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StreetAccount Summary - EU Market Recap: FTSE 100 (0.86%) to 7508.62, DAX (0.92%) to 16880.08, CAC40 (0.87%) to 7623.14, STOXX 600 (0.97%) to 482.74

Feb 13 ,2024

  • Synopsis:

    • European equity markets closed lower and near session worst levels. Netherlands (1.5%), Belgium (1.1%) and Finland (1.0%) led the underperformers whilst Denmark, Switzerland and Ireland all down (0.3%) led the outperformers.

    • Focus on UK labor market data which showed ongoing resilience with increase in employment, slower-than-expected fall in wage growth. Of note, BoE Governor Bailey said not to focus too much on data showing UK economy struggled late 2023 and pay attention to recent indicators. Elsewhere, Swiss CPI recorded lowest reading since October 2021 in January, supporting SNB easing expectations. German ZEW economic sentiment index unexpectedly improved in January to 19.9 vs consensus 17.3 and prior 15.2, but current conditions indicator saw another deterioration to -81.7 vs -79.0 forecast and prior -77.3.

    • Central bank narrative also in the spotlight as ECB's focus on backward-looking labour market data risks impacting credibility. Issue already flagged by various analysts, as wages usually track core inflation, with a multi-month lag. ECB's own experimental wage tracker shows peak wage pressures likely passed, although not yet showing clear slowdown in wage inflation to below 4% (Reuters). Even ECB's Wunsch, usually a hawk, said waiting too long may be counterproductive, as there is a trade-off between obtaining clear information while the economy weakens and inflation continues to recede (Econostream).

    • Meanwhile, US CPI came in hotter than expected on both headline (up 0.3% m/m vs 0.2% consensus) and core (up 0.4% vs 0.3% forecast). Comes after previews flagged risk in both directions, with some focus on upside from start-of-the-year price increases for several categories.

    • In corporate news, Siltronic (WAF.GR) reported prelim FY23 EBIT in "significant decline" and FY sales in the region of FY22 as well as cut divi by 60%. Also in the DACH region, thyssenkrupp nucera (NCH2.GR) and Norma Group (NOEJ.GR) reported FY/Q1 updates and Flughafen Zuerich (FHZN.SW) and Fraport (FRA.GR) reported Jan traffic statistics. Basilea Pharmaceutica (BSLN.SW) shares traded notably higher post strong FY numbers with net income CHF10.5M vs company guidance CHF 2-6M and operating income at CHF19.2M vs guidance CHF11-15M.

    • Out of the Nordics, Vår Energi (VAR.NO) released Q4 EPS $0.05 vs FactSet $0.08 along with a dividend of NOK 1.136/share ($270M) for Q4. Enad Global 7 (EG7.SS) and Selvaag Bolig (SBO.NO) also posted their latest numbers. In Benelux, Randstad (RAND.NA) reported Q4 earnings and announced €1.27/share special dividend and the commencement of already communicated fourth tranche of its €400M buyback.

    • In France, Michelin SA (ML.FP) shares traded trading higher on the back of its FY results, €1B buyback announced and dividend hiked by +8%. In the UK, TUI Group (TUI.LN) reported Q1 earnings and confirmed its FY24 guidance

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Insurance (0.04%), Health Care (0.19%), Oil & Gas (0.24%), Autos & Parts (0.26%), Banks (0.27%), Utilities (0.36%), Chemicals (0.51%), Food & Beverage (0.75%), Telecom (0.90%),

      • Underperformers

        • Technology (2.70%), Real Estate(2.41%), Travel & Leisure (1.55%), Financial Svcs (1.54%), Construct & Mtls (1.52%), Persnl & HHold Goods (1.42%), Basic Resources (1.31%), Media (1.31%), Ind Goods & Svcs (1.25%), Retail (1.21%),

    • Macro/Peripheral markets:

      • EU

        • EU proposes curbs on three Chinese firms for aiding Russia - Bloomberg

        • Donald Trump just did Europe a favor - Politico

      • UK

        • Rishi Sunak announces plans to turbocharge development of cities - The times

        • Bank of England plans to stress test insurers on exposure to reinsurance firms - FT

        • Labour withdraws support for Rochdale candidate Azhar Ali over Israel comments - BBC

