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StreetAccount Summary - EU Market Recap: FTSE 100 (0.18%) to 7424.84, DAX (0.20%) to 15740.40, CAC40 (0.82%) to 7195.43, STOXX 600 (0.56%) to 454.33

Sep 06 ,2023

  • Synopsis:

    • European indices ended lower, tracking a negative session in the US. In central bank news, Bundesbank chief Nagel stated that peak ECB rates followed by rapid rate cuts is wrong bet. ECB's Knot also added that markets may underestimate September rate hike chances. Of note, BoE Governor Bailey stated that the latest UK indicators are moving in line with expectations, adding that many indicators are signaling a fall in inflation and the fall is likely to be quite marked. He also added that wage bargain has surprised to the upside

    • In macro-news, focus on German factory orders which declined more than expected in July, coming in (11.7%) m/m and (10.5%) y/y. Estimates were expecting a 4% drop. Volatility in new orders seen in past months continued in July, with decline due to very large order in aerospace in June. Without large orders, industrial orders would have increased by 0.3% in July. German industry remains stagnant due to poor demand in China, which is itself losing momentum, as well as challenges from higher energy prices. Also, an economic update from the Kiel Institute showed outlook for Germany economy revised lower with GDP expected to shrink by 0.5% in 2023 compared with prior forecast for 0.3% contraction. Main reason for negative growth is weakness in industrial activity, crisis in construction and weak consumer spending. However, economy forecast to recover next year with 1.3% expansion, though down from prior 1.8% reading, and 2025 GDP forecast at 1.5%

    • In politics, El Pais reported that Spain's Socialists remain hopeful of securing enough support to win an investiture vote should the Popular Party fail in bid later this month, as most expect. Acting deputy PM Diaz met with exiled former Junts (Catalan) leader Puigdemont in Brussels and he set out his conditions for support. Widely thought he would call for amnesty for those MPs facing charges for the 2017 illegal independence referendum and an official independence vote. However, in a speech in Brussels on Tuesday, Puigdemont called for a negotiation on an amnesty law for MPs facing charges, political recognition of the separatists and a control mechanism to supervise the agreement (LaVanguardia)

    • On the corporate front, out of DACHs, Swiss Life Holding (SLHN.SW), Idorsia (IDIA.SW) and Zumtobel Group (ZAG.AV) updated investors before the open, with the latter lowering FY revenue guidance; also, Handelsblatt reported that Vonovia (VNA.GR) has begun preparations for the partial sale of a large portfolio of apartments in Kiel and Lübeck. In the UK, Bakkavor Group (BAKK.LN), Restaurant Group (RTN.LN), Halfords (HFD.LN), WH Smith (SMWH.LN), Ashmore Group (ASHM.LN) and Barratt Developments (BDEV.LN) were among few other names to report earnings/trading updates. In the Nordics, Clas Ohlson (CLAS.B.SS) posted Q1 whilst Salmar (SALM.NO) sees an increase in estimated annual synergies following integration of NTS, NRS and SalmoNor from NOK671M to NOK844M. In M&A news, Bridgepoint Group plc (BPT.LN) agreed to add Energy Capital Partners Holdings LP and affiliated entities to the group with an upfront enterprise value of £835M whilst - in Spain - Saudi Telecom Company acquired 9.9% stake in Telefónica (TEF.SM) for a total amount of €2.1B. Elsewhere, Ørsted (ORSTED.DC) CEO stated that he is prepared to walk away from US projects, also asking the White House to guarantee subsidies

