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StreetAccount Summary - EU Market Recap: FTSE 100 +0.20% to 7738.30, DAX +0.31% to 17987.49, CAC40 +0.65% to 8201.05, STOXX 600 +0.26% to 505.23

Mar 19 ,2024

  • Synopsis:

    • European equity markets closed mixed. Spain +1.1%, Belgium and Finland +0.9% lead outperformers, whilst Greece (1.3%), Denmark (1.1%) and Portugal (0.8%) lead underperformers.

    • Early attention in Europe on Asian central bank decisions. BOJ ended large-scale easing measures, scrapping NIRP, YCC, ETF ad J-REIT purchases. Will continue JGB purchases "with broadly the same amount as before" with flexibility to boost purchases in case of yield spike (recall press reports had also highlighted JPY6T monthly pace). Reiterated financial conditions to remain accommodative. RBA left cash rate unchanged at 4.35% as expected. RBA moderated its tightening bias, no longer making explicit reference to possibility of further rate hikes. Said rate path uncertain, but market reaction dovish on language tweak. Ahead of tomorrow's FOMC decision, there seems to be more discussion about the risk of a hawkish dot plot shift.

    • ECB Vice President de Guindos reiterated ECB's data-dependent stance and highlighted services inflation remains sticky. More dovish remarks from Portugal's Centeno. SNB said banks need to prepare more collateral for emergencies. Not much in terms of newsflow outside of central banks.

    • Meanwhile, EU farmers score another victory as European Commission prepare to levy tariffs on grain imports from Russia and Ukraine. Elsewhere, UK press reported UK PM Sunak's allies have warned of a snap general election if rebels force a leadership contest.

    • On macro front, big jump in German ZEW sentiment indicator. Eurozone labor costs registered slowdown in Q4 update.

    • In earnings, out of DACHs, Deutz AG (DAZ.GR), Fraport (FRA.GR), Partners Group Holding (PGHN.SW) and Georg Fischer (GF.SW) updated investors before the open whilst - in the UK - Wickes Group (WIX.LN), Crest Nicholson Holdings PLC (CRST.LN) and DFS Furniture (DFS.LN) also issued updates. A busy morning for M&A headlines: AstraZeneca (AZN.LN), acquired Fusion Pharmaceuticals (FUSN) for $21/sh in cash ($2B total) up front; ThyssenKrupp (TKA.GR) confirmed evaluating possible partial sale of thyssenkrupp Marine Systems to Carlyle (CG) and does not rule out parallel examination of further separation options; Unilever (ULVR.LN) will separate its Ice cream business; launches cost saving plan of ~ €800M over next three years impacting 7,500 roles; targets mid-single digit underlying sales growth and modest margin improvement post demerger and productivity programme; also, Atos (ATO.FP) announced it has been informed by Airbus (AIR.FP) that discussions related to the sale of its Big Data & Security business will not proceed.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 18-Mar to 22-Mar attached), Deutsche Wohnen (DWNI.GR), INDUS Holding (INH.GR), PVA TePla (TPE.GR), ZEAL Network (TIMA.GR), tos (ATO.FP), Vetoquinol (VETO.FP), NRJ Group (NRG.FP), Prudential (PRU.LN), Computacenter (CCC.LN), Ceres Power Holdings (CWR.LN), BMW (BMW.GR) and Cosmo Pharmaceuticals (COPN.SW) will be among other names to update investors, whilst the macro-calendar releases will include UK Feb CPI/RPI/PPI input/output, Germany Feb PPI, Italy Jan industrial production, Eurozone Mar flash consumer confidence, Jan construction output.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.41%, Autos & Parts +1.22%, Banks +1.03%, Real Estate +0.98%, Chemicals +0.93%, Insurance +0.92%, Retail +0.85%, Telecom +0.49%, Construct & Mtls +0.47%, Basic Resources +0.40%, Personal Care Drug and Grocery Stores +0.36%,

      • Underperformers:

        • Health Care (0.41%), Food, Beverage and Tobacco (0.37%), Technology (0.35%), Utilities (0.29%), Consumer Products and Services (0.15%), Financial Svcs (0.11%), Ind Goods & Svcs +0.03%, Media +0.21%,

