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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.48% to 7975.89, DAX +0.19% to 18403.13, CAC40 (0.02%) to 8151.55, STOXX 600 +0.16% to 510.84

Apr 04 ,2024

  • Synopsis:

    • European market closed mostly higher with the exception of France (0.0%) and Denmark (1.3%). Basic Resources, Auto/Parts and Banks led, while Chemicals, Media and Insurance underperformed.

    • Equity markets taking some encouragement from Fed Chair Powell, who said Wednesday if economy evolves as expected then likely appropriate to begin cutting rates at some point this year. Comments in line with previous remarks. Strength in commodities may undermine disinflation narrative if sustained. Fed funds still favor June cut. Yesterday's Eurozone inflation update also reinforced expectations for first ECB move in June. No change in BoE rate expectations.

    • European macro data supportive for risk appetite. Final Eurozone composite PMIs back in expansion on services sector strength. Eurozone PPI eased. Swiss CPI weaker than forecast. Pace of UK expansion slows amid downward revision in UK services sector PMI.

    • In central banks, BoE DMP survey shows further decline in inflation outlook and wage growth expectations. to give insight on extent of inflationary pressure and wage outlook. March ECB minutes confirm wage growth developments key influence on policy outlook. Riksbank minutes showed currency developments to determine whether to cut rates in May.

    • In corporate news, Solutions 30 (S30.FP), Synergie (SDG.FP) released FY earnings yesterday after the close. Sanofi (SAN.FP) reportedly resolved ~4,000 Zantac cases but financial details unavailable. In the DACH region, GRENKE (GLJ.GR) reported Q1 trading update with new leasing business of €669.8M vs year-ago €610.2M. lastminute.com (LMN.SW) posted final FY earnings in line with preliminary release. In other corporate developments, Saab's (SAAB.B.SS) CFO and Deputy CEO Christian Luiga to leave the company in order to pursue a new opportunity at a global company in a different industry segment. Entain (ENT.LN) announces that Chairman Barry Gibson will step down by end of Sep-24 and appoints Stella David, current interim CEO, as new Chair upon Gibson's retirement; adds search for a permanent CEO is ongoing and is progressing well.

    • In M&A, Compagnie de Saint-Gobain (SGO.FP) announced yesterday after the close the signing a definitive agreement to acquire the Bailey Group Companies for ~ €600M in cash. Media reports L'Oreal (OR.FP) is exploring purchase of minority stake in Amouage.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +1.59%, Autos & Parts +1.22%, Banks +1.00%, Utilities +0.65%, Financial Svcs +0.64%, Real Estate +0.39%, Energy+0.36%, Ind Goods & Svcs +0.30%, Personal Care Drug and Grocery Stores +0.18%

      • Underperformers:

        • Chemicals (0.55%), Media (0.52%), Insurance (0.46%), Retail (0.33%), Food, Beverage and Tobacco (0.32%), Health Care (0.27%), Construct & Mtls (0.26%), Telecom (0.12%), Technology +0.01%, Consumer Products and Services +0.13%

    • Macro:

      • EU

        • Long Shadow of the Fed Shows Limits of ECB Talk of Independence - Bloomberg

      • UK

        • Britain's Falling Money Supply Clouds Chance of a Brisk Rebound - Bloomberg

        • Rishi Sunak ready to pull out of ECHR over Rwanda flights - The Times

      • Switzerland

        • Swiss Inflation Unexpectedly Slows, Vindicating SNB Rate Cut - Bloomberg

      • Greece

    • Company news:

      • Notable Gainers

        • +15.9% FUTR.LN (Future Plc £6.95, +0.96) -- 6M trading update

        • +14.0% GMS.LN (Gulf Marine Services £0.22, +0.03) -- FY earnings

        • +12.4% BSLN.SW (Basilea Pharmaceutica CHF43.15, +4.75) -- FDA approval of Zevtera for three indications

