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StreetAccount Summary - EU Market Recap: FTSE 100 +0.51% to 8213.49, DAX +0.59% to 18001.60, CAC40 +0.54% to 7957.57, STOXX 600 +0.46% to 505.53

May 03 ,2024

  • Synopsis:

    • European equity markets finished higher, but off best levels. Media leading in EU trade, Consumer Products & Services also outperforming. Oil & Gas, Healthcare the main laggards. Treasuries rallying across the curve, though off best levels; policy-sensitive 2Y holding around 4.80%. Dollar index down 0.3%. Yen strength extending this week's intervention-aided gains. Gold down 0.2%. Bitcoin futures up 3.7% and back above $60K (but still lower WTD). WTI crude off 0.4% and on track for its worst week in three months. US equities higher in midday trading, though off best levels.

    • In notable macro developments today, latest ECB-speak highlights push towards policy easing. Lane pointed out leaving rates unchanged implies mechanical increase in real interest rates given inflation expectations. Norges Bank left rates unchanged, as expected. Eurozone unemployment remained at 6.5%. French industrial production missed. Final UK services sector PMI highest since May 2023.

    • Amidst today's notable gainers, JCDecaux (DEC.FP) Q1 sales beat on strong growth in digital across all of the group's business segments. Universal Music Group (UMG.NA) reported Q1 adjusted EBITDA, organic growth above expectations; also signed a new deal with TikTok. ALK-Abello (ALK.B.DC) also posted better-than-expected Q1 EPS and EBIT. On the downside, Societe Generale (GLE.FP), Danske Bank (DANSKE.DC),Daimler Truck Holding (DTG.GR), bpost (BPOST.BB) traded lower post latest Q1 updates.

    • In M&A, press reports suggest Bain Capital looking closely at takeover of Atos (ATO.FP) assets. Further in market rumours, Glencore (GLEN.LN) is studying Anglo American (AAL.LN) bid following BHP's (BHP.LN) failed attempt.

    • Over the weekend, 5-May, Sunday, sees Chinese President Xi Jinping begin a 6-day visit to Europe in France before going onto Serbia and Hungary on 8-May, Wednesday. The week ahead sees BOE and Riksbank interest rate decisions, UK Q1 preliminary GDP, Germany Mar industrial production, services PMIs from across the region. Of note, UK UK, Ireland, Cyprus, Greece markets are closed on 6-May, Monday, for Spring Bank holiday; there are a handful of markets closed on 9-May, Thursday, mostly in the Nordics, as well as a sprinkling of other market closures through the week for public holidays.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +1.84%, Consumer Products and Services +1.74%, Construct & Mtls +1.73%, Technology +1.72%, Financial Svcs +1.40%, Real Estate +1.17%, Ind Goods & Svcs +0.95%, Autos & Parts +0.81%, Chemicals +0.56%, Utilities +0.48%

      • Underperformers:

        • Banks (0.47%), Health Care (0.45%), Oil & Gas(0.43%), Insurance (0.30%), Food, Beverage and Tobacco (0.28%), Personal Care Drug and Grocery Stores +0.05%, Travel & Leisure +0.28%, Basic Resources +0.39%, Telecom +0.40%

    • Macro:

      • Central Banks:

        • Norges Bank keeps rates on hold at 4.5% as expected: Sees current rate likely to be maintained at the current level for 'quite some time and somewhat longer that previously envisaged' (prior 'some time')

        • ECB chief economist Lane argues for data-driven approach to rate cuts due to economic uncertainty (Reuters)

        • ECB's Stournaras suggests 3 rate cuts this year warranted instead of 4 due to stronger than expected economic growth, but remains concerned about global factors (Bloomberg)

        • Former BoE Governor King says inflation crisis fueled by groupthink (Telegraph)

      • UK:

        • Industry data points to weak start to quarter for UK retail sector British Retail Consortium

        • UK retail footfall dropped sharply in April due to bad weather and Easter timing (Retail Gazette)

        • UK PM Sunak's future may be determined by local election result: (BBC)

        • Labour opposition took a parliamentary seat from the Conservatives in northern England (Bloomberg)

      • Geopolitics:

        • EU Commission warns BYD, SAIC and Geely that lack of cooperation with EV probe may allow higher penalties (Politico)

