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StreetAccount Summary - European Market Recap: FTSE 100 +0.58% to 7675.21, DAX +0.09% to 15251.69, CAC40 +0.11% to 7029.70, STOXX 600 (0.10%) to 449.76

Oct 17 ,2023

  • Synopsis:

    • European equity markets ended mixed to lower, with shares spending much of the session lower on the day

    • With shares ending in the upper part of the day's trading range, Finland (1.1%), Ireland, Sweden both (0.9%) and Switzerland (0.8%) led underperformers. Denmark +0.4% and Portugal +0.3%, join the FTSE100 in leading outperformers

    • Focus on diplomatic efforts to try to deescalate Israel-Hamas conflict. President Biden to visit Israel tomorrow in significant show of US support for Tel Aviv as it nears retaliatory military action against Hamas in Gaza. Also, with war in Ukraine in its six hundredth and first day, Russian President Putin attends Belt and Road Forum (thru Wed) in China, and meet with President Xi Jinping, amongst others. In his opening remarks, the Chinese President said 'historical trend of peace' is 'unstoppable'.

    • Riksdag Committee on Finance heard Riksbank's executive board members say things are going in the right direction, inflation is falling, but price pressure remains too high in the economy. BOE's Dhingra said expects further easing in wage pressures whilst on a panel at the Royal Economic Society Summit 2023. ECB's af Jochnick spoke at the European Supervisors' Education Initiative conf (through Wed)

    • Joint ECB/IMF conf (through Wed) saw Netherland central bank's Knot, Ireland central bank's Madouros on a panel earlier, with de Guindos due to speak at same eveny at 19:00CET, the same time as Bundesbank's Nagel speaks, title Germany: basically healthy, but challenged, at a reception

    • German ZEW survey - economic sentiment exceeded expectations in Oct, topped the limited number of economic releases, that were further reduced by the UK data based on its labour force survey (LFS) - claimant count, unemployment rate, not being released until next week. The related UK data that was releases saw the number of payrolled employees (11K) vs consensus +3K, prior (1K), vacancies continued to decline, with lowest number of vacancies since May/Jul-21 and average weekly earnings +8.1% y/y vs consensus +8.3%, prior +8.5%, while excluding bonus +7.8% vs consensus and prior +7.8%.

    • An extraordinary European Council meeting got underway at 17:30 CEST following Hamas' brutal terrorist attacks against Israel, topics to be discussed include providing humanitarian assistance and avoiding a regional escalation of the conflict as well as the risk of onward migratory waves to Europe. There was an ECOFIN meeting. Also, EU Energy Council sought agreement on a general approach on a proposal to amend the EU's electricity market design rules

    • Sweden's Ministry of Climate and Business travelled to Iceland for the Nordic energy ministers' meeting. Also, investigator Hassler presented his report on how Sweden's climate policy should be developed based on the EU's new climate legislation Fit for 55

    • Among companies releasing earnings/update were, trading to the upside, Bellway (BWY.LN), Drägerwerk (DRW3.GR), EDP-Energias de Portugal (EDP.PL), Melrose Industries (MRO.LN) and Moneysupermarket.com Group (MONY.LN). Those moving to the downside included Aviva (AV.LN) investor/analyst briefing on wealth business, EQT (EQT.SS), LM Ericsson (ERIC.B.SS), Lonza Group (LONN.SW) and St. James's Place (STJ.LN) that in addition to Q3 trading update, announced changes to its charging structures; planned to come into effect during H2 of 2025.

    • M&A news flow included Vitesco Technologies Group (VTSA.GR) announcing to evaluate Schaeffler's (SHA.GR) offer taking into account the interests of all stakeholders and Frasers Group (FRAS.LN) confirms it has entered into binding agreement to acquire Germany's SportScheck. Wendel (MC.FP) enters exclusive negotiations with view to acquiring controlling stake IK Partners, intends to launch €100M share buyback

    • Elsewhere, Ørsted (ORSTED.DC) selects Cathay Life Insurance as preferred bidder for 50% ownership share in Greater Changhua 4 and to divest 50% of the Gode Wind 3 Offshore Wind Farm in Germany to funds managed by Glennmont Partners from Nuveen. DFDS (DFDS.DC) to sell and leaseback three freight ferries with Navigare Capital.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Retail +0.61%, Oil & Gas +0.29%, Insurance +0.25%, Persnl & HHold Goods +0.15%, Media +0.13%, Utilities +0.00%, Health Care (0.01%), Autos & Parts (0.02%), Banks (0.09%)

      • Underperformers:

        • Construct & Mtls (0.88%), Telecom (0.81%), Basic Resources (0.73%), Financial Svcs (0.73%), Chemicals (0.51%), Real Estate (0.45%), Technology (0.19%), Ind Goods & Svcs (0.13%), Travel & Leisure (0.10%), Food & Beverage (0.10%)

    • Macro/Peripheral markets:

      • Greece:

        • PM links Albania's EU accession hopes to Beleri case - ekathimerini

      • Ireland:

        • Dates of payment for some benefits included in Budget 2024's cost of living package set to be agreed today - RTE

