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StreetAccount Summary - EU Market Recap: FTSE 100 +0.38% to 7597.53, DAX +0.60% to 17046.69, CAC40 +0.86% to 7743.42, STOXX 600 +0.68% to 488.54

Feb 15 ,2024

  • Synopsis:

    • European indices ended firmly in positive territory following a busy day of corporate and macro updates. Auto, construction and industrial stocks outperform while energy the outsized laggard.

    • European equity markets benefiting from positive earnings, upbeat strategist commentary on outlook and more softer macro data from the UK, which supports BoE rate cut expectations. Debate about ECB rate cut timing continues. ECB President Lagarde also said disinflation process continuing, but emphasized need to be confident on inflation outlook to cut rates. Earlier, Bundesbank chief Nagel, a hawk, said patience is still necessary citing potential for inflation resurgence, Bloomberg reported. Nagel cited surprise beat on US inflation, service sector resilience and wages. Vice President de Guindos was also on the wires, expressing more confidence that inflation is converging towards 2% target, although he reiterated the bank's data-dependency, Bloomberg noted. Analysts agree Europe may see longer-term inflation above target given low productivity, demographics, reshoring and energy transition. Natixis suggests a stagflation situation in the medium term.

    • Macro focus on weaker-than-forecast UK Q4 GDP, which contracted 0.3% and confirmed economy in recession at the end of last year. However, forward-looking indicators suggest economy is already recovering. European Commission cuts its 2024 GDP forecast to 0.8% from prior 1.2%.

    • On the reporting front, amidst the notable gainers post earnings and trading updates are DSM-Firmenich (DSM.NA), Renault (RNO.FP), Pernod Ricard (RI.FP), Commerzbank (CBK.GR), Centrica (CNA.LN), Stellantis (STLAM.IM) and Safran (SAF.FP). On the downside, Starbreeze (STAR.B.SS), Close Brothers Group (CBG.LN), Genus (GNS.LN), Betsson (BETSB.SS). In other company news, of note, Temenos (TEMN.SW) fell ~ (30%) on Hindenburg Research short sell report.

    • In M&A news, GSK Plc (GSK.LN) completed acquisition of Aiolos Bio Other. Delivery Hero (DHER.GR) seeking more than €1B for sale of Southeast Asian business according to Handelsblatt. dsm-firmenich (DSFIR.NA) to separate out Animal Nutrition & Health business from the group. People familiar with the matter say that Barclays (BARC.LN) is in the initial phases of exploring an offer for Societe Generale's (GLE.FP) UK private bank Kleinwort Hambros, which could be worth up to £700M (€818.5M/$878.4M); Lloyds Banking Group (LLOY.LN) and Raymond James (RJF) have also been invited to make offers.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, UK Jan retail sales and France Jan final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Autos & Parts +2.26%, Construct & Mtls +2.04%, Ind Goods & Svcs +2.03%, Retail +1.95%, Real Estate+1.87%, Financial Svcs +1.52%, Persnl & HHold Goods +1.34%, Health Care +1.33%, Chemicals +1.28%, Technology +1.18%, Telecom +0.97%, Food & Beverage +0.93%, Insurance +0.87%, Banks +0.77%

      • Underperformers

        • Oil & Gas (1.16%), Basic Resources +0.37%, Travel & Leisure +0.51%, Media +0.64%, Utilities +0.64%

    • Macro:

      • Central banks

        • ECB policymakers push back on hasty rate cuts even as inflation falls -- Reuters

      • EU

        • EU cuts growth and inflation forecasts for 2024 -- FT

        • EU sees no need to extend deal on Russian gas transit via Ukraine -- Reuters

      • UK

        • UK economy slipped into recession in 2023 -- FT

        • Rishi Sunak's five pledges in tatters as UK slides into recession -- Politico

      • Germany

        • Will Germany deliver on its grand military ambitions? -- FT

      • France

        • France will reach NATO defense spending target in 2024 -- Politico

      • Italy:

        • INPS reports net rise of 844,000 jobs in Italy -- Ansa

    • Company news:

      • Notable Gainers

        • +30.9% TOM.NO (Tomra Systems NOK122.05, +30.81) -- Q4 earnings

        • +20.9% DORO.SS (Doro SEK22.50, +4.20) -- FY earnings

        • +18.0% BAMNB.NA (Koninklijke BAM Groep €2.93, +0.46) -- FY earnings; strategy 2024-2026