        • French President Macron says he'd consider sending troops to Ukraine if Russia makes a major breakthrough or if Ukraine requests them, but emphasizes such conditions aren't currently met (Kyiv Independent, Economist)

        • Turkey halts trade with Israel over 'humanitarian tragedy' in Gaza (BBC)

        • Britain's Cameron, in Kyiv, promises Ukraine aid for 'as long as it takes' Reuters

      • Germany:

        • Germany lacks appeal as a business location, Ifo survey shows (Bloomberg)

        • Germany warns of consequences for alleged Russian cyber attack (Reuters)

    • Peripheral markets:

      • Norway:

        • Norway opens door to rate-cut delay amid krone weakness (Bloomberg)

      • Italy:

        • Tourism Minister indicted for alleged benefits fraud (Bloomberg)

        • Employment rate reached record high of 62.1% in March, Istat (ANSA)

      • Greece:

        • Unemployment drops to 10.2% in March from 11.4% in Mar-23 (Kathimerini)

        • Measures taken by government to combat inflation are gradually starting to bring results, says Development Minister Kostas Skrekas (Kathimerini)

      • Serbia:

        • Serbia appoints two ministers under US sanctions for Russia ties (FT)

    • Company news:

      • Notable Gainers

        • +31.1% KAR.SS (Karnov Group SEK86.10, +20.40) -- Q1 earnings; unanimously recommends shareholders to accept the SEK 84 in cash per share offer from Greenoaks and Long Path

        • +29.1% AGL.LN (ANGLE £0.18, +0.04) -- signs another supplier agreement with AstraZeneca to develop Parsortix-based AR detection assay

        • +16.7% HOFI.SS (Hoist Finance SEK58.10, +8.30) -- Q1 earnings

        • +13.6% ALK.B.DC (ALK-Abello DKK148.80, +17.80) -- Q1 earnings; updates revenue guidance; Nordea upgrade

        • +9.9% DEC.FP (JCDecaux €21.62, +1.95) -- Q1 revenue; Kepler Cheuvreux upgrade

        • +9.3% MCAP.SS (MedCap SEK466.00, +39.50) -- Q1 earnings

        • +9.1% ACAD.SS (AcadeMedia SEK55.40, +4.60) -- Q3 earnings

        • +8.6% KNOW.SS (Knowit SEK156.00, +12.40) -- Q1 earnings

        • +7.6% ATO.FP (ATOS SE €2.17, +0.15) -- Bain Capital looking closely at a takeover of Atos' assets -- Les Echos

        • +7.6% PIHLIS.FH (Pihlajalinna €8.78, +0.62) -- Q1 earnings

        • +7.2% ALD.FP (Ayvens €6.85, +0.46) -- Q1 earnings

        • +7.0% NETC.DC (Netcompany Group DKK280.20, +18.40) -- Q1 earnings

        • +5.9% NSIS.B.DC (Novonesis DKK412.20, +22.90) -- Q1 trading statement

        • +5.9% GMAB.DC (Genmab DKK2,061.00, +115.00) -- Q1 earnings

        • +5.6% ORK.NO (Orkla NOK79.80, +4.20) -- Q1 earnings

        • +5.4% TGP.LN (Tekmar Group £0.10, +0.01) -- disposes Subsea Innovation to Unique Group for £1.9M

        • +3.8% AMBEA.SS (Ambea AB SEK64.80, +2.35) -- Q1 earnings; acquires Alpklyftan

        • +3.8% AB.FP (AB Science €1.97, +0.07) -- The Paris Court of Appeal confirms the acquittal of CEO Alain Moussy for alleged insider trading

        • +2.5% MAU.FP (Maurel et Prom €6.01, +0.15) -- increases proposed dividend to €0.30/sh vs prior €0.23/sh

        • +2.3% VICO.SS (Vicore Pharma Holding SEK19.32, +0.44) -- Q1 earnings

        • +1.2% AAL.LN (Anglo American £26.94, +0.32) -- Glencore reportedly considering making an offer to acquire Anglo American - Reuters

      • Notable Decliners

        • -40.2% MIRI.LN (Mirriad Advertising £0.01, -0.01) -- Holders places 489.6M shares at 1.25p/sh

