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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.11%) to 7620.03, DAX +0.24% to 15460.01, CAC (0.44%) to 7131.21

Oct 11 ,2023

  • Synopsis:

    • European equity markets closed mixed to higher. France (0.4%), Netherlands (0.2%), and the UK (0.1%) lead underperformers, whilst Denmark +2.7&, Greece +1.6%, and Portugal +1.5%, lead outperformers

    • In central banks, the ECB's Consumer Expectations Survey showed marginal increase in consumer inflation expectations over the next 12 months to 3.5% from prior 3.4%, while three years ahead edged up for second month to 2.5% from 2.4% in July. Survey highlights process might be gradual, but uncertainty about inflation expectations over the next 12 months has declined to lowest since March 2022, just after the start of the Ukraine war. Extent of prior ECB rate tightening appears to be weighing on the outlook for the economy and the labor market.

    • On the macro-front, German CPI unchanged from flash at 4.3%. Update from UK's REC showed firms cut back on hiring for the first time since February.

    • In corporate developments, out for France, focus on LVMH Moet Hennessy Louis Vuitton (MC.FP) following Q3 sales miss; Accor (AC.FP) launched a €400M share buyback program. In the UK, BP (BP.LN) released an investor update and raised 2030 Resilient Hydrocarbons EBITDA aim by $2B to $41-44B and 2030 Group EBITDA aim to $53-58B. In UK, FirstGroup (FGP.LN) provided a post close update on trading for 27 weeks to 30-Sep-23 with FY24 adj operating profit and attributable profit expected to be ahead of the board's previous expectations by c.£14-20M and c.£7-10M respectively. PageGroup (PAGE.LN) said it now expects FY operating profit to be between £125 - 130M ( in Jul group expected FY operating profit expected to be in line with consensus of £137.6M) whilst Travis Perkins (TPK.LN) cut its FY adj operating profit guidance to £175-195M from ~ £240M as of 1-Aug H1 release. Elsewhere, GSK (GSK.LN) reaches confidential settlement in the Cantlay/Harper case filed in California state court. In the DACHs region, u-blox Holding (UBXN.SW) reported prelim 9M sales release; Cropenergies (CE2.GR) reported drop in Q2 earnings vs year-ago; Roche's (ROG.SW), +0.7%, Genentech announced late-breaking data from Phase III OCARINA II study. In other notable releases, Novo Nordisk (NOVO.B.DC) will stop the once-weekly injectable semaglutide kidney outcomes trial, FLOW, based on interim analysis; Dustin Group (DUST.SS) missed Q4 earnings with management noting group continued to face a challenging market dominated by macroeconomic turbulence and a cautious trend among several of its customer groups; group also resolved on SEK 1.75B rights issue. Kemira (KEMIRA.FH) upgraded its FY EBITDA outlook to be between €620-680M vs prior guidance €550M-650M

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 9-Oct to 13-Oct attached) Sudzucker (SZU.GR), centrotherm international (CTNK.GR), AGRANA Beteiligungs (AGR.AV),Wallix Group (ALLIX.FP), Chr. Hansen Holding (CHR.DC), Creades (CRED.A.SS), Atrium Ljungberg (ATRLJ.B.SS), Dechra Pharmaceuticals (DPH.LN), Scancell Holdings (SCLP.LN), and N Brown Group (BWNG.LN) will be among other names to update investors, whilst the macro-calendar releases will include UK Aug trade balance, manufacturing/industrial production, Sep house price balance - RICS, monthly GDP tracker - NIESR, Ireland Sep CPI, Portugal Sep final CPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +0.97%, Food, Beverage and Tobacco +0.88%, Health Care +0.84%, Utilities +0.80%, Autos & Parts +0.57%, Banks +0.55%, Insurance +0.53%, Media +0.29%, Ind Goods & Svcs +0.24%, Chemicals +0.22%, Construct & Mtls +0.21%,

