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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.23%) to 7507.15, DAX +0.46% to 15904.25, CAC40 +0.12% to 7348.84, STOXX 600 +0.15% to 459.86

Aug 14 ,2023

  • Synopsis:

    • European equity markets spent much of the day mixed, with pan-European indices fluctuating in a narrow range either side of unchanged, before a weaker open on Wall Street weighed. As US shares reversed initial losses, European shares recovered from session lows, ending in the upper part of the session's range

    • Italy +0.5% joins the DAX, Switzerland +0.3% and a handful of country benchmarks that are little changed on the day including Ireland and Sweden, leading outperformers. Finland (0.8%) and Greece (0.6%) led underperformers

      • Tomorrow sees markets in Greece, Italy and Poland closed for the Assumption Day holiday, whilst several countries have bank holidays, including Austria, France, Italy, Portugal and Spain, though these markets remain open.

    • Economic data was limited, with Finland Jul CPI coming in above expectations and surprisingly up y/y compared to the prior month.

    • Germany's Economy Ministry latest monthly report presented a downbeat outlook on the prospects for the economy

    • In Norway there's Arendal Week, with several politicians due to speak

    • As Ukraine reported fierce fighting along its entire front line and some success in pushing back Russian troops, German Finance Minister Lindner visited Kyiv and China's Defence Minister began a week long visit to Russia and Belarus. Germans reportedly oppose sending Taurus missiles to Ukraine as that would make Germany an active participant in the conflict in the eyes of the Russian leadership. Tension remain high in the Black Sea after Russia fired warning shots and boarded a cargo vessel yesterday, whilst the Russian ruble hits 17-month low vs US dollar

    • Earnings/updates included Bilfinger (GBF.GR), CentralNic Group (CNIC.LN), DFDS (DFDS.DC), Lok 'n' Store Group (LOK.LN), Sipef (SIP.BB), Talanx (TLX.GR) and Tivoli (TIV.DC)

    • Among the M&A news flow, Exor (EXO.NA) buys 15% stake in Koninklijke Philips (PHIA.NA) and will propose one member to the board, becomes long-term investor, and Redburn and Atlantic Equities complete combination to form Redburn Atlantic. Sky News reported administrators for Wilko's, the British high-street retail chain which sells homewares and household goods from over 400 stores, gives prospective bidders a deadline of 16-Aug to submit initial offers.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Retail +0.81%, Financial Svcs +0.65%, Food & Beverage +0.58%, Technology +0.47%, Telecom +0.45%, Insurance +0.39%, Media +0.36%, Health Care +0.30%, Ind Goods & Svcs +0.27%, Construct & Mtls +0.19%

      • Underperformers:

        • Basic Resources (1.51%), Oil & Gas (0.84%), Travel & Leisure (0.41%), Real Estate (0.15%), Utilities (0.05%), Banks +0.03%, Autos & Parts +0.07%, Persnl & HHold Goods +0.12%, Chemicals +0.14%

    • Macro/Peripheral markets:

      • France:

        • Interior Minister Gerald Darmanin may seek to run for presidency in 2027 - the local

      • Germany:

        • Early indicators currently not yet pointing to a sustainable economic recovery in the coming months - Economy Ministry monthly report

      • Greece:

        • Greek and Turkish foreign ministers continue preparations for possible meeting between the countries two leaders in Sep - ekathinerini

      • Ireland:

        • Finance minister confirms banking levy will be extended into 2024 in upcoming budget - Irish Business Post

      • Italy:

        • PM Meloni talks to opposition parties over minimum wage - ANSA; defends windfall tax on banks - Bloomberg

      • Netherlands:

        • Centre-left PvdA (S&D Group) and GroenLinks (Greens) alliance takes lead in opinion polls - Euractiv citing Europe Elects' analysis

      • Poland:

        • To vote on dismantling border wall with Belarus in 15-Oct referendum - TASS

      • Spain:

        • Nominates Nadia Calviño to run European Investment Bank - Politico

      • UK:

        • Has seen more strikes in the past year than in any since the 1980s - Resolution Foundation Q2 Labour Market Outlook

    • Company news:

      • Notable Gainers

        • +7.7% ADN1.GR (adesso) -- Q2 EPS (€1.19) vs year-ago (€0.29); reaffirms FY EBITDA between €100-110M

        • +6.1% WOSG.LN (Watches of Switzerland Group) -- to buy from hold at Kepler Cheuvreux

        • +5.6% DFDS.DC (DFDS) -- raises FY EBITDA guidance to DKK 4.8-5.2B vs prior DKK 4.5-5.0B, FactSet DKK4.78B; keeps FY revenue growth unchanged

        • +5.3% B4B.GR (METRO) -- to buy from hold at Alster Research

        • +4.6% GBF.GR (Bilfinger) -- Q2 adjusted net income €27.1M, +40% vs year-ago €19.3M; reaffirms FY guidance

        • +4.5% BC8.GR (Bechtle) -- to buy from hold at Hauck & Aufhäuser

        • +4.3% TGS.NO (TGS-NOPEC Geophysical Co.) -- obtains funding for a series of Multi-client Programs in Southeast Asia

        • +4.3% PHIA.NA (Koninklijke Philips) -- Exor (EXO.NA) buys 15% stake in Koninklijke Philips; will propose one member to the board and becomes long-term investor

          • -0.2% EXO.NA (EXOR)

        • +2.8% OLVAS.FH (OLVI) -- to accumulate from reduce at OP Corporate Bank

        • +2.7% AFRY.SS (AFRY) -- Dagens Industri out with buy recommendation

        • +2.7% GIG.NO (Gaming Innovation Group) -- appoints Richard Carter as Platform & Sportsbook CEO

