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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +0.57% to 7556.65, DAX +0.78% to 16759.22, CAC40 +1.32% to 7526.55, STOXX 600 +0.74% to 472.23

Dec 08 ,2023

  • Synopsis:

    • European equity markets opened slightly higher, as expected, and then ratcheted higher in two stages, shortly after the open and then after the USA nonfarm payroll data. A final push to session highs failed to be sustained and shares pared gains into the close.

    • CAC +1.4% and Austria, Belgium, Switzerland all +1.0% lead outperformers, with Greece, Ireland both +0.1% and Denmark +0.3% leading underperformers

    • ECOFIN meeting, EU's de Guindos participated. Riksbank's Jansson spoke at meeting organised by Handelsbanken Malmö

    • German Nov final CPI confirmed at 3.2% y/y. Denmark, Greece, Netherlands, Sweden released Oct industrial/manufacturing data, with Greece also releasing constructive CPI data.

    • At its CMD, Elia Group (ELI.BB) discussed its 5-year capital expenditure plan, regulatory advancements, financial outlook, and funding approach. At a similar event, Investor (INVE.B.SS) focused on company's strategy and the business area Patricia Industries.

    • Among the handful of company earnings/updates, Danske Bank (DANSKE.DC) raised FY net income guidance to a range of DKK20.5-21.5B vs FactSet DKK20.48B and Berkeley Group Holdings (BKG.LN) reported H1 earnings and provided near-term (FY24, FY25 and FY26) outlook

    • M&A news flow included Cadeler (CADLR.NO) shareholders approved combination with Eneti (NETI), Gimv (GIMB.BB) agreeing to sell its stake in WEMAS for an undisclosed sum and Norwegian Air Shuttle (NAS.NO) issues response to Norwegian Competition Authority preliminary warnings regarding the company's acquisition of Widerøe. Republic of Kazakhstan govt and ArcelorMittal (MT.NA) sign $286M agreement on transfer of ArcelorMittal Temirtau JSC to Kazakhstan. Reportedly, the Italian government is weighing the sale of ~30% stake in Poste Italiane (PST.IM), in a deal that could be worth €3.8B.

    • Solvay (SOLB.BB) shareholders voted in favour of the creation of the two independent companies - Solvay and Syensqo

    • Sovereign credit rating reviews due after the close include Fitch (Cyprus, Luxembourg, Ukraine), S&P (Malta).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.52%, Oil & Gas +1.40%, Persnl & HHold Goods +1.23%, Autos & Parts +1.05%, Technology +1.04%, Ind Goods & Svcs +1.02%, Retail +0.97%, Banks +0.93%, Financial Svcs +0.86%, Food & Beverage +0.78%

      • Underperformers:

        • Basic Resources (2.30%), Real Estate (0.80%), Telecom +0.14%, Utilities +0.27%, Insurance +0.37%, Media +0.56%, Health Care +0.58%, Chemicals +0.58%, Construct & Mtls +0.68%

    • Macro/Peripheral markets:

      • EU:

        • EU finance ministers agree to support Nadia Calviño as next President of the European Investment Bank - release

        • EU finance ministers moved closer to a new agreement on EU fiscal reforms but will need more time to reach a deal - Reuters

        • Survey of economists showed the majority expect the ECB to start cutting rates in Jun-24 - Bloomberg

        • Council greenlights amended national plans for 13 member states - release

      • Germany:

        • Coalition government gives up on reaching budget deal by year end - Politico

      • Greece:

        • PM Mitsotakis and Turkish President Erdogan yesterday agreed on need for gradual transition to next stage to tackle thorny bilateral issues - ekathimerini

      • Finland:

        • President, government committee discussed the border security situation on the eastern border - release

      • Ireland:

        • Christmas shopping is set to peak on 23-Dec - RTE citing AIB data

      • Norway:

        • Norway and Japan have agreed to cooperate more closely on the green transition - release

      • Sweden:

        • Government appoints an AI commission to strengthen Swedish competitiveness - release

      • UK:

        • BOE survey shows public inflation expectations easing - Inflation attitudes survey

        • Hiring slows again in November, driving quickest rise in candidate supply for almost three years - UK's Recruitment and Confederation release

        • UK's Labour unveils 10 City advisor in push to win general election - FT; would target a defense pact with the EU - Politico

    • Company news:

      • Notable Gainers

        • +30.9% BIOPOR.DC (BioPorto) -- receives FDA 510(k) clearance for NGAL test in the U.S.

