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StreetAccount Summary - EU Morning Update: FTSE 100 +1.95% to 7673.08, DAX +0.97% to 15805.29, CAC40 +1.19% to 7308.67, STOXX 600 +1.52% to 460.86

Sep 14 ,2023

  • Synopsis:

    • European equity markets closed sharply higher with UK +2.0%, Finland +2.0% and Norway +1.9% leading outperformers. Miners, Real Estate and Oil/Gas were the best performing sectors. Autos and Retail lagged.

    • As expected, ECB hiked interest rates by 25bp, pressing on with its fight against sticky inflation despite recession risks. Deposit rate now at record high at 4%. FT noted decision the most consequential for more than a year, with more dovish members pointing to signs of weaker growth, slowing bank lending, a cooling labor market and falling inflation to argue for a pause. However, hawks worried inflation was still too high. ECB now sees 2024 inflation at 3.2% vs prior forecast of 3% and 2025 inflation at 2.1% vs prior forecast of 2.2%.

    • In Italy, PM Meloni pushes forward with banking tax, despite ECB legal opinion (FT). Italy's tax follows similar moves made by EU governments in Spain, Hungary, the Czech Republic and Lithuania over the past year, most of which have drawn similar rebukes from the ECB. Meloni expects value of receipts to be just under €3B (Bloomberg).

    • Economic data included latest RICS updates showed UK house price falls to accelerate in coming months. Finland's Aug CPI +5.6% y/y vs. consensus +6.5% and prior +6.5%, Sweden's Aug CPI +7.5% y/y vs. consensus +7.7% and prior +9.3%, and Switzerland Aug PPI (0.8%) y/y vs consensus (0.8%) and prior (0.6%)

    • On the earnings front, DACHs companies kicked off the session with PharmaSGP Holding (PSG.GR), AEVIS VICTORIA (AEVS.SW), and Crealogix Holding (CLXN.SW) reporting H1/FY earnings. In Nordics, Kesko (KESKOB.FH) reported August sales and ChemoMetec (CHEMM.DC) issued FY earnings with the latter detailing its guidance for the 2023/24 financial year. In the UK, Trainline (TRN.LN), THG (THG.LN), Uniphar (UPR.ID), Victoria (VCP.LN), Kier Group (KIE.LN), and IG Group Holdings (IGG.LN) are among other companies from the region to update investors with their latest numbers. In M&A, Guyana's Ministry of Natural Resources confirmed a consortium bidding for eight of fourteen offered blocks, including Exxon (XOM), Hess (HESS), and CNOOC (883.HK), reports Reuters. The article also cites government documents showing bids from consortiums including TotalEnergies (TTE.FP)/Qatar Energy/Petronas, Delcorp/Watad Energy/Arabian Drillers, and Liberty Petroleum/Cybele Energy, as well as a solo offer from Sispro. In Spain, Applus Service (APPS.SM) received a voluntary and competing takeover offer for all 129.1M company shares from Amber EquityCo, S.L.U, for €9.75 per share in cash

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +4.20%, Real Estate +2.98%, Energy+2.42%, Utilities +2.41%, Banks +1.98%, Insurance +1.79%, Construct & Mtls +1.79%

      • Underperformers:

        • Autos & Parts (0.43%), Retail +0.66%, Personal Care Drug and Grocery Stores +0.71%, Food, Beverage and Tobacco +0.83%, Telecom +0.96%, Technology +1.00%, Media +1.03%, Financial Svcs +1.14%, Ind Goods & Svcs +1.22%, Chemicals +1.26%, Travel & Leisure +1.29%, Consumer Products and Services +1.33%

    • Macro:

      • Greece:

      • Italy:

        • Italy's PM: Legal migration won't solve Europe's demographic crisis - Reuters; ansa

        • Meloni sticks by Italian bank windfall tax despite ECB criticism - FT

      • UK:

        • NHS to receive extra £200m ahead of winter amid record waiting lists - Sky

        • Keir Starmer plots deal to take EU's migrants - Telegraph; FT

        • Rishi Sunak and Jeremy Hunt in talks to scrap phase two of HS2 as costs spiral - Independent

        • UK house price gauge hits 14-year low as interest rates weigh, RICS - Reuters

    • Company news:

      • Notable Gainers

        • +41.9% LOOP.LN (LoopUp Group £0.03, +0.01) -- H1 earnings

        • +17.7% KEYS.LN (Keystone Law Group £4.83, +0.73) -- H1 earnings

        • +16.5% NWG.SS (Nordic Waterproofing Holding SEK163.80, +23.20) -- Kingspan Holdings to launch mandatory public offer after acquiring 1.6M shares

        • +16.0% ONCO.SS (Oncopeptides SEK9.30, +1.28) -- EU's CHMP adopted a positive opinion on Oncopeptides' application for earlier lines of treatment for patients with relapsed, refractory multiple myeloma

        • +11.8% INTRUM.SS (Intrum SEK72.08, +7.58) -- SEB upgrade

        • +11.1% CKT.LN (Checkit £0.30, +0.03) -- H1 earnings

        • +10.7% BIOS.BB (BioSenic €0.03, -0.00) -- agreement restructuring of its key financial debts

        • +9.6% XVIVO.SS (Xvivo Perfusion SEK301.50, +26.50) -- SEK440M directed share issue at subscription price of SEK275/sh

        • +8.3% DDRIL.NO (Dolphin Drilling AS NOK10.82, +0.83) -- selected as lowest bidder in Oil India rig tender

        • +7.7% CNE.LN (Capricorn Energy £1.67, +0.12) -- H1 earnings

        • +7.2% VCP.LN (Victoria £6.24, +0.42) -- FY earnings

        • +6.3% HFG.LN (Hilton Food Group £7.72, +0.46) -- long-term supply agreement with Wal-Mart Canada Corp.

