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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (1.24%) to 7524.16, DAX (1.03%) to 15832.17, CAC40 (1.26%) to 7340.19, STOXX 600 (1.09%) to 459.17

Aug 11 ,2023

  • Synopsis:

    • European equity markets finished lower and just off the lowest levels of the session. Norway bucked the negative trend closing +0.5% higher. Financial Services and Utilities were the best performers, Technology and Real Estate the main laggards.

    • Focus on UK GDP posting strongest growth in over a year whilst industrial production much higher than expected. Trade balance missed. France July final CPI slightly higher than preliminary release whilst Spanish final CPI in-line with preliminary release. Economists now see ECB pausing rate hikes in September. ECB's Lane said interest rates will likely settle at low, but not super-low levels. Also some heightened scrutiny surrounding higher energy prices and upward pressure on breakevens. French Q2 unemployment rate higher than expected. UK buy-to-let mortgages falling into arrears surged by almost 30% in Q2. Chancellor Scholz vowed to push back against far-right AfD.

    • On the corporate front, UBS (UBSG.SW) voluntarily terminates LPA and PLB with the Swiss government and SNB; Credit Suisse repays ELA+ loan. In earnings, out of DACHs, Bechtle (BC8.GR) Q2 EPS, EBIT beat but revenue missed whilst Salzgitter (SZG.GR) final H1 earnings came in line with prelim release. METRO (B4B.GR) reported Q3 adjusted EBITDA €332M vs FactSet €325.5M. Fraport (FRA.GR) posted July Frankfurt Airport traffic statistics with passengers 6.01M, +19.7% y/y. Nordic companies with earnings releases included AKVA Group (AKVA.NO), Frøy (FROY.NO), Haypp Group (HAYPP.SS), Kamux (KAMUX.FH), Okeanis Eco Tankers (OET.NO), OLVI (OLVI.FH), Remedy Entertainment (REMEDY.FH) and SimCorp (SIM.DC). Out of Italy, UnipolSai Assicurazioni (US.IM) reports H1 net income €431M vs FactSet €354M and Unipol Gruppo (UNI.IM) reports H1 net income attributable €416M vs FactSet €373M.

    • Limited M&A news flow, UK's CMA provisionally clears UnitedHealth's (UNH) acquisition of EMIS (EMIS.LN). Of note, Italian Treasury and KKR (KKR) signed a preliminary agreement towards Telecom Italia (TIT.IM) bid with Italy to acquire 20% stake of TIM's landline grid. Elsewhere, ALTANA acquired majority stake in Von Roll Holding (ROL.SW) and announces public tender offer at CHF0.86/sh.

    • The week ahead sees Norges Bank policy decision, Germany's Economy Ministry monthly report, Spain's attempts to form a new government come to a head, UK Jul employment and inflation data, Germany Aug ZEW survey as well as earnings from Adyen (ADYEN.NA), Carlsberg (CARL.B.DC), Coloplast (COLO.B.DC), Geberit (GEBN.SW), Legal & General Group (LGEN.LN) and Straumann (STMN.SW).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Financial Svcs (0.52%), Utilities (0.53%), Energy(0.55%), Telecom (0.60%), Health Care (0.64%), Banks (0.77%), Construct & Mtls (1.01%)

      • Underperformers:

        • Technology (2.10%), Real Estate (2.08%), Travel & Leisure (2.03%), Autos & Parts (1.80%), Consumer Products and Services (1.67%), Basic Resources (1.66%), Retail (1.52%), Media (1.34%), Chemicals (1.18%), Insurance (1.14%), Food, Beverage and Tobacco (1.13%), Ind Goods & Svcs (1.13%)

    • Macro:

      • ECB

        • ECB to pause in September, say slim majority of economists - Reuters

      • Germany:

        • German conservatives battle for top position - euractiv

        • Germany in talks to send Taurus missiles to Ukraine: reports - DW

      • Poland:

        • Poland to vote in privatisation referendum, likely alongside October election - Reuters

      • UK:

        • UK economy grows 0.2% thanks to June surge - Politico

        • Rishi Sunak told UK must grow more of its own food - BBC

        • Junior doctors in England launch fifth round of industrial action - Guardian

    • Company news:

      • Notable Gainers:

        • +25.0% EMIS.LN (EMIS Group £19.08, +3.82) -- UnitedHealth acquisition provisionally cleared by UK's CMA

        • +12.6% VAR1.GR (VARTA €21.67, +2.42) -- H1 earnings

        • +12.0% KAMUX.FH (Kamux €6.00, +0.64) -- Q2 earnings

        • +10.3% ROL.SW (Von Roll Holding CHF0.86, +0.08) --

          • H1 earnings

          • purchase of a majority stake 84.3% and public tender offer for all shares at CHF0.86/share by ALTANA

        • +6.6% SPM.IM (Saipem €1.49, +0.09) -- two new contracts worth total of ~$700M

        • +6.4% BC8.GR (Bechtle €42.72, +2.57) -- Q2 earnings

        • +5.0% DEX.GR (Delticom €2.09, +0.10) -- H1 earnings

        • +4.7% UBSG.SW (UBS Group CHF20.32, +0.91) -- terminates the LPA and PLB with Swiss government and SNB, Credit Suisse repays ELA+ loan

