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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.46%) to 7355.31, DAX +0.09% to 15781.26, CAC40 (0.15%) to 7257.07, STOXX 600 (0.07%) to 455.23

Aug 16 ,2023

  • Synopsis:

    • European equity markets ended mixed, with pan-European indices having reversed initial gains ended around session lower levels.

    • Denmark +1.1%, Austria +0.5%, Norway +0.4% led outperformers whilst Belgium (0.7%), FTSE100 (0.5%) and Finland (0.4%) led underperformers.

    • In political developments, political impasse continues in Spain following indecisive elections with no party or coalition adding enough seats to form a government. A new parliament will be convened tomorrow 17-Aug where King Felipe VI will invite the leader of the largest party to attempt to form a government. In Switzerland, Chancellor Walter Thurnherr to step down at end of year. In Germany, German government's €6B tax relief package for firms has been postponed after the Green Party blocked the plan, Bloomberg reported.

    • Meanwhile in Italy, Deputy PM Tajani was the latest member of Meloni's government to signal unease with bank windfall tax. Forza Italia leader said in an Il Mattino interview published Tuesday that windfall tax should not apply to small lenders and should only apply to larger names overseen by ECB (FT).

    • Elsewhere, FOMC meeting minutes out after European markets close.

    • UK inflation topped European macro releases as inflation dropped in July to +6.8% vs +7.9% prior's month figure with falling gas and electricity prices the largest downward contribution and easing in food price inflation. Disappointing data from the Netherlands as Dutch economy enters recession with CPI shrinking (0.3%) q/q. Second Eurozone GDP growth estimate unchanged at 0.3% q/q, whilst Eurozone industrial production surprised on the upside in June, with +0.5% m/m increase vs consensus for (0.1%) fall and prior unchanged revised down from +0.2% increase.

    • In corporate news, Carlsberg (CARL.B.DC) reported strong H1 Adj. EPS DKK34.7 vs consensus DKK29.8. Of note, group lifted its profit guidance for the FY and sees organic growth in operating profit of +4-7%. H. Lundbeck (HLUN.B.DC) Q2 earnings beat and raised FY23 guidance; Matas (MATAS.DC) saw Q1 revenue DKK 1.15B vs FactSet DKK 1.10B; Vienna Insurance Group (VIG.AV) reported prelim H1 PBT around €460M vs year-ago €212M and guided FY PBT in a range of €700-750M vs FactSet €654M.

    • In the UK, Aviva (AV.LN) posted H1 operating profit £715M vs consensus £693M and guidance ~£700M; Admiral Group (ADM.LN) H1 EPS 57.6p vs year-ago 60.8p, turnover £2.24B, +21% vs year-ago £1.85B; Balfour Beatty (BBY.LN) H1 underlying EPS 13.0p vs year-ago 12.9p; Essentra (ESNT.LN) H1 adj. EPS 5.9p vs year-ago 0.9p and confirmed FY outlook; Restore (RST.LN) H1 EPS 8.4p ex-items vs year-ago 12.0p, cut interim dividend (29%) and reaffirmed FY guidance. In Ireland, Glanbia (GL9.ID) reported H1 EPS 60.78c ex-items and raised FY outlook.

    • In the DACH region, Implenia (IMPN.SW) reported H1 net income attributable CHF32.2M, (49%) vs year-ago CHF63.1M and confirmed FY guidance. Further in the DACH region, Gurit Holding (GURN.SW) raised FY guidance after better H1 numbers. Company also announced to acquire the remaining 40% of Fiberline

    • Further on M&A front, SoftBank Group (via SVF II Strategic Investments AIV LLC) initiated the €0.85/share tender offer for Balyo (BALYO.FP). Gimv (GIMB.BB) sold industrial temperature control equipment rental specialist Coolworld to Arcus European Infrastructure Fund 3

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Retail +0.75%, Food & Beverage +0.26%, Utilities +0.13%, Insurance +0.09%, Financial Svcs +0.08%, Persnl & HHold Goods +0.03%, Chemicals +0.01%, Health Care (0.03%), Autos & Parts (0.03%), Basic Resources (0.03%),

      • Underperformers

        • Media (0.98%), Banks (0.65%), Travel & Leisure (0.51%), Telecom (0.27%), Ind Goods & Svcs (0.19%), Construct & Mtls (0.18%), Oil & Gas (0.13%), Technology (0.08%), Real Estate(0.07%),

    • Macro/Peripheral markets:

