May 01 ,2024
Synopsis:
The majority of European indices were closed today due to Labor Day/May Day holidays, with the exception of UK and Denmark
On the macro-calendar, Nationwide UK house price index showed slower annual house price growth. UK manufacturing PMI revised up, yet still in contractionary territory. Also, France Apr new passenger car registration came at +0.4% y/y to 146,977 vehicles
On the earnings front, several companies have released their earnings overnight. Aena SME (AENA.SM) reported Q1 earnings with a net income of €261M, surpassing FactSet's estimate of € 194.3M. Teleperformance (TEP.FP) announced Q1 revenue of €2.54B, slightly higher than FactSet's estimate of € 2.52B. TF1 (TFI.FP) reported Q1 earnings with a net income of €29.7M, exceeding StreetAccount's estimate of € 24M. Imerys (NK.FP) issued Q1 earnings with a current net income from continuing operations of €69M, showing an increase compared to the year-ago figure of €62M. Also reporting earnings this morning, Haleon (HLN.LN), GSK Plc (GSK.LN), Smith & Nephew (SN.LN), Aston Martin Lagonda Global Holdings (AML.LN) and , Next (NXT.LN) are amongst others to update investors with their latest numbers
Looking ahead to tomorrow's calendars, ArcelorMittal (MT.NA), ING Groep (INGA.NA), Universal Music Group (UMG.NA), Galapagos (GLPG.NA), Swisscom (SCMN.SW), Hugo Boss (BOSS.GR), Rational (RAA.GR), Scout24 (G24.GR), Siltronic (WAF.GR), Raiffeisen Bank International (RBI.AV), Technip Energies (TE.FP), SES (SESG.FP), JCDecaux (DEC.FP), A.P. Moller-Maersk (MAERSK.B.DC), Novo Nordisk (NOVO.B.DC), Vestas Wind Systems (VWS.DC), Orsted (ORSTED.DC), Genmab (GMAB.DC), and Pandora (PNDORA.DC) will be among few other names to update investors whilst - in terms of trading updates - DSM-Firmenich (DSFIR.NA), Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA), AXA (CS.FP), Worldline (WLN.FP), Kerry Group (KRZ.ID) AIB Group (A5G.ID) and Smurfit Kappa Group (SKG.LN) will also issue their most recent numbers
Digest:
Sectors - STOXX Europe 600:
Outperformers: Utilities +0.09%, Banks +0.08%, Real Estate+0.07%, Telecom +0.01%, Autos & Parts +0.00%, Chemicals (0.01%), Technology (0.03%), Construct & Mtls (0.08%), Media (0.09%), Health Care (0.09%), Persnl & HHold Goods (0.09%), Insurance (0.09%)
Underperformers: Basic Resources (0.41%), Oil & Gas (0.35%), Travel & Leisure (0.32%), Food & Beverage (0.30%), Financial Svcs (0.25%), Retail (0.24%), Ind Goods & Svcs (0.20%)
Macro:
EU-New Zealand trade agreement enters into force (EU)
France has turned against Macron. Will Europe set the stage for President Le Pen? (Guardian)
UK Local elections 2024: YouGov MRP predicts significant Conservative losses to Labour (also Sky and New Statesman)
Labour set to unveil weakened package of workers' rights (FT)
Georgia rocked by clashes over 'foreign agent' bill (BBC)
Company news:
Notable Gainers
+50.0% TRIN.LN (Trinity Exploration & Production £0.54, +0.18) -- Touchstone Exploration to acquire Trinity Exploration & Production for shares
+38.8% AFM.LN (Alpha Financial Markets Consulting £4.65, +1.30) -- confirms confirms that it has received a non-binding indicative proposal from Bridgepoint Advisers Limited regarding a possible cash offer
+9.0% JSG.LN (Johnson Service Group £1.41, +0.12) -- AGM statement
+4.6% NXR.LN (Norcros £1.94, +0.09) -- CMD update
+2.6% SPR.LN (Springfield Properties £0.98, +0.03) -- contract
+2.0% RNO.LN (Renold £0.51, +0.01) -- contract
