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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.07% to 7658.45, DAX (0.45%) to 15656.35, CAC40 +0.04% to 7279.39, STOXX 600 (0.08%) to 456.37

Sep 19 ,2023

  • Synopsis:

    • European indices ended mixed, with Italy outperforming the region. In macro-news, the OECD published its interim economic outlook. Cut outlook for global growth next year amid higher rates, weaker-than-expected recovery in China and risk of more persistent inflation. World GDP forecast at 3.0% this year versus prior 2.7%, but 2024 growth cut by 0.2% to 2.7%. Eurozone growth trimmed by 0.3% to 0.6% this year and cut by 0.4% in 2024 to 1.1%. Germany and Italy both saw growth reductions in 2023 and 2024, respectively. UK growth to remain steady this year at 0.3% but revised down by 0.2% to 0.8% in 2024. Highlighted key risk to outlook is that inflation proves to be more persistent and would means interest rates need to tighten further or remain higher for longer. Added monetary policy still working its way through economies via rising borrowing costs for new loans and mortgages

    • In central banks news, a Reuters survey of economists found the ECB now done with hiking rates but no pivot towards easier policy until H2 2024 and there is still a one-in-five chance they could hike rates again this year. Interest rate futures put the probably of another rate increase at ~25%. All 70 economists surveyed said there would be no further rate increases this year, but the ECB will probably wait until it confirmed it has reached the terminal rate. Recall that President Lagarde was keen to avoid calling the peak of the cycle and hawkish officials said rates could still rise again if next forecasts in December show above target inflation. More likely is the ECB will maintain restrictive policy for an extended period and other policy tools could become more influential as focuses on duration and transmission of policies. Note, Reuters sources said late Monday discussions at October meeting could consider changes to reserve management framework, tweaks to bond reinvestment plans and framework for steering short-term interest rates

    • In politics, the EU has pushed back on UK Labour Party leader Starmer's plan to renegotiate the Brexit deal. The London Times reported Brussels played down the prospect of a significantly improved deal when it is reviewed in 2025. They warned it was more a housekeeping exercise rather than renegotiating the UK and EU's relationship. Article highlighted that the EU is wary of reopening the Brexit debate despite public opinion shifting in favor of Europe in the UK and Labour's more EU-friendly approach.

    • In corporate news, the FT discussed how German carmakers are concerned about retaliation from China over the EU's anti-subsidy probe into Chinese electric vehicles. The move comes as tensions between Brussels and Beijing rise, and as German carmakers are already facing many challenges in China. It said Mercedes-Benz (MBG.GR) is most exposed to higher Chinese import tariffs, while VW (VOW.GR) and BMW (BMW.GR) are less exposed. However, all German carmakers with large local operations are feeling uneasy, the article noted. FT pointed that some analysts believe that China is unlikely to retaliate against German carmakers, as it needs Europe just as much as Europe needs China. On the reporting front, Kingfisher (KGF.LN) cut its FY profit forecast after lower sales in France and Poland offset a pick-up in its UK and Ireland markets, with the company also announcing a new £300M buyback. Other UK names reporting today included Ocado Group PLC (OCDO.LN), TUI Group (TUI.LN), and C&C Group (CCR.LN). Elsewhere, Banco Santander (SAN.SM) announced the realignment of its operating model, whilst on Finland Tietoevry (TIETO.FH) lowered its FY guidance and now expects organic growth of ~ 4% vs prior 5-7% and adjusted EBITA at 12.6-13.0% vs prior 13.0-13.5%. Also, Kion Group (KGX.GR) holder Invesco placed ~4M shares, and Societe Generale (GLE.FP) CEO Slawomir Krupa reacted to the share price drop after the presentation of the new strategic plan on Monday.

    • Looking ahead to tomorrrow's calendars, Synergie (SDG.FP), Quadient (QDT.FP), Cegedim (CGM.FP), Guerbet (GBT.FP), Genfit (GNFT.FP), Transgene (TNG.FP), Baloise Holding (BALN.SW), OVS (OVS.IM), M&G (MNG.LN), Dunelm Group (DNLM.LN), Judges Scientific (JDG.LN), Advanced Medical Solutions (AMS.LN), Oxford Biomedica (OXB.LN) and Galliford Try (GFRD.LN) will among few other names to update investors, whilst CTP (CTPNV.NA), Enad Global 7 (EG7.SS), F-Secure (FSECURE.FH) Ilika (IKA.LN) host CMD events. Macro-data will include UK Aug CPI and Input/Output PPI, Eurozone Jul Construction Output, Germany Aug PPI and Sweden Aug Unemployment Rate

