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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.15%) to 7918.87, DAX +0.34% to 18268.29, CAC40 +0.09% to 8158.93, STOXX 600 +0.07% to 510.02

Mar 25 ,2024

  • Synopsis:

    • European indices have ended mostly higher. Quiet start to holiday shortened trading week, leaving focus on recent central bank policy decisions. Dovish policy updates have provided a tailwind for risk assets, with European market on track for fifth consecutive month of gains. Major US benchmarks and Stoxx Europe 600 hit new all-time highs lasts week. However, some risks to dovish narrative from Fed's upgrading of 2025 and 2026 dots (and risk of hawkish revision to 2024 median). Comments from ECB officials on Monday sounded increasingly confident policymakers will see enough in upcoming data to justify a June rate cut. Chief economist Lane said wage growth slowing back to more normal levels, potentially opening door to rate cuts (Reuters). Note, lagging wage data from Q4 2024, alongside leading indicators used by investors and analysts, suggest receding wage pressures. ECB's Panetta echoed similar message on inflation developments, stating inflation trend making a rate cut possible (Reuters). Highlighted it is falling rapidly and approaching 2% target. Even with ECB officials talking up a summer rate cut, it is not having much impact on the rates markets. Eurozone bond yields have reversed of last week's fall today with increases of ~5 bps on average across the bloc (Reuters). Markets look towards local inflation updates from Spain, France, and Italy as a guide for near-term price action. Some thoughts the ECB maybe underestimating extent of disinflation in the near-term, which could result in outperformance for Eurozone paper. Market looking at extent of pricing until year-end. 90 bps worth of easing currently priced.

    • No major macro-data releases out today

    • Spotlight on US DOE announcing $6B in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost US competitiveness and decarbonize manufacturing, across high polluting sectors such as steel, cement, chemicals and fuel refining. Relating to Europe, the FT reported European firms SSAB.A.SS, HEI.GR and ORSTED.DC are among winners of US investments, with three of the five largest awards, each worth up to $500M, going to European parent companies. These companies will match US government investment in a cost-sharing model. The FT highlighted that since the passage of the Biden administration's climate legislation, European lawmakers have raised concerns about incentives drawing green investments to the US. SSAB's US investment coincides with European steelmakers' struggles to secure hydrogen for low-carbon production, leading to delays in investment decisions for projects in Sweden and Germany. SSAB recently halted plans for a hydrogen facility at its Finnish steelworks, the FT pointed out.

    • In M&A news, Onepoint CEO David Layani revealed his plan to save ATOS (ATO.FP), with the company looking to receive it officially; in the insurance sector, Ageas (AGS.BB) dropped the offer for Direct Line Direct Line Insurance Group (DLG.LN), whilst Macquarie is looking at buying into Heathrow Airport (FER.SM); in France, Believe (BLV.FP) board has invited WMG to submit a binding unconditional and fully financed offer. In the Nordics, Novo Nordisk (NOVO.B.DC) will acquire Cardior Pharmaceuticals for up to €1.025B, with the deal having no impact on Novo Nordisk's previously communicated operating profit outlook for 2024

    • On the reporting front, Kingfisher (KGF.LN), Pennon Group (PNN.LN) and Synlab (SYAB.GR) posted FY numbers, with the latter's offices also getting searched by the French Competition Authority; of note, Deutsche Telekom (DTE.GR) upped the first tranche of its buyback program•

    • Looking ahead to tomorrow's calendars, Wacker Neuson (WAC.GR), KSB (KSB.GR), Pfeiffer Vacuum Technology (PFV.GR), JOST Werke (JST.GR), Encavis (ECV.GR), NORMA Group (NEOJ.GR), Viscom (V6C.GR), Aumann (AAG.GR), CTS Eventim (EVD.GR), Orascom Development Holding (ODHN.SW), Boloise Holding (BALN.SW), Cadeler (CADLR.NO) 888 Holdings (888.LN), John Wood Group (WG.LN), Flutter Entertainment (FLTR.LN), A.G. BARR (BAG.LN), Fevertree Drinks (FEVR.LN), Forterra (FORT.LN), Bellway (BWY.LN), Smiths Group (SMIN.LN), ORNBACH Holding AG & Co (HBH.GR) and Ocado Group (OCDO.LN) will be posting their latest earnings. Macro-data will include Germany Apr consumer confidence - GfK, Spain Q4 final GDP, Sweden Feb PPI, Finland Feb unemployment rate and Denmark Feb retail sales

