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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +1.72% to 7464.99, DAX +0.88% to 15930.88, CAC +0.67% to 7373.43

Aug 29 ,2023

  • Synopsis:

    • European equity markets closed higher. UK and Finland both +1.8% lead the overperformers whilst Norway +0.1% and Greece +0.2% lead underperformers.

    • No change in broader market narrative. Takeaways from Jackson Hole focus on balanced Powell messaging, while ECB and BoE officials both warned rates could remain at restrictive levels for extended period. Mixed views on ECB's September policy decision, while BoE's decision might be the last in its tightening cycle. Elsewhere, reports suggest Ukraine appears to be making some progress in counteroffensive in south of the country.

    • Macro focus on German and French confidence data in Europe. German GfK consumer confidence missed in line with other sentiment data as economy continues to lose momentum. French consumer confidence in line with forecast. BRC shop price data showed slowest increase in UK grocery bills in a year, which drop down inflation in August. Other macro data due include Sweden Q2 final GDP and Jul trade balance and Jul retail sales from Germany, Portugal and Spain.

    • In M&A news, Italy approved a decree allowing government and KKR to take 20% stake in Telecom Italia (TIT.IM) whilst - in Switzerland - GAM Holding (GAM.SW) concluded a successful discussions with NewGAMe and will lextend immediate short-term financing of CHF 20M to cover liquidity needs; in the banking sector, Standard Chartered (STAN.LN) sold its global aviation finance leasing business for $700M to Aircraft Leasing Company.

    • On the earnings front, DACHs companies kicked off the session with Evotec (EVT.GR), Flughafen Zuerich (FHZN.SW), Dermapharm (DMP.GR) and ADLER Group (ADJ.GR) updating investors before the open. Elsewhere, NN Group (NN.NA), PORR (POS.AV), Unifiedpost Group (UPG.BB), BW LPG (BWLPG.NO) and Bunzl (BNZL.LN) were among few other names to issue updates, whilst Technip Energies (TE.FP) was awarded a "significant" contract by BP for hydrogen production unit at Kwinana biorefinery in Western Australia

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 28-Aug to 1-Sep attached),SR Nederland (ASRNL.NA), ageas (AGS.BB), Cie d'Entreprises CFE (CFEB.BB), Eiffage (FGR.FP), ID Logistics Group (IDL.FP), elivery Hero (DHER.GR), Aroundtown (AT1.GR), BRAIN Biotech (BNN.GR), PAION (PA8.GR), ROCKWOOL (ROCK.B.DC), Per Aarsleff Holding (PAAL.B.DC), Bouvet (BOUV.NO),Prudential (PRU.LN), Flowtech Fluidpower (FLO.LN) will be among other names to update investors, whilst the macro-calendar releases will include Germany Aug preliminary CPI, Switzerland Aug KOF leading indicator, ZEW expectations, Spain Aug preliminary CPI, Italy Aug business/consumer confidence, UK Jul mortgage approvals, M3 money supply, Greece Jul PPI, Eurozone Aug business climate, Belgium Aug CPI, Ireland Aug preliminary HICP, Austria Jul PPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.28%, Retail +1.72%, Real Estate +1.52%, Consumer Products and Services +1.30%, Utilities +1.30%, Insurance +1.28%, Telecom +1.26%, Autos & Parts +1.16%, Ind Goods & Svcs +1.13%, Chemicals +1.07%, Travel & Leisure +1.08%, Financial Svcs +1.13%, Media +1.05%,

      • Underperformers:

        • Personal Care Drug and Grocery Stores +0.56%, Food, Beverage and Tobacco +0.60%, Health Care +0.61%, Construct & Mtls +0.64%, Energy+0.69%, Banks +0.99%,

    • Macro/Peripheral markets:

      • Ukraine/Russia

        • Putin Agrees to Visit China in First Trip Since Arrest Warrant - Bloomberg

      • UK

        • UK foreign secretary hits back at Tory critics of China policy - FT

        • UK flight disruption will take 'days' to resolve after air traffic glitch - FT, BBC

