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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.53% to 7451.54, DAX (0.20%) to 15070.22, CAC40 +0.02% to 6998.25, STOXX 600 +0.28% to 441.31

Oct 05 ,2023

  • Synopsis:

    • European equity markets had a volatile session with pan-European indices initially fluctuating in a narrow range either side of unchanged on the day, before establishing a larger trading range in positive territory. Shares hit the best levels of the day shortly after Wall Street's open, paring gains thereafter.

    • Greece (1.4%), DAX, CAC and Netherlands +0.1% led underperformers, with Denmark, Spain both +0.7% and Sweden +0.6% leading outperformers

    • European Political Community (EPC) summit, in Granada, Spain, includes 47 countries, participants include EU's von der Leyen

    • EU Parliament saw MEPs back Hoekstra as Commissioner for Climate Action and new role for Šef�?ovi�? as Executive Vice-President for the European Green Deal. They also approved new standard to fight greenwashing, as well as improved and endorsed a proposal for a €50B facility to support Ukraine's recovery, reconstruction and modernisation from 2024. EU's Simson hosted EU-Algeria high-level energy dialogue.

    • In UK, polling stations are still open in Rutherglen and Hamilton West by-election, with results expected in early hours of tomorrow. Labour are seen taking the seat from the SNP

    • ECB conf on Monetary Policy saw speech by ECB's de Guindos and a panel including Riksbank's Breman, BOE's Broadbent and ECB's Lane. Bundesbank's Nagel spoke at Karlsruher Institut für Technologie (KIT). Bank of France's Villeroy de Galhau spoke at event hosted by bpifrance. BOE released its Monthly Decision Maker Panel survey and Bank of Slovakia released quarterly assessment of Economic and Monetary Developments, the latter seeing comments from Governor Kažimír at a press conf.

    • Basel Committee publishes report on the 2023 banking turmoil. Agrees to consult on disclosure frameworks for climate-related financial risks and banks' crypto-asset exposures and approves 2023 assessment exercise for global systemically important banks (G-SIBs)

    • From a macro calendar perspective, French industrial production came weaker than expected whilst German trade balance for August improved to €16.6B vs €15B expected. However, exports were down 1.2% m/m vs 0.6% decline expected, while imports were down 0.4% vs expectations for +0.5% gain. German and UK construction PMIs were even more disappointing than expected.

    • Sep new car registrations figures released for UK +21.0% y/y - SMMT and Germany (0.1%) y/y - VDIK/KBA.

    • Amongst companies reporting earnings/updates were Alstom (ALP.FP) preliminary H1 revenue €8.30B vs FactSet €8.76B [2 est, €8.24-9.28B] and lowers FY FCF outlook, Imperial Brands (IMB.LN) on track to deliver FY guidance and announces further £1.1B share buyback, Prysmian sets financial targets for 2027 including EBITDA of €2B +/- €100M - CMD, and Pandora (PNDORA.DC) EBIT margin target of 26-27% by 2026, up from "around 25%" in 2023 - CMD

    • M&A news flow included, Frontline (FRO.NO) and CMB NV are in discussions on an integrated solution to the strategic and structural deadlock in Euronav, Symrise (SY1.GR) increases its stake in Kobo Products Inc. to 49%, Trifork Holding (TRIFOR.DC) acquires Chapter 5 in Denmark, Modern Times Group (MTG.B.SS) acquires a 70% stake in Swedish mobile game development studio Snowprint Studio, Boiron (BIO.FP) family take further step towards filing of a draft mandatory simplified public purchase offer and Credit Agricole Italy (ACA.FP) sells its 16.6% stake in Generalfinance (GF.IM) through Intesa Sanpaolo for ~€15M

    • Elsewhere, Casino Group (CO.FP) announced that is has entered today into a lock-up agreement relating to its financial restructuring, Calliditas Therapeutics (CALTX.SS) announces EU's COMP issues a positive opinion on company's application for orphan drug designation for setanaxib in Alport syndrome, Medivir (MVIR.B.SS) issues study update with the candidate drug fostrox in combination with Lenvima, continues to show promising tumor control in HCC, Nanobiotix (NANO.FP) announces final readout from Phase 1 cohort expansion evaluating NBTXR3 in locally advanced head and neck cancer and Manz (M5Z.GR) receives €20M orders from global semiconductor manufacturer.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.45%, Utilities +0.95%, Real Estate +0.78%, Persnl & HHold Goods +0.67%, Media +0.67%, Financial Svcs +0.66%, Food & Beverage +0.61%, Insurance +0.54%, Banks +0.44%, Retail +0.40%, Telecom +0.35%, Health Care +0.33%

