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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.08% to 7646.16, DAX (0.10%) to 17698.40, CAC40 (0.30%) to 7932.82, STOXX 600 (0.23%) to 496.27

Mar 05 ,2024

  • Synopsis:

    • European indices ended mostly mixed to lower Tuesday. UK and Spain firmer. In sectors, Utilities the outsized gainer while Technology, basic resources and Consumer Products and Services were the main laggards.

    • Markets pulling back a bit after STOXX 600 hit new high on Monday. Recent focus has been on narrow leadership and stretched positioning. Support coming from pickup in inflows, supportive earnings and buybacks and dividend announcements. In terms of macro picture, potential for soft landing remains in Eurozone and UK economy shows signs of recovery.

    • ECB source report says forecast for Eurozone inflation to be cut this year and maybe next. In macro-news, February Eurozone business activity showed signs of recovery with the services industry expanding for the first time since July, offsetting a deeper contraction in manufacturing. The services PMI rose to 50.2 from 48.4, beating the 50.0 flash reading. Germany's services component came in at 48.3 vs preliminary 48.2, while France's outcome was 48.4 vs preliminary 48.0 and Italy's was at 52.2 vs consensus 52.3 and prior 51.2. The UK final PMI revised down. Services sector reading at 53.8 versus flash 54.3 and prior 54.3. Also, Eurozone PPI falling faster than expected in January (8.6%) y/y vs consensus (8.1%) and prior revised (10.7%) from (10.6%). French January industrial production missed by a wide margin (1.1%) m/m vs consensus (0.1%) and prior revised +0.4% from +1.1% while Italy Q4 Final GDP revised upward +0.6% y/y vs preliminary +0.5%. Elsewhere, industry data showed weakness in UK retail sales in February in line with other recent releases from the sector. Bloomberg survey expects UK to skew bond sales towards shorter maturities in coming fiscal year due to dwindling demand for long-dated debt. In politics, media reports UK Chancellor Hunt set to announce a cut to national insurance by 2p in his budget.

    • On the corporate front, out of the DACHs region, Bayer AG (BAYN.GR) and Chocoladefabriken Lindt & Spruengli (LISN.SW) udpated investors before the open. In France, Thales (HO.FP) and Coface (COFA.FP) issued their most recent numbers, whilst - in the UK, Intertek Group (ITRK.LN) published FY, with Greggs (GRG.LN), Ashtead Group (AHT.LN) and IWG Plc (IWG.LN) among few other names from the region to post their earnings.

    • In M&A headlines, media reports Engie (ENGI.FP) is seeking to divest $1B worth of US renewable assets; also, EU antitrust regulators temporarily halted investigation into IAG's (IAG.LN) bid to acquire Air Europa; Viavi Solutions (VIAV) will acquire Spirent Communications (SPT.LN) for 175p/sh, or £1.01B ($1.28B)and Caverion Corporation (CAV1V.FH) and Assemblin Group will merge.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Jan trade balance, Feb construction PMI, UK Feb construction PMI and Eurozone Jan retail sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Utilities +1.86%, Insurance +0.61%, Telecom +0.55%, Banks +0.33%, Personal Care Drug and Grocery Stores +0.19%, Oil&Gas+0.11%, Food, Beverage and Tobacco +0.05%, Real Estate (0.12%), Financial Svcs (0.15%), Retail (0.16%), Autos & Parts (0.16%), Media (0.16%)

      • Underperformers

        • Technology (1.59%), Consumer Products and Services (0.88%), Basic Resources (0.87%), Construct & Mtls (0.60%), Ind Goods & Svcs (0.52%), Health Care (0.45%), Chemicals (0.26%)

    • Macro:

      • Central Banks:

        • Euro-Area Inflation Reaches 2% in BE Nowcast Just as ECB Policymakers Meets -- Bloomberg

      • EU:

        • EU Commission proposes 1.5B euro common defence industry package -- Reuters

        • Don't frustrate Bosnia and Herzegovina on EU accession, foreign minister warns -- Politico

        • EU antitrust regulators seek chief economist, EU citizens only -- Reuters

      • UK:

        • UK Budget 2024: Jeremy Hunt set to announce tax cuts -- Politico

        • Jeremy Hunt to cut national insurance by 2p in budget -- Guardian

      • Germany:

        • Why a leaked German military recording on Ukraine aid is causing an outcry -- Reuters

      • France:

        • French industry tumbles at start of 2024 -- euronews

    • Company news:

      • Notable Gainers

        • +63.3% SPT.LN (Spirent Communications £1.71, +0.69) -- FY earnings; acquisition by Viavi Solutions for 175p/share, or £1.01B ($1.28B) total

        • +33.6% ECR.SM (Ercros €3.42, +0.86) -- cash takeover offer by Bondalti Iberica at €3.60 per share

        • +16.2% CRNA.NO (Circio Holding NOK6.70, +1.00) -- partner IOVaxis Therapeutics TG01 IND application approved by the Chinese regulatory authorities

        • +13.6% OXB.LN (Oxford BioMedica £1.76, +0.23) -- raises mid-term financial guidance

        • +13.1% RCH.LN (Reach £0.67, +0.08) -- FY earnings

        • +9.1% HO.FP (Thales €147.60, +12.55) -- FY earnings

        • +9.0% HUBN.SW (HUBER+SUHNER CHF69.70, +5.80) -- FY earnings

        • +7.8% 8TRA.GR (TRATON €27.04, +2.06) -- FY earnings

        • +7.3% KLR.LN (Keller Group £9.26, +0.64) -- FY earnings

        • +6.1% ITRK.LN (Intertek Group £49.02, +2.84) -- FY earnings

        • +5.4% HSX.LN (Hiscox £11.47, +0.60) -- FY earnings; $150M share buyback

        • +5.1% ESKN.LN (Esken Ltd. £0.00, -0.00) -- update on LSA and Carlyle Global Infrastructure Fund

