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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.33% to 7709.94, DAX +0.27% to 17418.11, CAC40 +0.71% to 7967.73, STOXX 600 +0.45% to 497.31

Feb 23 ,2024

  • Synopsis:

    • European equity markets ended narrowly mixed with pan-European indices around session lows. Italy and Switzerland +0.9%, France +0.7% led the outperformers whilst Austria (1.0%) followed by Greece and Denmark both down (0.4%) led the underperformers.

    • Central bank narrative continued as ECB's Simkus pushed back rate cut speculation, saying April cut unlikely vs previously saying it was possible. Wires also cited comments from ECB's Holzmann who said it was better to cut later and faster than too early. Further on central banks updates, ECB's latest consumer expectations survey showed consumer inflation expectations edging up. ECB highlighted inflation over one-year and three-year horizon remained well below perceived past inflation rate, which stood at 6.0% in January from prior 6.9%.

    • Focus also on energy prices headlines. ECB's Schnabel said this morning speaking at Italy's Bocconi University, energy price shock and supply disruptions have been fading. Also added economy is bottoming out as peak of transmission may have been reached. In the UK, energy regulator OFGEM to reduce price cap by 12% in April, for three months, following gas price decline (FT). Energy price cap will be lowest since March 2022 although prices remain above pre-Ukraine war levels, with many households still struggling (BBC). OFGEM also said price cap will be further lowered in July.

    • From a macroeconomic calendar perspective, focus on German Q4 GDP confirmed at -0.3% q/q with final reading in line with expectations. Economy only escaped recession due to stagnation in Q3, but data for Q1 2024 has been weak and economy may not escape winter recession. Also in Germany, Ifo business climate index edges up in February. Meanwhile, Eurozone consumer inflation expectations up a notch with one-year expectations at 3.3% versus prior 3.2%. Meanwhile, UK GfK consumer confidence dipped in February amid worries over persistently high inflation. Follows PMI update Thursday, with strength of services sector underpinning price pressures.

    • In corporate news, BASF SE (BAS.GR) reported final FY earnings in line with preliminary and proposed dividend of €3.40/share at prior-year level. Still in the DACH region, Allianz (ALV.GR) Q4 Core Net income €2.35B vs consensus €2.28B; announced new share buyback and 2024 operating profit target of €14.8B, +/- €1B vs FactSet €15.41B. Deutsche Telekom (DTE.GR) released Q4 EPS, net income, FCF AL missed; revenue, EBITDA beat and provided 2024 guidance.

    • In France, Fnac Darty (FNAC.FP) published FY adj. net income €31M vs FactSet €61.5M and announced share buyback. In the Benelux, Proximus (PROX.BB) posted Q4 EPS €0.28 vs consensus €0.21 along with a gross dividend of €1.20/sh over the result of 2023. Cofinimmo (COFB.BB) FY EPS €7.07 vs FactSet €6.92 and provided FY24 outlook.

    • In the UK, Standard Chartered (STAN.LN) reported Q4 underlying EPS $0.30 vs FactSet $0.26 and announced new $1B share buyback. Chemring Group (CHG.LN) said in its AGM update board's expectations for FY24 performance unchanged.

    • On M&A front, FT reported that OMV (OMV.AV) and Adnoc merger talks are stalling. People familiar with the matter told the FT that due to a series of disagreements, negotiations have cooled as both sides seek to navigate issues such as the deal's complexity and the cross-shareholdings between the companies' chemicals arms.

    • The week ahead sees a meeting of G20 finance ministers and central bank governors, Feb manufacturing PMIs from across the region, Q4 final GDPs from across the region, Eurozone Feb economic/industrial sentiment, as well as earnings/updates from the likes of Anheuser-Busch InBev (ABI.BB), CRH (CRH.LN), Holcim Ltd. (HOLN.SW), London Stock Exchange Group (LSEG.LN), MunichRe (MUV2.GR), Reckitt Benckiser (RKT.LN) and Universal Music Group (UMG.NA).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Chemicals +1.01%, Autos & Parts +1.00%, Financial Svcs +0.87%, Banks +0.80%, Retail +0.76%, Health Care +0.70%, Ind Goods & Svcs +0.58%, Media +0.56%, Travel & Leisure +0.55%, Persnl & HHold Goods +0.53%, Construct & Mtls +0.51%, Basic Resources +0.47%

      • Underperformers

        • Technology (0.35%), Oil & Gas (0.20%), Real Estate(0.09%), Telecom (0.08%), Utilities +0.02%, Insurance +0.09%, Food & Beverage +0.16%

    • Macro/Peripheral markets:

      • EU

        • EU quartet warns German gas transit costs will fuel need for Russian imports - FT

        • Why Europe's farmers are still on the warpath - FT

      • ECB

        • ECB Consumer Expectations Survey results January 2024 - release

        • ECB's Lagarde: Q4 wage data encouraging but not enough - Reuters

      • NATO

        • Support grows for Rutte as next NATO boss, but Eastern Europe still lurking - Euractiv

      • Geopolitics

        • Israel presents first plan for post-war Gaza - Telegraph

      • UK

        • UK Consumer confidence retreats amid caution about economy - Bloomberg

        • Energy price cap to fall but bills to include 'temporary' charge to help tackle record debt - Sky

        • Typical energy bill to fall £238 a year from April under new price cap - BBC

      • Germany

        • Bundesbank sees years of losses ahead, but thinks the worst is over - Politico

      • France

        • France's $1.5B uranium deal with Mongolia faces delays - Bloomberg

      • Italy

        • Discussion needed on third term, regions tell government - Ansa

      • Poland

        • Poland to get up to €137B in funds, says EU chief - Reuters

      • Greece

        • SYRIZA MP criticizes party chief, points to potential challenger - ekathimerini

