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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.24% to 7895.85, DAX (0.56%) to 17737.36, CAC40 (0.01%) to 8022.41, STOXX 600 (0.08%) to 499.29

Apr 19 ,2024

  • Synopsis:

    • European equity markets were initially broadly lower amid the overnight developments in the Middle East, however fears of regional escalation tempered through the session, and shares pared loses, with a number of country benchmarks turning positive on the day, after the initial broad retreat

    • With shares ending the day in narrow range-bound trade just below the best levels of the session, Netherlands, Sweden both (0.6%) and Portugal (0.5%) where the main outliers to the downside and led underperformers, whilst Finland +1.0%, Greece +0.8%, Finland +0.7% and Switzerland +0.6% led outperformers

    • Geopolitical developments in focus amid reports of Israeli strikes on facilities inside Iran. US secretary of state Blinken called for calm as Iranian officials says no plan for immediate retaliation to reported strikes overnight.

    • Among central banks speakers, BOE's Ramsden was a panellist at event hosted by PIIE, other panellists include Netherland Central Bank's Knot. BOE's Mann panellist at 17:30BST at seminar at IMF Spring meeting. Bundesbank's Nagel panellist at 21:00CET at event also hosted by PIIE.

    • The handful of economic data releases included a weaker-than-expected UK retail sales, a German PPI mostly in line with expectations as well as Spain trade balance.

    • There was an informal meeting of EU consumer protection ministers. Chancellor Scholz in conversation at 18:00CET with readers of the Free Press, Chemnitz

    • Candidates in Basque regional elections held a debate on radio on the region's healthcare system ahead of this weekend's regional election. In other election related events, two months ahead of the European Parliament election 2024, POLITICO Pro hosted event on trends and expectations

    • Leading companies with earnings/updates included, moving to the downside, EssilorLuxottica (EL.FP) Q1 revenue €6.34B vs StreetAccount €6.38B, whilst gainers included Sodexo (SW.FP) H1 underlying operating profit €612M vs consensus €600M; FY24 organic growth now expected at top of +6-8% range and Veolia Environnement (VIE.FP) aims to increase US revenue by 50% by 2027 and double in size by 2030.

    • Additional M&A news flow included Covivio (COV.FP) finalizes acquisition of 8.3% stake in its subsidiary Covivio Hotels (COVH.FP), Ellaktor (ALLAKTOR.GA) submits binding offer for RB Ellaktor Holding's 38.79% stake in REDS S.A for ~ €60.2M and EDP Renovaveis (EDPR.PL) completes the sale of an 80% equity stake in a 297 MW operating wind project located in Canada, for an implied EV of C$0.7B. Also, VINCI (DG.FP) acquires 100% of Northwest Parkway for ~$1.2B equity value

    • Book-building got underway for Puig's (+PUIG.SM) IPO which, at the top end of the indicative price range, will mean the Spanish fashion and fragrance company will have a market capitalization of ~€13.9B. The shares are expected to begin trading on 3-May.

    • Sovereign credit rating reviews due after the close include DBRS (Lithuania), S&P (Greece, Italy, Netherlands, UK)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food & Beverage +1.32%, Telecom +1.12%, Utilities +0.66%, Persnl & HHold Goods +0.61%, Health Care +0.53%, Real Estate +0.39%, Insurance +0.39%, Banks +0.08%, Chemicals +0.04%, Basic Resources +0.03%, Oil & Gas (0.07%)

      • Underperformers:

        • Technology (1.79%), Ind Goods & Svcs (1.03%), Media (0.85%), Autos & Parts (0.76%), Construct & Mtls (0.62%), Retail (0.60%), Financial Svcs (0.53%), Travel & Leisure (0.13%)

    • Macro/Peripheral markets:

      • EU:

        • How EU leaders fudged a compromise on integration of capital markets - FT

      • G7

      • Finland:

        • Statement by EU's von der Leyen at the joint press conf with Finnish PM Orpo - release