      • Underperformers:

        • Technology (0.75%), Autos & Parts (0.42%), Chemicals (0.26%), Construct & Mtls (0.12%), Basic Resources (0.11%), Oil & Gas (0.02%), Ind Goods & Svcs +0.13%

    • Macro/Peripheral markets:

      • EU:

        • Leaders to discuss candidates countries to join the European Union at - Reuters

        • Security of gas supply in Europe has improved in the last years thanks to successful measures by the EU and its Member States - Report

      • Ireland:

        • Public to see benefit of budget before christmas, says Taoiseach - RTE

      • Italy:

        • Country is anything but isolated within the EU when it comes to tackling irregular migration says PM Meloni - ANSA

      • Norway:

        • Defence minister, others press conf. tomorrow at 8:45CET where new support for Ukraine will be announced - release

      • Spain:

        • Socialist leader Sanchez negotiates amnesty for Catalan separatists, in attempts to form new government - El Confidencial

      • Sweden:

        • Poll barometer M+KD+SD+L 44.3%, (0.5%) vs month ago, S+MP+C+V 54.1%, +0.7%; opposition maintains its grip on voter opinion - SVT/Kantar

      • UK:

        • Labour Party continues to gain traction with business chief poll shows - Politico

        • The question that hangs over Sir Keir Starmer's fiscal policy - The Economist

        • Conservative Party's struggle with migration pressures stopping Farage joining Party - Telegraph

    • Company news:

      • Notable Gainers

        • +12.0% PNDORA.DC (Pandora) -- EBIT margin target of 26-27% by 2026, up from "around 25%" in 2023, updates on Phoenix strategy - CMD

        • +11.6% RDC.GR (Redcare Pharmacy) -- preliminary Q3 revenue €475M, +67% y/y vs FactSet €444.7M [3 est, €422.2-466M]; buy from hold at Alster Research

        • +9.3% FAN.LN (Volution Group) -- FY EPS 25.8p ex-items vs FactSet 25.0p [7 est, 24.3-25.6p]

        • +8.6% S92.GR (SMA Solar Technology) -- expects 9M EBITDA €230-235M vs year-ago €50M; outperform from neutral at Oddo

        • +7.9% VBG.B.SS (VBG Group) -- initiated buy at Nordea

        • +7.6% KAR.SS (Karnov Group) -- announces updated medium term and long term financial targets; updates dividend policy - CMD

        • +7.1% DEC.LN (Diversified Energy Co.) -- expects Q3 production to be within 805-830 MMcfepd (134-138 Mboepd), in line with expectations

        • +7.1% FXPO.LN (Ferrexpo) -- Q3 production report; total commercial production 1,349 kt +15% q/q

        • +6.5% BACTI.B.SS (Bactiguard Holding) -- announces sharpened strategy with full focus on licensing and initiated review of its financial targets

        • +5.0% AFP.SW (Aluflexpack) -- signs agreement to acquire 68% of Helioflex; terms undisclosed

        • +4.7% PRY.IM (Prysmian) -- financial targets set for 2027 including EBITDA of €2B(+/-€100M), up from €1.49B in 2022 - CMD

        • +4.7% NORION.SS (Norion Bank) -- receives approval to change method for calculating own funds requirement for operational risk

        • +4.5% BBED.NA (Beter Bed Holding) -- Acceptance period of Torqx Capital Partners' offer runs from 5-Oct to 29-Nov; expects to complete offer before year-end

        • +4.5% NAS.NO (Norwegian Air Shuttle) -- Sep RASK +6%

        • +4.4% MAIRE.IM (Maire Tecnimont) -- signs a Letter of Award with ADNOC for the onshore processing plant of the Hail and Ghasha development project

