.4% ETL.FP (Eutelsat Communications €6.22, +0.09) -- FY earnings

      • Notable Decliners

        • -28.2% VANQ.LN (Vanquis Banking Group £1.30, -0.51) -- H1 earnings

        • -26.0% RAL.FP (Rallye €0.52, -0.18) -- H1 earnings; agreement in principle on restructuring plan

        • -21.3% ATO.FP (ATOS SE €11.47, -3.10) -- H1 earnings

        • -17.5% BMN.LN (Bushveld Minerals £0.03, -0.01) -- Enerox update

        • -10.6% YOU.LN (YouGov £9.65, -1.15) -- FY trading update; management changes

        • -10.3% MITRA.BB (Mithra Pharmaceuticals €1.36, -0.16) -- KBC downgrade

        • -9.4% CO.FP (Casino Guichard-Perrachon €2.82, -0.29) -- agreement in principle on restructuring plan

        • -9.1% PARRO.FP (Parrot €4.00, -0.40) -- H1 earnings

        • -8.8% SESL.FP (SES-imagotag €124.20, -12.00) -- H1 earnings

        • -8.5% SEPL.LN (SEPLAT Energy £1.30, -0.12) -- H1 earnings

        • -6.3% CAP.FP (Capgemini €168.25, -11.35) -- H1 earnings

        • -6.1% ERG.IM (ERG €25.80, -1.68) -- Q2 earnings

        • -4.9% FR.FP (Valeo SE €20.74, -1.07) -- H1 revenue

        • -4.9% FNAC.FP (Fnac Darty €32.04, -1.66) -- H1 earnings

        • -4.8% ADP.FP (Aeroport de Paris €122.80, -6.20) -- H1 earnings; reiterates FY23-25 outlook

        • -4.5% VIS.SM (Viscofan €59.70, -2.80) -- Q2 earnings

        • -4.3% DSV.DC (DSV A/S DKK1,348.50, -60.00) -- Banks launch DSV offering of about 5.8M existing shares - Bloomberg

        • -4.3% CCC.SS (Cavotec SEK13.30, -0.60) -- Q2 earnings

        • -3.6% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €43.08, -1.60) -- FDA Complete Response Letter in respect of Risvan

        • -3.5% SKB.GR (Koenig & Bauer €18.20, -0.66) -- H1 earnings

        • -3.4% FDJ.FP (La Francaise des Jeux €34.38, -1.20) -- H1 earnings

        • -3.4% EVT.GR (Evotec €22.98, -0.81) -- lowers FY guidance

        • -3.2% VPK.NA (Royal Vopak €34.00, -1.11) -- Q2 earnings

        • -2.9% OMV.AV (OMV €40.53, -1.19) -- Q2 earnings; new gas discovery in Austria; 10-year LNG supply agreement

        • -2.7% ALTR.PL (Altri SGPS €4.31, -0.12) -- Q2 earnings

        • -2.6% SAN.FP (Sanofi €95.18, -2.50) -- Q2; definitive agreement to acquire ownership of Qunol in US

        • -2.5% ANA.SM (Acciona €140.00, -3.55) -- H1 earnings

        • -2.5% AEF.IM (Aeffe €1.16, -0.03) -- H1 earnings

        • -2.2% BFIT.NA (Basic-Fit €30.84, -0.68) -- Jefferies downgrade

        • -2.1% WDP.BB (Warehouses de Pauw €27.32, -0.60) -- H1 earnings

        • -2.0% AF.FP (Air France-KLM €1.55, -0.03) -- Q2 earnings; exclusive discussions with Apollo on Loyalty Program

        • -2.0% VK.FP (Vallourec €11.67, -0.23) -- Q2 earnings

    • EU companies reporting on Monday:

      • Earnings:

        • Benelux: Heineken (HEIA.NA), Tetragon Financial Group (TFG.NA), Groupe Bruxelles Lambert (GBLB.BB), Retail Estates (RET.BB)

        • DACH: Erste Group Bank (EBS.AV), Stabilus (STM.GR), MediClin (MED.GR), Surteco Group (SUR.GR), Logwin (TGHN.GR), Nemetschek (NRM.GR), Energiedienst Holding (EDHN.SW), Orell Füssli (OFN.SW)

