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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.55%) to 7519.73, DAX (0.82%) to 15889.01, CAC (0.86%) to 7250.07

Aug 03 ,2023

  • Synopsis:

    • European equity markets closed lower and after extending falls, pan-European indices have become range-bound, failing to get back to opening levels. Greece +0.7%, Belgium and Portugal both little changed +0.2% lead outperformers, whilst Switzerland and Sweden both (1.2%), Finland (1.1%), and Italy (1.0%) lead underperformers

    • In central banks, the BoE raised Bank Rate by 25 bps, as expected. External members Mann and Haskel voted for another 50 bps hike and Dhingra voted to hold. Kept guidance that rates may rise further if inflation persists but said current stance is restrictive. Revises up 2023 growth, but lowered further out. Cuts 2024 CPI from 3.4% to 2.25%, but revises up wage growth. Market pricing in ~70% chance of another 25 bp rate increase in September when it will also announce QT plans for year ahead. Allowed for positive sentiment from UK homebuilders as risk of 50bps dismissed. ECB's Panetta warned on unnecessary costs from monetary policy.

    • On data front, Eurozone final composite PMI revised lower. German trade surplus widens on big drop in imports. Eurozone PPI weaker than forecast. China Caixin services PMI unexpectedly quickened in July as firms reported improvement in new business and operating conditions. Input price inflation softened to lowest since February.

    • On the reporting front, a busy morning for earnings kicked off with results from automobiles and airline companies, BMW Group (BMW.GR), Wizz Air Holdings (WIZZ.LN), Deutsche Lufthansa (LHA.GR), and Rolls-Royce Holdings (RR.LN). For Banks and Financial Services, London Stock Exchange Group (LSEG.LN), AXA (CS.FP), ING Groep (INGA.NA), Avanza Bank Holding (AZA.SS), and Societe Generale (SGO.FP) reported H1/Q2 earnings. In Health Care, Hikma Pharmaceuticals (HIK.LN), Smith & Nephew (SN.LN), Merck KGaA (MRK.GR) updated investors with their latest numbers, whilst, in retail and beverages, Anheuser-Busch InBev (ABI.BB), Zalando (ZAL.GR), Adidas (ADS.GR), Next (NXT.LN), and Distribuidora Internacional De Alimentacion (DIA.SM) are among other companies from the sector to update investors with their latest numbers. In technology and telecommunications, Infineon Technologies (IFX.GR), United Internet (UTDI.GR), Swisscom (SCMN.SW), 1&1 AG (1U1.GR) reported earnings. In Basic materials and chemicals, Mondi (MNDI.LN), Outokumpu (OUT1V.FH), Solvay (SOLB.BB), Azelis Group (AZE.BB), and Beiersdorf (BZE.GR) issued H1/Q2 reports.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 31-Jul to 4-Aug attached),Commerzbank (CBK.GR), Lanxess (LXS.GR), Carl Zeiss Meditec (AFX.GR), SNP Schneider-Neureither & Partner (SHF.GR), Schweizer Electronic (SCE.GR), redit Agricole (ACA.FP), Maurel et Prom (MAU.FP), Antin Infrastructure Partners (ANTIN.FP), Maersk (MAERSK.B.DC), Fortum (FORTUM.FH), Tecontree (TEM1V.FH), Scanfil (SCANFL.FH), Bittium (BITTI.FH), Tokmanni Group (TOKMAN.FH), Banca Monte dei Paschi di Siena (BMPS.IM), Interpump Group (IP.IM), and MARR (MARR.IM) will be among other names to update investors, whilst the macro-calendar releases will includeGermany Jun factory orders, France Jun industrial production, Spain Jun industrial production, Italy Jun industrial production, Austria Jul PPI, Germany/UK Jul construction PMI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.70%, Energy+0.67%, Retail +0.33%, Real Estate +0.09%, Basic Resources (0.03%), Financial Svcs (0.28%), Insurance (0.33%), Media (0.67%), Construct & Mtls (0.68%),

      • Underperformers:

        • Technology (1.82%), Utilities (1.57%), Telecom (1.37%), Personal Care Drug and Grocery Stores (1.25%), Health Care (1.18%), Food, Beverage and Tobacco (1.12%), Chemicals (1.10%), Autos & Parts (1.08%), Ind Goods & Svcs (0.91%), Travel & Leisure (0.75%),

    • Macro/Peripheral markets:

      • Ukraine/Russia

        • Russia Will Cut Its Crude Exports by 300,000 B/d in September - Bloomberg

        • Russia adds Norway to list of countries 'unfriendly' to its diplomats - Reuters

      • EU

        • ECB dove says inflation battle can be won without more interest rate rises - FT

        • EU Backs More Sanctions on Belarus Over Aiding Russia's War - Bloomberg

      • UK

        • After divorce with EU, UK's future involves getting closer - FT

        • BOE Raises Rates to 5.25% With Warning Policy Will Remain Tight - Bloomberg, BBC

