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StreetAccount Summary - EU Market Recap: FTSE 100 (1.14%) to 7588.00, DAX (1.03%) to 15094.91, CAC40 (0.91%) to 6965.99, STOXX 600 (1.05%) to 445.02

Oct 18 ,2023

  • Synopsis:

    • European equity markets finished lower, near worst levels; Norway, Greece, and Portugal bucking the trend at the close. US equity markets also softer. Bond yields adding to recent move higher. US 10-year up 6 bps at 4.90% after backing up sharply in prior session due to US data strength. 10-year Gilt 12 bps higher to 4.63%. Bund up 2 bps at 2.91. Dollar stronger versus euro and sterling, flat versus yen. Oil up. Gold firmer. Industrial metals higher. Miners the worst performers; energy, personal and household goods and telecom stronger. Geopolitical concerns getting more attention in the market today after some dialing back of safety trades earlier in the week. Markets continue to monitor Israel-Hamas conflict, risk of wider regional conflict and impact on energy prices. Summit cancelled between President Biden and Arab leaders in Jordan following explosion at a hospital in Gaza yesterday. Iran foreign minister called for oil embargo against Israel.

    • In macro headlines from the region, focus has been on firmer-than-expected UK inflation data, with headline number unchanged from prior month and core reading picking up. UK inflation surprised on the upside in September at 6.7% y/y versus consensus 6.6% and prior 6.7% and core recorded 6.1% y/y rise versus consensus 6.0% and prior 6.2%. Closely monitored services inflation also edged up to 6.9% from 6.8%. Firmer-than-expected September update followed the much larger-than-expected drop in the August reading. September delivered sixth straight month of lower inflation in the Eurozone; final CPI for September confirmed initial estimates, coming in 4.3% y/y and 0.3% m/m. Core measure also confirmed the preliminary release, at 4.5% y/y. Energy prices helped contain the reading, although services and food price pressures remained sustained.

    • In corporate news flow, in the DACHs region, Adidas (ADS.GR) reported prelim Q3 EBIT €409M vs FactSet €216.4M; ABB Limited (ABBN.SW) reported Q3 EPS $0.48 vs cons $0.50; HELLA (HLE.GR) released prelim 9M sales of €5.9B, +12.6% y/y; WISeKey International Holding (WIHN.SW) traded notably higher on the back of its 9M update and confirmed FY guidance. Out of the Nordics, Volvo (VOLV.B.SS) posted Q3 EPS SEK6.93 vs consensus SEK6.15; Svenska Handelsbanken (SHB.A.SS) released Q3 EPS SEK4.02 vs FactSet SEK3.46; Tele2 (TEL2.B.SS) reported Q3 net income SEK1.06B vs consensus SEK1.07B and reaffirmed FY23 guidance and mid-term ambitions; Mowi (MOWI.NO) reported Q3 operational EBIT ~€203M vs year-ago €240M. Out of Benelux, ASML Holding (ASML.NA) reported Q3 numbers with EPS, net income, gross margin a beat, but revenue missed; expects 2024 to be a transition year and expects revenue number similar to 2023. Just Eat Takeaway.com (TKWY.NA) provided Q3 trading update and upgraded FY23 Adj EBITDA guidance to ~ €310M from previously ~ €275M; group also launched new share buyback program of up to €150M. In the UK, Whitbread (WTB.LN) reported better-than-expected H1 results and raised dividend by 40% and increased FY24 gross capex guidance; group also announced £300M share repurchase program. Barratt Developments (BDEV.LN) issued AGM Trading Update; group said outlook for the year remains uncertain with the availability and pricing of mortgages critical to the long-term health of the UK housing market.