        • +12.3% REG1V.FH (Revenio Group €29.10, +3.06) -- Q4 earnings

        • +9.4% ANORA.FH (Anora Group €4.61, +0.42) -- SEB upgrade

        • +9.3% ALMDG.FP (MGI Digital Graphic Technology €15.92, +1.36) -- prelim. FY revenue

        • +9.3% ELG.GR (Elmos Semiconductor €74.20, +6.20) -- Q4 earnings

        • +7.4% DOC.AV (DO & CO €141.00, +9.60) -- Q3 earnings

        • +7.2% ENQ.LN (EnQuest £0.13, +0.01) -- FY23 operations update and FY24 guidance

        • +7.0% GLA1V.FH (Glaston €0.76, +0.05) -- 3-5 year strategic targets

        • +6.9% NORBT.NO (Norbit NOK65.60, +4.40) -- Q4 earnings

        • +6.6% BRAV.SS (Bravida Holding SEK81.65, +5.10) -- Q4 earnings; new revolving credit facility of SEK 2.5B

        • +6.4% ARISE.SS (Arise SEK41.65, +2.40) -- Q4 earnings

        • +6.3% RNO.FP (Renault €39.98, +2.39) -- FY earnings

        • +5.7% FIA1S.FH (Finnair €0.03, -0.00) -- OP Corporate Bank upgrade; Nordea upgrade

        • +5.5% STLAM.IM (Stellantis €23.40, +1.24) -- FY earnings; €3B share buyback program

        • +5.2% NEX.FP (Nexans €92.80, +4.55) -- FY earnings

        • +5.1% GMAB.DC (Genmab DKK2,093.00, +96.50) -- FY earnings; new share buyback program of up to DKK 3.5B

        • +4.7% SECARE.SS (Swedencare SEK63.24, +2.76) -- Q4 earnings

        • +4.6% AQ.SS (AQ Group SEK551.00, +26.00) -- Q4 earnings

        • +4.3% DHER.GR (Delivery Hero €23.48, +0.97) -- Delivery Hero seeking more than €1B for sale of Southeast Asian business - Handelsblatt

        • +4.2% SAF.FP (Safran €181.64, +7.36) -- FY earnings

        • +3.9% PRY.IM (Prysmian €42.93, +1.61) -- ~ €5B contracts with Amprion

        • +3.8% TTALO.FH (Terveystalo €7.89, +0.29) -- SEB upgrade

        • +3.4% HOT.GR (Hochtief €101.20, +3.40) -- initiated overweight at Barclays

        • +3.4% SALM.NO (Salmar NOK613.80, +19.80) -- Q4 earnings

        • +2.7% SGO.FP (Compagnie de Saint-Gobain €69.68, +1.84) -- Goldman Sachs upgrade

        • +2.6% JET2.LN (Jet2 £13.87, +0.35) -- FY trading update

        • +2.3% BEIA.B.SS (Beijer Alma SEK183.60, +4.00) -- Q4 earnings

        • +2.3% NKR.NO (Nekkar NOK10.76, +0.24) -- Q4 earnings

        • +2.1% RI.FP (Pernod Ricard €162.65, +3.25) -- H1 earnings

        • +2.1% ICP.LN (Intermediate Capital Group £18.27, +0.36) -- initiated overweight at Morgan Stanley

        • +2.0% ADP.FP (Aeroport de Paris €122.70, +2.40) -- Jan traffic; FY earning

        • +1.9% APETIT.FH (Apetit €13.40, +0.25) -- Q4 earnings

        • +1.8% SEQUA.BB (Sequana Medical €2.95, +0.05) -- Degroof downgrade

      • Notable Decliners

        • -35.7% RENX.LN (Renalytix £0.34, -0.16) -- Q2 earnings

        • -28.2% TEMN.SW (Temenos CHF0.00, -24.94) -- company statement in repsonse to research report; Hindenburg Research releases new negative research report

