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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.12% to 7473.67, DAX (0.24%) to 15891.93, CAC40 (0.12%) to 7364.40, STOXX 600 (0.15%) to 459.13

Aug 30 ,2023

  • Synopsis:

    • European equity markets ended mixed. Italy, Austria, Finland all up +0.6% led outperformers whilst Denmark (1.6%), Belgium (0.6%), led underperformers.

    • Market participants still anticipating September policy tightening from ECB and BoE, though both seen near the end of their tightening cycles. On geopolitical front, US Commerce Secretary Raimondo said American firms see China as un-investible. In political developments in Europe, political deadlock continues in Spain where PM Sánchez declined to back PP's Feijóo.

    • From a macro calendar perspective, Spanish CPI increased for the second month in a row, to +2.6% in August y/y vs +2.3% in July, according to preliminary release. German state inflation data on the firmer side. Italian business confidence weaker similar to German and French readings. Swiss KOF leading indicator slows in August, in line with forecast. Economic sentiment indicator in the Eurozone weakened in August to 93.3 versus consensus 93.7 and prior 94.5, which is the fifth consecutive softer reading. In the UK, BoE mortgage approval data highlighted weak trends in UK housing market with net approvals fell to 49,400 in July from 54,600 in June.

    • In corporate news, ASR Nederland (ASRNL.NA) reported H1 net income €346M vs year-ago (€1.51B) and increased interim dividend to €1.08 per share. Also in the Benelux, Ageas (AGS.BB) posted H1 Net Operating EPS €3.26 vs year-ago €3.03 and said it is confident to reach FY23 Net Operating Result between €1.1B-€1.2B. From the DACHs, Delivery Hero (DHER.GR) H1 net income (€832.3M) vs year-ago (€1.50B). Said it still expect an adjusted EBITDA/GMV margin of more than 0.5% for the full year 2023 and more than 1.0% in H2 2023.

    • In the UK, Prudential (PRU.LN) reported H1 earnings and indicated that while the outlook for Asian markets is mixed, momentum in H1 has continued into Q3. Out of the Nordics, Ørsted (ORSTED.DC) shares plummeted after announcing that it anticipates impairments on its US portfolio. Rockwool (ROCK.B.DC) reported Q2 net income €102M vs FactSet €100.9M and revised FY outlook.

    • In other corporate developments, Eramet (ERA.FP), Maurel et Prom (MAU.FP), Rougier (ALRGR.FP), Casino Guichard-Perrachon (CO.FP), Panoro Energy (PEN.NO) trading lower following reports of military coup in Gabon.

    • On M&A front, Glencore (GLEN.LN) is reportedly working on deal to acquire debt in Alita Resources and relist the company for A$1.8B ($1.17B).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Media +0.73%, Basic Resources +0.53%, Chemicals +0.40%, Real Estate+0.38%, Telecom +0.13%, Ind Goods & Svcs +0.12%, Retail +0.11%, Financial Svcs +0.08%, Oil & Gas +0.07%, Persnl & HHold Goods +0.03%, Banks (0.05%), Insurance (0.13%),

      • Underperformers

        • Utilities (1.88%), Travel & Leisure (0.62%), Health Care (0.41%), Autos & Parts (0.34%), Technology (0.31%), Food & Beverage (0.24%), Construct & Mtls (0.21%),

    • Macro/Peripheral markets:

      • EU

        • EU imports record volumes of liquefied natural gas from Russia - FT

        • Germany, France ask EU to cut bureaucracy for companies - euractiv

      • UK

        • UK home sales set to plunge to lowest in over a decade this year - Bloomberg

        • James Cleverly begins China talks as UK MPs criticise approach - BBC

        • UK confirms three-month delay to post-Brexit border checks - Bloomberg

      • France

        • French tax adds to woes of second home owners - Times

      • Germany

        • Germany 'ignores emergency' and rejects subsidies for energy-intensive industries - FT