      • Norway:

        • Agriculture and Food Minister Geir Pollestad has invited organizations connected to agriculture to a meeting on how the degree of self-sufficiency can be increased - release

      • Poland:

        • General election final results suggest opposition parties could form Tusk-led coalition government - Guardian; Politico; pro-EU politician could form new coalition government despite ruling Law and Justice party winning most seats - FT

      • Spain:

        • PP party demands that Armengol (parliament president) sets a date for new government investiture - El Confidencial

        • Counterterrorism measures being strengthened due to the threat of an attack on "sensitive points" throughout Spain - Vozpopuli

      • Sweden:

        • PM urges EU to boost security - Reuters

      • UK:

        • Chancellor is in a fiscal bind as low growth and high debt interest payments limit any room for manoeuvre in the forthcoming Autumn Statement - Institute of Fiscal Studies; FT; Telegraph; BBC

    • Company news:

      • Notable Gainers

        • +17.6% FDEV.LN (Frontier Developments) -- announces organisational review; provides update on trading: existing game portfolio continues to perform in line with expectations

        • +16.4% ALMIB.FP (Amoéba) -- announces Convincing results for the use of Willaertia magna C2c Maky lysate in cosmetics

        • +14.1% UMI.BB (Umicore) -- profitability targets envisaged under Umicore's 2030 RISE Strategy in Umicore Battery Materials have been firmly secured; to buy from hold at Kepler Cheuvreux

        • +12.4% ALDNE.FP (Don't Nod Entertainment) -- H1 net income (€0.9M) vs year-ago €1.7M

        • +10.1% DRW3.GR (Drägerwerk) -- preliminary Q3 EBIT €29M vs year-ago (€36.6M); raises FY outlook

        • +8.9% MONY.LN (Moneysupermarket.com Group) -- Q3 trading update, expects FY performance in line with market expectations; buy from hold at Peel Hunt

        • +8.4% XPS.LN (XPS Pensions Group) -- guides H1 revenue £94.5M, +23% y/y

        • +7.8% VANQ.LN (Vanquis Banking Group) -- group returned to profit during Q3, expects to deliver FY adjusted PBT in the range of £25-30M

        • +7.5% UNIR.IM (UniEuro) -- acquisition of Covercare S.p.A. for an initial €60M

        • +7.3% DAM.GR (Data Modul) -- preliminary Q3 EBIT €6.8M vs year-ago €9.8M

        • +6.9% ZIN.LN (Zinc Media Group) -- awarded ~$9M US television series contract

        • +6.9% NOTE.SS (NOTE) -- Q3 net income SEK80M, +70% vs year-ago SEK47M; repeats FY23 guidance of SEK4.3B in sales

        • +6.0% THG.LN (THG) -- Q3 Group (continuing) revenue £466.5M, (2.1%) y/y at CCY; confirms FY guidance

        • +5.0% AUTO.NO (AutoStore Holdings) -- to buy from neutral at BofA

        • +4.5% EDEN.FP (Edenred) -- French Competition Authority issues opinion regarding meal vouchers

          • +3.5% ELIOR.FP (Elior), +1.7% SW.FP (Sodexo)

        • +4.0% BOOZT.SS (Boozt Fashion) -- to buy from hold at Danske Bank; to buy from hold at Danske Bank

        • +3.9% BWY.LN (Bellway) -- FY underlying EPS 328.1p vs FactSet 328.1p [14 est, 311.0-336.5p], guides 2024 completions ~7,500 homes vs 10,945 homes in 2023

        • +3.6% AIR.FP (Airbus) -- to buy from hold at Jefferies

        • +3.5% 888.LN (888 Holdings) -- UK government plans levy as new 1% fee on gross gambling yield for online gambling operators to help support NHS

        • +2.8% CHG.LN (Chemring Group) -- updates on countermeasure deliveries; says revenue and profit associated with deliveries can be recognised as majority of necessary approvals now received

        • +2.6% BIOG.B.SS (BioGaia) -- preliminary Q3 operating income SEK120M vs FactSet SEK94.5M [2 est, SEK92.0-97.0M]

          • On earnings/updates: ADP.FP (Aeroport de Paris), EDP.PL (EDP-Energias de Portugal), EDPR.PL (EDP Renovaveis), TTE.FP (TotalEnergies) and reversing initial falls IHP.LN (Integrafin Holdings),

      • Notable Decliners

        • -20.1% NOD.NO (Nordic Semiconductor) -- Q3 net income $1.2M vs FactSet $3.2M [9 est, ($1.3)-7M]; expects gross margin of ~50% also in Q4

        • -18.4% MTG.SW (Meier Tobler Group) -- Q3 sales CHF 131.5M vs year-ago CHF 144.7M; expects significantly lower Q4 sales y/y

        • -16.2% LONN.SW (Lonza Group) -- reaffirms 2023 guidance; outlines mid-term guidance for 2024-28 - CMD

        • -15.5% PWG.FP (Prodways Group) -- Q3 revenue €15.9M, (8%) vs year-ago €17.2M, slowdown in business in Q3 makes the achievement of FY23 guidance uncertain

