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StreetAccount Summary - EU Market Recap: FTSE 100 (0.36%) to 7527.42, DAX (1.10%) to 15774.93, CAC40 (0.69%) to 7269.47, STOXX 600 (0.23%) to 458.60

Aug 08 ,2023

  • Synopsis:

    • European equity markets closed lower, just off worst levels. Banks under pressure following Italian banking tax and Moody downgrades of US small/mid banks. Yesterday evening the Italian govt approved a "surprise tax" decree on the extra profits of banks this year. According to Il Corriere the amount taken by the State could exceed €4B, other press sources estimate the new levy between €2B-€3B. Treasuries rallying with some curve flattening, though a bit off best levels. Comes after finishing mostly weaker on Monday. Dollar index up 0.6%. Gold down 0.5%. Bitcoin futures up 1.3%. WTI crude down 0.4%, but off worst levels.

    • On the macro front, focus on German July CPI declined vs June, meeting expectations. Destatis reported that consumer prices in Europe's largest economy increased 0.3% m/m in July, in line with expectations and unchanged from June. Equates to 6.2% y/y, in-line with expectations and down from 6.4% in June. Destatis noted food and energy prices were somewhat larger than in the two previous months. In terms of energy, there were base effects from abolishment of EEG surcharge. Core inflation, without food and energy, declined to 5.5% in July, down from 5.8% in June. ECB consumer inflation expectations for the next 12 months declined to 3.4% in June from 3.9% in May. For three years ahead, they declined to 2.3% from 2.5% in May; however, EUR 5Y5Y swaps highest since 2010 and above ECB target. Bundesbank will stop paying interest on German government deposits. In the UK, BoE's Pill said food prices may never retreat from high levels. BRC retail sales numbers for July showed that like for like sales slowed during the month.

    • On the corporate front, out of DACHs, Fraport (FRA.GR) Q2 net income, revenue beat but EBITDA missed; FY23 EBITDA and group result expected to reach upper half of ranges. Bayer (BAYN.GR) lowered revenue forecasts for crops and drugs unit. Norma Group (NOEJ.GR) Q2 EPS and EBIT beat and group reaffirmed FY guidance. Porsche Automobil Holding (PAH3.GR) reported H1 net income €2.31B vs year-ago €3.95B and reaffirmed FY guidance; Galenica (GALE.SW) H1 adjusted net income attributable CHF186.2M and reaffirmed FY guidance. Out of the Nordics, FLSmidth & Co.(FLS.DC) posted prelim Q2 revenue at DKK6.4M vs FactSet DKK5.91B and raised FY 2023 financial guidance. In the UK, Glencore (GLEN.LN) H1 profits drop 50% as commodity prices ease; announced $2.2B capital return "top-up"; company also announced the commencement of an up to $1.2B share buyback program. abrdn Plc (ABDN.LN) amidst the top FTSE 100 laggards as it reports H1 weaker than expected operating profit and net flows for H1, offsetting the news of a new £150M share buyback and an in-line dividend. InterContinental Hotels Group (IHG.LN) among the gainers as it reports H1 Segment Operating profit $479M vs consensus $469.7M; company declares an interim dividend of $c48.3 vs consensus $c46.1.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +3.24%, Utilities +0.50%, Personal Care Drug and Grocery Stores +0.16%, Media +0.06%, Real Estate (0.10%), Food, Beverage and Tobacco (0.10%),

      • Underperformers:

        • Banks (2.70%), Basic Resources (1.77%), Autos & Parts (1.30%), Technology (1.25%), Consumer Products and Services (1.09%), Ind Goods & Svcs (0.91%), Financial Svcs (0.89%), Chemicals (0.72%), Insurance (0.60%), Telecom (0.56%), Construct & Mtls (0.54%), Retail (0.51%), Oil & Gas(0.35%)

    • Macro:

      • ECB says consumer inflation expectations fell further in June (Bloomberg)

      • BoE's Pill says food price inflation may slow to 10% later this year (Reuters), but prices are unlikely to deflate significantly (Bloomberg)

      • UK retail sales growth slows to 11-month low (Reuters)