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Banks +1.09%, Oil & Gas +1.01%, Real Estate+0.94%, Autos & Parts +0.92%, Financial Svcs +0.81%, Insurance +0.56%, Utilities +0.38%, Telecom +0.38%, Media +0.21%, Food & Beverage +0.03%, Basic Resources (0.03%)

      • Underperformers: Retail (1.62%), Ind Goods & Svcs (0.96%), Persnl & HHold Goods (0.75%), Technology (0.65%), Health Care (0.58%), Travel & Leisure (0.52%), Chemicals (0.40%), Construct & Mtls (0.09%)

    • Macro:

      • France and Germany back four-speed Europe (Politico)

      • How France and Germany think the EU can adapt to new members (FT)

      • Germany will suffer worst from world economic slowdown, says OECD (Guardian)

      • Traders Trim BOE Rate-Hike Bets as UK Growth Outlook Sours: Markets Today (BBG)

      • Starmer tells Macron he wants 'stronger' UK-France relationship at Paris meeting (Telegraph)

      • Bank of Spain Raises Inflation Forecasts on Higher Oil Prices (BoS)

      • EU, Italy talk tough on migration but action won't be easy (Reuters)

    • Company news:

      • Notable Gainers

        • +97.6% BIOS.BB (BioSenic €0.05, +0.02) -- publishes new evidence of beneficial effects of arsenic trioxide treatment supporting clinical trial for systemic sclerosis

        • +52.0% PHXM.FP (Phaxiam Therapeutics €4.75, +1.61) -- new preclinical development

        • +23.1% AVCT.LN (Avacta Group £1.28, +0.25) -- completes ALS-6000-101 sixth dose escalation

        • +21.0% SCLP.LN (Scancell Holdings £0.16, +0.03) -- positive data from first stage in Phase 2 SCOPE trial with SCIB1 cancer vaccine

        • +20.5% BIOVIC.B.SS (Biovica International SEK8.12, +1.37) -- US agreement with leading healthcare provider in Arizona

        • +16.4% TRST.LN (Trustpilot Group £0.97, +0.14) -- H1 earnings

        • +13.5% DPEU.LN (Dp Eurasia £0.68, +0.08) -- H1 earnings

        • +6.6% CHAR.LN (Chariot £0.15, +0.01) -- H1 earnings

        • +5.6% HL.LN (Hargreaves Lansdown £8.10, +0.43) -- FY earnings

        • +5.3% CCR.LN (C&C Group £1.39, +0.07) -- trading update

        • +4.3% STEM.LN (Sthree £3.72, +0.16) -- trading update

        • +3.2% HRPK.GR (7C Solarparken €3.43, +0.11) -- H1 earnings

        • +2.9% DNO.NO (DNO ASA NOK10.80, +0.30) -- gas condensate discovery on the Norma prospect

        • +2.6% HPHA.GR (Heidelberg Pharma €3.50, +0.09) -- update on Phase I/IIa clinical trial with lead candidate HDP-101

        • +2.5% TUI.LN (TUI Group £4.79, +0.12) -- FY trading update

        • +2.2% RAL.FP (Rallye €0.11, -0.00) -- Groupe Casino updates on negotiations with note holders issued by Quatrim; request to extend the conciliation proceedings; files appeal against decision of Sanctions Commission of French Financial Market Authority

        • +1.9% VPK.NA (Royal Vopak €32.41, +0.61) -- sale of its chemical terminals in Rotterdam for a total purchase price of €407M

        • +1.2% OCDO.LN (Ocado Group £8.02, +0.09) -- trading update

        • +1.1% FRE.GR (Fresenius €30.48, +0.33) -- puts Curalie up for sale - Handelsblatt

        • +0.7% CABK.SM (CaixaBank €3.58, +0.03) -- and Lone Star to sell Servihabitat - El Confidencial,

        • +0.4% BLND.LN (British Land Co. £3.10, +0.01) -- upgrades retail park ERV growth guidance for FY2024 from 2-4% to 3-5%

        • +0.4% CO.FP (Casino Guichard-Perrachon €1.68, +0.01) -- updates on negotiations with note holders issued by Quatrim; request to extend the conciliation proceedings

        • +0.3% HO.FP (Thales €139.55, +0.35) -- offers to sell assets in France and Germany in bid to address EU antitrust concerns over proposed acquisition of Thales' GTS business - Reuters

