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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.25% to 7496.87, DAX +0.39% to 15800.99, CAC40 +0.52% to 7278.27, STOXX 600 +0.34% to 456.21

Sep 11 ,2023

  • Synopsis:

    • European equity markets ended in positive territory. In sectors, miners outsized gainer, real estate alsooutperforms whilst tech is biggest laggard.

    • Quiet macro calendar in Europe today ahead of a busy week with ECB meeting Thursday. Market split on whether ECB hikes rates again after recent deterioration in economic data. European Commission lowered growth expectations today to 0.8% from 1% this year and to 1.4% from 1.7% next year amidst a persistent inflationary environment with harmonised index of consumer prices (HICP) now projected to reach 6.5% in 2023 (compared to 6.7% in the spring) and 3.2% in 2024 (compared to 3.1%) in the EU. UK jobs data due tomorrow, though more timely industry data has provided mixed signals. After data from KPMG/REC showed slowdown in hiring and pay, survey published today indicates resilient demand for UK workers has strengthened employees' confidence over pay rises. Of note, Italy Jul Industrial Production worse than expected at (2.1%) y/y vs consensus (1.7%) and prior (0.8%), (0.7%) m/m vs consensus (0.3%) and prior +0.5%.

    • On the corporate front, out of DACHs, Swiss Re (SREN.SW) expects continued growth momentum for non-life reinsurance; risk-adequate returns required. Novartis (NOVN.SW) Sandoz announced exclusive deal to commercialize biosimilar ustekinumab with Samsung Bioepis. German government commissions Rheinmetall (RHM.GR) to supply 40 more Marder infantry fighting vehicles to Ukraine. In the UK, Vistry Group (VTY.LN) higher post H1 earnings and strategy update; whilst WANdisco (WAND.LN) falls post H1 numbers. AstraZeneca (AZN.LN) CEO Pascal Soriot is looking to leave the company, local press reported. In Italy, according to Sole24Ore, the govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended

    • In M&A, Restaurant Group (RTN.LN) enters into agreement to sell Leisure business to the Big Table Group for £1; TRG will pay a cash contribution of £7.5M to the Big Table Group. Press reports suggest Roche (ROG.SW) would consider large acquisition if it makes scientific and financial sense. Covestro (1COV.GR) board decided to enter into open-ended discussions with Abu Dhabi National Oil Company (ADNOC) regarding potential transaction.

    • Looking ahead to tomorrow's EU econ-calendar, main releases will include, amongst others, Germany Sep ZEW survey, UK Aug claimant count change, Jul unemployment rate and Spain Aug final CPI. Elsewhere, Kantar latest grocery market share figures and update on inflation, for the 12 weeks ending 3-Sep-23, will be released tomorrow, at 8:00am GMT.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Basic Resources +2.37%, Real Estate+1.26%, Retail +1.14%, Banks +1.11%, Autos & Parts +1.08%, Telecom +0.96%, Insurance +0.93%, Oil & Gas +0.60%, Chemicals +0.57%, Persnl & HHold Goods +0.51%, Financial Svcs +0.49%

      • Underperformers

        • Technology (0.72%), Travel & Leisure (0.14%), Health Care (0.03%), Utilities (0.02%), Ind Goods & Svcs (0.01%), Food & Beverage +0.16%, Construct & Mtls +0.23%, Media +0.33%

    • Macro:

      • Central banks

        • Stop or go? Five questions for the ECB -- Reuters

        • Bank of England Policy Maker Mann Signals Support for Further Rate Hikes -- Bloomberg

      • EU

        • Summer 2023 Economic Forecast: Easing growth momentum amid declining inflation and robust labour market -- EC

        • EU downgrades growth forecast and raises inflation expectations -- FT

      • UK

        • Big steps forward in capital markets cooperation with India -- Gov.Uk

        • Sunak's foreign policy reset overshadowed by espionage -- FT

      • Germany

        • Germany's Stop-Start Economic Motor Is Probably in Reverse Again -- Bloomberg

      • France

        • The many challenges facing France's reindustrialization -- Gis

      • Italy:

        • Italian PM Meloni: Strong partnership with China more important than Belt and Road Initiative -- Reuters

        • Italy's Agnelli Family Says It Has No Plan to Sell Juventus -- Bloomberg

    • Company news:

      • Notable Gainers

        • +39.7% XSPRAY.SS (Xspray Pharma SEK0.00, +12.50) -- settles its patent litigation with Bristol Myers Squibb (BMS) for Dasynoc

        • +18.5% DX.LN (DX (Group) £0.00, +0.07) -- non binding and conditional proposal from H.I.G. European Capital Partners LLP regarding a possible all cash offer for the company at a price of 48.5p/share

        • +12.6% VTY.LN (Vistry Group £9.05, +1.01) -- H1 earnings; strategy update

        • +8.1% ATRAV.FH (Atria €0.00, +0.79) -- raises adjusted EBIT guidance for 2023

        • +6.2% BMN.LN (Bushveld Minerals £0.02, -0.00) -- $69.5-77.5M investment in the company by Southern Point Resources

        • +5.8% DEC.FP (JCDecaux €17.50, +0.94) -- Oddo upgrade

        • +5.2% MBTN.SW (Meyer Burger Technology CHF0.37, +0.02) -- strategic partnership with Helion Energy

        • +5.0% CLA.B.SS (Cloetta SEK19.12, +0.90) -- Dagens Industri out with buy recommendation

        • +4.8% KOA.NO (Kongsberg Automotive NOK2.39, +0.11) -- contract

        • +4.6% RBW.LN (Rainbow Rare Earths £0.17, +0.01) -- supply agreement with Less Common Metals

