Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.05%) to 8040.40, DAX (0.35%) to 18073.62, CAC40 (0.25%) to 8085.89, STOXX 600 (0.46%) to 505.47

Apr 24 ,2024

  • Synopsis:

    • European indices ended in negative territory tracking lower US markets and reversing a positive morning session. In macro news, German business sentiment continued its recent improvement with the Ifo Business Climate Index registering 87.6 in April versus consensus 89.5 and prior 88.4 revised from 88.6. IFO Current Conditions recorded at 88.9 vs consensus 88.7 and prior 88.1 while IFO Expectations 89.9 vs consensus 88.9 and prior 87.5. Still in Germany, Economy Minister Habeck announced latest government spring forecast, which revised up the GDP growth outlook. 2024 GDP growth now expected at 0.3% versus prior 0.2% and 2025 forecast unchanged GDP at 1.0%. Habeck also highlighted signs of an upturn with prices falling faster than expected. Inflation is forecast to fall to 2.4% versus prior 2.8% projection and sees further deceleration to 1.8% in 2025 versus prior 2% predicted. German officials, including Bundesbank chief Nagel, have been encouraged by the improvement in hard data at the start of the year. In addition, sentiment indicators and the forward-looking PMIs have pointed to a mild recovery.

    • In Italy, Business and Consumer Confidence below consensus and - furthermore - Fitch flagged risks to Italy debt ratio in a report published Tuesday. Said larger-than-expected take-up of 'Superbonus' tax credit scheme puts debt-to-GDP ratio on an upward trajectory. Bloomberg highlighted risks complicate management of economy. Meloni's government has curbed some of the incentives of the scheme, which started in 2020. Also credit rating related, Bloomberg discussed upcoming French ratings assessments, with from Moody's and Fitch reviews coming on Friday and S&P Global update expected next month

    • Amidst a busy reporting front, in the DACHs region, Roche Holding (ROG.SW) Q1 revenue in-line and reiterated 2024 guidance while Deutsche Börse (DB1.GR) Q1 earnings beat and confirmed FY24 guidance. In France, Ipsen (IPN.FP) Q1 sales ahead and confirms FY24 financial guidance, Eurofins Scientific (ERF.FP) Q1 revenue also beats and confirms its objectives for FY24 to FY27 while Nexans (NEX.FP) and Air Liquide (AI.FP) Q1 revenue miss. Bic (BB.FP) Q1 EPS beats and Orange (ORA.FP) Q1 EBITDAaL also better than expected, confirmed FY24 guidance and increased FY24 divi to €0.75/share. In the Netherlands, Royal KPN (KPN.NA) adjusted EBITDA AL marginally ahead; Royal Vopak (VPK.NA) Q1 EPS beat, revenue, adj EBITDA missed and raised FY guidance; ASM International (ASM.NA) Q1 net income beats while Heineken (HEIA.NA) Q1 net revenue miss. In Southern Europe, Eni (ENI.IM) Q1 beats; Distribuidora Internacional De Alimentacion (DIA.SM) Q1 net sales +1.1% y/y while Iberdrola (IBE.SM) raised FY net income guidance and launched maximum €347M shares buyback. In Nordics, Svenska Handelsbanken (SHB.A.SS) Q1 EPS, revenue, operating profit all missed; Intrum (INTRUM.SS) Q1 miss by a wide margin; Husqvarna (HUSQ.B.SS) beats; Volvo Car (VOLCAR.B.SS) Q1 EPS, revenue missed, EBIT beat and gave FY guidance; Skandinaviska Enskilda Banken (SEB.A.SS) Q1 EPS, revenue, operating profit all beat, NII missed; SSAB (SSAB.A.SS) beats; Assa Abloy (ASSA.B.SS) miss; Norsk Hydro (NHY.NO) miss; Aker BP (AKRBP.NO) beats; Kone (KNEBV.FH) beats and DSV A/S (DSV.DC) miss, maintained FY outlook and launched new share buyback program of DKK1.00B; Nordic Semiconductor (NOD.NO) Q1 EPS, revenue, EBITDA missed and Q2 guidance beat. In the UK, Reckitt Benckiser (RKT.LN) Q1 revenue beats and said on track to deliver FY revenue and profit targets; Lloyds Banking Group (LLOY.LN) Q1 underlying profit before impairment miss, however FY24 guidance reaffirmed while abrdn Plc (ABDN.LN) reported Q1 AUMA +3% y/y to £507.7B above consensus. In Syndicate, Alchemy Special Opportunities Fund IV L.P. placed 40.0M shares in Mitie Group (MTO.LN) at a price of 112p/share via Peel Hunt. In M&A news, MSC Mediterranean Shipping Company launches recommended voluntary cash offer of NOK 263.69/share for Gram Car Carriers (GCC.NO)