        • +2.1% PLUS.LN (Plus500) -- final H1 EPS $1.58 vs year-ago $2.43; announces special dividend and share buyback

        • +2.1% NWO.GR (New Work) -- Q2 pro forma EPS €1.72 vs year-ago €2.08; reaffirms FY outlook

        • +2.0% HOC.LN (Hochschild Mining) -- provides update on its 100%-owned Volcan Gold Project

        • +1.9% TLX.GR (Talanx) -- Q2 net income attributable €404M vs FactSet €403M [1 est]; reaffirms FY and medium-term targets

        • +1.9% C3RY.GR (Cherry) -- Q2 EPS €0.01 vs year-ago (€0.01); confirms FY guidance

        • +1.3% SALM.NO (SalMar) -- Goldman Sachs Asset Management completes the acquisition of 72.11% of Frøy (FROY.NO) from NTS; intends mandatory offer for remaining shares not held; to buy from hold at Pareto

          • +0.5% FROY.NO (Frøy)

        • +1.2% EPR.NO (Europris) -- to buy from hold at SEB

        • +1.0% ODL.NO (Odfjell Drilling) -- notes new contract signed for Hercules rig

          • On earnings/updates: Ilkka (ILKKA2.FH), PCZ.GR (ProCredit Holding), JST.GR (JOST Werke), TIV.DC (Tivoli)

      • Notable Decliners

        • -8.4% VLA.FP (Valneva) -- FDA revises Prescription Drug User Fee Act action date for BLA for VLA1553 from end of Aug to the end of Nov

        • -6.3% HYQ.GR (Hypoport) -- final Q2 earnings in line with prelim. release; EBIT (€2.5M)

        • -6.3% TEG.GR (TAG Immobilien) -- H1 FFO I €0.64 vs year-ago €0.66; reaffirms FY guidance

        • -5.9% SANION.SS (Saniona) -- and Formue Nord agree to change the terms of loan agreement; reduces (includes debt for equity) and extends loan

        • -5.9% NA9.GR (Nagarro) -- Q2 adjusted EBITDA €28.9M, (28%) vs year-ago €40.2M, lowers FY guidance; to neutral from outperform at Oddo

        • -5.0% FME.GR (Fresenius Medical Care) -- to sell from neutral at UBS

        • -3.9% ONCO.SS (Oncopeptides) -- to hold from buy at DnB Markets

        • -3.7% CNIC.LN (CentralNic Group) -- H1 EPS 11.3c vs year-ago 8.2c, expects that the group will trade at least in line with current market expectations for FY

        • -2.8% QBY.GR (q.beyond) -- Q2 net income (€2.7M) vs year-ago (€3.1M)

        • -2.7% XXL.NO (XXL) -- announces extension of Swedish temporarily tax deferral

        • -1.9% ELOS.B.SS (Elos Medtech) -- new issue of shares of class B up to ~SEK 4.3B

        • -1.5% SYT.GR (Softing) -- Q2 EPS €0.05 vs year-ago €0.14, reaffirms FY guidance

        • -1.1% ILM1.GR (Medios) -- H1 adjusted EBITDA €29.0M, +2% vs year-ago €28.5M; positive FY23 outlook confirmed

          • On earnings/updates: SIP.BB (Sipef), KESKOB.FH (Kesko), DETEC.FH (Detection Technology) and reversing initial gains AENA.SM (AENA SME)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: TKH Group (TWEKA.NA)

        • DACHs: Straumann (STMN.SW), Tecan Group (TECN.SW), HUBER+SUHNER (HUBN.SW), Medartis (MED.SW), Montana Aerospace (AERO.SW), PolyPeptide (PPGN.SW), Basilea Pharmaceutica (BSLN.SW), Orascom Development (ODHN.SW), NEXUS (NXU.GR), Hamburger Hafen und Logistik (HHFA.GR), First Sensor (SIS.GR), MBB (MBB.GR), HomeToGo (HTG.GR), Allgeier (AEIN.GR), Friedrich Vorwerk (VH2.GR), Aumann (AAG.GR), H&R & Co. (2HRA.GR)

        • Nordics: Pandora (PNDORA.DC), Jyske Bank (JYSK.DC), FLSmidth & Co. (FLS.DC), Schouw & Co (SCHO.DC), Vestjysk Bank (VJBA.DC), Wallenius Wilhelmsen (WAWI.NO), REC Silicon (RECSI.NO), Gram Car Carriers (GCC.NO), Cloudberry Clean Energy (CLOUD.NO), Magnora (MGN.NO), Hexatronic (HTRO.SS), RVRC Holding (RVRC.SS), Fasadgruppen (FG.SS), GARO (GARO.SS), Enad Global 7 (EG7.SS), Ponsse (PON1V.FH)

        • UK: Legal & General (LGEN.LN), X5 Retail (FIVE.LN), Just Group (JUST.LN), Genuit Group (GEN.LN), Victoria (VCP.LN), Georgia Capital (CGEO.LN)

      • Trading Update: DFDS (DFDS.DC), UP Global Sourcing (UPGS.LN)

  • Data:

    • Economics:

      • Finland Jul CPI +6.5% y/y vs consensus +6.1% and prior +6.3%

    • Markets:

      • WTI Crude (Sep 23): ($0.47) or (0.56%) to $82.72

      • €-$ (0.0033) or (0.30%) to 1.0921

      • £-$ (0.0015) or (0.12%) to 1.2689

      • €-£ (0.0019) to 0.8606

      • S&P 500 +0.32%

      • Performance year-to-date:

        • FTSE 100: +0.74%

        • DAX: +14.23%

        • CAC: +13.52%

        • MIB: +19.90%

        • Stoxx 600: +8.23%

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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