      • Spain:

        • Basque regional election - Reuters; Guardian; between political candidates on the last day of the electoral campaign - El Pais

      • UK:

        • PM Sunak to tackle 'sick note culture' in speech on welfare reform - release; speech

        • Number of MPs who have said they will leave Parliament at the next general election has reached 100 (63 Conservative) - BBC

    • Company news:

      • Notable Gainers

        • +18.1% RBREW.DC (Royal Unibrew)

          • Q1 EPS DKK2.00 vs FactSet DKK1.86 [7 est, DKK1.53-2.20]; raises FY organic EBIT growth guidance

          • upgraded to buy from hold at ABG Sundal Collier

        • +9.5% DEX.GR (Delticom) -- FY EPS €0.54 vs year-ago €0.19

        • +7.4% DAB.DC (Danske Andelskassers Bank) -- Jyske Bank (JYSK.DC) increased its ownership stake in Danske Andelskassers Bank to over 10%

          • -0.6% JYSK.DC (Jyske Bank)

        • +5.4% PLX.FP (Pluxee) -- H1 net income €68M, (26%) vs year-ago €92M; Raising 2024 outlook

        • +5.3% AAQ1.GR (aap Implantate) -- successfully places 10% capital increase from authorized capital at €1.10 with exclusion of subscription rights

        • +5.2% OR.FP (L'Oreal) -- Q1 Sales €11.245B vs consensus €10.85B

        • +4.5% 888.LN (888 Holdings) -- revenue of £431M, slightly ahead of £420-430M guidance range; FY24 revenue growth expected to be consistent with mid-term target of 5-9% annual growth

        • +4.5% ELISA.FH (Elisa Oyj) -- Q1 EPS €0.57 vs FactSet €0.57 [10 est, €0.52-0.60]; shares reversed initial losses

        • +4.2% NSKOG.NO (Norske Skog) -- Q1 EPS (NOK3.86) vs FactSet (NOK1.05) [2 est, (NOK1.10)-(1.01)]

        • +3.9% GOFORE.FH (Gofore) -- Q1 EPS €0.27 vs FactSet €0.27 [2 est, €0.26-0.27]

        • +3.4% WCH.GR (Wacker Chemie) -- to buy from hold at Warburg Research

        • +3.4% WDP.BB (Warehouses de Pauw) -- Q1 EPRA EPS €0.33 vs year-ago €0.31, reaffirms FY guidance

        • +3.3% MERY.FP (Mercialys) -- Q1 Rental revenues €45.5M, +4% vs year-ago €43.6M

        • +3.3% DARK.LN (Darktrace) -- to buy from underperform at BofA

        • +3.0% ZTF.LN (Zotefoams) -- exclusivity agreement with personal protection experts Design Blue Limited

        • +2.3% AZA.SS (Avanza Bank Holding) -- Q1 EPS SEK3.53 vs FactSet SEK3.46 [9 est, SEK3.17-3.65]; shares reversed initial losses

          • On earnings/updates: SW.FP (Sodexo), VIE.FP (Veolia Environnement), NHH.SM (NH Hotel Group), ALMA.FH (Alma Media)

      • Notable Decliners

        • -10.1% SMDS.LN (DS Smith) -- Mondi (MNDI.LN) states it does not intend to make an offer for DS Smith

          • +9.4% MNDI.LN (Mondi)

        • -7.8% IPS.FP (Ipsos) -- Q1 revenue €557.5M vs FactSet €559.2M [2 est, €559-559.4M]

        • -6.7% DOM.SS (Dometic Group) -- Q1 Adjusted EPS SEK1.21 vs FactSet SEK1.10 [7 est, SEK0.90-1.47]

        • -6.5% CPH2.LN (Clean Power Hydrogen) -- FY EPS (1.5p) vs FactSet (1.8p) [2 est, (2.0)-(1.5p)]

