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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.32% to 7644.78, DAX (0.23%) to 15425.03, CAC40 (0.37%) to 7104.53, STOXX 600 +0.10% to 453.63

Oct 12 ,2023

  • Synopsis:

    • European equity markets closed mixed on Thursday, with the Stoxx Europe well off earlier highs. Regionally, the main gainer was Denmark +2.3% as heavyweight Novo Nordisk (NOVO.B.DC) saw follow-through gains on back of Ozempic's early success in kidney disease trial.

    • Despite this week's geopolitical headline volatility, market remains focused on the Fed's rate path. But while headline US September CPI printed a bit hotter than expected, core was in line and unclear report will raise expectations for another Fed move this year. Release comes as market this week has taken comfort from more dovish Fedspeak that has suggested tighter financial conditions may make the case for further rate hikes less urgent.

    • Energy leading sector gainers. WTI (November) was up 0.7% to $84.11 and Brent (December) was up 0.9% to $86.64. WTI marginally higher after finishing down 2.9% in Wednesday trading as crude continued to pare the 4.3% gain Monday following the start of the Israel and Hamas conflict. OPEC and IEA Monthly Oil Market Reports were in focus along with the DOE WPSR.

    • In M&A developments, Apollo announced a recommended all cash acquisition offer for The Restaurant Group (RTN.LN) of 65 pence/share. The acquisition values TRG's entire issued, and to be issued, ordinary share capital at approximately £506M on a fully diluted basis, and implies an enterprise value of £701M. Halfords (HFD.LN) shares jumped over 18% following Betaville report saying company is at centre of takeover speculation.

    • In notable earnings/updates, Ericsson (ERIC.B.SS) reported mixed Q3 results and announced a non-cash impairment charge of SEK 32B. EasyJet (EZJ.LN) shares slumped (6%), weighing on Travel & Leisure sector, as it released a trading update today; EZJ provided some expectations for Q4/FY, new medium-term targets, resumption of dividend, as well as informed about proposed aircraft purchase and conversion. Publicis Groupe (PUB.FP) shares rose, helping Media sector outperform today, as it reported Q3 revenue €3.24B vs consensus €3.19B; upgraded 2023 guidance. Givaudan (GIVN.SW) reported Q3 LFL Sales Growth +4.0% vs consensus +2.5%, with beats in both Fragrances & Beauty and Taste & Wellbeing divisions.

    • Elsewhere, FT discussed how European companies delaying plans to go public due to investor concerns about a possible recession. French software company Planisware and German gearbox maker Renk have both pulled their IPOs in recent weeks, while German toll payments provider DKV Mobility has pushed off its listing to next year. Article pointed out delays are a blow to Europe's IPO market, which has already slumped to its lowest level since the 2008 financial crisis. Highlighted investors are worried about a combination of factors, including rising interest rates, high inflation, and the ongoing war in Ukraine. Some analysts say the IPO delays also highlight a deeper problem with Europe's stock markets - lacking the liquidity to support large IPOs.

    • UK monthly activity data showed economy bounced back in August. GDP up 0.2% m/m versus consensus 0.2% and prior 0.6% drop revised down from 0.5% contraction initially reported. ONS highlighted economy now 2.1% above pre-Covid level of February 2020. On a three-month basis, economy expanded 0.3%, in line with forecasts.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.33%, Technology +1.25%, Media +1.02%, Health Care +0.91%, Financial Svcs +0.36%, Ind Goods & Svcs +0.22%

      • Underperformers:

        • Consumer Products and Services (1.14%), Personal Care Drug and Grocery Stores (1.07%), Real Estate (0.99%), Travel & Leisure (0.82%), Utilities (0.68%), Food, Beverage and Tobacco (0.65%), Basic Resources (0.58%), Retail (0.39%), Banks (0.32%), Chemicals (0.32%), Telecom (0.29%), Insurance (0.05%), Autos & Parts +0.10%

    • Macro:

