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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.77%) to 7412.45, DAX +0.10% to 15099.92, CAC +0% to 6996.73

Oct 04 ,2023

  • Synopsis:

    • European equity markets closed mixed lower. Denmark +0.7%, Greece, the Netherlands and Germany all +0.1% lead outperformers, whilst Norway (1.2%) and Portugal (1.1%) lead underperformers.

    • In central banks, ECB President Lagarde said rates sufficiently restrictive. BoE's Bailey said the job is not done on fighting inflation. Meanwhile, EU Commission formally commenced probe into China EVs. A lot of headline focus on yesterday's vote to oust Kevin McCarthy from speakership in the House, though real question remains how will the disruption impact government-funding discussions in the runup to the 17-Nov expiration of the stopgap spending bill.

    • Focus for macro data today turns to Sept service PMIs: Eurozone final beats 48.4 vs 48.7 prelim. but still below 50.0 mark indicating expansion territory; Germany, France, UK finals print better, Italy a touch softer than consensus 49.9 vs 50.0 whilst Spain beats 50.5 vs consensus 50.0. Also, big drop in Eurozone August PPI (11.5%) y/y vs consensus (11.6%) and prior (7.6%), but records increase +0.6% m/m vs consensus +0.6% and prior (0.5%). EZ Aug retail sales fell by more than forecast (1.2%) m/m vs consensus (0.3%) and prior revised (0.1%) from (0.2%), equating to a (2.1%) contraction y/y vs consensus (1.2%) and prior (1.0%). Elsewhere, Italy Q2 Final GDP revised slightly lower +0.3% y/y vs 2nd estimate +0.4%.

    • On the corporate front, of note, Novartis (NOVN.SW) executed the Sandoz spin-off and reiteratesd FY23 guidance; Sandoz (SDZ.SW) shares opened at CHF 24.00 on the SIX Swiss Exchange. Also in DACHs, NewGAMe SA publishes interim results of the partial tender offer for shares in GAM Holding (GAM.SW). Landis+Gyr Group (LAND.SW) acquired 100% of Thundergrid New Zealand and Corestate's (CCAP.GR), sold educational campus 'for ~€116M. In the UK, Tesco plc (TSCO.LN) reported H1 numbers ahead of consensus and guided FY24 adj operating profit between £2.6-2.7B. Spirent Communications (SPT.LN) shares under pressure as group reduced near-term outlook and notes very challenging telecommunications market conditions. Superdry (SDRY.LN) confirmed IP joint venture agreement with Reliance (500325.IN) and agreements for the sale of Superdry's intellectual property assets, including the SUPERDRY brand and related trademarks in India, Sri Lanka, and Bangladesh to the joint venture vehicle. In the Nordics, post market close yesterday, SAS (SAS.SS) announced it has reached a major milestone in its ongoing chapter 11 process in the U.S. and Air France-KLM to (AF.FP) will take a maximum 19.9% non-controlling stake; Bakkafrost (BAKKA.NO) reported Q3 and Byggfakta (BFG.SS) hosts its Capital Markets Day today.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 2-Oct to 6-Oct attached) Gerresheimer (GXI.GR), Volution Group (FAN.LN), Hydrogen-Refueling-Solutions (ALHRS.FP), Amoéba (ALMIB.FP), Volvo Car (VOLCAR.B.SS), LDC (LOUP.FP), Pennon Group (PNN.LN), GRENKE (GLJ.GR), and CMC Markets (CMCX.LN) will be among other names to update investors, whilst the macro-calendar releases will include Germany Sep construction PMI, Aug trade balance, France Aug industrial production, Spain Aug industrial production, UK Sep construction PMI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.22%, Media +1.05%, Utilities +0.55%, Consumer Products and Services +0.53%, Health Care +0.32%, Construct & Mtls +0.18%, Personal Care Drug and Grocery Stores +0.08%, Chemicals +0.03%, Autos & Parts +0.02%, Food, Beverage and Tobacco (0.13%),

      • Underperformers:

