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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.37% to 7877.05, DAX +0.38% to 17837.40, CAC40 +0.52% to 8023.26, STOXX 600 +0.24% to 499.70

Apr 18 ,2024

  • Synopsis:

    • European equity markets generally closed higher. Portugal +1,7%, Spain +1.3% and Greece +1.1% Lead outperformers, whilst Denmark (0.8%) and Norway (0.3%) lead underperformer.

    • Sentiment attempting to stabilise after hawkish repricing of Fed rate path with futures now only pricing in 1-2 rate cuts in 2024. Comes amid pickup in inflation concerns, reflecting sticky services components and input cost pressures from surging commodity prices and accompanied by increasingly hawkish-leaning Fedspeak. Middle East another drag as markets await Israeli response to Iranian missile barrage and possible Iranian reprisal.

    • A quiet macro calendar in Europe. Switzerland Mar Trade Balance came in at CHF3.54B vs consensus CHF3.2B; of note, Swiss watch exports recorded a sharp decline in March with value down (16.1%) y/y to CHF 2.0B. Several central banks speakers due today. BoE Governor Bailey said late Wednesday next month's inflation number to show a strong drop after firmer-than-expected March reading. More remarks from ECB officials, suggesting willingness to diverge from Fed policy. Schnabel said the ECB should consider overhauling its forecasts to improve communication. June ECB easing now seen conditional on developments in the Middle East not changing inflation outlook or risks. All ECB speakers including Lagarde have hinted at potential inflation risks via energy markets. The IMF warned in its Fiscal Monitor report that the UK government's fiscal policy risks worsening the country's public finances, as it projected an increase in the debt burden over the next five years.

    • In Corporate news; of note, in France, Danone (BN.FP) Q1 sales beat; company also reiterated 2024 guidance; Forvia (FRVIA.FP) Q1 sales and order intake slight beat; organic growth also seen better than expected. Edenred (EDEN.FP) Q1 operating revenue, LFL growth beat; guidance reiterated. Out of DACHs, ABB Limited (ABBN.SW) Q1 EBITA beat and company also upgraded FY EBITA margin outlook to 18% vs 16.9% prior. Schindler Holding (SCHN.SW) Q1 EPS, net income beat whilst revenue missed; group reaffirmed FY guidance. Sartorius (SRT3.GR) Q1 EPS, revenue and orders missed. Out of the Nordics, Tele2 (TEL2.B.SS) reported Q1 net profit from cont ops SEK809M vs consensus SEK835.3M with FY24 guidance and mid-term outlook reiterated. Nokia (NOKIA.FH) Q1 EPS and operating profit beat, whilst sales missed; company also reiterated FY guidance. In the UK, Deliveroo (ROO.LN) is trading higher post Q1 sale and FY24 guidance maintained. Rentokil Initial (RTO.LN) lower post Q1 trading update.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 15-Apr to 19-Apr attached) Warehouses De Pauw (WDP.BB), Sodexo (SW.FP), Avanza Bank (AZA.SS), Dometic (DOM.SS), Elanders (ELAN.B.SS), Elisa (ELISA.FH), Uponor (UPONOR.FH), Alma Media (ALMA.FH), Gofore (GOFORE.FH), Norske Skog (NSKOG.NO), Nostrum Oil & Gas (NOG.LN), Gaztransport & Technigaz (GTT.FP) and COMET Holding (COTN.SW) . UK Mar retail sales, Apr consumer confidence - GfK, Germany Mar PPI, Spain Feb trade balance

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +1.60%, Utilities +1.46%, Real Estate +1.34%, Autos & Parts +0.97%, Telecom +0.96%, Travel & Leisure +0.79%, Retail +0.76%, Personal Care Drug and Grocery Stores +0.68%, Insurance +0.60%, Food, Beverage and Tobacco +0.56%, Media +0.35%,

      • Underperformers:

