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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.29% to 7684.49, DAX +1.47% to 17370.45, CAC40 +1.27% to 7911.60, STOXX 600 +0.82% to 495.10

Feb 22 ,2024

  • Synopsis:

    • European indices ended broadly higher following a busy day of corporate and macro updates. Tech and Autos&Parts stocks outperform while Food&Bev the main laggard. Risk on driven by latest bout of AI enthusiasm following another blowout Q and guidance from ~NVDA~. Company delivered against very elevated expectations.

    • Main macro highlight in Europe February PMIs. Eurozone composite reading beat amid better-than-expected service sector reading. Germany continues to struggle, while French manufacturing and services sectors have bottomed out. UK composite PMI at nine-month high on services sector strength.

    • Bloomberg reported Eurozone money markets have pared back ECB rate cut expectations. Markets pricing in just under four quarter-point rate increases this year. First rate cut seen in June and only one-in-three chance of April move. Article pointed out that at the end of last year when market was focused on weaker-than-expected macroeconomic indicators there were as many as seven rate cuts priced in.Warnings about high reputational cost if it was forced to reverse course later. More BoE rate cut caution from MPC member Greene earlier.

    • On the reporting front, several top earnings reported today with Iberdrola (IBE.SM), Anglo American (AAL.LN), Lloyds Banking Group (LLOY.LN), Rolls-Royce Holdings (RR.LN), WPP Group (WPP.LN), Telefonica (TEF.SM), ENGIE (ENGI.FP), Mercedes-Benz (MBG.GR), Accor (AC.FP), Nestle (NESN.SW), Axa (CS.FP), Zurich Insurance Group (ZURN.SW) and Danone (BN.FP).

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Q4 final GDP, Feb business climate - Ifo, UK Feb consumer confidence - Gfk, Feb distributive trades - CBI and Eurozone Jan consumer inflation expectations.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +3.04%, Autos & Parts +2.72%, Consumer Products and Services +1.58%, Travel & Leisure +1.50%, Insurance +1.44%, Ind Goods & Svcs +1.14%, Health Care +1.02%

      • Underperformers

        • Food, Beverage and Tobacco (1.35%), Utilities (0.74%), Personal Care Drug and Grocery Stores (0.68%), Retail (0.10%), Construct & Mtls (0.04%), Basic Resources +0.25%, Oil&Gas+0.25%, Real Estate +0.53%, Telecom +0.54%, Media +0.63%, Chemicals +0.64%, Financial Svcs +0.81%

    • Macro:

      • Central banks:

        • ECB makes first loss since 2004 due to higher interest costs -- FT

        • BOE Policymaker Greene Signals She Is Not Ready to Back Rate Cuts Yet - Bloomberg

      • EU:

        • EU Farmers Push the Bloc to Limit Ukraine Trade Measures -- Bloomberg

      • UK:

        • PMIs Suggest UK Recession May Already Be Over -- Bloomberg

      • Germany:

        • German economic downturn deepens unexpectedly in February - PMI -- Reuters

      • France:

        • France unveils €10B budget cuts as growth slows -- LeMonde

    • Company news:

      • Notable Gainers

        • +23.2% INDV.LN (Indivior £16.03, +3.15) -- FY earnings

        • +20.0% MRL.LN (Marlowe £5.70, +0.85) -- to dispose of certain GRC software and services assets for an enterprise value of £430M in cash; announces CEO change

        • +17.9% CHEF.SS (Cheffelo SEK24.40, +3.45) -- Q4 earnings

        • +13.2% GXI.GR (Gerresheimer €99.70, +11.90) -- Q4 earnings

        • +11.2% SYNACT.SS (SynAct Pharma SEK8.85, +0.89) -- trial data

        • +10.6% SOP.FP (Sopra Steria Group €231.00, +22.40) -- Axway Software (AXW.FP) announces entering into exclusive discussions to acquire most of Sopra Banking Software activities; FY earnings

        • +10.2% CBRAIN.DC (cBrain DKK286.50, +27.50) -- prelim FY earnings

        • +10.1% JUP.LN (Jupiter Fund Management £0.88, +0.08) -- FY earnings

        • +9.9% IRLAB.A.SS (IRLAB Therapeutics SEK14.40, +1.30) -- trial update

        • +9.3% SUN.SW (Sulzer CHF93.75, +8.15) -- FY earnings

        • +9.2% ICP1V.FH (Incap Oyj €8.15, +0.66) -- FY earnings

        • +9.1% BEZ.LN (Beazley £6.36, +0.53) -- updates guidance on undiscounted combined ratio and announces additional capital return

