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StreetAccount Summary - EU Market Recap: FTSE 100 +0.16% to 8428.13, DAX (0.14%) to 18716.42, CAC40 +0.20% to 8225.80, STOXX 600 +0.15% to 521.65

May 14 ,2024

  • Synopsis:

    • European equity markets mixed and around best levels of the session. Spain, Portugal, Finland all ~ +0.8% led outperformers. Laggards included Belgium (0.5%), Greece (0.3%), Netherlands and Germany ~ (0.1%).

    • Central bank narrative continued as ECB's Knot said signs of Eurozone recovery are clearly there and is expected to accelerate in second half of 2024. Meanwhile in the UK, BOE's Pill said a rate cut likely to come under consideration in the summer, given good progress on returning CPI to target (Reuters). Pill addedwage growth data still consistent with a small decline in Q1, labour market easing but still tight by historical standards, and services inflation appears to have peaked.

    • From a macroeconomic calendar perspective, ZEW Indicator of Economic Sentiment for Germany increased to 47.1 in May vs 46.4 expected and 42.9 in April. Was highest since February 2022 (Reuters). Current conditions subindex also improved to (72.3) from (79.2) prior and (75.8) expected, following stronger-than-expected growth of German economy in Q1 2024. However, improvement occurring still in deep negative territory. This marks the tenth consecutive month of rising confidence among financial experts. Also, final inflation data for April from Germany and Spain came out in-line with the preliminary release. Meanwhile, latest UK jobs data for showed unemployment rose and private-sector wage growth eased. April Claimant Count Change printed at +8.9K vs consensus +13.9K and prior revised (2.4K) from +10.9K, while March unemployment rate at 4.3% vs consensus 4.3% and prior 4.2%. Bloomberg noted data signalled broad-based cooling in the labour market likely to give BoE more confidence to cut interest rates in the coming months.

    • In corporate news, Sonova (SOON.SW) traded notably higher following FY numbers. Bayer AG (BAYN.GR) released better-than-expected Q1 EPS and adj EBITDA and confirmed FY outlook. On the downside, Hannover Re (HNR1.GR) traded lower after posting weaker Q1 net income and reinsurance revenues. Lonza (LONN.SW) also lower following Q1 Qualitative Update noting softer Q1 but performance across H1 expected to align with FY24 trajectory. Rheinmetall (RHM.GR) was also down after Q1 operating result, sales and FCF miss.

    • In the UK, Vodafone Group (VOD.LN) shares are trading higher with FY adjusted FCF coming in at €2.60B and ahead of consensus €2.44B and adj EBITDAaL in line at €11.02B. Currys (CURY.LN) also higher post FY trading update as group now expects FY adjusted PBT (ex Greece) to be £115-120M vs previous guidance £105M. DCC (DCC.LN) shares are lower post weaker-than-expected FY. Flutter Entertainment (FLTR.LN) shares were also down at the open with Q1 sales and EPS a miss.

    • In France, Veolia Environnement (VIE.FP) delivered Q1 Adjusted EBITDA €1.62B vs consensus €1.61B with 2024 guidance fully confirmed. Out of the Nordics, Ambu (AMBU.B.DC) reported Q2 EPS DKK0.54 vs FactSet DKK0.57 and confirmed FY guidance. From the Benelux, OCI NV (OCI.NA) posted Q1 adjusted EPS $0.171 vs year-ago ($0.072).

