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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.51% to 7671.52, DAX +0.19% to 16974.61, CAC40 +0.54% to 7682.11, STOXX 600 +0.19% to 485.75

Jan 30 ,2024

  • Synopsis:

    • European equity markets closed mixed to higher, with pan-European indices ending around session highs. Spain +1.5%, Portugal +0.8%, FTSE 100 and France +0.5% led the outperformers whilst Norway and Italy both down (0.8%), followed by Finland (0.5%) led the underperformers.

    • In geopolitical developments, FT reports Brussels has outlined strategy to target Hungary if Budapest blocks fresh aid to Ukraine. Elsewhere, farmers protests in Europe getting more attention as France's government prepares new measures in an attempt to calm down protests (Euronews). In addition, Northern Ireland's DUP agreed to deal to return to power-sharing government.

    • Central banks narrative continues as divisions between hawks and doves within ECB's Governing Council become more evident. Banque de France chief Villeroy, a moderate dove, guided for rate cuts this year, suggesting any meeting is fair game (Bloomberg). Official guidance from Lagarde is that rate cuts may only come in June, while Dutch central bank chief Knot, a known hawk, said wage data needed before cutting rates (Bloomberg).

    • From a macroeconomic calendar perspective, attention on preliminary Q4 GDP releases; Germany in technical recession, Italy and Spain outperform, France stagnates. Helps Eurozone avoid recession, with Q4 GDP at 0.0%. Eurozone ESI shows slight weakening in confidence. UK shop price data showed shop price inflation easing rapidly, which supports disinflation narrative despite unexpected increase in headline CPI earlier this month. BoE lending data showed miss in mortgage approvals. Swiss KOF leading indicator sees strong beat, as SNB Jordan says inflation to pickup again.

    • In corporate news, Hapag-Lloyd (HLAG.GR) published preliminary FY earnings including EBIT €2.50B vs FactSet €2.57B. Also in the DACH region, Bucher Industries (BUCN.SW) posted FY net sales CHF3.58B vs FactSet CHF3.63B and said it expects a slight decline in sales. In Spain, released its Q4 earnings with all main metrics coming ahead of consensus.

    • Out of the Nordics, Tele2 (TEL2.B.SS) reported Q4 EPS SEK1.35 vs FactSet SEK1.34 and guided 2024 Organic growth of end-user service revenue +3-4%. The company also announce the launch of Strategy Execution Program including SEK 600M of cost reduction in three years. Ambu (AMBU.B.DC) released Q2 earnings and maintained FY23/24 guidance. Kesko (KESKOB.FH) posted Q4 comparable EPS €0.31 vs FactSet €0.29 and cut dividend by ~6%. Still in the Nordics, Nordnet (SAVE.SS) Q4 EPS SEK2.55 vs FactSet SEK2.60.

    • In the UK, WPP Group (WPP.LN) shares traded higher after the company presented next phase of its strategy during its CMD, and said it expects FY23 results in line with guidance. Diageo (DGE.LN) issued FY25 outlook and medium-term guidance. Renewi (RWI.LN) expects to deliver full year results below market expectations Pets At Home Group (PETS.LN) Q3 trading update saw its revenue at £362.4M and lowered its FY underling PBT guidance

    • In other corporate developments, Schneider Electric (SU.FP) reportedly hit by ransomware attack. Also in France, Renault (RNO.FP) shares traded higher following company's decision to cancel Ampere's IPO. In addition, Sodexo (SW.FP) confirmed the Pluxee spin-off and listing effective 1-Feb.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Banks +1.29%, Autos & Parts +1.08%, Retail +1.08%, Financial Svcs +0.85%, Construct & Mtls +0.66%, Media +0.65%, Persnl & HHold Goods +0.38%, Ind Goods & Svcs +0.36%, Utilities +0.25%,

      • Underperformers

        • Basic Resources (1.32%), Telecom (1.01%), Chemicals (0.61%), Travel & Leisure (0.30%), Food & Beverage (0.28%), Insurance (0.24%), Real Estate(0.14%), Health Care (0.14%), Oil & Gas +0.01%, Technology +0.07%,

    • Macro/Peripheral markets:

      • IMF

        • World Economic Outlook update; global growth broadly balanced, soft landing still possible (release)

      • EU

        • Hungary vows to defy EU pressure to approve €50B Ukraine aid package (FT)

        • Commission carries out unannounced antitrust inspections in the tyres sector (release)

