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StreetAccount Summary - EU Market Recap: FTSE 100 +0.28% to 8046.14, DAX +1.58% to 18142.58, CAC40 +0.87% to 8110.41, STOXX 600 +1.11% to 507.89

Apr 23 ,2024

  • Synopsis:

    • European equity markets ended higher with pan-European indices closing around the best levels of the session. Greece +1.9%, Spain +1.7%, Germany +1.6% and Denmark +1.5% led the outperformers whilst Italy (1.0%) bucked the firmer trend.

    • In political developments, in the UK, Rishi Sunak unveiled biggest military spending increase in a generation. Sunak has pledged to increase Britain's defence budget to £75B a year by the end of the decade, taking it to 2.5pc of national wealth (The Telegraph). In central banks, ongoing focus on Fed outlook. Reduction in rate cut expectations remains a talking point. Has influenced European interest rate markets somewhat, though ECB officials sound confident on ability to cut rates in June, but cautious thereafter. BoE's Pill warned rate cuts still someway off, while Haskel said labor market remains tight.

    • From a macroeconomic calendar perspective, flash manufacturing and services PMIs dominated. Eurozone flash PMI for April showed recovery gained momentum with composite reading at eleven-month high of 51.4 vs 50.7 consensus and prior 50.3 amid service sector strength. Second month of rising output. Activity in services sector at eleven-month high of 52.9 vs 51.8 forecast and prior 51.5 but manufacturing at four-month low of 45.6 versus 46.5 consensus and prior 46.1. Meanwhile, UK flash PMI showed fastest rate of expansion in private sector since May 2023 with composite reading at 54.0 versus 52.6 forecast and prior 52.8. Services sector strength continues to drive activity with PMI at eleven-month high of 54.9 versus 53.0 consensus and prior 53.1.

    • In corporate news, SAP (SAP.GR) reported Q1 EPS €0.81 ex-items vs FactSet €0.98 and reaffirmed FY guidance. Also in the DACH region, Novartis (NOVN.SW) is trading higher following strong Q1 earnings and raised FY24 guidance. Also, the Board proposed the nomination of Dr. Caforio as Chair of the Board of Directors. Kuehne & Nagel (KNIN.SW) shares lower after Q1 earnings.

    • In France, Plastic Omnium (POM.FP) and Renault (RNO.FP) issued their Q1 revenue with the latter reaffirming its 2024 outlook. In Benelux, Akzo Nobel (AKZA.NA) Q1 adjusted EPS €1.12 vs consensus €0.86 and provided FY outlook whilst Randstad (RAND.NA) net income €123M vs consensus €122M and noted challenging market conditions persisted over the course of Q1, resulting in subdued activity levels of its clients. These conditions continued into April with volumes sequentially stable from March

    • In Southern Europe, Saipem (SPM.IM) and Enagas (ENG.SM) reported Q1 numbers. In the UK, Taylor Wimpey (TW.LN) shares higher following trading update. Company announced that the spring selling season is progressing in line with expectations, and the company continues to expect 2024 UK completions (excluding JVs) in the range of 9,500-10,000, which neatly brackets consensus expectations.

    • On M&A front, JD Sports Fashion PLC (JD.LN) announced proposed acquisition of Hibbett, Inc (HIBB) for $87.50/sh in cash, implying an equity value of $1,083M (£878M) and an enterprise value of $1,109M (£899M). Reuters reports that Italian coffee maker Lavazza is set to launch a voluntary tender offer to acquire a 28.36% stake in IVS (IVS.IM) for €185M, in a deal with the vending machine operator's majority shareholder, with the intention of taking the company private.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +2.56%, Retail +2.16%, Travel & Leisure +2.00%, Banks +1.69%, Insurance +1.48%, Health Care +1.33%, Media +1.27%, Financial Svcs +1.23%, Ind Goods & Svcs +1.17%

      • Underperformers

        • Basic Resources (1.23%), Food & Beverage +0.06%, Chemicals +0.26%, Oil & Gas +0.31%, Persnl & HHold Goods +0.54%, Construct & Mtls +0.57%, Telecom +0.70%, Utilities +0.80%, Autos & Parts +0.92%, Real Estate+1.05%

    • Macro/Peripheral markets:

      • EU

        • EU's von der Leyen speech at the European Parliament Plenary on the conclusions of the special European Council meeting of 17/18-Apr - release

      • ECB

        • ECB's Lagarde says inflation more likely to ease but risks both ways - ECB

        • ECB's de Guindos says June cut seems like a done deal in absence of shocks - LeMonde

        • ECB's Villeroy says the bank can't fund the green transition due to legal restrictions and inflation risks - Bloomberg

        • Italy FinMin Giorgetti sees ECB easing in H2 - Reuters

      • Geopolitics

        • UK to send largest military aid package to Ukraine including Storm Shadow missiles and drones - Bloomberg

        • Ukraine says US aid should not dispel a sense of urgency among EU countries - Politico

