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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +1.62% to 8023.87, DAX +0.70% to 17860.80, CAC40 +0.22% to 8040.36, STOXX 600 +0.60% to 502.31

Apr 22 ,2024

  • Synopsis:

    • European equity markets ended higher, with FTSE 100 leading gains. Italy bucks the firmer trend. Follows decisive negative performance last week. Telecom the best performer, followed by Healthcare and Retail while Autos/Parts and Basic Resources biggest laggards.

    • Sentiment improving amid some tentative signs of easing in Middle Eastern tensions. Some thoughts also that oversold conditions and less stretched sentiment indicators might be supportive for equity markets.

    • Quiet macro calendar in Europe with Apr flash Eurozone consumer confidence main release of note, recorded at (14.7) vs consensus (14.0) and prior (14.9). Latest ECB speak continues to back summer rate cut. BoE deputy governor Ramsden sounded more confident on inflation outlook in comments late Friday.

    • On a light reporting calendar, Aryzta (ARYN.SW) and Icade (ICAD.FP) posted their most recent numbers. Elsewhere, Galp (GALP.PL) provided an update on Namibia exploration, with shares up +17.7% on the news. In the Nordics, Embracer Group (EMBRAC.B.SS) announced its intention to transform into three standalone publicly listed entities.

    • On the M&A newsflow, Tyman (TYMN.LN) will be acquired by Quanex Building Products for 400p/sh in a deal worth $1.1B (EV basis); also, the FT reports that Bridgepoint Group (BPT.LN ) is exploring options including the sale for Swedish drinks business Vitamin Well whilst - in France - Alstom (ALO.FP) entered into a binding agreement with Knorr-Bremse (KBX.GR) to sell its North American conventional signalling business for ~€630M.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Eurozone, France, Germany, UK Apr preliminary manufacturing/services PMIs and UK Mar public sector borrowing. Also, Kantar releases UK grocery market share figures and update on inflation for the 12 weeks ending 14-Apr-24.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Telecom +2.03%, Health Care +1.48%, Retail +1.47%, Oil & Gas +1.20%, Banks +1.17%, Insurance +1.15%, Media +1.03%, Real Estate+0.87%

      • Underperformers

        • Autos & Parts (0.74%), Basic Resources (0.44%), Ind Goods & Svcs (0.02%), Financial Svcs +0.09%, Construct & Mtls +0.09%, Technology +0.11%, Food & Beverage +0.20%, Travel & Leisure +0.27%, Utilities +0.36%, Chemicals +0.40%, Persnl & HHold Goods +0.46%

    • Macro:

      • Central banks:

        • ECB governors stick to plan for multiple rate cuts despite global headwinds -- Reuters

        • BOE Warns of Risks With Private Asset Values Shrouded in Secrecy -- Bloomberg

      • UK:

      • Germany:

        • Germany's industrial production expected to sink further -- DW

      • Italy:

        • Centre right candidate leading in Basilicata region 53-57%, exit poll -- Ansa

    • Company news:

      • Notable Gainers

        • +34.5% TYMN.LN (Tyman £3.98, +1.02) -- acquisition by Quanex Building Products for 400p/share, or EV of $1.1B

        • +20.1% GALP.PL (Galp Energia SGPS €19.09, +3.23) -- Namibia exploration update; JB Capital Markets upgrade

        • +17.7% IMMNOV.SS (Immunovia SEK2.21, +0.31) -- results from model-development study for next-gen pancreatic cancer detection test

        • +9.7% PAY.LN (PayPoint £5.31, +0.47) -- FY trading update

        • +8.6% EMBRAC.B.SS (Embracer Group SEK27.38, +2.18) -- separation of the group into three companies; new entitiy Asmodee secures €900M financing agreement

        • +8.0% NOEJ.GR (Norma Group €18.28, +1.36) -- Warburg Research upgrade

        • +7.2% ENSU.NO (Ensurge Micropower NOK1.35, +0.09) -- first shipment of solid-state lithium Microbatteries

        • +6.3% AAQ1.GR (aap Implantate €0.84, +0.05) -- Q1 revenue

        • +5.7% CLIG.LN (City of London Investment Group £3.35, +0.18) -- trading update

        • +5.1% AKAST.NO (Akastor NOK13.70, +0.66) -- arbitration award amount update

        • +4.5% ORY-MAD (1.98, +0.09) -- "intention to grant" by European Patent Office (EPO) for vafidemstat

        • +4.4% MKS.LN (Marks & Spencer Group £2.57, +0.11) -- Jefferies upgrade

        • +4.2% AGL.LN (ANGLE £0.13, +0.01) -- US and EU patents for CellKeep slide

        • +3.9% SBRY.LN (J Sainsbury £2.68, +0.10) -- Jefferies upgrade

        • +3.4% TSCO.LN (Tesco plc £2.90, +0.10) -- starts £450M first tranche of £1B buyback