      • Central banks

        • Bank of England's Pill says question of more rate hikes is 'finely balanced (Reuters)

        • BoE credit conditions survey shows rise in mortgage default rates - link

        • BoE's Dhingra says higher rates punish low paid (BBC)

        • September ECB minutes show tactical consideration played role in decision - link

        • ECB's Makhlouf says Italy bond spread under scrutiny (Bloomberg)

        • ECB's Wunsch says backs reopening discussion on PEPP timetable (Bloomberg)

        • ECB's Vujcic says patience needed before declaring win against inflation (Bloomberg)

        • Kazaks says ECB should discuss early end to bond buying scheme (Reuters)

        • ECB's Holzmann wants remuneration of bank deposits capped at 90% (Bloomberg)

        • ECB's Centeno says current ECB rates will bring inflation to target (Bloomberg)

      • Energy

        • France, Germany close to EU energy market reform deal, finance minister LeMaire says - Reuters

      • UK

        • Sep monthly GDP tracker (0.1%) vs consensus (0.1%) and prior revised +0.3% from +0.2% - NIESR

      • Italy:

        • Meloni tells allies to be prudent with budget amendments - ANSA

    • Company news:

      • Trading Higher:

        • +35.9% RTN.LN (Restaurant Group £0.66, +0.17) -- Apollo announces recommended all cash acquisition offer for The Restaurant Group of 65 pence/sh

        • +18.4% HFD.LN (Halfords Group £2.16, +0.34) -- Betaville report saying company is at centre of takeover speculation

        • +16.0% WNWD.LN (Windward £0.73, +0.10) -- new contract wins; trading update

        • +12.8% ALERS.FP (Eurobio-Scientific €14.66, +1.66) -- H1 earnings

        • +12.8% KURN.SW (Kuros Biosciences CHF2.43, +0.28) -- 9M MagnetOs sales

        • +10.3% ULTI.NO (Ultimovacs NOK126.00, +11.80) -- encouraging overall survival (OS) data from cohort 1 in the UV1-103 Phase I clinical trial in malignant melanoma

        • +9.6% HOTC.LN (Hotel Chocolat Group £1.43, +0.13) -- FY earnings

        • +7.7% STAB1L.GR (Stabilus €56.65, +4.05) -- to acquire DESTACO from Dover for $680M (€640.0M) in cash

        • +6.3% CLA.FP (Claranova €1.58, +0.09) -- FY earnings

        • +5.4% SCANFL.FH (Scanfil €7.76, +0.40) -- Evli Bank upgrade

        • +4.8% PUB.FP (Publicis Groupe €76.86, +3.52) -- Q3 revenue

        • +4.7% AGR.AV (Agrana Beteiligungs €15.65, +0.70) -- Q2 earnings

        • +4.2% HSHP.NO (Himalaya Shipping NOK54.20, +2.20) -- Sep update

        • +3.7% VACN.SW (VAT Group CHF345.80, +12.40) -- prelim Q3 revenue

        • +3.3% TFBANK.SS (TF Bank SEK150.00, +4.80) -- initiated buy at DnB Markets

        • +3.2% KCC.NO (Klaveness Combination Carriers NOK71.80, +2.20) -- Q2 business update

        • +3.1% BIOVIC.B.SS (Biovica International SEK6.39, +0.19) -- agreement for DiviTum TKa with cancer clinic

        • +2.8% FAGR.BB (Fagron €16.92, +0.46) -- Q3 revenue

        • +1.5% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK0.00, +0.80) -- prelim Q3 Earnings

        • +0.8% ADDT.B.SS (Addtech SEK176.40, +1.40) -- ABG Sundal Collier upgrade

        • +0.3% WISE.LN (Wise Plc £7.22, +0.02) -- trading update

      • Trading Lower:

        • -27.6% HNSA.SS (Hansa Biopharma SEK25.40, -9.66) -- trial, clinical pipeline and trading update

        • -27.3% MCG.LN (Mobico Group £0.62, -0.23) -- trading update; lowers FY guidance

