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StreetAccount Summary - EU Market Recap: FTSE 100 (0.20%) to 7466.83, DAX +0.42% to 15966.68, CAC40 +0.47% to 7263.44, STOXX 600 +0.31% to 457.25

Nov 22 ,2023

  • Synopsis:

    • European equity markets ended generally higher with pan-European indices becoming range-bound, with opening levels proving difficult to break above. Greece +1.3%, Belgium +0.9%, Sweden +0.7% led the outperformers whilst Norway (0.4%), Finland (0.3%), FTSE 100 (0.2%) leading the decliners.

    • Focus on UK Chancellor Hunt's Autumn Statement. Fiscal update mostly in line with recent press reports. Made full expensing for business investment permanent and cut employee national insurance by 2% to take effect from January. The chancellor said that he would reduce the main rate from 12% on earnings to 10%. He also confirmed that benefits will rise in line with September's inflation figures by 6.7%, while the state pension will rise by 8.5% (Times). In addition, OBR raised 2023 growth forecast but cut forecasts through 2026. Budget deficit lowered through 2026.

    • Among central banks updates, ECB published its financial stability review, warning outlook is fragile due to weakening macro-financial conditions and geopolitics. ECB President Lagarde and Executive Board member Schnabel continued the pushback against rate-cut bets. Elsewhere, Germany 204 federal budget delayed by recent court ruling. From a macro calendar perspective, Eurozone flash consumer confidence (17.9) vs consensus (17.6) and prior (17.9)

    • In corporate news, ThyssenKrupp (TKA.GR) reported FY EPS (€3.33) vs FactSet (€0.08) and guided FY24 adjusted EBIT in the high three-digit million euro range. In France, Elior Group (ELIOR.FP) posted a big miss for FY net income (cont. ops) (€97M) vs FactSet (€51.8M), revenue €5.22B vs FactSet €5.19B and adj EBITA €59M vs FactSet €50.0M. Inventiva (IVA.FP) issued 9M revenue €1.9M vs year-ago €0.1M. In Italy, ENEL (ENEL.IM) presented 2024-2026 strategy; plans total gross capex of ~€35.8B. Out of the Nordics, ROCKWOOL (ROCK.B.DC) posted Q3 net income €109.0M vs consensus €99.0M and revised its FY outlook.

    • In the UK, Kingfisher (KGF.LN) shares were trading notably down following Q3 trading update and FY adj PBT guidance lowered. Britvic (BVIC.LN) is also in negative territory on the back of its FY earnings. Rotork (ROR.LN) posted a trading update for 4M period to 29-Oct. Moving in the opposite direction, The Sage Group (SGE.LN) released FY earnings, hiked dividend by 5% and announced £350M buyback. Severn Trent (SVT.LN) posted H1 adj. EPS 29.7p vs StreetAccount 36.0p along with an interim dividend of 46.74p/sh. Johnson Matthey (JMAT.LN) H1 earnings and now expects at least high single digit growth in operating performance. The group also announced changes to its Group Leadership Team.

    • On M&A front, Enel S.p.A (ENEL.IM) sold group's generation assets in Peru to Niagara Energy S.A.C for ~$1.4B (~€1.3B). SigmaRoc (SRC.LN) conditionally agreed to acquire certain European lime businesses from CRH (CRH.LN), whilst Smith & Nephew (SN.LN) to acquire CartiHeal, developer of Agili-C, for initial cash consideration of $180M at closing and up to a further $150M contingent on financial performance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate+1.52%, Travel & Leisure +1.41%, Technology +1.22%, Food & Beverage +0.98%, Persnl & HHold Goods +0.89%, Financial Svcs +0.87%, Telecom +0.71%, Media +0.66%, Construct & Mtls +0.65%, Autos & Parts +0.65%, Ind Goods & Svcs +0.45%,

      • Underperformers

        • Oil & Gas (1.66%), Basic Resources (0.84%), Banks (0.22%), Insurance (0.03%), Utilities +0.04%, Retail +0.11%, Health Care +0.12%, Chemicals +0.28%,

