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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.76%) to 7652.94, DAX (1.05%) to 15727.12, CAC (1.39%) to 7276.14

Sep 18 ,2023

  • Synopsis:

    • European equity markets closed lower. Norway +0% bucks the lower trend and leads outperformers, whilst Denmark (1.7%), France (1.4%) and Italy (1.3%) lead underperformers.

    • Risk appetite softer as growth concerns come into focus ahead of central bank meetings as markets eye end to global tightening cycle. Fed widely expected to hold though attention is mostly on whether there will be another rate hike and how long rates will remain restrictive. Rate increase also due from BoE, SNB and Riksbank. More hawkish-sounding ECB commentary over the weekend.

    • Macro data calendars empty today but this week's agenda does contain some key releases including flash Sep Manufacturing and Services PMIs for Eurozone, Germany, UK and France as well as UK Aug inflation data.

    • M&A news dominate the headlines: TGS (TGS.NO) and PGS (PGS.NO) announced their merger, whilst Bouygues (EN.FP) announced a squeeze-out offer for Colas (RE.FP) at a price of €175 per share and its subsidiary - Equans - will sell the district heating and cooling networks in the UK for an aggregate enterprise value of around £260M; also, Frasers Group (FRAS.LN) is in talks to sell Missguided to Shein, whilst Liberty Global, Warner Bros Discovery formally commence sale process for All3Media; in Germany, Kontron (KTN.GR) acquired Romanian company for urban and interurban mobility solutions Altimate for €11.64M.

    • On the reporting front, during a CMD event SocGen (GLE.FP) announced its 2026 targets whilst - in the UK - Phoenix Group (PHNX.LN) and S4 Capital (SFOR.LN) issued their most recent updates; in the Nordics, Nordic Semiconductor (NOD.NO) lowered Q3 guidance. Of note, the CEOs of Lonza (LONN.SW) and Naspers (NPN.SJ) / Prosus (PRX.NA) have stepped down today

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 18-Sep to 22-Sep attached), Onward Medical (ONWD.BB), Visiativ (ALVIV.FP), Actia Group (ALATI.FP), Latecoere (LAT.FP), Kingfisher (KGF.LN), Hargreaves Lansdown (HL.LN), Renishaw (RSW.LN), Serica Energy (SQZ.LN), Team17 Group (TM17.LN), Trustpilot (TRST.LN), Henry Boot (BOOT.LN), Eagle Eye Solutions (EYE.LN), Xaar (XAR.LN), DP Eurasia (DPEU.LN), McBride (MCB.LN), Water Intelligence (WATR.LN), and Naked Wines (WINE.LN) will be among other names to update investors, whilst the macro-calendar releases will include Eurozone/Austria final Aug CPI and Portugal Aug PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom (0.05%), Personal Care Drug and Grocery Stores (0.09%), Food, Beverage and Tobacco (0.24%), Energy(0.54%), Ind Goods & Svcs (0.73%), Utilities (0.83%), Insurance (0.95%), Financial Svcs (1.15%),

      • Underperformers:

        • Real Estate (2.59%), Consumer Products and Services (1.97%), Health Care (1.85%), Banks (1.80%), Travel & Leisure (1.76%), Chemicals (1.68%), Retail (1.63%), Autos & Parts (1.51%), Technology (1.45%), Media (1.25%), Construct & Mtls (1.21%),

    • Macro/Peripheral markets:

      • Russia/Ukraine

        • EU Braces for Tussle Over 12th Russian Sanctions Package - Bloomberg

        • Ukraine says it will sue Poland, Hungary and Slovakia over food import bans - Reuters, DW

      • EU

        • ECB May See 2% Inflation Sooner Than Forecast, Portugal's Raposo Says - Bloomberg

        • Roubini Says BOE, ECB Must Raise Rates to Avoid Stagflation - Bloomberg

      • UK

        • Keir Starmer pledges to seek major rewrite of Brexit deal - FT, Reuters

        • UK car industry calls for tax incentives to help switch to EVs - FT

        • Rental prices rise at fastest rate for nine years, figures show - BBC

      • Germany

        • Europe Must Cut Down on Its Dependence With China, Baerbock Says - Bloomberg

        • Germany to End Tax Discount on Gas Deliveries Three Months Early - Bloomberg

        • German economy to shrink in Q3: Bundesbank - Reuters

    • Company news:

      • Trading Higher:

        • +76.1% SIGHT.FP (GenSight Biologics €0.50, +0.31) -- successful manufacturing of LUMEVOQ GMP batch

        • +27.7% PDG.LN (Pendragon £0.23, +0.05) -- to dispose UK motor business and leasing business to Lithia UK Holding Limited for £250M

        • +21.0% PGS.NO (PGS ASA NOK8.34, +1.76) -- company and TGS announce principal terms of a combination; 0.06829 ordinary shares of TGS for each PGS share

        • +9.9% SINT.SS (SinterCast SEK109.00, +9.60) -- announces near-term financial targets and long-term growth outlook