        • +8.3% AET.LN (Afentra) -- completes the acquisition of interests in Block 3/05 and Block 23 from Sonangol

        • +7.1% ELI.BB (Elia Group) -- expects FY24 net income to range between €335-385M vs FactSet 366.6M -- CMD

        • +6.9% GNFT.FP (GENFIT) -- revises outlook for 2024 and reflects on recent progress

        • +6.4% HEXA.B.SS (Hexagon) -- neutral from sell at Bryan Garnier

        • +5.2% AMS.SW (ams-OSRAM) -- outperform from market perform at Zürcher Kantonalbank

        • +4.2% PDL.LN (Petra Diamonds) -- reports initial sales results for Tender 3 FY24; announces approval of increase in it's First Lien Revolving Credit Facility

        • +3.8% MYCR.SS (Mycronic) -- receives order valued between $7-9M for an SLX mask writer from an existing customer in Asia

        • +3.5% IGG.LN (IG Group Holdings) -- appoints Breon Corcoran as CEO

        • +3.4% ORPHA.DC (Orphazyme) following reverse split, announces result of it's obligation to redeem all shares from all shareholders with under 1,000 shares or 'surplus' shares with holdings that were not divisible by 1,000

        • +2.8% ADYEN.NA (Adyen) -- buy from sell at Citi

        • +2.3% AZE.BB (Azelis Group) -- acquires Oktrade. Terms were not disclosed

        • +2.3% HAG.GR (HENSOLDT) -- places 10.5M shares at €22.94/share

        • +2.0% HM.B.SS (H&M Hennes & Mauritz) -- short-term recommendation upgraded to buy from hold at Handelsbanken

        • +1.9% AGAS.NO (Avance Gas Holding) -- agrees to sell 2 newbuildings for $240M at a $73M estimated profit; will evaluate returning a substantial part of the cash proceeds to its shareholders

        • +1.9% SBRY.LN (J Sainsbury) -- buy from neutral at Goldman Sachs

        • +1.9% AGAS.NO (Avance Gas Holding) -- agrees to sell 2 newbuildings for $240M at a $73M estimated profit; will evaluate returning a substantial part of the cash proceeds to its shareholders

        • +1.9% FIA1S.FH (Finnair) -- November traffic +13.6% y/y

        • +1.8% RECSI.NO (REC Silicon) -- completes sale of 15% equity interest in Yulin JV

        • +1.5% LLOY.LN (Lloyds Banking Group) -- neutral from sell at Redburn Atlantic

          • On earnings/updates: DANSKE.DC (Danske Bank), ENX.FP (Euronext), 2020.NO (2020 Bulkers)

      • Notable Decliners

        • -18.7% AAL.LN (Anglo American) -- provides performance update and guidance; 2023 Production increased by c.3%

        • -15.7% ART.LN (Artisanal Spirits Company) -- FY revenue around £23M (+/- 1%) vs consensus £25M

        • -5.6% ELPE.GA (HELLENiQ ENERGY Holdings) -- holders HRADF and POIH place 33.6M shares at €7/share

        • -3.7% BKG.LN (Berkeley Group Holdings) -- H1 EPS 196.7p vs year-ago 197.9p, provides near-term (FY24, FY25 and FY26) outlook

        • -2.8% TREL.B.SS (Trelleborg) -- hold from buy at Danske Bank

        • -1.8% IMB.LN (Imperial Brands) -- sector perform from outperform at RBC Capital Markets

        • -1.7% DNB.NO (DNB Bank) -- sell from neutral at UBS

    • EU companies reporting Monday:

      • No notable earnings

      • CMD/events: WithSecure Corp (WITH.FH)

  • Data:

    • Economics:

      • Netherlands Oct manufacturing production (0.5%) m/m vs consensus +0.7%, prior revised (1.3%) from (0.9%)

      • Germany Nov CPI +3.2% y/y vs preliminary +3.2%; (0.4%) m/m vs preliminary (0.4%)

      • Sweden Oct industrial production (1.1%) y/y vs consensus +1.5%, prior revised 0.0% from +1.9%

      • Denmark Oct manufacturing production +1.3% m/m vs consensus +0.5%, prior revised (0.4%) from +0.2%

      • Greece

        • Nov CPI +3.0% y/y vs consensus +3.1%, prior +3.4%

        • Oct industrial production +10.5% y/y vs consensus +1.7%, prior revised +1.9% from +2.0%

    • Markets:

      • WTI Crude (Jan 24): +$1.78 or +2.57% to $71.12

      • €-$ (0.0040) or (0.37%) to 1.0754

      • £-$ (0.0058) or (0.46%) to 1.2537

      • €-£ +0.0005 to 0.8576

      • S&P 500 +0.06%

      • Performance year-to-date:

        • FTSE 100: +1.41%

        • DAX: +20.37%

        • CAC: +16.26%

        • MIB: +28.22%

        • Stoxx 600: +11.14%

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.
Please refer to "Terms Of Use".

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