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StreetAccount Summary - EU Market Recap: FTSE 100 +0.07% to 7699.41, DAX (0.14%) to 16446.83, CAC40 +0.29% to 7497.78, STOXX 600 +0.12% to 471.35

Jul 31 ,2023

  • Synopsis:

    • European equity markets closed mostly higher after trading mixed for most of the session and finishing higher last week with EuroStoxx 50 highest since 2007/2008 and Dax posting new all-time high. China-exposed sectors outperformed today, such as basic resources and energy. Healthcare also stronger. Telecom and Beverages lag.

    • UK PM Sunak announced he will commit to issuing 100 licenses for oil and gas exploration in the North Sea. Sunak will also seek to "max out" production of the North Sea's remaining reserves. The announcement comes as the government seeks to open up dividing lines with Labour over energy policy.

    • In macro, Eurozone growth data for Q2 better than forecast amid cooling inflation but worries about underlying weakness remain. Comes despite China authorities beginning to rollout of measures to boost economy with NDRC today publishing measures ranging from boosting auto consumption to supporting housing demand. German June retail sales fell more than expected. Italy prelim Q2 GDP came in at +0.6% y/y vs consensus +0.9% with Jul prelim CPI of +6.0% y/y vs consensus +6.1%.

    • Looking ahead, Thursday's BoE meeting will also be influential. Markets expecting at least 25bp hike with outside chance of 50bps. Terminal rate still seen too high, at 5.75%, with some UK banks expecting peak rate at 5.5%. Today's UK consumer credit and mortgage lending data may play into BoE expectations.

    • In earnings, Heineken (HEIA.NA) shares closed lower after the company posted weaker-than-expected H1 numbers. In France, Legrand (LR.FP) Q2 net income beat and raised FY outlook. In Germany, Nemetschek (NEM.GR) Q2 EPS, revenue, adj. EBITDA missed whilst Stabilus (STM.GR) posted miss on Q3 net income €21.7M, (11%) vs year-ago €24.3M and specified FY23 revenue guidance of €1.2B vs prior range €1.1-1.2B and FactSet €1.22B.

    • Out of the UK, BT Group (BT.A.LN) poached Telia (TELIA.SS)'s Allison Kirkby as its new CEO, with shares of the Swedish company closing (3%) lower. Elsewhere, Cellnex Telecom (CLNX.SM) CFO stepped down.

    • The busy earnings calendar continues tomorrow with reports out from Deutsche Post (DHL.GR), Covestro (1COV.GR), Daimler Truck Holding (DTG.GR), Klepierre (LI.FP), BP (BP.LN), HSBC Holdings (HSBA.LN), Diageo (DGE.LN), and Man Group (EMG.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +1.25%, Energy+1.23%, Basic Resources +1.14%, Travel & Leisure +0.75%, Real Estate +0.43%, Consumer Products and Services +0.33%, Ind Goods & Svcs +0.21%, Retail +0.13%

      • Underperformers:

        • Food, Beverage and Tobacco (1.24%), Telecom (1.07%), Personal Care Drug and Grocery Stores (0.99%), Insurance (0.96%), Construct & Mtls (0.60%), Autos & Parts (0.55%), Chemicals (0.54%), Financial Svcs (0.48%), Media (0.23%), Utilities (0.03%), Technology +0.02%

    • Macro:

      • ECB:

        • ECB's Lagarde flags possible September rate hike even after a pause - Bloomberg, FT

        • ECB needs more 'critical mindset' on banks, says Bundesbank deputy - Reuters

      • EU:

        • Euro Zone Returns to Growth as Core Inflation Stays Strong - Bloomberg

      • France:

        • Niger coup leaders accuse France of wanting to 'intervene militarily' - France24

      • Italy:

        • Italy GDP unexpectedly shrinks in blow to Meloni - Reuters

        • Italy minister says decision to join flagship Chinese scheme 'wicked' - CNN

      • UK:

        • Rishi Sunak to green-light hundreds of new oil and gas licenses in North Sea - politico

        • Rishi Sunak defends granting new North Sea oil and gas licences - BBC

    • Company news:

      • Notable Gainers

        • +84.2% MOB.SS (Moberg Pharma SEK12.80, +5.85) -- national approval for MOB-015 in Ireland