        • Brexit casts a cloud over Britain's economy, says Goldman Sachs - Euronews

      • France

        • French President Macron's Unemployment Challenge May Help Marine Le Pen - Bloomberg

      • Germany

        • Germany is an unfit man, economy isn't in shape, finance minister says - Reuters

        • Investors upbeat about economic rebound in Germany this year - FT

      • Austria

        • Austria's dependence on Russian gas rises to 98%, two years after Ukraine war - Euractiv

      • Greece

    • Company news:

      • Notable Gainers

        • +8.6% BSLN.SW (Basilea Pharmaceutica CHF36.45, +2.90) -- reports FY net income CHF10.5M vs FactSet CHF5.4M [5 est, CHF4.2-6.4M]

        • +8.0% WITH.FH (WithSecure €1.17, +0.09) -- reports Q4 EPS (€0.07) vs FactSet (€0.03) [5 est, (€0.04)-0.00]

        • +7.3% BEN.FP (Beneteau €12.30, +0.84) -- reports preliminary FY revenue €1.78B vs FactSet €1.76B [5 est, €1.75-1.78B]; Profitability higher than expected in 2023

        • +6.4% ML.FP (Cie Generale des Etablissements Michelin SA €32.75, +1.96) -- reports FY EPS €2.77 vs consensus €2.75; announces up to €1B buyback and hikes divi by +8%

        • +4.4% NCH2.GR (thyssenkrupp nucera €15.60, +0.66) -- reports Q1 EPS €0.02 vs FactSet (€0.01) [3 est, (€0.05)-0.02]; reaffirms FY guidance

        • +1.8% NOEJ.GR (Norma Group €14.56, +0.26) -- reports preliminary FY EBIT €97.5M ex-items vs FactSet €72.4M [7 est, €63-77M]

        • +1.5% CNE.LN (Capricorn Energy £1.22, +0.02) -- issues Senegal update

        • +1.3% SPM.IM (Saipem €1.35, +0.02) -- receives approval from the Australian regulator NOPSEMA for the restart of Castorone operations

        • +1.1% TUI.LN (TUI Group £5.87, +0.07) -- reports Q1 EPS (€0.24) vs year-ago (€0.89); guides 2024 Underlying EBIT to increase by at least +25% y/y

      • Notable Decliners

        • -17.3% EG7.SS (Enad Global 7 SEK12.74, -2.66) -- reports Q4 EPS SEK0.91 vs FactSet SEK0.66 [3 est, SEK0.60-0.78]

        • -10.7% RPTX (Repare Therapeutics $7.51, -0.90) -- to regain global rights to camonsertib from Roche (ROG.SW)

        • -9.8% CTM.SS (Catena Media SEK8.50, -0.93) -- updates financial targets as it transitions to more sustainable revenue model

        • -9.8% CTM.SS (Catena Media SEK8.50, -0.93) -- reports Q4 EPS (€0.47) vs year-ago €0.15

        • -7.2% EJD.GR (Endeavour Silver €1.39, -0.11) -- provides Q4 2023 construction progress update on Terronera Mine; provides 2024 outlook and planning

        • -4.7% MOB.SS (Moberg Pharma SEK16.10, -0.80) -- reports Q4 EPS (SEK0.23) vs year-ago (SEK0.32)

        • -4.4% WIHL.SS (Wihlborgs Fastigheter SEK85.00, -3.90) -- reports Q4 EPRA NRV per share SEK89.17 vs year-ago SEK90.64

        • -3.6% WHA.NA (Wereldhave €13.31, -0.50) -- reports FY DRPS €1.73 vs guidance €1.70-1.75 and FactSet €1.72 [3 est, €1.68-1.74]

        • -3.5% WAF.GR (Siltronic €89.05, -3.20) -- reports prelim FY23 EBIT in "significant decline" and FY sales in the region of FY22; guides FY24 and cuts divi by 60%

        • -2.3% KESKOB.FH (Kesko €17.08, -0.40) -- CFO Jukka Erlund to leave

        • -1.9% FRA.GR (Fraport €51.36, -1.00) -- reports Jan Frankfurt Airport traffic statistics: passengers 4.1M, +11.1% y/y

