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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.27%) to 7694.73, DAX (0.27%) to 16687.42, CAC (0.16%) to 7571.40

Dec 21 ,2023

  • Synopsis:

    • European equity markets closed lower. Denmark and Portugal +0.6% and Austria +0.1% lead outperformers, whilst Sweden (0.7%), Belgium and The Netherland (0.5%) lead underperformers.

    • Nothing really new from a narrative perspective as things continue to slow into holidays and year-end. No clear spark for softer risk appetite this week, but overbought conditions have become a notable area of concern, with some analysts pointing to profit taking. No help from Wednesday's lower-yield backdrop driven by lower UK inflation and lower German PPI. Some incremental pushback from Fedspeak regarding last week's dovish pivot, though market has largely looked past these speakers. Markets still discounting over 150bps of easing from Fed, ECB and over 100bps for BoE in 2024.

    • Another quiet macro calendar in Europe; French business confidence better than forecast in the early release. Italian PPI weaker-than-expected. UK business confidence fell sharply in December. UK public sector borrowing a bit higher than expected.

    • In earning news, Exel Industries (EXE.FP) reported FY earnings and proposed a dividend of €1.57 per share vs year-ago €1.60 per share. In Denmark, Sydbank (SYDB.DC) raised its FY net income guidance to a range of DKK 3.20-3.35B vs prior guidance DKK 3.00-3.20B and FactSet DKK3.18B. In Norway, Faced with challenging alumina market conditions and Australian power price insecurity, Norsk Hydro (NHY.NO) will report total impairment losses of NOK 5.9B in its Q4 results.

    • In the UK, Carr's Group (CARR.LN), Hummingbird Resources (HUM.LN) and Hargreaves Services (HSP.LN) are amongst other from the region to update investor with their latest numbers.

    • In M&A, BASF (BAS.GR), LetterOne and Harbour Energy (HBR.LN) signed a business combination agreement to transfer Wintershall Dea's E&P business consisting of its producing and development assets as well as exploration rights. In exchange, at closing, the shareholders of Wintershall Dea - BASF (72.7%) and LetterOne (27.3%) - will receive total cash consideration of $2.15B (BASF share: $1.56B) and new shares issued by Harbour equating to a total shareholding in the enlarged Harbour of 54.5% (BASF share: 39.6%). In Italy, According to the Repubblica, Eni (ENI.IM) has finalised an agreement with Swiss investment fund Energy Infrastructure for a 10% minority stake in Plenitude, with the offer valuing ​​the company at ~ €10B, including debt.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 18-Dec to 22-Dec attached) no earnings are scheduled, whilst t the macro-calendar releases will include France Dec consumer confidence, Nov PPI, Spain Q3 final GDP, Italy Dec business/consumer confidence, Netherlands Q3 final GDP, Finland Nov PPI, unemployment rate, Denmark Q3 final GDP, Nov retail sales, Sweden Nov PPI, retail sales, UK Q3 final GDP, Nov retail sales, Belgium Dec CPI, Ireland Nov PPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +0.16%, Ind Goods & Svcs (0.06%), Basic Resources (0.08%), Construct & Mtls (0.10%), Banks (0.12%), Utilities (0.18%), Technology (0.21%),

      • Underperformers:

        • Autos & Parts (0.80%), Real Estate (0.73%), Consumer Products and Services (0.67%), Media (0.60%), Travel & Leisure (0.51%), Personal Care Drug and Grocery Stores (0.49%), Energy(0.48%), Insurance (0.36%), Food, Beverage and Tobacco (0.32%), Chemicals (0.27%), Financial Svcs (0.25%), Telecom (0.22%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Shipping Costs Soar as War and Climate Risks Choke Key Waterways - Bloomberg

        • Hamas says no more hostage releases until Israel ends war- BBC

      • Russia/Ukraine

        • Viktor Orbán vows to stand firm against EU funding for Ukraine - FT

        • EU Should Tap €80 Billion Rescue Fund to Help Ukraine, Rehn Says - Bloomberg

      • EU

        • EU, UK extend trade rules to avoid tariffs on electric vehicles - Reuters

      • UK

        • UK Signs Swiss Financial Services Deal on Market Access - Bloomberg

        • British households facing longest wait for rate cuts in the West - The Telegraph

      • Germany

        • Christmas fails to bring holiday cheer for German retailers - DW

      • Italy

        • Italian Lawmakers Reject Bailout Fund Proposal in Blow to EU - Bloomberg

      • Greece

    • Company news:

      • Trading Higher:

        • +22.5% DATA.LN (GlobalData £1.94, +0.36) -- group reorganisation and enters transformational investment agreement with Inflexion for a 40% stake in its Healthcare division

        • +22.3% HBR.LN (Harbour Energy £3.14, +0.54) -- to acquire E&P business of Wintershall Dea

        • +17.9% CALTX.SS (Calliditas Therapeutics SEK130.20, +19.90) -- DA approval of TARPEYO in adults with primary IgAN at risk for disease progression

        • +8.9% EXE.FP (Exel Industries €51.00, +4.20) -- FY earnings

        • +8.4% CARR.LN (Carr's Group £1.03, +0.08) -- FY earnings

        • +7.7% CAPD.LN (Capital £0.83, +0.06) -- contract

        • +2.9% KOA.NO (Kongsberg Automotive NOK2.02, +0.06) -- contract

        • +2.3% VOD.LN (Vodafone Group £0.69, +0.02) -- Swisscom exploring offer for Vodafone's Italian business early next year - Bloomberg

        • +2.2% ERG.IM (ERG €28.60, +0.62) -- to own 75% majority stake worth $270M in newly formed US holding company with Apex Clean Energy

      • Trading Lower:

        • -15.6% ESKN.LN (Esken Ltd. £0.01, -0.00) -- shares will begin trading in Standard Listing segment effective at 8.00GMR on 22-Dec

        • -15.3% BONAV.B.SS (Bonava SEK11.77, -2.14) -- resolves on a fully underwritten rights issue of approximately SEK 1.0B

        • -10.9% IBU.GR (IBU-tec advanced materials €16.82, -2.06) -- lowers FY outlook

        • -7.1% HUM.LN (Hummingbird Resources £0.10, -0.01) -- operational and exploration update; also update on share placement

        • -3.9% SMS.LN (Smart Metering Systems £9.21, -0.37) -- Long-term shareholder PrimeStone and founders Alan Foy and Steve Timoney intend to vote against KKR offer

    • EU companies reporting tomorrow:

      • No earnings scheduled

  • Data:

    • Economics:

      • Nov Unemployment Rate

        • Netherlands 3.5% vs consensus 3.7% and prior 3.6%

        • Norway 3.7% vs consensus 3.6% and prior 3.6%

      • UK

        • Nov Public Sector Net Borrowing (£13.41B) vs consensus (£11.9B) and prior revised (£15.10B) from (£13.97B) (2:00ET)

        • Dec CBI Distributive Trades (32) vs consensus (12) and prior (11)

      • France Dec Business Survey 100 vs consensus 98 and prior 99

      • Italy Nov PPI (12.6%) y/y vs consensus (11.4%) and prior (9.5%

    • Markets:

      • WTI Crude (Feb 24): ($0.53) or (0.71%) to $73.69

      • €-$ +0.0045 or +0.41% to 1.0989

      • £-$ +0.0021 or +0.17% to 1.2660

      • €-£ +0.0021 to 0.8680

      • S&P 500 +0.78%

      • Performance year-to-date

        • FTSE 100: +3.26%

        • DAX: +19.85%

        • CAC: +16.96%

        • MIB: +27.71%

        • Stoxx 600: +12.25%

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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