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StreetAccount Summary - EU Market Recap: FTSE 100 (0.43%) to 7423.46, DAX +1.09% to 16166.45, CAC40 +0.24% to 7267.64, STOXX 600 +0.45% to 459.10

Nov 29 ,2023

  • Synopsis:

    • European equity markets finished mostly higher. Autos/parts, tech and basic resources stronger; food/beverage and energy lag. Treasuries firmer across the curve, extending this week's rally. 10Y yield now below 4.30%, down more than 70bp since late October. Big moves also in other regional benchmarks. Bund off 5 bps. Dollar firmer on the euro and sterling crosses though dollar index on track for a ~3.5% monthly pullback. Gold flat. Bitcoin futures down 0.7%. WTI crude up 0.8%, losing some earlier strength, heading into OPEC+ meeting tomorrow. Industrial metals mixed. US equities higher in Wednesday midday trading, though off best levels.

    • Attention on softer German inflation data. Spanish CPI slowed. Italian business and consumer confidence beat in November. In the UK, BoE mortgage approval data adds to signs of stabilization in housing market. OECD cut 2023 global growth forecast and warns central bank may be forced to delay rate cuts. AEW's revised forecast published Wednesday showed Europe's property slump is nearly over and set to recover next year.

    • In earnings, out of DACHs, Addex Therapeutics (ADXN.SW), Aroundtown (AT1.GR) released Q3 numbers In France Trigano (TRI.FP) reported FY results. In the Nordics, Kindred Group (KIND.SS) reported Q3 earnings and announced exit from North American market. Hydro (NHY.NO) said in its CMD update that it sees potential for accelerated growth investments of NOK 1-2B per year enabling the top of the EBITDA growth target ranges. Elsewhere, Prosus (PRX.NA) reported H1 numbers. In the UK, Deliveroo (ROO.LN) reiterated FY23 guidance of updates medium-term GTV growth target to mid-teens percentage growth per annum; Pennon Group (PNN.LN) posted H1 update.

    • On the M&A front, Ferrovial (FER.SM) to sell its 25% stake in Heathrow airport for £2.37B; Alstom (ALO.FP) is exploring the sale of subsidiaries in the US and China, BFMTV reports. Also, press reports suggest Kretinsky pushing Casino (CO.FP) to sell its largest doors in advance of rescue.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +2.36%, Real Estate +1.73%, Technology +1.69%, Financial Svcs +1.54%, Retail +1.28%, Construct & Mtls +1.25%, Ind Goods & Svcs +0.73%

      • Underperformers:

        • Oil & Gas(0.85%), Basic Resources (0.40%), Food, Beverage and Tobacco (0.34%), Insurance (0.24%), Travel & Leisure (0.13%), Media +0.00%, Personal Care Drug and Grocery Stores +0.01%, Utilities +0.17%, Chemicals +0.22%, Telecom +0.38%, Banks +0.38%, Health Care +0.42%

    • Macro:

      • Falling German and Spanish inflation raises hopes of ECB rate cuts - FT

      • Britons support rejoining the single market, even if it means free movement - YouGov

      • ECB:

        • ECB vice president de Guindos says using frozen assets could damage Euro's reputation -- Bloomberg

        • ECB faces battle over bank payouts as top watchdog Enria departs -- Bloomberg

        • Disinflation causes stand-off between markets and central banks over when borrowing costs will edge lower -- FT

      • BoE:

        • BoE Governor Bailey defends handling of economy -- Daily Focus

        • Remarks at 50th anniversary of London Foreign Exchange Joint Standing Committee (FXJSC) by Governor Bailey

    • Peripheral markets:

      • Italy:

        • Italy's EU Recovery Fund payouts are about to reach €102B -- Bloomberg

      • Spain:

        • David Cameron wants post-Brexit Gibraltar deal with Spain 'as soon as possible' - Independent

      • The Netherlands:

        • Dutch politician Geert Wilders, who won the most votes in the general election, said Wednesday forming a minority government with himself as prime minister is a possibility -- Reuters

      • Greece:

        • Erdogan expresses willingness to improve Greece-Turkey relations ahead of Athens visit - Kathimerini

    • Company news:

      • Notable Gainers

        • +29.0% MUSTI.FH (Musti Group €26.42, +5.94) -- Sonae-led Consortium offers to acquire Musti Group for €26/share on cash

        • +20.5% BTLS.BB (Biotalys €1.97, +0.34) -- updates on product pipeline, organizational changes; expects FY cash burn less than €20M

        • +7.7% SEQUA.BB (Sequana Medical €2.65, +0.19) -- positive data from non-randomized cohort in US Phase 1/2a MOJAVE study