        • +3.9% 1COV.GR (Covestro €53.54, +2.00) -- open-ended discussions with Abu Dhabi National Oil Company regarding potential transaction

        • +3.6% RTN.LN (Restaurant Group £0.50, +0.02) -- to sell Leisure business to the Big Table Group for £1; TRG will pay a cash contribution of £7.5M to the Big Table Group

        • +3.6% NA9.GR (Nagarro €67.60, +2.30) -- new auditor

        • +3.5% NB2.GR (Northern Data €18.90, +0.64) -- enters two Contribution agreements to acquire c. 70% of Damoon

        • +3.0% BFF.IM (Banca Farmafactoring €9.58, +0.27) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +2.9% RHM.GR (Rheinmetall €249.20, +7.20) -- The German government commissiones Rheinmetall to supply 40 more Marder infantry fighting vehicles to Ukraine

        • +2.8% ALBPS.FP (Biophytis €0.02, -0.00) -- FDA authorization to initiate SARA-31 phase 3 study in sarcopenia

        • +2.8% ELUX.B.SS (Electrolux SEK115.90, +3.15) -- Citi upgrade

        • +2.8% BPE.IM (BPER Banca €2.67, +0.07) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +2.8% ISP.IM (Intesa Sanpaolo €2.47, +0.07) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +2.6% AGS.BB (Ageas €38.75, +0.99) -- JPMorgan upgrade

        • +2.4% BMPS.IM (Banca Monte dei Paschi di Siena €2.38, +0.06) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +2.2% IF.IM (Banca Ifis €15.78, +0.34) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +2.0% CTPNV.NA (CTP NV €13.14, +0.26) -- Kepler Cheuvreux upgrade

        • +1.9% BAMI.IM (Banco BPM €4.19, +0.08) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +1.7% UCG.IM (UniCredit €21.14, +0.36) -- Italy's govt one-off 40% windfall tax on banks "extra-profits" might be unconstitutional and be amended -- Sole24Ore

        • +1.7% GSK.LN (GSK Plc £14.70, +0.25) -- momelotinib filing accepted in Japan

        • +1.6% SREN.SW (Swiss Re CHF90.50, +1.42) -- expects continued growth momentum for non-life reinsurance; risk-adequate returns required

      • Notable Decliners

        • -13.8% FSECURE.FH (F-Secure €1.88, -0.30) -- lowers FY guidance; Inderes downgrade

        • -12.1% MTX.GR (MTU Aero Engines €0.00, -25.15) -- impact from P&W engine issues

        • -7.9% WAND.LN (WANdisco £0.61, -0.05) -- H1 earnings

        • -5.0% MRO.LN (Melrose Industries £5.00, -0.25) -- RBC Capital Markets downgrade

        • -5.0% MPE.LN (M.P. Evans Group £7.42, -0.38) -- H1 earnings; share buyback extension

        • -5.0% INSE.LN (Inspired £0.86, -0.05) -- H1 earnings

        • -4.3% BAI.NA (BenevolentAI €1.00, -0.05) -- new FO

        • -3.2% BUR.LN (Burford Capital £12.60, -0.43) -- update on YPF damages ruling; says court's ruling suggests a final judgment of approximately $16B against Argentina

        • -2.9% LR.FP (Legrand €89.00, -2.62) -- Citi downgrade

        • -2.4% GIMB.BB (Gimv €42.50, -1.05) -- VPM launches strategic review of its 27.65% stake in Gimv; might sell entire or partial stake; acquisition

        • -2.1% ALFA.SS (Alfa Laval SEK375.20, -8.20) -- Citi downgrade

        • -1.9% BOUV.NO (Bouvet NOK55.70, -1.10) -- Pareto downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Interparfums (ITP.FP), Groupe Crit (CEN.FP), Sidetrade (ALBFR.FP), Haulotte Group (PIG.FP), Fleury Michon (ALFLE.FP)

        • Nordics: Orphazyme (ORPHA.DC)

        • Southern Europe: El.En. (ELN.IM), Cembre (CMB.IM), SAES Getters (SG.IM), Piovan (PVN.IM), Esprinet (PRT.IM), B&C Speakers (BEC.IM)

        • UK: Fevertree Drinks (FEVR.LN), Keywords Studios (KWS.LN), JTC (JTC.LN), Smart Metering Systems (SMS.LN), Mattioli Woods (MTW.LN), The Gym Group (GYM.LN), Equals (EQLS.LN), IQE (IQE.LN), Petra Diamonds Ltd. (PDL.LN), hVIVO (HVO.LN), Creo Medical (CREO.LN), Gaming Realms (GMR.LN), Eleco (ELCO.LN)

      • Trading Update: Associated British Foods (ABF.LN), DFDS (DFDS.DC)

  • Data:

    • Economics:

      • Italy Jul Industrial Production (2.1%) y/y vs consensus (1.7%) and prior revised (0.7%) from (0.8%)

        • (0.7%) m/m vs consensus (0.3%) and prior +0.5%

      • Denmark Aug CPI +2.4% y/y vs consensus +2.8% and prior +3.1%

      • Norway

        • Aug CPI +4.8% y/y vs consensus +5.3% and prior +5.4%

        • Aug PPI (37.4%) y/y vs consensus (36.0%) and prior (35.4%)

    • Markets:

      • WTI Crude (23-Oct): ($0.36) or (0.41%) to $87.15

      • €-$ +0.0034 or +0.32% to 1.0748

      • £-$ +0.0046 or +0.37% to 1.2528

      • €-£ (0.0006) to 0.8577

      • S&P 500 +0.39%

      • Performance year-to-date:

        • FTSE 100: +0.61%

        • DAX: +13.48%

        • CAC: +12.43%

        • MIB: +20.32%

        • Stoxx 600: +7.37%

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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