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StreetAccount Summary - EU Market Recap: FTSE 100 (1.36%) to 7561.63, DAX (1.36%) to 16020.02, CAC40 (1.26%) to 7312.84, STOXX 600 (1.35%) to 460.84

Aug 02 ,2023

  • Synopsis:

    • European equity markets closed broadly and sharply lower on Wednesday, with the latest risk off mood chalked up to surprise US credit rating downgrade by Fitch (cut to AA+ from AAA). Lot of discussion about what happened in 2011 when stocks sold off and Treasuries attracted a safe haven bid from the S&P downgrade. All European sectors closed lower. Basic Resources, Retail among the biggest laggards (down ~2.6%), while the more defensive Food & Beverage outperformed. Regionally, Spain (1.9%), Portugal (1.7%) saw the biggest losses and Sweden (0.8%) was the relative best performer.

    • Quiet macro calendar in Europe. The BoE policy decision tomorrow may be a close call but on balance most expect the MPC to opt for a smaller 25 bp hike to 5.25% after raising its key rate by a larger 50 bps move in June due to inflation risks. There is an outside risk that the BoE could hike by another 50 bps again with inflation risks still evident amid still very high wage growth. However, a downside surprise in June inflation and an easing in price pressures via other leading indicators offer reasons for more confidence over the inflation outlook. Citi/YouGov survey out today showed public expectations for inflation in 12 months' time eased to 4.3% from 5.0% in June and expectations for five to 10 years' time also fell to 3.2% from 3.3%. The BoE's updated macroeconomic forecasts due this week should in theory result in a lower inflation outlook because of the larger rate rise now priced into its forecasting assumptions. In addition, other influences include a firmer currency and falling energy prices. In terms of the BoE's forward guidance, it is likely to maintain its data dependence and avoid steering the market prematurely away from further rate increases. Note that the London Times shadow MPC backed smaller BoE rate increase on Thursday.

    • In today's corporate highlights, BAE Systems (BA.LN) shares closed up over 5% as it reported a broad-based H1 results beat, announced share buyback programme of up to £1.5B and also lifted 2023 guidance. BAE also upgraded its three-year cumulative free cash flow guidance. Taylor Wimpey (TW.LN) closed up over 3% as it reported better than expected H1 results, and said expects FY UK completions at upper end of previous guidance. Convatec (CTEC.LN) also posted H1 results better than consensus and raised FY guidance. In Germany, focus on telecoms sector after 1&1 AG (1U1.GR) shares jumped 16% as it confirmed concluded heads of terms with Vodafone GmbH for a long-term exclusive national roaming partnership; shares of Telefonica Deutschland (O2D.GR) reacted negatively (down ; the news prompted the company to issue a statement confirming FY23 outlook and dividend commitment. Also in Germany, Siemens Healthineers (SHL.GR) fell on Q3 earnings, which contained mixed takeaways. Symrise (SY1.GR) reported H1 EPS €1.34 vs consensus €1.52. DSM-Firmenich (DSFIR.NA) reported Q2 pro-forma adjusted EBITDA €408M vs guidance €400-420M and FactSet €409.5M.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media (0.25%), Food, Beverage and Tobacco (0.36%), Autos & Parts (0.51%), Ind Goods & Svcs (0.76%), Construct & Mtls (0.89%), Personal Care Drug and Grocery Stores (0.98%), Health Care (1.05%)

      • Underperformers:

        • Basic Resources (2.68%), Retail (2.60%), Travel & Leisure (2.14%), Utilities (2.10%), Financial Svcs (1.97%), Banks (1.92%), Insurance (1.89%), Telecom (1.84%), Technology (1.83%), Energy(1.67%), Consumer Products and Services (1.65%), Real Estate (1.43%)

    • Macro:

      • UK

        • UK public inflation expectations fall in July - Citi/YouGov - Reuters

        • Traders Brace for BOE to Hint at Faster Pace of Bond Sales - BBG

        • Rishi Sunak believes 'light at end of the tunnel' on inflation - Evening Standard

        • 'Modest' interest rate rise is best, says Times' shadow MPC - London Times

      • IPOs

        • European IPOs fall to lowest level since 2009 - FT

      • Italy

        • UPB sees 1% growth in 2023 despite Q2 drop; 2024 figure revised down to 1.1% - ANSA

      • Greece

        • Confidence in economy grows; wide gap between optimistic businesspeople and still gloomy consumers - ekathimerini

        • Greek PM offers tourists affected by wildfires a free stay in Rhodes next year - Guardian

    • Company news:

      • Notable Gainers

        • +22.9% BLTG.LN (Blancco Technology Group £2.19, +0.41) -- Francisco Partners Funds announces 223p in cash offer for company

        • +17.3% HOC.LN (Hochschild Mining £0.88, +0.13) -- receives environmental permit approval from Peruvian Government for Inmaculada operation