        • +8.3% MTHH.DC (MT Hojgaard Holding DKK143.00, +11.00) -- FY earnings

        • +8.2% BTS.B.SS (BTS Group SEK307.50, +23.50) -- Q4 earnings

        • +7.8% RR.LN (Rolls-Royce Holdings £3.56, +0.26) -- FY earnings

        • +7.8% CINT.SS (Cint Group SEK12.59, +0.90) -- Q4 earnings

        • +7.6% CMBN.SW (Cembra Money Bank CHF72.50, +5.20) -- FY earnings

        • +7.4% POM.FP (Plastic Omnium €11.07, +0.77) -- FY earnings

        • +7.2% KBX.GR (Knorr-Bremse €62.16, +4.20) -- FY earnings

        • +7.1% BVI.FP (Bureau Veritas €26.58, +1.79) -- FY earnings; acquisition

        • +7.0% AALB.NA (Aalberts €40.76, +2.58) -- FY earnings

        • +5.8% TEM1V.FH (Tecnotree €0.32, +0.02) -- Q4 earnings

        • +5.2% REP.SM (Repsol €14.34, +0.71) -- Q4 earnings

        • +5.0% MBG.GR (Mercedes-Benz Group €71.13, +3.42) -- Q4 earnings

        • +4.7% INH.GR (INDUS Holding €22.55, +1.00) -- prelim FY earnings

        • +4.6% BESI.NA (BE Semiconductor Industries €180.75, +7.15) -- Q4 earnings

        • +2.7% ASM.NA (ASM International €578.70, +14.50) -- initiated hold at HSBC

        • +2.3% SOI.FP (SOITEC €146.20, +3.25) -- initiated buy at HSBC

      • Notable Decliners

        • -19.5% SSH1V.FH (SSH Communications Security €1.56, -0.36) -- Q4 earnings

        • -19.3% DIST.SS (DistIT SEK4.46, -1.10) -- FY earnings

        • -15.0% BIOPOR.DC (BioPorto DKK1.80, -0.31) -- FY earnings

        • -13.1% KUD.SW (Kudelski CHF1.33, -0.21) -- FY earnings

        • -9.0% AROC.SS (AroCell SEK0.39, -0.04) -- Q4 earnings

        • -8.8% AXW.FP (Axway Software €26.40, -2.60) -- exclusive discussions to acquire most of Sopra Banking Software activities

        • -7.7% BTLS.BB (Biotalys €3.80, -0.31) -- FY earnings

        • -7.4% VINCIT.FH (Vincit €2.79, -0.22) -- FY earnings

        • -6.9% ISS.DC (ISS A/S DKK125.10, -9.55) -- Q4 earnings

        • -6.4% HL.LN (Hargreaves Lansdown £7.45, -0.52) -- H1 earnings

        • -6.3% ATRAV.FH (Atria €9.73, -0.67) -- Q4 earnings; acquisition

        • -5.9% WPP.LN (WPP Group £7.57, -0.46) -- FY earnings

        • -5.7% SLP.LN (Sylvania Platinum £0.51, -0.03) -- H1 earnings

        • -5.6% BMAX.SS (Byggmax Group SEK34.30, -1.98) -- Kepler Cheuvreux downgrade

        • -5.4% GSF.NO (Grieg Seafood NOK63.60, -3.60) -- Q4 earnings

        • -4.9% NESN.SW (Nestle CHF95.08, -4.88) -- FY earnings

        • -3.5% FNM.SS (Ferronordic SEK66.25, -2.50) -- Q4 earnings

        • -3.4% MTX.GR (MTU Aero Engines €215.10, -7.50) -- guides FY24

        • -3.4% MVIR.SS (Medivir SEK3.13, -0.11) -- trial results

        • -3.2% DHER.GR (Delivery Hero €21.07, -0.72) -- negotiations regarding potential sale of foodpanda business in select SE Asia markets terminated

        • -3.2% TRCS.LN (Tracsis £9.00, -0.30) -- trading update

        • -3.1% VSSAB.B.SS (Viking Supply Ships SEK97.50, -3.00) -- Q4 earnings

        • -2.6% LUMEN.SS (LumenRadio SEK96.00, -3.00) -- Q4 earnings

        • -1.1% VIVE.SS (Vivesto SEK0.35, -0.00) -- Q4 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Proximus (PROX.BB), Cofinimmo (COFB.BB), What's Cooking Group NV (WHATS.BB), Brunel International (BRNL.NA)

        • DACHs: Deutsche Telekom (DTE.GR), Allianz (ALV.GR), BASF (BAS.GR), HENSOLDT (HAG.GR), Calida Holding (CALN.SW)

        • Nordics: Okeanis Eco Tankers Corp. (OET.NO), Pagero Group (PAGERO.SS), Norva24 Group (NORVA.SS), RaySearch Laboratories (RAY.B.SS), Scandinavian Enviro Systems (SES.SS), Cavotec (CCC.SS), Scanfil (SCANFL.FH), Afarak Group (AFAGR.FH)

        • Southern Europe: Sogefi (SGF.IM)

        • UK: Standard Chartered (STAN.LN), City of London Investment Group (CLIG.LN)

  • Data:

    • Economics:

      • Eurozone

        • Jan CPI +2.8% y/y vs preliminary +2.8%

        • Feb Flash Manufacturing PMI 46.1 vs consensus 47.0 and prior 46.6

        • Feb Flash Services PMI 50.0 vs consensus 48.8 and prior 48.4

      • Germany Feb Flash

        • Manufacturing PMI 42.3 vs consensus 46.1 and prior 45.5

        • Services PMI 48.2 vs consensus 48.0 and prior 47.7

      • France Feb

        • Flash Manufacturing PMI 46.8 vs consensus 43.5 and prior 43.1

        • Services PMI 48.0 vs consensus 45.6 and prior 45.4

        • Manufacturing Business Climate 100 vs consensus 100 and prior revised to 99 from 99

        • Business Survey 97.8 vs consensus 99 and prior revised to 98.6 from 98.4

      • UK Feb Flash

        • Manufacturing PMI 47.1 vs consensus 47.5 and prior 47.0

        • Services PMI 54.3 vs consensus 54.1 and prior 54.3

      • Italy Jan CPI y/y +0.8% vs consensus +0.8%

    • Markets:

      • WTI Crude (24-Apr): +$0.46 or +0.59% to $78.37

      • €-$ (0.0004) or (0.04%) to 1.0815

      • £-$ (0.0001) or (0.01%) to 1.2637

      • €-£ (0.0006) to 0.8557

      • S&P 500 +1.74%

      • Performance year-to-date:

        • FTSE 100: (0.63%)

        • DAX: +3.69%

        • CAC: +4.88%

        • MIB: +6.60%

        • Stoxx 600: +3.36%

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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