      • EU

        • Show must go on for EU health policy after the summer - euractiv

      • UK

        • UK inflation falls sharply for second month to 6.8% - BBC

        • Food prices rise 15pc despite supermarket cuts - Telegraph

        • Rishi Sunak's solutionism approach to small boats hits a wall - FT

        • Bets for 6% peak in BOE rate cemented by inflation data - Bloomberg

      • Germany

        • German cabinet aims for tax relief agreement end-Aug - Reuters

        • Germany postpones company tax relief plan due to Green Party veto - Bloomberg

        • Germany walks back plan to meet NATO spending target on annual basis - Reuters

      • Switzerland

      • Italy

        • Italy air fare cap in line with EU norms says ministry - Ansa

      • Netherlands

        • Netherlands suffers unexpected recession on consumers, trade - Bloomberg

      • Russia

        • Russia lifts rates to 12 percent to boost ruble - Politico

        • Putin to discuss currency controls as rouble slides - FT

      • Finland

        • Former PM Alexander Stubb to stand in 2024's presidential election - Politico

    • Company news:

      • Notable Gainers

        • +19.8% MAU.FP (Maurel et Prom €4.83, +0.80) -- SPA with Carlyle International Energy Partners for acquisition of Assala Energy Holdings

        • +16.2% BELL.LN (Belluscura £0.43, +0.06) -- order

        • +12.6% DMP.GR (Dermapharm Holding €48.38, +5.42) -- prelim H1 earnings

        • +12.3% WAND.LN (WANdisco £0.91, +0.10) -- master license agreement with General Motors

        • +7.1% ADM.LN (Admiral Group £23.56, +1.56) -- H1 earnings

        • +6.0% SECT.B.SS (Sectra SEK169.50, +9.60) -- contract

        • +5.5% SALME.NO (Salmon Evolution NOK6.94, +0.36) -- reinstated buy at Nordea

        • +5.3% GL9.ID (Glanbia €14.60, +0.73) -- H1 earnings

        • +4.6% GIG.NO (Gaming Innovation Group NOK29.30, +1.30) -- Q2 earnings

        • +3.8% LINK.NO (LINK Mobility Group Holding NOK14.64, +0.54) -- Q2 earnings

        • +3.8% CREO.LN (Creo Medical Group £0.35, +0.01) -- SSD service update

        • +3.6% ALBPS.FP (Biophytis €0.01, -0.00) -- next regulatory steps in Europe and US for its COVA project

        • +3.4% TUN.LN (Tungsten West £0.04, -0.00) -- progress to draw Tranche B Notes, initiates cost reduction programme

        • +2.9% PLUS.LN (Plus500 £14.74, +0.42) -- new share buyback program up to $60.0M

        • +2.9% FACC.AV (FACC €6.37, +0.18) -- Q2 earnings

        • +2.9% SAR.LN (Sareum Holdings £0.90, +0.03) -- trading update

        • +2.7% EXL.GR (Exasol €2.70, +0.07) -- final H1 earnings

        • +2.0% DEMANT.DC (Demant DKK270.00, +5.40) -- Q2 earnings

        • +1.9% TAALA.FH (Taaleri €9.68, +0.18) -- Q2 earnings

        • +1.8% EURN.BB (Euronav €16.51, +0.29) -- acquisition

        • +1.7% IMMU.SS (Mendus SEK0.33, +0.01) -- preclinical data of ilixadencel

        • +1.7% LUMI.NO (Lumi Gruppen NOK15.25, +0.25) -- Q2 earnings

        • +1.3% AV.LN (Aviva £3.85, +0.05) -- H1 earnings

        • +1.3% SITOWS.FH (Sitowise Group €4.00, +0.05) -- Q2 earnings

        • +1.0% VIG.AV (Vienna Insurance Group €24.45, +0.25) -- H1 prelim earnings

      • Notable Decliners

        • -27.1% STOR.B.SS (Storskogen Group SEK8.04, -2.98) -- Q2 earnings

        • -14.0% NEWA.B.SS (New Wave Group SEK77.28, -12.60) -- Q2 earnings

        • -11.4% BBY.LN (Balfour Beatty £3.07, -0.39) -- H1 earnings

        • -11.1% NETC.DC (Netcompany Group DKK261.80, -32.70) -- Q2 earnings

        • -10.4% WEST.NO (Western Bulk Chartering NOK28.10, -3.25) -- H1 earnings

        • -9.8% SINT.SS (SinterCast SEK101.00, -11.00) -- Q2 earnings

        • -8.0% ARCH.NO (Archer NOK0.99, -0.09) -- Q2 earnings

        • -7.8% TROAX.SS (Troax Group SEK171.60, -14.60) -- begins recruitment process to find new CEO; reaffirms current CEO Thomas Widstrand retires in May-24

        • -3.9% HH.DC (H+H International DKK75.90, -3.10) -- Q2 earnings

        • -3.0% CAPD.LN (Capital £0.83, -0.03) -- H1 earnings

        • -2.7% FLS.DC (FLSmidth & Co. DKK284.80, -7.80) -- Altor Invest 7 engages Carnegie Investment Bank to buy up to 2.2M shares in FLSmidth & Co corresponding to a 3.8% stake