        • Britain delays post-Brexit border checks on EU goods till 2024 - Reuters, The Guardian

        • Price rises in shops at lowest for nearly a year - BBC

      • France

        • Le Maire Wants Retailers, Producers to Cut Price on More Goods - Bloomberg

        • France hoping tourism revenue to rise to 67 bln euros in 2023 - Reuters

      • Germany

        • German wages rise at record pace in second quarter - FT

        • Growth package in place: traffic light relieves the economy by seven billion euros - Handelsblatt

        • Olaf Scholz calls for German government to 'get along' - DW

      • Greece

        • Program aims to boost loans to small businesses - ekathimerini

      • Norway

        • Yvonne Fondenes and Arill Rise demand answers to the most important questions in the election campaign - TV2

      • Switzerland

        • SNB May Hike Rates Next Month Even If ECB Pauses, Credit Suisse Economist Says - Bloomberg

      • Italy

        • Anti-inflation pact, industries assess accession - Ansa

      • Hungary

        • Hungary Cuts Key Rate to 14% as EU's Fastest Inflation Eases - Bloomberg

    • Company news:

      • Trading Higher:

        • +25.0% PANR.LN (Pantheon Resources £0.17, +0.03) -- expert report confirms estimate totalling 962M barrels for Kodiak Field

        • +11.1% FARN.LN (Faron Pharmaceuticals £3.00, +0.30) -- H1 earnings

        • +9.8% NN.NA (NN Group €37.97, +3.38) -- H1 earnings

        • +9.3% NRC.NO (NRC Group NOK11.80, +1.00) -- Q2 earnings

        • +8.5% TXGN.SW (TX Group CHF97.00, +7.60) -- H1 earnings

        • +7.5% RISH.NO (GC Rieber Shipping NOK21.60, +1.50) -- receives offer from Rasmussengruppen AS to buy a limited number of shares in Shearwater Geoservices Holding AS

        • +6.3% VIVA.SS (Viva Wine Group SEK33.90, +2.00) -- Q2 earnings

        • +5.0% MCHN.SW (MCH Group CHF4.20, +0.20) -- H1 earnings

        • +4.7% ECV.GR (Encavis AG €14.58, +0.65) -- Jefferies upgrade

        • +4.3% PRTC.LN (PureTech Health £1.94, +0.08) -- H1 earnings

        • +4.2% RENEW.SS (Re:NewCell SEK86.15, +3.45) -- Q2 earnings

        • +4.1% SLR.SM (Solaria Energia €14.04, +0.55) -- Citi upgrade

        • +4.0% KOJAMO.FH (Kojamo €8.81, +0.34) -- Goldman Sachs upgrade

        • +3.9% GYC.GR (Grand City Properties €7.80, +0.29) -- Goldman Sachs upgrade

        • +3.8% BVIC.LN (Britvic £8.81, +0.32) -- Barclays upgrade

        • +3.3% NORSE.NO (Norse Atlantic NOK22.73, +0.73) -- Scorpio Holding Limited now holds 6.8M shares in Norse Atlantic -- filing

        • +3.2% BNZL.LN (Bunzl £28.09, +0.86) -- H1 earnings; updates on acquisitions

        • +2.9% DHG.ID (Dalata Hotel Group €4.23, +0.12) -- H1 earnings

        • +2.8% ARB.LN (Argo Blockchain £0.09, -0.00) -- H1 earnings

        • +2.1% POS.AV (PORR €11.74, +0.24) -- Q2 earnings

        • +1.9% CADLR.NO (Cadeler NOK40.04, +0.74) -- H1 earnings; raises FY guidance

        • +1.9% VWS.DC (Vestas Wind Systems DKK169.12, +3.10) -- Nordea upgrade

        • +1.7% LIO.LN (Liontrust Asset Management £6.70, +0.12) -- GAM Holding AG concludes successful discussions with NewGAMe

      • Trading Lower:

        • -43.1% XBRANE.SS (Xbrane Biopharma SEK35.85, -27.30) -- Q2 earnings; extends ambition to reach positive operating cash-flow on a monthly basis to before end of Q1 2025 from prior late 2023/early 2024

