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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.34% to 7464.54, DAX (0.67%) to 15840.34, CAC40 (0.27%) to 7296.77, STOXX 600 (0.01%) to 458.13

Sep 01 ,2023

  • Synopsis:

    • European equity markets ended the first session of September on a mixed note. Recall that last month, the Stoxx Europe 600 fell (2.79%), snapping a two month winning streak. Today's regional outperformers included the UK +0.3%, Denmark +1.6%, Norway +1% and Belgium +0.5%. Laggards included Greece (1%), Italy (0.6%), Germany (0.7%), France (0.3%), Switzerland (0.5%) and Spain (0.6%).

    • US August nonfarm payrolls rose by 187K, higher than ~170K consensus. At the same time, June and July results revised down. And while consensus had been looking for no change, unemployment rate rose to 3.8% from prior 3.5%. Average hourly earnings light of forecasts as well. While some headline softening had been expected and downside risks had been highlighted (including from seasonal factors, strikes, and bankruptcies), initial market reaction suggests result conforms with soft-landing and peak Fed expectations. Elsewhere, August ISM manufacturing better than consensus, though still in contraction. Overseas, China Caixin manufacturing surprised to the upside, pushing back into expansion. China also cut FX reserve requirements in move to underpin yuan.

    • Eurozone final manufacturing PMI was revised lower, but did not add anything new to overall macro picture. UK reading confirmed at 39-month low. Manufacturing sector has been languishing in contractionary territory for months. UK Nationwide house price data shows increased downside pressure on prices. Swiss CPI firmer than forecast with unchanged 1.6% y/y reading in August.

    • Among sectors, energy outperformed as WTI crude touched $85/bbl. Also of note, Morgan Stanley European equity strategists upgraded the energy sector to overweight. Firm said the energy sector now offers a total yield of 11%, comfortably the highest of any sector. Auto makers were weaker with the leading underperformers Renault (RNO.FP)and Volkswagen (VOW.GR) both downgraded to sell from neutral at UBS.

    • The week ahead sees German Bundestag debate/vote on government's budget 2024, BOE's Bailey, others before UK parliamentary committee, G20 leaders meeting, Aug services PMIs from across the region, Switzerland Q2 GDP, Germany Jul industrial production, as well as earnings from the likes of Partners Group (PGHN.SW), Swiss Life (SLHN.SW), Barratt Developments (BDEV.LN) and Berkeley Group (BKG.LN). Note US markets are closed on Mon for the Labor Day holiday.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.94%, Basic Resources +1.51%, Health Care +0.47%, Chemicals +0.38%, Telecom +0.23%, Insurance +0.20%, Media +0.14%, Technology +0.06%

      • Underperformers:

        • Autos & Parts (2.58%), Real Estate (1.25%), Food, Beverage and Tobacco (0.57%), Utilities (0.55%), Consumer Products and Services (0.53%), Construct & Mtls (0.44%), Ind Goods & Svcs (0.43%), Retail (0.40%), Personal Care Drug and Grocery Stores (0.23%), Financial Svcs (0.08%), Banks (0.03%)

    • Macro:

      • Cooling US Job Market Gives Fed Room to Pause Rate Hikes for Now - BBG

      • Euro zone wage pressure not abating - ECB's Vujcic - Reuters

      • UK Covid-era economic performance better than previously stated, as ONS revises data - FT

      • Bundesbank Vice President Claudia Buch seen as clear favorite for head of ECB's banking supervision department - Spiegel

      • Russia central bank head not ruling out rate hike, against tighter currency controls - Reuters

    • Company news:

      • Notable Gainers

        • +19.9% RLF.SW (RELIEF THERAPEUTICS Holding CHF3.18, +0.57) -- Zevra Therapeutics to acquire Acer Therapeutics for up to $91M

        • +10.5% JMAT.LN (Johnson Matthey £18.44, +1.71) -- Standard Latitude Master Fund increases stake in company to 10.1% from 5.2% - filing

        • +9.0% FIE.GR (Fielmann Group €44.74, +3.90) -- closes US acquisition of SVS Vision; upgrades FY2023 prognosis

        • +5.9% BOO.LN (boohoo Group £0.38, +0.02) -- Frasers Group raises stake in company to 10.4% from 9.1% - TR-1 filing

        • +5.8% SYSR.SS (Systemair SEK67.90, +3.80) -- DnB Markets upgrade

        • +4.3% VWS.DC (Vestas Wind Systems DKK163.14, +6.76) -- signs conditional agreement for onshore wind power project above 1 GW in the USA

        • +4.1% BWE.NO (BW Energy NOK26.55, +1.05) -- $80M Golfinho prepayment facility and offtake agreement

