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StreetAccount Summary - EU Market Recap: FTSE 100 +0.75% to 7568.40, DAX +0.38% to 16945.48, CAC40 +0.68% to 7677.35, STOXX 600 +0.50% to 485.24

Feb 14 ,2024

  • Synopsis:

    • European equity markets closed higher. Greece +1.4%, Denmark +1.3% and Norway +0.8% lead outperformers, whilst Portugal (0.6%), Belgium and Spain (0.1%) lead underperformer.

    • Markets reacting positively to cooler-than-expected UK inflation. Europe's main indices sold off sharply on Tuesday. Widespread fallout from hotter-than-expected US CPI print. Large backup in bond yields as markets pushed out expected first Fed rate cut to July. Futures now pricing in ~90 bp of easing in 2024 (vs ~115 earlier this week). However, data not expected to put much of a dent in broader disinflation narrative with inflation expected to moderate following January price hikes. Some thought post-CPI risk-off move more a function of overbought conditions.

    • In other macro news, several ECB officials talk up data-dependent approach and highlight more information needed before cutting rates. On data front, Eurozone industrial production surprises on the upside. Second estimate of Eurozone GDP confirmed at 0.0%. Speculation that German government to cut growth forecast sharply next week.

    • On the corporate front, DACHs names kicked off the session with Bilfinger (GBF.GR), ThyssenKrupp (TKA.GR), Delivery Hero (DHER.GR), MVV Energie (MVV1.GR) and Schindler Holding (SCHN.SW) reporting Q4/FY earnings. In France, Capgemini (CAP.FP), Vicat (VCT.FP) and M6-Metropole (MMT.FP) issued FY numbers, with the latter announcing that Chairman Nicolas de Tavernost will leave his functions before 22-Aug-25.

    • In Nordics, MEKO AB (MEKO.SS), Scandic Hotels Group (SHOT.SS), Norsk Hydro (NHY.NO), Wallenius Wilhelmsen (WAWI.NO), Genmab (GMAB.DC) and Mowi (MOWI.NO) are amongst others in the region to update investor with their latest numbers. In Benelux, OCI NV (OCI.NA), ABN AMRO Bank (ABN.NA), Heineken (HEIA.NA) and Koninklijke Ahold Delhaize (AD.NA) reported end-of-year numbers. Elsewhere, Coca-Cola HBC (CCH.LN), Dunelm Group (DNLM.LN) and MAPFR (MAP.SM) issued H1/FY earnings.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 12-Feb to 16-Feb attached) Sika (SIKA.SW), SoftwareONE (SWON.SW), Commerzbank (CBK.GR), Kojamo (KOJAMO.FH), TietoEVRY Corp. (TIETO.FH), Airbus (AIR.FP), Schneider Electric (SU.FP), Safran (SAF.FP), Pernod Ricard (RI.FP), Orange (ORA.FP), Legrand (LR.FP), Aeroports de Paris ADP (ADP.FP), Renault (RNO.FP), SalMar (SALM.NO), Tomra Systems (TOM.NO), Kahoot! (KAHOT.NO), Wilh. Wilhelmsen (WWI.NO), AF Gruppen (AFG.NO), TGS (TGS.NO), Stellantis (STLA.IM), Unipol Gruppo (UNI.IM), Fortnox (FNOX.SS), Camurus (CAMX.SS), Hufvudstaden (HUFV.A.SS), Embracer (EMBRAC.B.SS),STRABAG (STR.AV) and Valneva (VLA.FP) will be among other names to update investors, whilst the macro-calendar releases will include UK Q4 preliminary GDP, Dec trade balance, construction orders, Jan monthly GDP tracker - NIESR, Switzerland Jan PPI, consumer confidence - SECO, Spain Jan final CPI, Italy Dec trade balance, Netherlands Jan unemployment rate, Denmark Q4 preliminary GDP, Norway Jan trade balance, Eurozone Dec trade balance, Greece Jan CPI, Ireland Jan CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +0.99%, Technology +0.99%, Ind Goods & Svcs +0.97%, Retail +0.86%, Construct & Mtls +0.82%, Consumer Products and Services +0.79%, Health Care +0.77%, Financial Svcs +0.56%,

      • Underperformers:

        • Food, Beverage and Tobacco (0.44%), Basic Resources (0.42%), Energy(0.27%), Utilities (0.13%), Real Estate (0.11%), Telecom +0.06%, Personal Care Drug and Grocery Stores +0.08%, Insurance +0.10%, Travel & Leisure +0.15%, Autos & Parts +0.23%, Banks +0.48%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Nato defence spending to hit record as alliance braces for potential Trump win - FT

