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StreetAccount Summary - EU Market Recap: FTSE 100 (1.57%) to 7389.64, DAX (0.86%) to 15767.28, CAC40 (1.10%) to 7267.70, STOXX 600 (0.93%) to 455.57

Aug 15 ,2023

  • Synopsis:

    • European indices ended sharply lower. In sectors, miners, banks, and utilities the biggest decliners whilst retail doing better relative to broader market. Of note, a number of predominantly catholic European countries today celebrate Assumption Day.

    • The UK's official labour market data saw wage growth accelerate at record pace and will increase the pressure on the BoE to tighten policy further. Average weekly earnings up 8.2% in June versus consensus 7.3% and prior 7.2% revised from 6.9%, while excluding bonuses at 7.8% versus 7.4% expected and prior 7.5% revised from 7.3%.

    • On the macro-calendar, focus on German ZEW sentiment which saw a slight improvement in August at -12.3 versus consensus -14.7 and prior -14.75. Despite the stabilization in overall sentiment, current situation index is very weak at -71.3 versus consensus -63.0 and prior -59.5. Elsewhere, Switzerland Jul PPI (0.6%) y/y vs consensus (0.5%) and prior (0.6%) whilst Sweden Jul CPI +9.3% y/y vs consensus +9.3% and prior +9.3%.

    • On the earnings front, 888 Holdings (888.LN) reported H1 EPS 2.6p vs year-ago 7.8p., Marks and Spencer (MKS.LN) saw strong trading in first 19 trading weeks, Legal & General Group (LGEN.LN) posted H1 operating profit from divisions £1.14B vs consensus £1.03B and said on track to achieve 2020-2024 ambitions. Out of Switzerland, Straumann Holding (STMN.SW) reported H1 core net income CHF228.7M vs consensus CHF239M and reaffirmed FY guidance, Tecan Group (TECN.SW) recorded H1 adjusted net income CHF65.8M vs FactSet CHF59.6M, whilst PolyPeptide Group (PPGN.SW) posted H1 EPS (€1.04) vs year-ago €0.31 and appointed new CFO. Also, Flughafen Zuerich (FHZN.SW) reported Jul traffic statistics. In the Nordics, Jyske Bank (JYSK.DC) posted Q2 EPS DKK18.00 vs FactSet DKK18.79 and confirmed FY guidance whilst Carlsberg (CARL.B.DC) prelim. H1 organic revenue grew +11.2%. The company increased FY organic growth in operating profit guidance to +4-7% vs prior -2% to +5% and announced new quarterly DKK 1B share buyback to start tomorrow. Elsewhere, Kantar Worldpanel announced its latest UK grocery share figures.

    • On the speculation front, Adnoc has reportedly indicated to Covestro (1COV.GR) it is willing to increase its offer to €60/share if it would get negotiations started, with Covestro's management and supervisory board now considering their options before possibly responding as soon as this week, Bloomberg reported.

    • Looking ahead to tomorrow's EU econ-calendar, main releases will include, amongst others, UK Jul CPI, RPI, PPI input/output and Eurozone Q2 GDP (2nd estimate), Jun industrial production.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Retail +0.61%, Autos & Parts (0.62%), Health Care (0.62%), Construct & Mtls (0.74%), Travel & Leisure (0.72%), Technology (0.69%), Telecom (0.76%), Oil & Gas (0.74%), Financial Svcs (0.87%), Media (0.82%)

      • Underperformers

        • Basic Resources (1.54%), Banks (1.22%), Utilities (1.23%), Persnl & HHold Goods (1.19%), Chemicals (1.18%), Insurance (1.09%), Ind Goods & Svcs (1.11%), Real Estate(1.00%), Food & Beverage (1.00%)

    • Macro:

      • EU

        • European Bonds Lead Global Selloff as Inflation Fears Build -- Bloomberg

        • EU gas storage may face "reality check" in December - SEB -- Montel

      • UK

        • BoE under pressure as UK wages rise at fastest pace on record - Politico

      • Germany

        • China fast encroaching on Germany's share of EU markets - study -- Reuters

    • Company news:

      • Notable Gainers

        • +11.7% BSLN.SW (Basilea Pharmaceutica CHF47.35, +4.95) -- H1 earnings

        • +8.3% AAG.GR (Aumann €14.94, +1.14) -- H1 earnings

        • +8.3% MKS.LN (Marks & Spencer Group £2.22, +0.17) -- 19-week trading update

        • +7.8% TECN.SW (Tecan Group CHF362.60, +26.20) -- H1 earnings

        • +6.8% WAWI.NO (Wallenius Wilhelmsen NOK79.35, +5.05) -- Q2 earnings

        • +6.1% SPEX.SW (Spexis CHF0.40, +0.02) -- $2.5M capital add-on

        • +6.0% ODHN.SW (Orascom Development Holding CHF5.98, +0.34) -- Egypt subsidiary Q2 earnings