      • Italy

        • Meloni reiterates defence of bank windfall tax - Ansa

      • Spain

        • Spain's Feijóo asks Sánchez to let him be prime minister for two years - Politico; Reuters

      • Switzerland

        • Switzerland drafts tighter rules to combat money laundering - Reuters

      • Greece

    • Company news:

      • Notable Gainers

        • +20.8% NKR.NO (Nekkar NOK7.50, +1.29) -- Q2 earnings; initiates share buy-back program

        • +13.1% IDEX.NO (IDEX Biometrics NOK0.63, +0.07) -- payment card solution fully certified by Mastercard

        • +10.0% AT1.GR (Aroundtown €1.55, +0.14) -- H1 earnings

        • +6.6% BC.IM (Brunello Cucinelli €76.90, +4.75) -- H1 earnings; Kepler Cheuvreux upgrade

        • +6.1% SRAIL.SW (Stadler Rail CHF34.76, +2.00) -- H1 earnings

        • +5.8% PANR.LN (Pantheon Resources £0.18, +0.01) -- Chairman discloses purchase of 1M shares

        • +4.2% NRC.NO (NRC Group NOK12.30, +0.50) -- ABG Sundal Collier upgrade

        • +4.0% FARN.LN (Faron Pharmaceuticals £3.12, +0.12) -- Inderes upgrade

        • +3.2% OKDBV.FH (Oriola €0.98, +0.03) -- Inderes upgrade

        • +3.1% ANDR.AV (Andritz €49.18, +1.46) -- Kepler cheuvreux upgrade

        • +3.1% WITH.FH (WithSecure €1.06, +0.03) -- Danske Bank upgrade

        • +2.8% ENSU.NO (Ensurge Micropower NOK0.11, -0.00) -- H1 earnings

        • +2.0% PRU.LN (Prudential £10.05, +0.20) -- H1 earnings

        • +1.9% FRA.GR (Fraport €50.04, +0.91) -- Societe Generale upgrade

        • +1.5% ACAD.SS (AcadeMedia SEK50.85, +0.75) -- Q4 earnings

        • +1.3% TGS.NO (TGS-NOPEC Geophysical Co. NOK137.50, +1.70) -- pending award for multiple proprietary Ocean Bottom Node (OBN) projects in the Gulf of Mexico (GoM); commencement of Sarawak Phase 3 in Malaysia

        • +1.1% AGAS.NO (Avance Gas Holding NOK106.40, +1.20) -- Q2 earnings

      • Notable Decliners

        • -24.8% ORSTED.DC (Ørsted DKK420.90, -138.50) -- Anticipates impairments on US portfolio; BNP Paribas Exane downgrade; downgraded at BNP Paribas Exane

        • -16.3% ERA.FP (Eramet €63.70, -12.45) -- The moves follow reports a group of senior military officers have announced a coup in Gabon following the country's presidential election result.

        • -13.0% MAU.FP (Maurel et Prom €4.28, -0.64) -- moves follow reports group of senior military officers have announced a coup in Gabon following the country's presidential election result.

        • -11.9% WRKS.LN (TheWorks.co.uk £0.28, -0.04) -- FY earnings

        • -9.2% CO.FP (Casino Guichard-Perrachon €3.22, -0.33) -- The moves follow reports a group of senior military officers have announced a coup in Gabon following the country's presidential election result.

        • -7.1% ALRGR.FP (Rougier €14.40, -1.10) -- moves follow reports group of senior military officers have announced a coup in Gabon following the country's presidential election result.

        • -6.0% CFEB.BB (Cie d'Entreprises CFE €8.28, -0.53) -- H1 earnings

        • -5.2% PEN.NO (Panoro Energy NOK28.78, -1.58) -- moves follow reports group of senior military officers have announced a coup in Gabon following the country's presidential election result.