    • Macro/Peripheral markets:

      • EU

        • Remarks by President von der Leyen at the G20 Leaders' Summit - release

      • ECB

        • Financial stability outlook remains fragile as macro-financial conditions weaken, ECB finds - release

        • ECB's Schnabel says disinflation process projected to slow - Bloomberg

        • ECB's Lagarde says too early to declare victory on inflation - Bloomberg

      • UK

        • Tax cuts for working people and British business headlined Chancellor Jeremy Hunt's 'Autumn Statement for Growth' - release

        • OBR economic and fiscal outlook - release

        • Autumn Statement: National Insurance cut and growth forecast downgraded - BBC

        • National insurance to be cut from 12% to 10% - but tax burden to remain at record high - Sky

        • Tax burden to hit record high despite Jeremy Hunt's cuts - Telegraph

        • UK manufacturing orders fall to weakest since Jan 2021, CBI - Reuters

      • Germany

        • EU says Germany must phase out energy support measures - Bloomberg

        • Germany's budget crisis will have far-reaching consequences for government's fiscal policy, but analysts do not expect the coalition to collapse -- Reuters, DW

      • Sweden

        • Fitch cuts Swedish SBB rating over tight liquidity, weak market - Reuters

      • Iceland

        • Iceland Central Bank leaves benchmark interest rate unchanged at 9.25%, as expected - statement; Economic Bulletin

        • Level of seismicity today considerably lower than in the recent days - Iceland Met office

      • Italy

        • Meloni's Italy tastes schadenfreude over German fiscal fiasco - Bloomberg

      • Netherlands

        • Elections: Wilders' far-right party set for gains - Reuters

        • 40% of voters had voted by 15:45CET - De Telegraaf citing Ipsos

      • Geopolitics

        • Israeli government agrees temporary cease-fire and hostage-release deal with Hamas - Politico

    • Company news:

      • Notable Gainers

        • +45.4% PA8.GR (Paion €0.36, +0.11) -- announces its stock exchange listing will be changed from Prime Standard to General Standard of regulated market of Frankfurt Stock Exchange

        • +13.3% SGE.LN (Sage Group £11.30, +1.33) -- FY earnings; £350M share buyback programme

        • +8.7% TENG.LN (Ten Lifestyle Group £1.00, +0.08) -- FY earnings

        • +8.6% SEDANA.SS (Sedana Medical SEK18.40, +1.45) -- receives positive opinion from EMA's Paediatric Committee on its Paediatric Investigation Plan

        • +8.4% TRMR.LN (Tremor International £1.50, +0.12) -- Q3 earnings

        • +7.6% ELIOR.FP (Elior Group €2.30, +0.16) -- FY earnings

        • +7.4% TKA.GR (ThyssenKrupp €7.11, +0.49) -- FY earnings

        • +6.7% HOFI.SS (Hoist Finance SEK36.75, +2.30) -- initiated buy at Nordea

        • +6.6% SYNT.SS (SyntheticMR SEK24.40, +1.50) -- smbmits SyMRI 3D for 510(k) Clearance

        • +5.7% ENT.LN (Entain £8.79, +0.47) -- Activists investors pile pressure on Entain; Sachem Head Capital Management and Dendur Capital have built positions - FT

        • +5.0% JMAT.LN (Johnson Matthey £15.32, +0.73) -- H1 earnings; Group Leadership Team changes

        • +4.9% ITP.FP (Interparfums €48.20, +2.25) -- prelim. FY revenue

        • +4.8% ADE.NO (Adevinta NOK111.20, +5.10) -- Blackstone-Permira group voluntary offer at NOK 115 per Adevinta share

        • +4.5% SCHA.NO (Schibsted NOK254.30, +11.00) -- supports the voluntary offer for Adevinta, reducing its stake in Adevinta by 60%; eBay supports voluntary offer to acquire Adevinta

        • +4.0% TEP.LN (Telecom Plus £16.46, +0.64) -- £10M share buyback programme

        • +3.8% BT.A.LN (BT Group £1.23, +0.04) -- BT Group trades higher after UK Chancellor announces full expensing tax break permanent