        • -1.9% COK.GR (CANCOM €28.50, -0.56) -- reports preliminary FY EBITA €64.7M vs guidance for €67-75M

        • -1.9% BAN.IM (BasicNet €4.53, -0.09) -- prelim FY numbers

        • -1.5% FHZN.SW (Flughafen Zuerich CHF178.20, -2.80) -- reports Jan traffic statistics

        • -1.3% ELC.IM (Elica €1.94, -0.03) -- reports FY adjusted net income attributable €11.9M vs FactSet €12.5M [4 est, €12-13.1M]

        • -1.1% RUSTA.SS (Rusta SEK70.40, -0.80) -- Rusta's business systems are fully operational after disruptions

        • -1.1% RAND.NA (Randstad €52.66, -0.58) -- reports Q4 adj net income €248M vs consensus €183M; announces €1.27/share special dividend

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ABN AMRO Bank (ABN.NA), Heineken (HEIA.NA), Ahold Delhaize (AD.NA), OCI (OCI.NA), Royal Vopak (VPK.NA), Alfen (ALFEN.NA), Econocom (ECONB.BB)

        • DACHs: Schindler (SCHN.SW), St. Galler Kantonalbank (SGKN.SW), thyssenkrupp (TKA.GR), MVV Energie (MVV1.GR), Bilfinger (GBF.GR), Bertrandt (BDT.GR)

        • Denmark: Genmab (GMAB.DC)

        • Finland: Kempower (KEMPOWR.FH), Vaisala (VAIAS.FH), Terveystalo (TTALO.FH), Finnair (FIA1S.FH), Anora (ANORA.FH), Taaleri (TAALA.FH), Pihlajalinna (PIHLIS.FH)

        • France: EssilorLuxottica (EL.FP), Capgemini (CAP.FP), Gecina (GFC.FP), Rexel (RXL.FP), Klepierre (LI.FP), Verallia (VRLA.FP), Lectra (LSS.FP), Mercialys (MERY.FP)

        • Norway: Norsk Hydro (NHY.NO), Mowi (MOWI.NO), AutoStore Ltd. (AUTO.NO), Wallenius Wilhelmsen (WAWI.NO), Crayon Group (CRAYN.NO), Kitron (KIT.NO), Nykode Therapeutics (NYKD.NO), Aker BioMarine (AKBM.NO), Akastor (AKAST.NO), Pexip (PEXIP.NO), Zaptec (ZAP.NO), Arctic Fish (AFISH.NO), Next Biometrics (NEXT.NO)

        • Southern Europe: Mapfre (MAP.SM), Telecom Italia (TIT.IM), Piraeus Financial (TPEIR.GA), Interpump (IP.IM), Gefran (GE.IM)

        • Sweden: Castellum (CAST.SS), BioArctic (BIOA.B.SS), Scandic Hotels (SHOT.SS), BTS (BTS.B.SS), Karnov (KAR.SS), MEKO (MEKO.SS), Orron Energy (ORRON.SS), Prevas (PREV.B.SS), Xspray Pharma (XSPRAY.SS), Eltel (ELTEL.SS)

        • UK: Coca-Cola HBC (CCH.LN), Dunelm (DNLM.LN)

  • Data:

    • Economics:

      • France Q4 Unemployment Rate 7.5% vs consensus 7.4% and prior revised 7.5% from 7.4%

      • UK Jan Claimant Count Change +14.1K vs consensus +15.2K and prior revised +5.5K from +11.7K

      • Switzerland Jan CPI +1.3% y/y vs consensus +1.7% and prior +1.7%

      • Germany Feb ZEW survey

        • Economic Sentiment Indicator 19.9 vs consensus 17.4 and prior 15.2

        • Current Situation (81.7) vs consensus (79.0) and prior (77.3)

    • Markets:

      • WTI Crude (Mar 24): +$1.03 or +1.34% to $77.95

      • €-$ (0.0053) or (0.49%) to 1.0721

      • £-$ (0.0024) or (0.19%) to 1.2603

      • €-£ (0.0026) to 0.8505

      • S&P 500 (1.07%)

        • Performance year-to-date

        • FTSE 100: (2.90%)

        • DAX: +0.77%

        • CAC: +1.06%

        • MIB: +2.62%

        • Stoxx 600: +0.78%

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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