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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.17%) to 7481.84, DAX (0.21%) to 15807.56, CAC (0.31%) to 7274.26

Sep 04 ,2023

  • Synopsis:

    • European equity markets closed mixed. Denmark and Sweden both +0.4% lead outperformers, whilst just Greece (2.5%) and Belgium (0.7%) lead underperformers.

    • Stoxx 600 posted 3-week high as China's Country Garden wins approval from creditors to extend repayment of onshore bond. Reprieve raises hopes company can secure approval to extend grace period for dollar notes it missed repayment on last month. Bullish market sentiment also underpinned by "Goldilocks" employment data as survey gave the impression that maybe the Fed has managed set the economy on a glide path towards "soft landing".

    • Several ECB officials to speak, including President Lagarde, though most are on subjects unrelated to monetary policy. Hawkish Belgian central banker Wunsch said ECB might need to raise rates a bit further before coming to a pause. Comments come as markets dialed back September rate-hike expectations to ~20% probability last week.

    • Macro-data releases include Switzerland Q2 GDP, Germany Jul trade balance, Spain Aug unemployment change amd Eurozone Sep Sentix investor confidence

    • In M&A news, Continental (CON.GR) is reviewing whether it is the best owner for ContiTech, whilst there is "more talk" about how splitting up abrdn (ABDN.LN) might be good idea; in Italy, eco min Giancarlo Giorgetti told Reuters that his govt will cut Monte dei Paschi (BMPS.IM) stake in its own time, contradicting his colleague - foreign min Tajani - who said that Italy may speed up its sale of Monte dei Paschi di Siena shares; in the UK, Permira's Eden AcquisitionCo announced a 1,350p/share recommended cash offer for Ergomed plc (ERGO.LN), in deal worth ~£700M; also, Nestle (NESN.SW) divested its Palforzia business to Stallergenes Greer. In the car manufacturing sector, Mercedes-Benz Group (MBG.GR) expects variable costs for producing EVs to remain higher compared to combustion engine models for foreseeable future, whilst Bayerische Motoren Werke (BMW.GR) expects to sell more cars in China this year despite local EV price war. Elsewhere, Ryanair Holdings (RYA.ID) and Wizz Air Holdings (WIZZ.LN) issued their August passengers numbers, whilst Compagnie de Saint-Gobain (SGO.FP) will join the EURO STOXX 50 index; Harbour Energy (HBR.LN) and John Wood Group agreed on a new new $330M strategic partnership

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 4-Sep to 8-Sep attached) Accelleron Industries (ACLN.SW), BKW (BKW.SW), Sectra (SECT.B.SS), Alumasc Group (ALU.LN), Ashtead Group (AHT.LN), Craneware (CRW.LN), Ecora Resources (ECOR.LN), Eurocell (ECEL.LN), Ryanair (RYA.ID) and Telekom Austria (TKA.AV) will be among other names to update investors, whilst the macro-calendar releases will include Italy/Spain/Sweden Aug services PMIs with final reads for Eurozone/France/Germany/UK, Eurozone Jul PPI, UK Aug retail sales monitor - BRC

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +0.50%, Basic Resources +0.48%, Technology +0.39%, Autos & Parts +0.36%, Financial Svcs +0.33%, Media +0.13%, Consumer Products and Services +0.11%, Health Care +0.02%,

      • Underperformers:

        • Utilities (0.77%), Insurance (0.68%), Food, Beverage and Tobacco (0.49%), Chemicals (0.49%), Telecom (0.46%), Construct & Mtls (0.33%), Real Estate (0.25%), Retail (0.24%), Banks (0.13%), Energy(0.12%), Personal Care Drug and Grocery Stores (0.08%),

    • Macro/Peripheral markets:

      • Ukraine/Russia

        • Vladimir Putin says he is 'open to negotiations' on Black Sea grain deal - FT, Reuters

        • Putin Sees Gas-Hub Agreement With Turkey in 'Very Near Future' - Bloomberg

      • UK

        • Angela Rayner gets new role as Keir Starmer reshuffles Labour team - BBC, FT The Telegraph

        • Hundreds more schools in England could be hit by concrete crisis, PM suggests, as Labour blames his record as chancellor - The Guardian

      • EU

        • ECB Lagarde speech - release

        • Keynote speech by Frank Elderson at the ECB Legal Conf - release

        • ECB's Centeno Sees Danger of 'Doing Too Much' on Rates - Bloomberg

      • France

        • French Power Prices Drop on Renewed Confidence in Nuclear Fleet - Bloomberg

      • Germany

        • German exports fall in July as conditions remain volatile - DW

      • Italy

        • Italy-Arabia agreement signed on investment promotion - Ansa

      • Greece

      • Sweden

      • Belgium

        • Belgium Sells Record €22 Billion of Bonds to Retail Investors - Bloomberg

      • Israel

        • Israel Central Bank leaves benchmark interest rate unchanged at 4.75% - release

    • Company news:

      • Trading Higher:

        • +27.9% ERGO.LN (Ergomed £13.48, +2.94) -- Permira's Eden AcquisitionCo announces 1,350p/share recommended cash offer

        • +26.4% ADXN.SW (Addex Therapeutics CHF0.09, +0.02) -- journal publication

        • +14.3% ABLI.SS (Abliva SEK0.25, +0.03) -- KL1333 receives FDA Fast Track designation