    • Looking ahead to tomorrow's calendars, D'Ieteren Group (DIE.BB), 2G Energy (2GB.GR), home24 (H24.GR), Santhera Pharmaceuticals Holding (SANN.SW), Chargeurs (CRI.FP), Rubis (RUI.FP), Beazley (BEZ.LN), Direct Line Insurance Group (DLG.LN), Energean (ENOG.LN), Funding Circle Holdings (FCH.LN), Melrose Industries (MRO.LN), Playtech (PTEC.LN), Synthomer (SYNT.LN), Cairn Homes (C5H.ID) and SAS (SAS.SS) will be among other companies to issue issue updates, whilst Compugroup Medical (COP.GR), SCOR (SCR.FP) and STRABAG (STR.AV) are holding CMDs. Macro-data will include Eurozone Q2 GDP (3rd est), Switzerland Aug unemployment rate, Germany Jul industrial production, UK Aug house price index - Halifax and Italy Jul retail sales among few others

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Real Estate +0.73%, Chemicals +0.39%, Media +0.22%, Telecom +0.11%, Ind Goods & Svcs +0.06%, Utilities (0.04%), Oil&Gas(0.08%), Construct & Mtls (0.18%), Technology (0.22%), Autos & Parts (0.29%), Basic Resources (0.51%),

      • Underperformers: Consumer Products and Services (2.64%), Banks (1.50%), Financial Svcs (1.07%), Travel & Leisure (1.00%), Retail (0.93%), Health Care (0.76%), Personal Care Drug and Grocery Stores (0.67%), Insurance (0.58%)

    • Macro:

      • Russia-Ukraine war live: At least 16 killed in Donetsk attack - Zelenskyy (Al Jazeera)

      • Scholz criticizes German bureaucracy, risk aversion (dw and euronews)

      • Macron to discuss AI with Scholz during Germany visit (Politico)

      • King will be first Royal family member to address the French Senate (Telegraph)

      • Keir Starmer likens government to 'cowboy builders' over concrete crisis (Guardian)

      • Italy risks wasting its cash windfall (FT)

    • Company news:

      • Notable Gainers

        • +12.3% CLAS.B.SS (Clas Ohlson SEK113.40, +12.40) -- Q1 earnings

        • +9.4% INPST.NA (InPost €11.74, +1.01) -- Q2 earnings

        • +8.5% BPT.LN (Bridgepoint Group £1.90, +0.15) -- acquisition

        • +4.1% NANO.FP (Nanobiotix €9.15, +0.36) -- appoints new CMO

        • +3.6% RECSI.NO (REC Silicon NOK17.78, +0.61) -- enters into a full-form supply agreement with Hanwha Solutions

        • +3.1% HFD.LN (Halfords Group £1.93, +0.06) -- 20-week trading update

        • +2.1% SLHN.SW (Swiss Life Holding CHF565.40, +11.60) -- H1 earnings

        • +2.0% BAKK.LN (Bakkavor Group £1.01, +0.02) -- H1 earnings

        • +1.9% BPSO.IM (Banca Popolare di Sondrio €4.35, +0.08) -- Unipol seeks green light form ECB to raise its stake in Banca Popolare di Sondrio to 19.99% from 9.5% - Repubblica

        • +1.0% SALM.NO (Salmar NOK527.80, +5.40) -- CMD

        • +0.4% CANTA.SS (Cantargia SEK4.13, +0.02) -- FDA grants orphan drug designation to CAN10 for Systemic Sclerosis

        • +0.3% TEF.SM (Telefonica €3.76, +0.01) -- Saudi Telecom Company acquires 9.9% stake in company for €2.1B

        • +0.2% GAM.SW (Gam Holding CHF0.44, -0.00) -- convenes EGM to be held in Zurich on 27-Sep-23

      • Notable Decliners

        • -13.0% BIOVIC.B.SS (Biovica International SEK7.79, -1.16) -- Q1 earnings

        • -7.1% SFR.LN (Severfield £0.63, -0.05) -- AGM trading update

        • -6.7% SMWH.LN (WH Smith £13.82, -0.99) -- FY trading update

        • -6.0% IDIA.SW (Idorsia CHF4.75, -0.31) -- reacquires world-wide rights to aprocitentan for conditional consideration up to a total cap of CHF 306M