    • Looking ahead to tomorrow's calendars, Andritz (ANDR.AV), STRABAG (STR.AV), Benelux: BE Semiconductor Industries (BESI.NA), D/S Norden (DNORD.DC), Neste Corp. (NESTE.FH), UPM-Kymmene (UPM.FH), Stora Enso (STERV.FH), Metso Outotec (METSO.FH), Kesko (KESKOB.FH), Orion (ORNBV.FH), Konecranes (KCR.FH), Metsa Board (METSB.FH), TietoEVRY Corp. (TIETO.FH), Sanofi (SAN.FP), BNP Paribas (BNP.FP), Dassault Systemes (DSY.FP), STMicroelectronics (STMPA.FP), BASF (BAS.GR), Deutsche Bank (DBK.GR), HELLA GmbH & Co. KGaA (HLE.GR), DWS Group (DWS.GR), Delivery Hero (DHER.GR), KION GROUP (KGX.GR), Wacker Chemie (WCH.GR), Equinor (EQNR.NO), Gjensidige Forsikring (GJF.NO), AutoStore Holdings (AUTO.NO), Subsea 7 (SUBC.NO), Cellnex Telecom (CLNX.SM), Repsol (REP.SM), Banco de Sabadell (SAB.SM), Swedbank (SWED.A.SS), Essity (ESSITY.B.SS), Alfa Laval (ALFA.SS), Telia Co. (TELIA.SS), Indutrade (INDT.SS), Swedish Orphan Biovitrum (SOBI.SS), AstraZeneca (AZN.LN), Barclays (BARC.LN), J Sainsbury (SBRY.LN), Adyen (ADYEN.NA), Unibail-Rodamco-Westfield (URW.NA), France: Hermes International (RMS.FP), Schneider Electric (SU.FP), VINCI (DG.FP), Pernod Ricard (RI.FP), Compagnie de Saint-Gobain (SGO.FP), Bureau Veritas (BVI.FP), Accor (AC.FP), Nestle (NESN.SW), Holcim (HOLN.SW), Unilever (ULVR.LN), London Stock Exchange Group (LSEG.LN), The Weir Group (WEIR.LN) and WPP (WPP.LN) are among several other companies updating investors. Macro-releases will include Germany May consumer climate - GfK, France Apr business survey and Spain Mar PPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Basic Resources +1.60%, Technology +1.29%, Ind Goods & Svcs +0.24%, Oil & Gas (0.20%), Persnl & HHold Goods (0.21%), Food & Beverage (0.23%), Autos & Parts (0.24%), Construct & Mtls (0.32%), Utilities (0.44%)

      • Underperformers: Financial Svcs (2.00%), Real Estate(1.92%), Retail (1.50%), Travel & Leisure (1.37%), Insurance (1.29%), Banks (1.16%), Chemicals (1.00%), Health Care (0.95%), Telecom (0.84%), Media (0.69%)

  • Macro:

    • EU conducts 'dawn raid' on Chinese security equipment supplier (BBG)

    • EU to China: Open your public markets or we'll close ours (Politico)

    • France Proposes New EU Sanctions to Fight Russian Disinformation (BBG)

    • German leader says Europe must keep increasing aid to Ukraine after US approves new military help (Independent)

    • Germany resumes UNRWA cooperation (dw)

    • New Stability Pact is an improvement says Italy eco min Giorgetti (Ansa)