        • -11.5% S9I.GR (STEMMER IMAGING) -- guides FY revenue in range of €144-151M vs prior guidance at the lower end of €163-176M range and FactSet €158.5M

        • -10.2% ELAN.B.SS (Elanders) -- Q3 EPS SEK1.83 ex-items vs year-ago SEK3.33

        • -9.8% JUP.LN (Jupiter Fund Management) -- Q3 Total FuM £50.8B vs consensus £50.86B; to hold from buy at Panmure Gordon; to hold from add at Numis

        • -9.1% TTK.GR (Takkt) -- preliminary Q3 EBITDA €30.2M vs year-ago €37.9M, adjusts forecast for FY23 downward

        • -8.2% RBG.LN (Revolution Bars Group) -- FY Adjusted EPS 0.7p vs year-ago 1.2p

        • -7.5% MTRS.SS (Munters Group) -- to hold from buy at Nordea

        • -6.3% EQT.SS (EQT) -- Q3 trading update: Fee generating AuM €127.9B as at 30-Sep, +1% q/q

        • -5.8% ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- final Q3 earnings in line with prelim. release: net income SEK1.4B ex-items, guides Q4 EBITA margin at around 10%, will not give guidance beyond Q4 of 2023 citing current uncertainty

        • -5.5% SIKA.SW (Sika) -- UK's CMA launches investigation into suspected anti-competitive conduct in relation to the supply of chemicals for use in the construction industry

        • -5.4% NOEJ.GR (Norma Group) -- wants to attract customers from outside the automotive industry - FAZ

        • -4.6% PDL.LN (Petra Diamonds) -- Tender 2 of FY24 sales of 444,029 carats for a total of $40.5M

        • -3.8% EOLU.B.SS (Eolus) -- and Volvo Cars (VOLCAR.B.SS) sign a LoI to collaborate on the Västvind offshore wind power project

        • -3.5% OLVAS.FH (OLVI) -- Q3 EPS €0.80 vs FactSet €0.96 [4 est, €0.87-1.01], reaffirms near-term outlook

        • -2.3% BG.AV (BAWAG Group) -- Q3 EPS €2.25 vs FactSet €2.16 [3 est, €2.12-2.18]; expects to meet or exceed its FY financial targets

          • On earnings/updates: AV.LN (Aviva), STJ.LN (St. James's Place), GSF.NO (Grieg Seafood) and reversing initial gains MRO.LN (Melrose Industries)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASML Holding (ASML.NA), Warehouses De Pauw (WDP.BB)

        • DACH: ABB Ltd. (ABBN.SW), SAP (SAP.GR),Deutsche Borse (DB1.GR)

        • France: Voyageurs du Monde (ALVDM.FP), Amplitude Surgical (AMPLI.FP), Bastide Le Confort Medical (BLC.FP), Prodware (ALPRO.FP)

        • Nordic: Volvo (VOLV.B.SS), Svenska Handelsbanken (SHB.A.SS), Tele2 (TEL2.B.SS), Kinnevik (KINV.B.SS), HMS Networks (HMS.SS), TF Bank (TFBANK.SS), BE Group (BEGR.SS), Softronic (SOF.B.SS), MAG Interactive (MAGI.SS), Entra (ENTRA.NO), BlueNord (BNOR.NO)

        • Southern Europe: CIE Automotive (CIE.SM), Vidrala (VID.SM), WithSecure Corp. (WITH.IM)

        • UK: Whitbread (WTB.LN)

      • Trading Update:

        • Benelux: Barco (BAR.BB)

        • DACH: Gurit Holding (GURN.SW)

        • France: Gecina (GFC.FP), Lagardere (MMB.FP), GL Events (GLO.FP), Aubay (AUB.FP), HighCo (HCO.FP), Catering International & Services (ALCIS.FP), Balyo (BALYO.FP)

        • Southern Europe: SergeFerrari SA (SEFER.IM)

        • UK: SEGRO (SGRO.LN), Barratt Developments (BDEV.LN), RHI Magnesita (RHIM.LN), Quilter (QLT.LN), Cirata (CRTA.LN), Liontrust Asset Management (LIO.LN)

      • Production: Antofagasta (ANTO.LN)

  • Data:

    • Economics:

      • Germany Oct ZEW survey

        • Economic Sentiment Indicator (1.1) vs consensus (9.3) and prior (11.4)

        • Current Situation (79.9) vs consensus (80.8) and prior (79.4)

    • Markets:

      • WTI Crude (Nov 23): ($0.73) or (0.84%) to $85.93

      • €-$ +0.0026 or +0.25% to 1.0588

      • £-$ (0.0023) or (0.19%) to 1.2194

      • €-£ +0.0040 to 0.8685

      • S&P futures +4.3 vs prior close of 4401.0

      • Performance year-to-date

        • FTSE 100: +3.00%

        • DAX: +9.54%

        • CAC: +8.59%

        • MIB: +19.66%

        • Stoxx 600: +5.85%

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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