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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.90% to 7687.22, DAX +0.81% to 17041.59, CAC40 +0.65% to 7640.64, STOXX 600 +0.67% to 486.94

Feb 06 ,2024

  • Synopsis:

    • European equity markets ended mostly higher with pan-European indices closing around best levels. FTSE 100 +0.9%, Germany and Netherlands both +0.8% led outperformers whilst Switzerland (0.3%) and Belgium (0.1%) let underperformers

    • China equities rebounding following latest intervention headlines. Bloomberg reported China's sovereign wealth fund to boost ETF holdings while Reuters reported brokers have imposed further curbs on share sales. Reports also say regulators plan to meet with Xi and other leaders to discuss market conditions and policy initiatives. Also some attention on FT report about China progress on next-gen chip production despite US curbs. few other notable overseas developments. Analysts also highlight contrarian signaling from extreme pessimism and deeply oversold conditions.

    • Central bank narrative still in focus in Europe as BoE chief economist Pill clarified position on interest rates and said it was question of when and not if interest rates would be cut. Recall that in comments Friday, Pill sounded more concerned over upside inflation risk and warned rates could still go up. In addition, EBC survey showed consumer expectations declined for third consecutive month in December in 12 months ahead. Rate of perceived inflation edged down to 3.2% from 3.5%, but three years ahead expectations up to 2.5% from 2.4%.

    • From a macroeconomic calendar perspective, German factory orders data saw a big jump in December on aircraft and transportation orders. Eurozone retail sales weak in December, as expected. Italian business and consumer confidence improved in January. Also, update from BRC showed UK retail sales growth slowed in January in line with other retail updates.

    • In corporate news, Infineon Technologies (IFX.GR) released Q1 earnings and lowered FY revenue guidance and forecast Q2 revenue below market expectations. Still in the DACH region, UBS (UBSG.SW) reported Q4 EPS in line with forecast, but revenue missed; plans to reinstate buybacks in H2 and propose dividend increase of 27.3% to CHF0.70.

    • Out of the Nordics, Nordic Semiconductor (NOD.NO) posted Q4 net income ($12.8M) vs FactSet ($5.9M) and said although Nordic remains confident in the long-term market potential for its products and technologies, the market is in a cyclical downturn with macro headwinds. Alfa Laval (ALFA.SS) saw a big miss on Q4 EPS SEK3.77 vs FactSet SEK4.59. Demant (DEMANT.DC) reported FY earnings and commences review of strategic options for Communications.

    • In the UK, BP (BP.LN) reported Q4 net income $2.99B vs FactSet $2.74B and announced ~$1.75B share buyback program. Virgin Money UK (VMUK.LN) continues to expect 13.0-13.5% CET1 in FY24 and expects further buybacks to be announced during H2, subject to approvals.

    • On M&A front, Novartis (NOVN.SW) confirmed agreement to acquire Morphosys (MOR.GR) for €68.00/sh cash, equity value €2.7B. Groupe Berkem agreed to acquire Givaudan's (GIVN.SW) industrial site in Valencia (Spain) for an undisclosed sum whilst Trelleborg (TREL.B.SS) to acquire Baron Group for an initial US$300M on a cash and debt-free basis.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Oil & Gas +2.02%, Retail +1.60%, Ind Goods & Svcs +1.37%, Chemicals +1.25%, Basic Resources +1.20%, Autos & Parts +0.83%, Technology +0.79%, Insurance +0.73%, Construct & Mtls +0.66%,

      • Underperformers

        • Utilities (1.00%), Financial Svcs (0.76%), Telecom (0.16%), Food & Beverage +0.02%, Media +0.17%, Real Estate+0.18%, Persnl & HHold Goods +0.32%, Health Care +0.55%, Travel & Leisure +0.58%, Banks +0.60%,

    • Macro/Peripheral markets:

      • EU

        • Could the EU's new Russian assets leverage plan actually work? - FT

      • ECB

        • ECB rate-cut timing is only the first tricky call in easing process - Bloomberg

        • ECB is confident next move will be rate cut, de Cos says - Reuters

        • BoE's Pill sees interest rate cuts ahead as reward for lower inflation - FT

      • UK

        • Sunak insists there is a brighter future ahead amid doubts over growth - Bloomberg

        • Rishi Sunak says he was taken by surprise on £1,000 Rwanda bet - BBC

        • Kwasi Kwarteng to stand down as Spelthorne MP - BBC

      • Germany

        • Germany's Lindner to present proposals for growth this month, but rejects new debt - Handelsblatt