        • +27.0% MITRA.BB (Mithra Pharmaceuticals €1.73, +0.37) -- signs Donesta Licensing agreement for Canada with Searchlight Pharma

        • UK PM Sunak confirms hundreds of new oil and gas licences will be granted in the UK; confirms sites of next two CCUS clusters

          • +15.5% PMG.LN (Parkmead Group £0.17, +0.02)

          • +7.5% SQZ.LN (Serica Energy £2.41, +0.17)

          • +4.0% ENQ.LN (EnQuest £0.18, +0.01)

          • +3.1% DNO.NO (DNO ASA NOK11.01, +0.33)

          • +2.5% CNA.LN (Centrica £1.38, +0.03)

        • +14.6% BIOVIC.B.SS (Biovica International SEK8.47, +1.08) -- signs us commercial agreement with Occum Health

        • +10.0% RBGP.LN (RBG Holdings £0.19, +0.02) -- appoints Vice Chair

        • +5.8% FING.B.SS (Fingerprint Cards SEK2.21, +0.12) -- contract

        • +5.8% HBR.LN (Harbour Energy £2.67, +0.15) -- company and Acorn CCS projects awarded Track 2 status as part of the UK Government's CCS cluster sequencing process

        • +5.6% OMASP.FH (Oma Savings Bank €21.85, +1.15) -- Q2 earnings

        • +4.5% GALP.PL (Galp Energia SGPS €12.11, +0.52) -- Q2 earnings

        • +3.8% LDO.IM (Leonardo €12.33, +0.45) -- CEO says starting to set up new Industrial Plan which will be announced at the beginning of next year

        • +3.6% ELPE.GA (HELLENiQ ENERGY Holdings €8.08, +0.28) -- enters the Romanian RES market

        • +3.5% IAG.LN (International Consolidated Airlines Group £1.71, +0.06) -- Oddo upgrade

        • +3.5% BIRG.ID (Bank of Ireland Group €9.63, +0.33) -- Q2 earnings

        • +3.2% TGHN.GR (Logwin €256.00, +8.00) -- H1 earnings

        • +3.1% INLOT.GA (Intralot €0.66, +0.02) -- extends contract with Wyoming Lottery until 2034

        • +1.8% FCT.IM (Fincantieri €0.52, +0.01) -- contract

        • +1.3% MED.GR (Mediclin €3.04, +0.04) -- Q2 earnings

        • +1.2% NEM.GR (Nemetschek €66.28, +0.80) -- Q2 earnings

      • Notable Decliners

        • -33.2% RAL.FP (Rallye €0.33, -0.17) -- Casino Guichard-Perrachon clarification regarding obtaining a waiver from the lenders under the revolving credit facility

        • -18.6% FLO.LN (Flowtech Fluidpower £0.94, -0.22) -- H1 earnings

        • -16.5% ATO.FP (ATOS SE €9.44, -1.86) -- follow-through / Oddo cut target

        • -16.3% CO.FP (Casino Guichard-Perrachon €2.34, -0.46) -- clarification regarding obtaining a waiver from the lenders under the revolving credit facility

        • -7.5% HEIA.NA (Heineken €89.58, -7.28) -- H1 earnings; Bryan Garnier downgrade

        • -6.7% PHR.PL (PHarol SGPS €0.05, -0.00) -- H1 earnings

        • -6.6% DNR.IM (Industrie De Nora €18.82, -1.32) -- H1 earnings

        • -4.5% TELIA.SS (Telia Co. SEK22.63, -1.06) -- CEO steps down and joins BT as new CEO

        • -4.4% AMG.NA (AMG Critical Materials €37.12, -1.71) -- Berenberg downgrade

        • -3.7% SKB.GR (Koenig & Bauer €17.46, -0.68) -- auck & Aufhäuser downgrade

        • -3.5% BOL.FP (Bolloré €5.74, -0.21) -- H1 earnings

        • -3.0% CLNX.SM (Cellnex Telecom €37.26, -1.14) -- CFO sto step down

        • -2.2% MSLH.LN (Marshalls £2.70, -0.06) -- H1 earnings

        • -2.2% VANQ.LN (Vanquis Banking Group £1.25, -0.03) -- acquires uSnoop Limited

        • -2.0% SNR.LN (Senior £1.67, -0.03) -- H1 earnings

        • -1.6% UNI.SM (Unicaja Banco €1.06, -0.02) -- new CEO

        • -1.5% TFG.NA (Tetragon Financial Group €9.90, -0.15) -- Jun update

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Ordina (ORDI.NA)

