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StreetAccount Summary - EU Market Recap: FTSE 100 +0.49% to 7565.70, DAX +0.39% to 15955.89, CAC40 +0.84% to 7321.23, STOXX 600 +0.33% to 459.43

Aug 04 ,2023

  • Synopsis:

    • European indices ended in positive territory, except for Italy and Denmark. Attention in the afternoon turned onto July NFP, coming at 187K, missing consensus for 200K, lowest since Dec-20. From a Fed perspective, report offers some mixed takeaways with headline print and downward revisions signaling cooling labor market, though offset by hotter wage growth. On the European macro-calendar, focus on Germany factory orders: Destatis reported that orders for June unexpectedly rose 7% m/m vs (2%) expected. Other macro-data will include France Jun industrial production, Spain Jun industrial production, Italy Jun industrial production and Germany/UK Jul construction PMIs. In central bank news, ECB may be coming closer to peak rates and, in early 2024, first rate cuts. Fitch Ratings noted EZ disinflation trend and sees EZ headline declining to ~4% by year-end, while core inflation expected to continue decline in August. Following up from yesterday's policy decision, the BoE for the first time called its current monetary policy stance "restrictive", with some investors taking that as a sign the tightening cycle may be nearing an end. Analysts suggest focus may shift to negative economic effects of "restrictive" policy, with policy divergence no longer supportive for the pound, and risk of policy error increasingly highlighted. Natixis noted recently how interest rate hikes have little effect on inflation

    • In Spain, the political uncertainty continues in Spain as manoeuvring by the various parties, whilst slow, is likely to carry on, as the political blocs look to edge closer to attaining a majority ahead of the start of the new parliament on 17-Aug. This is when King Felipe VI will invite the leader of the largest party to attempt to form a government

    • On a busy earnings front, banking names in focus, with Commerzbank (CBK.GR), Monte Paschi (BMPS.IM) and Credit Agricole (ACA.FP) reporting Q2/H1 numbers, with the latter also confirming an agreement to acquire a majority stake in Bank Degroof Petercam. In the DACH region, Swiss Re (SREN.SW), Lanxess (LXS.GR), Carl Zeiss Meditec (AFX.GR), Sika Group (SIKA.SW), Dufry (DUFN.SW) and Heidelberger Druckmaschinen (HDD.GR) were among few other names to update investors. In the Nordics, Maersk (MAERSK.B.DC) issued Q2/H1 earnings and raised FY guidance, with Fortum (FORTUM.FH), Tokmanni (TOKMAN.FH) (and Tecnotree (TEM1V.FH) also reporting today whilst - in the UK - WPP (WPP.LN) and Capita plc (CPI.IM) were among few other names issuing earnings. Elsewhere, Salvatore Ferragamo (SFER.IM) and Public Power Corp (PPG.GA) issued Q2/H1 updates, whilst in Benelux, Galapagos reports (GLPG.NA), IMCD (IMCD.NA) and Bpost (BPOST.BB) released their latest numbers.

    • Looking ahead to next week's calendars (please see our StreetAccount Summary - Europe Week Ahead: Aug 7-11 attached below), OPEC and IEA monthly oil market reports are in focus, with Germany Jun industrial production, Switzerland Jul unemployment rate, France Q2 unemployment rate, UK Q2 preliminary GDP and several Jul CPIs including Germany the main macro-releases. In terms of earnings, Deutsche Telekom (DTE.GR), Glencore (GLEN.LN), Novo Nordisk (NOVO.B.DC) and Siemens (SIE.GR). Other companies due to report include Allianz (ALV.GR), Zurich Insurance (ZURN.SW), Bayer (BAYN.GR), MunichRe (MUV2.GR), Hapag-Lloyd (HLAG.GR), E.ON (EOAN.GR), RWE (RWE.GR), Porsche (PAH3.GR), Jungheinrich (JUN3.GR), Hannover Ruck (HNR1.GR), EnBW Energie Baden Wurttemberg (EBK.GR), Continental (CON.GR), Henkel & Co. (HEN.GR), Rheinmetall (RHM.GR), Brenntag (BNR.GR), Knorr-Bremse (KBX.GR), Siemens Energy (ENR.GR), and Delivery Hero (DHER.GR). In the UK, Flutter Entertainment (FLTR.LN), Antofagasta (ANTO.LN), InterContinental Hotels Group (IHG.LN), Coca-Cola HBC (CCH.LN) and Spirax-Sarco Engineering (SPX.LN). From the Nordics, Orsted (ORSTED.DC), Vestas Wind Systems (VWS.DC), Sampo (SAMPO.FH) and Novozymes (NZYM.B.DC). Elsewhere, Ahold Delhaize (AD.NA), KBC Group (KBC.BB), ABN AMRO Bank (ABN.NA) and Generali (G.IM) are due to report

