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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.63%) to 7310.21, DAX (0.71%) to 15676.90, CAC40 (0.94%) to 7191.74, STOXX 600 (0.90%) to 451.19

Aug 17 ,2023

  • Synopsis:

    • European equity markets closed lower. Basic resources and energy rebounded; industrial goods/service and technology were under pressure.

    • Spain's main political parties will step up talks in forming a government after returning from summer break. No resolution is likely until September but acting PM and Socialist leader Sanchez won an early test of support today with lawmakers backing his choice of parliamentary speaker (El Pais).

    • In central banks, Norges Bank hiked rates by 25 bps hike to 4.00% as expected. Signaled another hike in September. Following the decision, Governor Bache said the tightening cycle has come a long way so far, but full impact yet to be seen and somewhat higher policy rate still needed to turn inflation to target. Interest rate market pricing in UK terminal rate at 6% after this week's pay growth update and inflation data. ECB's Kazaks appeared reluctant to hike in September (Bloomberg). Kazaks said any additional rate hikes would be small. He also said inflation is slowing and need to see new ECB forecasts before deciding on hikes.

    • Quiet macro calendar in Europe. Eurozone trade surplus widened.

    • In corporate news, from the Benelux region, Aegon (AGN.NA) reported H1 Operating capital generation (after holding funding & op. exp.) €492M vs consensus €436M and Adyen (ADYEN.NA) reports H1 net income attributable €282.2M vs FactSet €301.3M. Medigene (MDG1.GR) reported Q2 EPS (€0.17) vs year-ago (€0.10) and confirmed FY guidance. In the Nordics, Coloplast (COLO.B.DC) released Q3 net income DKK1.27B vs consensus DKK1.30B whilst Holmen (HOLM.B.SS) posted Q2 EPS SEK5.5 vs FactSet SEK5.21 and Kojamo (KOJAMO.FH) reported Q2 FFO €0.21 vs FactSet €0.20 and announced cost savings program, will start change negotiations.

    • In M&A news, BAE Systems (BA.LN) confirmed it will acquire Ball Aerospace from Ball Corporation (BALL) for ~$5.55B in cash. TE Connectivity (TEL) announced it will acquire Schaffner Holding (SAHN.SW) for CHF505/share in cash. Yesterday post close, Altor Invest 7 announced it has engaged Carnegie Investment Bank to buy up to 2.2M shares in FLSmidth & Co corresponding to a 3.8% stake

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +0.79%, Energy+0.29%, Banks +0.03%, Insurance (0.14%), Telecom (0.16%), Health Care (0.16%), Personal Care Drug and Grocery Stores (0.38%), Chemicals (0.55%), Food, Beverage and Tobacco (0.70%)

      • Underperformers:

        • Ind Goods & Svcs (2.83%), Technology (1.80%), Construct & Mtls (1.75%), Consumer Products and Services (1.58%), Travel & Leisure (1.58%), Real Estate (1.31%), Financial Svcs (1.13%), Utilities (0.99%), Autos & Parts (0.96%), Media (0.94%)

    • Macro:

      • Central banks:

        • ECB's Kazaks says any additional rate hikes would be very small - Bloomberg

        • Bank of England seen raising rates to 6% by the end of 2023 - London Times

      • Germany:

        • Germany U-turns on commitment to meet NATO spending target annually - Politico

        • German cabinet OKs landmark bill over legal cannabis use - Reuters

      • Spain:

        • Spain resumes efforts to form government after summer lull - FT, Bloomberg

      • UK:

        • Saudi crown prince Mohammed bin Salman invited to visit UK - BBC

        • UK inflation rate tumbles sharply but recession still looms, economists warn - Independent

        • The looming inflation threat facing Britain - Telegraph

        • PM Sunak says he's sticking to UK "triple lock" pensions guarantee - Bloomberg

    • Company news:

      • Notable Gainers

        • +74.8% SAHN.SW (Schaffner Holding CHF495.00, +211.00) -- TE Connectivity (TEL.LN) to acquire Schaffner Holding for CHF505/share in cash