      • Varadkar says UK reluctant to co-operate on N Ireland political crisis (FT)

      • France returns as Europe's top energy exporter as Germany turns power importer (Bloomberg)

    • Peripheral markets:

      • Italy:

        • Italy surprises markets with new tax on extra profits of banks (Bloomberg, Il Corriere, Il Messaggero, Sole24Ore)

          • -10.6% BPE.IM (BPER Banca €2.54, -0.30), -10.2% BMPS.IM (Banca Monte dei Paschi di Siena €2.49, -0.28), -9.2% FBK.IM (FinecoBank €12.32, -1.25), -8.9% BAMI.IM (Banco BPM €4.01, -0.39), -8.7% CE.IM (Credito Emiliano €7.03, -0.67), -8.6% ISP.IM (Intesa Sanpaolo €2.34, -0.22), -5.9% UCG.IM (UniCredit €21.29, -1.34), -5.7% BPSO.IM (Banca Popolare di Sondrio €4.05, -0.25), -2.4% BFF.IM (Banca Farmafactoring €9.45, -0.23), -2.2% IF.IM (Banca Ifis €15.87, -0.35)

        • Meloni to have talks with opposition on minimum wage (ANSA)

      • Spain:

        • Far-right Vox vows to back conservative Feijóo 'for free' (Politico)

      • Romania

        • Romania holds rates as inflation, fiscal risks stave off easing (Bloomberg)

    • Company news:

      • Notable Gainers

        • +17.3% NOVO.B.DC (Novo Nordisk DKK1,279.80, +188.40) -- Semaglutide 2.4 mg SELECT trial achieved its primary objective

        • +15.4% TIFS.LN (TI Fluid Systems £1.50, +0.20) -- earnings

        • +13.3% QLT.LN (Quilter £0.81, +0.09) -- earnings

        • +7.9% FRA.GR (Fraport €49.12, +3.58) -- earnings

        • +5.4% SDG.LN (Sanderson Design Group £1.08, +0.05) -- trading update

        • +5.3% ALCA.SS (Alcadon Group SEK41.50, +2.10) -- contract

        • +5.1% SHI.LN (SIG £0.30, +0.01) -- earnings

        • +4.5% EXL.GR (Exasol €2.80, +0.12) -- prelim earnings

        • +4.3% NOEJ.GR (Norma Group €16.38, +0.68) -- earnings

        • +4.2% ALBPS.FP (Biophytis €0.02, -0.00) -- positive opinion for its SARA-31 phase 3 study in sarcopenia in Europe

        • +2.7% GAM.SW (Gam Holding CHF0.54, +0.01) -- Liontrust Asset Management receives change in control approval from UK's FCA in relation to the proposed acquisition and becoming controllers of GAM's UK regulated entities

        • +2.5% IHG.LN (InterContinental Hotels Group £57.98, +1.40) -- earnings

        • +2.1% NANO.LN (Nanoco Group £0.18, -0.00) -- trading update

        • +0.6% ROR.LN (Rotork £2.98, +0.02) -- earnings

    • Notable Decliners

      • -70.6% ACE.SS (Ascelia Pharma SEK4.75, -11.47) -- update on phase 3 sutdy SPARKLE

      • -18.2% ASA.NO (Atlantic Sapphire NOK4.96, -1.11) -- prelim earnings

      • -15.2% MITRA.BB (Mithra Pharmaceuticals €2.60, -0.47) -- supply agreement

      • -11.2% ABDN.LN (abrdn Plc £1.94, -0.24) -- increases buyback; earnings

      • -10.0% THAG.SW (Talenthouse CHF0.00, -0.00) -- delisting decision of the Regulatory board of SIX

      • -8.4% MIO.ID (Mincon Group €0.87, -0.08) -- earnings

      • -7.3% ALL.LN (Atlantic Lithium £0.18, -0.01) -- Ewoyaa Lithium Project drilling results