        • +6.3% 1U1.GR (1&1 AG €15.96, +0.94) -- Citi upgrade

        • +6.2% A1OS.GR (All for One Group €41.20, +2.40) -- chairman buys ~€0.5M worth of shares

        • +5.8% ADE.NO (Adevinta NOK79.15, +4.35) -- sells Hungarian classifieds businesses to Ingatlan.com

        • +5.5% KIE.LN (Kier Group £0.92, +0.05) -- FY earnings

        • +5.5% NDX1.GR (Nordex €12.00, +0.62) -- 141 MW order

        • +5.2% EXO.NA (EXOR €85.82, +4.26) -- H1 earnings; launches €750M tender offer as part of €1B share buyback program

        • +4.8% VWS.DC (Vestas Wind Systems DKK158.02, +7.20) -- Deutsche Bank upgrade

        • +4.8% RIO.LN (Rio Tinto $52.23, +2.38) -- Rio Tinto in talks to sell Lake MacLeod salt operation - The Australian, citing internal email; JPMorgan upgrade

        • +4.7% UTDI.GR (United Internet €19.90, +0.89) -- Citi upgrade

        • +4.6% SIOFF.NO (Siem Offshore NOK27.15, +1.20) -- awarded contract extension for the MPSV Siem Dorado

        • +4.6% APPS.SM (Applus Services €9.89, +0.44) -- cash takeover offer at a price of €9.75/sh by Amber EquityCo, S.L.U

        • +4.2% HLUN.B.DC (H. Lundbeck DKK36.00, +1.44) -- new Lu AG09222 clinical data

        • +4.1% EVS.BB (EVS Broadcast Equipment €26.75, +1.05) -- Degroof upgrade

        • +3.5% KWS.LN (Keywords Studios £15.98, +0.54) -- Stifel Nicolaus upgrade

        • +3.3% BP.LN (BP £5.25, +0.17) -- "

        • +3.2% PHNX.LN (Phoenix Group Holdings £5.38, +0.17) -- H1 reporting update

        • +3.1% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik €30.44, +0.92) -- comprehensive collaboration agreement with RefleXion Medical, Inc. and Telix Pharmaceuticals

        • +3.0% GN.DC (GN Store Nord DKK134.00, +3.95) -- completes divestment of BelAudição

        • +2.8% SCANFL.FH (Scanfil €8.75, +0.24) -- Inderes upgrade

        • +2.6% SEQUA.BB (Sequana Medical €3.20, +0.08) -- H1 earnings

      • Notable Decliners

        • -21.2% THG.LN (THG Plc £0.69, -0.19) --

          • H1 earnings

          • Kelso a THG shareholder provides update following H1 report: Believes that now is the time to be exploring the strategic options for the THG Nutrition unit

        • -5.5% AUB.FP (Aubay €37.45, -2.20) -- H1 earnings

        • -3.6% DFV.GR (DFV Deutsche Familienversicherung €6.94, -0.26) -- H1 earnings

        • -3.1% FHZN.SW (Flughafen Zuerich CHF171.00, -5.40) -- HSBC downgrade

        • -2.3% AUTN.SW (Autoneum Holding CHF126.60, -3.00) -- up to 1.2M-share one-for-four capital increase at CHF90.75/share

        • -1.7% RCO.FP (Remy Cointreau €130.85, -2.30) -- Barclays downgrade

        • -1.5% SAA.LN (M&C Saatchi £1.28, -0.02) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings: Wustenrot & Wurttembergische (WUW.GR), Ringmetall (HP3A.GR), Havila Kystruten (HKY.NO)

      • Trading Update: H&M Hennes & Mauritz (HM.B.SS)

      • CMD/events: AddLife (ALIF.B.SS)

  • Data:

    • Economics:

      • ECB raises key rates by 25 bps after upward revision to inflation forecast

      • Aug CPI

        • Sweden +7.5% y/y vs consensus +7.7% and prior +9.3%; +0.1% m/m vs consensus +0.2% and prior 0.0%

        • Finland +5.6% y/y vs consensus +6.5% and prior +6.5; (0.7%) m/m vs consensus +0.1% and prior +0.5%

      • Switzerland Aug PPI (0.8%) y/y vs consensus (0.8%) and prior (0.6%); (0.2%) m/m vs consensus +0.1% and prior (0.1%)

    • Markets:

      • WTI Crude (Oct 23): +$1.52 or +1.72% to $90.04

      • €-$ (0.0065) or (0.61%) to 1.0667

      • £-$ (0.0078) or (0.62%) to 1.2411

      • €-£ +0.0003 to 0.8595

      • S&P 500 +0.64%

      • Performance year-to-date

        • FTSE 100: +2.97%

        • DAX: +13.51%

        • CAC: +12.90%

        • MIB: +21.79%

        • Stoxx 600: +8.47%

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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