    • In M&A, Nexi (NEXI.IM) shares traded higher following speculation of a possible offer from CVC (+CVC). Apax Partners LLP announced recommended 110p/sha cash offer for Kin and Carta Plc (KCT.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Personal Care Drug and Grocery Stores +0.28%, Oil & Gas+0.25%, Telecom (0.03%), Food, Beverage and Tobacco (0.05%), Insurance (0.15%), Consumer Products and Services (0.34%), Media (0.51%), Banks (0.70%), Retail (0.89%), Autos & Parts (1.02%)

      • Underperformers: Basic Resources (2.67%), Real Estate (2.51%), Construct & Mtls (2.38%), Technology (2.20%), Ind Goods & Svcs (1.98%), Financial Svcs (1.75%), Health Care (1.44%), Travel & Leisure (1.34%), Chemicals (1.12%)

    • Macro:

      • ECB:

        • ECB's Stournaras says Middle East crisis casts shadow over ECB meeting: FT

        • ECB's Holzmann says not out of the woods yet on inflation: Bloomberg

        • Eurosystem proceeds to next phase of digital euro project

      • UK:

        • UK pay growth seen slowing in 2024: Reuters

        • Upside surprise for UK inflation; data not enough to change markets bets on BoE pause on rates: Bloomberg, FT

        • ONS data shows smallest rise in house prices since 2012: Reuters

        • Hopes of UK-India trade deal fade: FT

        • Sunak could visit Israel as soon as Thursday: Sky News

        • China expected to attend UK summit on artificial intelligence: FT

    • Peripheral markets:

      • Italy:

        • PM Meloni braces for Italy's reckoning in cascade of rating reviews: Bloomberg

        • Household consumer spending stagnated in real terms last year: Istat

        • EU court OKs state aid to Alitalia for COVID-19: ANSA

      • Finland:

        • Finland faces growing Russian online threat, Finnish security services say: The Guardian

      • Greece:

        • Electricity theft skyrockets to nearly €800M: Kathimerini

      • Poland

        • Tusk government to be hamstrung by Law and Justice 'diehards': FT

      • Sweden:

        • Sweden investigating damage to Baltic undersea cable: BBC

    • Company news:

      • Notable Gainers

        • +68.6% GMAA.LN (Gama Aviation £0.89, +0.36) -- agrees to sell Jet East to West Star Aviation for $131M

        • +39.7% KCT.LN (Kin + Carta £1.09, +0.31) -- Apax Partners LLP announces recommended 110p/sh cash offer

        • +25.2% ULTI.NO (Ultimovacs NOK140.00, +28.20) -- results from the NIPU clinical trial presented at ESMO 2023

        • +13.7% NEXI.IM (Nexi €6.55, +0.79) -- CVC reportedly considering offer for Nexi -- Bloomberg

        • +12.5% FTK.GR (flatexDEGIRO €9.65, +1.07) -- Q3 earnings

        • +11.7% SOF.B.SS (Softronic SEK16.18, +1.70) -- Q3 earnings

        • +7.6% OBD.LN (Oxford BioDynamics £0.36, +0.03) -- strategic agreement with Bupa

        • +7.1% WIHN.SW (WISeKey International Holding CHF3.00, +0.20) -- 9M revenue

        • +6.2% SAFH00.GR (SAF-HOLLAND €13.04, +0.76) -- preim Q3

        • +4.8% SHB.A.SS (Svenska Handelsbanken SEK103.50, +4.73) -- Q3 earnings

        • +4.7% ALVDM.FP (Voyageurs du Monde €103.00, +4.60) -- H1 earnings

        • +4.4% TEL2.B.SS (Tele2 SEK86.22, +3.66) -- Q3 earnings

        • +3.7% MSLH.LN (Marshalls £2.05, +0.07) -- Q3/9M trading update

        • +3.2% ADS.GR (Adidas €176.48, +5.52) -- prelim Q3 earnings

        • +2.9% SEQUA.BB (Sequana Medical €2.47, +0.07) -- study update

        • +2.2% HOC.LN (Hochschild Mining £0.87, +0.02) -- Q3 production report

        • +1.4% WTB.LN (Whitbread £33.70, +0.47) -- H1 earnings; £300M share repurchase programme

        • +1.3% VOLV.B.SS (Volvo SEK229.10, +2.85) -- Q3 earnings

        • +0.8% VID.SM (Vidrala €76.30, +0.60) -- 9M earnings

      • Notable Decliners

        • -15.2% CRNA.NO (Circio Holding NOK8.10, -1.45) -- intends to close subsidiary Targovax OY in Finland

