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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.42%) to 7651.76, DAX +0.01% to 16689.81, CAC40 (0.01%) to 7426.08, STOXX 600 (0.18%) to 476.42

Jan 10 ,2024

  • Synopsis:

    • European equities closed lower and off best levels. Basic resources, travel/leisure and energy lagged. Media, real estate and consumer products outperformed.

    • With little data out of Europe today, focus on ECB speakers. De Guindos said rapid disinflation to slow in 2024, with data-dependency maintained. Schnabel also due in the afternoon. Late on Tuesday, ECB's Villeroy said the bank will initiate rate cuts when the inflation outlook is anchored at 2%. Recent spike higher in shipping costs also a concern, specifically the Shanghai to Rotterdam container freight index.

    • On the macro calendar, France Nov Industrial Production beat expectations at +0.5% m/m vs consensus 0.0% and prior (0.3%), Italy Nov Retail Sales in line with consensus +0.2% m/m, translating to +1.5% y/y vs consensus +0.7% and prior +0.3%. Elsewhere, Netherlands Manufacturing Production and Austria Industrial Production miss, Sweden Nov Industrial Production better than expected whilst retail sales declined in line with forecast. German November engineering orders declined 13% y/y in Nov, the fourth decline in a row. Domestic orders, within Eurozone, were down 15% y/y while Foreign orders, outside Eurozone, were down 13% y/y.

    • In earning news, DACH names kicked off the session with Sika Group (SIKA.SW), Redcare Pharmacy (RDC.GR) and Cropenergies (CE2.GR) reporting their latest numbers with the latter adjusting its FY23/24 guidance downward, indicating that it expects revenues to range between €1.23 and €1.25B vs prior guidance between €1.24 and €1.30B. In Benelux, InPost (INPST.NA) issued a Q4 operational update. In the Nordics, Dustin Group (DUST.SS), Skanska (SKA.B.DC) and Bang & Olufsen (BO.DC) updated investors with their latest numbers. In France, CGG (CGG.FP) reported preliminary FY earnings and issued FY24 guidance, indicating that it expects financial performance to improve in 2024. In the UK, Persimmon (PSN.LN), J Sainsbury (SBRY.LN), Greggs (GRG.LN), Distribution Finance Capital Holdings (DFCH.LN) and Costain Group (COST.LN) are among other companies from the region to update investors with their latest numbers.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +0.75%, Real Estate +0.48%, Consumer Products and Services +0.40%, Retail +0.33%, Health Care +0.28%, Ind Goods & Svcs +0.17%, Financial Svcs +0.11%

    • Underperformers:

      • Basic Resources (1.06%), Travel & Leisure (1.01%), Energy(0.89%), Construct & Mtls (0.84%), Personal Care Drug and Grocery Stores (0.66%), Banks (0.59%), Insurance (0.52%), Utilities (0.52%), Chemicals (0.46%), Telecom (0.40%), Food, Beverage and Tobacco (0.36%), Autos & Parts (0.28%)

Macro:

  • Global economy on track for worst half-decade of growth in 30 years, says World Bank - FT

  • ECB:

    • Banque de France chief Villeroy said ECB to cut rates once inflation outlook settles at target - Reuters

  • Germany:

    • German engineering orders post double digit decline in November - VDMA

    • German railways grind to near halt in three-day train drivers strike - Reuters

  • France:

    • France's Macron and new PM Attal craft new government - Reuters

    • Macron goes all in with high-stakes reshuffle to combat far right - Politico

  • UK:

    • Rishi Sunak facing major Tory revolt over Rwanda bill - BBC

    • UK HS2 high-speed railway's estimated cost soars to £67B - FT

    • Better services trump tax cuts for UK voters in election year - Bloomberg

    • Blackrock warns of UK bond selloff risk as election year begins - Bloomberg

    • Rishi Sunak announces legislation to overturn Post Office scandal convictions - FT

Company news:

  • Notable Gainers

    • +73.3% VANTI.FP (Vantiva €0.20, +0.08) -- finalizes acquisition of CommScope's Home Networks Business

    • +21.2% DUST.SS (Dustin Group SEK11.20, +1.96) -- Q1 earnings

    • +12.0% GRF.SM (Grifols €11.82, +1.27) -- will initiate legal actions against Gotham City Research

    • +11.1% DFCH.LN (Distribution Finance Capital Holdings £0.25, +0.03) -- trading update

    • +8.9% COST.LN (Costain Group £0.68, +0.06) -- trading update

    • +8.6% HSW.LN (Hostelworld Group £1.45, +0.12) -- trading update

    • +8.0% GALP.PL (Galp Energia SGPS €14.98, +1.12) -- update on Namibia exploration

    • +6.3% PSN.LN (Persimmon £14.79, +0.87) -- trading update

    • +5.9% AMS.LN (Advanced Medical Solutions Group £2.15, +0.12) -- trading update

    • +5.2% GRG.LN (Greggs £26.02, +1.28) -- trading update

    • +5.0% BIOPOR.DC (BioPorto DKK2.30, +0.11) -- CEO steps down

    • +4.5% GOGL.NO (Golden Ocean Group NOK103.50, +4.42) -- Pareto upgrade

    • +4.4% ZAP.NO (Zaptec NOK20.46, +0.86) -- Pareto upgrade

    • +4.1% IWG.LN (IWG Plc £1.84, +0.07) -- RBC Capital Markets upgrade

    • +3.4% INPST.NA (InPost €12.73, +0.41) -- Q4 parcel update

    • +3.0% VACN.SW (VAT Group CHF400.60, +11.70) -- Jefferies upgrade

    • +2.9% HUM.LN (Hummingbird Resources £0.11, -0.00) -- results of open offer

    • +2.9% HUM.LN (Hummingbird Resources £0.11, -0.00) -- shareholders approve resolutions at General Meeting