    • Macro/Peripheral markets:

      • Geopolitics

        • EU plans to send Russian frozen asset revenues to Ukraine arms fund - Reuters

        • Putin to visit China in May - Reuters

        • Armenian PM: We'll hand Azerbaijan some territory to avoid a new war - Politico

      • EU

        • Renault calls for European war chest to tackle Chinese EV competition - FT

        • US-Europe Trade Ties 'Shaken Not Stirred' by Global Turmoil - Bloomberg

        • Euro-Area Productivity Suffers From Static Corporate Sector, Bundesbank Says - Bloomberg

        • Hedge funds shake up the euro zone's $10 trillion government bond market - Reuters

      • UK

        • Andrew Bailey 'already too late' on rate cuts, warns Citi - The Telegraph

        • Britain is about to suffer a massive collision with reality - The Telegraph

        • Rishi Sunak faces another Tory revolt over prison sentences - The Times

        • Big drop in inflation predicted ahead of announcement - with potential consequences for interest rates - Sky news

      • Germany

        • Germany announces €500mn package to bolster Ukraine's artillery stocks - FT

        • German Investor Outlook Jumps to Two-Year High on Rate-Cut Hopes - Bloomberg

        • The Chancellor's five key messages - Handelsblatt

      • Greece

        • Bank of Greece issues list of challenges for the national economy in the coming years - ekathimerini

        • Accommodation revenues rise almost 12% in January - ekathimerini

    • Company news:

      • Trading Higher:

        • +47.3% ISOFOL.SS (Isofol Medical SEK0.89, +0.29) -- presents continued strategy and clinical development program for drug candidate arfolitixorin

        • +26.2% ILM1.GR (Medios €17.68, +3.64) -- acquires Ceban Pharmaceuticals B.V.

        • +9.8% PRTC.LN (PureTech Health £2.24, +0.20) -- proposes capital return of $100M to its shareholders by way of tender offer

        • +8.6% AAD.GR (Amadeus FiRe €120.60, +9.60) -- FY earnings

        • +7.5% SBRE.LN (Sabre Insurance Group £1.70, +0.12) -- FY earnings

        • +7.3% BOKU.LN (BOKU £1.84, +0.13) -- FY earnings

        • +5.8% PGH.LN (Personal Group Holdings £1.75, +0.10) -- FY earnings

        • +5.6% PEBB.LN (The Pebble Group £0.66, +0.04) -- FY earnings

        • +5.5% CLBS.LN (Celebrus Technologies £2.40, +0.13) -- FY trading update

        • +5.1% SRV1V.FH (SRV Group €3.90, +0.19) -- Inderes upgrade

        • +4.7% HNR1.GR (Hannover Re €255.30, +11.50) -- price targets raised at RBC and Berenberg post results

        • +4.3% CBG.LN (Close Brothers Group £3.50, +0.14) -- H1 earnings

        • +4.0% BPOST.BB (bpost €3.24, +0.13) -- ING upgrade

        • +4.0% SHG.LN (Shanta Gold £0.14, +0.01) -- increases offer for Shanta to 14.85p/sh from 13.5p/sh

        • +3.1% ULVR.LN (Unilever £39.31, +1.18) --

          • to separate its Ice cream business

          • launches cost saving plan of ~ €800M over next three years impacting 7,500 roles

          • enhances mid-term guidance

        • +2.8% MIDW.LN (Midwich Group £4.06, +0.11) -- FY earnings

        • +2.6% GF.SW (Georg Fischer CHF71.10, +1.80) -- FY earnings

        • +2.3% CON.GR (Continental €68.44, +1.56) -- Samsung Electronics looking at buying parts of Continental's electronics business - Money Today; initiated overweight at Morgan Stanley

      • Trading Lower:

        • -21.5% INTRUM.SS (Intrum SEK13.85, -3.76) --

          • downgraded to B from BB- at S&P

          • rating placed on CreditWatch negative

          • JPMorgan downgrade

        • -19.8% ATO.FP (ATOS SE €1.74, -0.43) -- announces it has been informed by Airbus that discussions related to the sale of its BDS (Big Data & Security) business will not proceed

