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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.35%) to 7447.83, DAX +0.51% to 15973.03, CAC40 (0.44%) to 7331.96, STOXX 600 (0.09%) to 458.73

Aug 31 ,2023

  • Synopsis:

    • European indices failed to maintain early gains, closing moslty in negative territory. On the central banks front, July ECB minutes added little to the policy debate for September given today's timelier Eurozone inflation data and recent policymaker comments. Rate hike expectations for next month have dropped but there are still arguments in either direction. Policymakers said there was ample evidence policy tightening being transmitted via broader financing conditions, lending rates and credit flows. Slowdown in activity was taken as a sign interest rate increases having desired impact. While there was acknowledgement that the outlook had deteriorated, underlying inflation was still persistent, though in line with June projections. Some concern raised economy is facing stagflation. Possible signs of a path to steady hand with details of discussion showing real interest rates would continue to rise even without further hikes amid expectations of further easing in inflation. Fits in with developing theme in recent rhetoric (Schnabel earlier) that council could pause and keep rates steady for an extended period. Also, BoE chief economist Pill looks poised to back a pause in the rate tightening cycle ahead of the next MPC meeting on 21-Sep. In a speech on recent policy developments, highlighted risk of inflationary dynamics becoming embedded in the UK economy, but sounded reluctant to hike rates further. Said still expects inflation to fall and pointed out there were multiple options for the BoE to reach its 2% CPI goal

    • In macro-news, Eurozone preliminary inflation estimate for August rose unexpectedly, coming in at 5.3% y/y vs 5.1% expected, while the core reading declined to 5.3% y/y as expected, vs 5.5% in July. Breakdown showed closely watched services inflation easing slightly to 5.5% vs 5.6% a month earlier. Price growth for non-energy industrial goods, another measure watched by the ECB, slowed to 4.8% from 5%. Also, Destatis reported that German retail sales for July declined 0.8% m/m vs 0.3% increase expected. Equates to (2.2%) y/y in real terms vs (1.4%) expected. Retail sales had been gradually improving since March 2023, but current print stalling the trend. However, retail sales in nominal terms rose 2.7% y/y reflecting significantly higher prices. Destatis noted that real sales in food retail have now been declining for 25 months in a row, while nominal sales increased since December 2022. Hence, consumers have been buying less food but paying more for it. Sales in non-food retail as well as in internet and mail order sales were significantly below the previous year's level. Retail sales data aligned with ongoing softness in sentiment data. Recent German GfK Consumer Climate Survey, which continued to show negative sentiment towards income, economy, and unemployment. German August Composite PMI posted a 39-month low. German IFO for August again disappointed, missing expectations with companies increasingly pessimistic about the months ahead

    • On the earnings front, DACHs companies kicked off the session with UBS Group (UBSG.SW), STRABAG SE (STR.AV), EMS-Chemie Holding (EMSN.SW) and dormakaba Holding (DOKA.SW) updating investors before the open. In France, Pernod Ricard (RI.FP), Eiffage (FGR.FP), and ID Logistics Group reported FY/H1 earnings. In Nordics, Wastbygg Gruppen (WBGR.B.SS), Elon AB (ELON.SS), Ambu (AMBU.B.DC), Adevinta (ADE.NO) updated investors with their latest numbers. In Benelux, Ackermans & Van Haaren (ACKB.BB) and Tetragon Financial Group (TFG.NA) reported earnings

    • Looking ahead to tomorrow's calendars, KBC Ancora (KBCA.BB), bioMerieux (BIM.FP) Compagnie Financiere Tradition (CFT.SW) and SAS (SAS.SS) will be anong few other names to update investors. Macro-data will include Aug manufacturing PMIs from Norway, Spain, Sweden, amd /Switzerland and final readings for Eurozone, France, GermanyUK and Switzerland Aug CPI; also, Italy Q2 final GDP and UK Aug house price index - Nationwide are due to be released

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Real Estate +1.92%, Financial Svcs +1.48%, Retail +1.08%, Chemicals +0.71%, Telecom +0.55%, Personal Care Drug and Grocery Stores +0.34%, Technology +0.33%, Travel & Leisure +0.30%, Utilities +0.27%, Energy +0.15%, Ind Goods & Svcs +0.10%, Autos & Parts +0.09%, Basic Resources (0.07%)

      • Underperformers: Consumer Products and Services (1.07%), Banks (0.99%), Food, Beverage and Tobacco (0.70%), Health Care (0.40%), Media (0.27%), Insurance (0.12%)

    • Macro:

      • Stubborn euro zone inflation fails to settle ECB rate debate (Reuters)

      • 'No room for complacency' on inflation: Bank of England's Pill (City AM)

      • 'Preferendum:' Macron's innovative solution to move France beyond political crisis (El Pais)

      • Ukraine cries foul as fuels refined from Russian oil pour into the EU (Politico)

      • Putin's forces pushed back by counteroffensive after 'largest' drone strike (Independent)

      • Will Italy squander its €200B opportunity? (FT)

      • Spain must break 'pact of silence' over sexism, equality minister says (Reuters)

    • Company news:

      • Notable Gainers

        • +13.6% SANION.SS (Saniona SEK7.79, +0.93) -- Q2 earnings

        • +10.8% DOKA.SW (dormakaba Holding CHF460.00, +45.00) -- FY earnings

        • +10.8% ERA.FP (Eramet €70.55, +6.90) -- resumption of rail freight in Gabon

        • +10.7% FLO.LN (Flowtech Fluidpower £0.94, +0.09) -- Chairman acquires 300k shares