        • Energy(2.19%), Retail (1.65%), Basic Resources (1.00%), Travel & Leisure (0.80%), Ind Goods & Svcs (0.67%), Banks (0.38%), Telecom (0.35%), Insurance (0.32%), Financial Svcs (0.19%),

      Macro/Peripheral markets:

    • Russia/Ukraine

      • Russia's Diesel Exports Fell Sharply in Days After Ban - Bloomberg

    • EU

      • ECB's Guindos Still Sees Substantial Transmission to Economy - Bloomberg

      • ECB Interest Rate Hikes May Be Over, Centeno Says - Bloomberg

      • EU lawmakers back new climate chiefs despite delays to green agenda - FT

    • UK

      • Prime Minister to create 'smokefree generation' by ending cigarette sales to those born on or after 1 January 2009 - release, BBC

      • PM redirects HS2 funding to revolutionise transport across the North and Midlands - release, Sky News

      • Britain's workforce shrinks as employers battle higher wages, new survey shows - The telegraph

    • France

      • Referendum, abortion... what to remember from Macron's speech to the Constitutional Council - Les Echos

    • Germany

    • Iceland

      • Iceland Takes Surprise Rate-Hike Breather After 14 Straight Increases - Bloomberg

    • Ireland

      • Sinn Féin will propose a package of €6.8B in its alternative 2024 Budget - RTE

    • Finland

      • Finnish Housing Prices to Pick Up Next Year, Nordea Forecasts - Bloomberg

  • Company news:

    • Trading Higher:

      • +16.5% LUMI.NO (Lumi Gruppen NOK15.20, +2.15) -- trading update

      • +15.7% SDRY.LN (Superdry £0.50, +0.07) -- signs an IP joint venture agreement with Reliance

      • +13.0% ALLFG.NA (Allfunds Group €5.48, -0.00) -- Allfunds Group to explore different strategic options, including its sale - Vozpopuli,

      • +9.4% ALGBE.FP (Global Bioenergies €2.28, +0.20) -- French government awards company €16.4M for construction of the world's first biosourced isobutene plant

      • +7.0% ASCL.LN (Ascential £2.17, +0.14) -- Consortium including Hyve and MediaLink in pursuit of Ascential's Cannes Lions arm - Sky News, citing sources

      • +6.1% GAM.SW (Gam Holding CHF0.44, +0.03) -- NewGAMe SA publishes interim results of the partial tender offer for shares in company

      • +4.2% IFX.GR (Infineon Technologies €32.45, +1.30) -- acquires 3db Access AG; releases presentation material in connection with its automotive division

      • +3.8% STAF.LN (Staffline Group £0.27, +0.01) -- announces intention to make a series of share repurchases of up to an aggregate of 3.9M shares

      • +3.7% TSCO.LN (Tesco plc £2.69, +0.10) -- H1 earnings

      • +3.5% AV.LN (Aviva £3.89, +0.13) -- The move is likely attributed to an unconfirmed rumor that Aviva has attracted interest from another company

      • +3.3% AOJ.B.DC (Brødrene A & O Johansen DKK75.50, +2.40) -- initiated buy at SEB

      • +3.2% NWRN.SW (Newron Pharmaceuticals CHF5.10, +0.16) -- to present 3 posters at 36th European College of Neuropsychopharmacology Congress

      • +3.1% BREE.LN (Breedon Group £3.37, +0.10) -- holder Abicad intends to continue to acquire additional shares

      • +2.9% PEAB.B.SS (Peab SEK43.92, +1.22) -- to build new apartments in project Trägården in Askim for SEK135M

      • +2.3% HUH1V.FH (Huhtamaki €31.24, +0.69) -- Davy upgrade

      • +1.9% NOVN.SW (Novartis CHF87.67, +1.63) --

        • Novartis said to consider sale of assets from radiopharma business -- Bloomberg

        • executes Sandoz spin-off and reiterates FY23 guidance

      • +1.9% CRNA.NO (Circio Holding NOK11.00, +0.20) -- ex-date for the company's 30:1 reverse share split is today; to provide a company update on 11-Oct

      • +1.8% ORA.FP (Orange €10.98, +0.20) -- BofA upgrade

    • Trading Lower:

