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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.04% to 7697.51, DAX +0.11% to 16706.18, CAC40 (0.03%) to 7568.82, STOXX 600 +0.14% to 477.60

Dec 22 ,2023

  • Synopsis:

    • European equity markets closed mixed to higher. Finland +1.0% and Belgium +0.9% lead outperformers, whilst Greece (0.6%) and The Netherland (0.5%) lead underperformers.

    • Quiet session today as markets approach holiday slowdown. Next earnings season may be next key area of focus as market looks for more color regarding lagged effects of Fed/ECB/BoE tightening cycle and more recent easing of financial conditions that came ahead of Fed pivot.

    • Macro calendar in Europe focuses on a downward revision in UK Q3 GDP and better retail sales data, though this week's weaker-than-expected inflation update has largely shadowed most UK developments. French consumer confidence beat. Italian business confidence dips, while consumer confidence improves. No change in central bank rate expectations as markets look towards rates cuts late Q1 to early Q2 next year. UK Chancellor Hunt raises the prospect of tax cuts amid low debt interest costs.

    • In corporate news, SAS (SAS.SS) filed monthly operating reports with the US court and announced certain financial information for the group for November. In Germany, Kloeckner & Co. (KCO.GR) to sell parts of its European commodity distribution business to the Spanish Hierros Añon S.A.; transaction is expected to have a considerably positive impact on the group's Adj. EBITDA from 2024 onwards.

    • Further in M&A, yesterday after the close, TotalEnergies (TTE.FP) announced an agreement with Thailand's national oil and gas company PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm for a consideration of £522M ($689M). Also in France, Le Figaro reported that Orange Bank's (ORA.FP) directors announced they had received a firm takeover offer from the American investment fund Ripplewood. Ripplewood says it is ready to take over Orange Bank's activities and its 700 employees. However, only committed to retaining the entire staff for two years. Overnight, Royal Bank of Canada (RY.CN) confirmed receipt of Canadian government approval to proceed with acquisition of HSBC Canada (HSBA.LN). EDP-Energias de Portugal (EDP.PL) agrees to sell Portuguese tariff deficit for €1.1B.

    • Looking ahead to next week's calendar (see - Europe Week Ahead: 25-Dec to 5-Jan attached). The weeks ahead are set to be quiet, with European markets closed multiple days for the Christmas and New Year holidays. European markets remain closed on Mon (25-Dec) and Tue (26-Dec) for Christmas and Boxing Day as well as the following Mon (1-Jan) for New Year's Day.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +0.62%, Basic Resources +0.61%, Banks +0.59%, Telecom +0.56%, Financial Svcs +0.44%, Energy+0.40%, Utilities +0.35%, Construct & Mtls +0.28%, Insurance +0.23%, Health Care +0.23%, Ind Goods & Svcs +0.22%, Chemicals +0.22%, Personal Care Drug and Grocery Stores +0.15%,

      • Underperformers:

        • Consumer Products and Services (1.04%), Retail (0.96%), Technology (0.75%), Travel & Leisure (0.08%), Autos & Parts +0.00%, Media +0.09%,

    • Macro/Peripheral markets:

      • Geopolitics

      • Russia/Ukraine

        • US threatens sanctions on banks that help fund Russia's war machine - FT

      • EU

      • UK

        • UK at risk of recession after economy shrinks - BBC, The Times

        • Home Office rows back on salary threshold for family visa - BBC, Politico

      • France

        • France's new health minister under investigation for accepting undeclared gifts - Politico

      • Germany

        • How the minimum wage in Germany will develop in 2024 - Handelsblatt

      • Sweden

        • Turkish parliamentary commission to discuss Sweden's NATO bid on Tuesday - Reuters

      • Italy

        • Senators Give Early Approval to Meloni's Budget Balancing Act - Bloomberg, Ansa

      • Greece

        • Tourism contributed 24 bln euros to Greek GDP last year - Ekathimerini

        • Hatzidakis: Greek economy can reach even greater heights - Ekathimerini

    • Company news:

      • Trading Higher:

        • +34.2% GOMX.SS (GomSpace Group SEK4.91, +1.25) -- provides an update on opportunity in Indonesia

        • +21.0% PRTC.LN (PureTech Health £1.82, +0.32) -- notes company founded entity Karuna Therapeutics to be acquired by Bristol Myers Squibb

        • +20.5% XBRANE.SS (Xbrane Biopharma SEK10.56, +1.80) -- registers three new patents in Sweden

        • +8.1% ENQ.LN (EnQuest £0.15, +0.01) -- agrees to sell a 15% working interest in each of the Bressay field and the EnQuest Producer FPSO to Viaro Energy

        • +5.4% KCO.GR (Kloeckner & Co. €6.92, +0.36) -- to sell parts of its European commodity distribution business; expects a considerably positive impact on Group's Adj. EBITDA from 2024 onwards

        • +5.3% DPEU.LN (Dp Eurasia £0.99, +0.05) -- Jubilant Foodworks continues to believe that its Offer of 95p per share is at a fair price and provides shareholders with a one-off liquidity event with an immediate and certain enhanced return

        • +4.8% DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate €1.09, +0.05) -- sells LogPark in Leipzig to HIH Invest

      • Trading Lower:

        • -33.5% PA8.GR (Paion €0.11, -0.09) -- enters into an agreement on the sale of the essential business operations of PAION AG and PAION Deutschland GmbH.

        • -19.6% VIVE.SS (Vivesto SEK0.32, -0.08) -- to record SEK 43.2M impairment charge following withdrawal of European market authorizations for Apealea

        • -13.6% RQIH.LN (R&Q Insurance Holdings £0.10, -0.02) -- updates on discussions with The Bermuda Monetary Authority

        • -12.5% MVIR.SS (Medivir SEK2.72, -0.39) -- announces the outcome of the rights issue

        • -10.7% NOG.LN (Nostrum Oil & Gas £0.09, -0.01) -- applies to delist its shares from the Astana International Exchange

        • -5.6% LECN.SW (Leclanché CHF0.40, -0.02) -- Chair to step down

    • EU companies reporting next week:

      • No earnings scheduled

  • Data:

    • Economics:

      • UK

        • Nov Retail Sales +0.1% y/y vs consensus (1.3%) and prior revised (2.5%) from (2.4%)

        • Q3 GDP +0.3% y/y vs preliminary +0.6%

      • Finland

        • Nov PPI (7.7%) y/y vs consensus (6.9%) and prior (8.1%)

        • Nov Unemployment Rate 6.8% vs consensus 6.9% and prior 6.8%

      • Denmark

        • Q3 final GDP (0.7%) q/q vs 2nd estimate (0.1%)

        • Nov Retail Sales +6.3% y/y vs consensus +4.0% and prior revised +3.8% from +3.7%

      • France

        • Dec Consumer Confidence 89 vs consensus 88 and prior revised 88 from 87

        • Nov PPI +0.3% y/y vs consensus (1.7%) and prior revised (1.4%) from (1.2%)

        • Spain Q3 GDP +1.8% y/y vs preliminary +1.8%; +0.3% q/q vs preliminary +0.3%

      • Italy Dec

        • Business Confidence 95.4 vs consensus 96.0 and prior 96.6

        • Consumer Confidence 106.7 vs consensus 103.8 and prior 103.6

      • Sweden Nov PPI (4.2%) y/y vs consensus (5.0%) and prior (3.7%)

      • Netherlands Q3 GDP (0.8%) y/y v preliminary (0.6%)

    • Markets:

      • WTI Crude (Feb 24): +$0.10 or +0.14% to $73.99

      • €-$ +0.0010 or +0.09% to 1.1022

      • £-$ +0.0037 or +0.29% to 1.2726

      • €-£ (0.0017) to 0.8662

      • S&P 500 +0.33%

      • Performance year-to-date

        • FTSE 100: +3.30%

        • DAX: +19.98%

        • CAC: +16.92

        • MIB: +28.04%

        • Stoxx 600: +12.41%

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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