      • -6.2% KOA.NO (Kongsberg Automotive NOK2.32, -0.15) -- earnings

      • -5.4% VID.LN (Videndum £5.26, -0.30) -- results delay

      • -4.7% WAC.GR (Wacker Neuson €22.55, -1.10) -- confirms prelim earnings

      • -4.2% FLS.DC (FLSmidth & Co. DKK313.40, -13.60) -- prelim earnings

      • -4.0% TETY.SS (Tethys Oil SEK50.81, -2.12) -- earnings

      • -3.1% PAH3.GR (Porsche Automobil Holding SE €50.52, -1.62) -- earnings

      • -2.8% GLEN.LN (Glencore £4.44, -0.13) -- commences buyback; earnings

      • -2.4% SDI.LN (SDI Group £1.20, -0.03) -- earnings

      • -2.1% G24.GR (Scout24 €59.72, -1.28) -- prelim earnings

      • -0.4% AOX.GR (Alstria €4.96, -0.02) -- earnings

      • -0.2% ASCN.SW (Ascom Holding CHF11.90, -0.02) -- earnings

      • -0.1% BAYN.GR (Bayer AG €52.31, -0.06) -- earnings

  • EU companies reporting tomorrow:

    • Earnings:

      • Benelux: Ahold Delhaize (AD.NA), ABN AMRO Bank (ABN.NA), Ebusco Holding (EBUS.NA)

      • DACH: E.ON (EOAN.GR), Hannover Ruck (HNR1.GR), Continental (CON.GR), Brenntag (BNR.GR), Stroer & Co. (SAX.GR), Synlab (SYAB.GR), Jenoptik (JEN.GR), MorphoSys (MOR.GR), Muhlbauer Holding (MUB.GR), STRATEC (SBS.GR), R. Stahl (RSL2.GR), Masterflex (MZX.GR), voestalpine (VOE.AV), Swissquote Group Holding Ltd. (SQN.SW), Berner Kantonalbank (BEKN.SW), Kuros Biosciences Ltd. (KURN.SW)

      • Nordics: Vestas Wind Systems (VWS.DC), Novozymes (NZYM.B.DC), Kobenhavns Lufthavne (KBHL.DC), Sampo (SAMPO.FH), Aktia Bank (AKTIA.FH), Raisio (RAIVV.FH), HKScan (HKSAV.FH), Suominen (SUY1V.FH), Photocure (PHO.NO), Asetek (ASTK.NO), Sparebanken Vest (SVEG.NO), Orron Energy (ORRON.SS), CTEK (CTEK.SS), Bredband2 i Skandinavien (BRE2.SS)

      • Southern Europe: Assicurazioni Generali (G.IM), Technoprobe (TPRO.IM), Alpha Services & Holdings (ALPHA.GA), Emak (EM.IM)

      • UK: Flutter Entertainment (FLTR.LN), Coca-Cola HBC (CCH.LN), 4imprint Group (FOUR.LN), Hill & Smith (HILS.LN), CLS Holdings (CLI.LN), Hargreaves Services (HSP.LN), RM (RM.LN)

    • Trading Update: Delivery Hero (DHER.GR), Bellway (BWY.LN)

Data:

  • Economics:

    • Germany Jul CPI +6.2% y/y vs prelim +6.2%; +0.3% m/m vs prelim +0.3%

      • EU Harmonised: +6.5% y/y vs prelim +6.5%; +0.5% m/m vs prelim +0.5%

    • France Jun Trade Balance (€6.71B) vs cons (€8.0B) and prior revised (€7.94B) from (€8.42B)

    • Netherlands Jul CPI +4.6% y/y vs prelim +4.6%

    • Greece Jul CPI +2.5% y/y vs cons +1.6% and prior revised 2.7% from +1.8%

      • EU Harmonised: +3.5% y/y vs cons +2.6% and prior +2.8%

  • Markets:

    • WTI Crude (Sep 23): ($0.29) or (0.35%) to $81.65

    • €-$ (0.0054) or (0.49%) to 1.0952

    • £-$ (0.0060) or (0.47%) to 1.2723

    • €-£ (0.0001) to 0.8608

    • S&P 500 (1.05%)

    • Performance year-to-date

      • FTSE 100: +1.02%

      • DAX: +13.30%

      • CAC: +12.29%

      • MIB: +17.87%

      • Stoxx 600: +7.93%

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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