        • +6.5% SPT.LN (Spirent Communications £1.16, +0.07) -- signs agreement with financial services organisation; acquires test Lab automation business of NetScout Systems

        • +5.6% IPX.LN (Impax Asset Management Group £4.51, +0.24) -- FY adj EPS 35.2p vs FactSet 34.6p [4 est, 33.4-36.0p

        • +5.4% PETS.LN (Pets At Home Group £3.10, +0.16) -- second £25M tranche of £50M share buyback programme

        • +4.1% NVM.GR (Novem Group €6.10, +0.24) -- Q2 earnings

        • +3.1% BOAT.SS (Nimbus Group SEK23.00, +0.70) -- to start local production of Nimbus brand boats in North America

        • +2.6% 2020.NO (2020 Bulkers NOK119.30, +3.00) -- converts index-linked time charters for four vessels to fixed rate time charters

        • +2.5% ECV.GR (Encavis AG €13.32, +0.32) -- completes sale of Renewable Energy portfolio with total capacity of 93 megawatts (MW) for an institutional investor

        • +2.5% RHIM.LN (RHI Magnesita £28.44, +0.70) -- Ignite Luxembourg Holdings S.à r.l. to settle offer for ~19.95% of RHI Magnesita shares on or around 13-Dec

        • +2.4% HBR.LN (Harbour Energy £2.24, +0.05) -- 9M trading and operations update: 2023 total capex guidance of c.$1B reiterated

        • +2.2% FER.SM (Ferrovial €31.64, +0.68) -- to sell its 25% stake in Heathrow airport for £2.37B

        • +1.4% ROO.LN (Deliveroo £1.47, +0.02) -- reiterates FY23 guidance; updates medium-term GTV growth target to mid-teens percentage growth per annum; remains on track to deliver 4%+ adj EBITDA margin target by 2026 - CMD

      • Notable Decliners

        • -26.9% DFCH.LN (Distribution Finance Capital Holdings £0.19, -0.07) -- trading and obligor's arrears balance updates

        • -23.5% XAR.LN (Xaar £1.35, -0.42) -- trading update; anticipates lower revenue and adjusted profit in 2024 than previously expected

        • -17.8% HFD.LN (Halfords Group £1.88, -0.41) -- H1 underlying EPS 7.3p vs year-ago 6.5p; sees FY24 Underlying PBT now within narrower range of £48M to £53M vs FactSet £53M

        • -16.4% SPEX.SW (Spexis CHF0.07, -0.01) -- in discussions to restructure its current financing agreements with SPRIM Global Investments

        • -11.4% VPLAY.A.SS (Viaplay Group SEK31.20, -4.00) -- postpones Q3 results

        • -5.1% ARAMI.FP (Aramis Group €4.43, -0.24) -- FY net income (€32.3M) vs FactSet (€31.2M) [4 est, (€53.0)-(20M)]

        • -4.3% KIND.SS (Kindred Group SEK88.86, -3.98) -- Q3 earnings; to exit the North American market; announces actions to accelerate profitable growth

        • -3.9% PHIA.NA (Koninklijke Philips €18.78, -0.76) -- FDA cautions of emerging safety issue with Philips' DreamStation 2 CPAP machines

        • -3.3% ALO.FP (Alstom €11.53, -0.40) -- is exploring the sale of subsidiaries in the US and China -- BFMTV

        • -3.2% OX2.SS (OX2 AB SEK49.80, -1.65) -- sells stake in next generation Swedish offshore wind portfolio to Ingka Investments; expects FY operating income to be ~SEK1.0B

        • -2.3% PNN.LN (Pennon Group £7.30, -0.17) -- H1 adj EPS 3.6p vs FactSet 2.5p [3 est, 2.1-2.9p]

        • -2.3% TTE.FP (TotalEnergies €61.76, -1.43) -- acquires minority stake in Xlinks Morocco-UK power project

        • -2.2% AT1.GR (Aroundtown €2.25, -0.05) -- Q3 EPS (€0.07) vs year-ago €0.02; confirms FY guidance

        • -1.9% NHY.NO (Norsk Hydro NOK63.06, -1.20) -- sees potential for accelerated growth investments of NOK 1-2B per year enabling the top of the EBITDA growth target ranges -- CMD

        • -1.9% ADXN.SW (Addex Therapeutics CHF0.04, -0.00) -- Q3 net income (CHF2.6M) vs year-ago (CHF4.1M)

        • -1.7% BMS.LN (Braemar £2.85, -0.05) -- H1 earnings

        • -1.6% GRF.SM (Grifols €12.68, -0.21) -- in advanced talks to sell stake in Shanghai RAAS Blood Products to China Merchants Group - Bloomberg