        • Technology (0.77%), Health Care (0.49%), Financial Svcs (0.43%), Energy(0.40%), Consumer Products and Services +0.03%, Construct & Mtls +0.04%, Basic Resources +0.21%, Chemicals +0.22%,

    • Macro/Peripheral markets

      • Geopolitics

        • US imposes sanctions on Iranian drone makers - FT

        • Iran threatens to build a nuclear bomb - The Telegraph

        • Iran tells Israel 'our hands are on the trigger' and warns it knows where its nuclear sites are - Sky News

      • Central Banks

        • No Evidence BOE Decisions Swayed by Elections, Analysis Finds - Bloomberg

        • Austria's Raiffeisen expects ECB to order acceleration of its Russia exit - FT

      • EU

        • EU Proposes UK Talks to Ease Stays for Students, Young Workers - Bloomberg, The Guardian

        • EU to consider Poland's defense spending in deficit limit, Polish finance minister says - Reuters

        • Savings banks and cooperative banks fear for their protection systems - Handelsblatt

      • UK

        • Britain decided not to list genomics as critical infrastructure, deputy PM says - Reuters

        • Labour destroyed documents that could have revealed Rayner's living arrangements - The Telegraph

        • Tory MP Mark Menzies suspended over alleged misuse of campaign funds - BBC, The Times

      • Germany

        • Financial assets of private households rise to record high - Handelsblatt

        • Lindner: Too little work is done in Germany - Handelsblatt

      • Greece

        • Route back to payment plan - ekathimerini

        • Greece to submit request for subsidy from the Recovery Fund in May - ekathimerini

      • Poland

        • Tusk's Bickering Coalition Faces Test in Polish Abortion Debate - Bloomberg

      • Norway

        • Norwegian and American authorities agree to start formal negotiations on strategic mineral cooperation - release

      • Croatia

        • Croatia's Premier Vows to Form Majority After Vote Setback - Bloomberg

    • Company news:

      • Trading Higher:

        • +20.4% MANO.LN (Manolete Partners £1.48, +0.25) -- trading update

        • +13.0% AKAST.NO (Akastor NOK12.20, +1.40) -- notes arbitration award received on the DRU contracts

        • +10.5% AQ.SS (AQ Group SEK564.00, +54.00) -- Q1 earnings

        • +9.5% SIX2.GR (Sixt €94.45, +8.20) -- Deutsche Bank upgrade

        • +9.2% CARR.LN (Carr's Group £1.20, +0.11) -- H1 earnings

        • +9.0% MFEB.IM (MFE-MEDIAFOREUROPE €3.54, +0.29) -- FY earnings

        • +8.3% FRVIA.FP (Forvia €14.40, +1.13) -- Q1 revenue

        • +8.2% OVS.IM (OVS €2.31, +0.18) -- FY earnings

        • +8.1% LBG.LN (LBG Media £0.74, +0.05) -- FY earnings

        • +7.9% PLEJD.SS (Plejd AB SEK230.00, +17.00) -- Q1 earnings

        • +7.3% AFISH.NO (Arctic Fish Holding NOK59.00, +4.00) -- Q1 harvest

        • +6.7% TEL2.B.SS (Tele2 SEK98.78, +6.22) -- Q1 earnings

        • +6.2% ARBN.SW (Arbonia CHF12.56, +0.72) -- to divest Climate Division to Midea Electrics Netherlands for an enterprise value of €760M

        • +5.9% VLX.LN (Volex £3.02, +0.17) -- prelim FY earnings

        • +5.6% ROO.LN (Deliveroo £1.29, +0.07) -- Q1 update

        • +5.2% EDEN.FP (Edenred €46.71, +2.32) -- Q1 earnings

        • +4.7% NOTE.SS (NOTE SEK133.40, +6.00) -- Q1 earnings

        • +4.1% AIXA.GR (Aixtron €22.49, +0.89) -- orders

        • +3.9% LINV.LN (LendInvest £0.27, +0.01) -- trading update

        • +3.8% MYCR.SS (Mycronic SEK369.00, +13.40) -- Q1 earnings

        • +3.1% EZJ.LN (EasyJet £5.31, +0.16) -- prelim H1 earnings

        • +2.2% HKY.NO (Havila Kystruten NOK0.78, +0.02) -- revolving credit facility of NOK200M

