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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.51%) to 7682.33, DAX (1.38%) to 16538.39, CAC40 (1.58%) to 7411.86, STOXX 600 (0.86%) to 474.40

Jan 03 ,2024

  • Synopsis:

    • European indices ended lower. France and Germany underperform. Italy firmer. Construction/Materials, Financial Services and Retail are the main decliners, while Health Care, Food/Beverage and Telecom the best performing sectors.

    • More defensive tone to start 2024 continues to be largely chalked up to overbought conditions and stretched positioning as well as sentiment indicators. Also some thoughts market may have got a bit too aggressive with its central bank rate cut expectations after fully pricing in first easing by March late last year. Analysts highlighted risks to upside after bullish run. Attention also on implications of increasing geopolitical tensions in Middle East.

    • Another quiet macro calendar. Big drop in Spanish unemployment (27.4K) vs consensus (15.7K) and prior (24.6K). German unemployment remains stable at 5.9% showing signs of resilience despite the weak economic backdrop. Latest data showed German unemployment up 5K in December, below 20K forecast and prior 21K increase. Elsewhere, Switzerland December SVME PMI in line with expectations at 43.0 and up from prior 42.1.

    • In politics, after reaching a 2024 budget agreement late last year, Germany's SPD are calling on a suspension of the debt brake due to flooding. Two SPD politicians, Bundestag member Schwarz and budget spokesman Rohde said floods in Lower Saxony, North Rhine-Westphalia, Saxony, Saxony-Anhalt, and Thuringia support case. Said it is possible after the recent Constitutional Court budget ruling. Article noted debt brake stipulate federal and state budgets must be balanced without income from loans. However, it can be suspended in the event of natural disasters or other exceptional emergencies.

    • On the corporate front, focus on M&A news with ATOS SE (ATO.FP) confirming it is holding discussions with Airbus (AIR.FP) for the sale of its BDS unit for €1.5B-1.8B (EV basis), with the ATOS also updating the Tech Foundations sale and bank financing; other deals include, OMV (OMV.AV) acquired 50% of Romania's largest wind power portfolio of projects and and Renovatio Asset Management's e-mobility business for €350M whilst SoftwareONE Holding (SWON.SW) acquired Novis Euforia; in the Nordics, Swedencare (SECARE.SS) Pet MD Brands bought American brand Riley's Organics for $7.5M (~SEK 78.4M). Airline numbers also out this morning, with Wizz Air (WIZZ.LN) and Ryanair (RYA.ID) posting December stats

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Spain Nov retail sales and Sweden Nov trade balance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Health Care +0.86%, Food & Beverage +0.19%, Telecom +0.19%, Oil & Gas +0.15%, Insurance (0.39%), Media (0.43%), Utilities (0.54%)

      • Underperformers

        • Construct & Mtls (2.81%), Financial Svcs (2.43%), Retail (2.31%), Basic Resources (2.30%), Autos & Parts (2.21%), Chemicals (1.99%), Ind Goods & Svcs (1.94%), Technology (1.92%), Real Estate(1.60%), Persnl & HHold Goods (1.52%), Travel & Leisure (1.14%), Banks (0.95%)

    • Macro:

      • Central banks:

        • ECB to stress test banks' ability to recover from cyberattack -- ECB

      • EU:

        • The Eurocrats' secret weapon - Unherd

      • UK

        • UK Nuclear Output Slumps to 42-Year Low in Threat to Net Zero -- Bloomberg

        • The UK's communist housing market is ripe for revolution -- TheBusinessTimes

      • Germany:

        • German conservatives hope for boost in mini repeat election -- Euractiv

      • France:

        • France net power exports set to hit record high - TSO -- Montel

      • Italy:

        • From Genoa to Trieste, the ports' ignites Europe - Webuildvalue

    • Company news:

      • Notable Gainers

        • +8.7% SEQUA.BB (Sequana Medical €4.41, +0.36) -- US CPT III reimbursement codes for the alfapump system

        • +4.4% NOVN.SW (Novartis CHF87.93, +3.76) -- strategic collaboration with Voyager on gene therapies

        • +2.7% GSK.LN (GSK Plc £15.09, +0.41) -- binding MoU with Scynexis to amend BREXAFEMME licensing agreement; Jefferies upgrade

        • +1.5% SBRY.LN (J Sainsbury £3.04, +0.04) -- Kantar UK grocery share figures

      • Notable Decliners

        • -7.5% ASHM.LN (Ashmore Group £2.21, -0.17) -- Numis downgrade

        • -5.8% ATO.FP (ATOS SE €7.19, -0.40) -- potential sale of BDS unit for €1.5B-1.8B (EV basis) to Airbus; 4 board members resign

        • -5.3% MYCR.SS (Mycronic SEK275.40, -15.20) -- Handelsbanken downgrade

        • -5.2% RYA.ID (Ryanair Holdings €18.46, -1.00) -- December traffic

        • -4.2% NOLA.B.SS (Nolato SEK51.05, -2.16) -- Carnegie Securities downgrade

    • EU companies reporting tomorrow:

      • Earnings: No earnings scheduled

  • Data:

    • Economics:

      • Germany December Unemployment Rate 5.9% vs consensus 5.9% and prior 5.9%

      • Spain December Unemployment Change (27.4K) vs consensus (15.7K) and prior (24.6K)

      • Switzerland December SVME PMI 43.0 vs consensus 43.0 and prior 42.1

    • Markets:

      • WTI Crude (Feb 24): +$2.12 or +3.01% to $72.50

      • €-$ (0.0024) or (0.22%) to 1.0913

      • £-$ +0.0027 or +0.21% to 1.2646

      • €-£ (0.0041) to 0.8631

      • S&P 500 (0.64%)

    • Performance year-to-date:

      • FTSE 100: (0.66%)

      • DAX: (1.27%)

      • CAC: (1.74%)

      • MIB: (0.83%)

      • Stoxx 600: (0.96%)

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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