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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.64% to 7624.93, DAX +0.95% to 16704.56, CAC40 +1.05% to 7465.14, STOXX 600 +0.84% to 476.76

Jan 12 ,2024

  • Synopsis:

    • European equity markets closed higher, but off best levels. Media, Retail and Industrial Goods/Services lead; Consumer Products/Services and Autos/Parts lag. Treasuries firmer, particularly at the short end of the curve; short-end yields down sharply for the week. Dollar slightly weaker on the euro and sterling crosses but weak vs yen. Gold up 2%. Bitcoin futures off 4.6%. WTI crude up 1.6% on latest ramp in geopolitical tensions as US and UK carried out air strikes against Houthi rebels in Yemen overnight following latest attacks on commercial ships earlier this week.

    • In macro updates and developments, ECB's chief economist Lane said rate cuts not a topic until inflation en route to 2% target. ECB President Lagarde said Europe isn't in a serious recession and that the worst of the fight against inflation is over. Lagarde also said Trump represents a threat to Europe. Spanish inflation met expectations, at 3.1% y/y. UK GDP highest since June 2023. Also, UK employers advertised 32% fewer job vacancies last month than they did in December 2022. EU Commission said to inspect China EV makers which could lead to tariffs.

    • On the corporate front, out of the UK, Burberry (BRBY.LN) was the notable underperformer today after the company reported Q3 Retail revenue £706M vs year-ago £756M and said it expects FY adj operating profit in the range of £410-460M vs prior guidance of towards the lower end of range £552-668M vs FactSet £528.95M due to the slowdown in luxury demand having an impact on current trading. Vistry Group (VTY.LN) said financial performance for FY23 is ahead of guidance with adj PBT expected to be in-line with prior year whilst John Wood Group (WG.LN) reported prelim FY revenue ~$6B vs guidance ~$6B and FactSet $6.02B. From the DACH region, Partners Group Holding (PGHN.SW) reports prelim FY23 AuM $18B vs guidance $17-22B; guides FY24 client demand of $20B to 25B reports prelim FY23 AuM $18B vs guidance $17-22B; guides FY24 client demand of $20B to 25B. Porsche (P911.GR) reported 2023 worldwide deliveries 320,221 cars, +3% y/y. CNMV initiates disciplinary proceedings against Deutsche Bank (DBK.GR) in relation to misselling of complex derivative products in Spain. Elsewhere, Airbus (AIR.FP) reported Dec gross orders, with its CEO stating that the company is on track to meet increased production goals this year; in Portugal, Jeronimo Martins (JMT.PL) issued Q4 revenue numbers.

    • In M&A, Pagero Group (PAGERO.SS) received a cash offer at SEK 45/sh from Avalara, acting through Loki BidCo AB; note this is the third public offer for Pagero since Dec-23, after Vertex (VERX) offer at SEK36/sh on 13-Dec-23 and Thomson Reuters (TRI) at SEK40/sh on 11-Jan. Novartis (NOVN.SW) has backed away from its pursuit of Cytokinetics according to media reports. Arkema (AKE.FP) and Stellantis (STLAM.IM) acquired stake in French start-up Tiamat.

    • The week ahead sees World Economic Forum (WEF) in Davos, Eurogroup meeting, EU Parliament Plenary session, ECB MPC minutes. Over the weekend, Ukraine and Switzerland will host over 100 national security advisors in Davos on Sun (14-Jan), in the latest in a series of meetings to rally support for Ukraine's peace plan. Economic data releases for next week include Germany 2023 GDP, Jan ZEW survey and Dec final CPI, as well as Eurozone Nov trade balance, consumer inflation expectations and industrial production, UK Nov unemployment rate as well as Dec CPI/RPI/PPI input/output. Also out are Italy and Sweden Dec final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Ind Goods & Svcs +1.81%, Media +1.73%, Real Estate +1.52%, Retail +1.46%, Construct & Mtls +1.36%, Financial Svcs +1.25%, Technology +1.10%, Utilities +0.97%, Basic Resources +0.88%, Oil & Gas+0.88%, Telecom +0.86%,

      • Underperformers:

        • Autos & Parts (0.95%), Travel & Leisure (0.14%), Consumer Products and Services (0.01%), Banks +0.28%, Personal Care Drug and Grocery Stores +0.34%, Health Care +0.51%, Chemicals +0.65%, Food, Beverage and Tobacco +0.69%

    • Macro:

      • ECB:

        • ECB's Lane says rate cuts not a discussion point until inflation firmly en-route to 2% target

        • Lagarde says ECB to cut rates when sure inflation set for 2%: Bloomberg, FT

      • Germany:

        • Debate ensues over the potential ban of the ever-more radical far-right AfD party: Politico

      • France:

        • Macron keeps LeMaire as finance chief in sign of continuity: Bloomberg

        • Macron picks EU liberal leader as new foreign minister in cabinet reshuffle: Politico

      • UK:

        • UK economy returns to growth as GDP beats expectations -- Bloomberg

        • UK job vacancies down by a third in December -- Reuters

        • Boom times for scrap metal as UK steel industry goes green -- FT

      • Ukraine:

        • Brussels prepares concessions to Orbán over Ukraine aid: FT

        • UK to increase Ukraine funding to £2.5B as Sunak visits Kyiv: BBC

    • Peripheral markets:

      • Ireland:

        • Unions to seek significant restructuring of Government pay offer when talks resume next week - Irish Times

        • National Development Plan needs to be increased say Economic and Social Research Institute - release

      • Norway:

        • Norway to allow mining waste to be dumped in fjords - The Guardian

      • Greece:

        • Grid usage fees will continue to rise this year - ekathimerini

      • Turkey:

        • Central bank tells investors tightening cycle is near end (Bloomberg)

    • Company news:

      • Notable Gainers

        • +17.2% SANN1.SW (Santhera Pharmaceuticals Holding CHF10.50, +1.54) -- UK approval for AGAMREE as a treatment for DMD

        • +11.4% SFL.IM (Safilo Group €1.00, +0.10) -- early renew Boss license agreement

        • +8.3% PMI.LN (Premier Miton Group £0.65, +0.05) -- Q1 AuM

        • +5.9% KAP.LN (National Atomic Company Kazatomprom £46.75, +2.60) -- expects 2024 production adjustments

        • +4.7% W7L.LN (Warpaint London £4.00, +0.18) -- FY trading update

        • +3.9% WG.LN (John Wood Group £1.58, +0.06) -- FY trading update

        • +3.5% AIR.FP (Airbus SE €148.98, +5.10) -- Dec order&delivery update; Airbus on track to meet increased production goals this year - Bloomberg

        • +2.1% TNXT.IM (Tinexta €18.91, +0.38) -- offer to acquire 73.9% of ABF Group

        • +1.7% DG.FP (VINCI SA €116.44, +1.94) -- free cash flow update

        • +1.0% DOV.IM (doValue €3.11, +0.03) -- in preliminary talks to acquire Elliott Management's Gardant servicing unit - Bloomberg

        • +0.4% VTY.LN (Vistry Group £9.72, +0.04) -- FY trading update; new Chair

      • Notable Decliners

        • -14.3% ALCAR.FP (Carmat €5.27, -0.88) -- EIB new loan repayment terms

        • -7.3% JMT.PL (Jeronimo Martins €20.94, -1.66) -- preliminary Q4 revenue

        • -4.8% BRBY.LN (Burberry Group £12.96, -0.65) -- Q3 trading update

        • -4.8% ELUX.B.SS (Electrolux SEK97.84, -4.95) -- reports loss in Q4 driven by North America

        • -1.3% DBK.GR (Deutsche Bank €12.04, -0.16) -- CNMV initiates disciplinary proceedings against bank

        • -0.6% PGHN.SW (Partners Group Holding CHF1,140.00, -6.50) -- prelim FY23 AuM

    • EU companies reporting Monday 15-Jan:

      • Earnings: Ramsdens Holdings (RFX.LN)

      • Trading Update: Alphawave IP Group (AWE.LN), Ashmore (ASHM.LN), CATANA (CATG.FP), Repsol (REP.SM), PageGroup (PAGE.LN)

      • Traffic: Flughafen Zurich (FHZN.SW)

      • Production: Rio Tinto (RIO.LN)

  • Data:

    • Economics:

      • UK Nov

        • Visible Trade Balance (£14.19B) vs cons (£15.7B) and prior revised (£15.94B) from (£17.03B)

          • Trade Balance (£1.41B) vs cons (£4.0B) and prior revised (£3.20B) from (£4.48B)

        • Construction Output +0.9% y/y vs cons +1.3% and prior revised +1.3% from +1.1%

        • Industrial Production (0.1%) y/y vs cons +0.7% and prior revised (0.5%) from +0.4%; +0.3% m/m vs cons +0.3% and prior revised (1.3%) from (0.8%)

        • Manufacturing Production +1.3% y/y vs cons +1.7% and prior revised +0.2% from +0.8%; +0.4% m/m vs cons +0.3% and prior revised (1.2%) from (1.1%)

      • France

        • Nov consumer spending +0.7% m/m vs cons (0.1%) and prior (0.9%)

        • Dec CPI +3.7% y/y vs prelim +3.7%; +0.1% m/m vs prelim +0.1%

          • EU Harmonised: +4.1% y/y vs prelim +4.1%; +0.1% m/m vs prelim +0.1%

      • Spain Dec CPI +3.1% y/y vs prelim +3.1%; 0.0% m/m vs prelim 0.0%

        • EU Harmonised: +3.3% y/y vs prelim +3.3%; 0.0% m/m vs prelim 0.0%

      • Greece Dec CPI +3.5% y/y vs cons +3.8% and prior +3.0%

        • EU Harmonised: +3.7% y/y vs cons +3.7% and prior +2.9%

    • Markets:

      • WTI Crude (Feb 24): +$1.13 or +1.57% to $73.15

      • €-$ (0.0001) or (0.01%) to 1.0971

      • £-$ (0.0004) or (0.03%) to 1.2758

      • €-£ +0.0001 to 0.8600

      • S&P 500 (0.06%)

      • Performance year-to-date

        • FTSE 100: (1.40%)

        • DAX: (0.28%)

        • CAC: (1.03%)

        • MIB: +0.34%

        • Stoxx 600: (0.47%)

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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