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Oil & Gas +0.90%, Travel & Leisure +0.71%, Autos & Parts +0.66%, Telecom +0.34%, Utilities +0.28%, Retail +0.26%, Financial Svcs +0.18%, Banks +0.17%, Insurance +0.16%, Persnl & HHold Goods +0.07%

      • Underperformers: Media (0.60%), Construct & Mtls (0.31%), Ind Goods & Svcs (0.31%), Basic Resources (0.20%), Technology (0.05%), Food & Beverage (0.05%), Chemicals (0.03%), Real Estate+0.00%, Health Care +0.03%

    • Macro:

      • France raises terror alert level after Moscow attack (Politico)

      • Germany's moribund economy faces years of stagnation (Telegraph)

      • ECB's Lane Says Normalization of Wage Growth Is on Track (BBG)

      • Italy follows France in raising security after the IS-claimed concert hall attack in Russia (Independent)

      • Spain: Judge halts blocking of Telegram pending probe (dw)

    • Company news:

      • Notable Gainers

        • +38.8% ALDVI.FP (Advicenne €2.29, +0.64) -- confirms FDA granting of orphan drug designation to Advicenne for the treatment of cystinuria

        • +18.4% IMM.LN (ImmuPharma £0.02, -0.00) -- notes Incanthera Comm'l Update/Revenue F'casts

        • +9.4% SEQUA.BB (Sequana Medical €1.69, +0.15) -- three month follow-up data from MOJAVE non-randomized cohort

        • +6.9% D6H.GR (Datagroup €42.80, +2.75) -- acquires IT consulting service provider ISC Innovative Systems Consulting

        • +6.9% FXPO.LN (Ferrexpo £0.46, +0.03) -- issues update regarding Ukrainian subsidiary

        • +5.5% TLGO.SM (Talgo €4.47, +0.24) -- Trilantic in talks with Stadler to sell its 40% stake in Talgo - El Economista

        • +5.4% RECSI.NO (REC Silicon NOK10.60, +0.55) -- provides update on Moses Lake re-start; maintains its ambition to gradually ramp up production to full capacity by the end of 2024

        • +5.2% ALHEX.FP (Hexaom €20.10, +1.00) -- FY earnings

        • +4.8% M5Z.GR (Manz AG €10.48, +0.48) -- postpones final FY report

        • +4.5% INTRUM.SS (Intrum SEK25.80, +1.10) -- investor call later today

        • +3.8% SDG.LN (Sanderson Design Group £1.09, +0.04) -- signs collaboration agreement with major William Morris archive in the US

        • +2.7% ALCAR.FP (Carmat €3.99, +0.11) -- final agreement with all its financial creditors on new repayment terms for its bank loans

        • +2.7% KGF.LN (Kingfisher £2.40, +0.06) -- FY eanrings

        • +1.9% AGS.BB (Ageas €41.52, +0.77) -- Ageas drops offer for DLG

        • +0.8% NOVO.B.DC (Novo Nordisk DKK894.50, +7.30) -- to acquire Cardior Pharmaceuticals for up to €1.025B; no impact on Novo Nordisk's previously communicated operating profit outlook for 2024

        • +0.6% DHER.GR (Delivery Hero €27.10, +0.15) -- announces timeline for departure of CFO; Wise PLC appoints Emmanuel Thomassin as CFO

        • +0.2% AVOL.SW (Avolta CHF33.91, +0.07) -- adds Germany's Cologne Bonn Airport to operational portfolio with award of 17 new stores for ten years

        • +0.2% FER.SM (Ferrovial €36.98, +0.06) -- Macquarie looking at buying into Heathrow Airport - Telegraph