        • France: Legrand (LR.FP), Avenir Telecom (AVT.FP)

        • Nordics: MPC Energy Solutions (MPCES.NO), Oma Savings Bank (OMASP.FH)

        • Southern Europe: Nexi (NEXI.IM), Saras (SRS.IM), RCS MediaGroup (RCS.IM), CIR SpA - Cie Industriali Riunite (CIR.IM), Monrif (MON.IT), Galp Energia SGPS (GALP.PL), Meliá Hotels (MEL.SM), Prosegur Compania de Seguridad (PSG.SM), Hellenic Exchanges-Athens Stock Exchange (EXAE.GA), Piraeus Financial Holdings (TPEIR.GA), Eurobank Ergasias Services & Holdings (EUROB.GA)

        • UK/Ireland: Pearson (PSON.LN), Senior (SNR.LN), Dialight (DIA.LN), Specttis (SXS.LN), Bank of Ireland Group (BIRG.ID)

  • Data:

    • Economics:

      • France

        • Jul Preliminary CPI +4.3% y/y vs consensus +4.3% and prior +4.5%

        • Q2 Preliminary GDP +0.9% y/y vs consensus +1.0% and prior revised to +0.6% from +0.8%

        • Jun Consumer Goods Spending +0.9% m/m vs consensus +0.1% and prior revised to +0.6% from +0.5%

        • Jun PPI +3.0% y/y vs consensus +3.7% and prior +5.8%

      • Denmark Jun Retail Sales +2.0% y/y vs consensus (3.2%) and prior revised (0.7%) from (0.4%)

      • Norway Jun Retail Sales (1.4%) y/y vs consensus (4.4%) and prior (2.2%)

      • Sweden

        • Q2 Preliminary GDP (2.4%) y/y vs consensus (0.2%) and prior +0.8%

        • Jun Retail Sales (4.4%) y/y vs consensus (4.5%) and prior revised (5.3%) from (5.4%)

        • Jun Unemployment Rate 9.2% vs consensus 7.6% and prior 7.9%

      • Switzerland

        • Jun Retail Sales +1.8% y/y vs consensus (4.0%) and prior revised (0.9%) from (1.1%)

        • Jul KOF Leading Indicators 92.2 vs consensus 90.5 and prior revised 90.7 from 90.8

      • Austria

        • Q2 Preliminary GDP (0.3%) y/y vs consensus +0.1% and prior +1.9%

        • Jun PPI +0.8% y/y vs consensus +1.7% and prior revised +2.6% from +2.9%

      • Spain

        • Q2 Preliminary GDP +1.8% y/y vs consensus +2.0% and prior +4.2%

        • Jul Preliminary CPI +2.3% y/y vs consensus +1.6% and prior +1.9%

      • Germany

        • Q1 Preliminary GDP (0.2%) y/y vs consensus (0.3%) and prior (0.5%); 0.0% q/q vs consensus +0.1% and prior revised (0.1%) from (0.3%)

        • Jul Preliminary CPI +6.2% y/y vs consensus +6.2% and prior +6.4%; +0.3% m/m vs consensus +0.3% and prior +0.3%

      • Italy Jun PPI (5.5%) y/y vs consensus (6.4%) and prior (4.3%)

      • Eurozone Jul

        • Economic Sentiment Indicator 94.5 vs consensus 95.0 and prior 95.3

        • Consumer Confidence (15.1) vs preliminary (15.1)

        • Services Sentiment Indicator 5.7 vs consensus 5.4 and prior revised 5.9 from 5.7

      • Belgium Q2 Preliminary GDP +0.9% y/y vs consensus +1.2% and prior +1.4%; +0.2% q/q vs consensus +0.4% and prior revised +0.4% from +0.5%

      • Greece Jun PPI (11.7%) vs consensus (12.0%) and prior (12.9%)

    • Markets:

      • €-$ +0.0049 or +0.45% to 1.1029

      • £-$ +0.0063 or +0.49% to 1.2860

      • €-£ (0.0005) to 0.8576

      • S&P 500 +1.07%

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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