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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +0.02% to 7625.72, DAX (0.97%) to 15255.87, CAC (0.70%) to 7074.02

Sep 26 ,2023

  • Synopsis:

    • European equity markets closed mostly lower. Denmark +0.9%, Greece +0.3%, and FTSE100 +0%, lead outperformers. Sweden (1.3%), Netherland and Germany both (1.0%) and Italy (0.9%) lead underperformers.

    • Germany announces lower volumes of planned debt sales for Q4 as government winds down financial support for households and firms. ECB's Simkus said should discuss PEPP reinvestment sooner rather than later. Muller said he does not expect more rate hikes.

    • Quiet macro calendar in Europe. ECB's Lane to speak during European morning. Comments from ECB officials Monday reaffirmed commitment to maintaining restrictive policy for extended period. On the macro-calendar: Sweden Aug PPI (5.9%) y/y vs consensus (5.6%) and prior (2.1%).

    • On the reporting front: (ASM.NA) ASM International hosts 2023 Investor Day; increases 2025 revenue target to €3.0-3.6B vs prior €2.8-3.4B, provides guidance for 2027, confirms Q3 guidance. In the UK, PZ Cussons (PZC.LN) reports FY EPS 11.2p vs FactSet 10.8p. Wentworth Resources (WEN.LN) reports H1 EPS $0.03 vs year-ago $0.03; issues Maurel & Prom (MAU.FP) offer update. Smiths Group (SMIN.LN) reported FY EPS 97.0p ex-items vs FactSet 95.3p and proposed a final dividend of 28.7p/share, bringing FY inline with consensus expectations; British Land Co (BLND.LN) issued H1 business update; Asos (ASC.LN) issued trading statement for P4 period ended 3-Sep-23: total revenue (15%) y/y at constant currency.

    • In M&A news, Sweco (SWEC.B.SS) to acquire Medins Havs och Vattenkonsulter AB, which specialises in surveys of watercourses, lakes and seas for an undisclosed sum. Vivendi (VIV.FP) reportedly to be weighing sale of tickets and festival units, according to Sky News.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 25-Sep to 29-Sep attached),Helvetia (HELN.SW), KWS SAAT & Co. (KWS.GR), HORNBACH & Co. (HBH.GR), Voltalia (VLTSA.FP), Beneteau (BEN.FP), Waga Energy (WAGA.FP), Lhyfe (LHYFE.FP), ICAPE Holding (ALICA.FP), H&M Hennes & Mauritz (HM.B.SS), Pendragon (PDG.LN), NCC Group (NCC.LN), Saga (SAGA.LN), and Avingtrans (AVG.LN) will be among other names to update investors, whilst the macro-calendar releases will include Germany Oct GfK consumer confidence, France Sep consumer confidence, Switzerland Sep expectations - ZEW, Norway Aug unemployment rate, Sweden Aug trade balance, Eurozone Aug M3 money supply, Ireland Aug retail sales

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Insurance +0.24%, Health Care +0.07%, Financial Svcs (0.10%), Travel & Leisure (0.17%), Banks (0.19%), Utilities (0.20%), Retail (0.22%), Basic Resources (0.30%), Personal Care Drug and Grocery Stores (0.51%),

      • Underperformers:

        • Technology (2.02%), Real Estate (1.94%), Consumer Products and Services (1.48%), Autos & Parts (1.21%), Ind Goods & Svcs (0.80%), Media (0.80%), Chemicals (0.77%), Food, Beverage and Tobacco (0.73%), Telecom (0.71%), Energy(0.64%),

    • Macro/Peripheral markets:

      • EU

        • Foreign brands including Tesla to face scrutiny as part of EU probe into China car subsidies - FT

        • EU in talks with Moderna over new vaccine supply deal - FT

        • ECB Should Discuss PEPP Sooner Rather Than Later, Simkus Says - Bloomberg

      • UK

        • HS2: Scrapping Manchester link would be very stupid, says ex-rail boss - BBC

        • HS2 a national disgrace and should have been axed years ago, says Hague - The Times

        • Sterling heads for worst month since Liz Truss's 'mini'-Budget - FT

      • France

        • Meloni-Macron face to face without delegations, focus on migrants - Ansa

      • Germany

        • Germany Slashes Debt Sales by €31 Billion in Fourth Quarter -- Bloomberg, release

      • Spain

        • Spain's Feijoo kicks off long-shot bid to form government - Reuters

      • Finland

        • Finnish Housing Starts Face a Plunge to 1940s Levels, Construction Lobby Says - Bloomberg

      • Sweden

        • Turkey will back Sweden's NATO bid if U.S. keeps promise on F-16 sale - Erdogan - Reuters

      • Greece

        • Primary surplus of €5.6 bln in year's first eight months - ekathimerini

    • Company news:

      • Trading Higher:

        • +172.7% OBD.LN (Oxford BioDynamics £0.12, +0.18) -- launches 94% accurate PSE test in US and UK

        • +9.1% KGH.LN (Knights Group Holdings £0.95, +0.08) -- AGM trading update

        • +8.1% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik €32.24, +2.38) -- signs 10-year Lutetium-177 supply agreement with POINT Biopharma Global Inc.