        • +3.8% RCN.LN (Redcentric £1.09, +0.04) -- H1 earnings

        • +3.5% APAM.NA (Aperam €28.70, +0.96) -- BNP Paribas Exane upgrade

        • +3.2% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik €39.40, +1.24) -- treats first patient in a dose-finding clinical phase I/II study with Yttrium (90Y) anditixafortide (PentixaTher)

        • +2.8% SAS.SS (SAS SEK0.04, -0.00) -- final Court approval for its new debtor-in-possession financing credit agreement with Castlelake for $500M (SEK 5.5B)

        • +2.3% PAF.LN (Pan African Resources $0.16, -0.00) -- interim production update

        • +2.1% BREE.LN (Breedon Group £3.42, +0.07) -- 4M trading update

      • Notable Decliners

        • -31.4% PEBB.LN (The Pebble Group £0.60, -0.28) -- lowers FY outlook

        • -15.9% VCP.LN (Victoria £2.54, -0.48) -- H1 earnings

        • -6.7% KGF.LN (Kingfisher £2.15, -0.16) -- lowers FY outlook

        • -5.2% TTG.LN (TT Electronics £1.53, -0.08) -- Peel Hunt downgrade

        • -5.0% OSP2.GR (USU Software €17.15, -0.90) -- Q3 earnings

        • -4.5% BRNL.NA (Brunel International €11.36, -0.54) -- Oddo downgrade

        • -4.0% SIP.BB (Sipef €52.70, -2.20) -- new eruption of 'Mount Ulawun' volcano in Papua-New-Guinea

        • -3.5% SDY.LN (Speedy Hire £0.35, -0.01) -- H1 earnings

        • -3.3% ELOS.B.SS (Elos Medtech SEK207.00, -7.00) -- applies for de-listing from Nasdaq Stockholm; compulsory redemption of remaining shares by EM Intressenter AB

        • -3.2% GNS.LN (Genus £20.44, -0.68) -- trading update

        • -2.6% HLCL.LN (Helical £2.24, -0.06) -- H1 earnings; Numis downgrade

        • -1.2% NWG.LN (NatWest Group £2.05, -0.02) -- UK Chancellor Hunt says will explore options for NatWest retail share offer in the next 12 months, subject to market conditions and achieving value for money

        • -1.2% INRN.SW (Interroll Holding CHF2,440.00, -30.00) -- Berenberg downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Gimv (GIMB.BB)

        • DACHs: UNIQA Insurance Group (UQA.AV), PORR (POS.AV), Carlo Gavazzi (GAV.SW), Nabaltec (NTG.GR), NFON (NFN.GR), DFV Deutsche Familienversicherung (DFV.GR), Francotyp-Postalia (FPH.GR)

        • Nordics: LE Lundbergforetagen (LUND.B.SS), Scandinavian Enviro Systems (SES.SS), Malmbergs Elektriska (MEAB.B.SS)

        • UK: Virgin Money UK (VMUK.LN), LondonMetric Property (LMP.LN), MITIE Group (MTO.LN), FirstGroup (FGP.LN), Volex (VLX.LN), XPS Pensions Group (XPS.LN), Alpha Financial Markets Consulting (AFM.LN), PayPoint (PAY.LN), Newriver Reit (NRR.LN), Motorpoint Group (MOTR.LN), Jet2 (JET2.LN)

  • Data:

    • Economics:

      • Eurozone Nov flash Consumer Confidence (17.9) vs consensus (17.6) and prior (17.9)

    • Markets:

      • WTI Crude (Jan 24): ($3.10) or (3.99%) to $74.67

      • €-$ (0.0039) or (0.36%) to 1.0874

      • £-$ (0.0076) or (0.61%) to 1.2462

      • €-£ +0.0023 to 0.8727

      • S&P 500 +0.42%

      • Performance year-to-date

      • FTSE 100: +0.20%

      • DAX: +14.67%

      • CAC: +12.20%

      • MIB: +23.03%

      • Stoxx 600: +7.62%

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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