        • +26.5% KCT.LN (Kin + Carta £0.72, +0.17) -- trading update

        • +18.2% MEKKO.FH (Marimekko €9.65, +1.59) -- Q2 earnings

        • +15.9% WNWD.LN (Windward £0.43, +0.07) -- H1 earnings

        • +13.2% BGEO.LN (Bank of Georgia Group £35.50, +4.25) -- Q2 earnings

        • +12.6% EMBRAC.B.SS (Embracer Group SEK25.37, +3.30) -- Q1 earnings

        • +11.2% XXL.NO (XXL ASA NOK1.67, +0.17) -- terms of NOK 500M rights issue

        • +8.4% AMBEA.SS (Ambea SEK36.36, +2.88) -- Q2 earnings

        • +7.8% DOCM.SW (DocMorris CHF49.12, +3.95) -- H1 earnings

        • +7.0% VIMIAN.SS (Vimian Group SEK29.24, +1.90) -- Q2 earnings

        • +6.0% ALMB.DC (Alm. Brand DKK10.69, +0.61) -- Q2 earnings

        • +5.8% HEX.NO (Hexagon Composites NOK30.54, +1.64) -- Q2 earnings

        • +5.7% RUG.SS (Rugvista Group SEK67.40, +3.40) -- Q2 earnings

        • +5.7% STAR.B.SS (Starbreeze SEK1.18, +0.06) -- Q2 earnings

        • +4.6% MINEST.SS (Minesto SEK4.26, +0.19) -- H1 earnings

        • +4.6% FLS.DC (FLSmidth & Co. DKK299.80, +13.00) -- Altor Invest 7 to buy up to 2.2M shares in FLSmidth & Co corresponding to a 3.8% stake

        • +4.5% HAUTO.NO (Höegh Autoliners NOK68.90, +3.05) -- Q2 earnings

        • +3.7% ITM.LN (ITM Power £0.91, +0.03) -- FY earnings

        • +3.6% SGG.SS (Sensys Gatso Group SEK73.00, +2.49) -- Q2 earnings

        • +3.5% ARPL.SS (Arla Plast $34.60, +1.10) -- Q2 earnings

        • +2.6% ELMRA.NO (Elmera Group NOK20.74, +0.56) -- Q2 earnings

        • +2.5% SITOWS.FH (Sitowise Group €4.06, +0.10) -- Inderes upgrade

        • +2.4% HOLM.B.SS (Holmen SEK397.70, +9.30) -- Q2 earnings

        • +2.4% ODHN.SW (Orascom Development Holding CHF5.72, +0.14) -- Q2 earnings

        • +2.3% GOMX.SS (GomSpace Group SEK0.00, +0.03) -- contract

        • +1.6% AZT.NO (ArcticZymes Technologies NOK33.25, +0.55) -- Q2 earnings

      • Notable Decliners

        • -39.0% ADYEN.NA (Adyen €1,167.00, -574.00) -- H1 earnings

        • -30.7% TRMR.LN (Tremor International £1.89, -0.78) -- Q2 earnings

        • -18.4% HDLY.NO (Huddly NOK1.41, -0.29) -- Q2 earnings

        • -16.9% BIJ.GR (Bijou Brigitte modische Accessoires €0.00, -7.30) -- H1 earnings

        • -13.9% CALTX.SS (Calliditas Therapeutics SEK88.20, -13.95) -- Q2 earnings

        • -12.8% FING.B.SS (Fingerprint Cards SEK1.53, -0.23) -- final terms for fully guaranteed rights issue

