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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.03% to 7574.88, DAX +0.61% to 17030.51, CAC40 +0.52% to 7687.20, STOXX 600 +0.52% to 487.37

Feb 12 ,2024

  • Synopsis:

    • European indices ended in positive territory (except for Denmark). ECB doves were out in force over the weekend: Banca d'Italia Panetta emphased Eurozone inflation falling faster than expected and that time for policy reversal fast approaching. Portugal central bank chief Centeno also noted quicker inflation decline, and suggested rates should be lowered gradually. However, Centeno also said rates will not return to pre-pandemic lows, and instead remain around 2%. Spain central bank chief de Cos said March projections key to assess start of rate cut cycle. Related, the ECB has created a new wage-tracker, which interestingly seems unable to justify concerns. Indeed, the wage-tracker points to some cooling of wage pressures in recent months. To note, analysts have been pointing to decline in wages for some time, given core inflation trends, leading indicators such as job postings and even the Sahm Rule. Corporate decisions also key. If companies start to rethink job openings, wages could decline quicker. For context, Indeed wage tracker data for January suggested labour markets had "reached a turning point", with a broad-based slowdown in most occupations "suggesting it is not a niche

    • In geopolitics, NATO joined White House in rejecting Trump's remarks on alliance, with Bloomberg reporting that the White House and EU leaders condemned aggressive remarks from former US President Trump and NATO chief Stoltenberg emphasized the importance of collective defense. However, the comments triggered concerns about the implications for global security, as a withdrawal of US support for Ukraine would likely tax EU cohesion. In the afternoon, Bloomberg reported on a draft EU proposal it has seen, which will see the bloc target trade restrictions against Chinese firms for supporting Russia's war efforts. Two dozen firms will be impacted, including three based in China, if the proposal is adopted by member states. Note, under EU rules all members must vote in favor of proposal for it to be implemented. Under the plan, European firms would be banned from trading with the listed companies to restrict Russia's ability to secure sanctioned goods through firms in third countries. Brussels has sanctioned three Chinese firms in the past but to date it has been relatively cautious in widening the scope of its measures. Recent reports highlighted sanctions to focus on individuals and firms involved in producing weapons and supplying key technology and electronics. Commission is thought to be working on a package that will result in minimal debate to ensure it passes quickly and coincides with two-year anniversary of Russia's invasion of Ukraine

    • No major macro-release was released today

    • On a similar light reporting front, Nordex (NDX1.GR) reported prelim FY numbers, with Galp Energia (GALP.PL) also issuing Q4 earnings, hiking its divi and announcing a €350M buyback. Elsewhere, Renault (RNO.FP) and Geely (175.HK) are planning to close their engine JV joint venture by end of February whilst - in Italy - the Moratti's family sold its 35% stake in Saras (SRS.IM) to Vitol and L Catterton has launched a voluntary tender offer over 36% stake in Tod's (TOD.IM) at €43/share; in the UK, Tritax Big Box REIT and UK Commercial Property REIT Limited reach an agreement UKCM (UKCM.LN) in a deal worth ~ £924M and local press wrote that KKR is on course to buy Smart Metering Systems (SMS.LN)

    • Looking ahead to tomorrow's earnings, Randstad (RAND.NA), Wereldhave (WHA.NA), Telekom Austria (TKA.AV), thyssenkrupp nucera NCH2.GR), NORMA Group (NOEJ.GR), Basilea Pharmaceutica (BSLN.SW), Metropole Television (MMT.FP), Vicat (VCT.FP), Linedata Services (LIN.FP), Var Energi (VAR.NO), Orion (ORNBV.FH), Raisio (RAIVV.FH), Wihlborgs Fastigheter (WIHL.SS) and Viaplay Group (VPLAY.A.SS), will be among few other names to update investors. Macro-data will include Germany Feb economic sentiment - ZEW, UK Jan claimant count change& Dec unemployment rate, France Q4 unemployment rate and Switzerland Jan CPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Real Estate+1.58%, Retail +1.38%, Basic Resources +1.21%, Insurance +1.21%, Construct & Mtls +1.20%, Financial Svcs +1.04%, Persnl & HHold Goods +1.02%, Banks +0.98%, Chemicals +0.96%, Utilities +0.77%, Telecom +0.70%, Oil & Gas +0.69%, Food & Beverage +0.59%

      • Underperformers: Health Care (0.31%), Technology (0.04%), Ind Goods & Svcs +0.17%, Travel & Leisure +0.24%, Media +0.26%, Autos & Parts +0.52%

    • Macro:

      • NATO is 'All for one, and one for all!' says Poland's Tusk after Trump's attack (Politico)

      • Germany starts work on ammo factory to counter new threats (dw)

      • There are lessons from Russia's GDP growth - but not the ones Putin thinks (FT)

      • Germany's economy is on shaky ground and glimmers of hope are few and far between (CNBC)

      • French MPs angry at move to restrict citizenship on Mayotte (Guardian)

      • Macron's school uniform order starts a new class war (Times)

