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StreetAccount Summary - EU Market Recap: FTSE 100 +0.66% to 8174.84, DAX (0.15%) to 17905.58, CAC40 (0.79%) to 7921.90, STOXX 600 (0.18%) to 503.42

May 02 ,2024

  • Synopsis:

    • European equity markets closed mixed with pan-European indices ranged bound from the open, with shares just below initial levels. Austria +0.9%, FTSE100 +0.7%, Portugal +0.6% led the outperformers whilst Denmark (1.9%), Sweden (1.1%) and France (0.8%) led the underperformers.

    • In political developments in the UK, voters in parts of England head to the polls today to elect councillors and mayors in the local elections. They are considered the last test of voters' opinion before the next general election, which is expected later this year (BBC). In addition, following a dramatic week in Scottish politics, John Swinney, the veteran former leader of the country's ruling Scottish National Party confirmed Thursday he's ready to run all over again (Politico).

    • From a macroeconomic calendar perspective, Swiss CPI came firmer than expected at +1.4% y/y vs consensus +1.1%. Also, final Eurozone manufacturing PMIs revised mostly lower. In central banks, Fed left rates unchanged as expected and announced larger-than-expected reduction in Treasury runoff caps from $60B to $25B, starting in June. Meanwhile in Europe, central bank narrative also in focus as Spain central bank chief de Cos, a known dove, expressed optimism that inflation would decline to target in 2025, but also that stronger-than-expected monetary policy impact remains a downside risk to Europe's growth (Bloomberg). Other central banks speakers today see Bundesbank's Balz on panel - title digital euro - what happens next? - at 17:00CET at one of the bank's regional offices. ECB's Lane lecture at 22:15CET at Univ. of Stanford

    • In corporate news, ArcelorMittal (MT.NA) reported Q1 EPS $1.16 vs StreetAccount $0.91 and said capex in 2024 is expected to remain within the $4.5-$5.0B range. Still in the Netherlands, ING Groep (INGA.NA) reported Q1 net income €1.58B vs consensus €1.42B and announced €2.5B buyback. DSM-Firmenich (DSFIR.NA) Q1 adjusted EBITDA €463M vs consensus €465.0M; reaffirmed FY guidance.

    • Out of the Nordics, GN Store Nord (GN.DC) posted Q1 EPS DKK1.74 vs consensus DKK0.77; confirmed FY guidance. Novo Nordisk (NOVO.B.DC) saw Q1 EPS DKK5.68 vs consensus DKK5.27 and raised FY sales growth guidance to +19-27% at CER vs prior guidance +18-26%. Vestas Wind Systems (VWS.DC) Q1 net income (€75M) vs StreetAccount (€5M); maintains FY guidance.

    • In France, Worldline (WLN.FP) reported Q1 revenue €1.10B vs consensus €1.08B and confirmed 2024 objectives. In the UK, Standard Chartered (STAN.LN) Q1 underlying EPS $0.53 vs FactSet $0.37. Smurfit Kappa Group (SKG.LN) released a trading statement including Q1 revenue €2.70B, EBITDA €487M.

    • From the DACH region, Siltronic (WAF.GR) reported Q1 EPS €0.86 vs FactSet €0.16. Swisscom (SCMN.SW) Q1 net income CHF455M vs consensus CHF417M with FY24 outlook confirmed and said Vodafone Italia transaction on track

    • Further on M&A front, Novartis (NOVN.SW) to acquire Mariana Oncology; will make upfront payment of $1B and additional $750M in payments upon completion of pre-specified milestones. Elsewhere, Management board and Supervisory board of Encavis AG (ECV.GR) published joint reasoned statement, reaffirmed support and recommended acceptance of voluntary public takeover offer by KKR.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate+1.25%, Banks +0.65%, Construct & Mtls +0.52%, Financial Svcs +0.52%, Telecom +0.41%, Utilities +0.39%, Travel & Leisure +0.37%, Basic Resources +0.05%, Autos & Parts +0.01%, Persnl & HHold Goods (0.07%), Media (0.08%), Ind Goods & Svcs (0.12%), Insurance (0.16%),

      • Underperformers

        • Technology (0.98%), Retail (0.92%), Health Care (0.76%), Oil & Gas (0.60%), Chemicals (0.32%), Food & Beverage (0.23%),