        • +3.4% REP.SM (Repsol €14.60, +0.48) -- Morgan Stanley upgrade

        • +2.7% TIT.IM (Telecom Italia €0.29, +0.01) -- Barclays upgrade

        • +2.2% EQNR.NO (Equinor NOK334.10, +7.25) -- Morgan Stanley upgrade

        • +2.2% MTG.B.SS (Modern Times Group MTG SEK0.00, +1.65) -- buyback

        • +1.9% SAS.SS (SAS SEK0.41, +0.01) -- Q3 earnings

        • +1.0% SMWH.LN (WH Smith £14.99, +0.15) -- Goodbody Stockbrokers upgrade

        • +0.9% BAVA.DC (Bavarian Nordic A/S DKK149.45, +1.45) -- update on COVID-19 booster vaccine program

        • +0.4% SZG.GR (Salzgitter €25.52, +0.12) -- suspends FY23 earnings guidance amidst Aurubis AG developments

      • Notable Decliners

        • -25.8% AXS.LN (Accsys Technologies £0.77, -0.25) -- FY trading update

        • -6.1% NDA.GR (Aurubis €63.14, -4.66) -- identifies serious indications of shortfall in metals during a scheduled review of inventories; Oddo downgrade

        • -5.7% RNO.FP (Renault €36.01, -2.14) -- UBS downgrade

        • -4.2% VOW3.GR (Volkswagen €109.52, -4.76) -- UBS downgrade

        • -3.7% NSKOG.NO (Norske Skog NOK42.80, -1.62) -- CEO to step down

        • -3.2% SOFF.NO (Solstad Offshore NOK20.98, -0.66) -- contract extension for CSV "Normand Superior"

        • -3.2% BMW.GR (Bayerische Motoren Werke €96.03, -3.07) -- BMW considers political requirement to abandon combustion engine to be negligent - Handelsblatt

        • -1.3% CFT.SW (Cie Financiere Tradition CHF117.00, -1.50) -- H1 earnings

        • -1.0% BIM.FP (bioMerieux €90.00, -0.92) -- H1 earnings

        • -0.3% PAF.LN (Pan African Resources $0.14, -0.00) -- FY trading statement

    • EU companies reporting on Monday:

      • Earnings:

        • Benelux: Celyad Oncology (CYAD.BB)

        • DACH: Burkhalter Holding (BRKN.SW), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR)

        • France: Delta Plus Group (ALDLT.FP), SergeFerrari Group (SEFER.FP)

        • Southern Europe: Greek Organisation of Football Prognostics (OPAP.GA)

        • UK: Ashtead Technology Holdings (AHT.LN)

      • Trading Update: Volvo Car (VOLCAR.B.SS)

      • CMD/events: CentralNic Group (CNIC.LN), Elis (ELIS.FP), Flughafen Zurich (FHZN.SW), NCAB Group (NCAB.SS), Wartsila (WRT1V.FH) R&D day

  • Data:

    • Economics:

      • Manufacturing PMI Aug

        • Sweden 45.8 vs consensus 45.7 and prior 47.6

        • Spain 46.5 vs consensus 48.8 and prior 47.8

        • Switzerland 39.9 vs consensus 40.0 and prior 38.5

        • Italy 45.4 vs consensus 46.0 and prior 44.5

        • Norway A51.4 vs consensus 56.0 and prior revised to 56.4 from 56.7

        • Eurozone 43.5 vs preliminary 43.7

        • Germany PMI 39.1 vs preliminary 39.1

        • France 46.0 vs preliminary 46.4

        • UK 43.0 vs preliminary 42.5

      • Austria Q2 GDP (1.1%) y/y vs preliminary (0.3%)

      • Switzerland Aug CPI +1.6% y/y vs consensus +1.5% and prior +1.6%

      • Italy Q2 Final GDP +0.4% y/y vs preliminary +0.6%; (0.4%) q/q vs preliminary (0.3%)

      • France August new passenger car registration +24.28% y/y (comparable working days) to 113,599 vehicles -- PFA

      • Spain Aug new passenger car registrations 55,957 units +7.8% y/y -- ANFAC

    • Markets:

      • WTI Crude (Oct 23): +$1.29 or +1.54% to $84.92

      • €-$ (0.0053) or (0.49%) to 1.0792

      • £-$ (0.0075) or (0.59%) to 1.2597

      • €-£ +0.0010 to 0.8568

      • S&P 500 +0.09%

      • Performance year-to-date

        • FTSE 100: +0.17%

        • DAX: +13.77%

        • CAC: +12.71%

        • MIB: +20.98%

        • Stoxx 600: +7.82%

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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