      • Italian farmers to have fresh meeting with ministry - protest group (Ansa)

      • Dutch court bans export of F-35 fighter jet parts to Israel (dw)

    • Company news:

      • Notable Gainers

        • +18.3% TOD.IM (Tod's €43.00, +6.64) -- L Catterton launches voluntary tender offer over 36% stake in company at €43/share; company to delist

        • +10.1% NDX1.GR (Nordex €10.46, +0.96) -- prelim FY earnings

        • +9.3% RATO.B.SS (Ratos SEK37.26, +3.16) -- confirms FY earnings

        • +5.5% GFRD.LN (Galliford Try Holdings £2.51, +0.13) -- appointed to UK government's new £3.2B affordable homes framework

        • +4.7% WINE.LN (Naked Wines £0.74, +0.03) -- announces early redemption of Vendor Loan Note; loss on redemption of VLN expected to be reported as adjusted item in FY results

        • +4.6% FRAS.LN (Frasers Group £8.19, +0.36) -- to launch new share buyback starting 28-April, of up 10.0M ordinary shares worth no more than £80M

        • +4.3% NOBI.SS (Nobia SEK10.32, +0.42) -- to divest Bribus in the Netherlands to O2 Capital Partners for ~€64M (

        • +1.5% GALP.PL (Galp Energia SGPS €14.59, +0.21) -- Q4 earnings

        • +1.4% SSPG.LN (SSP Group £2.28, +0.03) -- enters agreement to acquire 100% of Airport Retail Enterprises Pty Ltd in Australia

        • +1.3% RNO.FP (Renault €37.90, +0.50) -- and Geely planning to close engine joint venture by end of Feb -- Reuters

        • +1.1% BORR.NO (Borr Drilling NOK68.05, +0.75) -- contract

      • Notable Decliners

        • -8.1% ALIG.SS (Alimak Group SEK86.60, -7.70) -- Q4 earnings

        • -5.9% TLGO.SM (Talgo €4.50, -0.28) -- Talgo share trading suspension to be lifted at 8:30CET on 12-Feb - CNMV

        • -3.7% SRS.IM (Saras €1.73, -0.07) -- Moratti's family sells 35% stake in company to Vitol at €1.75/share

        • -3.5% BBOX.LN (Tritax Big Box REIT £1.54, -0.06) -- company and UK Commercial Property REIT Limited reach agreement on possible all-share offer for UKCM at exchange ratio of 0.444 new ordinary company shares per UKCM share

        • -1.6% NWG.LN (NatWest Group £2.07, -0.03) -- to lower bonus pool ahead of share offer - Sky News; Keefe, Bruyette & Woods downgrade

        • -1.6% STAR.LN (Star Energy Group £0.08, -0.00) -- reserves and resources update

        • -1.2% SOBI.SS (Swedish Orphan Biovitrum SEK252.20, -3.00) -- Orexo and company to advance feasibility study with AmorphO

        • -1.0% BWNG.LN (N Brown Group £0.17, -0.00) -- N Brown Group holder Fraser Group raises holding to 20.02% from 19.36% as at 9-Feb - Filing

        • -0.1% LATO.B.SS (Latour Investment SEK269.40, -0.30) -- FY earnings

    • EU companies reporting tomorrow:

      • Benelux: Randstad (RAND.NA), Wereldhave (WHA.NA)

      • DACHs: Telekom Austria (TKA.AV), thyssenkrupp nucera & Co. (NCH2.GR), NORMA Group (NOEJ.GR), Basilea Pharmaceutica (BSLN.SW)

      • France: Metropole Television (MMT.FP), Vicat (VCT.FP), Linedata Services (LIN.FP)

      • Nordics: Var Energi (VAR.NO), Orion (ORNBV.FH), Mandatum (MANTA.FH), Raisio (RAIVV.FH), WithSecure Corp. (WITH.FH), Wihlborgs Fastigheter (WIHL.SS), INVISIO (IVSO.SS), Bahnhof (BAHN.B.SS), Fasadgruppen (FG.SS), Coinshares International Ltd. (CS.SS), SATS (SATS.NO), Salmon Evolution (SALME.NO), Selvaag Bolig (SBO.NO), Viaplay Group (VPLAY.A.SS), Enad Global 7 (EG7.SS), Nordisk Bergteknik (NORB.B.SS)

      • Southern Europe: Elica (ELC.IM)

      • Trading Update: SII (SII.FP), Haulotte Group (PIG.FP), Broadpeak (ALBPK.FP)

      • Traffic: Fraport AG (FRA.GR)

  • Data:

    • Economics:

      • Denmark Jan CPI +1.2% y/y vs consensus +0.4% and prior +0.7%

    • Markets:

      • WTI Crude (Mar 24): +$0.13 or +0.17% to $76.97

      • €-$ (0.0008) or (0.07%) to 1.0776

      • £-$ +0.0000 or +0.00% to 1.2628

      • €-£ (0.0007) to 0.8533

      • S&P 500 +0.38%

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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