      • Notable Decliners

        • -45.8% SFE.LN (Safestyle UK £0.05, -0.04) -- trading update

        • -32.0% QUIZ.LN (QUIZ Ltd. £0.06, -0.03) -- trading update

        • -28.8% SMCP.FP (SMCP €3.75, -1.52) -- lowers FY guidance

        • -18.2% ALBPS.FP (Biophytis €0.01, -0.00) -- response from the French HAS

        • -12.2% ONWD.BB (Onward Medical €3.56, -0.50) -- H1 earnings

        • -11.7% KGF.LN (Kingfisher £2.07, -0.28) -- H1 earnings; lowers FY guidance

        • -10.0% WINE.LN (Naked Wines £0.63, -0.07) -- FY earnings

        • -9.7% ACSO.LN (accesso Technology Group £6.60, -0.72) -- H1 earnings

        • -7.0% MCB.LN (McBride £0.42, -0.03) -- FY earnings

        • -6.0% XAR.LN (Xaar £1.65, -0.11) -- H1 earnings

        • -5.9% SQZ.LN (Serica Energy £2.51, -0.16) -- H1 earnings; lowers FY guidance

        • -5.2% BIG.LN (Big Technologies £2.18, -0.12) -- H1 earnings

        • -5.0% PLAT.GA (Thrace Plastics Holding & Commercial €4.15, -0.22) -- H1 earnings

        • -4.6% TGS.NO (TGS-NOPEC Geophysical Co. NOK153.00, -7.30) -- TGS and PGS complete private placements, raising NOK953.1M at NOK152.5/share and NOK439.3M at NOK9.60/share respectively; DnB Markets downgrade

        • -4.0% EYE.LN (Eagle Eye Solutions Group £5.45, -0.23) -- FY earnings

        • -2.6% TIETO.FH (Tietoevry €21.64, -0.58) -- lowers FY guidance

        • -2.3% KGX.GR (Kion Group €36.27, -0.87) -- holder Invesco places ~4M shares through Goldman Sachs -- wires

        • -2.0% PGS.NO (PGS ASA NOK9.90, -0.20) -- placement

        • -1.9% FGP.LN (FirstGroup £1.54, -0.03) -- contract

        • -0.6% AB.FP (AB Science €2.44, -0.01) -- update on EMA timetable for examination of the masitinib marketing authorization application in ALS

        • -0.6% GLE.FP (Societe Generale €23.12, -0.15) -- CEO Krupa reacts to the share price drop after the presentation of the new strategic plan on Monday -- Les Echos

    • EU companies reporting tomorrow:

      • France: Synergie (SDG.FP), Quadient (QDT.FP), Cegedim (CGM.FP), Guerbet (GBT.FP), Genfit (GNFT.FP), Transgene (TNG.FP), HEXAOM (ALHEX.FP), Prodways Group (PWG.FP)

      • DACHs: Baloise Holding (BALN.SW)

      • Southern Europe: OVS (OVS.IM)

      • UK: M&G (MNG.LN), Dunelm Group (DNLM.LN), Judges Scientific (JDG.LN), Advanced Medical Solutions (AMS.LN), Oxford Biomedica (OXB.LN), Galliford Try (GFRD.LN), Ten Entertainment Group (TEG.LN), LBG Media (LBG.LN), Epwin (EPWN.LN), ASA International (ASAI.LN)

      • CMD/Investor Meeting: CTP (CTPNV.NA), Enad Global 7 (EG7.SS), F-Secure (FSECURE.FH), Ilika (IKA.LN)

  • Data:

    • Economics:

      • Eurozone Aug Final CPI +5.2% y/y vs preliminary +5.3%; +0.5% m/m vs preliminary +0.6%

      • Ireland Aug PPI (5.2%) y/y vs consensus (5.4%) and prior (6.7%

      • Switzerland Aug

        • Trade Balance CHF4.05B vs consensus CHF4.23B and prior CHF3.13B

        • Swiss Watch Exports +4.0% to CHF1.82B

    • Markets:

      • WTI Crude (Oct 23): +$1.35 or +1.48% to $92.83

      • €-$ (0.0010) or (0.09%) to 1.0682

      • £-$ +0.0000 or +0.00% to 1.2385

      • €-£ (0.0008) to 0.8626

      • S&P 500 (0.65%)

      • Performance year-to-date

        • FTSE 100: +2.77%

        • DAX: +12.44%

        • CAC: +12.44%

        • MIB: +21.16%

        • Stoxx 600: +7.41%

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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