        • Russian landing ship Caesar Kunikov sunk off Crimea, says Ukraine - BBC

        • Israel-Hezbollah Tensions Rise After Rocket Barrage From Lebanon - Bloomberg

      • EU

        • Euro Zone Stagnates at Year-End as Industry Shows Improvement - Bloomberg

        • Brussels open to telecoms mergers to support investment - FT

        • EU scales back ambitions for post-Brexit clearing land grab - FT

      • UK

        • UK House Prices Post First Rise in Four Months in Official Data - Bloomberg

        • Labour lead drops to lowest level since last June in new poll - The Telegraph, Reuters

      • Germany

        • Weak German Economy Pulls Eastern European Countries Down - Bloomberg

      • Greece

        • Greece reopens two bond issues, seeking to raise 400 million euros - ekathimerini

        • Bank of Greece intends to introduce limits on loans issued in order to prevent excesses - ekathimerini

      • Sweden

        • Sweden expects Hungary to soon approve NATO membership - Reuters

    • Company news:

      • Trading Higher:

        • +20.7% DHER.GR (Delivery Hero €22.97, +3.86) -- confirms prelim Q4 & FY23 results and FY24 outlook

        • +11.5% PSM.GR (ProSiebenSat.1 Media €6.28, +0.65) -- preim Q4/ FY

        • +9.7% AGAS.NO (Avance Gas Holding NOK138.40, +12.20) -- Q4 earnings

        • +9.6% KAR.SS (Karnov Group SEK62.90, +5.50) -- Q4 earnings; announces cost-efficiencies

        • +9.4% VPK.NA (Royal Vopak €32.44, +2.78) -- Q4 earnings; buyback

        • +9.3% NEOBO.SS (Neobo Fastigheter SEK13.20, +1.12) -- divests six residential properties in Eskilstuna for SEK113M

        • +9.3% GBF.GR (Bilfinger €42.32, +3.56) -- FY earnings

        • +9.1% ALFEN.NA (Alfen €64.04, +5.20) -- FY earnings

        • +8.6% BMY.LN (Bloomsbury Publishing £5.35, +0.43) -- trading update

        • +7.9% CCH.LN (Coca-Cola HBC £23.80, +1.74) -- FY earnings

        • +7.9% BIOA.B.SS (BioArctic SEK212.80, +15.80) -- Q4 earnings

        • +7.8% MEKO.SS (MEKO AB SEK113.60, +8.20) -- Q4 earnings

        • +7.4% LIME.SS (Lime Technologies SEK339.50, +23.50) -- Q4 earnings

        • +7.2% AUTO.NO (AutoStore Holdings NOK19.84, +1.33) -- reports Q4 EPS $0.01 vs FactSet $0.02 [4 est, $0.01-0.02]

        • +7.0% CAP.FP (Capgemini €220.10, +14.50) -- FY earnings

        • +6.7% ABN.NA (ABN AMRO Bank €14.36, +0.90) -- Q4 earnings; upgraded to buy from accumulate at KBC

        • +5.4% SANN1.SW (Santhera Pharmaceuticals Holding CHF10.08, +0.52) -- study update publication

        • +5.4% ELTEL.SS (Eltel SEK7.00, +0.38) -- Q4 earnings

        • +5.0% IMG.CN (IAMGOLD C$3.29, +0.16) -- announces implementation of squeeze-out for the common shares of Euro Ressources

        • +4.9% ANORA.FH (Anora Group €4.42, +0.21) -- Q4 earnings

        • +4.8% VCT.FP (Vicat €35.45, +1.60) -- reports FY net income €258M vs FactSet €228.7M [6 est, €174-254.0M]

        • +4.7% BIOBV.FH (Biohit €2.00, +0.09) -- H2 earnings

        • +4.3% SCHP.SW (Schindler Holding CHF226.40, +9.40) -- Q4 earnings

        • +4.0% PIG.FP (Haulotte Group €2.61, +0.10) -- reports preliminary FY revenue €767M vs FactSet €766.2M [4 est, €760-775.5M]

        • +3.9% DNR.IM (Industrie De Nora €15.29, +0.58) -- reports preliminary FY net income ~ €230M vs FactSet €216.3M [5 est, €202.2-222.8M]

        • +3.6% TREL.B.SS (Trelleborg SEK359.30, +12.30) -- Trelleborg to establish a new business area to strengthen focus on healthcare and medical

        • +3.4% MOWI.NO (Mowi NOK197.60, +6.45) -- Q4 earnings

        • +2.8% AD.NA (Koninklijke Ahold Delhaize €26.66, +0.72) -- Q4 earnings

        • +2.7% VAR1.GR (VARTA €17.13, +0.45) -- cyber attack

        • +2.5% SMCRT.NO (SmartCraft NOK24.70, +0.60) -- reports Q4 revenue NOK107M vs FactSet NOK103.9M [3 est, NOK102-106.5M]

