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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.13%) to 7544.89, DAX +0.21% to 16794.43, CAC40 +0.33% to 7551.53, STOXX 600 +0.30% to 473.70

Dec 11 ,2023

  • Synopsis:

    • European equity markets ended mostly mixed to higher. France led gainers; UK, Italy and Spain softer. In sectors, media and retail were the biggest outperformers, whilst basic resources and utilities the main laggards.

    • This week's ECB meeting could be eventful, as EZ inflation slowed enough for even hawk Schnabel to take a dovish turn. Still, analysts assume other hawks, led by Bundesbank chief Nagel, will push back against market pricing for rate cuts starting in March or April. Analysts and economists still see rate cuts starting in June. BoE rate expectations continue to fluctuate ahead Thursday's policy decision. Focus on rate outlook revolves around extent of potential policy easing next year.

    • Limited European macro data. Norwegian CPI slightly softer than forecast ahead of Norges Bank rate decision this week. Meanwhile, CFTC data showed increase in sterling longs as funds position for more hawkish BoE policy outlook relative to other central banks. Housing market data showed sellers cutting pricing to secure deals.

    • In corporate news, focus on M&A earlier this morning as Casino (CO.FP) announced sale of stake in Éxito group. Schibsted (SCHA.NO) entered into non-binding agreement to sell news media operations to Tinius Trust for total transaction value of NOK 6.2B. In Germany, Evonik Industries (EVK.GR) CFO discussed asset sales, business transformation and dividends in an interview with Börsen-Zeitung and BAWAG Group (BG.AV) signed the sale and purchase agreement with Dexia concerning last remaining leasing activities of the Dexia Group.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Dec ZEW economic sentiment, UK Nov claimant count, Oct unemployment rate and Netherlands Nov final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Media +1.16%, Retail +1.09%, Real Estate+0.92%, Chemicals +0.80%, Ind Goods & Svcs +0.78%, Construct & Mtls +0.72%, Financial Svcs +0.66%, Technology +0.52%, Health Care +0.42%, Insurance +0.35%

      • Underperformers

        • Basic Resources (1.01%), Utilities (0.68%), Oil & Gas (0.20%), Food & Beverage (0.12%), Telecom (0.02%), Banks +0.01%, Travel & Leisure +0.17%, Persnl & HHold Goods +0.26%, Autos & Parts +0.26%

    • Macro:

      • Central Banks

        • SNB to hold rates through at least September, longer than the ECB -- Reuters

      • EU

        • E.U. Reaches Deal on World's First Comprehensive AI Rules -- Time

        • France, Germany, Italy back EU sanctions to target Hamas -- Reuters

        • EU approves German state aid for closure of RWE power plants -- Reuters

        • Polish constitutional court declares EU fines against Poland violated constitution -- NotesfromPoland

      • UK

        • Reform UK hopes to capitalise on Tory failures as Nigel Farage looms large -- FT

        • Rwanda bill does not go far enough, Tory right tells Rishi Sunak -- FT

      • Germany

        • German Housing Crisis Deepens as Slump in New Orders Hits Record -- Bloomberg

        • Germany to Prolong Border Controls With Czechia, Poland & Switzerland Until February 2024 -- Schengen

      • France

        • Macron defends France's 'tradition of asylum' ahead of immigration bill debate -- rfi

        • France's green MPs threaten to derail flagship immigration bill -- Guardian

        • France is facing national culinary humiliation at the hands of the US -- Telegraph

      • Italy:

    • Company news:

      • Notable Gainers

        • +34.7% MOR.GR (Morphosys €33.35, +8.59) -- study results

        • +15.0% AKAST.NO (Akastor NOK12.58, +1.64) -- initiated buy at Nordea

        • +14.8% SCHA.NO (Schibsted NOK314.90, +40.70) -- enters into a non-binding agreement to sell its news media operations to the Tinius Trust for NOK 6.2B

        • +12.5% UN01.GR (Uniper €4.40, +0.49) -- shareholders approve proposed share capital reduction from current €14.2B to €416.5M at EGM

        • +11.6% COPN.SW (Cosmo Pharmaceuticals CHF49.00, +5.10) -- Medtronic to expand partnership

        • +8.2% RBGP.LN (RBG Holdings £0.17, +0.01) -- issues refinancing and Convex Capital update

