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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.11% to 7601.85, DAX +0.70% to 15323.50, CAC40 +0.63% to 7116.24, STOXX 600 +0.36% to 448.50

Sep 28 ,2023

  • Synopsis:

    • European equity markets closed mostly higher, with the Stoxx Europe 600 +0.4% finishing well off session lows. Basic Resources +2.2% and Banks +1% leading late session sector gainers whilst Utilities (1.1%)were the main drag. Regionally, most indices ended higher led by the Spanish IBEX +1% and German Dax +0.7% whilst the UK indices underperformed (amid a jump in Gilt yields)

    • Heading into month- and quarter-end tomorrow, no real change in the fundamental backdrop as of late and lots of discussion about how market is in a catalyst vacuum through mid-October..

    • Eurozone bond yields headed higher again. German regional inflation data showed notable easing, but sentiment shifted after Spanish number accelerated for second consecutive month (Bloomberg). Headline at 3.2% versus prior 2.4%, just shy of the 3.3% median forecast due to higher electricity and fuel costs. Some thoughts data plays into notion of higher-for-longer rates. Bloomberg Economic' nowcast and the Bank of Spain predicts prices might accelerate further in October. Fixed income analysts seeing further upside risk for bond yields in Europe on hawkish short-term expectations. HSBC raised their year-end forecast to Bund to 2.65% from prior 1.75% but anticipates a fall to 2.00% by end of 2024 versus prior 1.50% as inflation eases. Expectation is for protracted period of restrictive policy from the ECB until inflation has fallen enough, or a recession leads policymakers to consider rate cuts.

    • Among individual stock developments of note, Renewi (RWI.LN) rejected offer from Macquarie; Ryanair (RYA.ID) announced autumn winter schedule cuts due to Boeing delivery delays; Colruyt (COLR.BB) made its second upward revision to guidance in five months; Conti (CON.GR) up on Betaville rumors about a significant corporate transaction; Meyer Burger (MBTN.SW) and SMA Solar (S92.GR) advanced on reports Germany mulls options to protect domestic solar manufacturers from price dumping; H&M (HM.B.SS) hit following a broker downgrade; 888 (888.LN) shares down 12% as it updated on current trading and FY23 guidance; ams-OSRAM (AMS.SW) down ~(20%) after its long-term financing announced last night.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.18%, Banks +1.00%, Autos & Parts +0.98%, Construct & Mtls +0.95%, Ind Goods & Svcs +0.85%, Media +0.80%, Chemicals +0.68%, Consumer Products and Services +0.58%, Financial Svcs +0.54%, Technology +0.38%, Insurance +0.36%

      • Underperformers:

        • Utilities (1.09%), Food, Beverage and Tobacco (0.71%), Real Estate (0.54%), Telecom (0.44%), Retail (0.38%), Personal Care Drug and Grocery Stores (0.16%), Health Care (0.13%), Travel & Leisure +0.29%

    • Macro:

      • EU

        • EU governments thrash out how to make enlarged bloc work - Reuters

      • UK

        • BOE's Greene says climate change may represent signifcant supply shock - wires

        • Housebuilding in England jumps as developers seek to avoid new energy rules - FT

        • Average mortgage rate on five-year fixed deal slips below 6% for first time in months - Sky News

      • Italy

        • Bond spread hits 200 points after approval of NADEF - ANSA

        • Meloni signs anti-inflation pact with business - ANSA

    • Company news:

      • Trading Higher:

        • +38.7% RWI.LN (Renewi £0.00, +1.97) -- Renewi plc rejects offer from Macquarie

        • +10.1% HSD.LN (Hansard Global £0.44, +0.04) -- FY earnings

        • +10.0% COLR.BB (Colruyt €41.06, +3.68) -- comments on 2023/24 outlook -- AGM

        • +8.5% ROO.LN (Deliveroo £1.21, +0.09) -- proposes tender offer to return up to £250M to shareholders

        • +8.3% ULTI.NO (Ultimovacs NOK89.10, +7.40) -- to present results from UV1 Phase II clinical trial NIPU at ESMO Congress 2023

        • +7.8% SLR.SM (Solaria Energia €13.52, +1.02) -- H1 earnings; purchase agrement; Barclays upgrade

        • +6.7% MBTN.SW (Meyer Burger Technology CHF0.00, +0.02) -- Germany mulls options to protect domestic solar manufacturers from price dumping - Reuters, citing document

        • +5.6% BAB.LN (Babcock International Group £4.23, +0.22) -- AGM trading update

        • +5.6% ALMKT.FP (Mauna Kea Technologies €0.61, +0.03) -- H1 earnings

        • +5.2% EGLA.IM (EuroGroup Laminations €3.91, +0.20) -- share buyback

        • +4.7% KOMN.SW (Komax Holding CHF206.50, +9.50) -- revised existing strategy and targets for the period 2024-28

        • +4.7% FRP.LN (FRP Advisory Group £1.18, +0.05) -- trading update

        • +4.5% NELLY.SS (Nelly Group SEK12.50, +0.55) -- CEO appointment

        • +4.1% BPOST.BB (bpost €5.21, +0.20) -- KBC upgrade

        • +3.1% TLX.GR (Talanx €59.45, +1.80) -- Berenberg upgrade

        • +3.0% NWF.LN (NWF Group £2.15, +0.06) -- trading update

        • +2.9% PAAL.B.DC (Per Aarsleff Holding DKK321.00, +9.00) -- resumed buy at Danske Bank