        • +16.4% 1U1.GR (1&1 AG €0.00, +1.68) -- confirms concluded heads of terms with Vodafone GmbH for a long-term exclusive national roaming partnership

        • +11.4% UN01.GR (Uniper €6.51, +0.67) -- Uniper vows to learn from previous over-reliance on Russian gas - FT

        • +8.0% OBD.LN (Oxford BioDynamics £0.12, +0.01) -- raises £5.6M via the placing, direction subscription at 11p per share

        • +6.5% CTEC.LN (ConvaTec Group £2.18, +0.13) -- H1 earnings

        • +5.4% BA.LN (BAE Systems £9.76, +0.51) -- H1 earnings

        • +3.5% MELE.BB (Melexis €98.80, +3.40) -- Q2 earnings

        • +3.4% TW.LN (Taylor Wimpey £1.19, +0.04) -- H1 earnings

        • +3.0% LOOK.LN (Lookers £1.29, +0.04) -- to accept Global Auto Holdings Limited's improved offer in respect of 74.5M shares, representing ~ 19.5% of the issued share capital

        • +2.4% HEXA.B.SS (Hexagon SEK103.05, +2.40) -- issues response to short seller report (

        • +1.2% IBST.LN (Ibstock £1.62, +0.02) -- H1 earnings

        • +1.1% SK3.ID (Smurfit Kappa Group €33.99, +0.39) -- H1 earnings

        • +0.1% SHA.GR (Schaeffler €5.66, +0.01) -- Q2 earnings

      • Notable Decliners

        • -23.2% REG1V.FH (Revenio Group €22.32, -7.28) -- lowers FY sales guidance; SEB Enskilda and Carnegie Securities downgrade

        • -16.6% O2D.GR (Telefonica Deutschland Holding €0.00, -0.40) -- negative reaction to 1&1 announcement; O2D.GR confirmed FY23 outlook and dividend commitment

        • -9.0% SPT.LN (Spirent Communications £1.60, -0.15) -- H1 earnings

        • -8.6% RE.LN (R.E.A. Holdings £0.53, -0.05) -- H1 trading update

        • -7.0% COK.GR (CANCOM €24.14, -1.80) -- appoints CSO

        • -6.0% SHL.GR (Siemens Healthineers €48.94, -3.12) -- Q3 earnings

        • -5.7% UNI.SM (Unicaja Banco €1.00, -0.06) -- Oceanwood Capital Management to explore a potential block sale of up to 117M shares in company

        • -5.0% FXPO.LN (Ferrexpo £0.92, -0.05) -- H1 earnings

        • -4.5% IPO.LN (IP Group £0.60, -0.03) -- H1 earnings

        • -4.3% LNZ.AV (Lenzing €44.40, -1.95) -- H1 earnings

        • -3.7% SY1.GR (Symrise €95.30, -3.60) -- H1 earnings

        • -3.6% APAM.NA (Aperam €27.56, -1.03) -- JPMorgan downgrade

        • -3.5% GENL.LN (Genel Energy £0.98, -0.04) -- H1 earnings

        • -3.5% PTSB.ID (Permanent TSB Group Holdings €2.32, -0.08) -- H1 earnings

        • -2.9% GEKTERNA.GA (GEK Terna Holding Real Estate Construction €14.28, -0.42) -- will trade ex the right to receive the previously disclosed €0.20/share capital return

        • -2.5% SAMPO.FH (Sampo €39.58, -1.02) -- completes its share buyback programme

        • -2.5% DUST.SS (Dustin Group SEK26.84, -0.68) -- Axel Johnson's offer for company accepted by holders with ~3.27% of the total number of shares in the company

        • -2.1% KCO.GR (Kloeckner & Co. €8.45, -0.18) -- Q2 earnings

        • -2.1% 1COV.GR (Covestro €47.51, -1.02) -- Covestro not planning additional cost-cutting measures - Börsen-Zeitung

        • -2.0% FME.GR (Fresenius Medical Care €45.30, -0.92) -- Q2 earnings

        • -1.9% BMN.LN (Bushveld Minerals £0.02, -0.00) -- Q2 operational update

        • -1.8% MIG.GA (MIG Holdings €4.17, -0.08) -- H1 earnings

        • -1.6% BAMI.IM (Banco BPM €0.00, -0.07) -- Q2 earnings

        • -1.4% SAND.SS (Sandvik SEK210.40, -2.90) -- acquires CAM post processing software developer Postability

        • -1.4% SHLF.NO (Shelf Drilling NOK25.00, -0.35) -- contract

        • -1.3% ETE.GA (National Bank of Greece €6.20, -0.08) -- H1 earnings

        • -1.3% ALATI.FP (Actia Group €4.77, -0.06) -- prelim Q2 revenue

        • -1.1% WKL.NA (Wolters Kluwer €111.90, -1.25) -- H1 earnings

        • -1.1% RYA.ID (Ryanair Holdings €15.44, -0.17) -- July update

        • -0.6% FRE.GR (Fresenius €27.82, -0.18) -- Q2 earnings

        • -0.3% RACE.IM (Ferrari €0.00, -1.00) -- Q2 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Belgium: Anheuser-Busch InBev (ABI.BB), Solvay (SOLB.BB), bpost (BPOST.BB), Celyad Oncology (CYAD.BB), Intervest Offices & Warehouses (INTO.BB), Fagron (FAGR.BB), Azelis Group (AZE.BB),