    • Rishi Sunak claims defence spending plan won't affect government's ability to cut taxes (Guardian)

  • Company news:

    • Notable Gainers

      • +36.4% NOD.NO (Nordic Semiconductor NOK121.00, +32.26) -- earnings

      • +26.5% AGL.LN (ANGLE £0.16, +0.03) -- supplier agreement with AstraZeneca (AZN.LN)

      • +25.4% GCC.NO (Gram Car Carriers NOK266.50, +54.00) -- earnings; MSC Mediterranean Shipping Company launches recommended voluntary cash offer of NOK 263.69/share for Gram Car Carriers

      • +23.6% VVY.NA (Vivoryon Therapeutics €0.89, +0.17) -- earnings

      • +17.6% SCF.IM (Salcef Group €26.00, +3.90) -- Salcef Group's founding shareholders, MSIP agree to acquire the company for €26.55/share (inclusive of dividend)

      • +17.0% MELE.BB (Melexis €82.45, +12.00) -- earnings

      • +13.5% SVED.B.SS (Svedbergs Group SEK44.85, +5.35) -- earnings

      • +13.1% XVIVO.SS (Xvivo Perfusion SEK363.00, +42.00) -- earnings

      • +10.7% ASM.NA (ASM International €587.80, +56.80) -- earnings

      • +9.3% ALVDM.FP (Voyageurs du Monde €141.00, +12.00) -- earnings; buyback

      • +8.4% CDA.FP (Compagnie des Alpes €14.20, +1.10) -- sales

      • +7.5% STB.NO (Storebrand NOK105.20, +7.35) -- earnings; buyback

      • +5.8% G4M.LN (Gear4music (Holdings) £1.45, +0.08) -- trading update; management update

      • +5.7% ALIF.B.SS (AddLife SEK104.70, +5.65) -- earnings

      • +5.7% KAMBI.SS (Kambi Group SEK94.25, +5.05) -- earnings

      • +5.5% IFX.GR (Infineon Technologies €31.43, +1.64) -- positive read-through for semis from Texas Instruments (TXN) better-than-expected revenue guidance

      • +5.5% MTG.B.SS (Modern Times Group MTG SEK93.10, +4.85) -- earnings; buyback

      • +5.5% PZC.LN (PZ Cussons £1.00, +0.05) -- trading update

      • +5.4% HAUTO.NO (Höegh Autoliners NOK105.30, +5.35) -- earnings

      • +5.3% STMPA.FP (STMicroelectronics €39.18, +1.97) -- positive read-through for semis from Texas Instruments (TXN) better-than-expected revenue guidance