        • -12.3% BAR.BB (Barco €14.78, -2.08) -- Q3 trading update

        • -11.0% CRTA.LN (Cirata £0.52, -0.06) -- Q3 trading update

        • -9.3% BEGR.SS (BE Group SEK87.10, -8.90) -- Q3 earnings

        • -9.1% PDG.LN (Pendragon £0.31, -0.03) -- issues press release of withdrawal from Pendragon PLC Process

        • -6.5% ABBN.SW (ABB Limited CHF30.55, -2.11) -- Q3 earnings

        • -5.5% BDEV.LN (Barratt Developments £4.01, -0.23) -- AGM trading update

        • -5.4% KINV.B.SS (Kinnevik SEK99.82, -5.70) -- Q3 earnings

        • -4.3% DSV.DC (DSV A/S DKK1,166.50, -53.00) -- CEO to step down

        • -3.5% 888.LN (888 Holdings £0.83, -0.03) -- Q3 trading update

        • -3.5% TOWN.LN (Town Centre Securities £1.10, -0.04) -- FY earnings

        • -3.3% BIOS.BB (BioSenic €0.06, -0.00) -- to draw final tranches of its present global tech opportunities 15 convertible bonds program

        • -2.7% ATCO.A.SS (Atlas Copco SEK145.35, -4.00) -- acquires Slovakia's ACJ sro

        • -2.6% MAGI.SS (MAG Interactive SEK14.98, -0.40) -- Q4 earnings

        • -2.1% CE2.GR (Cropenergies €8.23, -0.18) -- expects significant reduction in earnings in Q3 y/y

        • -2.0% BNOR.NO (BlueNord NOK548.00, -11.00) -- Q3 earnings

        • -2.0% ALESK.FP (Esker €115.00, -2.30) -- Q3 earnings

        • -1.8% TKWY.NA (Just Eat Takeaway.com €11.70, -0.22) -- Q3 trading update

        • -1.6% MOWI.NO (Mowi NOK184.80, -2.95) -- Q3 trading update

        • -1.6% BWB.GR (Baader Bank €3.15, -0.05) -- profit warning

        • -1.6% DWNI.GR (Deutsche Wohnen €20.06, -0.32) -- Elliott seeking audit of Deutsche Wohnen - Bloomberg

        • -1.4% PON1V.FH (Ponsse €24.95, -0.35) -- cuts guidance

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: SIPEF (SIP.BB)

        • DACHs: Sika (SIKA.SW), Schindler (SCHN.SW), Inficon (IFCN.SW), Sartorius (SRT3.GR), Mensch und Maschine Software (MUM.GR), 4SC (VSC.GR)

        • Finland: Nordea Bank (NDA.FI.FH), Nokia (NOKIA.FH), Elisa (ELISA.FH), Kempower (KEMPOWR.FH), Alma Media (ALMA.FH), Gofore (GOFORE.FH),

        • France: Sartorius Stedim Biotech (DIM.FP), Verallia (VRLA.FP), Groupe Guillin (ALGIL.FP), La Francaise de l'Energie (FDE.FP)

        • Norway: DNB Bank (DNB.NO), Atea (ATEA.NO)

        • Southern Europe: Salvatore Ferragamo (SFER.IM), ATRESMEDIA (A3M.SM)

        • Sweden: Telia Co. (TELIA.SS), Fabege (FABG.SS), Mycronic (MYCR.SS), Vitec Software (VIT.B.SS), FastPartner (FPAR.A.SS), Arjo (ARJO.B.SS), OEM International (OEM.B.SS), AQ Group (AQ.SS), Bergman & Beving (BERG.B.SS), Lime Technologies (LIME.SS), PowerCell Sweden (PCELL.SS), VNV Global (VNV.SS), Plejd (PLEJD.SS), Elos Medtech (ELOS.B.SS), Minesto (MINEST.SS), Fingerprint Cards (FING.B.SS), Nexam Chemical (NEXAM.SS)