        • Denmark: Genmab (GMAB.DC), NTG Nordic Transport Group (NTG.DC), BankNordik (BNORDIK.DC)

        • Germany: Bayerische Motoren Werke (BMW.GR), Deutsche Lufthansa (LHA.GR), Infineon Technologies (IFX.GR), Merck KGaA (MRK.GR), adidas (ADS.GR), ProSiebenSat.1 Media (PSM.GR), Zalando (ZAL.GR), Beiersdorf (BEI.GR), Duerr (DUE.GR), Rational (RAA.GR), Homag Group (HG1.GR), Vossloh (VOS.GR), freenet (FNTN.GR), SÜSS MicroTec (SMHN.GR), Kontron (KTN.GR), BayWa (BYW6.GR), 1&1 (1U1.GR), PVA TePla (TPE.GR), KSB (KSB.GR), DMG MORI (GIL.GR), IONOS Group (IOS.GR), DIC Asset (DIC.GR), SGL Carbon (SLG.GR), MAX Automation (MXHN.GR), Manz (M5Z.GR), United Internet (UTDI.GR), Cliq Digital (CLIQ.GR), ElringKlinger (ZIL2.GR), WashTec (WSU.GR)

        • Finland: Outokumpu (OUT1V.FH), CapMan (CAPMAN.FH), Caverion (CAV1V.FH), Detection Technology (DETEC.FH), QT Group (QTCOM.FH)

        • France: Axa (CS.FP), Societe Generale (GLE.FP), Veolia Environnement (VIE.FP), ALD (ALD.FP), SES (SESG.FP), Exclusive Networks (EXN.FP), Rothschild & Co. (ROTH.FP)

        • Netherlands: ING Groep (INGA.NA), VEON (VEON.NA), Pharming Group (PHARM.NA)

        • Sweden: Moberg Pharma (MOB.SS), Acast (ACASR.SS)

        • Southern Europe: Buzzi (BZU.IM), Salvatore Ferragamo (SFER.IM), BFF Bank (BFF.IM), FILA (FILA.IM), Cairo Communication (CAI.IM), Carel Industries (CRL.IM), ENAV (ENAV.IM), Datalogic (DAL.IM), Banca IFIS (IF.IM), TXT e-solutions (TXT.IM), Ariston Holding (ARIS.IM), Sanlorenzo (SL.IM), Gefran (GE.IM), Public Power Corp (PPC.GA), Hellenic Telecommunications Organization (HTO.GA), Distribuidora Internacional De Alimentacion (DIA.SM)

        • Switzerland: Adecco Group (ADEN.SW), Swisscom (SCMN.SW), GAM Holding (GAM.SW), OC Oerlikon Corp (OERL.SW), lastminute.com (LMN.SW)

        • UK: London Stock Exchange Group (LSEG.LN), Rolls-Royce Holdings (RR.LN), Smith & Nephew (SN.LN), Serco Group (SRP.LN), TT Electronics (TTG.LN), Mondo (MNDI.LN), Hikma Pharmaceuticals (HIK.LN), Helios Towers (HTWS.LN), Wizz Air Holdings (WIZZ.LN), Tritax Big Box REIT (BBOX.LN), Morgan Sindall Group (MGNS.LN), Shaftesbury Capital (SHC.LN), Mears Group (MER.LN)

      • Trading Update: Next (NXT.LN), ScS Group (SCS.LN), Equasens (EQS.FP), Pets At Home Group (PETS.LN), HEXAOM (ALHEX.FP), Cie Financiere Tradition (CFT.SW),

      • Monthly data: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), Volvo Car (VOLCAR.B.SS)

  • Data:

    • Economics:

      • Spain Jul Unemployment Change (11.0K) vs consensus (20.0K) and prior (50.3K)

      • Switzerland

        • Q3 SECO Consumer Sentiment (27.1) vs consensus (22.0) and prior revised (29.6) from (29.7)

        • Jul Manufacturing PMI 38.5 vs consensus 44.0 and prior 44.9

    • Markets:

      • WTI Crude (Sep 23): ($1.88) or (2.31%) to $79.49

      • €-$ (0.0049) or (0.45%) to 1.0936

      • £-$ (0.0069) or (0.54%) to 1.2706

      • €-£ +0.0012 to 0.8609

      • S&P 500 (1.28%)

      • Performance year-to-date

        • FTSE 100: +1.47%

        • DAX: +15.06%

        • CAC: +12.96%

        • MIB: +22.22%

        • Stoxx 600: +8.46%

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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