    • Macro/Peripheral markets:

      • EU

        • Brussels slams Berlin's 'ill-founded' effort to delay EU satellite project - Politico

        • EU increases financial aid to Lebanon - FT

      • Geopolitics

        • Hamas response to ceasefire plan 'negative' but discussions continue - The Guardian

        • Russian missiles strike Odesa again as situation worsens on eastern front - Euronews

      • Central Banks

        • Bailey Grapples With Divisions at BOE Over When to Cut UK Rates - Bloomberg

        • Czechs to Cut Rates as Outlook Gets More Hawkish - Bloomberg

        • Federal Reserve chair Jay Powell signals interest rates will remain higher for longer - FT

      • UK

        • High tax Britain to be slowest-growing country in G7, warns OECD - The Telegraph

        • Polls open in England's local elections with Tories braced for heavy losses - The Guardian, BBC

        • May 2 elections: At-a-glance guide to key results and times - Standard

      • Germany

        • There are fewer foreign investment projects in Germany than at any time in ten years - Handelsblatt

        • Germany has already exceeded its annual ecological limits - DW

        • Births in Germany fall to lowest for a decade - FT

      • Italy

        • Meloni: 'New 5 billion jobs package' - Ansa

      • France

        • Paris rubbish collectors threaten Olympics strike over 'excessive workload' - France24

    • Company news:

      • Notable Gainers

        • +13.8% RBG.LN (Revolution Bars Group £0.02, -0.00) -- order

        • +10.4% WLN.FP (Worldline €10.62, +1.02) -- Q1 revenue

        • +8.6% STAN.LN (Standard Chartered £7.31, +0.60) -- Q1 earnings

        • +6.5% SKG.LN (Smurfit Kappa Group £36.08, +2.26) -- trading update

        • +6.3% RCH.LN (Reach £0.81, +0.05) -- trading update

        • +5.8% WAVE.FP (Wavestone €56.80, +3.10) -- Stifel upgrade

        • +4.4% ASA.NO (Atlantic Sapphire NOK0.00, +0.04) -- announces 1-for-10 reverse share split

        • +4.3% HKSAV.FH (HKScan €0.00, +0.03) -- HKScan to sell Danish subsidiary HKScan Denmark A/S for debt-free purchase price of €44.6M

        • +4.3% SAB.SM (Banco de Sabadell €1.88, +0.08) -- Keefe, Bruyette & Woods upgrade

        • +3.6% SES.SS (Scandinavian Enviro Systems SEK2.41, +0.09) -- additional SEK 54M payment related to Uddevalla plant

        • +3.2% RXL.FP (Rexel €25.08, +0.77) -- BofA upgrade

        • +2.9% TIFS.LN (TI Fluid Systems £1.38, +0.04) -- trading update

        • +2.9% SPNO.DC (Spar Nord Bank DKK128.00, +3.60) -- Q1 earnings

        • +2.7% ORSTED.DC (Ørsted DKK388.40, +10.30) -- Q1 earnings

        • +2.6% ENGI.FP (ENGIE €15.25, +0.39) -- projects

        • +2.1% SHEL.LN (Shell Plc £28.47, +0.61) -- Q1 earnings

        • +2.0% YIT.FH (Yit €1.95, +0.04) -- Inderes downgrade

      • Notable Decliners

        • -13.6% OTOVO.NO (Otovo ASA NOK1.23, -0.20) -- Q2 earnings

        • -5.3% KITW.LN (Kitwave Group £3.70, -0.22) -- trading update

        • -4.9% SALM.NO (Salmar NOK675.50, -34.50) -- ABG Sundal Collier downgrade

        • -4.4% MAERSK.B.DC (Maersk DKK10,255.00, -443.00) -- Q1 earnings

        • -4.2% ISS.DC (ISS A/S DKK122.40, -5.40) -- Q1 earnings

        • -4.1% VWS.DC (Vestas Wind Systems DKK180.40, -7.65) -- Q1 earnings

        • -3.0% NORB.B.SS (Nordisk Bergteknik $15.74, -0.48) -- Q1 earnings

        • -3.0% RAA.GR (Rational €781.00, -24.00) -- Q1 earnings

        • -2.8% VOLCAR.B.SS (Volvo Car SEK33.94, -0.99) -- CEO to step down

        • -2.7% FAG.SS (Fagerhult Group SEK0.00, -1.90) -- Q1 earnings

        • -2.7% NOVO.B.DC (Novo Nordisk DKK879.40, -24.60) -- Q1 earnings

        • -2.3% SVEG.NO (Sparebanken Vest NOK125.36, -2.98) -- Arctic Securities and ABG Sundal Collier downgrades