        • -12.8% EKI.FP (Ekinops €4.74, -0.69) -- Q3 revenue; lowers FY guidance; Bryan Garnier downgrade

        • -12.0% ORP.FP (Orpea €1.30, -0.18) -- H1 earnings; capital increases will result in massive dilution of the existing shareholders

        • -11.0% SHI.LN (SIG £0.30, -0.04) -- trading update; specifies FY guidance

        • -11.0% CO.FP (Casino Guichard-Perrachon €1.09, -0.13) -- extension of the accession period to the lock-up agreement

        • -8.2% STX.LN (Shield Therapeutics £0.06, -0.01) -- CFO to step down

        • -7.7% OXIG.LN (Oxford Instruments £18.88, -1.57) -- trading update

        • -6.4% MCPHY.FP (McPhy Energy €4.14, -0.28) -- Barclays downgrade

        • -6.3% EZJ.LN (EasyJet £4.09, -0.28) -- trading update

        • -6.3% GMAB.DC (Genmab DKK2,330.00, -157.00) -- Nordea downgrade

        • -5.9% HELN.SW (Helvetia Holding CHF121.80, -7.60) -- Berenberg downgrade

        • -5.5% MRK.LN (Marks Electrical Group £1.03, -0.06) -- trading update

        • -4.5% NEL.NO (NEL ASA NOK7.86, -0.37) -- Barclays downgrade

        • -3.1% BARC.LN (Barclays £1.52, -0.05) -- Barclays expects sluggish deal activity, diminishing volatility and peaking interest rates to compound pressure on bank earnings - Bloomberg

        • -2.7% ITM.LN (ITM Power £0.70, -0.02) -- Barclays downgrade

        • -2.6% BOO.LN (boohoo Group £0.29, -0.01) -- Goldman Sachs and Stifel downgrades

        • -2.1% ASC.LN (Asos £3.82, -0.08) -- Goldman Sachs downgrade

        • -2.1% ESNT.LN (Essentra £1.76, -0.04) -- Q3 earnings

        • -1.8% DARK.LN (Darktrace £3.85, -0.07) -- trading update

        • -1.1% SZU.GR (Suedzucker €13.80, -0.16) -- H1 earnings; raises FY guidance

    • EU companies reporting tomorrow:

      • Earnings: TomTom (TOM2.NA), Tryg (TRYG.DC), ABG Sundal Collier Holding (ABG.NO)

      • Trading Update: Bystronic (BYS.SW), NSI (NSI.NA), Ashmore Group (ASHM.LN), Volkswagen (VOW.GT) monthly sales

      • Traffic: Fraport (FRA.GR)

  • Data:

    • Economics:

      • Ireland Sep CPI +6.4% y/y vs consensus +6.5% and prior +6.3%, +0.1% m/m vs consensus +0.2% and prior +0.7%

      • Portugal Sep CPI +3.6% y/y vs preliminary +3.6%; +1.1% m/m vs preliminary +1.1%

      • UK Aug

        • Construction Output y/y +2.3% vs consensus +2.6% and prior revised to +3.2% from +2.8%

        • Industrial Production y/y +1.3% vs consensus +1.7% and prior revised to +1.0% from +0.4%

        • Trade Balance (£15.95B) vs consensus (£15.2B) and prior revised to (£13.91B) from (£14.06B)

        • Sep house price balance (69%) vs consensus (63%) and prior (68%) - RICS

    • Markets:

      • WTI Crude (Nov 23): +$0.62 or +0.74% to $84.11

      • €-$ (0.0067) or (0.63%) to 1.0553

      • £-$ (0.0097) or (0.79%) to 1.2217

      • €-£ +0.0015 to 0.8638

      • S&P 500 (0.04%)

      • Performance year-to-date

        • FTSE 100: +2.59%

        • DAX: +10.78%

        • CAC: +9.74%

        • MIB: +20.19%

        • Stoxx 600: +6.76%

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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