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StreetAccount Summary - EU Market Recap: FTSE 100 +0.32% to 7772.50, DAX (0.03%) to 17959.69, CAC40 +0.68% to 8142.11, STOXX 600 +0.17% to 507.36

Mar 13 ,2024

  • Synopsis:

    • European indices have closed mostly higher, with Denmark underperforming the region. Focus today was on the ECB as the central bank announced a new framework for implementing monetary policy, preserving current system of steering interest rates but giving lenders more incentive to lend to each other. The ECB will use a permanent bond portfolio to provide liquidity to the financial system, in addition to allowing existing bond holdings from past stimulus to run off. Main refinancing operations, where banks decide how much cash they require, to play central role in ensuring sufficient liquidity for banks. Spread between deposit rate and main refinancing rate will be narrowed to 15bps from 50bps, reducing MRO by 35bps effective 18-Sept. Minimum reserve requirements (MRR) will remain at 1%, but could be adjusted later. Changes acknowledge significant shifts in financial system and monetary policy in recent years. Transition to the new framework will be protracted given the large amount of excess liquidity still in the system from past stimulus measures. Still in central bank news, departing Swiss National Bank (SNB) Chairman Jordan's recent comments suggest potential policy bias shift towards maintaining price stability to the downside, rather than upside risks to inflation. Recent remarks indicate SNB views inflation as having peaked and is expected to meet target through the forecast horizon. However, with global disinflationary pressures, a strong Swiss franc, and uncertain external outlook, SNB may need to shift policy to address domestic growth pressures. The market expects the SNB to intervene quite early on, given SNB's past reaction function

    • On the macro calendar, UK monthly GDP in-line, but industrial production and trade balance missed. Eurozone industrial production for January slumped 6.7% y/y vs consensus of a 2.9% drop and prior month revised to +0.2% from +1.2%. On a monthly basis, January reading down 3.2% vs consensus of 1.5% drop and prior revised +1.6% from +2.6%. Bloomberg noted reading raises prospect the economy as a whole is struggling to grow Q1. Article argued data underscore how Eurozone's manufacturing base is suffering, most significantly in Germany, its biggest economy and raises the prospect that it'll weigh on the economy in the current quarter. Data showed output of capital goods fell the most on the month, dropping 14.5%. Consumer goods also showed declines. By contrast, both intermediate goods and energy added some gains. Bloomberg said geographically, biggest drop in the region was experienced by Ireland with ~29% slump from December. Eurostat cautioned statistics authorities there are reviewing their methodology of applying seasonal adjustment to the production data. ING said there are more signs of bottoming out in industry coming through, which could result in a somewhat better performance later in the year.

    • In earnings news, DACHs names kicked off the session, with Zalando (ZAL.GR), E.ON (EOAN.GR), Kloeckner & Co. (KCO.GR), Adidas (ADS.GR), Volkswagen (VOW3.GR), Oesterreichische Post (POST.AV), Sandoz Group (SDZ.SW) and Stadler Rail (SRAIL.SW) updating investors with their latest numbers. In France, BNP Paribas (BNP.FP) confirms its net income trajectory, indicating that it expects 2024 net income to be higher than 2023 distributable net income. In Southern Europe, Sonae SGPS (SON.PL), ERG (ERG.IM), FNM (FNM.IM) and Inditex (ITX.SM) reported Q4/FY earnings with the latter proposing a dividend of €1.54 per share vs consensus €1.57. In Benelux, Titan Cement International (TITC.BB) and Solvay (SOLB.BB) issued FY earnings. In the UK, Balfour Beatty (BBY.LN), Metro Bank Holdings (MTRO.LN), 4imprint Group (FOUR.LN), Keywords Studios (KWS.LN) and Victoria (VCP.LN) were amongst others from the region to update investors with their latest numbers