        • -12.7% AUTO.NO (AutoStore Holdings NOK21.80, -2.92) -- Q2 earnings

        • -9.4% GN.DC (GN Store Nord DKK147.05, -15.60) -- Q2 earnings

        • -8.7% NORB.B.SS (Nordisk Bergteknik $26.50, -2.50) -- Q2 earnings

        • -7.2% PLT.NO (poLight NOK13.14, -1.00) -- Q2 earnings

        • -6.7% PRS.NO (Prosafe NOK112.20, -7.80) -- Q2 earnings

        • -6.2% KHG.FH (KH Group €0.93, -0.06) -- Q2 earnings

        • -5.7% NIBE.B.SS (NIBE Industrier SEK77.86, -4.82) -- Q2 earnings

        • -5.7% KAR.SS (Karnov Group SEK44.35, -2.65) -- Q2 earnings

        • -5.6% GEBN.SW (Geberit CHF453.40, -26.20) -- Q2 earnings

        • -5.3% FNM.SS (Ferronordic SEK70.05, -3.90) -- Q2 earnings

        • -5.2% CIRCA.NO (Circa Group NOK4.35, -0.22) -- Q2 earnings

        • -5.0% AGN.NA (Aegon €4.74, -0.25) -- H1 earnings

        • -5.0% BORR.NO (Borr Drilling NOK83.40, -4.30) -- Q2 earnings

        • -4.7% BA.LN (BAE Systems £9.66, -0.47) -- will acquire Ball Aerospace from Ball Corporation (BALL) for ~$5.55B in cash

        • -4.7% MBTN.SW (Meyer Burger Technology CHF0.43, -0.02) -- H1 earnings

        • -4.2% SALME.NO (Salmon Evolution NOK6.56, -0.29) -- Q2 earnings

        • -4.2% SIVE.SS (Sivers Semiconductors SEK6.78, -0.30) -- Q2 earnings

        • -3.3% VEI.NO (Veidekke NOK108.20, -3.80) -- Q2 earnings

        • -2.6% KSLAV.FH (Keskisuomalainen €0.00, -0.30) -- lowers FY outlook: revenue will be slightly lower compared to 2022 and operating profit to clearly decrease y/y

        • -2.6% COLO.B.DC (Coloplast DKK781.40, -21.80) -- Q3 earnings

        • -2.2% TRIFOR.DC (Trifork Holding DKK131.40, -3.00) -- Q2 earnings

        • -1.8% BAMNB.NA (Koninklijke BAM Groep €1.94, -0.04) -- H1 earnings

        • -1.7% HZM.LN (Horizonte Minerals £1.44, -0.03) -- H1 earnings

        • -1.5% FRACTL.SS (Fractal Gaming Group SEK42.80, -0.60) -- Q2 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: EVS Broadcast Equipment (EVS.BB), Roularta Media (ROU.BB)

        • DACHs: PSP Swiss Property (PSPN.SW), Emmi (EMMN.SW), u-blox (UBXN.SW), mobilezone (MOZN.SW), SFC Energy (F3C.GR)

        • Nordics: Bure Equity (BURE.SS), Boozt (BOOZT.SS), BTS Group (BTS.B.SS), Catella (CAT.B.SS), Otello Corp. (OTEC.NO), Duroc (DURC.B.SS), Scatec (SCATC.NO), Arendals Fossekompani (AFK.NO), Volue (VOLUE.NO), Archer Ltd. (ARCH.NO), Nilfisk Holding (NLFSK.DC), Djurslands Bank (DJUR.DC), TCM Group (TCM.DC), Afarak (AFAGR.FH), Modulight (MODU.FH), Exel Composites (EXL1V.FH)

        • UK/Ireland: Kingspan (KRX.ID)

  • Data:

    • Economics:

      • Norges Bank hikes rates 0.25% to 4.0% as expected

      • Netherlands Jul Unemployment Rate 3.6% vs consensus 3.6% and prior 3.5%

      • Spain Jun Trade Balance (€2.36B) vs consensus (€4.3B) and prior (€3.11B)

      • Eurozone Jun Trade Balance €23.0B vs consensus €18.3B and prior (€0.3B)

    • Markets:

      • WTI Crude (Sep 23): +$1.53 or +1.93% to $80.91

      • €-$ (0.0004) or (0.04%) to 1.0876

      • £-$ +0.0014 or +0.11% to 1.2744

      • €-£ (0.0014) to 0.8532

      • S&P 500 (0.11%)

      • Performance year-to-date

        • FTSE 100: (1.90%)

        • DAX: +12.59%

        • CAC: +11.09%

        • MIB: +17.54%

        • Stoxx 600: +6.19%

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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