        • DACH: Deutsche Post (DHL.GR), Covestro (1COV.GR), Daimler Truck Holding (DTG.GR), Uniper (UN01.GR), Krones (KRN.GR), Pfeiffer Vacuum Technology (PFV.GR), Redcare Pharmacy (RDC.GR), CENIT (CSH.GR), TeamViewer (TMV.GR), bet-at-home.com (ACX.GR), Raiffeisen Bank International (RBI.AV), AT & S Austria Technologie & Systemtechnik (ATS.AV)

        • France: Klepierre (LI.FP)

        • Nordics: Bioporto (BIOPOR.DC), Coinshares International (CS.SS), Kjell Group (KJELL.SS), Storytel (STORY.B.SS), Yit (YIT.FH), Glaston (GLA1V.FH), Robit (ROBIT.FH)

        • Southern Europe: MFE-MEDIAFOREUROPE (MFEA.IM), FinecoBank (FBK.IM), Arnoldo Mondadori Editore (MN.IM), Reply (REY.IM), National Bank of Greece (ETE.GA)

        • UK: BP (BP.LN), HSBC Holdings (HSBA.LN), Diageo (DGE.LN), Man Group (EMG.LN), Greggs (GRG.LN), NWF Group (NWF.LN), Travis Perkins (TPK.LN), Coats Group (COA.LN), The Weir Group (WEIR.LN), Keller Group (KLR.LN), Domino's Pizza Group (DOM.LN), International Personal Finance (IPF.LN), Robert Walters (RWA.LN), Staffline Group (STAF.LN), Metro Bank Holdings (MTRO.LN)

      • Trading Update: Bonduelle (BON.FP), Virgin Money UK (VMUK.LN)

  • Data:

    • Economics:

      • Q2 Preliminary GDP

        • Eurozone +0.6% y/y vs consensus +0.5% and prior +1.1%; +0.3% q/q vs consensus +0.2% and prior 0.0%

        • Italy +0.6% y/y vs consensus +0.9% and prior +1.9%; (0.3%) q/q vs consensus 0.0% and prior +0.6%

        • Portugal +2.3% y/y vs consensus +1.9% and prior +2.5%

      • Jul preliminary CPI

        • Eurozone +5.3% y/y vs consensus +5.3% and prior +5.5%; (0.1%) m/m vs consensus (0.2%) and prior +0.3%

        • Italy +6.0% y/y vs consensus +6.1% and prior +6.4%; +0.1% m/m vs consensus +0.1% and prior 0.0%

        • Portugal +3.1% y/y vs consensus +2.8% and prior +3.4%

        • Netherlands +4.6% y/y vs consensus +4.0% and prior +5.7%

        • Austria +7.0% y/y vs consensus +7.1% and prior +8.0%; +0.1% m/m vs consensus +0.2% and prior +0.5%

      • Jun Retail Sales

        • Germany (1.6%) y/y vs consensus (2.7%) and prior (3.6%); (0.8%) m/m vs consensus +0.2% and prior +0.4%

        • Netherlands y/y +8.1% vs consensus +3.6% and prior revised +5.2% from +4.6%

      • UK Jun

        • Mortgage Approvals 54.66K vs consensus 49.0K and prior revised 51.14K from 50.52K

        • M4 Money Supply (0.1%) m/m vs consensus (0.1%) and prior revised +0.3% from +0.2%

      • Denmark Jun Unemployment Rate 2.4% vs consensus 2.5% and prior 2.4%

      • Greece May Retail Sales (0.4%) y/y vs consensus (1.6%) and prior revised (5.0%) from (5.2%)

    • Markets:

      • WTI Crude (Sep 23): +$0.97 or +1.20% to $81.55

      • €-$ +0.0009 or +0.08% to 1.1028

      • £-$ +0.0012 or +0.09% to 1.2863

      • €-£ (0.0002) to 0.8573

      • S&P 500 +0.04%

      • Performance year-to-date

        • FTSE 100: +3.32%

        • DAX: +18.12%

        • CAC: +15.82%

        • MIB: +25.23%

        • Stoxx 600: +10.93%

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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