      • Spain

        • Spanish farmers blockade roads, joining EU peers' protests - Reuters

      • Italy

        • Tractor protest leader welcomes pesticide-law withdrawal - Ansa

      • Ukraine

        • Ukraine's leadership shake-up will not hit relations with allies, minister says - Reuters

    • Company news:

      • Notable Gainers

        • +37.5% FUM.LN (Futura Medical £0.38, +0.10) -- trading update

        • +17.2% RSW.LN (Renishaw £40.26, +5.90) -- H1 earnings

        • +14.2% SIOFF.NO (Siem Offshore NOK26.95, +3.35) -- new agreement with Helix Energy Solutions for "Siem Helix 1" and "Siem Helix 2"

        • +14.1% CEVI.SS (CellaVision SEK225.00, +27.80) -- sign strategic alliance agreement with Sysmex

        • +13.5% MOR.GR (Morphosys €65.14, +7.74) -- Novartis (NOVN.SW) confirms agreement to acquire company for €68.00/sh cash, equity value €2.7B; Incyte acquires exclusive global development and commercialization rights to Tafasitamab (Monjuvi) in asset purchase agreement with company

        • +13.3% MULTI.NO (Multiconsult NOK140.50, +16.50) -- Q4 earnings

        • +12.3% HBC.NO (Hofseth BioCare NOK2.55, +0.28) -- HBC Immunology successful completes the first in vivo study within its prostate cancer development program

        • +8.9% DEMANT.DC (Demant DKK347.40, +28.30) -- FY earnings; commences review of strategic options for Communications

        • +7.9% XLM.LN (XLMedia £0.07, +0.01) -- enters exclusive partnership with U.S. Star Tribune

        • +7.1% ECK.LN (Eckoh £0.46, +0.03) -- business update

        • +6.7% UNI.SM (Unicaja Banco €0.93, +0.06) -- Q4 earnings

        • +5.7% BP.LN (BP £4.81, +0.26) -- Q4 earnings

        • +5.7% CTT.SS (CTT Systems SEK276.00, +15.00) -- Q4 earnings

        • +5.3% CCT.LN (Character Group £2.78, +0.14) -- launches share buyback programme of up to maximum aggregate consideration of £1.0M

        • +4.7% SZG.GR (Salzgitter €26.32, +1.18) -- Metzler Capital Markets upgrade

        • +4.5% SPR.LN (Springfield Properties £0.82, +0.03) -- contract

        • +3.6% SKF.B.SS (SKF SEK213.70, +7.40) -- Morgan Stanley upgrade

        • +3.4% PDX.SS (Paradox Interactive SEK200.00, +6.50) -- Q4 earnings

        • +2.2% BESI.NA (BE Semiconductor Industries €148.60, +3.20) -- initiated outperform at BNP Paribas Exane

        • +1.9% TTE.FP (TotalEnergies €60.34, +1.11) -- TotalEnergies and Vantage enter into a 75/25 JV owning the Tungsten Explorer drillship

        • +1.9% GRF.SM (Grifols €10.58, +0.20) -- appoints new CEO; Grifols to request an initial compensation of €60M against Gotham City Research - El Confidencial

        • +1.1% SBRY.LN (J Sainsbury £2.75, +0.03) -- HSBC upgrade

      • Notable Decliners

        • -31.9% MITRA.BB (Mithra Pharmaceuticals €0.72, -0.34) -- updates on cash position

        • -22.3% NOD.NO (Nordic Semiconductor NOK80.80, -23.20) -- Q4 earnings

        • -13.2% TETY.SS (Tethys Oil SEK33.70, -5.11) -- Q4 earnings; to initiate strategic review of portfolio of oil and gas properties; guides 2024 annual average production in the range

        • -10.1% CWR.LN (Ceres Power Holdings £1.82, -0.20) -- initiated sell at Redburn Atlantic

        • -9.6% LAND.SW (Landis+Gyr Group CHF65.55, -7.00) -- Landis+Gyr Group holder Kirkbi Invest offers ~2.2M shares - Bloomberg