        • UK carbon price plunge raises risk of green levies on exports to EU - Reuters

        • Interest rates could remain above 5pc until 2026, Bank warns - The telegraph

      • Germany

        • Majority of Germans support move to green economy - DW

        • Price decline for German real estate halted - Handelsblatt

      • Italy:

        • The Government brakes, 'there will be no patrimonial' - Ansa

        • Italy struggles to take off for the use of EU funds 2021-2027 - Ansa

      • Greece

        • PM announces high-level cooperation council with Egypt - ekathimerini

    • Company news:

      • Trading Higher:

        • +27.7% CLA.FP (Claranova €1.75, +0.39) -- prelim sales

        • +21.2% MITRA.BB (Mithra Pharmaceuticals €2.25, +0.40) -- milestone payment

        • +14.4% SESG.FP (SES €6.64, +0.84) -- earnings

        • +9.3% ACAST.SS (Acast SEK8.75, +0.74) -- earnings

          • +8.2% HTWS.LN (Helios Towers £0.89, +0.07) -- earnings

        • +7.8% BZU.IM (Buzzi SpA €28.10, +2.02) -- earnings

        • +7.7% KTN.GR (Kontron €20.70, +1.48) -- earnings

        • +7.0% 1U1.GR (1&1 AG €12.80, +0.84) -- BNP Paribas upgrade; earnings

        • +6.9% UTDI.GR (United Internet €17.10, +1.10) -- BNP Paribas upgrade; earnings

        • +6.9% ZAL.GR (Zalando €31.20, +2.01) -- earnings

        • +6.5% ADEN.SW (Adecco Group CHF37.31, +2.28) -- earnings

        • +6.1% TNXT.IM (Tinexta €17.74, +1.02) -- earnings

        • +5.7% TM17.LN (Team17 Group £3.23, +0.18) -- trading update

        • +5.4% EURN.BB (Euronav €15.45, +0.80) -- earnings

        • +5.4% BAVA.DC (Bavarian Nordic A/S DKK148.75, +7.70) -- raises FY guidance; contract

        • +4.5% RR.LN (Rolls-Royce Holdings £1.90, +0.08) -- earnings

        • +4.4% DUE.GR (Duerr €28.78, +1.22) -- earnings

        • +3.8% M7U.GR (Nynomic €35.30, +1.30) -- ups medium targets

        • +3.7% BEI.GR (Beiersdorf €119.65, +4.25) -- earnings

        • +3.5% CLIQ.GR (Cliq Digital €25.30, +0.85) -- earnings

        • +3.4% MRK.GR (Merck KGaA €164.95, +5.35) -- earnings

        • +3.3% SL.IM (Sanlorenzo €35.75, +1.15) -- earnings

        • +3.1% FILA.IM (FILA - Fabbrica Italiana Lapis ed Affini €8.22, +0.25) -- earnings

        • +2.4% TEP.FP (Teleperformance €127.20, +3.00) -- launches buyback

        • +2.3% RENX.LN (Renalytix £1.10, +0.03) -- announces formation of Clinical Advisory Board

      • Trading Lower:

        • -24.4% DEVO.LN (Devolver Digital £0.15, -0.05) -- trading update

        • -13.4% MOB.SS (Moberg Pharma SEK11.10, -1.70) -- earnings

        • -11.3% OERL.SW (OC Oerlikon Corp. CHF4.19, -0.53) -- earnings

        • -9.7% IFX.GR (Infineon Technologies €34.45, -3.75) -- earnings

        • -8.4% AZE.BB (Azelis Group €20.58, -1.90) -- CEO to retire; earnings

        • -7.6% ZIL2.GR (Elringklinger €7.18, -0.59) -- earnings

        • -7.4% MNDI.LN (Mondi £12.38, -0.99) -- earnings

        • -7.4% BLV.FP (Believe €10.34, -0.82) -- earnings

        • -6.8% PSM.GR (ProSiebenSat.1 Media €8.31, -0.60) -- earnings

        • -6.6% HEX.NO (Hexagon Composites NOK28.36, -2.00) -- DnB Markets, Sparebank 1 Markets downgrades

        • -6.4% ADXN.SW (Addex Therapeutics CHF0.09, -0.01) -- extends collaboration agreement with Indivior (INDV.LN) until 30-Jun-24

        • -6.2% O2D.GR (Telefonica Deutschland Holding €1.88, -0.12) -- Barclays downgrade

        • -5.8% ELIOR.FP (Elior Group €2.11, -0.13) -- Stifel downgrade

        • -5.3% LHA.GR (Deutsche Lufthansa €8.38, -0.47) -- earnings

        • -5.0% SFL.IM (Safilo Group €1.05, -0.06) -- earnings

        • -4.6% DIA.SM (Distribuidora Internacional De Alimentacion €0.01, -0.00) --

          • prelim sales

          • Distribuidora Internacional De Alimentacion to sell 100% of share capital of DIA Portugal Supermercados to Auchan Portugal for €155M