        • +2.0% NG.LN (National Grid £10.29, +0.20) -- trading update

      • Trading Lower:

        • -15.8% DIM.FP (Sartorius Stedim Biotech €207.50, -39.30) -- Q1 earnings

        • -15.3% SRT3.GR (Sartorius €277.30, -50.60) -- Q1 earnings

        • -8.5% PHARM.NA (Pharming Group €0.89, -0.08) -- ~€100M convertible bonds

        • -7.8% VITR.SS (Vitrolife SEK169.00, -14.30) -- Q1 earnings

        • -7.4% DOCM.SW (DocMorris CHF86.35, -6.85) -- completes the placement of CHF 200M convertible bonds

        • -7.0% RTO.LN (Rentokil Initial £4.18, -0.32) -- trading update

        • -6.9% KOMN.SW (Komax Holding CHF161.80, -12.00) -- Stifel downgrade

        • -6.7% JLP.LN (Jubilee Metals Group £0.07, -0.00) -- Q3 operation and production update

        • -6.7% DNLM.LN (Dunelm Group £10.01, -0.72) -- trading update

        • -5.9% EQT.SS (EQT AB SEK291.10, -18.10) -- Q1 update

        • -5.8% ELK.NO (Elkem NOK19.64, -1.20) -- Q1 earnings

        • -5.8% LEON.SW (Leonteq CHF23.50, -1.45) -- CFO to step down

        • -5.5% VIT.B.SS (Vitec Software Group SEK503.00, -29.50) -- Q1 earnings

        • -4.9% KINV.B.SS (Kinnevik SEK110.35, -5.80) -- Q1 earnings

        • -4.9% GRNG.SS (Gränges SEK114.10, -5.90) -- Handelsbanken downgrade

        • -3.5% NEXAM.SS (Nexam Chemical Holding SEK3.13, -0.12) -- Q1 earnings

        • -3.1% FDJ.FP (La Francaise des Jeux €35.16, -1.14) -- Q1 revenue

        • -3.0% KEYS.LN (Keystone Law Group £6.45, -0.20) -- FY earnings

        • -2.1% CEY.LN (Centamin £1.27, -0.03) -- Q1 production

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Warehouses De Pauw (WDP.BB)

        • France: Sodexo (SW.FP)

        • Nordics: Avanza Bank (AZA.SS), Dometic (DOM.SS), Elanders (ELAN.B.SS), Elisa (ELISA.FH), Uponor (UPONOR.FH), Alma Media (ALMA.FH), Gofore (GOFORE.FH), Norske Skog (NSKOG.NO)

        • UK: Nostrum Oil & Gas (NOG.LN)

      • Trading Update: Gaztransport & Technigaz (GTT.FP), COMET Holding (COTN.SW)

  • Data:

    • Economics:

      • Netherlands Mar Unemployment Rate 3.6% vs consensus 3.7% and prior 3.7%

      • Switzerland Mar Trade Balance CHF3.54B vs consensus CHF3.2B and prior revised CHF3.68B from CHF3.66B

        • Mar Swiss Watch Exports decline (16.1%) to CHF2.00B

      • Eurozone Feb Construction Output (0.4%) y/y vs consensus +1.1% and prior revised (0.3%) from +0.8%

    • Markets:

      • WTI Crude (May 24): ($0.23) or (0.28%) to $82.46

      • €-$ (0.0012) or (0.11%) to 1.0662

      • £-$ +0.0006 or +0.05% to 1.2461

      • €-£ (0.0014) to 0.8555

      • S&P 500 +0.51%

      • Performance year-to-date

        • FTSE 100: +1.86%

        • DAX: +6.48%

        • CAC: +6.36%

        • MIB: +11.60%

        • Stoxx 600: +4.32%

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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