        • -5.1% PAAL.B.DC (Per Aarsleff Holding DKK317.50, -17.00) -- Q3 earnings

        • -4.6% RWE.GR (RWE €38.11, -1.85) -- secured lease area in Gulf of Mexico wind auction to develop 2 GW of fixed-bottom offshore wind; to expand renewable power business in Australia - Australian Financial Review

        • -4.5% IMPN.SW (Implenia CHF32.75, -1.55) -- Norbert Ketterer placed 1.3M company shares priced at CHF30.90/Share

        • -3.9% AGS.BB (Ageas €36.34, -1.48) -- H1 earnings

        • -1.6% DLG.LN (Direct Line Insurance Group £1.58, -0.02) -- appoints new CEO

        • -1.3% BWLPG.NO (BW LPG NOK125.80, -1.60) -- ABG Sundal Collier downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Ackermans & van Haaren (ACKB.BB), Recticel (RECT.BB), Ion Beam Applications (IBAB.BB), Biocartis (BCART.BB)

        • France: Pernod Ricard (RI.FP)

        • DACHs: UBS Group (UBSG.SW), dormakaba (DOKA.SW), Jungfraubahn (JFN.SW), STRABAG (STR.AV), Sto & Co. (STO3.GR), EDAG Engineering Group (ED4.GR), USU Software (OSP2.GR), DEAG Deutsche Entertainment (LOU.GR), M1 Kliniken (M12.GR), Mister Spex (MRX.GR), Haemato (HAEK.GR), InnoTec TSS (TSS.GR), Francotyp-Postalia (FPH.GR), Vectron Systems (V3S.GR)

        • Nordics: Adevinta (ADE.NO), Norse Atlantic (NORSE.NO), Quantafuel (QFUEL.NO), PCI Biotech (PCIB.NO), Ambu (AMBU.B.DC), NNIT (NNIT.DC), Cemat (CEMAT.DC), Systemair (SYSR.SS), Xbrane Biopharma (XBRANE.SS), Wastbygg Gruppen (WBGR.B.SS), Saniona (SANION.SS), Spinnova (SPINN.FH),

        • Southern Europe: HELLENiQ ENERGY Holdings (ELPE.GA), Mota-Engil (EGL.PL), eDreams ODIGEO (EDR.SM), Ercros (ECR.SM), Aquafil (ECNL.IM)

        • UK: Grafton (GFTU.LN), Alfa Financial Software (ALFA.LN), PPHE Hotel Group Ltd. (PPH.LN), PensionBee Group (PBEE.LN), Revolution Beauty (REVB.LN), Gem Diamonds Ltd. (GEMD.LN)

  • Data:

    • Economics:

      • Spain Aug CPI +2.6% y/y vs consensus +2.6% and prior +2.3%; +0.5% m/m vs consensus +0.4% and prior +0.2%

      • Switzerland Aug KOF Leading Indicators 91.1 vs consensus 91.5 and prior revised to 92.1 from 92.2

      • UK

        • Jul M4 Money Supply (0.5%) m/m vs consensus (0.1%) and prior (0.1%)

        • Jul Mortgage Approvals 49.44K vs consensus 51.00K and prior revised to 54.61K from 54.66K

      • Germany Aug Preliminary CPI +6.1% y/y vs consensus +6.0% and prior +6.2%; +0.3% m/m vs consensus +0.3% and prior +0.3%

      • Eurozone Aug

        • Economic Sentiment Indicator 93.3 vs consensus 93.7 and prior 94.5

        • Consumer Confidence (16.0) vs consensus (16.0) and prior (15.1)

        • Services Sentiment Indicator 3.9 vs consensus 4.2 and prior revised to 5.4 from

    • Markets:

      • €-$ +0.0051 or +0.47% to 1.0931

      • £-$ +0.0084 or +0.66% to 1.2727

      • €-£ (0.0017) to 0.8590

      • S&P 500 +0.37%

      • Performance year-to-date

      • FTSE 100: +0.29%

      • DAX: +14.14%

      • CAC: +13.76%

      • MIB: +22.00%

      • Stoxx 600: +8.06%

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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