        • +2.9% FAA.GR (Fabasoft €18.05, +0.50) -- share buyback

        • +2.6% CANTA.SS (Cantargia SEK4.23, +0.11) -- presents new clinical and biomarker data supporting nadunolimab's antitumor activity and a key role of its target IL1RAP in pancreatic cancer

        • +2.6% CON.GR (Continental €64.96, +1.72) -- Rumors Continental could soon be involved in a significant corporate transaction - Betaville

        • +1.4% HSS.LN (HSS Hire Group £0.09, -0.00) -- H1 earnings

      • Trading Lower:

        • -25.8% RENX.LN (Renalytix £0.78, -0.20) -- FY earnings

        • -21.5% STX.LN (Shield Therapeutics £0.08, -0.02) -- H1 earnings

        • -20.7% PCO.PW (Pepco Group PLN24.36, -5.44) -- trading update; initiated underweight at Morgan Stanley

        • -20.2% AMS.SW (ams-OSRAM CHF4.26, -1.05) -- announces long-term financing consisting of €2.25B of rights issue, notes, and other financial instruments

        • -20.2% ZOO.LN (Zoo Digital Group £0.34, -0.11) -- trading update; Stifel downgrade

        • -19.2% ALPHA.FP (Pharnext €1.01, -0.17) -- updates on development program in China

        • -15.9% HEX.NO (Hexagon Composites NOK27.90, -5.18) -- placing

        • -12.3% HUM.LN (Hummingbird Resources £0.10, -0.01) -- H1 earnings

        • -12.1% 888.LN (888 Holdings £0.95, -0.13) -- trading update

        • -11.9% BEN.FP (Beneteau €12.18, -1.56) -- H1 earnings

        • -9.3% ALNOV.FP (Novacyt €0.71, -0.07) -- H1 earnings

        • -6.6% VLTSA.FP (Voltalia €10.54, -0.72) -- Oddo downgrade

        • -6.5% RBGP.LN (RBG Holdings £0.22, -0.02) -- H1 earnings

        • -6.2% OSE.FP (OSE Immunotherapeutics €4.29, -0.28) -- H1 earnings

        • -5.4% XLM.LN (XLMedia £0.09, -0.01) -- H1 earnings

        • -5.1% KMK.LN (Kromek Group £0.04, -0.00) -- financial update

        • -4.6% NTI.NO (Norsk Titanium NOK2.35, -0.11) -- to increase the size of previously announced bridge loan, increasing cash runway

        • -2.8% AXFO.SS (Axfood SEK246.10, -7.30) -- Danske Bank downgrade

        • -2.7% HEALTH.FH (Nightingale Health €0.98, -0.03) -- H2 earnings

        • -2.1% SBB.B.SS (Samhällsbyggnadsbolaget i Norden SEK3.84, -0.08) -- new earnings publication date

        • -2.0% ALLEC.FP (Cogelec €7.25, -0.15) -- Q2 earnings; TP ICAP downgrades

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Oxurion (OXUR.BB)

        • DACHs: Linus Digital Finance (LDF.GR)

        • France: Equasens (EQS.FP), AB Science (AB.FP), GeNeuro (GNRO.FP)

        • Southern Europe: Athens Water Supply & Sewage Co. (EYDAP.GA), GPI (GPI.IM), SIT (SIT.IM)

        • UK: Personal Group (PGH.LN), Distribution Finance Capital (DFCH.LN), Likewise Group (LIKE.LN)

  • Data:

    • Economics:

      • Eurozone Sep

        • Economic Sentiment Indicator 93.3 vs consensus 92.5 and prior revised 93.6 from 93.3

        • Consumer Confidence (17.8) vs preliminary (17.8)

        • Services Sentiment Indicator 4.0 vs consensus 3.5 and prior revised 4.3 from 3.9

      • Germany Sep

        • Preliminary CPI +4.5% y/y vs consensus +4.6% and prior +6.1%; +0.3% m/m vs consensus +0.3% and prior +0.3%

        • EU Harmonised CPI +4.3% y/y vs consensus +4.5% and prior +6.4%; +0.2% m/m vs consensus +0.3% and prior +0.4%

      • Denmark Aug Retail Sales (1.0%) y/y vs consensus (4.0%) and prior revised (5.5%) from (5.4%)

      • Norway Aug Retail Sales (0.3%) m/m vs consensus +0.5% and prior (0.8%)

      • Spain

        • Sep Preliminary CPI +3.5% y/y vs consensus +3.5% and prior +2.6%; +0.2% m/m vs consensus +0.3% and prior +0.5%

        • Aug Retail Sales +7.2% y/y vs consensus +7.7% and prior +7.3%

      • Italy Sep

        • Business Confidence 96.4 vs consensus 97.8 and prior revised 97.7 from 97.8

        • Consumer Confidence 105.4 vs consensus 105.5 and prior 106.5

    • Markets:

      • WTI Crude (Nov 23): ($0.69) or (0.74%) to $92.99

      • €-$ +0.0071 or +0.68% to 1.0575

      • £-$ +0.0082 or +0.68% to 1.2217

      • €-£ +0.0002 to 0.8656

      • S&P 500 +0.65%

      • Performance year-to-date

        • FTSE 100: +2.01%

        • DAX: +10.05%

        • CAC: +9.92%

        • MIB: +18.78%

        • Stoxx 600: +5.56%

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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