        • -16.9% OPTI.SS (OptiCept Technologies SEK5.89, -1.18) -- Q2 earnings

        • -10.7% ADJ.GR (ADLER Group €0.57, -0.07) -- H1 earnings

        • -9.6% ORRON.SS (Orrön Energy SEK8.77, -0.93) -- Swedish Prosecutor's claim for forfeiture of economic benefits in the Sudan legal case has been increased

        • -7.3% UPG.BB (Unifiedpost Group €3.60, -0.29) -- H1 earnings

        • -5.7% DEME.BB (DEME Group €110.00, -6.60) -- H1 earnings

        • -5.5% INWI.SS (Inwido SEK112.20, -6.50) -- CEO to step down

        • -3.4% DMP.GR (Dermapharm Holding €46.68, -1.62) -- Confirms H1 earnings

        • -2.5% GAM.SW (Gam Holding CHF0.47, -0.01) -- concludes successful discussions with NewGAMe; to extend immediate short-term financing of CHF 20M to cover liquidity needs

        • -2.3% MAS.NO (Måsøval NOK29.70, -0.70) -- Q2 earnings

        • -2.1% SAGA.NO (Saga Pure NOK1.43, -0.03) -- Q2 earnings

        • -1.7% GRF.SM (Grifols €12.75, -0.22) -- Morgan Stanley downgrade

        • -1.6% POLX.LN (Polarean Imaging £0.15, -0.00) -- new reimbursement code for the Polarean XENOVIEW technology

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASR Nederland (ASRNL.NA), ageas (AGS.BB), Cie d'Entreprises CFE (CFEB.BB)

        • France: Eiffage (FGR.FP), ID Logistics Group (IDL.FP)

        • DACHs: Delivery Hero (DHER.GR), Aroundtown (AT1.GR), BRAIN Biotech (BNN.GR), PAION (PA8.GR), Vienna Insurance (VIG.AV), IMMOFINANZ (IIA.AV), Stadler Rail (SRAIL.SW), Allreal Holding (ALLN.SW)

        • Nordics: ROCKWOOL (ROCK.B.DC), Per Aarsleff Holding (PAAL.B.DC), Bouvet (BOUV.NO), Petrocorp E&P (PNOR.NO), Everfuel (EFUEL.NO), Norsk Titanium (NTI.NO), Nekkar (NKR.NO), AcadeMedia (ACAD.SS), Idun Industrier (IDUN.B.SS), Smart Eye (SEYE.SS), BioInvent International (BINV.SS)

        • UK: Prudential (PRU.LN), Flowtech Fluidpower (FLO.LN)

      • Trading Update: Poxel (POXEL.FP)

  • Data:

    • Economics:

      • Sweden

        • Q2 GDP (2.4%) y/y vs preliminary (2.4%); (1.5%) q/q vs consensus preliminary (1.5%)

        • Jul Retail Sales (2.1%) y/y vs consensus (2.2%) and prior (4.4%)

        • Jul Trade Balance SEK 4.60B vs consensus (SEK 1.40B) and prior revised to SEK2.20B from SEK 1.10B

      • Germany Sep GfK Consumer Confidence (25.5) vs consensus (24.3) and prior revised to (24.6) from (24.4)

      • France Aug Consumer Confidence 85 vs consensus 85 and prior 85

      • Spain Jul Retail Sales +7.3% y/y vs consensus +0.6% and prior revised to +6.5% from +6.4%

    • Markets:

      • WTI Crude (Oct 23): +$0.34 or +0.42% to $80.44

      • €-$ +0.0029 or +0.27% to 1.0848

      • £-$ +0.0013 or +0.10% to 1.2614

      • €-£ +0.0014 to 0.8600

      • S&P 500 +0.99%

      • Performance year-to-date

        • FTSE 100: +0.23%

        • DAX: +14.47%

        • CAC: +13.92%

        • MIB: +21.84%

        • Stoxx 600: +8.25%

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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