        • +10.6% BAMNB.NA (Koninklijke BAM Groep €3.91, +0.37) -- Oddo upgrade

        • +8.8% ALMDG.FP (MGI Digital Graphic Technology €18.36, +1.48) -- FY earnings

        • +7.9% PAGE.LN (PageGroup £4.86, +0.36) -- UBS upgrade

        • +7.8% A28890.GR (CompuGroup Medical €30.22, +2.18) -- Morgan Stanley upgrade

        • +4.5% SOLB.BB (Solvay €27.88, +1.19) -- mentioned positively by Greenlight Capital's David Einhorn at Sohn Conference

        • +4.1% BAKKA.NO (Bakkafrost NOK687.00, +27.00) -- Q1 harvest volume

        • +3.9% GRF.SM (Grifols €9.07, +0.34) -- Procleix ArboPlex assay receives CE Mark

        • +3.0% AZA.SS (Avanza Bank Holding SEK242.30, +7.10) -- Mar net inflow

        • +2.7% GHH.LN (Gooch & Housego £5.30, +0.14) -- H1 trading update

        • +2.6% ASCL.LN (Ascential £3.13, +0.08) -- shareholder distribution update

        • +2.4% GNC.LN (Greencore Group £1.30, +0.03) -- Davy upgrade

        • +2.2% REG1V.FH (Revenio Group €26.44, +0.58) -- Inderes upgrade

        • +2.1% PEAB.B.SS (Peab SEK66.80, +1.40) -- SEK1.5B contract

        • +1.5% CYAD.BB (Celyad Oncology €0.35, -0.00) -- FY earnings

        • +1.5% GLJ.GR (GRENKE €23.50, +0.35) -- Q1 trading update

      • Notable Decliners

        • -15.5% CRTA.LN (Cirata £0.51, -0.09) -- FY earnings

        • -12.7% S30.FP (Solutions 30 €2.01, -0.29) -- FY earnings

        • -10.0% FARN.LN (Faron Pharmaceuticals £1.35, -0.15) -- €4.8M placing of newly issued treasury shares

        • -7.0% MED.SW (Medartis Holding CHF81.20, -6.10) -- placing of CHF115.8M convertible bonds 2031

        • -6.8% ULTI.NO (Ultimovacs NOK11.00, -0.80) -- TENDU-101 study poster presentation

        • -4.7% AB.FP (AB Science €2.24, -0.11) -- reconsideration request for masitinib in amyotrophic lateral sclerosis granted by Health Canada

        • -3.7% OKEA.NO (Okea NOK25.22, -0.98) -- DnB Markets downgrade

        • -2.6% NIBE.B.SS (NIBE Industrier SEK48.80, -1.28) -- ABG Sundal Collier downgrade

        • -1.4% LMN.SW (lastminute.com CHF21.35, -0.30) -- final FY earnings

    • EU companies reporting tomorrow:

      • Earnings: Celyad Oncology (CYAD.BB), Oxurion (OXUR.BB), O'Key Group (OKEY.LN), Futura Medical (FUM.LN), Savannah Resources (SAV.LN), Rosenbauer International (ROS.AV)

      • Traffic: Norwegian Air Shuttle (NAS.NO)

  • Data:

    • Economics:

      • Mar Services PMI

        • Spain 56.1 vs consensus 55.5 and prior 54.7

        • Sweden 53.9 vs consensus 51.1 and prior revised 51.2 from 50.5

        • Italy 54.6 vs consensus 53.2 and prior 52.2

        • France 48.3 vs preliminary 47.8

        • Germany 50.1 vs preliminary 49.8

        • Eurozone 51.5 vs preliminary 51.1

        • UK 53.1 vs preliminary 53.4

      • Switzerland Mar CPI +1.0% y/y vs consensus +1.3% and prior +1.2%; 0.0% m/m vs consensus +0.3% and prior +0.6%

    • Markets:

      • WTI Crude (May 24): ($0.25) or (0.29%) to $85.18

      • €-$ +0.0033 or +0.31% to 1.0867

      • £-$ +0.0017 or +0.13% to 1.2669

      • €-£ +0.0012 to 0.8579

      • S&P 500 +0.66%

      • Performance year-to-date

        • FTSE 100: +3.14%

        • DAX: +9.86%

        • CAC: +8.07%

        • MIB: +13.58%

        • Stoxx 600: +6.65%

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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