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Travel & Leisure +1.76%, Energy +1.60%, Construct & Mtls +1.20%, Financial Svcs +0.89%, Insurance +0.79%, Ind Goods & Svcs +0.71%, Banks +0.61%, Chemicals +0.35%, Real Estate +0.34%, Autos & Parts +0.33%,

      • Underperformers: Food, Beverage and Tobacco (0.67%), Personal Care Drug and Grocery Stores (0.47%), Health Care (0.44%), Media (0.03%), Technology +0.05%, Telecom +0.12%, Retail +0.27%, Utilities +0.27%, Basic Resources +0.33%

    • Macro:

      • OPEC+ panel keeps policy unchanged against backdrop of stronger oil market (Reuters)

      • Ukraine strikes Russian naval vessel in first attack on oil exports (FT)

      • AfD: German voters shift towards far-right (dw)

      • Macron is pushing France to tipping point (Spectator)

      • Emmanuel Macron blames children of single parents for French riots (The Times)

      • Greenpeace defends protest at PM's home as 'proportionate response to a disastrous decision (Guardian)

      • China raps Italy for 'malicious' criticism of Belt and Road (dw)

      • Italy's tax reform set for final vote (Ansa)

      • Denmark tightens border control after Koran burnings (Reuters)

    • Company news:

      • Notable Gainers

        • +27.5% MOB.SS (Moberg Pharma SEK13.90, +3.00) -- MOB-015 approved in Sweden

        • +12.1% ENSU.NO (Ensurge Micropower NOK0.14, +0.02) -- solid state battery US patent

        • +6.1% ACA.FP (Credit Agricole €11.86, +0.69) -- Q2 earnings; Credit Agricole's Indosuez Wealth Management to acquire Degroof Petercam's

        • +5.9% NWRN.SW (Newron Pharmaceuticals CHF5.40, +0.30) -- H1 earnings

        • +5.4% GAM.SW (Gam Holding CHF0.53, +0.03) -- Liontrust extends offer period to 23-Aug-23

        • +4.3% HART.DC (Hartmann DKK313.00, +13.00) -- prelim. Q2 earnings, raises FY profit guidance

        • +4.2% SIKA.SW (Sika Group CHF279.40, +11.20) -- H1 earnings

        • +4.0% TEP.LN (Telecom plus £16.80, +0.64) -- FY trading update

        • +3.5% VIVE.SS (Vivesto SEK0.25, +0.01) -- early termination of patient enrollment in the investigator-initiated Phase 1B Docetaxel micellar study

        • +3.2% BMPS.IM (Banca Monte dei Paschi di Siena €2.54, +0.08) -- Q2 earnings; FY guidance

        • +2.5% SCANFL.FH (Scanfil €10.64, +0.26) -- Q2 earnings

        • +2.3% GLPG.NA (Galapagos €39.48, +0.89) -- H1 earnings

        • +1.9% DLAR.LN (De La Rue £0.48, +0.01) -- CFO steps down, non-executive director appointed Interim CFO

        • +1.8% SAN.FP (Sanofi €93.94, +1.68) -- unanimous recommendation of RSV antibody Beyfortus (nirsevimab) for infants and children by CDC ACIP