        • Russia threatens to step up attacks on western weapons in Ukraine - FT

      • UK

        • Major UK lenders raising mortgage rates on lower rate cut expectations due to persistent inflation - London Times

        • Government borrowing higher than forecast as doubts raised over pre-election tax cuts - Sky

        • UK will increase defence spending to 2.5% of national income by 2030, the prime minister is expected to announce - Sky

        • Bank of England policymaker warns against cutting rates too soon - FT

      • France

        • French PM Attal unleashes Sarkozy-style politics to tackle far-right surge - Politico

      • Greece

    • Company news:

      • Notable Gainers

        • +14.4% MTRS.SS (Munters Group SEK199.30, +25.10) -- Q1earnings

        • +10.9% IVS.IM (IVS Group €7.14, +0.70) -- Lavazza makes €7.15/sh cash offer for a 28.36% in IVS Group -- Reuters

        • +10.2% FXPO.LN (Ferrexpo £0.53, +0.05) -- Q1 production report

        • +8.9% WJG.LN (Watkin Jones £0.44, +0.04) -- H1 earnings; CFO to step down

        • +8.8% ABF.LN (Associated British Foods £27.26, +2.21) -- H1 earnings

        • +6.6% VNV.SS (VNV Global SEK25.40, +1.58) -- Q1 earnings

        • +6.1% OCDO.LN (Ocado Group £3.80, +0.22) -- Kantar Worldpanel announces latest UK grocery share figures

        • +5.6% ENC.SM (ENCE Energia y Celulosa €3.38, +0.18) -- Q1 earnings; Jefferies upgrade

        • +5.5% AIXA.GR (Aixtron €22.68, +1.19) -- order; initiated buy at Hauck & Aufhäuser

        • +5.3% PINE.LN (Pinewood Technologies Group £3.12, +0.16) -- consolidation becomes effective; expects the special dividend to be paid on 7-May

        • +5.2% SAP.GR (SAP €174.70, +8.66) -- Q1 earnings

        • +4.8% SL.IM (Sanlorenzo €40.70, +1.85) -- initiated outperform at BNP Paribas Exane

        • +4.0% JD.LN (JD Sports Fashion £1.23, +0.05) -- proposed acquisition of Hibbett, Inc for $87.50 per share in cash

        • +3.7% EQT.SS (EQT AB SEK298.70, +10.70) -- resolves to repurchase up to 2.2M shares for total maximum amount of SEK 1.00B

        • +3.6% NORION.SS (Norion Bank SEK42.85, +1.50) -- Q1 earnings

        • +3.4% ITP.FP (Interparfums €50.90, +1.65) -- initiated buy at Berenberg

        • +3.3% F3C.GR (SFC Energy €19.22, +0.62) -- order

        • +3.1% TEL.NO (Telenor NOK129.00, +3.90) -- Deutsche Bank upgrade

        • +2.5% BWLPG.NO (BW LPG NOK151.70, +3.70) -- receives NYSE share listing approval

        • +2.5% TIT.IM (Telecom Italia €0.23, +0.01) -- Vivendi abstains from voting on Telecom Italia's board renewal at the 23-Apr-24 AGM

        • +2.4% ATRAV.FH (Atria €10.45, +0.25) -- Q1 earnings

        • +1.9% NOVN.SW (Novartis CHF89.05, +1.69) -- Q1 earnings; proposes new Chair

        • +1.8% SPM.IM (Saipem €2.26, +0.04) -- Q1 earnings

        • +0.5% ABDP.LN (AB Dynamics £18.45, +0.10) -- H1 earnings

        • +0.5% ELCO.LN (Eleco £0.97, +0.01) -- FY earnings

        • +0.5% IDIA.SW (Idorsia CHF2.01, +0.01) -- bondholder meeting to vote on proposals to amend terms of outstanding convertible bonds including maturity extension

      • Notable Decliners

        • -44.4% BMN.LN (Bushveld Minerals £0.01, -0.01) -- Mineral Resources and Reserves Annual Update; Q1 operational and corporate update

        • -15.6% BAR.BB (Barco €12.59, -2.33) -- Q1 earnings

        • -13.4% NETI.B.SS (Net Insight SEK5.18, -0.80) -- Q1 earnings

        • -11.7% RWS.LN (RWS Holdings £1.64, -0.22) -- H1 trading update

        • -7.4% RAND.NA (Randstad €44.89, -3.60) -- Q1 earnings

        • -6.5% AKZA.NA (Akzo Nobel €62.68, -4.32) -- Q1 earnings

        • -4.8% KNIN.SW (Kuehne & Nagel CHF242.30, -12.10) -- Q1 earnings

        • -4.6% INWI.SS (Inwido SEK134.10, -6.40) -- Q1 earnings

        • -3.9% ENTRA.NO (Entra Eiendom NOK102.80, -4.20) -- Q1 earnings

        • -3.8% JM.SS (JM SEK189.10, -7.50) -- Q1 earnings; sells rental property in Sundbyberg, Stockholm for SEK 410M

