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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.09%) to 7615.54, DAX +0.35% to 16918.21, CAC40 +0.05% to 7592.26, STOXX 600 +0.01% to 483.93

Feb 02 ,2024

  • Synopsis:

    • European equity markets closed mixed. Greece +0.6% and Spain +0.5% lead outperformers, whilst Norway and Denmark both (0.5%) lead underperformers.

    • Markets today still digesting US tech earnings. META announcing maiden dividend and additional buyback, as earnings comfortably topped expectations following efficiency drive. AMZN announcing operating income above expectation and cloud division finding traction amid AI-related demand. AAPL revenue topping forecasts but China sales disappointing amid weak consumer spending. INTC reportedly delaying Ohio chip plant.

    • In the Macro calendar, the main attention is paid to US nonfarm payroll data. Very strong number. Big beat on the headline at +353K in January, while there was a big upward revision in December, reading to +333K from +216. Whilst in Europe, there very quiet macro calendar with French industrial production beat and a big jump in Spanish unemployment.

    • On the reporting front, a busy session in terms of Nordics names, with Danske Bank (also initiated a DKK5.5B buyback), Electrolux, Konecranes, Trelleborg, Husqvarna, Lifco AB and Hansa among few other names from the region to update investors before the open; in Spain, CaixaBank posted Q4, whilst local press wrote that the Grifols' board will restrict the founding family's power in the company. Elsewhere, DACH names E.ON SE and LEM Holding issued their most recent earnings numbers and - in Italy - Geox issued prelim FY revenue.

    • In M&A news, French daily Les Echos reported that Nestle France has entered into exclusive negotiations with French investment fund FnB for the sale of its French baby food business, whilst the Times wrote that it is "just a matter of time" before bid comes in for Superdry; also, Barclays is talking to PE firms about taking majority stake in UK merchant payments business.

    • Looking ahead to Monday's calendar (see - Europe Week Ahead: 5-Feb to 9-Feb attached) Zuger Kantonalbank (ZUGER.SW), Nordea Bank (NDA.FI.FH), Oma Savings Bank (OMASP.FH), Balco (BALCO.SS), ChemoMetec (CHEMM.DC), Logista (LOG.SM), Porvair (PRV.LN), Vodafone (VOD.LN), Trident Royalties (TRR.LN), Nordnet (SAVE.SS) and McPhy Energy (MCPHY.FP) will be among other names to update investors, whilst the macro-calendar releases will include Germany Dec trade balance, Italy, Sweden services PMI with final reads for Eurozone, France, Germany and UK, Eurozone Dec PPI, Feb Sentix investor confidence

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.15%, Banks +1.05%, Personal Care Drug and Grocery Stores +0.62%, Ind Goods & Svcs +0.44%, Insurance +0.39%, Financial Svcs +0.34%, Consumer Products and Services +0.27%, Travel & Leisure +0.24%, Construct & Mtls +0.21%, Retail +0.19%, Media +0.16%, Food, Beverage and Tobacco +0.12%,

      • Underperformers:

        • Energy(1.41%), Basic Resources (1.16%), Utilities (0.78%), Real Estate (0.73%), Chemicals (0.66%), Health Care (0.54%), Telecom (0.32%),

    • Macro/Peripheral markets:

      • EU

        • Bundesbank chief Nagel does not expect a sharp economic slump - Handelsblatt, Faz

      • UK

        • BOE Chief Economist Warns UK Rate Cuts Are Still 'Some Way Off' - Bloomberg, Reuters

        • Rayner says Labour still wants to spend £28bn on green investment but won't be bound by 'arbitrary' number - The Guardian

      • France

        • French farmers head home but anger spreads elsewhere in Europe - Reuters

      • Germany

        • Bundestag adopts 2024 budget - Handelsblatt

        • Public transport across Germany disrupted as workers strike - Reuters

      • Spain

        • Spain Pushes Defense Firm General Dynamics to Step Up Local Spending - Bloomberg

      • Portugal

        • Portugal's far-right closes in on mainstream parties before March election - Reuters

      • Serbia/Kosovo

        • Vucic Vows to Keep Up Support as Kosovo Cracks Down on Dinar - Bloomberg

    • Company news:

      • Trading Higher:

        • +117.5% SDRY.LN (Superdry £0.25, +0.25) -- "Just a matter of time" before bid comes in for Superdry - London Times

          • CEO engaged in discussions with potential financing partners for the purposes of considering options in respect of the company

        • +13.7% AFRY.SS (AFRY AB SEK159.20, +19.60) -- Q4 earnings

        • +10.8% TOM2.NA (TomTom €6.69, +0.68) -- Q4 earnings

        • +10.6% WIZZ.LN (Wizz Air Holdings £21.02, +2.11) -- Jan traffic; Barclays upgrade