        • +2.4% BDT.GR (Bertrandt €49.60, +1.15) -- reports Q1 EPS €0.78 vs year-ago €0.62

      • Trading Lower:

        • -25.6% KEMPOWR.FH (Kempower €23.00, -7.90) -- reports Q4 EPS €0.10 vs FactSet €0.18 [5 est, €0.12-0.28]

        • -10.7% BGBIO.NO (BerGenBio NOK0.26, -0.03) -- Q4 earnings

        • -9.8% TKA.GR (ThyssenKrupp €4.94, -0.54) -- Q1 earnings

        • -9.1% FIA1S.FH (Finnair €0.03, -0.00) -- Q4 earnings

        • -8.3% PEXIP.NO (Pexip Holding NOK24.30, -2.20) -- reports Q4 revenue NOK285.2M vs FactSet NOK286.1M [3 est, NOK283-290.3M]

        • -7.2% ACAD.SS (AcadeMedia SEK49.72, -3.82) -- Mellby Gård sells all shares in AcadeMedia to the Akelius Foundation

        • -7.0% CRAYN.NO (Crayon Group Holding NOK84.20, -6.35) -- reports Q4 EPS (NOK0.87) vs FactSet NOK1.70 [6 est, NOK1.38-1.90]

        • -6.4% WAWI.NO (Wallenius Wilhelmsen NOK108.90, -7.40) -- Q4 earnings

        • -6.3% HEIA.NA (Heineken €87.54, -5.82) -- FY earnings

        • -6.2% TUI1.GR (TUI Group €6.41, -0.42) -- shareholder approval of proposed delisting from the London Stock Exchange; last day of LSE trading expected to be 21-Jun

        • -6.1% BUSER.SS (Bambuser SEK1.11, -0.07) -- reports Q4 net income (SEK136.4M) vs year-ago (SEK33.7M)

        • -5.8% HVO.LN (hVIVO plc £0.28, -0.02) -- secondary placing

        • -5.4% MAP.SM (MAPFRE €1.93, -0.11) -- FY earnings

        • -4.7% REDX.LN (Redx Pharma £0.21, -0.01) -- responds to press reports; does not seek a US listing

        • -4.1% GIG.NO (Gaming Innovation Group NOK30.25, -1.30) -- Q4 earnings

        • -3.9% FRP.LN (FRP Advisory Group £1.23, -0.05) -- trading update

        • -3.6% ELC.IM (Elica €1.88, -0.07) -- FY earnings; Mediobanca downgrade

        • -3.1% ANX.LN (Anexo Group £0.62, -0.02)

        • -2.7% PGS.NO (PGS ASA NOK6.23, -0.18) -- Norwegian Competition Authority has resolved to continue its assessment of PGS / TGS merger in a Phase II review

        • -2.5% NHY.NO (Norsk Hydro NOK56.28, -1.44) -- Q4 earnings

        • -2.4% PAF.LN (Pan African Resources $0.17, -0.00) -- H1 earnings

        • -2.4% DNLM.LN (Dunelm Group £10.56, -0.26) -- H1 earnings

        • -2.1% CAST.SS (Castellum AB SEK124.10, -2.65) -- Q4 earnings

        • -2.0% SHOT.SS (Scandic Hotels Group SEK51.08, -1.02) -- Q4 earnings

  • EU companies reporting tomorrow:

    • Earnings:

      • Benelux: DSM-Firmenich (DSFIR.NA), BAM Groep (BAMNB.NA), Vastned Retail (VASTN.NA), Fagron (FAGR.BB), SIPEF (SIP.BB)

      • DACHs: Sika (SIKA.SW), SoftwareONE (SWON.SW), Commerzbank (CBK.GR), Elmos Semiconductor (ELG.GR), TAKKT (TTK.GR), Novem (NVM.GR), AMAG Austria Metall (AMAG.AV), DO & CO (DOC.AV)

      • Denmark: Nilfisk (NLFSK.DC)

      • Finland: Kojamo (KOJAMO.FH), TietoEVRY Corp. (TIETO.FH), Citycon (CTY1S.FH), Revenio (REG1V.FH), Marimekko (MEKKO.FH), NoHo Partners (NOHO.FH), Lemonsoft (LEMON.FH)