      • Notable Decliners

        • -14.6% BAR.LN (Brand Architekts Group £0.21, -0.04) -- H1 earnings

        • -13.6% STLN.SW (Swiss Steel Holding CHF0.07, -0.01) -- PCS Holding AG representatives resign from company's board

        • -11.0% DLG.LN (Direct Line Insurance Group £1.86, -0.23) -- Ageas drops offer for DLG

        • -3.5% ATO.FP (ATOS SE €1.70, -0.06) -- Onepoint CEO David Layani reveals his plan to save Atos -- Le Figaro

        • -3.0% SYAB.GR (Synlab €10.43, -0.32) -- French Competition Authority searched the premises of Synlab's French business on 14-Mar - Annual Report

        • -2.8% WAWI.NO (Wallenius Wilhelmsen NOK87.60, -2.50) -- contract

        • -1.8% PNN.LN (Pennon Group £6.58, -0.12) -- FY trading statement

        • -1.5% MCG.LN (Mobico Group £0.70, -0.01) -- updates on timing of results; provides update to previous guidance to reflect situation

        • -1.2% CAML.LN (Central Asia Metals £1.89, -0.02) -- FY earnings; cuts divi by 10% and guides FY24; announces £3M investment in Aberdeen Minerals Ltd

        • -0.1% LHA.GR (Deutsche Lufthansa €7.06, -0.01) -- EC's Statement of Objections over proposed acquisition of a stake in ITA Airways by Lufthansa

    • EU companies reporting tomorrow:

      • Benelux: Ebusco Holding (EBUS.NA), Onward Medical (ONWD.BB)

      • DACHs: Wacker Neuson (WAC.GR), KSB (KSB.GR), Pfeiffer Vacuum Technology (PFV.GR), JOST Werke (JST.GR), Encavis (ECV.GR), NORMA Group (NEOJ.GR), Viscom (V6C.GR), Aumann (AAG.GR), CTS Eventim (EVD.GR), Friedrich Vorwerk Group (VH2.GR), MediClin (MED.GR), MBB (MBB.GR), HomeToGo (HTG.GR), SKAN Group (SKAN.SW), Orascom Development Holding (ODHN.SW), Boloise Holding (BALN.SW)

      • France: SergeFerrari Group (SEFER.FP), Vantiva (VANTI.FP), ABC arbitrage (ABCA.FP),

      • Nordics: Cadeler (CADLR.NO)

      • Southern Europe: Hera (HER.IM)

      • UK: 888 Holdings (888.LN), John Wood Group (WG.LN), Flutter Entertainment (FLTR.LN), A.G. BARR (BAG.LN), Fevertree Drinks (FEVR.LN), Forterra (FORT.LN), Bellway (BWY.LN), Smiths Group (SMIN.LN), W.A.G. Payment Solutions (WPS.LN), Genel Energy (GENL.LN), CPP Group (CPP.LN), YouGov (YOU.LN), Softcat (SCT.LN), Big Technologies (BIG.LN), NIOX Group (NIOX.LN), Inspired (INSE.LN), Xaar (XAR.LN), Empresaria Group (EMR.LN), Luceco (LUCE.LN), Michelmersh Brick (MBH.LN), Digitalbox (DBOX.LN)

      • Trading Update: HORNBACH Holding AG & Co (HBH.GR), Ocado Group (OCDO.LN)

  • Data:

    • Economics:

      • Spain Feb PPI (8.2%) y/y vs consensus (1.9%) and prior revised (3.9%) from (3.8%)

      • Netherlands Q4 GDP (0.4%) y/y v preliminary (0.5%); +0.4% q/q vs preliminary +0.3%

      • Finland Feb PPI (5.1%) y/y vs consensus (4.2%) and prior (5.4%)

    • Markets:

      • WTI Crude (May 24): +$1.48 or +1.84% to $82.11

      • €-$ +0.0026 or +0.24% to 1.0836

      • £-$ +0.0038 or +0.30% to 1.2640

      • €-£ (0.0006) to 0.8572

      • S&P 500 (0.19%)

      • Performance year-to-date

        • FTSE 100: +2.40%

        • DAX: +9.05%

        • CAC: +8.16%

        • MIB: +14.13%

        • Stoxx 600: +6.48%

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.
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