        • +5.6% SOFF.NO (Solstad Offshore NOK20.66, +1.10) -- contract

        • +5.6% UBSG.SW (UBS Group CHF23.41, +1.25) -- Q2 earnings

        • +5.3% ESYS.LN (essensys £0.30, +0.02) -- FY trading update

        • +4.8% ROCK.B.DC (Rockwool DKK1,758.50, +80.00) -- Q2 earnings

        • +4.6% EDR.SM (eDreams ODIGEO €6.59, +0.29) -- Q1 earnings

        • +4.4% IVA.FP (Inventiva €3.34, +0.14) -- ~€35.7M financing via capital increase and royalty certificates

        • +4.2% NEXT.NO (Next Biometrics Group NOK5.20, +0.21) -- CEO steps down; appoints new CEO

        • +3.4% ENSU.NO (Ensurge Micropower NOK0.12, -0.00) -- approves subsequent offering of 200M shares at NOK0.1/share

        • +3.0% ALFA.LN (Alfa Financial Software Holdings £1.54, +0.04) -- H1 earnings

        • +2.0% AFRN.LN (Aferian £0.13, -0.00) -- H1 earnings; resumed buy at Singer Capital Markets

        • +2.0% GMS.LN (Gulf Marine Services £0.08, -0.00) -- H1 earnings

        • +1.3% MATAS.DC (Matas DKK106.40, +1.40) -- completes acquisition of KICKS Group AB; updates FY23/24 financial expectations

        • +1.1% GFTU.LN (Grafton Group £8.63, +0.09) -- H1 earnings; completes £50M share buyback programme

        • +0.7% STJ.LN (St. James's Place £8.85, +0.06) -- Former Prudential interim CEO Mark FitzPatrick leading external candidate to become CEO of St. James's Place -- Sky

      • Notable Decliners

        • -12.4% PCIB.NO (PCI Biotech Holding NOK1.69, -0.24) -- H1 earnings

        • -11.9% IMM.LN (ImmuPharma £0.02, -0.00) -- H1 earnings; launches 67.5M-share subscription at 2p per share

        • -7.6% CAR.LN (Carclo £0.12, -0.01) -- trading update

        • -6.5% ACKB.BB (Ackermans & Van Haaren €145.90, -10.20) -- H1 earnings

        • -6.4% AMBU.B.DC (Ambu DKK83.50, -5.70) -- Q3 earnings

        • -6.2% RI.FP (Pernod Ricard €182.10, -12.10) -- FY earnings

        • -5.9% RECT.BB (Recticel €10.10, -0.64) -- H1 earnings; CEO to step down

        • -5.3% SPM.IM (Saipem €1.49, -0.08) -- places €500M equity-linked bonds due 2029

        • -5.0% IBAB.BB (Ion Beam Applications €12.42, -0.66) -- H1 earnings

        • -4.1% ELON.SS (Elon AB SEK25.90, -1.10) -- Q2 earnings

        • -4.0% GEMD.LN (Gem Diamonds £0.17, -0.01) -- H1 earnings

        • -2.4% FGR.FP (Eiffage €91.70, -2.28) -- H1 earnings

        • -2.4% SOM.LN (Somero Enterprises £2.85, -0.07) -- H1 earnings

        • -2.2% BMPS.IM (Banca Monte dei Paschi di Siena €2.57, -0.06) -- Italy mulls privatization plans for Monte dei Paschi, Ferrovie and other assets -- Sky News

        • -1.0% DBK.GR (Deutsche Bank €10.08, -0.11) -- shows interest in neobroker Scalable Capital - Handelsblatt, citing sources

        • -0.3% ECV.GR (Encavis AG €14.15, -0.04) -- contract

        • -0.2% TFG.NA (Tetragon Financial Group €9.78, -0.02) -- Jul update

    • EU companies reporting tomorrow:

      • Benelux: KBC Ancora (KBCA.BB)

      • France: bioMerieux (BIM.FP)

      • DACHs: Compagnie Financiere Tradition (CFT.SW)

      • Nordics: SAS (SAS.SS)

  • Data:

    • Economics:

      • Eurozone

        • Aug Preliminary CPI +5.3% y/y vs consensus +5.1% and prior +5.3%

        • Jul Unemployment Rate 6.4% vs consensus 6.4% and prior 6.4%

        • Jul Retail Sales (2.2%) y/y vs consensus (1.0%) and prior (1.6%)

        • Aug Unemployment Rate 5.7% vs consensus 5.7% and prior 5.6%

      Germany

    • Denmark

      • Jul Unemployment Rate 2.5% vs consensus 2.5% and prior 2.4%

      • Q2 GDP +0.3% q/q vs preliminary +0.2%

    • Switzerland Jul Retail Sales (2.2%) y/y vs prior revised to +1% from +1.8%

    • France

      • Jul

        • PPI (0.2%) m/m vs consensus (3.3%) and prior (1.1%)

        • Consumer Goods Spending +0.3% m/m vs +0.3% and prior +0.9%

      • Aug Preliminary CPI +4.8% y/y vs consensus +4.6% and prior +4.3%

      • Q2 GDP +0.9% y/y vs preliminary +0.9%

    • Italy

      • Jul Unemployment Rate 7.6% vs consensus 7.4% and prior revised to 7.5% from 7.4%

      • Aug Preliminary CPI +5.5% y/y vs consensus +5.3% and prior +5.9%; +0.4% m/m vs consensus +0.1% and prior 0.0%

  • Markets:

    • WTI Crude (Oct 23): +$0.91 or +1.11% to $82.54

    • €-$ (0.0083) or (0.76%) to 1.0842

    • £-$ (0.0058) or (0.46%) to 1.2663

    • €-£ (0.0025) to 0.8563

    • S&P 500 +0.13%

    • Performance year-to-date

      • FTSE 100: (0.05%)

      • DAX: +14.72%

      • CAC: +13.26%

      • MIB: +21.84%

      • Stoxx 600: +7.96%

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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