        • -4.4% BPE.IM (BPER Banca €2.87, -0.13) -- earnings

        • -4.2% SCMN.SW (Swisscom CHF533.80, -23.40) -- earnings

        • -4.2% SOLB.BB (Solvay €101.45, -4.50) -- earnings

        • -4.2% SMHN.GR (SÜSS MicroTec €21.75, -0.95) -- earnings

        • -3.9% M5Z.GR (Manz AG €15.94, -0.64) -- earnings

        • -3.8% LMN.SW (lastminute.com CHF26.60, -1.05) -- earnings

        • -3.7% VIE.FP (Veolia Environnement €27.75, -1.07) -- earnings

        • -3.4% TIT.IM (Telecom Italia €0.26, -0.01) -- earnings

        • -3.2% CAPMAN.FH (Capman €2.55, -0.09) -- earnings

        • -3.1% DETEC.FH (Detection Technology €14.00, -0.45) -- earnings

        • -2.5% TPE.GR (PVA TePla €19.98, -0.52) -- earnings

        • -2.4% VOLCAR.B.SS (Volvo Car SEK49.74, -1.22) -- Jul car sales

        • -2.4% BAMI.IM (Banco BPM €4.31, -0.11) -- earnings

        • -2.3% TEN.IM (Tenaris €14.57, -0.35) -- earnings

        • -2.2% XAR.LN (Xaar £1.81, -0.04) -- trading update

        • -2.1% ALCIS.FP (Catering International Services €9.50, -0.20) -- sales

        • -2.0% ODX.LN (Omega Diagnostics Group £0.02, -0.00) -- earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: IMCD (IMCD.NA)

        • DACH: Commerzbank (CBK.GR), Lanxess (LXS.GR), Carl Zeiss Meditec (AFX.GR), SNP Schneider-Neureither & Partner (SHF.GR), Schweizer Electronic (SCE.GR), Hawesko Holding (HAW.GR), Vonovia (VNA.GR), Swiss Re (SREN.SW), Dufry (DUFN.SW), Sika (SIKA.SW), Coltene Holding (CLTN.SW)

        • France: Credit Agricole (ACA.FP), Maurel et Prom (MAU.FP), Antin Infrastructure Partners (ANTIN.FP)

        • Hungary: Gedeon Richter (RICHT.HB), MOL Hungarian Oil & Gas (MOL.HB)

        • Nordics: Maersk (MAERSK.B.DC), Fortum (FORTUM.FH), Tecontree (TEM1V.FH), Scanfil (SCANFL.FH), Bittium (BITTI.FH), Tokmanni Group (TOKMAN.FH), SynAct Pharma (SYNACT.SS),

        • Southern Europe: Banca Monte dei Paschi di Siena (BMPS.IM), Interpump Group (IP.IM), MARR (MARR.IM), Tesmec (TES.IM), Openjobmetis (OJM.IM), Data Modul (DAM.IM), illimity Bank (ILTY.IM)

        • UK: WPP (WPP.LN), Morgan Advanced Materials (MGAM.LN)

      • Trading Update: Actia Group (ALATI.FP)

      • Traffic: Norwegian Air Shuttle (NAS.NO)

  • Data:

    • Economics:

      • Jul services PMI

        • Ireland 56,7 vs consensus 55.9, prior 56.8

        • Russia 54.0 vs consensus 58.0, prior 56.8

        • Sweden 52.7 vs consensus 47.2, prior revised 45.9 from 46.1

        • Spain 52.8 vs consensus 53.4, prior 53.4

        • Italy 51.5 vs consensus 52.2, prior 52.2

        • France 47.1 vs preliminary 47.4

        • Germany 52.3 vs preliminary 52.0

        • Eurozone 50.9 vs preliminary 51.1

        • UK 51.5 vs preliminary 51.5

      • Germany Jun Trade Balance €18.7B vs consensus €15.0B and prior €14.4B

      • Eurozone Jun PPI (3.4%) y/y vs consensus (3.1%) and prior revised (1.6%) from (1.5%); (0.4%) m/m vs consensus (0.2%) and prior (1.9%)

      • Italy Jun Retail Sales +3.6% y/y vs consensus +3.3% and prior +3.0%; (0.2%) m/m vs consensus +0.4% and prior revised +0.6% from +0.7%

    • Markets:

      • WTI Crude (Sep 23): +$1.42 or +1.79% to $80.91

      • €-$ +0.0012 or +0.11% to 1.0951

      • £-$ +0.0006 or +0.05% to 1.2717

      • €-£ +0.0006 to 0.8612

      • S&P 500 (0.16%)

      • Performance year-to-date

        • FTSE 100: +0.91%

        • DAX: +14.12%

        • CAC: +11.99%

        • MIB: +20.94%

        • Stoxx 600: +7.70%

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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