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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.13%) to 7683.96, DAX (0.17%) to 16688.36, CAC40 (0.32%) to 7426.62, STOXX 600 (0.19%) to 477.26

Jan 09 ,2024

  • Synopsis:

    • European indices ended mostly lower with Switzerland notable exception. In sectors, Basic resources, banks, and financials were the main decliners, while health care and construction&material fared better.

    • In political developments, French PM Borne quit and Education Mininister Gabriel Attal picked by Macron as new PM.

    • In macro-updates, German Nov industrial production posted a surprise decline of (0.7%) m/m vs a gain of +0.2% expected; equates to a drop of (4.8%) y/y vs (4.0%) expected. This was the sixth consecutive monthly decline. Switzerland Dec Unemployment Rate was in line at 2.2%. France Nov Trade Balance came in at (€5.94B) vs consensus (€7.9B) and prior revised (€8.46B) from (€8.60B). Italy and Eurozone unemployment beat forecast. UK Christmas retail sales disappoint as shoppers pull back.

    • On the corporate front, out of DACHs, Tecan Group (TECN.SW) posted preliminary FY sales and Infineon Technologies (IFX.GR) provided a litigation update. In the UK, GSK (GSK.LN) acquired Aiolos Bio for $1B upfront and up to $400M milestone payments; B&M European Value Retail (BME.LN) reported Q3 revenue and declared a special divi of 20.0p/share; also, press reports Barclays (BARC.LN) is in the process of cutting of 5,000 jobs. In Italy, Brunello Cucinelli (BC.IM) issued prelim FY sales and MTP/Camfin increasd its stake in Pirelli (PIRC.IM). In the Nordics, PGS ASA (PGS.NO), Electromagnetic Geoservices (EMGS.NO) and TGS-NOPEC Geophysical Co. (TGS.NO) released Q4 numbers.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, France Nov industrial production, Italy Nov retail sales and Netherlands Nov manufacturing production.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Health Care +0.66%, Construct & Mtls +0.21%, Food & Beverage +0.03%, Utilities (0.01%), Persnl & HHold Goods (0.13%), Technology (0.15%)

      • Underperformers

        • Basic Resources (1.34%), Banks (0.81%), Financial Svcs (0.80%), Retail (0.71%), Travel & Leisure (0.61%), Chemicals (0.60%), Real Estate(0.58%), Insurance (0.43%), Telecom (0.30%), Oil & Gas (0.27%), Autos & Parts (0.22%), Media (0.21%), Ind Goods & Svcs (0.19%)

    • Macro:

      • EU:

        • Commission approves support measures for Germany and France to accelerate the green transition and reduce fossil fuel dependencies -- eulawlive

      • UK:

      • Germany:

        • Icon of German Left vows to save democracy, launches new party -- Reuters

      • France:

        • Gabriel Attal has been named as France's youngest-ever prime minister, as President Emmanuel Macron seeks a fresh start -- ABC

      • Italy:

        • Italy kicks off 2024 with huge demand for bond sale -- Reuters

        • Unexpected Drop in Italy's Unemployment Rate Signals Economic Revival -- bnnbreaking

    • Company news:

      • Notable Gainers

        • +12.0% MXCT.LN (MaxCyte £3.98, +0.43) -- prelim Q4 revenue

        • +8.8% MATAS.DC (Matas DKK126.20, +10.20) -- Q3 trading update and FY revenue guidance upgrade

        • +8.2% ALVU.FP (Vente-Unique.com €13.15, +1.00) -- FY earnings

        • +4.5% KID.NO (Kid ASA NOK125.00, +5.40) -- prelim Q4 revenue

        • +4.4% BIOA.B.SS (BioArctic SEK277.00, +11.80) -- Leqembi approved in China for the treatment of Alzheimer's disease

        • +4.0% PIRC.IM (Pirelli & C. €5.18, +0.20) -- MTP/Camfin increase stake in Pirelli to 20.6% from 14%

        • +4.0% SHOE.LN (Shoe Zone £2.35, +0.09) -- FY earnings

        • +3.8% JYSK.DC (Jyske Bank DKK515.20, +19.00) -- initiated overweight at Barclays

        • +3.4% NEX.FP (Nexans €77.60, +2.55) -- initiated buy at Berenberg

        • +3.4% FARN.LN (Faron Pharmaceuticals £3.05, +0.10) -- doses first patient for Phase 2 of the BEXMAB trial for Bexmarilimab in HMA-failed MDS