        • -22.8% CBG.LN (Close Brothers Group £3.47, -0.91) -- H1 trading update

        • -17.8% CAMX.SS (Camurus SEK467.20, -96.70) -- Q4 earnings

        • -16.1% GNS.LN (Genus £15.96, -3.43) -- H1 trading update

        • -15.3% STAR.B.SS (Starbreeze SEK0.34, -0.06) -- Q4 earnings

        • -15.2% EMBRAC.B.SS (Embracer Group SEK18.46, -3.22) -- Q3 earnings

        • -14.2% AGAS.NO (Avance Gas Holding NOK128.20, -19.60) -- Fearnley downgrade

        • -13.7% MNTC.SS (Mentice SEK34.70, -5.40) -- FY earnings

        • -12.3% SOLG.LN (SolGold £0.06, -0.01) -- Q2 earnings

        • -11.4% BETSB.SS (Betsson SEK111.40, -13.80) -- Q4 earnings

        • -7.6% BWLPG.NO (BW LPG NOK128.80, -10.30) -- Fearnley downgrade

        • -6.8% MEKKO.FH (Marimekko €11.72, -0.89) -- Q4 earnings

        • -6.7% CKT.LN (Checkit £0.22, -0.02) -- FY trading update

        • -5.8% ELMRA.NO (Elmera Group NOK29.54, -1.78) -- Q4 earnings

        • -5.3% ACR.NO (Axactor NOK4.97, -0.27) -- Q4 earnings

        • -5.1% SEDANA.SS (Sedana Medical SEK18.42, -1.02) -- FY earnings

        • -4.9% OPTOMED.FH (Optomed €3.51, -0.18) -- Q4 earnings

        • -4.2% KRZ.ID (Kerry Group €79.10, -3.46) -- FY earnings

        • -4.0% BOUV.NO (Bouvet NOK59.80, -2.40) -- initiated sell at Arctic Securities

        • -4.0% GENO.SS (Genovis SEK45.50, -1.95) -- Q4 earnings

        • -2.6% ACAD.SS (AcadeMedia SEK48.12, -1.28) -- change of ownership statement

        • -2.3% BMK.LN (Benchmark Holdings £0.44, -0.01) -- Q1 earnings

        • -2.0% INSTAL.SS (Instalco SEK38.98, -0.80) -- Q4 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Umicore (UMI.BB)

        • DACHs: Swiss Re (SREN.SW), HELLA & Co. (HLE.GR), DKSH (DKSH.SW), Rosenbauer International (ROS.AV)

        • Finland: Metso Outotec (METSO.FH), Uponor (UPONOR.FH), Qt (QTCOM.FH), Alma Media (ALMA.FH), F-Secure (FSECURE.FH), Oriola Corp. (OKDBV.FH), Aspo (ASPO.FH),

        • France: Eutelsat Communications (ETL.FP)

        • Norway: Norwegian Air Shuttle (NAS.NO), Klaveness Combination Carriers (KCC.NO), Bouvet (BOU.NO), AKVA (AKVA.NO)

        • Southern Europe: Eni (ENI.IM), UnipolSai Assicurazioni (US.IM)

        • Sweden: NIBE Industrier (NIBE.B.SS), Sagax (SAGA.B.SS), Fagerhult (FAG.SS), Alligo (ALLIGO.B.SS), Logistea (LOGI.B.SS), Net Insight (NETI.B.SS), Implantica (IMP.A.SS), FormPipe Software (FPIP.SS)

        • UK/Ireland: NatWest (NWG.LN), Kingspan (KRX.ID), SEGRO (SGRO.LN), TBC Bank (TBCG.LN)

  • Data:

    • Economics:

      • Eurozone Dec Trade Balance €16.8B vs consensus €21.5B and prior €20.3B

      • UK

        • Q4

        • Preliminary GDP (0.2%) y/y vs consensus +0.1% and prior revised +0.2% from +0.3%; (0.3%) q/q vs consensus (0.1%) and prior (0.1%)

        • Dec

        • Industrial Production +0.6% y/y vs consensus (0.4%) and prior revised +0.1% from (0.1%)

        • Construction Output (3.2%) y/y vs consensus (1.4%) and prior revised (0.7%) from +0.9%

        • Visible Trade Balance (£13.99B) vs consensus (£14.9B) and prior revised (£15.13B) from (£14.19B)

      • Italy Dec Trade Balance €5.61B vs consensus €3.6B and prior revised €3.88B from €3.89B

      • Spain Jan CPI +3.4% y/y vs preliminary +3.4%

      • Netherlands Jan Unemployment Rate 3.6% vs consensus 3.7% and prior 3.6%

      • Switzerland Jan PPI (2.3%) y/y vs consensus (1.5%) and prior (1.1%)

      • Norway Jan Trade Balance NOK 72.9B vs consensus NOK59.0B and prior NOK77.3B

    • Markets:

      • WTI Crude (Mar 24): +$1.22 or +1.59% to $77.86

      • €-$ +0.0033 or +0.31% to 1.0761

      • £-$ +0.0014 or +0.11% to 1.2580

      • €-£ +0.0016 to 0.8555

      • S&P 500 +0.18%

      • Performance year-to-date:

        • FTSE 100: (1.75%)

        • DAX: +1.76%

        • CAC: +2.65%

        • MIB: +4.42%

        • Stoxx 600: +1.99%

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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