        • +4.4% SAX.GR (Ströer €55.70, +2.30) -- prelim FY earnings

        • +3.8% MKS.LN (Marks & Spencer Group £2.37, +0.09) -- Redburn Atlantic upgrade

        • +3.7% FRES.LN (Fresnillo £4.93, +0.18) -- FY earnings

        • +3.7% ROR.LN (Rotork £3.24, +0.12) -- FY earnings

        • +3.6% ZEAL.DC (Zealand Pharma DKK695.00, +23.50) -- initiated buy at Berenberg

        • +3.3% BAKK.LN (Bakkavor Group £0.99, +0.03) -- FY earnings

        • +3.0% CLNX.SM (Cellnex Telecom €34.18, +0.99) -- CMD update

        • +2.9% TMO.LN (Time Out Group £0.54, +0.02) -- H1 earnings

        • +2.7% ASCN.SW (Ascom Holding CHF7.82, +0.20) -- FY earnings

        • +2.1% FORN.SW (Forbo Holding CHF1,110.00, +22.00) -- FY earnings

      • Notable Decliners

        • -27.7% MITRA.BB (Mithra Pharmaceuticals €0.33, -0.14) -- starts monetization process of assets or sale of business; CEO steps down

        • -23.6% HOCN.SW (HOCHDORF Holding CHF16.60, -4.10) -- prelim. FY earnings

        • -10.1% SYSR.SS (Systemair SEK72.10, -8.00) -- Q3 earnings

        • -9.4% AHT.LN (Ashtead Group £52.88, -5.36) -- Q3 earnings

        • -8.2% INCH.LN (Inchcape £6.18, -0.56) -- FY earnings

        • -8.0% ALZCUR.SS (AlzeCure Pharma SEK3.02, -0.26) -- clinical results of ACD856 against Alzheimer's published in European Journal of Clinical Pharmacology

        • -5.8% IFCN.SW (Inficon Holding CHF1,306.00, -80.00) -- FY earnings

        • -5.7% VACN.SW (VAT Group CHF437.50, -26.10) -- FY earnings

        • -5.6% TWEKA.NA (TKH Group €37.70, -2.20) -- FY earnings

        • -4.0% SOM.LN (Somero Enterprises £3.33, -0.14) -- FY earnings

        • -3.9% HEAD.LN (Headlam Group £1.96, -0.08) -- FY earnings

        • -3.8% GRF.SM (Grifols €7.67, -0.31) -- Alantra Equities downgrade

        • -3.7% RAA.GR (Rational €741.00, -28.00) -- HSBC downgrade

        • -3.0% OIZ.ID (Origin Enterprises €3.00, -0.09) -- H1 earnings

        • -2.7% SHA.GR (Schaeffler €6.32, -0.18) -- FY earnings

        • -2.6% IWG.LN (IWG Plc £1.75, -0.05) -- FY earnings

        • -2.2% FOXT.LN (Foxtons Group £0.57, -0.01) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Elia Group (ELI.BB)

        • DACHs: Deutsche Post (DHL.GR), Schaeffler (SHA.GR), Symrise (SY1.GR), Palfinger (PAL.AV), u-blox (UBXN.SW)

        • France: Dassault Aviation (AM.FP), Teleperformance (TEP.FP), SCOR (SCR.FP), Tikehau Capital (TKO.FP), Manitou (MTU.FP), CGG (CGG.FP)

        • Nordics: Clas Ohlson (CLAS.B.SS), Idun Industrier (IDUN.B.SS), H+H International (HH.DC)

        • Southern Europe: Jeronimo Martins (JMT.PL), Nexi (NEXI.IM), Pirelli & C. (PIRC.IM), Carel Industries (CRL.IM)

        • UK/Ireland: Legal & General (LGEN.LN), Convatec (CTEC.LN), Rathbones (RAT.LN), Quilter (QLT.LN), Breedon (BREE.LN), Oxford Nanopore Technologies (ONT.LN), Ibstock (IBST.LN), Spirent Communications (SPT.LN), Tyman (TYMN.LN), Tullow Oil (TLW.LN), CLS Holdings (CLI.LN), Ricardo (RCDO.LN), Galliford Try (GFRD.LN), AIB Group (A5G.ID)

  • Data:

    • Economics:

      • Eurozone

        • Feb Services PMI 50.2 vs preliminary 50.0

        • Jan PPI (8.6%) y/y vs consensus (8.1%) and prior revised (10.7%) from (10.6%)

      • Germany Feb Services PMI 48.3 vs preliminary 48.2

      • UK Feb Services PMI 53.8 vs preliminary 54.3

      • France

        • Feb Services PMI 48.4 vs preliminary 48.0 (3:50ET)

        • Jan Industrial Production m/m (1.1%) vs consensus (0.1%) and prior revised to +0.4% from +1.1%

      • Italy

        • Q4 GDP y/y +0.6% vs consensus +0.5% and prior +0.1%

        • Feb Services PMI 52.2 vs consensus 52.3 and prior 51.2

      • Spain Feb Services PMI 54.7 vs consensus 53.5 and prior 52.1

    • Markets:

      • WTI Crude (24-Apr): +$0.07 or +0.09% to $78.81

      • €-$ +0.0009 or +0.08% to 1.0866

      • £-$ +0.0028 or +0.22% to 1.2720

      • €-£ (0.0013) to 0.8541

      • S&P 500 (0.84%)

      • Performance year-to-date:

        • FTSE 100: (1.13%)

        • DAX: +5.65%

        • CAC: +5.17%

        • MIB: +9.16%

        • Stoxx 600: +3.61%

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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