        • +5.3% NORBT.NO (Norbit NOK60.00, +3.00) -- Q2 earnings

        • +4.7% GALE.SW (Galenica CHF71.10, +3.20) -- UBS upgrade

        • +2.6% PNDORA.DC (Pandora DKK690.20, +17.80) -- Q2 earnings

        • +2.1% RECSI.NO (REC Silicon NOK16.37, +0.34) -- Q2 earnings

        • +1.9% CARL.B.DC (Carlsberg DKK1,021.00, +19.00) -- prelim. H1 revenue; new DKK1.0B share buyback

        • +1.6% 888.LN (888 Holdings £1.11, +0.02) -- H1 earnings

        • +0.6% EURN.BB (Euronav €16.22, +0.09) -- initiated overweight at JPMorgan

        • +0.2% HCM.LN (Hutchmed £2.19, -0.00) -- initiated buy at Sealand Securities

      • Notable Decliners

        • -7.6% FLS.DC (FLSmidth & Co. DKK292.60, -24.00) -- prelim. Q2/H1 earnings

        • -7.5% HUBN.SW (HUBER+SUHNER CHF68.20, -5.50) -- H1 earnings

        • -7.2% VCP.LN (Victoria £5.97, -0.46) -- FY trading update

        • -6.4% ANORA.FH (Anora Group €4.26, -0.29) -- lowers FY comparable EBITDA guidance

        • -6.0% CALTX.SS (Calliditas Therapeutics SEK100.50, -6.40) -- NefIgArd Phase 3 trial full results published in The Lancet

        • -4.4% JYSK.DC (Jyske Bank DKK500.00, -23.00) -- Q2 earnings

        • -3.5% PON1V.FH (Ponsse €30.50, -1.10) -- Q2 earnings

        • -3.3% METSB.FH (Metsa Board €7.05, -0.24) -- UBS downgrade

        • -3.3% STMN.SW (Straumann Holding CHF135.45, -4.65) -- H1 earnings

        • -3.1% ALFEN.NA (Alfen €61.76, -1.98) -- lowers FY revenue guidance; Oddo downgrade

        • -3.0% LGEN.LN (Legal & General Group £2.26, -0.07) -- H1 earnings

        • -1.2% SSAB.A.SS (SSAB SEK63.78, -0.78) -- subsidiary Tibnor to implement ~ SEK 150M annual cost savings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Avantium (AVTX.NA)

        • DACHs: VZ Holding (VZN.SW), St. Galler Kantonalbank (SGKN.SW), Implenia (IMPN.SW), Gurit (GURN.SW), Feintool International (FTON.SW), Frequentis (FQT.AV), FACC (FACC.AV), Grand City Properties (GYC.GR)

        • Nordics: Carlsberg (CARL.B.DC), Demant (DEMANT.DC), H. Lundbeck (HLUN.B.DC), NKT (NKT.DC), Netcompany (NETC.DC), Jeudan (JDAN.DC), Matas (MATAS.DC), Brodrene Hartmann (HART.DC), North Media (NORTHM.DC), H+H International (HH.DC), Viking Supply Ships (VSSAB.B.SS), Storskogen (STOR.B.SS), Troax Group (TROAX.SS), New Wave (NEWA.B.SS), Wilhelmsen (WWI.NO), LINK Mobility Group (LINK.NO), Taaleri (TAALA.FH), Sitowise (SITOWS.FH), Siili Solutions (SIILI.FH)

        • UK/Ireland: Aviva (AV.LN), Admiral Group (ADM.LN), Glanbia (GL9.ID), Balfour Beatty (BBY.LN), Essentra (ESNT.LN), Hochschild Mining (HOC.LN), Restore (RST.LN)

  • Data:

    • Economics:

      • Germany Aug ZEW Economic Sentiment Indicator (12.3) vs consensus (14.7) and prior (14.75)

        • ZEW Current Situation (71.3) vs consensus (63.0) and prior (59.5)

      • Denmark Q2 preliminary GDP +0.2% q/q vs consensus +0.4% and prior revised +0.3% from +0.6%

      • Norway Jul Trade Balance NOK61.3B vs consensus NOK51.0B and prior NOK44.2B

      • Sweden Jul CPI +9.3% y/y vs consensus +9.3% and prior +9.3%; 0.0% m/m vs consensus +0.1% and prior +1.1%

      • UK Jul Claimant Count Change +29.0K vs consensus (7.3K) and prior revised +16.2K from +25.7K

      • Switzerland Jul PPI (0.6%) y/y vs consensus (0.5%) and prior (0.6%)

    • Markets:

      • WTI Crude (Sep 23): ($1.76) or (2.13%) to $80.75

      • €-$ +0.0023 or +0.21% to 1.0930

      • £-$ +0.0049 or +0.39% to 1.2736

      • €-£ (0.0014) to 0.8582

      • S&P 500 (0.68%)

      • Performance year-to-date:

        • FTSE 100: (0.83%)

        • DAX: +13.24%

        • CAC: +12.26%

        • MIB: +19.95%

        • Stoxx 600: +7.22%

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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