      • +5.3% W7L.LN (Warpaint London £4.95, +0.25) -- earnings

      • +4.9% UBXN.SW (u-blox Holding CHF83.30, +3.90) -- earnings

      • +4.1% ALKAL.FP (Kalray €17.72, +0.70) -- earnings

      • +3.6% IDL.FP (ID Logistics Group €349.50, +12.00) -- earnings

      • +3.4% RKT.LN (Reckitt Benckiser £43.93, +1.45) -- sales

      • +3.2% MGAM.LN (Morgan Advanced Materials £3.08, +0.10) -- earnings

      • +3.1% KNEBV.FH (Kone €44.79, +1.36) -- earnings

      • +3.0% QLT.LN (Quilter £1.06, +0.03) -- trading statement

      • +2.9% HOC.LN (Hochschild Mining £1.56, +0.04) -- earnings

      • +2.9% PHM.SM (Pharma Mar €28.40, +0.80) -- earnings

      • +2.2% BB.FP (Bic €66.00, +1.40) -- earnings

      • +1.7% BILI.A.SS (Bilia SEK128.00, +2.10) -- earnings

      • +1.7% HEIA.NA (Heineken €92.34, +1.54) -- earnings

      • +1.4% SHOT.SS (Scandic Hotels Group SEK57.95, +0.80) -- earnings

      • +1.3% IPN.FP (Ipsen €112.80, +1.40) -- sales

      • +1.2% BNZL.LN (Bunzl £30.90, +0.36) -- earnings

      • +1.2% SSAB.A.SS (SSAB SEK64.84, +0.74) -- earnings

      • +1.1% SQZ.LN (Serica Energy £1.96, +0.02) -- earnings; buyback

      • +1.0% LLOY.LN (Lloyds Banking Group £0.52, +0.01) -- earnings

      • +1.0% SAR.GA (GR Sarantis €11.88, +0.12) -- earnings

      • +0.8% CNV.FP (Cnova €1.21, +0.01) -- earnings

      • +0.5% WIN.LN (Wincanton £6.04, +0.03) -- UK to not take any further action under NSI Act regarding GXO Logistics's purchase of Wincanton

      • +0.4% KPN.NA (Royal KPN €3.41, +0.01) -- earnings

      • +0.2% OUT1V.FH (Outokumpu €3.75, +0.01) -- earnings

    • Notable Decliners

      • -32.2% EVT.GR (Evotec €9.57, -4.57) -- earnings; management change

      • -20.9% BIOS.BB (BioSenic €0.02, -0.00) -- postpones AGM and publication of its 2023 annual report; provides temporary unaudited financial figures for 2023

      • -14.9% VOLO.SS (Volati SEK104.20, -18.20) -- earnings

      • -11.6% SHB.A.SS (Svenska Handelsbanken SEK100.00, -13.15) -- earnings

      • -11.2% ALLFG.NA (Allfunds Group €6.03, -0.76) -- Allfunds scraps talks over potential sale - Bloomberg

      • -10.3% VOLCAR.B.SS (Volvo Car SEK35.40, -4.07) -- earnings

      • -10.2% OVH.FP (OVHCloud €6.92, -0.79) -- earnings

      • -9.4% TEMN.SW (Temenos CHF58.45, -6.05) -- earnings; management change

      • -8.9% INTRUM.SS (Intrum SEK21.28, -2.09) -- earnings

      • -8.1% ATT.SS (Attendo SEK43.25, -3.80) -- earnings

      • -7.9% ALCAR.FP (Carmat €3.48, -0.30) -- earnings

      • -7.9% ERF.FP (Eurofins Scientific €56.74, -4.88) -- sales

      • -7.5% SOF.B.SS (Softronic SEK22.20, -1.80) -- earnings

      • -6.9% DUNI.SS (Duni SEK102.20, -7.60) -- earnings

      • -6.8% C3RY.GR (Cherry €1.89, -0.14) -- FY23 impairments

      • -6.6% KER.FP (Kering €327.30, -23.25) -- sales

      • -6.4% JET2.LN (Jet2 £13.92, -0.95) -- trading update

      • -5.9% RILBA.DC (Ringkjøbing Landbobank DKK1,178.00, -74.00) -- earnings

      • -5.3% DSV.DC (DSV A/S DKK1,019.50, -57.00) -- earnings; buyback

      • -5.2% EVO.SS (Evolution SEK1,263.50, -70.00) -- earnings

      • -5.2% PIG.FP (Haulotte Group €2.17, -0.12) -- earnings

      • -4.9% KURN.SW (Kuros Biosciences CHF6.76, -0.35) -- business update

      • -4.9% SDG.LN (Sanderson Design Group £0.98, -0.05) -- earnings

      • -4.9% SIILI.FH (Siili Solutions €8.84, -0.46) -- earnings

      • -4.8% REC.IM (Recordati €50.10, -2.50) -- CVC (reportedly weighing options for its Recordati stake -- Bloomberg