        • -6.1% ELAN.B.SS (Elanders) -- Q1 EPS SEK0.89 ex-items vs FactSet SEK0.66 [2 est, SEK0.36-0.96], EBITA SEK180M ex-items vs FactSet SEK206.5M

        • -6.0% EMG.LN (Man Group)

          • Q1 AuM $175.7B vs consensus $176.65B

          • downgraded to add from buy at Numis

        • -5.5% BFSA.GR (Befesa) -- to underweight from equal-weight at Morgan Stanley

        • -4.8% JAY.LN (Bluejay Mining) -- announces expansion of corporate strategy to include exploration and development of helium, industrial gases, and hydrocarbons

        • -4.4% DAM.GR (Data Modul) -- preliminary Q1 EBIT €4.1M vs year-ago €4.8M

        • -4.2% VOLV.B.SS (Volvo) -- Zhejiang Geely Holding sells all its Volvo Class B shares for SEK 14.46B, through BofA Securities, Goldman Sachs and Barclay -- Bloomberg

        • -4.1% DIM.FP (Sartorius Stedim Biotech) -- neutral from sell at CIC Market Solutions

        • -3.8% GURN.SW (Gurit Holding) -- Q1 revenue CHF97.2M vs FactSet CHF112.7M [3 est, CHF103-123M], reaffirms FY revenue guidance

        • -3.4% COTN.SW (COMET Holding) -- trading update; Q1 revenue CHF80.9M vs year-ago CHF107.5M, reaffirms FY guidance

        • -3.1% SJJ.GR (Serviceware) -- Q1 EBITDA €0.6M vs year-ago (€1.1M); confirms its FY24 forecast

        • -3.0% SU.FP (Schneider Electric)

          • confirms in preliminary discussions regarding a potential strategic transaction with Bentley Systems (BSY)

          • to buy from hold at Kepler Cheuvreux

        • -2.9% ENW.LN (Enwell Energy) -- operational update: Q1 total production 2,128 boepd vs year-ago 2,787

        • -2.5% SPM.IM (Saipem) -- to hold from buy at Stifel

        • -2.4% BAKKA.NO (Bakkafrost) -- to hold from buy at Nordea

        • -2.1% BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to neutral from outperform at Santander

        • -2.0% NYR.BB (Nyrstar) -- FY net income (€1.5M) vs year-ago (€0.8M)

          • On earnings/updates: PON1V.FH (Ponsse), EL.FP (EssilorLuxottica)

    • EU companies reporting Monday:

      • Earnings: SAP (SAP.GR), Sandvik (SAND.SS), Getinge (GETI.B.SS), Troax Group (TROAX.SS), Saipem (SPM.IM), Sogefi (SGF.IM), Icade (ICAD.FP), Freelance.com (ALFRE.FP), Mobico Group (MCG.LN), Elixirr International (ELIX.LN)

      • Trading Update: Aryzta (ARYN.SW), Lumibird (LBIRD.FP)

      • CMD/events: Kinepolis Group (KIN.BB), TRATON (8TRA.GR)

  • Data:

    • Economics:

      • Germany Mar PPI (2.9%) y/y vs consensus (4.2%) and prior (4.1%); +0.2% m/m vs consensus 0.0% and prior (0.4%)

      • UK Mar retail sales +0.8% y/y vs consensus +0.7%, prior revised (0.3%) from (0.4%); 0.0% m/m vs consensus +0.2%, prior revised +0.1% from 0.0%

      • Spain Feb Trade Balance (€2.4B) vs prior (€3.7B)

    • Markets:

      • WTI Crude (May 24): +$0.29 or +0.35% to $83.02

      • €-$ +0.0020 or +0.19% to 1.0667

      • £-$ (0.0025) or (0.20%) to 1.2410

      • €-£ +0.0037 to 0.8595

      • S&P 500 (0.35%)

      • Performance year-to-date:

        • FTSE 100: +2.10%

        • DAX: +5.88%

        • CAC: +6.35%

        • MIB: +11.76%

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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