        • +6.1% FARN.LN (Faron Pharmaceuticals £3.50, +0.20) -- presents phase 1 data from BEXMAB in myeloid malignancies trial at the 65th ASH annual meeting

        • +5.7% BIOA.B.SS (BioArctic SEK247.40, +13.40) -- initiated buy at Goldman Sachs

        • +4.0% BSLN.SW (Basilea Pharmaceutica CHF36.15, +1.40) -- FDA approves expanded use of antifungal Cresemba (isavuconazole) in the United States

        • +3.7% BGBIO.NO (BerGenBio NOK0.23, +0.01) -- study results

        • +3.4% NIBE.B.SS (NIBE Industrier SEK71.42, +2.32) -- Dagens Industri out with buy recommendation

        • +2.9% BMPS.IM (Banca Monte dei Paschi di Siena €3.37, +0.10) -- former executives Profumo and Viola acquitted on all charges by Milan Court of Appeal -- IlSole24Ore

        • +2.8% IPH.FP (Innate Pharma €2.42, +0.06) -- study results

        • +2.6% RR.LN (Rolls-Royce Holdings £2.97, +0.08) -- target price increased to Street high of 431p at Citi

        • +2.3% CALN.SW (Calida Holding CHF28.50, +0.65) -- Calida CEO says 2024 is unlikely to be a great year for the company; sticks to dividend policy - FuW

        • +2.0% ICP.LN (Intermediate Capital Group £16.47, +0.32) -- Binding offers for Cura Day Hospitals due on 12-Dec; all three suitors still in the race - Australian Financial Review; initiated outperform at Autonomous Research

      • Notable Decliners

        • -80.0% ALPHA.FP (Pharnext €0.00, -0.00) -- topline results of its pivotal Phase III clinical study (PREMIER trial) of PXT30031 did not confirm findings from previous clinical trial

        • -8.8% ECV.GR (Encavis AG €13.39, -1.29) -- Morgan Stanley downgrade

        • -8.0% CORE.A.SS (Corem Property Group SEK8.78, -0.76) -- remaining two LoI previously communicated concerning divestments of properties terminated

        • -7.7% SOLB.BB (Solvay €20.72, -1.73) -- company's spin-off of Syensqo became effective today; Syensqo shares open at €90 on Euronext Brussels

        • -4.8% AGY.LN (Allergy Therapeutics £0.02, -0.00) -- updates on funding

        • -4.8% QTX.LN (Quartix Technologies £1.48, -0.08) -- to make substantial, one time, non-cash impairment in goodwill arising from the Konetik acquisition (£2.5M)

        • -2.6% FLS.DC (FLSmidth & Co. DKK281.40, -7.60) -- index change

        • -2.4% LHA.GR (Deutsche Lufthansa €8.19, -0.20) -- Goodbody Stockbrokers downgrade

        • -1.3% LONN.SW (Lonza Group CHF325.00, -4.20) -- RBC Capital Markets downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Colruyt Group (COLR.BB)

        • DACHs: Carl Zeiss Meditec (AFX.GR)

        • France: Figeac Aero (FGA.FP)

        • Nordics: Harboes Bryggeri (HARB.B.DC), Agat Ejendomme (AGAT.DC)

        • UK: Chemring Group (CHG.LN)

  • Data:

    • Economics:

      • Denmark

        • Oct Trade Balance DKK17.3B vs consensus DKK8.9B and prior revised DKK8.3B from DKK6.2B

        • Nov CPI +0.6% y/y vs consensus +1.1% and prior +0.1%

      • Norway

        • Nov CPI +4.8% y/y vs consensus +4.9% and prior +4.0%

        • Nov PPI (15.6%) y/y vs consensus (8.3%) and prior (10.9%)

    • Markets:

      • WTI Crude (24-Jan): ($0.33) or (0.46%) to $70.90

      • €-$ (0.0013) or (0.12%) to 1.0748

      • £-$ +0.0012 or +0.10% to 1.2547

      • €-£ (0.0018) to 0.8566

      • S&P 500 +0.04%

      • Performance year-to-date:

        • FTSE 100: +1.25%

        • DAX: +20.62%

        • CAC: +16.65%

        • MIB: +28.44%

        • Stoxx 600: +11.49%

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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