      • Central banks:

        • Private credit draws BOE scrutiny on potential systemic risks (Bloomberg)

        • Swiss National Bank chairman expects inflation to rise (Reuters)

      • UK:

        • Brexit has hit profits say UK businesses that trade with EU (FT)

        • Labour drafts plan to better meet firms' UK investment needs (Bloomberg)

        • Chancellor Jeremy Hunt urged not to cut taxes by International Monetary Fund (Sky)

      • France:

        • France dodges recession with output flat (Bloomberg)

        • French farmers lay siege to Paris with vow to cut off food (Telegraph)

        • EU stopped Mercosur talks, France says as French farmers ramp up protests (Politico)

        • Renault scraps EV unit IPO citing weak appetite for shares (Bloomberg)

      • Germany:

        • German woes darken central Europe's recovery prospects (Reuters)

        • Germany needs to get tougher on Israel, says former Merkel adviser (FT)

        • German debt brake 'too rigid', say government advisers (FT)

        • Germany 'in permanent crisis' as property market crumbles (The Telegraph)

      • Italy:

        • PM Meloni pledged to tackle immigration at the source, but African leaders not impressed (FT)

        • Generali to pursue €500M share buyback (Bloomberg)

      • Greece

        • Government calls for talks as farmers step up protest action (ekathimerini)

    • Company news

      • Notable Gainers

        • +20.5% VIVE.SS (Vivesto SEK0.40, +0.07) -- announces its international patent application for XR-18 has received positive decision from European Patent Office

        • +13.4% BIOS.BB (BioSenic €0.04, +0.01) -- granted patent in Canada for broader protection of its ATO therapeutic platform

        • +12.7% EMGS.NO (Electromagnetic Geoservices NOK2.67, +0.30) -- contract

        • +12.4% DXRX.LN (Diaceutics £1.05, +0.12) -- FY trading update

        • +9.9% WEW.GR (Westwing Group €8.25, +0.74) -- Q4 earnings

        • +9.6% LBIRD.FP (Lumibird €11.44, +1.00) -- Q4 sales

        • +8.4% HVO.LN (hVIVO plc £0.29, +0.02) -- FY trading update

        • +8.2% ALHGR.FP (Hoffmann Green Cement Technologies €9.62, +0.73) -- signs a strategic partnership

        • +7.9% KESKOB.FH (Kesko €18.78, +1.37) -- Q4 earnings

        • +6.7% BSE.AU (Base Resources A$0.16, +0.01) -- Q2 productions

        • +6.6% ARJO.B.SS (Arjo SEK46.58, +2.88) -- Q4 earnings

        • +6.5% AMBU.B.DC (Ambu DKK118.00, +7.20) -- Q1 earnings

        • +6.4% WAWI.NO (Wallenius Wilhelmsen NOK103.50, +6.25) -- contract

        • +6.3% NANO.FP (Nanobiotix €7.56, +0.45) -- achieves $20M development milestone payment

        • +5.7% FLS.DC (FLSmidth & Co. DKK283.40, +15.40) -- prelim Q4 earnings; to explore divestment options for Cement business

        • +5.5% DKSH.SW (DKSH Holding CHF59.85, +3.10) -- UBS upgrade

        • +4.5% AVOL.SW (Avolta CHF33.28, +1.44) -- Stifel upgrade

        • +4.0% SKA.B.SS (Skanska SEK179.95, +6.90) -- Jefferies upgrade

        • +3.8% KNOS.LN (Kainos Group £11.33, +0.42) -- re-initiated buy at Berenberg

        • +3.6% NCC.B.SS (NCC SEK132.90, +4.60) -- Q4 earnings

        • +3.2% JM.SS (JM SEK169.70, +5.20) -- Q4 earnings; JM Construction to be absorbed into the group as of Q1 2024

        • +2.2% FYB.GR (Formycon €51.80, +1.10) -- resolves on cash capital increase of €82.84M

        • +1.9% WPP.LN (WPP Group £7.96, +0.15) -- CMD

      • Notable Decliners

        • -19.1% GARO.SS (GARO SEK29.46, -6.94) -- prelim Q4 earnings

        • -18.1% SDY.LN (Speedy Hire £0.30, -0.07) -- FY trading update

        • -17.4% AGFX.LN (Argentex Group £0.58, -0.12) -- FY trading update

        • -13.6% AGY.LN (Allergy Therapeutics £0.02, -0.00) -- publishes amended final FY results