        • +3.3% REG1V.FH (Revenio Group €23.96, +0.76) -- Danske Bank upgrade

        • +2.9% PHO.NO (PhotoCure NOK43.90, +1.25) -- partner Asieris Pharmaceuticals announces Hexvix Phase III bridging trial in China has successfully met its primary research endpoint

        • +2.4% EG7.ID (FBD Holdings €13.05, +0.30) -- H1 earnings

        • +2.4% EBK.GR (EnBW Energie Baden-Wuerttemberg €84.00, +2.00) -- H1 earnings

        • +2.1% MUSTI.FH (Musti Group €18.53, +0.39) -- Nordea upgrade

        • +1.6% ENR.GR (Siemens Energy €13.78, +0.22) -- Siemens Gamesa CEO Jochen Eickholt issues LinkedIn update: company is making progress in fixing problems with some of Gamesa's onshore wind turbines

        • +1.6% LEMON.FH (Lemonsoft €7.82, +0.12) -- Q2 earnings

        • +1.5% OLVAS.FH (OLVI €29.90, +0.45) -- Q2 earnings

      • Notable Decliners

        • -7.3% B4B.GR (METRO €7.04, -0.56) -- Q3 earnings

        • -4.1% PIHLIS.FH (Pihlajalinna €8.21, -0.35) -- Q2 earnings

        • -4.1% EFGN.SW (EFG International CHF10.40, -0.44) -- Citi downgrade

        • -3.4% STLAM.IM (Stellantis €16.85, -0.60) -- $215M investment in Archer (ACHR) by Stellantis-led consortium

        • -3.2% HOLM.B.SS (Holmen SEK382.90, -12.50) -- DnB Markets downgrade

        • -2.9% HNR1.GR (Hannover Re €196.60, -5.80) -- BofA downgrade

        • -2.1% SOFF.NO (Solstad Offshore NOK23.20, -0.50) -- two contract wins in Brazil with combined value of $100M

        • -2.0% AMBU.B.DC (Ambu DKK94.30, -1.88) -- 10(k) regulatory clearance from FDA of two smaller sizes of its fifth-generation bronchoscope family, the Ambu aScope 5 Broncho

        • -1.4% TOM.NO (Tomra Systems NOK153.00, -2.15) -- further update on cyberattack

        • -0.8% SBRY.LN (J Sainsbury £2.66, -0.02) -- confirms sale of mortgage portfolio to The Co-operative Bank for a cash consideration of ~ £464M

    • EU companies reporting Monday:

      • Earnings:

        • Benelux: SIPEF (SIP.BB)

        • DACHs: Talanx (TLX.GR), Encavis (ECV.GR), Deutsche EuroShop (DEQ.GR), TAG Immobilien (TEG.GR), Nagarro (NA9.GR), Hypoport (HYQ.GR), Bilfinger (GBF.GR), JOST Werke (JST.GR), adesso (ADN1.GR), New Work (NWO.GR), ProCredit Holding (PCZ.GR), Medios (ILM1.GR), Grammer (GMM.GR), Katek (KTEK.GR), Cherry (C3RY.GR)

        • Nordics: Tivoli (TIV.DC), Maha Energy (MAHA.A.SS)

        • UK: CentralNic Group (CNIC.LN)

      • Traffic: Flughafen Zurich (FHZN.SW)

  • Data:

    • Economics:

      • Jul CPI

        • France +4.3% y/y vs preliminary +4.3%; +0.1% m/m vs preliminary 0.0%

      • France

        • Q2 Unemployment Rate 7.2% vs consensus 7.1% and prior 7.1%

        • Spain +2.3% y/y vs preliminary +2.3%; +0.2% m/m vs preliminary +0.1%

      • UK

        • Q2 Preliminary GDP +0.4% y/y vs consensus 0.2% and prior +0.2%; +0.2% q/q vs consensus 0.0% and prior +0.1%

        • Jun

          • Construction Output +4.6% y/y vs consensus +1.9% and prior +0.2%

          • Visible Trade Balance (£15.46B) vs consensus (£16.4B) and prior revised (£18.41B) from (£18.72B)

          • Industrial Production +0.7% y/y vs consensus (1.1%) and prior revised (2.1%) from (2.3%)

      • Italy Jun Trade Balance €7.72B vs consensus €6.5B and prior €4.71B

    • Markets:

      • WTI Crude (Sep 23): +$0.61 or +0.74% to $83.43

      • €-$ (0.0026) or (0.24%) to 1.0957

      • £-$ +0.0023 or +0.18% to 1.2697

      • €-£ (0.0035) to 0.8630

      • S&P 500 (0.28%)

      • Performance year-to-date

        • FTSE 100: +0.97%

        • DAX: +13.71%

        • CAC: +13.38%

        • MIB: +19.27%

        • Stoxx 600: +8.07%

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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