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StreetAccount Summary - EU Market Recap: FTSE 100 +0.31% to 7638.03, DAX +0.56% to 16744.41, CAC40 +0.08% to 7574.67, STOXX 600 +0.36% to 477.04

Dec 19 ,2023

  • Synopsis:

    • European equity markets mostly closed higher, with pan-European indices range-bound through much of the session, generally in slightly positive territory, before advancing to the day's highs in later trading

    • With shares ending below the best levels of the session, Norway (0.8%), Portugal (0.3%) and Switzerland (0.1%) led underperformers, with Ireland +1.3%, Greece +0.9% and Finland +0.8% leading outperformers

    • Headlines relating to Israel-Gaza war ahead of UN Security Council vote (expected later today) on a halt in the fighting, include Royal Navy destroyer joins US-led maritime task force to patrol Red Sea as oil tanker hit (with another shopping co. Wallenius Wilhelmsen (WAWI.NO) suspending all Red Sea transits until further notice) and Hamas says it is not interested in further talks over prisoners.

    • In Ukraine, Volodymyr Zelenskyy held a news conf. in which he stated military officials believe up to 450,000 more people need to be mobilised, and as this is a "very significant amount" and there would need to be more arguments to support this.

    • G7 finance ministers and central bank governors virtual meeting, participants include President of the Eurogroup Paschal Donohoe, who also participated in an event on the topic of "Our Single Currency: Strengthened after many crises?" organised by the Representation of the European Commission in Austria and in a roundtable organised by the think-tank GLOBSEC

    • ECB banking supervision released update on the status of capital requirements (SREP) for banks, ECB's Enria made introductory statement, Elderson also participated.

    • Central bank governors of Bank of France (Villeroy) says ECB should start lowering rates sometime in 2024 - Reuters, Lithuania (Simkus) says market's rate-cut bets are too optimistic - Bloomberg, Slovakia (Kazimir), Estonia (Müller) and Finland (Deputy Governor Nykänen) all held news confs on economic outlooks for their respective countries. Irish Central Bank published its latest quarterly bulletin. BOE's Breeden spoke at IIF talking policy series.

    • Amongst the handful of economic data releases were Switzerland Nov trade balance and watch exports for the same month. Also, Nov final CPIs for Austria and Eurozone, whilst in UK, the CBI released Dec industrial trends orders. The business lobby group said that UK manufacturers reported that output volumes were stable during the final three months of the year - the first time output hasn't fallen since the quarter to Jul-23, and expect output to rise marginally in the first three months of 2024. Both total and export order books were reported as below normal in Dec, though they improved relative to the near-three year lows reached last month

    • Norway's PM Støre held his half-yearly summary press conf and in UK, HM Treasury was the subject of MPs questions, whilst PM Sunak was before parliamentary committee (Telegraph scrolling headlines). Chancellor Scholz hosts Slovak PM Fico, joint press conf. to follow meeting. EU energy ministers agreed to the three emergency measures necessary to address a still-fragile situation in the EU following Russia's invasion of Ukraine, namely to enhance solidarity between member states, accelerate the deployment of renewable energy and protect EU citizens from excessively high energy prices.

    • Earnings/updates include out of the Nordics, Per Aarsleff Holding (PAAL.B.DC), SkiStar (SKIS.B.SS) Q1 EPS (SEK4.89) vs FactSet (SEK4.69) [3 est, (SEK4.88)-(4.59)] and DNO (DNO.NO). From France, Virbac (VIRP.FP) 2023 revenue growth at constant FX and scope is now expected ~ +4% vs prior between +2-4%. In the UK, De La Rue (DLAR.LN) H1 adj. EPS (2.6p) vs year-ago 2.0p, reiterates FY guidance and Superdry (SDRY.LN) stated that FY profitability expected to be impacted by well-documented challenging trading environment, with both shares notably lower, whilst Centamin (CEY.LN), Netcall (NET.LN) Pantheon Resources (PANR.LN) and Tristel (TSTL.LN) also provided updates

    • M&A news flow includes Jubilant Foodworks raises offer for Dp Eurasia (DPEU.LN) to 95p/share vs prior 85p, the UK listed company said the revised offer remains significantly below what the Board considers to be the fair value of the business and its prospects, issued current trading update and EBITDA forecast, and Anheuser-Busch InBev (ABBI.BB), Anadolu Efes (AEFES.E.TI) agree on Efes's purchase of AB InBev's stake in Russian JV, terms undisclosed. Cevian Capital confirms a ~€1.2B investment (~1.3% ownership) in UBS Group (UBSG.SW). Etablissements Maurel & Prom's (MAU.FP) acquisition of Wentworth Resources (WEN.LN) expected to become effective on 21-Dec. Reportedly, Adnoc reportedly plans increased offer for Covestro (1COV.GR) of ~€60/share. The shares rose +1.2% to ~€53.6