      • Underperformers:

        • Consumer Products and Services (2.42%), Retail (2.03%), Energy(0.51%), Travel & Leisure (0.42%), Technology (0.12%), Basic Resources +0.12%, Personal Care Drug and Grocery Stores +0.13%, Telecom +0.15%,

    • Macro/Peripheral markets:

      • Russia/Ukraine

        • Belgium to use tax revenues from frozen Russian assets to generate aid for Ukraine - FT

        • Putin warns Russia and Saudi Arabia could keep cutting oil supplies - The Telegraph

        • Zelenskyy arrives in Brussels for surprise visit ahead of NATO meeting - Politico

      • Israel

        • Israel Forms Emergency Government for War Against Hamas - Bloomberg

      • EU

        • EU commissioner reiterates claim that Palestine aid is suspended - FT

        • ECB's Knot Says Effects of Inflation Shocks Are Now Waning - Bloomberg

      • UK

        • UK Wage Growth Cools as Job Cuts Mount and Firms Cap Costs - Bloomberg

        • Labour will ignore local opposition if it has to to deliver more homes, says Starmer - The Guardian

      • Germany

        • Germany Expects Weaker Rebound Next Year After 2023 Contraction - Bloomberg

      • Greece

        • Greece eyes record state asset sales in 2024, says top official - ekathimerini

        • IMF: Greek economy to grow 2.5% in 2023 and 2% in 2024 - ekathimerini

      • Slovakia

        • Slovakia's Fico strikes deal on coalition after election win - Reuters

    • Company news:

      • Trading Higher:

        • +62.6% XXL.NO (XXL ASA NOK1.11, +0.43) -- Frasers Group raises stake in XXL to 9.75% - filing

        • +27.9% EGTX.SS (Egetis Therapeutics SEK5.00, +1.09) -- secures approximately SEK 462M in a combined financing including SEK172M equity private placement

        • +9.4% BO.DC (Bang & Olufsen DKK9.44, +0.81) -- Q1 earnings

        • +7.6% HOME.SM (Neinor Homes €10.82, +0.76) -- Kepler Cheuvreux upgrade

        • +6.0% WAF.GR (Siltronic €84.85, +4.80) -- Citi upgrade

        • +4.9% NOVO.B.DC (Novo Nordisk DKK681.80, +31.70) -- will stop the once-weekly injectable semaglutide kidney outcomes trial, FLOW

        • +4.6% MTO.LN (Mitie Group £1.04, +0.05) -- H1 trading update

        • +4.6% SON.PL (Sonae SGPS €0.96, +0.04) -- completes the sale of its ISRG stake

        • +4.1% VP.LN (Vp Plc £5.10, +0.20) -- trading update

        • +4.0% FGP.LN (FirstGroup £1.52, +0.06) -- post close update on trading for 27 weeks

        • +2.7% BFSA.GR (Befesa €29.82, +0.78) -- initiated buy at Jefferies

        • +2.6% CE2.GR (Cropenergies €7.80, +0.20) -- Q2 earnings

        • +2.5% KEMIRA.FH (Kemira €15.18, +0.37) -- upgrades FY outlook

      • Trading Lower:

        • -17.3% FME.GR (Fresenius Medical Care €32.88, -6.85) -- Dialysis providers lower in post-market trading after Novo Nordisk's FLOW kidney outcomes trial of semaglutide stopped early for efficacy

          • -7.6% FRE.GR (Fresenius €25.58, -2.09)

        • -16.6% DUST.SS (Dustin Group SEK16.35, -3.26) -- Q4 earnigs; resolves on SEK 1.75B rights issue