      • -83.5% SAS.SS (SAS SEK0.05, -0.25) --

        • reaches announced Chapter 11 in the US

        • Air France-KLM to take up to a maximum 19.9% non-controlling stake in the company

      • -31.4% SPT.LN (Spirent Communications £0.90, -0.41) -- Q3/9M trading update

      • -21.2% CI.SS (Cell Impact SEK2.05, -0.55) -- Q3 operational update; order

      • -13.1% PARRO.FP (Parrot €2.78, -0.42) -- business update

      • -12.9% BWLPG.NO (BW LPG NOK115.10, -17.10) -- completes 8.4M shares block sale of existing shares at NOK120/share

      • -7.7% XPP.LN (XP Power £9.23, -0.77) -- HSBC downgrade

      • -7.2% VTY.LN (Vistry Group £7.72, -0.60) -- UBS downgrade

      • -6.8% ATO.FP (ATOS SE €5.93, -0.43) -- appoints new CEO

      • -5.9% EEZY.FH (Eezy €2.09, -0.13) -- Inderes downgrade

      • -4.1% GOGL.NO (Golden Ocean Group NOK82.92, -3.54) -- enewal of share buy-back program

      • -3.9% FME.GR (Fresenius Medical Care €39.08, -1.60) -- Attorney General James Sues Fresenius Vascular Care for Subjecting Vulnerable Patients to Unnecessary Surgeries

      • -2.3% IDR.SM (Indra Sistemas €12.99, -0.31) -- completes acquisition of Park Air

      • -2.3% BOO.LN (boohoo Group £0.30, -0.01) -- Canaccord Genuity downgrade

EU companies reporting tomorrow:

  • Earnings: Gerresheimer (GXI.GR), Volution Group (FAN.LN), Hydrogen-Refueling-Solutions (ALHRS.FP), Amoéba (ALMIB.FP)

  • Trading Update: Volvo Car (VOLCAR.B.SS), LDC (LOUP.FP), Pennon Group (PNN.LN), GRENKE (GLJ.GR), CMC Markets (CMCX.LN)

  • Traffic: Norwegian Air Shuttle (NAS.NO)

  • Production: Ferrexpo (FXPO.LN)

  • CMD/events: GFT Technologies (GFT.GR), Hyloris Pharmaceuticals (HYL.BB), Karnov Group (KAR.SS), Pandora (PNDORA.DC), Prysmian (PRY.IM), Givaudan Investor Days (also 6th) Singapore

Data:

  • Economics:

    • Sep services PMI

      • Ireland 54.5 vs consensus 52.9, prior 55.0

      • Russia 55.4 vs consensus 54.0, prior 55.9

      • Sweden 46.3 vs consensus 48.0, prior revised 48.4 from 49.0

      • Spain 50.5 vs consensus 49.8, prior 49.3

      • Italy 49.9 vs consensus 50.0, prior 49.8

      • France 44.4 vs preliminary 43.9

      • Germany 50.3 vs preliminary 49.8

      • Eurozone 48.7 vs preliminary 48.4

      • UK 49.3 vs preliminary 47.2

    • Ireland Sep Unemployment Rate 4.2% vs consensus 4.3% and prior 4.1%

    • Italy Q2 Final GDP +0.3% y/y vs 2nd estimate +0.4%

    • Eurozone Aug Retail Sales (2.1%) y/y vs consensus (1.2%) and prior (1.0%)

    • Eurozone Aug PPI (11.5%) y/y vs consensus (11.6%) and prior (7.6%)

  • Markets:

    • WTI Crude (Nov 23): ($3.00) or (3.36%) to $86.23

    • €-$ +0.0045 or +0.43% to 1.0514

    • £-$ +0.0065 or +0.54% to 1.2142

    • €-£ (0.0006) to 0.8663

    • S&P 500 +0.25%

    • Performance year-to-date

      • FTSE 100: (0.53%)

      • DAX: +8.45%

      • CAC: +8.08%

      • MIB: +15.72%

      • Stoxx 600: +3.58%

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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