        • +10.3% ANOD.B.SS (Addnode Group SEK99.30, +9.65) -- Q4 earnings

        • +8.1% DANSKE.DC (Danske Bank DKK196.05, +14.95) -- Q4 earnings; initiates DKK5.5B share buy-back programme

        • +7.0% KCR.FH (Konecranes €42.34, +2.85) -- Q4 earnings

        • +5.8% VITR.SS (Vitrolife SEK171.30, +9.60) -- Q4 earnings

        • +4.4% ALBBV.FH (Alandsbanken €35.20, +1.50) -- Q4 earnings

        • +4.2% JMT.PL (Jeronimo Martins €22.06, +0.90) -- Morgan Stanley upgrade

        • +3.8% OCI.NA (OCI NV €27.05, +1.02) -- Berenberg upgrade

        • +3.7% PEAB.B.SS (Peab SEK51.80, +1.90) -- Confirms FY earnings

        • +3.3% NEL.NO (NEL ASA NOK5.53, +0.17) -- realigns relationship with Nikola and will support Fortescue on its 80 MW Phoenix Hydrogen Hub

        • +3.1% BARC.LN (Barclays £1.50, +0.05) -- Barclays talking to PE firms about taking majority stake in UK merchant payments business - Reuters

        • +3.1% EZJ.LN (EasyJet £5.70, +0.17) -- Barclays upgrade

        • +2.4% SBRY.LN (J Sainsbury £2.73, +0.06) -- Morgan Stanley upgrade

        • +2.0% HUSQ.B.SS (Husqvarna SEK85.50, +1.62) -- Q4 earnings

        • +1.9% GRF.SM (Grifols €10.35, +0.20) -- Grifols board to restrict founding family's power in the company - El Confidencial

        • +1.8% ZAL.GR (Zalando €19.19, +0.33) -- Morgan Stanley upgrade

        • +1.5% BAER.SW (Julius Baer Group CHF49.02, +0.73) -- Kepler Cheuvreux upgrade

      • Trading Lower:

        • -30.2% GCM.LN (GCM Resources £0.02, -0.01) -- subscription to raise gross proceeds of £500,000 has been successfully concluded

        • -22.0% DHER.GR (Delivery Hero €20.32, -4.74) -- denies reports that negotiations regarding a potential sale of its foodpanda business in selected Southeast Asian markets have collapsed

        • -12.7% GNRO.FP (GeNeuro €1.09, -0.16) -- places 4.7M shares at €1.05/each

        • -12.2% GENO.SS (Genovis SEK51.80, -6.40) -- Nordea downgrade

        • -8.5% HNSA.SS (Hansa Biopharma SEK33.32, -2.88) -- Q4 earnings

        • -7.4% LEHN.SW (LEM Holding CHF1,820.00, -146.00) -- 9M earnings

        • -6.8% GEO.IM (Geox €0.71, -0.05) -- prelim FY earnings

        • -6.5% MATAS.DC (Matas DKK119.40, -8.00) -- Q3 earnings

        • -5.0% DURC.B.SS (Duroc SEK18.15, -0.95) -- Q2 earnings

        • -4.0% ATT.SS (Attendo SEK39.65, -1.65) -- ABG Sundal Collier downgrade

        • -3.0% BRNK.GR (Branicks Group €2.20, -0.06) -- agreement with lenders of bridge financing

        • -1.9% BP.LN (BP £4.57, -0.09) -- power outage at BP Whiting Refinery property has affected power to the refinery

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Zuger Kantonalbank (ZUGER.SW)

        • Nordics: Nordea Bank (NDA.FI.FH), Oma Savings Bank (OMASP.FH), Balco (BALCO.SS), ChemoMetec (CHEMM.DC)

        • Southern Europe: Logista (LOG.SM)

        • UK: Porvair (PRV.LN)

      • Trading Update: Vodafone (VOD.LN), Trident Royalties (TRR.LN), Nordnet (SAVE.SS), McPhy Energy (MCPHY.FP)

  • Data:

    • Economics:

      • France Dec Industrial Production +1.1% m/m vs consensus +0.2% and prior +0.5%

      • Spain Jan Unemployment Change 60.4K vs consensus (38.6K) and prior (27.4K)

    • Markets:

      • WTI Crude (Mar 24): ($1.86) or (2.52%) to $71.96

      • €-$ (0.0087) or (0.80%) to 1.0787

      • £-$ (0.0106) or (0.83%) to 1.2637

      • €-£ +0.0006 to 0.8537

      • S&P 500 +0.82%

      • Performance year-to-date

        • FTSE 100: (1.52%)

        • DAX: +0.99%

        • CAC: +0.65%

        • MIB: +1.16%

        • Stoxx 600: +1.03%

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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