        • +1.9% TRI.FP (Trigano €145.30, +2.70) -- Q1 sales

        • +1.5% SRG.IM (Snam €4.83, +0.07) -- Societe Generale upgrade

      • Notable Decliners

        • -15.8% TGS.NO (TGS-NOPEC Geophysical Co. NOK109.40, -20.50) -- prelim. Q4 revenue

        • -15.4% PGS.NO (PGS ASA NOK7.16, -1.30) -- prelim. Q4 revenue

        • -14.2% JUP.LN (Jupiter Fund Management £0.76, -0.13) -- lowers FY total net flows guidance

        • -11.3% BPOST.BB (bpost €4.17, -0.53) -- Jeffereis downgrade

        • -8.1% BIOS.BB (BioSenic €0.06, -0.01) -- new subscription agreement for a maximum of €1.2M in convertible bonds

        • -8.0% GLE.LN (MJ Gleeson £4.95, -0.43) -- H1 trading update

        • -7.7% HAS.LN (Hays Plc £0.99, -0.08) -- Q2 trading statement

        • -6.6% CGG.FP (CGG €0.54, -0.04) -- CCUS cooperation agreement

        • -5.6% CRST.LN (Crest Nicholson Holdings £2.15, -0.13) -- Liberum Capital downgrade

        • -5.5% LOTB.BB (Lotus Bakeries €7,860.00, -460.00) -- BNP Paribas Exane downgrade

        • -5.3% UBXN.SW (u-blox Holding CHF89.20, -5.00) -- Baader Helvea downgrade

        • -4.7% MBTN.SW (Meyer Burger Technology CHF0.17, -0.01) -- Baader Helvea downgrade

        • -3.9% LSS.FP (Lectra €29.50, -1.20) -- initiated reduce at Kepler Cheuvreux; acquisition of 50.3% stake in Launchmetrics for ~$85M

        • -3.7% NOD.NO (Nordic Semiconductor NOK111.10, -4.30) -- Arctic Securities downgrade

        • -3.3% RDW.LN (Redrow £5.96, -0.21) -- Liberum Capital downgrade

        • -3.1% CABK.SM (CaixaBank €3.93, -0.13) -- Kepler Cheuvreux downgrade

        • -2.9% CYR.GR (cyan AG €1.02, -0.03) -- new CEO takes office

        • -2.9% WAC.GR (Wacker Neuson €17.32, -0.52) -- Jefferies downgrade

        • -2.6% VLS.LN (Velocys £0.00, -0.00) -- shareholders approve Scheme in connection with Madison Bidco acquisition

        • -2.5% BAS.GR (BASF SE €45.60, -1.16) -- Bernstein downgrade

        • -2.4% SOLB.BB (Solvay €27.33, -0.67) -- Berenberg downgrade

        • -1.8% BBVA.SM (Banco Bilbao Vizcaya Argentaria €8.45, -0.15) -- CaixaBank downgrade; Kepler Cheuvreux downgrade

        • -1.7% IFX.GR (Infineon Technologies €35.22, -0.61) -- Qimonda litigation update

    • EU companies reporting tomorrow:

      • Earnings: CropEnergies (CE2.GR), Dustin Group (DUST.SS), Bang & Olufsen (BO.DC)

  • Data:

    • Economics:

      • Ireland Nov Retail Sales +0.8% y/y vs consensus +0.4% and prior (0.2%)

      • Eurozone Nov Unemployment Rate 6.4% vs consensus 6.5% and prior 6.5%

      • Italy Nov Unemployment Rate 7.5% vs prior 7.8%

      • France Nov Trade Balance (€5.94B) vs consensus (€7.9B) and prior revised to (€8.46B) from (€8.6B)

      • Germany Nov Industrial Production (0.7%) m/m vs consensus +0.2% and prior revised (0.3%) from (0.4%)

      • Switzerland Dec Unemployment rate (sa) 2.2% vs consensus 2.2% and prior 2.1%

    • Markets:

      • WTI Crude (Feb 24): +$1.75 or +2.47% to $72.52

      • €-$ (0.0021) or (0.19%) to 1.0929

      • £-$ (0.0031) or (0.24%) to 1.2715

      • €-£ +0.0005 to 0.8596

      • S&P 500 (0.29%)

      • Performance year-to-date:

        • FTSE 100: (0.64%)

        • DAX: (0.38%)

        • CAC: (1.55%)

        • MIB: +0.19%

        • Stoxx 600: (0.36%)

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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