    • Looking ahead to tomorrow's calendars, VERBUND (VER.AV), RWE (RWE.GR), Hapag-Lloyd (HLAG.GR), Rheinmetall (RHM.GR), RTL Group (RRTL.GR), Vitesco Technologies (VTSC.GR), K+S (SDF.GR), Lanxess (LXS.GR), Mensch und Maschine Software (MUM.GR), SAF-HOLLAND (SFQ.GR), Swiss Life (SLHN.SW), Bollore (BOL.FP), bioMerieux (BIM.FP), Sensorion (ALSEN.FP), SNAM (SRG.IM), Brunello Cucinelli (BC.IM), D'Amico International Shipping (DIS.IM), Safilo (SFL.IM), Vistry (VTY.LN), Bridgepoint (BPT.LN), Deliveroo (ROO.LN), OSB Group (OSB.LN), Playtech (PTEC.LN) and Savills (SVS.LN) will be among few other companies to update investors, whilst Eni (ENI.IM), Ericsson (ERIC.B.SS) and Daimler Truck Holding (DTG.GR) will host their CMDs. Macro-data will include Spain Feb final CPI and Switzerland Feb PPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Retail +3.58%, Basic Resources +1.34%, Oil & Gas +1.16%, Utilities +0.81%, Persnl & HHold Goods +0.78%, Food & Beverage +0.62%, Construct & Mtls +0.37%, Banks +0.35%, Travel & Leisure +0.28%, Ind Goods & Svcs +0.26%

      • Underperformers: Autos & Parts (1.20%), Technology (0.64%), Health Care (0.52%), Telecom (0.49%), Financial Svcs (0.28%), Media (0.14%), Insurance +0.04%, Chemicals +0.06%, Real Estate+0.14%

    • Macro:

      • Scholz, Macron and Tusk to meet in Berlin to hash out differences on Ukraine (Politico)

      • In Germany, Fighting the Far Right Poses a Conundrum for Democracy (NY Times)

      • Emmanuel Macron pushes far right to show its colours on Russia (FT)

      • Elon Musk visits Germany's Tesla factory after power sabotage (dw)

      • Sunak rejects calls to give back Frank Hester's £10M donation amid racism row (Independent and BBC)

      • "I'll never say taxes are beautiful"- PM Meloni (Ansa)

      • Spain Is Concerned About Orban in €600M Rail Deal (BBG)

    • Company news:

      • Notable Gainers

        • +18.9% ZAL.GR (Zalando €22.75, +3.61) -- earnings

        • +15.8% AGFB.BB (Agfa-Gevaert €1.24, +0.17) -- earnings

        • +10.9% AUTN.SW (Autoneum Holding CHF146.40, +14.40) -- earnings

        • +9.3% BBY.LN (Balfour Beatty £3.71, +0.32) -- earnings; buyback

        • +8.2% ITX.SM (Inditex €44.45, +3.38) -- earnings

        • +7.4% FARN.LN (Faron Pharmaceuticals £1.45, +0.10) -- earnings

        • +7.4% RIEN.SW (Rieter Holding CHF110.60, +7.60) -- earnings

        • +6.7% VK.FP (Vallourec €15.82, +1.00) -- ArcelorMittal (MT.NA) acquires strategic stake in Vallourec

        • +6.1% EOAN.GR (E.ON SE €12.53, +0.73) -- earnings

        • +5.7% GYM.LN (Gym Group £1.16, +0.06) -- earnings

        • +5.1% GLEN.LN (Glencore £4.20, +0.20) -- Tribeca Investment Partners is seeking to compel Glencore to retain its coal unit and move primary stock listing to Australia -- FT

        • +4.9% HBR.LN (Harbour Energy £2.67, +0.13) -- and its partners have confirmed a gas discovery in well 15/9-25 in the North Sea - NOD