+1.8% GSK.LN (GSK Plc £17.03, +0.31) -- earnings
+1.7% JAY.LN (Bluejay Mining £0.00, -0.00) -- exploration license
+1.0% SYDB.DC (Sydbank DKK360.20, +3.60) -- earnings
+0.4% SYNT.LN (Synthomer £2.62, +0.01) -- completes previously announced divestment of Compounds to Matco
+0.2% NXT.LN (Next £90.24, +0.16) -- trading statement
Notable Decliners
-9.3% MUL.LN (Mulberry Group £0.98, -0.10) -- trading update
-7.8% PANR.LN (Pantheon Resources £0.33, -0.03) -- Independent Expert Report by LKA on Alkaid Horizon
-6.0% AML.LN (Aston Martin Lagonda Global Holdings £1.39, -0.09) -- earnings
-2.8% AHT.LN (Ashtead Group £56.42, -1.66) -- revels Sunbelt 4.0 5-year growth plan at CMD
-2.8% HLN.LN (Haleon £3.30, -0.10) -- earnings
-2.4% CCC.LN (Computacenter £25.16, -0.62) -- trading update; downgraded to hold from buy at Investec
-2.2% CGS.LN (Castings £3.64, -0.08) -- trading update
-1.5% SPT.LN (Spirent Communications £1.92, -0.03) -- trading update
-1.2% CGEO.LN (Georgia Capital £13.48, -0.16) -- earnings
-0.9% TOP.DC (Topdanmark DKK289.00, -2.60) -- agreement on completion of IT separation of Topdanmark Liv Holding
-0.8% WIX.LN (Wickes Group £1.45, -0.01) -- trading update
-0.5% DOM.LN (Domino's Pizza Group £3.25, -0.02) -- trading update
-0.4% HLMA.LN (Halma £21.98, -0.08) -- acquires MK Test Systems Limited (MK Test) for cash consideration £44M
-0.2% SN.LN (Smith & Nephew £9.81, -0.02) -- sales
EU companies reporting tomorrow:
Earnings:
Benelux: ArcelorMittal (MT.NA), ING Groep (INGA.NA), Universal Music Group (UMG.NA), Galapagos (GLPG.NA), Groupe Bruxelles Lambert (GBLB.BB), Aedifica (AED.BB)
DACHs: Swisscom (SCMN.SW), Hugo Boss (BOSS.GR), Rational (RAA.GR), Scout24 (G24.GR), Siltronic (WAF.GR), Raiffeisen Bank International (RBI.AV)
France: Technip Energies (TE.FP), SES (SESG.FP), Neoen (NEOEN.FP), JCDecaux (DEC.FP)
Nordics: A.P. Moller-Maersk (MAERSK.B.DC), Novo Nordisk (NOVO.B.DC), Vestas Wind Systems (VWS.DC), Orsted (ORSTED.DC), Genmab (GMAB.DC), Pandora (PNDORA.DC), GN Store Nord (GN.DC), ISS (ISS.DC), Alm. Brand (ALMB.DC), Spar Nord Bank (SPNO.DC), Solar (SOLAR.B.DC), Fagerhult Group (FAG.SS), Fenix Outdoor International (FOI.B.SS), Ework Group (EWRK.SS)
UK: Shell (SHEL.LN), Standard Chartered (STAN.LN), Spectris (SXS.LN), Smiths News (SNWS.LN)
Trading Update:
Benelux: DSM-Firmenich (DSFIR.NA), Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA)
France: AXA (CS.FP), Worldline (WLN.FP), AKWEL (AKW.FP), Bonduelle (BON.FP), LNA Sante (LNA.FP)
Nordics: HusCompagniet A/S (HUSCO.DC)
UK/Ireland: Kerry Group (KRZ.ID) AIB Group (A5G.ID), Smurfit Kappa Group (SKG.LN), Spectris (SXS.LN), RHI Magnesita (RHIM.LN), Morgan Sindall Group (MGNS.LN), TI Fluid Systems (TIFS.LN), International Personal Finance (IPF.LN)
Data:
Economics:
France Apr new passenger car registration +0.4% y/y (comparable working days) to 146,977 vehicles
UK Apr
Manufacturing PMI 49.1 vs prelim 48.7
Nationwide House Prices +0.6% y/y vs cons +1.2% and prior +1.6%; (0.4%) m/m vs cons +0.2% and prior (0.2%)
Netherlands Mar Retail Sales +4.8% y/y vs cons +2.0% and prior revised +3.7% from +3.0%
Markets:
WTI Crude (Jun 24): ($2.31) or (2.82%) to $79.62
€-$ +0.0015 or +0.14% to 1.0685
£-$ +0.0000 or +0.00% to 1.2491
€-£ +0.0014 to 0.8553
S&P 500 (0.27%)
Performance year-to-date
FTSE 100: +5.01%
DAX: +7.05%
CAC: +5.86%
MIB: +11.19%
Stoxx 600: +5.28%
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