        • +4.2% GRI.LN (Grainger) -- FY like-for-like rental +7.7% y/y

        • +3.9% ADMCM.FH (Admicom) -- Q3 EPS €0.44 vs FactSet €0.40 [4 est, €0.30-0.52], reaffirms FY outlook

        • +3.9% SJJ.GR (Serviceware) -- SaaS agreement with 3-year minimum term for major customer

        • +3.9% IMB.LN (Imperial Brands) -- on track to deliver FY guidance; announces further £1.1B share buyback

        • +3.2% BG.AV (BAWAG Group) -- receives ECB approval for $175M share buyback

        • +3.1% ARB.LN (Argo Blockchain) -- Sep operational update: mined 136 BTC or 4.5 BTC/day

        • +2.9% HTRO.SS (Hexatronic Group) -- acquires USNet and strengthens its position in the US market within Data Centers

        • +2.6% BRAV.SS (Bravida Holding) -- acquires the Thunestvedt corporate group

          • On earnings/updates: Skjern Bank (SKJE.DC), VOLCAR.B.SS (Volvo Car), GPE.LN (Great Portland Estates), NG.LN (National Grid), UTG.LN (UNITE Group) and reversing initial falls SNI.NO (Stolt-Nielsen)

      • Notable Decliners

        • -36.9% ALO.FP (Alstom) -- preliminary H1 revenue €8.30B vs FactSet €8.76B [2 est, €8.24-9.28B], lowers FY FCF outlook; neutral from buy at CIC Market Solutions

        • -28.7% MTRO.LN (Metro Bank Holdings) -- Metro Bank seeking to raise up to £600M - FT

          • Metro Bank Holdings is reportedly working with Morgan Stanley, Moelis, and Royal Bank of Canada to secure several hundred million pounds in new debt and equity - Sky News

        • -15.2% MXCT.LN (MaxCyte) -- guides Q3 revenue $7.8-8.0M vs FactSet $11.3M [6 est, $9.0-12.7M], updates full year outlook

        • -14.2% MDM.FP (Maisons du Monde) -- sell from neutral at TP ICAP

        • -12.5% IPH.FP (Innate Pharma) -- FDA places partial clinical hold on the company's lacutamab IND

        • -11.4% PUM.GR (Puma) -- RBC, Stifel out with preview notes for Q3 results due 24-Oct

        • -5.3% COFB.BB (Cofinimmo) -- places 2.8M new shares at €60/share

        • -4.8% PGS.NO (PGS) -- to hold from buy at Carnegie Securities

        • -3.6% ACS.SM (ACS) -- to Sell from Buy at Mirabaud

        • -3.2% GXI.GR (Gerresheimer) -- Q3 EPS €1.07 ex-items vs consensus €1.17, provides FY, medium-term guidance

        • -2.8% TIT.IM (Telecom Italia) -- to sell from hold at Deutsche Bank

          • On earnings/updates: AKRBP.NO (Aker BP), AAL.LN (Anglo American) and reversing initial gains MITRA.BB (Mithra Pharmaceuticals), GLJ.GR (GRENKE), MOTR.LN (Motorpoint Group),

    • EU companies reporting tomorrow:

      • Earnings: Industrivarden (INDU.A.SS), JD Wetherspoon (JDW.LN)

      • Trading Update: Clas Ohlson (CLAS.B.SS)

      • Traffic: Finnair (FIA1S.FH), SAS (SAS.SS)

  • Data:

    • Economics:

      • Germany

        • Aug trade balance €16.6B vs consensus €15.0B, prior €15.9B

        • Sep construction PMI 39.3 vs consensus 42.6, prior 41.5

      • France Aug industrial production (0.3%) m/m vs consensus (0.4%), prior revised +0.5% from +0.8%

      • UK Sep construction PMI 45.0 vs consensus 49.9, prior 50.8

    • Markets:

      • WTI Crude (Nov 23): ($1.29) or (1.53%) to $82.93

      • €-$ +0.0027 or +0.26% to 1.0532

      • £-$ +0.0037 or +0.30% to 1.2172

      • €-£ (0.0003) to 0.8654

      • S&P 500 (0.68%)

      • Performance year-to-date:

        • FTSE 100: (0.00%)

        • DAX: +8.24%

        • CAC: +8.10%

        • MIB: +16.08%

        • Stoxx 600: +3.86%

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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