    • Elsewhere, Richemont (CFR.SW) will re-evaluate options for YNAP. Pharnext (ALPHA.FP) to prepare registration, marketing authorization dossiers for PXT3003 for CMT1A, and Innate Pharma (IPH.FP) announces licensing of a fourth natural killer cell engager in oncology to Sanofi (SAN.FP). Wallenius Wilhelmsen (WAWI.NO) became the latest operator rerouting all vessels planned for Red Sea transit via the Cape of Good Hope. Capricorn Energy (CNE.LN) shares moved higher after Waldorf Production UK agrees the full and final settlement of the earn-out consideration related to the acquisition of the Catcher and Kraken fields. In an interview in Süddeutsche Zeitung Lufthansa (LHA.GR) CEO stated airline is scaling back planned growth in flight plan in 2024 due to delivery delays and unplanned engine overhauls. During the day, the German airline announced firm orders totalling ~$9B at list price with both Airbus (AIR.FP) and Boeing (BA) for short- and medium-haul aircraft with further purchasing options for both.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.71%, Basic Resources +1.16%, Financial Svcs +1.11%, Retail +1.01%, Construct & Mtls +0.81%, Ind Goods & Svcs +0.76%, Chemicals +0.65%, Real Estate +0.47%, Utilities +0.45%, Technology +0.43%

      • Underperformers:

        • Autos & Parts (0.33%), Food & Beverage (0.26%), Telecom (0.17%), Oil & Gas (0.02%), Banks +0.08%, Media +0.21%, Health Care +0.25%, Persnl & HHold Goods +0.31%, Insurance +0.32%

    • Macro/Peripheral markets:

      • Central Banks:

        • ECB keeps capital requirements steady in 2024, refocuses supervisory priorities - release

        • Bank of France's economic projections - release

        • Estonia Central Bank's economic projections - release

        • Finland's economy is in recession and the recovery will be slow - Central Bank projections

        • Lithuania Central Bank's economic projections - release

        • Slovakia Central Bank's economic projections - release

        • Irish Central Bank sees Irish economy transitioning onto a slower growth path following a strong post-pandemic recovery - release

      • EU:

        • Announces 12th package of sanctions on Russia's war of aggression against Ukraine - release

        • Finance ministers are closing in on a new deal on fiscal rules says French minister for European affairs Boone - Bloomberg

        • Press remarks by Commissioner Simson at the end of the Energy Council

      • Finland:

        • Ministry of Finance says country is in recession and it is becoming deeper than expected - HS

      • Germany:

        • German export industry sentiment deteriorates in latest Ifo survey - release

        • Equinor (EQNR.NO) and Germany's SEFE enter long-term gas sales agreements and pursue large scale hydrogen supplies - release

      • Iceland:

        • Reykjanes volcano erupts in southwest Iceland - RUV; Sky News

      • Sweden:

        • Intends on deepened cooperation with France in the nuclear energy field - release

      • UK:

        • Levelling Up Secretary Michael Gove sets out £64B funding package for councils to deliver vital services - release

        • CMA and Bank of England agree new understanding to improve collaboration to deliver better outcomes for the UK economy, businesses and consumers - release

        • UK is to implement a new import carbon pricing mechanism by 2027 to support the decarbonisation drive - release

        • Scottish Finance Secretary Robison delivers her first budget - preview; new 45% income tax band introduced - The Scotsman; BBC

        • DUP declared they will not re-enter Northern Ireland's executive before the new year - Politico; Protocol needs to be resolved before Stormont return, says Loyalist Communities Council chair - Belfast Telegraph

    • Company news:

      • Notable Gainers

        • +14.8% KCT.LN (Kin + Carta) -- Ken Bidco (BC Partners) makes recommended 130p/share in cash offer

        • +12.5% PVL.FP (Plastiques du Val de Loire) -- Q4 net income (€11.4M) vs year-ago (€20.2M); aims for FY24 EBITDA margin to be slightly higher than FY23's (8.3%)

        • +12.0% VIRP.FP (Virbac) -- Expects 2023 revenue growth at constant FX and scope ~ +4% vs prior between +2-4%

        • +11.2% CTM.SS (Catena Media) -- seeks to postpone bond maturity date

        • +9.6% TUNE.LN (Focusrite) -- to acquire Sheriff Technology (trading as Outboard) for initial cash consideration £2.4M

        • +8.6% DPEU.LN (Dp Eurasia)

          • Jubilant Foodworks raises offer to 95p/share vs prior 85p/share

          • board is not recommending the revised offer and continues to urge minority shareholders to take no action

          • Provides current trading and EBITDA forecast

        • +6.6% NET.LN (Netcall) -- positive trading momentum continues in H1 in line with management expectations