        • +8.7% TGS.NO (TGS-NOPEC Geophysical Co. NOK137.80, +12.80) -- company and PGS announce principal terms of a combination; 0.06829 ordinary shares of TGS for each PGS share

        • +7.4% ENSU.NO (Ensurge Micropower NOK0.13, +0.01) -- contract

        • +4.3% NNIT.DC (NNIT DKK85.40, +3.50) -- presents financial aspirations towards 2026

        • +4.3% CALTX.SS (Calliditas Therapeutics SEK93.15, +3.80) -- Dagens Industri out with buy recommendation

        • +3.4% MNDI.LN (Mondi £14.00, +0.45) -- agrees to sell Mondi Syktyvkar for RUB80B (~ €775M) to Sezar Invest

        • +3.3% DRX.LN (Drax Group £5.20, +0.16) -- partial rebound after 10% drop Friday on news of UK NAO's Biomass study

        • +3.0% DFDS.DC (DFDS DKK234.20, +7.00) -- to acquire FRS Iberia/Maroc

        • +2.9% NORION.SS (Norion Bank SEK35.60, +1.00) -- announces result of Swedish FSA's Supervisory Review and Evaluation Process

        • +2.8% SHLF.NO (Shelf Drilling NOK35.45, +0.95) -- releases presentation material for Pareto Securities' Annual Energy Conference 2023

        • +2.6% ACR.NO (Axactor NOK5.42, +0.14) -- reinstated buy at Nordea

        • +2.1% IDS.LN (International Distributions Services £2.69, +0.05) -- JPMorgan upgrade

        • +1.5% AMS.LN (Advanced Medical Solutions Group £1.89, +0.03) -- signs agreement to commercialise LiquiBandFix8 in the US with TELA Bio, Inc; HSBC upgrade

      • Trading Lower:

        • -38.4% PHXM.FP (Phaxiam Therapeutics €4.22, -1.62) -- announces the completion of its reverse share split

        • -22.0% SFOR.LN (S4 Capital £0.72, -0.21) -- H1 earnings; lowers FY outlook; Peel Hunt downgrade

        • -18.8% DIA.LN (Dialight £2.22, -0.44) -- H1 earnings

        • -14.7% LONN.SW (Lonza Group CHF462.50, -73.10) -- CEO to step down

        • -13.7% ALD.FP (ALD €8.85, -1.35) -- releasing its new "PowerUP 2026" strategic plan

        • -12.5% GLE.FP (Societe Generale €24.72, -3.30) -- CMD

        • -9.9% NOD.NO (Nordic Semiconductor NOK105.40, -12.20) -- prelim Q3 revenue

        • -4.9% DEC.LN (Diversified Energy Co. £0.86, -0.04) -- CFO steps down

        • -4.3% BLND.LN (British Land Co. £3.19, -0.14) -- British Land Co. preparing £750M sale of Meadowhall shopping centre in Sheffied - Sunday Times

        • -4.2% FUM.LN (Futura Medical £0.49, -0.02) -- H1 earnings

        • -4.2% FR.FP (Valeo SE €17.49, -0.76) -- Goldman Sachs downgrade

        • -4.1% VIVE.SS (Vivesto SEK0.21, -0.01) -- to delist from Frankfurt Stock Exchange effective as of 15-Sep

        • -3.4% PRS.SM (Promotora de Informaciones €0.38, -0.01) -- initiated buy at Jefferies

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Onward Medical (ONWD.BB)

        • France: Visiativ (ALVIV.FP), Actia Group (ALATI.FP), Latecoere (LAT.FP)

        • UK: Kingfisher (KGF.LN), Hargreaves Lansdown (HL.LN), Renishaw (RSW.LN), Serica Energy (SQZ.LN), Team17 Group (TM17.LN), Trustpilot (TRST.LN), Henry Boot (BOOT.LN), Eagle Eye Solutions (EYE.LN), Xaar (XAR.LN), DP Eurasia (DPEU.LN), McBride (MCB.LN), Water Intelligence (WATR.LN), Naked Wines (WINE.LN)

      • Trading Update: Ocado (OCDO.LN), C&C Group (CCR.LN), ASOS (ASC.LN), SThree (STEM.LN)

      • CMD/events: Anheuser-Busch InBev (ABI.BB) day 1 (of two) 16:00CET, British Land Co (BLND.LN) - retail parks, AstraZeneca (AZN.LN), ORIOR (ORON.SW), Zalaris (ZAL.NO), Futura Medical (FUM.LN), VNV Global (VNV.SS), Coloplast (COLO.B.DC), Serica Energy (SQZ.LN),

  • Data:

    • Economics:

      • None

    • Markets:

      • WTI Crude (Oct 23): +$1.46 or +1.61% to $92.23

      • €-$ +0.0024 or +0.23% to 1.0690

      • £-$ +0.0006 or +0.05% to 1.2395

      • €-£ +0.0016 to 0.8624

      • S&P 500 +0.24%

      • Performance year-to-date

        • FTSE 100: +2.65%

        • DAX: +12.88%

        • CAC: +12.30%

        • MIB: +20.37%

        • Stoxx 600: +7.43%

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.
Please refer to "Terms Of Use".

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