        • -8.0% NEL.NO (NEL ASA NOK4.86, -0.42) -- Redburn Atlantic downgrade

        • -7.4% RESURS.SS (Resurs Holding SEK13.13, -1.05) -- FY earnings

        • -6.5% IP.IM (Interpump Group €44.04, -3.06) -- Kepler Cheuvreux downgrade

        • -4.5% ITM.LN (ITM Power £0.63, -0.03) -- Redburn Atlantic upgrade

        • -4.4% CLIME.B.SS (Climeon SEK1.10, -0.05) -- Q4 earnings

        • -4.3% UBSG.SW (UBS Group CHF24.60, -1.10) -- Q4 earnings

        • -4.2% MCPHY.FP (McPhy Energy €2.48, -0.11) -- prelim FY revenue

        • -3.8% ALFA.SS (Alfa Laval SEK371.00, -14.60) -- Q4 earnings

        • -2.6% AXFO.SS (Axfood SEK281.30, -7.60) -- CEO to step down

        • -2.5% ALU.LN (Alumasc Group £1.79, -0.05) -- H1 earnings

        • -2.4% RWE.GR (RWE €33.11, -0.82) -- Stifel downgrade

        • -2.4% ENT.LN (Entain £9.65, -0.24) -- barclays downgrade

        • -2.1% SLR.SM (Solaria Energia €13.14, -0.28) -- Goldman Sachs downgrade

        • -2.0% BIOA.B.SS (BioArctic SEK211.00, -4.20) -- Eisai records Q3 ¥1.1B Leqembi sales

        • -1.0% CLARI.FP (Clariane €2.23, -0.02) -- sells 50% stake in portfolio of six care residences to Aedifica in the Netherlands for €25M

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Akzo Nobel (AKZA.NA), Lotus Bakeries (LOTB.BB), Melexis (MELE.BB)

        • DACHs: Deutsche Borse (DB1.GR), Siemens Energy (ENR.GR), Heidelberger Druckmaschinen (HDD.GR), TeamViewer (TMV.GR), CompuGroup Medical (COP.GR), voestalpine (VOE.AV), Daetwyler (DAE.SW), Bell Food Group (BELL.SW)

        • Denmark: Vestas Wind Systems (VWS.DC), Orsted (ORSTED.DC), Carlsberg (CARL.B.DC), Pandora (PNDORA.DC), ROCKWOOL (ROCK.B.DC), H. Lundbeck (HLUN.B.DC), Spar Nord Bank (SPNO.DC)

        • Finland: Fortum (FORTUM.FH), Valmet Corp. (VALMT.FH), Sanoma (SANOMA.FH), CapMan (CAPMAN.FH)

        • France: TotalEnergies (TTE.FP), VINCI (DG.FP), Amundi (AMUN.FP)

        • Norway: Equinor (EQNR.NO), Telenor (TEL.NO), Schibsted (SCHB.NO), Storebrand (STB.NO)

        • Southern Europe: BPER Banca (BPE.IM)

        • Sweden: Assa Abloy (ASSA.B.SS), Svenska Handelsbanken (SHB.A.SS), AAK (AAK.SS), Addtech (ADDT.B.SS), Securitas (SECU.B.SS), Fabege (FABG.SS), Lindab International (LIAB.SS), Bilia (BILI.A.SS), BioGaia (BIOG.B.SS), BYGGFAKTA (BFG.SS), Norion Bank (NORION.SS), Concentric (COIC.SS), Stillfront (SF.SS), HEBA Fastighets (HEBA.B.SS), CellaVision (CEVI.SS), Hoist Finance (HOFI.SS), ITAB Shop Concept (ITAB.SS), Bredband2 i Skandinavien (BRE2.SS), CTEK (CTEK.SS), Wastbygg Gruppen (WBGR.B.SS), Solid Försäkring (SFAB.SS)

        • UK: Smurfit Kappa (SKG.LN), Barratt Developments (BDEV.LN), Ashmore (ASHM.LN), PZ Cussons (PZC.LN)

  • Data:

    • Economics:

      • Germany

        • Dec Factory Orders +8.9% m/m vs consensus 0.0% and prior revised 0.0% from +0.3%

        • Jan Construction PMI 36.3 vs consensus 37.4 and prior 37.0

      • UK Jan Construction PMI 48.8 vs consensus 47.3 and prior 46.8

      • Italy Jan Business Confidence 88.3 vs prior revised 87.3

    • Markets:

      • WTI Crude (Mar 24): +$0.55 or +0.76% to $73.33

      • €-$ +0.0007 or +0.07% to 1.0751

      • £-$ +0.0057 or +0.45% to 1.2592

      • €-£ (0.0033) to 0.8538

      • S&P 500 +0.07%

        • Performance year-to-date

        • FTSE 100: (0.60%)

        • DAX: +1.69%

        • CAC: +1.29%

        • MIB: +2.57%

        • Stoxx 600: +1.64%

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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