      • France: Airbus (AIR.FP), Schneider Electric (SU.FP), Safran (SAF.FP), Pernod Ricard (RI.FP), Orange (ORA.FP), Legrand (LR.FP), Aeroports de Paris ADP (ADP.FP), Renault (RNO.FP), Euronext (ENX.FP), La Francaise des Jeux (FDJ.FP), Covivio (COV.FP), Nexans (NEX.FP), Television Francaise 1 (TFI.FP), Elopak (ELO.FP), Tarkett (TKTT.FP)

      • Norway: SalMar (SALM.NO), Tomra Systems (TOM.NO), Kahoot! (KAHOT.NO), Wilh. Wilhelmsen (WWI.NO), AF Gruppen (AFG.NO), TGS (TGS.NO), PGS (PGS.NO), Kid (KID.NO), LINK Mobility (LINK.NO), Hexagon Composites (HEX.NO), Norbit (NORBT.NO), Elmera (ELMRA.NO), Aker Horizons (AKH.NO), Rana Gruber (RANA.NO), B2 Impact (B2I.NO), Elliptic Laboratories (ELABS.NO), Axactor (ACR.NO), Nekkar (NKR.NO)

      • Southern Europe: Stellantis (STLA.IM), Unipol Gruppo (UNI.IM), Novabase (NBA.PL)

      • Sweden: Fortnox (FNOX.SS), Camurus (CAMX.SS), Hufvudstaden (HUFV.A.SS), Embracer (EMBRAC.B.SS), Sinch (SINCH.SS), Bravida (BRAV.SS), BONESUPPORT (BONEX.SS), Vimian (VIMIAN.SS), NCAB (NCAB.SS), Biotage (BIOT.SS), Storskogen (STOR.B.SS), Beijer Alma (BEIA.B.SS), Instalco (INSTAL.SS), AQ (AQ.SS), Swedencare (SECARE.SS), Momentum (MMGR.B.SS), Nederman (NMAN.SS), Storytel (STORY.B.SS), Genovis (GENO.SS), KlaraBo Sverige (KLARA.B.SS), Sedana Medical (SEDANA.SS), Eolus Vind (EOLU.B.SS), Arise (ARISE.SS), CDON (CDON.SS), Mentice (MNTC.SS)

      • UK: RELX (REL.LN), Centrica (CNA.LN), Benchmark (BMK.LN), MJ Gleeson (GLE.LN)

    • Trading Update: STRABAG (STR.AV), Valneva (VLA.FP), Inventiva (IVA.FP), Hoffmann Green Cement Technologies (ALHGR.FP), Bastide Le Confort Medical (BLC.FP), Poxel (POXEL.FP), Checkit (CKT.LN)

    • Traffic: Aeroports de Paris ADP (ADP.FP)

Data:

  • Economics:

    • Eurozone

      • Q4 Preliminary GDP +0.1% y/y vs cons +0.1% and prior 0.0%; 0.0% q/q vs cons 0.0% and prior (0.1%)

      • Dec Industrial Production +1.2% y/y vs cons (4.1%) and prior revised (5.4%) from (6.8%); +2.6% m/m vs cons (0.2%) and prior revised (0.4%) from (0.3%)

    • UK Jan

      • CPI +4.0% y/y vs consensus +4.2% and prior +4.0%; (0.6%) m/m vs consensus (0.3%) and prior +0.4%

      • Core +5.1% y/y vs consensus +5.2% and prior +5.1%

      • RPI +4.9% y/y vs cons +5.1% and prior +5.2%; (0.3%) m/m vs cons (0.1%) and prior +0.5%

      • Output PPI (0.6%) y/y vs cons (0.5%) and prior +0.1%; (0.2%) m/m vs cons (0.1%) and prior revised (0.5%) from (0.6%)

      • Input PPI (3.3%) y/y vs cons (3.0%) and prior revised (2.1%) from (2.8%); (0.8%) m/m vs cons (+0.2%) and prior revised (0.4%) from (1.2%)

    • Norway Q4 GDP +1.5% q/q vs cons +0.6% and prior revised (0.4%) from (0.5%)

    • Netherlands Q4 Preliminary GDP (0.5%) y/y vs cons (1.0%) and prior (0.8%); +0.3% q/q vs cons (0.2%) and prior (0.3%)

  • Markets:

    • WTI Crude (Mar 24): ($0.13) or (0.17%) to $77.74

    • €-$ +0.0016 or +0.14% to 1.0727

    • £-$ (0.0043) or (0.34%) to 1.2551

    • €-£ +0.0042 to 0.8547

    • S&P 500 +0.42%

    • Performance year-to-date

      • FTSE 100: (2.13%)

      • DAX: +1.16%

      • CAC: +1.78%

      • MIB: +3.22%

      • Stoxx 600: +1.30%

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