        • +4.7% AAL.LN (Anglo American £19.40, +0.88) -- earnings

        • +4.6% AET.LN (Afentra £0.40, +0.02) -- operational update

        • +4.0% MXCT.LN (MaxCyte £3.28, +0.13) -- earnings

        • +3.7% ADS.GR (Adidas €199.56, +7.04) -- final earnings

        • +3.0% SDZ.SW (Sandoz Group CHF28.61, +0.84) -- earnings

        • +2.6% ZIL2.GR (Elringklinger €5.42, +0.14) -- preliminary FY

        • +2.5% MRN.FP (Mersen €36.80, +0.90) -- earnings

        • +2.3% KCO.GR (Kloeckner & Co. €6.65, +0.15) -- earnings

        • +2.2% BNP.FP (BNP Paribas €61.06, +1.34) -- Confirmation of the Net Income trajectory

        • +2.1% COLUM.DC (Columbus DKK7.86, +0.16) -- earnings

        • +2.0% MACF.LN (Macfarlane Group £1.30, +0.03) -- acquires Allpack Packaging Supplies for maximum cash consideration £3.3M

        • +1.9% ENI.IM (Eni €14.97, +0.27) -- completes sale of upstream assets in Congo to Perenco

        • +1.7% FOUR.LN (4imprint Group £59.40, +1.00) -- earnings

        • +1.7% AMS.LN (Advanced Medical Solutions Group £2.14, +0.04) -- earnings; announces acquisition of Peters Surgical for total maximum cash consideration of €141.4M; upgraded to buy from hold at Panmure Gordon

        • +1.7% MCB.LN (McBride £0.97, +0.02) -- CMD today

        • +1.5% RUI.FP (Rubis €26.64, +0.40) -- enters into exclusive negotiations with I Squared Capital for sale of its 55% stake in JV Rubis Terminal for €375M; announces €0.75/share special divi

        • +1.4% BATS.LN (British American Tobacco £23.99, +0.32) -- British American Tobacco completes block trade of 436.9M shares of ITC (500875.IN)

        • +1.3% CAU.LN (Centaur Media £0.41, +0.01) -- earnings

        • +1.0% BALD.B.SS (Fastighets Balder SEK71.44, +0.70) -- Balder and Serneke complete the sale of building rights in Karlastaden to Förvaltnings AB Framtiden

      • Notable Decliners

        • -42.7% LOCAL.FP (Solocal Group €0.04, -0.03) -- supports Ycor's offer and will consult its financial creditors; guides FY24

        • -17.2% CHEMM.DC (ChemoMetec DKK436.80, -90.70) -- management change

        • -11.1% ONCO.SS (Oncopeptides SEK5.03, -0.63) -- rights issue

        • -8.9% BIOVIC.B.SS (Biovica International SEK2.36, -0.23) -- clinical trial launch

        • -8.6% VCP.LN (Victoria £2.23, -0.21) -- trading update

        • -6.2% IPO.LN (IP Group £0.48, -0.03) -- earnings

        • -5.6% VOW3.GR (Volkswagen €114.10, -6.78) -- final earnings

        • -5.1% ERG.IM (ERG €23.88, -1.28) -- earnings

        • -4.7% MTRO.LN (Metro Bank Holdings £0.33, -0.02) -- earnings

        • -4.5% AMBEA.SS (Ambea SEK59.80, -2.80) -- shareholder ACTR Holding AB sells 7.7M share stake at SEK 57.5/sh

        • -4.5% DLG.LN (Direct Line Insurance Group £2.16, -0.10) -- board unanimously rejects latest offer by Ageas

        • -4.1% FXPO.LN (Ferrexpo £0.53, -0.02) -- updates on FY23 results & Ukrainian subsidiary

        • -3.7% SOLB.BB (Solvay €24.32, -0.93) -- earnings

        • -3.6% LIO.LN (Liontrust Asset Management £6.70, -0.25) -- Liontrust approached Artemis about potential takeover; talks no longer ongoing - FT

        • -3.0% KURN.SW (Kuros Biosciences CHF5.26, -0.16) -- earnings

        • -2.7% ORSTED.DC (Ørsted DKK346.70, -9.80) -- divests share of four US onshore wind farms to Stonepeak