        • -19.0% HOCN.SW (HOCHDORF Holding CHF9.72, -2.28) -- Newlat Group intends to submit motions at upcoming AGM

        • -12.7% SIX2.GR (Sixt €79.00, -11.50) -- Q1 earnings

        • -11.7% MNTC.SS (Mentice SEK32.30, -4.30) -- Q1 earnings

        • -8.9% BONHR.NO (Bonheur NOK234.00, -23.00) -- Q1 earnings

        • -8.6% INSTAL.SS (Instalco SEK35.76, -3.36) -- Q1 earnings

        • -7.0% EGTX.SS (Egetis Therapeutics SEK6.47, -0.49) -- Q1 earnings

        • -5.2% GLE.FP (Societe Generale €24.46, -1.34) -- Q1 earnings

        • -5.1% BPOST.BB (bpost €3.47, -0.19) -- Q1 earnings

        • -4.6% APAM.NA (Aperam €25.98, -1.24) -- Q1 earnings

        • -4.6% DANSKE.DC (Danske Bank DKK193.65, -9.35) -- Q1 earnings

        • -4.3% BTS.B.SS (BTS Group SEK333.00, -15.00) -- Q1 earnings

        • -3.6% HARVIA.FH (Harvia €38.60, -1.45) -- Q1 earnings

        • -3.1% OMASP.FH (Oma Savings Bank €16.22, -0.52) -- Finnish FSA has made preliminary investigation request to the police for securities market offences

        • -2.8% DURC.B.SS (Duroc SEK17.25, -0.50) -- Q3 earnings

        • -2.6% NOVO.B.DC (Novo Nordisk DKK850.60, -22.50) -- Amgen says the interim Phase 2 analysis of AMG 133 (MariTide) is complete

        • -2.5% ONTEX.BB (Ontex Group €9.10, -0.23) -- Q1 earnings

        • -2.4% LR.FP (Legrand €95.34, -2.34) -- Q1 earnings

        • -1.9% LIAB.SS (Lindab International SEK212.20, -4.00) -- Q1 earnings; UK's CMA refers company's acquisition of HAS-Vent for a phase 2 investigation

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: PostNL (PNL.NA)

        • DACHs: Hypoport (HYQ.GR), WashTec (WSU.GR)

        • France: Coface (COFA.FP)

        • Nordics: Loomis (LOOMIS.SS), Peab (PEAB.B.SS), Nolato (NOLA.B.SS), Samhallsbyggnadsbolaget I Norden (SBB.B.SS), Catella (CAT.B.SS), Bredband2 i Skandinavien (BRE2.SS), Ilkka (ILKKA2.FH), Novotek (NTEK.B.SS), Pexip (PEXIP.NO)

        • Southern Europe: Amplifon (AMP.IM), Banca Monte dei Paschi di Siena (BMPS.IM), Anima Holding (ANIM.IM), Indra Sistemas (IDR.SM)

      • Trading Update: Demant (DEMANT.DC), Beneteau (BEN.FP), Elis (ELIS.FP), Nordnet (SAVE.SS), Hypoport (HYQ.GR), TKH Group (TWEKA.NA)

  • Data:

    • Economics:

      • Eurozone Mar Unemployment Rate 6.5% vs consensus 6.5% and prior 6.5%

      • UK Apr Services PMI 55.0 vs preliminary 54.9

      • France Mar Industrial Production (0.3%) m/m vs consensus +0.3% and prior +0.2%

      • Italy Mar Unemployment Rate 7.2% vs consensus 7.5% and prior 7.5%

      • Spain Apr Unemployment Change (52.8K) vs consensus (74.5K) and prior (33.4K)

    • Markets:

      • WTI Crude (Jun 24): ($0.34) or (0.43%) to $78.61

      • €-$ +0.0046 or +0.43% to 1.0772

      • £-$ +0.0022 or +0.18% to 1.2557

      • €-£ +0.0024 to 0.8581

      • S&P 500 +1.06%

      • Performance year-to-date

        • FTSE 100: +6.21%

        • DAX: +7.46%

        • CAC: +5.49%

        • MIB: +10.80%

        • Stoxx 600: +5.54%

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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