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Vienna Insurance Group AG (VIG.AV), Deutsche Beteiligungs (DBAN.GR), DEAG Deutsche Entertainment (LOU.GR),

        • France: Remy Cointreau (RCO.FP),

        • Nordics: Elekta (EKTA.B.SS), Saniona (SANION.SS), Xbrane Biopharma (XBRANE.SS), SAS (SAS.SS), Crunchfish (CFISH.SS), Self Storage Group (SSG.NO), Solstad Offshore (SOFF.NO), NorAm Drilling (NORAM.NO), Norse Atlantic (NORSE.NO), Waste Plastic Upcycling (WPU.NO), RTX (RTX.DC),

        • UK: Dr. Martens (DOCS.LN), ZOO Digital Group (ZOO.LN), Carclo (CAR.LN)

      • Trading Update: ME Group International (MEGP.LN), Nynomic (M7U.GR), TClarke (CTO.LN),

      • CMD/events: ABB (ABBN.SW), Rational (RAA.GR), TX Group (TXGN.SW), Siltronic (WAF.GR), H. Lunbeck (HLUN.B.DC) R&D, GSK (GSK.LN) Respiratory Diseases, EXOR (EXO.IM), Jenoptik (JEN.GR), Celebrus Technologies (CLBS.LN), Beijer Ref (BEIJ.A.SS), Revenio Group (REG1V.FH), Eurazeo (RF.FP), Beazley (BEZ.LN), ASR Netherlands (ASRNL.NA) update on the integration of the Aegon Nederland businesses at 10:15GMT

  • Data:

    • Economics:

      • Eurozone Nov

        • Economic Sentiment Indicator 93.8 vs cons 93.7 and prior revised 93.5 from 93.3

        • Consumer Confidence (16.9) vs prelim (17.9)

        • Services Sentiment Indicator 4.9 vs cons 4.3 and prior revised 4.6 from 4.5

      • UK Oct

        • M4 Money Supply +0.3% m/m vs cons (0.2%) and prior (1.1%)

        • Mortgage Approvals 47.38K vs cons 45.0K and prior revised 43.68 from 43.33K

      • Germany Nov Prelim CPI +3.2% y/y vs cons +3.5% and prior +3.8%; (0.4%) m/m vs cons (0.2%) and prior 0.0%

        • EU Harmonised: +2.3% y/y vs cons +2.7% and prior +3.0%; (0.7%) m/m vs cons (0.3%) and prior (0.2%)

      • Spain

        • Nov Prelim CPI +3.2% y/y vs cons +3.7% and prior +3.5%; (0.4%) m/m vs cons +0.1% and prior +0.3%

          • EU Harmonised: +3.2% y/y vs cons +3.7% and prior +3.5%; (0.6%) m/m vs cons 0.0% and prior +0.3%

        • Oct Retail Sales +5.0% y/y vs conss +5.7% and prior revised +6.3% from +6.5%; (0.2%) m/m vs cons +0.1% and prior +0.2%

      • Italy

        • Nov Business Confidence 96.6 vs cons 96.0 and prior revised 96.1 from 96.0

        • Nov Consumer Confidence 103.6 vs cons 102.0 and prior 101.6

        • Oct PPI (9.5%) y/y vs cons (10.6%) and prior (14.1%); +1.5% m/m vs cons +0.3% and prior +0.6%

      • Switzerland Nov ZEW Expectations (29.6) vs consensus (40.0) and prior (37.8)

      • Ireland Nov prelim HICP +2.3% y/y vs cons +3.2% and prior +3.6%; (1.1%) m/m vs cons 0.0% and prior +0.2%

      • Sweden

        • Oct Trade Balance SEK8.9B vs cons (SEK12.4B) and prior revised SEK2.3B from SEK2.2B T

        • Oct Retail Sales (1.0%) y/y vs cons (2.8%) and prior (3.8%); +1.4% m/m vs cons +0.7% and prior (1.4%)

        • Q3 GDP (1.4%) y/y vs prelim (1.2%); (0.3%) q/q vs prelim 0.0%

      • Belgium Nov CPI +0.8% y/y vs cons +0.5% and prior +0.4%; +0.2% m/m vs cons (0.1%) and prior +0.3%

    • Markets:

      • WTI Crude (Jan 24): +$0.62 or +0.81% to $77.03

      • €-$ (0.0027) or (0.25%) to 1.0966

      • £-$ (0.0022) or (0.17%) to 1.2674

      • €-£ (0.0009) to 0.8652

      • S&P 500 +0.08%

      • Performance year-to-date

        • FTSE 100: (0.38%)

        • DAX: +16.11%

        • CAC: +12.26%

        • MIB: +25.13%

        • Stoxx 600: +8.05%

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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