    • Company news:

      • Notable Gainers

        • +8.3% GF.SW (Georg Fischer CHF66.80, +5.10) -- decides not to increase share capital

        • +7.9% RAY.B.SS (RaySearch Laboratories SEK92.40, +6.80) -- Q4 earnings

        • +7.8% FNAC.FP (Fnac Darty €26.50, +1.92) -- FY earnings; announces share buyback program for up to €4.5M; Bryan Garnier upgrade

        • +6.1% CCC.SS (Cavotec SEK14.80, +0.85) -- Q4 earnings

        • +6.0% STOCKA.FH (Stockmann €3.02, +0.17) -- proposes name of Stockmann plc would be changed to Lindex Group plc; continues to investigate strategic alternatives for Stockmann Department Stores business

        • +5.4% BAMI.IM (Banco BPM €5.46, +0.28) -- BofA upgrade

        • +4.9% STAN.LN (Standard Chartered £6.35, +0.29) -- Q4 earnings; launches new $1B share buyback

        • +4.3% ADN1.GR (adesso €99.20, +4.10) -- preliminary FY earnings

        • +2.1% RHM.GR (Rheinmetall €410.30, +8.60) -- contract

      • Notable Decliners

        • -81.7% SED.LN (Saietta Group £0.01, -0.05) -- board has decided to conduct a formal review of the strategic options available to the company

        • -26.6% ABLI.SS (Abliva SEK0.17, -0.06) -- FY earnings; resolves on a fully guaranteed rights issue of SEK 46M and a directed issue of convertible bonds of SEK 42M

        • -20.4% ONCO.SS (Oncopeptides SEK6.00, -1.54) -- Oncopeptides receives positive recommendation for Pepaxti by Spanish Pricing Authority

        • -9.6% MBTN.SW (Meyer Burger Technology CHF0.08, -0.01) -- proposes CHF200-250M rights issue for Colorado and Arizona manufacturing facilities at EGM

        • -9.2% CTY1S.FH (Citycon €4.03, -0.41) -- explores conditions to carry out directed share issue of up to 11.9M new shares; OP Corporate Bank downgrade

        • -6.5% SBX.NO (Seabird Exploration NOK4.33, -0.30) -- Q4 earnings

        • -4.7% BRNL.NA (Brunel International €10.56, -0.52) -- Q4 earnings

        • -4.2% DOM.LN (Domino's Pizza Group £3.52, -0.16) -- Barclays downgrade

        • -3.8% ISS.DC (ISS A/S DKK123.80, -4.95) -- Nordea downgrade

        • -3.4% ALV.GR (Allianz €246.50, -8.60) -- Q4 earnings; announces new share buyback program for up to €1B and amendment of dividend policy; AlTi Global announces strategic investment of up to $450M from company and Constellation Wealth Capital

        • -3.2% TRB.LN (Tribal Group £0.42, -0.01) -- updates on NTU demand

        • -2.6% SLR.SM (Solaria Energia €11.57, -0.31) -- initiated equal-weight at Morgan Stanley

        • -2.6% ST5.GR (STEICO €26.10, -0.70) -- elects new Chair

        • -2.2% GPE.LN (Great Portland Estates £3.60, -0.08) -- UBS transferred neutral

        • -1.6% EN.FP (Bouygues €34.26, -0.56) -- signs exclusivity agreement with La Poste group for the acquisition of the virtual operator La Poste Telecom and a distribution partnership

        • -1.6% LHA.GR (Deutsche Lufthansa €7.38, -0.12) -- announces reorganization of executive board; CFO to step down

        • -1.0% DTE.GR (Deutsche Telekom €22.13, -0.22) -- Q4 earnings

        • -0.6% ABBN.SW (ABB Limited CHF40.37, -0.25) -- CEO to step down

        • -0.6% SEB.A.SS (Skandinaviska Enskilda Banken SEK150.45, -0.95) -- Keefe, Bruyette & Woods and HSBC downgrades

    • EU companies reporting on Monday:

      • Earnings:

        • Benelux: Retail Estates (RET.BB), PostNL (PNL.NA)

        • DACHs: Liechtensteinische Landesbank (LLBN.SW)

        • France: Gaztransport & Technigaz (GTT.FP)

        • Nordics: Samh nllsbyggnadsbolaget I Norden (SBB.B.SS), Fynske Bank (FYNBK.DC)

        • Southern Europe: Banco Comercial Portuguese (BCP.PL), CIE Automotive (CIE.SM)

        • UK/Ireland: Bunzl (BNZL.LN), Bank of Ireland Group (BIRG.ID), Tristel Plc (TSTL.LN)

  • Data:

    • Economics:

      • Germany

        • Q4 GDP (0.2%) y/y vs preliminary (0.2%); (0.3%) q/q vs preliminary (0.3%)

        • Feb IFO Business Climate 85.5 vs consensus 85.5 and prior 85.2

          • Current Conditions 86.9 vs consensus 86.7 and prior revised 86.9 from 87.0

          • Expectations 84.1 vs consensus 84.0 and prior 83.5

    • Markets:

      • WTI Crude (Apr 24): ($1.25) or (1.59%) to $77.36

      • €-$ +0.0003 or +0.03% to 1.0827

      • £-$ +0.0012 or +0.10% to 1.2673

      • €-£ (0.0008) to 0.8543

      • S&P 500 +0.10%

      • Performance year-to-date

        • FTSE 100: (0.30%)

        • DAX: +3.98%

        • CAC: +5.63%

        • MIB: +7.60%

        • Stoxx 600: +3.82%

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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