        • +7.5% AAD.GR (Amadeus FiRe €106.40, +7.60) -- to repurchase up to 5% of its registered share capital

        • +4.1% OIZ.ID (Origin Enterprises €3.23, +0.13) -- FY earnings

        • +3.9% WAF.GR (Siltronic €76.55, +2.85) -- Stifel upgrade

        • +3.9% BARC.LN (Barclays £1.57, +0.06) -- Morgan Stanley upgrade

        • +3.1% ELG.GR (Elmos Semiconductor €64.90, +1.90) -- Hauck & Aufhäuser upgrade

        • +2.8% BOKU.LN (BOKU £1.46, +0.04) -- H1 earnings

        • +2.7% APH.LN (Alliance Pharma £0.48, +0.01) -- H1 earnings

        • +2.0% NOVO.B.DC (Novo Nordisk DKK644.10, +12.90) -- to collaborate with Valo Health to discover and develop novel treatments for cardiometabolic diseases using human data and artificial intelligence

        • +2.0% ELTEL.SS (Eltel SEK7.28, +0.14) -- signs a three-year frame agreement at an estimated value of SEK 320M with FMV

      • Trading Lower:

        • -52.8% BLVN.LN (Bowleven £0.01, -0.01) -- corporate and operational update

        • -34.4% VID.LN (Videndum £4.01, -1.89) -- chairman will not seek re-electeion; H1 earnings

        • -30.7% ALCAR.FP (Carmat €7.40, -2.27) -- H1 earnings

        • -19.2% POXEL.FP (Poxel €0.44, -0.10) -- H1 earnings

        • -18.9% CLIME.B.SS (Climeon SEK2.19, -0.57) -- to carry out a fully guaranteed rights issue of at least SEK100M

        • -14.7% MITRA.BB (Mithra Pharmaceuticals €1.80, -0.31) -- H1 earnings

        • -10.4% CARD.LN (Card Factory £1.03, -0.12) -- H1 earnings

        • -9.9% ESKN.LN (Esken Ltd. £0.03, -0.00) -- does not agree with CGI's claimed interpretation of convertible loan agreement and will support LSA in defending the action vigorously

        • -7.9% CYAD.BB (Celyad Oncology €0.70, -0.06) -- termination of its American Depository Receipt program

        • -7.5% SAS.SS (SAS SEK0.29, -0.02) --

          • files monthly operating reports with U.S. court

          • evaluation process ongoing following expiration of deadline for potential investors to submit final bids in the equity solicitation process

        • -6.2% NIOX.LN (NIOX Group £0.69, -0.04) -- H1 earnings

        • -5.5% ADOC.FP (Adocia €6.70, -0.38) -- oral presentations on AdoShell Islets at EASD and IPITA-IXA-CTRMS Congresses

        • -4.3% VBK.GR (VERBIO Vereinigte BioEnergie €34.53, -1.65) -- FY earnings

        • -3.9% WALL.B.SS (Wallenstam SEK36.22, -1.46) -- Handelsbanken downgrade

        • -3.6% LXS.GR (Lanxess €24.07, -0.89) -- target price cut to Street low at Jefferies

        • -2.9% CFR.SW (Richemont CHF110.60, -3.35) -- Morgan Stanley downgrade

        • -2.4% DRX.LN (Drax Group £4.39, -0.11) -- notes recent government updates regarding bioenergy with carbon capture and storage projects and potential implications on Drax Power Station project

        • -2.4% ORS.IM (Orsero €14.00, -0.34) -- completes share buyback

        • -2.4% NFG.LN (Next 15 Group £6.01, -0.15) -- H1 earnings

        • -2.0% MAU.FP (Maurel et Prom €4.64, -0.10) -- H1 earnings

        • -1.8% CBG.LN (Close Brothers Group £8.28, -0.15) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Helvetia (HELN.SW), KWS SAAT & Co. (KWS.GR), HORNBACH & Co. (HBH.GR)

        • France: Voltalia (VLTSA.FP), Beneteau (BEN.FP), Waga Energy (WAGA.FP), Lhyfe (LHYFE.FP), ICAPE Holding (ALICA.FP)

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

        • Southern Europe: Piraeus Port Authority (PPA.GA), Admie Holdings (IPTO) (ADMIE.GA), Digital Bros (DIB.IM), Trevi-Finanziaria Industriale (TFIN.IM), Ratti (RAT.IM)

        • UK: Pendragon (PDG.LN), NCC Group (NCC.LN), Saga (SAGA.LN), Avingtrans (AVG.LN), Everyman Media Group (EMAN.LN), Zinc Media Group (ZIN.LN), Safestyle UK (SFE.LN)

      • CMD/events: TotalEnergies (TTE.FP) Investor Day - Strategy & Outlook, Arkema (AKE.FP), Pendragon (PDG.LN), TI Fluid Systems (TIFS.LN), Cambi (CAMBI.NO)

  • Data:

    • Economics:

      • Finland Aug Unemployment Rate 6.7% vs consensus 7.0% and prior 6.9%

      • Sweden Aug PPI (5.9%) y/y vs consensus (5.6%) and prior (2.1%)

    • Markets:

      • WTI Crude (Nov 23): +$0.70 or +0.78% to $90.38

      • €-$ (0.0016) or (0.15%) to 1.0577

      • £-$ (0.0050) or (0.41%) to 1.2160

      • €-£ +0.0020 to 0.8695

      • S&P 500 (1.23%)

      • Performance year-to-date

        • FTSE 100: +2.39%

        • DAX: +9.53%

        • CAC: +9.26%

        • MIB: +18.61%

        • Stoxx 600: +5.37%

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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