        • -2.7% ESNT.LN (Essentra £1.51, -0.04) -- H1 earnings

        • -2.4% 2020.NO (2020 Bulkers NOK97.65, -2.35) -- Q2 earnings

        • -2.0% CARL.B.DC (Carlsberg DKK1,001.00, -20.00) -- H1 earnings

        • -1.8% AVTX.NA (Avantium €3.32, -0.06) -- H1 earnings

        • -1.6% NKT.DC (NKT A/S DKK375.00, -6.00) -- Q2 earnings

        • -1.6% VSSAB.B.SS (Viking Supply Ships SEK86.60, -1.40) -- Q2 earnings

        • -1.5% PON1V.FH (Ponsse €30.05, -0.45) -- Carnegie Securities, Nordea, Inderes and OP Corporate Bank downgrades

        • -1.4% CABP.LN (CAB Payments Holdings £2.47, -0.04) -- initiated overweight at JPMorgan; initiated buy at Peel Hunt and Canaccord Genuity; initiated equal weight at Barclays

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Adyen (ADYEN.NA), Aegon (AGN.NA), BAM Groep (BAMNB.NA), Fastned (FAST.NA), Kinepolis (KIN.BB)

        • DACHs: Geberit (GEBN.SW), Banque Cantonale Vaudoise (BCVN.SW), Siegfried Holding (SFZN.SW), Meyer Burger Technology (MBTN.SW), Komax (KOMN.SW), Schweiter Technologies (SWTQ.SW), DocMorris Ltd. (DOCM.SW), VP Bank (VPBN.SW), SLM Solutions (AM3D.GR), Novem (NVM.GR), Kapsch TrafficCom (KTCG.AV), Flughafen Wien (FLU.AV)

        • Denmark: Coloplast (COLO.B.DC), GN Store Nord (GN.DC), Alm. Brand (ALMB.DC), TORM (TRMD.A.DC), Zealand Pharma (ZEAL.DC), Spar Nord Bank (SPNO.DC), Trifork (TRIFOR.DC), Skjern Bank (SKJE.DC), HusCompagniet (HUSCO.DC)

        • Finland: Kojamo (KOJAMO.FH), Marimekko (MEKKO.FH)

        • Norway: AutoStore Holdings Ltd. (AUTO.NO),Kahoot! (KAHOT.NO), Veidekke (VEI.NO), Hoegh Autoliners (HAUTO.NO), DNO (DNO.NO), Odfjell (ODF.NO), Elopak (ELO.NO), Hexagon Composites (HEX.NO), Salmon Evolution (SALME.NO), Edda Wind (EWIND.NO), Elmera (ELMRA.NO), ArcticZymes Technologies (AZT.NO), Axactor (ACR.NO), Prosafe (PRS.NO), Tekna (TEKNA.NO)

        • Sweden: NIBE Industrier (NIBE.B.SS), Holmen (HOLM.B.SS), Embracer (EMBRAC.B.SS), Vimian (VIMIAN.SS), Calliditas Therapeutics (CALTX.SS), Karnov (KAR.SS), Bahnhof (BAHN.B.SS), Ambea (AMBEA.SS), Starbreeze (STAR.B.SS), Nordisk Bergteknik (NORB.B.SS), I.A.R. Systems (IAR.B.SS), RugVista (RUG.SS), Ferronordic (FNM.SS)

        • UK: Bank of Georgia (BGEO.LN), ITM Power (ITM.LN), Rank Group (RNK.LN)

  • Data:

    • Economics:

      • Finland Q2 Preliminary GDP +0.2% y/y vs consensus +1.6% and prior (0.4%); +0.7% q/q vs consensus +0.3% and prior +0.2%

      • UK

        • Jul Output PPI (0.8%) y/y vs consensus (1.3%) and prior revised +0.3% from +0.1%; +0.1% m/m vs consensus (0.2%) and prior revised (0.2%) from (0.3%)

        • Jul CPI +6.8% y/y vs consensus +6.8% and prior +7.9%; (0.4%) m/m vs consensus (0.5%) and prior +0.1%

      • Netherlands Q2 Preliminary GDP (0.3%) y/y vs consensus +1.5% and prior +1.9%; (0.3%) q/q vs consensus +0.3% and prior revised (0.4%) from (0.3%)

      • Eurozone

        • Jun Industrial Production (1.2%) y/y vs consensus (4.2%) and prior (2.2%); +0.5% m/m vs consensus (0.1%) and prior +0.2%

        • Q2 (2nd estimate) GDP +0.6% y/y vs preliminary +0.6%; Q2 (2nd estimate) GDP +0.3% q/q vs preliminary +0.3%

    • Markets:

      • €-$ (0.0002) or (0.02%) to 1.0905

      • £-$ +0.0043 or +0.34% to 1.2749

      • €-£ (0.0031) to 0.8553

      • S&P 500 +0.07%

      • Performance year-to-date

      • FTSE 100: (1.29%)

      • DAX: +13.34%

      • CAC: +12.10%

      • MIB: +18.84%

      • Stoxx 600: +7.14%

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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