        • +6.2% DEQ.GR (Deutsche EuroShop) -- increases special dividend to €1.95/share and announces €15M share repurchase program

        • +4.9% IPH.FP (Innate Pharma) -- receives €15M option exercise payment from Sanofi (SAN.FP) for the licensing of a fourth natural killer cell engager of its ANKET platform

        • +3.5% TOM2.NA (TomTom) -- partners with Microsoft to bring Generative AI into the vehicle

        • +3.4% UBSG.SW (UBS Group) -- Cevian Capital confirms a ~€1.2B investment (~1.3% ownership) in UBS Group

        • +3.1% FLTR.LN (Flutter Entertainment) -- buy from hold at Peel Hunt

        • +2.6% CNE.LN (Capricorn Energy) -- Waldorf Production UK agrees the full and final settlement of the earn-out consideration related to the acquisition of the Catcher and Kraken fields

        • +2.1% ENENTO.FH (Enento Group) -- €1M share buyback program

        • +1.7% TSTL.LN (Tristel) -- expects record H1 revenue to 31-Dec-23 of £20.7M, +18% y/y; CEO to retire within the next twelve months

        • +1.7% KCC.NO (Klaveness Combination Carriers) -- initiated buy at Pareto

        • +1.5% PANR.LN (Pantheon Resources) -- EPS from continuing operations (0.18c) vs year-ago (1.93c)

          • On earnings/updates: CEY.LN (Centamin), SKIS.B.SS (SkiStar), DNO.NO (DNO)

      • Notable Decliners

        • -14.7% SDRY.LN (Superdry) -- FY profitability expected to be impacted by well-documented challenging trading environment; hold from buy at Peel Hunt

        • -10.2% CO.FP (Casino Guichard-Perrachon) -- exlusive negotiations for the sale of its hypermarkets and supermarkets

        • -5.6% VAIAS.FH (Vaisala) -- reduce from buy at Inderes

        • -5.2% NOG.LN (Nostrum Oil & Gas) -- announces that it has commenced well No.301 re-entry drilling

        • -4.3% DLAR.LN (De La Rue) -- H1 adjusted EPS (2.6p) vs year-ago 2.0p; reiterates FY guidance

        • -2.8% WSU.GR (Washtec) -- names Ulrich Bellgardt new Chairman effective 1-Jan-24

        • -2.1% IMM.LN (ImmuPharma) -- announces key updates on its late stage P140 (Lupuzor) program, in patients with systemic lupus erythematosus

        • -2.1% EQNR.NO (Equinor) -- sector perform from outperform at RBC Capital Markets

        • -2.0% PGS.NO (PGS) -- successfully reflags entire fleet of owned vessels to Norway

        • -1.8% PAAL.B.DC (Per Aarsleff Holding) -- Q4 net income DKK257M vs FactSet DKK270M [3 est, DKK260-289M], guides FY24 EBIT DKK0.9-1.0B vs FactSet DKK1.1B

        • -1.3% KTCG.AV (Kapsch TrafficCom) -- wins key US tunnel management project; contract value of $9M

        • -1.2% IAR.B.SS (IAR Systems Group) -- completes integration of subsidiary in Cambridge; makes preliminary write-downs SEK262M of goodwill

        • -0.7% CFR.SW (Richemont) -- along with FARFETCH and Symphony Global terminate agreements; Richemont will re-evaluate options for YNAP

    • EU companies reporting tomorrow:

      • Earnings:

        • DACH: Aurubis (NDA.GR), HORNBACH Holding & Co. (HBH.GR)

        • Nordics: Roblon (RBLN.B.DC)

      • Trading Update: Petrofac (PFC.LN)

  • Data:

    • Economics:

      • Switzerland Nov trade balance CHF3.71B vs consensus CHF3.5B, prior revised CHF4.71B from CHF4.60B

        • Nov Swiss Watch Exports +3.1% to CHF 2.50B

      • Austria Nov CPI +5.3% y/y vs preliminary +5.4%; EU harmonised +4.9% y/y vs preliminary +4.9%

      • Eurozone Nov CPI +2.4% y/y vs preliminary +2.4%; (0.6%) m/m vs preliminary (0.5%)

      • UK Dec CBI industrial trends orders (23) vs consensus (22), prior (35)

    • Markets:

      • WTI Crude (Jan 24): +$1.12 or +1.55% to $73.59

      • €-$ +0.0057 or +0.52% to 1.0982

      • £-$ +0.0112 or +0.89% to 1.2761

      • €-£ (0.0033) to 0.8605

      • S&P 500 +0.47%

      • Performance year-to-date:

        • FTSE 100: +2.50%

        • DAX: +20.26%

        • CAC: +17.01%

        • MIB: +28.04%

        • Stoxx 600: +12.27%

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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