        • +3.2% OCDO.LN (Ocado Group £3.56, +0.11) -- Shareholders pressing Ocado Group to consider moving listing to US - Telegraph

        • +3.0% EDEN.FP (Edenred €45.16, +1.29) -- statement regarding investigation procedure of its Italian unit

        • +2.9% AED.BB (Aedifica €60.30, +1.70) -- Kepler Cheuvreux upgrade

        • +2.8% BME.LN (B&M European Value Retail £5.25, +0.14) -- Jefferies upgrade

        • +2.3% TUI1.GR (TUI Group €6.88, +0.16) -- TUI Group rules out share buybacks; plans to forgo dividends for the time being - Börsen-Zeitung

      • Notable Decliners

        • -56.6% HOCN.SW (HOCHDORF Holding CHF1.78, -2.27) -- discusses sale of HOCHDORF Swiss Nutrition Ltd subsidiary

        • -34.0% AFRN.LN (Aferian £0.08, -0.04) -- FY trading update

        • -33.2% XBRANE.SS (Xbrane Biopharma SEK0.23, -0.12) -- regulatory update on FDA review of its ranibizumab biosimilar candidate

        • -9.9% MCG.LN (Mobico Group £0.56, -0.06) -- Q1 revenue; FY earnings; new CFO

        • -7.1% TENG.LN (Ten Lifestyle Group £0.65, -0.05) -- H1 earnings

        • -1.9% ANOD.B.SS (Addnode Group SEK114.20, -2.20) -- Handelsbanken downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Mayr-Melnhof Karton (MMK.AV)

        • Benelux: Akzo Nobel (AKZA.NA), ASM International (ASM.NA), Randstad (RAND.NA)

        • Denmark: Tivoli (TIV.DC)

        • Germany: Deutsche Borse (DB1.GR), Amadeus FiRe (AAD.GR), Deutsche Rohstoff (DR0.GR), OHB (OHB.GR), Hamborner REIT (HABA.GR)

        • Finland: Finnair (FIA1S.FH), Ponsse (PON1V.FH), eQ (EQV1V.FH), Enento Group (ENENTO.FH), Atria (ATRAV.FH)

        • France: Societe BIC (BB.FP), Metropole Television (MMT.FP)

        • Norway: DNB Bank (DNB.NO), Var Energi (VAR.NO), Entra (ENTRA.NO)

        • Southern Europe: Enagas (ENG.SM)

        • Sweden: Epiroc (EPI.A.SS), Hemnet Group (HEM.SS), Beijer Ref (BEIJ.B.SS), Boliden (BOL.SS), Munters Group (MTRS.SS), Nordnet (SAVE.SS), Wihlborgs Fastigheter (WIHL.SS), AFRY (AFRY.SS), Alleima (ALLEI.SS), OEM International (OEM.B.SS), JM (JM.SS), Corem Property Group (CORE.B.SS), Norion Bank (NORION.SS), Inwido (INWI.SS), HEBA Fastighets (HEBA.B.SS), Viaplay Group (VPLAY.B.SS), VNV Global (VNV.SS), Probi (PROB.SS)

        • Switzerland: Novartis (NOVN.SW), Kuhne + Nagel International (KNIN.SW), Temenos (TEMN.SW)

        • UK: Associated British Foods (ABF.LN), Alphawave IP Group (AWE.LN), AB Dynamics (ABDP.LN), Alliance Pharma (APH.LN)

      • Trading Update:

        • Benelux: Allfunds Group (ALLFG.NA), Barco (BAR.BB)

        • France: Kering (KER.FP), Renault (RNO.FP), Eiffage (FGR.FP), Covivio (COV.FP), Tikehau Capital (TKO.FP), ID Logistics Group (IDL.FP), Plastic Omnium (POM.FP), Seche Environnement (SCHP.FP), Compagnie des Alpes (CDA.FP), Pierre & Vacances (VAC.FP), Linedata Services (LIN.FP)

        • UK: Anglo American (AAL.LN), Taylor Wimpey (TW.LN), Jupiter Fund Management (JUP.LN)

  • Data:

    • Economics:

      • Eurozone Apr Flash Consumer Confidence (14.7) vs consensus (14.0) and prior (14.9)

      • Ireland Mar PPI +2.0% y/y vs consensus +2.6% and prior +3.3%

    • Markets:

      • WTI Crude (24-May): ($0.35) or (0.42%) to $82.79

      • €-$ (0.0018) or (0.17%) to 1.0645

      • £-$ (0.0040) or (0.33%) to 1.2336

      • €-£ +0.0016 to 0.8631

      • S&P 500 +0.30%

      • Performance year-to-date:

        • FTSE 100: +3.76%

        • DAX: +6.62%

        • CAC: +6.59%

        • MIB: +11.11%

        • Stoxx 600: +4.87%

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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