        • -15.7% JLP.LN (Jubilee Metals Group £0.06, -0.01) -- FY earnings

        • -10.0% SCANFL.FH (Scanfil €7.38, -0.82) -- Lowers FY revenue outlook

        • -9.5% MDM.FP (Maisons du Monde €5.51, -0.58) -- BNP Paribas Exane downgrade

        • -6.9% NOBI.SS (Nobia SEK8.72, -0.65) -- initiated reduce at Kepler Cheuvreux

        • -6.8% TPK.LN (Travis Perkins £7.51, -0.54) -- Q3 trading update

        • -5.8% MC.FP (LVMH Moet Hennessy Louis Vuitton €691.60, -42.20) -- Q3 sales; SBG Securities downgrade

        • -5.7% MITRA.BB (Mithra Pharmaceuticals €1.20, -0.07) -- comments on Uteron Sellers

        • -5.4% FORT.LN (Forterra Plc £1.36, -0.08) -- Q3 trading update

        • -5.3% AMBU.B.DC (Ambu DKK69.52, -3.88) -- CFO steps down

        • -5.3% SFE.LN (Safestyle UK £0.02, -0.00) -- issues response to media speculation and provides update on status of ongoing work

        • -4.5% KOMN.SW (Komax Holding CHF192.00, -9.00) -- Zürcher Kantonalbank downgrade

        • -3.4% PAGE.LN (PageGroup £4.10, -0.14) -- Q3 trading update

        • -3.2% FRVIA.FP (Forvia €17.59, -0.59) -- Oddo downgrade

        • -2.9% SNG.LN (Synairgen £0.07, -0.00) -- CFO steps down

        • -2.7% HLAG.GR (Hapag-Lloyd €166.00, -4.60) -- Deutsche Bank downgrade

        • -2.5% GYC.GR (Grand City Properties €8.88, -0.23) -- Goldman Sachs downgrade

        • -2.4% ORX.SS (Orexo SEK15.94, -0.40) -- study update

        • -2.0% ALHYG.FP (ATON €0.05, -0.00) -- order

  • EU companies reporting tomorrow:

    • Earnings:

      • DACH: Sudzucker (SZU.GR), centrotherm international (CTNK.GR), AGRANA Beteiligungs (AGR.AV)

      • France: Wallix Group (ALLIX.FP)

      • Nordics: Chr. Hansen Holding (CHR.DC), Creades (CRED.A.SS), Atrium Ljungberg (ATRLJ.B.SS)

      • UK: Dechra Pharmaceuticals (DPH.LN), Scancell Holdings (SCLP.LN), N Brown Group (BWNG.LN)

    • Trading Update/Sales:

      • Benelux: Fastned (FAST.NA), Fagron (FAGR.BB), Heidelberg Pharma (HPHA.GR)

      • DACH: Givaudan (GIVN.SW), Bossard Holding (BOSN.SW), VAT Group (VATN.SW)

      • France: Spineway (ALSPW.FP), Thermador Groupe (THEP.FP), VINCI (DG.FP), Publicis Groupe (PUB.FP)

      • Nordic: DFDS (DFDS.DC)

      • Poland: Pepco Group (PCO.PW)

      • UK: easyJet (EZJ.LN), Hays (HAS.LN), Atalaya Mining (ATYM.LN)

    • Traffic: Flughafen Wien (FLU.AV)

    • CMD/events: Severn Trent (SVT.LN), MITIE Group (MTO.LN), SkiStar (SKIS.B.SS), Dermapharm (DMP.GR)

Data:

  • Economics:

    • Germany Sep CPI +4.5% y/y vs preliminary +4.5%; +0.3% m/m vs preliminary +0.3%

  • Markets:

    • WTI Crude (Nov 23): ($2.75) or (3.20%) to $83.22

    • €-$ +0.0013 or +0.12% to 1.0621

    • £-$ +0.0022 or +0.18% to 1.2309

    • €-£ (0.0003) to 0.8628

    • S&P 500 +0.03%

    • Performance year-to-date

      • FTSE 100: +2.30%

      • DAX: +11.03%

      • CAC: +10.29%

      • MIB: +19.96%

      • Stoxx 600: +6.69%

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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