        • -12.8% KSC.GR (KPS AG €1.23, -0.18) -- notes potential loss of receivables from KaDeWe and postponement of publication of FY23 financial statements

        • -9.4% HLAG.GR (Hapag-Lloyd €139.90, -14.60) -- prelim FY earnings

        • -5.4% RWI.LN (Renewi £5.93, -0.34) -- Q3 trading update

        • -4.8% LUCE.LN (Luceco £1.40, -0.07) -- FY trading update

        • -4.8% DHER.GR (Delivery Hero €21.50, -1.10) -- Delivery Hero places c. 68M Class A ordinary shares in company at £1.13/share

        • -4.0% SWEC.B.SS (Sweco SEK121.50, -5.10) -- ABG Sundal Collier downgrade

        • -3.7% JUN3.GR (Jungheinrich €30.38, -1.16) -- Oddo downgrade

        • -3.3% NRC.NO (NRC Group NOK10.68, -0.36) -- NRC Group CFO Ole Gulsvik steps down; has accepted a position as CFO in Entra

        • -3.2% NMAN.SS (Nederman Holding SEK181.00, -6.00) -- Handelsbanken downgrade

        • -2.9% ATS.AV (AT & S Austria Technologie & Systemtechnik €23.18, -0.70) -- Oddo downgrade

        • -2.5% WAVE.FP (Wavestone €61.60, -1.60) -- Stifel downgrade

        • -1.9% SAGA.LN (Saga Plc £1.42, -0.03) -- FY trading update

        • -1.4% DEC.LN (Diversified Energy Co. £9.30, -0.14) -- FY trading update

        • -1.3% FLO.LN (Flowtech Fluidpower £0.78, -0.01) -- FY trading update

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Royal KPN (KPN.NA)

        • DACHs: Novartis (NOVN.SW), Valiant Holding (VATN.SW), Raiffeisen Bank International (RBI.AV), Software (SOW.GR), ATOSS Software (AOF.GR)

        • Nordics: Novo Nordisk (NOVO.B.DC), Ringkjobing Landbobank (RILBA.DC), DNB Bank (DNB.NO), Borregaard (BRG.NO), BlueNord (BNOR.NO), H&M Hennes & Mauritz (HM.B.SS), SKF (SKF.B.SS), SSAB (SSAB.B.SS), Holmen (HOLM.B.SS), Beijer Ref (BEIJ.B.SS), Dometic Group (DOM.SS), Atrium Ljungberg (ATRLJ.B.SS), Hemnet Group (HEM.SS), Loomis (LOOMIS.SS), Elanders (ELAN.B.SS), Byggmax (BMAX.SS), Bergs Timber (BRG.B.SS), Nexam Chemical (NEXAM.SS), Wartsila (WRT1V.FH), Musti Group (MUSTI.FH)

        • Southern Europe: Banco Santander (SAN.SM)

        • UK: GSK (GSK.LN), ITM Power (ITM.LN), NWF Group (NWF.LN)

  • Data:

    • Economics:

      • France Dec Consumer Spending +0.3% m/m vs consensus +0.3% and prior revised +0.6% from +0.7%

      • Switzerland

        • Dec Trade Balance CHF1.25B vs consensus CHF2.5B and prior revised CHF3.83B from CHF3.71B

        • Jan KOF Leading Indicators 101.5 vs consensus 98.2 and prior revised 98.0 from 97.8

      • Q4 Preliminary GDP

        • France +0.7% y/y vs consensus +0.2% and prior +0.6%

        • Austria (1.3%) y/y vs consensus (1.5%) and prior revised (1.6%) from (1.8%) (2:00ET)

        • Spain +2.0% y/y vs consensus +1.5% and prior revised +1.9% from +1.8%

      • Spain Jan Preliminary CPI +3.4% y/y vs consensus +3.1% and prior +3.1%

      • December Swiss Watch Exports +5.5% to CHF 2,141.9B

    • Markets:

      • €-$ +0.0005 or +0.05% to 1.0841

      • £-$ (0.0043) or (0.33%) to 1.2668

      • €-£ +0.0033 to 0.8558

      • S&P 500 (0.02%)

        • Performance year-to-date

        • FTSE 100: (0.80%)

        • DAX: +1.33%

        • CAC: +1.84%

        • MIB: +0.89%

        • Stoxx 600: +1.41%

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.
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