      • -4.7% WALL.B.SS (Wallenstam SEK45.88, -2.24) -- earnings

      • -4.1% BREE.LN (Breedon Group £3.65, -0.16) -- trading update

      • -4.1% CRDA.LN (Croda International £46.89, -2.01) -- sales

      • -4.0% DB1.GR (Deutsche Börse €180.70, -7.50) -- earnings

      • -4.0% SEB.A.SS (Skandinaviska Enskilda Banken SEK144.10, -5.95) -- earnings

      • -3.9% BILL.SS (Billerud SEK93.25, -3.80) -- earnings

      • -3.5% ORA.FP (Orange €10.65, -0.39) -- earnings

      • -3.3% ROG.SW (Roche Holding CHF222.10, -7.60) -- sales

      • -3.3% XXL.NO (XXL ASA NOK0.79, -0.03) -- earnings

      • -3.2% MTO.LN (Mitie Group £1.16, -0.04) -- share placement

      • -3.1% ASSA.B.SS (Assa Abloy SEK300.70, -9.60) -- earnings

      • -3.1% SCHP.FP (Seche Environnement €105.80, -3.40) -- earnings

      • -3.0% TRCS.LN (Tracsis £8.20, -0.25) -- earnings

      • -2.9% SINT.SS (SinterCast SEK100.00, -3.00) -- earnings

      • -2.8% BONAV.B.SS (Bonava SEK9.97, -0.29) -- earnings

      • -2.7% LIFCO.B.SS (Lifco SEK269.80, -7.60) -- earnings

      • -2.5% EXE.FP (Exel Industries €55.60, -1.40) -- sales

      • -2.4% AI.FP (Air Liquide €185.92, -4.64) -- earnings

      • -2.3% DIA.SM (Distribuidora Internacional De Alimentacion €0.01, -0.00) -- sales

      • -1.9% ENI.IM (Eni €15.21, -0.30) -- earnings;

      • -1.9% IMCD.NA (IMCD €151.45, -2.90) -- acquisition of Cobapharma; terms not mentioned

      • -1.8% VALMT.FH (Valmet €24.46, -0.45) -- earnings

      • -1.7% BINV.SS (BioInvent International SEK23.00, -0.40) -- earnings

      • -1.4% TIT.IM (Telecom Italia €0.22, -0.00) -- EU said to examine concerns regarding impact of Telecom Italia's NetCo deal on wholesale market -- Reuters

      • -1.4% WHA.NA (Wereldhave €14.30, -0.20) -- earnings

      • -1.3% AV.LN (Aviva £4.64, -0.06) -- earnings

      • -1.3% STAR.LN (Star Energy Group £0.11, -0.00) -- earnings

      • -1.0% APPS.SM (Applus Services €11.42, -0.12) -- Apollo and I Squared prepare their final offers for Applus - Expansion, citing sources

      • -1.0% COOR.SS (Coor Service Management Holding SEK48.40, -0.50) -- earnings

      • -1.0% MMT.FP (M6-Metropole €14.38, -0.14) -- earnings

      • -0.9% ABDN.LN (abrdn Plc £1.38, -0.01) -- trading update

      • -0.9% WITH.FH (WithSecure €1.08, -0.01) -- earnings

      • -0.8% COV.FP (Covivio €44.50, -0.36) -- earnings

      • -0.8% VOD.LN (Vodafone Group £0.69, -0.01) -- Bharti Airtel responds to media reports, not in discussions with Vodafone Group to acquire stake in Indus Towers

      • -0.8% EIN3.GR (Einhell Germany €153.80, -1.20) -- earnings

      • -0.7% ITH.LN (Ithaca Energy £1.18, -0.01) -- Ithaca Energy reaches agreement on a proposed combination with Eni (ENI.IM) on substantially all of Eni S.p.A.'s UK upstream assets

      • -0.6% NHY.NO (Norsk Hydro NOK67.52, -0.42) -- earnings

      • -0.6% VPK.NA (Royal Vopak €38.12, -0.24) -- earnings

      • -0.6% EBRO.SM (Ebro Foods €15.86, -0.10) -- earnings

      • -0.3% BRG.NO (Borregaard NOK191.00, -0.60) -- earnings

      • -0.3% HUSQ.B.SS (Husqvarna SEK83.28, -0.22) -- earnings

      • -0.3% IBE.SM (Iberdrola €11.50, -0.03) -- earnings

      • -0.3% TTE.FP (TotalEnergies €67.70, -0.22) -- increases stake in Giant Field Moho and Divests Two Mature Assets