        • -1.9% SCMN.SW (Swisscom CHF494.00, -9.50) -- Q1 earnings

        • -1.7% TE.FP (Technip Energies €21.48, -0.38) -- Q1 earnings

        • -1.6% HSX.LN (Hiscox £11.60, -0.19) -- trading update

        • -1.1% TRAC.B.SS (Traction SEK0.00, -3.00) -- Q1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Aperam (APAM.NA), Brunel International (BRNL.NA), bpost (BPOST.BB), Ontex Group (ONTEX.BB), Shurgard Self Storage (SHUR.BB)

        • DACHs: Daimler Truck Holding (DTG.GR), Deutsche Wohnen (DWNI.GR), Krones (KRN.GR), Kontron (KTN.GR)

        • France: Crédit Agricole (ACA.FP), Societe Generale (GLE.FP), Legrand (LR.FP), ALD (ALD.FP)

        • Nordics: Danske Bank (DANSKE.DC), ALK-Abello (ALK.B.DC), Netcompany Group (NETC.DC), Orkla (ORK.NO), Fastighets AB Balder (BALD.B.SS), Castellum (CAST.SS), Lindab International (LIAB.SS), BTS Group (BTS.B.SS), MedCap (MCAP.SS), NCC (NCC.B.SS), Ambea (AMBEA.SS), AcadeMedia (ACAD.SS), Scandi Standard (SCST.SS), Hoist Finance (HOFI.SS), Knowit (KNOW.SS), Logistea (LOGI.A.SS), KlaraBo Sverige (KLARA.B.SS), Haypp Group (HAYPP.SS), Idun Industrier (IDUN.B.SS), Instalco (INSTAL.SS), Vicore Pharma Holding (VICO.SS), Egetis Therapeutics (EGTX.SS), Sivers Semiconductors (SIVE.SS), Mentice (MNTC.SS), Tobii (TOBII.SS), Duroc (DURC.B.SS), Oncopeptides (ONCO.SS), Vaisala (VAIAS.FH), CapMan (CAPMAN.FH), Pihlajalinna (PIHLIS.FH), Glaston (GLA1V.FH), Teleste Corp. (TLT1V.FH)

        • Southern Europe: Intesa Sanpaolo (ISP.IM)

        • UK: Trainline (TRN.LN),Valiant Holding AG (VATN.SW)

  • Data:

    • Economics:

      • Apr Manufacturing PMI

        • Switzerland 41.4 vs consensus 45.5 and prior 45.2

        • Germany 42.5 vs preliminary 42.2

        • France 45.3 vs preliminary 44.9

        • Italy 47.3 vs consensus 50.0 and prior 50.4

        • Eurozone 45.7 vs preliminary 45.6

        • Norway 52.4 vs consensus 51.4 and prior revised 50.7 from 50.8

        • Sweden 51.4 vs consensus 50.8 and prior revised 50.4 from 50.0

        • Spain 52.2 vs consensus 50.8 and prior 51.4

      • Switzerland

        • Apr CPI +1.4% y/y vs consensus +1.1% and prior +1.0%; +0.3% m/m vs consensus +0.1% and prior 0.0%

        • Mar Retail Sales (0.1%) y/y vs consensus +0.2% and prior revised +0.2% from (0.2%)

      • Austria Apr Unemployment Rate 6.8% vs consensus 6.8% and prior 6.9%

      • Italy Mar PPI (9.6%) y/y vs consensus (9.7%) and prior (10.8%)

    • Markets:

      • WTI Crude (Jun 24): ($0.24) or (0.30%) to $78.76

      • €-$ (0.0010) or (0.09%) to 1.0702

      • £-$ (0.0030) or (0.24%) to 1.2498

      • €-£ +0.0005 to 0.8559

      • S&P 500 +0.32%

        • Performance year-to-date

        • FTSE 100: +5.71%

        • DAX: +6.89%

        • CAC: +5.02%

        • MIB: +11.26%

        • Stoxx 600: +5.10%

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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