        • -5.8% TKWY.NA (Just Eat Takeaway.com €11.96, -0.74) -- UBS Group AG sells 5.50% stake in Company -- filing

        • -3.5% ORSTED.DC (Ørsted DKK382.00, -13.70) -- CEO says prepared to walk away from US projects, asked the White House to guarantee subsidies - Bloomberg

        • -2.7% UBSG.SW (UBS Group CHF23.04, -0.63) -- UBS Group looking to renegotiate Credit Suisse's sale of SPG to Apollo - Bloomberg

        • -2.5% RTN.LN (Restaurant Group £0.43, -0.01) -- H1 earnings

        • -1.9% HOC.LN (Hochschild Mining £0.84, -0.02) -- H1 earnings

        • -1.1% AZN.LN (AstraZeneca £106.16, -1.18) -- update on US regulatory review of Ultomiris in NMOSD

        • -0.7% BDEV.LN (Barratt Developments £4.40, -0.03) -- FY earnings

        • -0.4% PARKEN.DC (PARKEN Sport & Entertainment DKK124.50, -0.50) -- agrees sale of contract rights of Kamil Grabara to VfL Wolfsburg; expects a positive effect on profit before tax for 2024 of DKK50M

    • EU companies reporting tomorrow:

      • Benelux: D'Ieteren Group (DIE.BB), Hyloris Pharmaceuticals (HYL.BB)

      • DACH: 2G Energy (2GB.GR), home24 (H24.GR), Santhera Pharmaceuticals Holding (SANN.SW)

      • France: Chargeurs (CRI.FP), Rubis (RUI.FP), STEF (STF.FP), Sword Group (SWP.FP), Vetoquinol (VETO.FP)

      • Southern Europe: Equita Group (EQUI.IM), Eurotech (ETH.IM) Gas Plus (GSP.IM), Gruppo MutuiOnline (MOL.IM), IVS Group (IVS.IM), LU-VE (LUVE.IM)

      • UK/Ireland: Beazley (BEZ.LN), Direct Line Insurance Group (DLG.LN), Energean (ENOG.LN), Funding Circle Holdings (FCH.LN), Genus (GNS.LN), Inspecs Group (SPEC.LN), International Public Partnerships Ltd. (INPP.LN), Lords Group Trading (LORD.LN), Melrose Industries (MRO.LN), Playtech (PTEC.LN), Synthomer (SYNT.LN), W.A.G. Payment Solutions (WPS.LN), Cairn Homes (C5H.ID)

      • Trading Update: Safestore Holdings (SAFE.LN)

      • Traffic: SAS (SAS.SS)

      • CMD/events: Compugroup Medical (COP.GR), SCOR (SCR.FP), STRABAG (STR.AV)

  • Data:

    • Economics:

      • Eurozone Jul Retail Sales (1.0%) y/y vs consensus (1.2%) and prior revised (1.0%) from (1.4%)

      • Germany

        • Jul Factory Orders (11.7%) m/m vs consensus (4.0%) and prior revised +7.6% from +7.0%

        • Aug Construction PMI 41.5 vs consensus 41.1 and prior 41.0

      • UK Aug Construction PMI 50.8 vs consensus 50.5 and prior 51.7

      • Ireland Aug Unemployment Rate 4.1% vs consensus 4.2% and prior 4.1%

      • Greece Q2 GDP +2.7% y/y vs consensus +2.3% and prior revised +2.0% from +2.1%

    • Markets:

      • WTI Crude (Oct 23): ($0.11) or (0.13%) to $86.58

      • €-$ (0.0005) or (0.05%) to 1.0717

      • £-$ (0.0063) or (0.50%) to 1.2502

      • €-£ +0.0038 to 0.8572

      • S&P 500 (0.80%)

      • Performance year-to-date

        • FTSE 100: (0.36%)

        • DAX: +13.05%

        • CAC: +11.15%

        • MIB: +19.23%

        • Stoxx 600: +6.93%

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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