        • -14.5% VETN.SW (Vetropack Holding CHF34.40, -5.85) -- FY earnings

        • -12.5% CGG.FP (CGG €0.38, -0.05) -- Societe Generale downgrade

        • -10.5% DEZ.GR (Deutz AG €5.24, -0.61) -- Q4 earnings

        • -9.8% CRST.LN (Crest Nicholson Holdings £2.02, -0.22) -- FY trading update

        • -6.7% FNTL.LN (Fintel £2.65, -0.19) -- FY earnings

        • -5.9% FRA.GR (Fraport €48.43, -3.04) -- FY earnings; no divi for FY23 and FY24

        • -5.5% DFS.LN (DFS Furniture £1.07, -0.06) -- H1 earnings; lowers guidance for the year ending 30-Jun-24

        • -5.2% ESNT.LN (Essentra £1.64, -0.09) -- FY earnings; CFO to retire

        • -4.3% RKT.LN (Reckitt Benckiser £43.70, -1.98) -- Kepler Cheuvreux downgrade

        • -3.7% STAF.LN (Staffline Group £0.26, -0.01) -- FY earnings

        • -3.7% DEC.LN (Diversified Energy Co. £8.86, -0.34) -- FY earnings; enters into of $410M conditional agreement with Oaktree Capital Management

        • -3.3% PSG.SM (Prosegur Compania de Seguridad €1.76, -0.06) -- Update on outcome of partial bid for Prosegur Compania de Seguridad SA by Gubel SL

        • -3.0% HFG.GR (HelloFresh €6.69, -0.20) -- Barclays downgrade

        • -2.1% SKF.B.SS (SKF SEK226.70, -4.80) -- ABG Sundal Collier downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Avantium (AVTX.NA)

        • DACHs: Deutsche Wohnen (DWNI.GR), INDUS Holding (INH.GR), PVA TePla (TPE.GR), ZEAL Network (TIMA.GR), OHB (OHB.GR), ProCredit Holding (PCZ.GR), Schoeller-Bleckmann Oilfield Equipment (SBO.AV), CA Immobilien Anlagen (CAI.AV), Cosmo Pharmaceuticals (COPN.SW)

        • France: Atos (ATO.FP), Vetoquinol (VETO.FP), NRJ Group (NRG.FP), Aubay (AUB.FP), Valneva (VLA.FP), Guerbet (GBT.FP), Amplitude Surgical (AMPLI.FP), Claranova (CLA.FP), Bastide Le Confort Medical (BLC.FP)

        • Nordics: SkiStar (SKIS.B.SS)

        • Southern Europe: ENAV (ENAV.IM)

        • UK: Prudential (PRU.LN), Computacenter (CCC.LN), Ceres Power Holdings (CWR.LN), Kenmare Resources (KMR.LN), EKF Diagnostics Holdings (EKF.LN), Anpario (ANP.LN)

      • Trading Update: Investec (INVP.LN)

      • CMD/events: BMW (BMW.GR), Cosmo Pharmaceuticals (COPN.SW), Bureau Veritas (BVI.FP), Poste Italiane (PST.IM)

  • Data:

    • Economics:

      • Switzerland Feb

        • Feb Trade Balance CHF3.66B vs consensus CHF3.50B and prior revised CHF4.70B from CHF4.74B

        • Watch Exports decline (3.8%) to CHF2.16B

      • ZEW Economic Sentiment Indicator Mar

        • Germany 31.7 vs consensus 20.6 and prior 19.9

        • Eurozone 33.5 vs consensus 25.4 and prior 25.0

    • Markets:

      • WTI Crude (Apr 24): +$0.60 or +0.73% to $83.32

      • €-$ (0.0011) or (0.10%) to 1.0862

      • £-$ (0.0010) or (0.08%) to 1.2721

      • €-£ (0.0002) to 0.8541

      • S&P 500 +0.30%

      • Performance year-to-date

        • FTSE 100: +0.07%

        • DAX: +7.38%

        • CAC: +8.72%

        • MIB: +12.88%

        • Stoxx 600: +5.48%

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.
Please refer to "Terms Of Use".

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