        • +13.2% SALT.B.SS (SaltX Technology Holding SEK2.85, +0.33) -- joint roadmap with SMA Mineral

        • +12.9% CRNA.NO (Circio Holding NOK0.58, +0.07) -- journal publication

        • +11.1% MVIR.SS (Medivir SEK8.00, +0.80) -- trial data

        • +10.2% AFC.LN (AFC Energy £0.17, +0.02) -- H-Power fuel cell generators distribution deal

        • +6.4% AT.LN (Ashtead Technology Holdings £4.15, +0.25) -- H1 earnings

        • +5.4% AGAS.NO (Avance Gas Holding NOK112.60, +5.80) -- ABG Sundal Collier upgrade

        • +5.3% TRMR.LN (Tremor International £1.63, +0.08) -- Altice Group's Teads has held talks with Tremor International regarding possible combination - Sky News

        • +5.3% MTRS.SS (Munters Group SEK136.60, +6.90) -- to acquire ZECO in India for SEK 790M

        • +4.3% BWLPG.NO (BW LPG NOK132.10, +5.40) -- ABG Sundal Collier upgrade

        • +3.5% MERY.FP (Mercialys €8.75, +0.30) -- Oddo upgrade

        • +3.2% SAR.LN (Sareum Holdings £0.80, +0.03) -- trial update

        • +3.1% DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate €1.65, +0.05) -- H1 earnings

        • +2.6% HMSO.LN (Hammerson £0.24, +0.01) -- Morgan Stanley upgrade

        • +2.5% BRKN.SW (Burkhalter Holding CHF95.30, +2.30) -- H1 earnings

        • +2.4% NCAB.SS (NCAB Group SEK61.60, +1.45) -- CMD today

        • +1.9% GLEN.LN (Glencore £4.34, +0.08) -- Bald Hill lithium mine update

        • +1.8% ALM.SM (Almirall €9.62, +0.16) -- acquires rights for an Alzheimer's product in Spain

        • +1.5% AMBU.B.DC (Ambu DKK85.00, +1.24) -- Handelsbanken upgrade

      • Trading Lower:

        • -87.4% SYNACT.SS (SynAct Pharma SEK14.32, -105.18) -- P2B EXPAND study of resomelagon (AP1189) did not meet its primary endpoint; Van Lanschot Kempen downgrade

        • -25.9% AMS.LN (Advanced Medical Solutions Group £1.86, -0.65) -- trading update; Panmure Gordon and HSBC downgrades

        • -15.5% SDRY.LN (Superdry £0.48, -0.09) -- share listing restored

        • -6.0% OXB.LN (Oxford BioMedica £3.12, -0.20) -- Liberum Capital downgrade

        • -5.4% RENE.LN (ReNeuron Group £0.09, -0.01) -- Study results

        • -5.2% INWI.SS (Inwido SEK109.50, -6.00) -- Handelsbanken downgrade

        • -4.2% ONCO.SS (Oncopeptides SEK7.58, -0.33) -- journal publication

        • -2.9% PGS.NO (PGS ASA NOK7.68, -0.23) -- SEB downgrade

        • -2.3% WDP.BB (Warehouses de Pauw €25.08, -0.60) -- Morgan Stanley downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Sofina (SOF.BB)

        • DACH: Accelleron Industries (ACLN.SW), BKW (BKW.SW), Partners Group Holding (PGHN.SW)

        • France: Damartex (ALDAR.FP)

        • Nordics: Sectra (SECT.B.SS)

        • Southern Europe: Fourlis Holdings (FOYRK.GA), GVS (GVS.IM), Sabaf (SAB.IM)

        • UK: Alumasc Group (ALU.LN), Ashtead Group (AHT.LN), Craneware (CRW.LN), Ecora Resources (ECOR.LN), Eurocell (ECEL.LN), Gamma Communications (GAMA.LN), Headlam Group (HEAD.LN), Johnson Service Group (JSG.LN), Luceco (LUCE.LN), Michelmersh Brick Holdings (MBH.LN), Midwich Group (MIDW.LN), Sigmaroc (SRC.LN), STV Group (STVG.LN), The Pebble Group (PEBB.LN), Tissue Regenix Group (TRX.LN)

      • Trading Update: DS Smith (SMDS.LN), Nordnet (SAVE.SS), Avanza Bank Holding (AZA.SS)

      • CMD/events: Ryanair (RYA.ID), Telekom Austria (TKA.AV)

  • Data:

    • Economics:

      • Germany Jul Trade Balance €15.9B vs consensus €18.0B and prior €18.7B

      • Spain Aug Unemployment Change +24.8K vs consensus (21.3K) and prior (11.0K)

      • Switzerland Q2 GDP +0.5% y/y vs consensus +0.5% and prior revised +1.5% from +0.6%

      • Eurozone Sep Sentix Investor Confidence (21.5) vs consensus (19.6) and prior (18.9)

    • Markets:

      • WTI Crude (Oct 23): +$0.36 or +0.42% to $85.91

      • €-$ +0.0014 or +0.13% to 1.0793

      • £-$ +0.0030 or +0.24% to 1.2621

      • €-£ (0.0007) to 0.8552

      • S&P 500 +0.00%

      • Performance year-to-date

        • FTSE 100: +0.00%

        • DAX: +13.53%

        • CAC: +12.37%

        • MIB: +20.75%

        • Stoxx 600: +7.75%

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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