      • -0.1% AKRBP.NO (Aker BP NOK277.70, -0.20) -- earnings

      • -0.1% FGR.FP (Eiffage €100.30, -0.15) -- earnings; to acquire EQOS in Germany; terms undisclosed

      • -0.1% KIND.SS (Kindred Group SEK123.20, -0.10) -- earnings

  • EU companies reporting tomorrow:

    • Earnings:

      • Benelux: SIPEF (SIP.BB)

      • DACHs: Schindler (SCHN.SW), Mensch und Maschine Software (MUM.GR), 2G Energy (2GB.GR), Hawesko (HAW.GR), M1 Kliniken (M12.GR)

      • Finland: Nordea Bank (NDA.FI.FH), Nokia (NOKIA.FH), Olvi (OLVAS.FH), Talenom (TNOM.FH)

      • France: Sartorius Stedim Biotech (DIM.FP)

      • Norway: Elkem (ELK.NO), ABG Sundal Collier (ABG.NO)

      • Sweden: EQT (EQT.SS), Tele2 (TEL2.B.SS), Mycronic (MYCR.SS), Kinnevik (KINV.B.SS), Vitrolife (VITR.SS), FastPartner (FPAR.A.SS), Vitec Software Group (VIT.B.SS), Arjo (ARJO.B.SS), AQ Group (AQ.SS), Note (NOTE.SS), Plejd (PLEJD.SS), Hansa Biopharma (HNSA.SS)

      • UK: Centamin (CEY.LN), Keystone Law Group (KEYS.LN), LBG Media (LBG.LN)

    • Trading Update:

      • Benelux: Sligro Food Group (SLIGR.NA), NSI (NSI.NA), Econocom (ECONB.BB)

      • DACHs: Gurit (GURN.SW)

      • France: L'Oreal (OR.FP), EssilorLuxottica (EL.FP), Danone (BN.FP), Edenred (EDEN.FP), Forvia (FRVIA.FP), Ipsos (IPS.FP), Etablissements Maurel & Prom (MAU.FP), Mercialys (MERY.FP), Amplitude Surgical (AMPLI.FP), Focus Entertainment (ALFOC.FP), Damartex (ALDAR.FP)

      • Nordics: Investor (INVE.B.SS)

      • UK: SEGRO (SGRO.LN), easyJet (EZJ.LN), Rentokil Initial (RTO.LN), Dunelm (DNLM.LN), Deliveroo (ROO.LN), AJ Bell (AJB.LN), discoverIE (DSCV.LN), Foxtons (FOXT.LN)

    • Events/CMD: Mobimo Holding (MOBN.SW), Hawesko Holding (HAW.GR), Oxford Metrics (OMG.LN)

Data:

  • Economics:

    • Germany Apr IFO Business Climate 89.4 vs consensus 88.9 and prior 87.8

      • Current Conditions 88.9 vs consensus 88.7 and prior 88.1

      • Expectations 89.9 vs consensus 88.9 and prior 87.5

    • Italy Apr

      • Business Confidence 87.6 vs consensus 89.5 and prior revised 88.4 from 88.6

      • Consumer Confidence 95.2 vs consensus 96.9 and prior 96.5

    • Switzerland Apr ZEW Expectations 17.6 vs consensus 9.9 and prior 11.5

    • Finland Mar

      • PPI (4.6%) y/y vs consensus (4.8%) and prior (5.1%)

      • Mar Unemployment Rate 9.0% vs consensus 8.0% and prior 7.8%

    • Sweden Mar Unemployment Rate 9.2% vs consensus 7.9% and prior 8.5%

  • Markets:

    • WTI Crude (Jun 24): ($0.38) or (0.46%) to $82.98

    • €-$ (0.0016) or (0.15%) to 1.0691

    • £-$ (0.0013) or (0.10%) to 1.2435

    • €-£ +0.0000 to 0.8598

    • S&P 500 (0.12%)

    • Performance year-to-date

      • FTSE 100: +3.97%

      • DAX: +7.89%

      • CAC: +7.19%

      • MIB: +12.87%

      • Stoxx 600: +5.53%

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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE