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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +0.06%% to 7488.20, DAX +0.22% to 16029.49, CAC +0.20% to 7292.80

Nov 24 ,2023

  • Synopsis:

    • European equity markets closed higher. Denmark and Netherland both +0.7% and Italy +0.6% lead outperformers, whilst Greece (0.1%) bucks the trend and lead underperformers.

    • In geopolitics, Israel-Hamas four-day truce begins with first aid trucks going into Gaza. Bloomberg reports that Israel's Channel 12 and Hamas-run media said 13 hostages had been transferred by Hamas to the Red Cross and had crossed into Egypt.

    • In central banks policymakers continuing to push higher-for-longer messaging, but market focusing on rate cut expectations. BoE's Pill and ECB's Holzmann the latest central bankers to warn against premature easing in monetary policy. ECB President Lagarde said much has been done on rates, and now the bank can observe the effects.

    • On macro front, UK consumer confidence rebounded in November by the largest amount since April but came after hitting three-month lows in October. German Q3 GDP revised down to -0.4% y/y versus prior -0.3% reading, but quarterly reading remained at -0.1%. German Ifo edges up in November, but just shy of forecast. BoE's Pill and ECB's Holzmann the latest central bankers to warn against premature easing in monetary policy.

    • On the earnings front, NRC Group (NRC.NO) issued Q3 earnings and lowered its FY adjusted EBIT margin guidance; still in the Nordics, Axfood (AXFO.SS) is holding its capital market day today; in France, Laurent-Perrier (LPE.FP) reported H1 and - in Greece - Ellaktor (ELLAKTOR.GA) and GEK Terna Holding Real Estate Construction (GEKTERNA.GA) posted 9M numbers.

    • In M&A news, Bloomberg reported that Swisscom's (SCMN.SW) Fastweb is considering potential deal for Vodafone (VOD.LN) Italy, whilst BASF (BAS.GR) is reportedly in focus amidst reports that Adnoc is exploring potential acquisition of Wintershall Dea. Elsewhere, Reuters reports Barclays (BARC.LN) is working on a £1B cost savings plan that could involve cutting as many as 2,000 jobs.

    • In other corporate development, Reuters reported that Barclays (BARC.LN) is working on a £1B cost savings plan that could involve cutting as many as 2,000 jobs. A person with direct knowledge of the proposal says that the potential job cuts would primarily be at Barclays Execution Services.

    • Looking ahead to next week's calendar (see - Europe Week Ahead: 27-Nov to 1-Dec attached) Icade (ICAD.FP), Rightmove (RMV.LN), Aryzta (ARYN.SW), Celebrus Technologies (CLBS.LN), 2G Energy (2GB.GR), Nacon (NACON.FP), Bigben Interactive (BIG.FP) will be among other names to update investors, whilst the macro-calendar releases will include Norway Oct retail sales, UK Nov distributive trades - CBI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Chemicals +0.90%, Personal Care Drug and Grocery Stores +0.76%, Energy+0.75%, Retail +0.76%, Autos & Parts +0.72%, Insurance +0.57%, Ind Goods & Svcs +0.56%, Construct & Mtls +0.47%, Telecom +0.43%, Health Care +0.39%, Banks +0.38%,

      • Underperformers:

        • Consumer Products and Services (0.36%), Technology (0.14%), Real Estate (0.09%), Basic Resources (0.07%), Travel & Leisure +0.05%, Food, Beverage and Tobacco +0.21%, Media +0.27%, Financial Svcs +0.34%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Hamas Releases Some Gaza Hostages in Truce Deal With Israel - Bloomberg

        • Kremlin says NATO's desire for a 'military Schengen' zone in Europe ratchets up tensions - Reuters

      • EU

        • EU and Canada establish a Green Alliance to deepen cooperation on domestic and international policies - release

        • EU, Chile Aim to Sign Trade Deal Next Month With Eye on Minerals - Bloomberg

        • India and the EU sign an agreement on semiconductors - India's Ministry of External Affairs

      • UK

        • Keir Starmer faces further backlash over his pro-Israel Gaza stance as Labour vote collapses in London council by-election to hand seat to pro-Palestinian independent who quit party over his refusal to back a ceasefire - Daily Mail

        • BOE Will Not Relent in Inflation Battle, Chief Economist Says - Bloomberg

        • UK Consumers More Willing to Buy Big-Ticket Items, GfK Says - Bloomberg

      • Germany

        • Scholz Seeks to Calm Fears Over the Fallout From Budget Ruling - Bloomberg

        • Germany's Scholz promises swift budget overhaul in debt brake fiasco - Reuters

        • German rail union warns of fresh strikes after talks fail - DW

      • Greece

      • Finland

        • OM Orpo and Latvian PM Siliņa meeting focuses on deepening bilateral cooperation and security in Baltic Sea region - release

        • Government decides that people arriving across the eastern border will be processed at registration centres - release

      • Netherlands

        • Dutch politician Wilders' hopes of building coalition hit hurdle - Reuters

      • Ireland

        • Estimated cost of riots in 'tens of millions of euro' says Varadkar - RTE

    • Company news:

      • Trading Higher:

        • +19.7% MAREL.IR (Marel €419.00, +69.00) -- JBT Corporation confirms non-binding proposal to acquire company

        • +12.8% MTC.LN (Mothercare £0.05, +0.01) -- H1 earnings

        • +10.4% SIOFF.NO (Siem Offshore NOK25.50, +2.40) -- signs LOI with Helix Energy Solutions Group; contract

        • +6.9% DEQ.GR (Deutsche EuroShop €19.42, +1.26) -- plans to pay €1.35/share special dividend

        • +5.6% CRNA.NO (Circio Holding NOK7.50, +0.40) -- announces outcome of TG01/gemcitabine combination EU patent proceeding

        • +5.0% LSS.FP (Lectra €29.30, +1.40) -- BNP Paribas Exane upgrade

        • +4.3% BSE.AU (Base Resources A$0.12, -0.00) -- receives first strike as shareholders vote 75.3% against remuneration report

        • +4.0% KAR.SS (Karnov Group SEK56.70, +2.20) -- index change

        • +3.2% LRE.SM (Lar España Real Estate €5.88, +0.18) -- 9M earnings

        • +3.2% NCAB.SS (NCAB Group SEK67.05, +2.05) -- index change

        • +2.9% MFEB.IM (MFE-MEDIAFOREUROPE €3.14, +0.09) -- Kepler Cheuvreux upgrade

        • +2.5% LUND.B.SS (L E Lundbergföretagen SEK496.00, +11.90) -- index change

        • +2.4% GEST.SM (Gestamp Automoción €3.55, +0.08) -- Barclays upgrade

        • +2.3% CON.GR (Continental €70.54, +1.58) -- Barclays upgrade

        • +2.2% CAMX.SS (Camurus SEK450.00, +9.60) -- index change

      • Trading Lower:

        • -43.5% TM17.LN (Team17 Group £1.78, -1.37) -- FY trading update

        • -13.3% NRC.NO (NRC Group NOK11.50, -1.76) -- Q3 earnings; lowers FY EBIT margin guidance

        • -7.9% AMBEA.SS (Ambea SEK44.26, -3.80) -- ACTR Holding AB sells 8.4M shares in company via placement at SEK43.50/sh

        • -5.9% BRAV.SS (Bravida Holding SEK69.90, -4.40) -- Nordea downgrade

        • -5.9% PA8.GR (Paion €0.30, -0.02) -- withdraws guidance for financial year 2023

        • -4.4% ELI.BB (Elia Group €95.20, -4.40) -- Q3 update

        • -3.8% RM.LN (RM Plc £0.50, -0.02) -- closure of the Consortium business; to make a material write-off

        • -2.8% ANOD.B.SS (Addnode Group SEK77.30, -2.20) -- index change

        • -2.8% ANOD.B.SS (Addnode Group SEK77.30, -2.20) -- index change

        • -2.7% SGE.LN (Sage Group £11.00, -0.31) -- Canaccord Genuity downgrade

    • EU companies reporting Monday:

      • Earnings:

        • France: Nacon (NACON.FP), Bigben Interactive (BIG.FP)

        • DACHs: 2G Energy (2GB.GR)

        • UK: Celebrus Technologies (CLBS.LN)

      • Trading Update: Aryzta (ARYN.SW)

      • CMD/events: Icade (ICAD.FP), Rightmove (RMV.LN)

  • Data:

    • Economics:

      • Finland Oct PPI (8.1%) y/y vs consensus (7.4%) and prior (8.2%)

      • Germany Q3 GDP (0.4%) y/y vs preliminary (0.3%)

        • Nov Ifo Business Climate 87.3 vs consensus 87.5 and prior 86.9

          • Ifo Current Conditions 89.4 vs consensus 89.5 and prior 89.2

          • Ifo Expectations 85.2 vs consensus 85.7 and prior revised 84.8 from 84.7

      • Sweden Oct PPI (3.7%) y/y vs consensus (2.6%) and prior (4.6%)

      • Spain Oct PPI (7.8%) y/y vs consensus (7.4%) and prior revised (8.5%) from (8.6%)

      • Ireland Oct PPI (2.4%) y/y vs consensus (3.6%) and prior revised (1.6%) from (2.6%)

      • Oct mortgage approvals number (20.1%)% y/y, value (16.9%) y/y - Banking and Payments Federation Ireland

    • Markets:

      • WTI Crude (Jan 24): ($0.26) or (0.34%) to $76.84

      • €-$ +0.0027 or +0.25% to 1.0934

      • £-$ +0.0068 or +0.54% to 1.2601

      • €-£ (0.0023) to 0.8678

      • S&P 500 (0.01%)

      • Performance year-to-date

        • FTSE 100: +0.49%

        • DAX: +15.12%

        • CAC: +12.65%

        • MIB: +24.15%

        • Stoxx 600: +8.26%

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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