    • +2.6% WISE.LN (Wise Plc £8.85, +0.22) -- BNP Paribas Exane upgrade; initiated buy at Berenberg

    • +2.4% HTG.LN (Hunting £2.81, +0.06) -- trading update; new Chair

    • +1.9% SPA.LN (1Spatial £0.53, +0.01) -- contract

    • +1.9% PROC.LN (Procook Group £0.27, +0.01) -- trading update

  • Notable Decliners

    • -24.6% MRK.LN (Marks Electrical Group £0.69, -0.23) -- trading update

    • -11.3% RENEW.SS (Re:NewCell SEK9.14, -1.17) -- plans for restructuring; plans to cut ~25% of the workforce

    • -9.6% RDC.GR (Redcare Pharmacy €130.60, -13.90) -- prelim Q4 revenue; Warburg Research downgrade

    • -8.8% BO.DC (Bang & Olufsen DKK9.92, -0.96) -- Q2 earnings

    • -8.0% CPI.LN (Capita £0.20, -0.02) -- RBC Capital Markets downgrade

    • -7.0% BMN.LN (Bushveld Minerals £0.02, -0.00) -- issues Southern Point Resources with a letter of demand

    • -6.5% CPR.IM (Davide Campari-Milano €9.28, -0.65) -- places new shares raising ~€650M and convertible bonds raising upsized €550M

    • -6.3% SBRY.LN (J Sainsbury £2.87, -0.19) -- trading update

    • -5.6% IDIA.SW (Idorsia CHF1.86, -0.11) -- postpones publication of FY23 results

    • -5.6% VLA.FP (Valneva €4.56, -0.27) -- trial update

    • -3.9% EVT.GR (Evotec €17.49, -0.71) -- and Crohn´s & Colitis Foundation enter agreement to advance drug discovery for novel IBD therapies

    • -3.8% SIKA.SW (Sika Group CHF244.00, -9.60) -- FY sales; CIC Market Solutions downgrade

    • -3.1% TREL.B.SS (Trelleborg SEK329.90, -10.40) -- Carnegie Securities downgrade

    • -3.1% DEC.LN (Diversified Energy Co. £11.14, -0.35) -- response to the U.S. House of Representatives Committee on Energy and Commerce

    • -3.1% MYCR.SS (Mycronic SEK274.40, -8.80) -- Carnegie Securities downgrade

    • -3.1% SIVE.SS (Sivers Semiconductors SEK5.60, -0.18) -- to achieve previously announced guidance of positive adjusted EBITDA during H2 of 2023

    • -2.6% BESI.NA (BE Semiconductor Industries €127.55, -3.35) -- Deutsche Bank downgrade

    • -2.3% BAYN.GR (Bayer AG €34.76, -0.84) -- Stifel downgrade

    • -1.9% NETEL.SS (Netel Holding SEK13.20, -0.25) -- CFO resigns

    • -1.8% VWS.DC (Vestas Wind Systems DKK202.80, -3.75) -- Jefferies downgrade

    • -1.6% SALM.NO (Salmar NOK584.80, -9.40) -- Q4 harvest update

EU companies reporting tomorrow:

  • Earnings: Suedzucker (SZU.GR), AGRANA Beteiligungs (AGR.AV), ABOUT YOU Holding (YOU.GR), Knights Group Holdings (KGH.LN), Big Yellow (BYG.LN)

  • Trading Update: Tesco (TSCO.LN), Jeronimo Martins (JMT.PL), OMV (OMV.AV), Marks & Spencer Group (MKS.LN), Taylor Wimpey (TW.LN), Hilton Food Group (HFG.LN), Trustpilot Group (TRST.LN), Robert Walters (RWA.LN), Reach (RCH.LN)

  • Production Report: Ferrexpo (FXPO.LN)

Data:

  • Economics:

    • Denmark Dec CPI +0.7% y/y vs cons +1.1% and prior +0.6%

    • Italy Nov Retail Sales +1.5% y/y vs cons +0.7% and prior +0.3%; +0.2% m/m vs cons +0.2% and prior +0.4%

    • Netherlands Nov Manufacturing Production (0.8%) m/m vs cons +0.3% and prior revised (1.2%) from (0.5%)

    • Nov Industrial Production

      • Austria (4.4%) y/y vs cons (0.5%) and prior (1.0%)

      • France +0.5% m/m vs cons 0.0% and prior (0.3%)

      • Greece +3.1% y/y vs cons +8.0% and prior revised +10.2% from +10.5%

    • Norway Dec

      • CPI +4.8% y/y vs cons +4.8% and prior +4.8%

      • PPI (25.6%) y/y vs cons (14.0%) and prior (15.6%)

    • Sweden Nov

      • Industrial Production +0.2% y/y vs cons (0.2%) and prior revised (0.5%) from (1.1%); (1.1%) m/m vs cons +0.3% and prior revised +0.3% from (0.3%)

      • Nov Retail Sales (1.7%) y/y vs cons (1.7%) and prior (1.0%); (0.5%) m/m vs cons (0.6%) and prior +1.4%

  • Markets:

    • WTI Crude (Feb 24): ($0.13) or (0.18%) to $72.11

    • €-$ +0.0021 or +0.19% to 1.0954

    • £-$ +0.0010 or +0.08% to 1.2721

    • €-£ +0.0008 to 0.8611

    • S&P 500 +0.15%

    • Performance year-to-date

      • FTSE 100: (1.05%)

      • DAX: (0.37%)

      • CAC: (1.55%)

      • MIB: +0.37%

      • Stoxx 600: (0.54%)

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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