        • UK: Centamin (CEY.LN)

      • Trading Update:

        • Benelux: Allfunds (ALLFG.NA), Sligro Food (SLIGR.NA), Econocom (ECONB.BB), Nedap (NEDAP.NA), MotorK (MTRK.NA)

        • DACHs: Nestle (NESN.SW), Roche (ROG.SW), COMET (COTN.SW), DocMorris Ltd. (DOCM.SW), GAM Holding (GAM.SW)

        • France: L'Oreal (OR.FP), EssilorLuxottica (EL.FP), Pernod Ricard (RI.FP), Edenred (EDEN.FP), Renault (RNO.FP), Vivendi (VIV.FP), La Francaise des Jeux (FDJ.FP), Covivio (COV.FP), Tikehau Capital (TKO.FP), STEF (STF.FP), Boiron (BOI.FP), etablissements Maurel & Prom (MAU.FP), Savencia (SAVE.FP), Tarkett (TKTT.FP), Roche Bobois (RBO.FP), Linedata Services (LIN.FP), Guerbet (GBT.FP), Focus Entertainment (ALFOC.FP), Damartex (ALDAR.FP), Verimatrix (VMX.FP),

        • Nordics: Investor (INVE.B.SS), The Kingfish Company (KING.NO)

        • Southern Europe: Brunello Cucinelli (BC.IM)

        • UK: RELX (REL.LN), London Stock Exchange Group (LSEG.LN), Rentokil Initial (RTO.LN), Mondi (MNDI.LN), St. James's Place (STJ.LN), Dechra Pharmaceuticals (DPH.LN), Hargreaves Lansdown (HL.LN), Deliveroo (ROO.LN), Dunelm (DNLM.LN), AJ Bell (AJB.LN), Rathbones (RAT.LN), Rank (RNK.LN), PensionBee (PBEE.LN), Gear4Music (G4M.LN)

      • Traffic: Getlink (GET.FP)

  • Data:

    • Economics:

      • Eurozone

        • Aug Construction Output (0.1%) y/y vs cons +1.2% and prior revised +1.2% from +1.0%

        • Sep CPI +4.3% y/y vs prelim +4.3%; +0.3% m/m vs prelim +0.3%

          • Core CPI +4.5% y/y vs prelim +4.5%

        • Aug Trade Balance €2.07B vs cons €6.05B and prior revised to €6.11B from €6.38B

      • UK Sep

        • CPI +6.7% y/y vs cons +6.6% and prior +6.7%; +0.5% m/m vs cons +0.5% and prior +0.3%

          • Core +6.1% y/y vs cons +6.0% and prior +6.2%

        • RPI +8.9% y/y vs cons +8.9% and prior +9.1%; +0.5% m/m vs cons +0.5% and prior +0.6%

        • Output PPI (0.1%) y/y vs cons (0.2%) and prior revised (0.5%) from (0.4%); +0.4% m/m vs cons +0.3% and prior +0.2%

        • Input PPI (2.6%) y/y vs cons (2.9%) and prior revised (2.0%) from (2.3%); +0.4% m/m vs cons +0.9% and prior revised +0.8% from +0.4%

      • Italy Aug Trade Balance €2.07B vs cons €6.1B and prior €6.38B

      • Austria Sep CPI +6.0% y/y vs prelim +6.1%; +0.4% m/m vs prelim +0.5%

        • EU harmonised: +5.7% y/y vs prelim +5.8%; +0.8% m/m vs prelim +0.9%

    • Markets:

      • WTI Crude (Nov 23): +$1.50 or +1.73% to $88.16

      • €-$ (0.0046) or (0.43%) to 1.0531

      • £-$ (0.0039) or (0.32%) to 1.2145

      • €-£ (0.0012) to 0.8670

      • S&P 500 (0.74%)

      • Performance year-to-date

        • FTSE 100: +1.83%

        • DAX: +8.41%

        • CAC: +7.60%

        • MIB: +18.77%

        • Stoxx 600: +4.74%

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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