        • -3.5% MVIR.SS (Medivir SEK2.76, -0.10) -- update from supportive Type C meeting with the FDA; preparations for enhanced phase 2B in HCC with fostrox + Lenvima continue

        • -3.4% FIA1S.FH (Finnair €2.96, -0.10) -- Q1 earnings

        • -3.3% LTG.LN (Learning Technologies Group £0.77, -0.03) -- Berenberg downgrade

        • -2.5% VID.LN (Videndum £2.78, -0.07) -- FY earnings

        • -2.4% AAL.LN (Anglo American £21.10, -0.52) -- Q1 production report

        • -2.2% EQV1V.FH (eQ €13.15, -0.30) -- Q1 earnings

        • -1.4% SYZ.GR (Syzygy €2.88, -0.04) -- Q1 preliminary earnings

        • -1.4% EPI.A.SS (Epiroc SEK205.50, -3.00) -- Q1 earnings

        • -1.0% DNB.NO (DNB Bank NOK208.30, -2.20) -- Q1 earnings

        • -1.0% SEQUA.BB (Sequana Medical €1.42, -0.01) -- to vote on 23-May on previously disclosed convertible financing from major shareholders

        • -0.1% POM.FP (Plastic Omnium €11.97, -0.01) -- Q1 revenue

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: AMAG Austria Metall (AMAG.AV)

        • Benelux: Royal KPN (KPN.NA), Melexis (MELE.BB)

        • Denmark: DSV (DSV.DC), Ringkjøbing Landbobank (RILBA.DC), cBrain (CBRAIN.DC), Brodrene A. & O. Johansen (AOJ.B.DC)

        • Finland: Kone (KNEBV.FH), Valmet (VALMT.FH), Scanfil (SCANFL.FH)

        • France: Orange (ORA.FP), Nexans (NEX.FP), Verallia (VRLA.FP), OVH Groupe (OVH.FP), Lectra (LSS.FP), Voyageurs du Monde (ALVDM.FP), Nanobiotix (NANO.FP)

        • Germany: Evotec (EVT.GR), Einhell Germany (EIN3.GR), Surteco Group (SUR.GR), Wintershall Dea (+WDEA.GR)

        • Norway: Aker BP (AKBRP.NO), Norsk Hydro (NHY.NO), Storebrand (STB.NO), Borregaard (BRG.NO), Höegh Autoliners (HAUTO.NO), Nordic Semiconductor (NOD.NO), Gram Car Carriers (GCC.NO)

        • Southern Europe: Iberdrola (IBE.SM), Acerinox (ACX.SM), Ebro Foods (EBRO.SM), Global Dominion Access (DOM.SM), Eni (ENI.IM), Maire Tecnimont (MAIRE.IM)

        • Sweden: Assa Abloy (ASSA.B.SS), Atlas Copco (ATCO.A.SS), Skandinaviska Enskilda Banken (SEB.A.SS), Evolution (EVO.SS), Svenska Handelsbanken (SHB.A.SS), Lifco (LIFCO.B.SS), Volvo Car (VOLCAR.B.SS), Trelleborg (TREL.B.SS), SSAB (SSAB.B.SS), Husqvarna (HUSQ.B.SS), Wallenstam (WALL.B.SS), Billerud (BILL.SS), Electrolux Professional (EPRO.B.SS), AddLife (ALIF.B.SS), Bilia (BILI.A.SS), Scandic Hotels Group (SHOT.SS), Modern Times Group MTG (MTG.B.SS), Xvivo Perfusion (XVIVO.SS), Volati (VOLO.SS), Attendo (ATT.SS), Duni (DUNI.SS), Coor Service Management Holding (COOR.SS), Eastnine (EAST.SS), Bonava (BONAV.B.SS), Ependion (EPEN.SS), Intrum (INTRUM.SS)

        • UK: Serica Energy (SQZ.LN), Tracsis (TRCS.LN)

  • Data:

    • Economics:

      • Apr Flash Manufacturing PMI

        • France 44.9 vs consensus 46.9 and prior 46.2

        • Germany 42.2 vs consensus 42.8 and prior 41.9

        • Eurozone 45.6 vs consensus 46.5 and prior 46.1

        • UK 48.7 vs consensus 50.3 and prior 50.3

      • Apr Flash Services PMI

        • France 50.5 vs consensus 48.9 and prior 48.3

        • Germany 53.3 vs consensus 50.6 and prior 50.1

        • Eurozone 52.9 vs consensus 51.8 and prior 51.5

        • UK 54.9 vs consensus 53.0 and prior 53.1

    • Markets:

      • WTI Crude (Jun 24): +$0.91 or +1.11% to $82.81

      • €-$ +0.0046 or +0.43% to 1.0701

      • £-$ +0.0094 or +0.76% to 1.2443

      • €-£ (0.0027) to 0.8601

      • S&P 500 +1.02%

        • Performance year-to-date

        • FTSE 100: +4.05%

        • DAX: +8.30%

        • CAC: +7.52%

        • MIB: +13.25%

        • Stoxx 600: +6.03%

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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