        • -2.5% NXQ.LN (Nexteq £1.54, -0.04) -- earnings

        • -2.3% GEBN.SW (Geberit CHF525.20, -12.40) -- earnings

        • -1.8% ALCOX.FP (Nicox €0.39, -0.01) -- earnings

        • -1.4% TITC.BB (Titan Cement International €25.05, -0.35) -- earnings

        • -1.2% HUSQ.B.SS (Husqvarna SEK83.52, -1.02) -- to acquire ETwater; price not disclosed

        • -1.0% MOVE.SW (Medacta Group CHF124.80, -1.20) -- earnings

        • -0.7% TLGO.SM (Talgo €4.22, -0.03) -- Spanish govt worried about Ganz-Mavag / Talgo deal amidst ties with Hungary's PM Orban -- Bloomberg

    • EU companies reporting tomorrow:

      • Benelux: Groupe Bruxelles Lambert (GBLB.BB), Hyloris Pharmaceuticals (HYL.BB), Pharming (PHARM.NA)

      • DACHs: VERBUND (VER.AV), RWE (RWE.GR), Hapag-Lloyd (HLAG.GR), Rheinmetall (RHM.GR), RTL Group (RRTL.GR), Vitesco Technologies (VTSC.GR), K+S (SDF.GR), Lanxess (LXS.GR), Mensch und Maschine Software (MUM.GR), SAF-HOLLAND (SFQ.GR), Multitude (FRU.GR), Swiss Life (SLHN.SW), Swissquote Group Ltd. (SQN.SW),TX Group (TXGN.SW), Meyer Burger Technology (MBTN.SW), Molecular Partners (MOLN.SW)

      • France: Bollore (BOL.FP), bioMerieux (BIM.FP), Sensorion (ALSEN.FP)

      • Nordics: Rusta (RUSTA.SS), Spinnova (SPINN.FH)

      • Southern Europe: SAES Getters (SG.IM), SNAM (SRG.IM), Brunello Cucinelli (BC.IM), SeSa (SES.IM), Gruppo MutuiOnline (MOL.IM), D'Amico International Shipping (DIS.IM), El.En. (ELN.IM), Cembre (CMB.IM), Arnoldo Mondadori Editore (MN.IM), Safilo (SFL.IM), Biesse (BSS.IM), TXT e-solutions (TXT.IM), Aquafil (ECNL.IM), Aeffe (AEF.IM)

      • UK: Vistry (VTY.LN), Bridgepoint (BPT.LN), Deliveroo (ROO.LN), OSB Group (OSB.LN), Playtech (PTEC.LN), Savills (SVS.LN), Helios Towers (HTWS.LN), Morgan Advanced Materials (MGAM.LN), Alfa Financial Software (ALFA.LN), Restore (RST.LN)

      • Trading Update: Trainline (TRN.LN), Harboes Bryggeri (HARB.B.DC), Halma (HLMA.LN) (provisional)

      • CMD/events: Eni (ENI.IM), GR Sarantis (SAR.GR), LM Ericsson (ERIC.B.SS), Daimler Truck Holding (DTG.GR)

  • Data:

    • Economics:

      • Eurozone Jan Industrial Production (6.7%) y/y vs consensus (2.9%) and prior revised +0.2% from +1.2%

      • UK Jan

        • Visible Trade Balance (£14.52B) vs consensus (£15.0B) and prior (£13.99B)

        • Construction Output +0.7% y/y vs consensus (0.5%) and prior (3.2%)

        • Industrial Production +0.5% y/y vs consensus +0.7% and prior +0.6%

        • Manufacturing Production +2.0% y/y vs consensus +2.0% and prior +2.3%

    • Markets:

      • WTI Crude (Apr 24): +$1.73 or +2.23% to $79.29

      • €-$ +0.0016 or +0.15% to 1.0945

      • £-$ +0.0005 or +0.04% to 1.2797

      • €-£ +0.0010 to 0.8553

      • S&P 500 (0.15%)

      • Performance year-to-date

        • FTSE 100: +0.51%

        • DAX: +7.21%

        • CAC: +7.94%

        • MIB: +11.62%

        • Stoxx 600: +5.92%

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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