        • +1.8% SFER.IM (Salvatore Ferragamo €14.68, +0.26) -- H1 earnings

        • +1.2% HDD.GR (Heidelberger Druckmaschinen €1.42, +0.02) -- Q1 earnings

        • +1.1% BPOST.BB (bpost €4.50, +0.05) -- Q2 earnings

        • +0.9% FORTUM.FH (Fortum €11.78, +0.11) -- earnings

        • +0.6% DWNI.GR (Deutsche Wohnen €22.44, +0.14) -- earnings

        • +0.6% PPC.GA (Public Power Corp. €10.54, +0.06) -- earnings

      • Notable Decliners

        • -16.4% CPI.LN (Capita £0.22, -0.04) -- H1 earnings

        • -12.0% CARR.LN (Carr's Group £1.27, -0.17) -- trading update

        • -6.7% MAU.FP (Maurel et Prom €3.91, -0.28) -- H1 earnings

        • -4.9% MAERSK.B.DC (Maersk DKK12,855.00, -660.00) -- Q2 earnings; raises FY guidance

        • -4.3% DAM.GR (Data Modul €56.00, -2.50) -- Q2 earnings

        • -3.8% WPP.LN (WPP Group £8.15, -0.33) -- H1 earnings

        • -2.7% CBK.GR (Commerzbank €10.68, -0.30) -- Q2 earnings

        • -2.1% DAL.IM (Datalogic €5.61, -0.12) -- buyback program period

        • -2.0% BITTI.FH (Bittium €3.95, -0.08) -- Q2 earnings

        • -2.0% LXS.GR (Lanxess €28.61, -0.58) -- Q2 earnings; new CFO; "FORWARD!" action plan

        • -1.9% AFX.GR (Carl Zeiss Meditec €99.30, -1.94) -- 9M earnings

        • -1.7% SREN.SW (Swiss Re CHF87.62, -1.48) -- H1 earnings

        • -1.3% IDR.SM (Indra Sistemas €13.33, -0.17) -- acquires 9.5% of ITP Aero from Bain Capital for €175M

        • -1.3% VNA.GR (Vonovia €20.31, -0.27) -- Q2 earnings

        • -1.1% DUFN.SW (Dufry CHF42.27, -0.48) -- earnings

        • -1.0% IMCD.NA (IMCD €128.70, -1.30) -- H1 earnings

        • -0.3% CTM.SS (Catena Media SEK24.02, -0.08) -- divests UK and Australian businesses for €6.0M

        • -0.3% TOKMAN.FH (Tokmanni Group €13.69, -0.04) -- earnings

    • EU companies reporting on Monday:

      • Benelux: PostNL (PNL.NA)

      • DACH: Siemens Energy (ENR.GR), Aurubis (NDA.GR)

      • Nordics: Addex Therapeutics Ltd. (ADXN.SW)

      • Southern Europe: Credito Emiliano (CE.IM)

      • UK: PageGroup (PAGE.LN),

      • Trading Update: Clas Ohlson (CLAS.B.SS)

      • Traffic: SAS (SAS.SS)

  • Data:

    • Economics:

      • Eurozone Jun Retail Sales (1.4%) y/y vs consensus (1.7%) and prior revised (2.4%) from (2.9%)

      • Germany

        • Jun Factory Orders +7.0% m/m vs consensus (2.0%) and prior revised +6.2% from +6.4%

        • Jul Construction PMI 41.0 vs consensus 42.6 and prior 41.4

      • France Jun Industrial Production (0.9%) m/m vs consensus (0.3%) and prior revised +1.1% from +1.2%

      • Spain Jun Industrial Production (3.0%) y/y vs consensus (1.7%) and prior revised (0.6%) from (0.1%)

      • UK Jul Construction PMI 51.7 vs consensus 48.0 and prior 48.9

      • Denmark Jun Manufacturing Production +6.3% m/m vs consensus +1.0% and prior revised (0.6%) from (0.9%)

    • Markets:

      • WTI Crude (Sep 23): +$0.77 or +0.94% to $82.32

      • €-$ +0.0089 or +0.81% to 1.1039

      • £-$ +0.0066 or +0.52% to 1.2774

      • €-£ +0.0025 to 0.8641

      • S&P 500 +0.56%

      • Performance year-to-date

        • FTSE 100: +1.53%

        • DAX: +14.60%

        • CAC: +13.09%

        • MIB: +20.82%

        • Stoxx 600: +8.13%

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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