    • On M&A front, Anglo American (AAL.LN) to divest/ demerge De Beers and Anglo American Platinum (AMS.SJ) as part of plans to implement a number of major portfolio changes. Overnight it was announced that Uber Technologies (UBER) will acquire Delivery Hero's (DHER.GR) foodpanda business in Taiwan for $950M (~€880M); Delivery Hero undertakes $300M (~€278M) capital increase. Vodafone Group (VOD.LN) announced final approval of sale of Vodafone Spain to Zegona Communications from Spanish authorities. The group also announced to commence an initial €500M share buyback programme on 15-May.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Autos & Parts +1.42%, Telecom +1.20%, Banks +0.91%, Retail +0.56%, Persnl & HHold Goods +0.53%, Utilities +0.49%, Basic Resources +0.36%, Construct & Mtls +0.31%, Financial Svcs +0.30%, Technology +0.24%

      • Underperformers

        • Travel & Leisure (0.98%), Oil & Gas (0.53%), Insurance (0.50%), Chemicals (0.33%), Food & Beverage (0.02%), Health Care (0.03%), Ind Goods & Svcs (0.01%)

    • Macro/Peripheral markets:

      • EU

        • Strong EU wage growth, particularly in Germany, poses a challenge for ECB policy easing plans - Bloomberg

        • Georgia defies EU and backs law targeting 'foreign agents' - Politico

      • Geopolitics

        • Biden to impose tariffs on Chinese semiconductors, critical minerals and EVs - Bloomberg

      • UK

        • UK Chancellor Hunt aims to foster a $1T homegrown tech giant to rival Microsoft or Google - FT

        • UK and Saudi Arabia hosting joint summit in Riyadh to enhance economic ties - Bloomberg

        • BoE chief economist Pill sees rate cut possible over summer; says labor market remains tight - Reuters

      • Germany

        • Germany evaluating tax breaks and welfare reforms to encourage people to work more - FT

      • France

        • President Macron favourable on cross-border banking consolidation - Reuters

      • Spain

        • Fears of deadlock in 'ungovernable' Catalonia after regional vote - Euractiv

    • Company news:

      • Notable Gainers

        • +29.3% ITAB.SS (ITAB Shop Concept SEK25.40, +5.75) -- Q1 earnings

        • +28.6% PREC.SS (Precise Biometrics SEK1.79, +0.40) -- Q1 earnings

        • +26.2% DHER.GR (Delivery Hero €31.95, +6.63) -- Uber Technologies to acquire company's foodpanda business in Taiwan for $950M (~€880M); undertakes $300M (~€278M) capital increase

        • +23.1% STAR.B.SS (Starbreeze SEK0.27, +0.05) -- Q1 earnings

        • +13.6% BHG.SS (BHG Group SEK18.51, +2.21) -- publishes updated financial targets

        • +11.0% EKF.LN (EKF Diagnostics Holdings £0.33, +0.03) -- AGM statement

        • +9.2% VBK.GR (Verbio €22.48, +1.90) -- Q2 earnings

        • +8.8% GVS.IM (GVS SpA €5.93, +0.48) -- Q1 earnings

        • +8.3% PBB.GR (Deutsche Pfandbriefbank €5.67, +0.44) -- Q1 earnings

        • +8.2% CURY.LN (Currys £0.71, +0.05) -- FY trading update

        • +7.0% OPG.LN (OPG Power Ventures £0.12, +0.01) -- FY trading update

        • +6.8% COK.GR (CANCOM €31.52, +2.00) -- Q1 earnings

        • +6.8% SOON.SW (Sonova Holding CHF285.80, +18.10) -- FY earnings

        • +5.4% FM.IM (Fiera Milano €4.02, +0.21) -- Q1 earnings

        • +5.0% VOD.LN (Vodafone Group £0.73, +0.04) -- FY earnings

        • +5.0% VOD.LN (Vodafone Group £0.73, +0.04) -- Vodafone Group announces final approval of sale of Vodafone Spain to Zegona Communications from Spanish authorities; to commence an initial €500M share buyback programme on 15 May

        • +4.6% ORRON.SS (Orrön Energy SEK8.21, +0.36) -- Q1 earnings

        • +4.4% ATS.AV (AT & S Austria Technologie & Systemtechnik €20.56, +0.87) -- Q4 earnings

        • +4.4% NXU.GR (NEXUS €57.40, +2.40) -- Q1 earnings

        • +4.1% NDX1.GR (Nordex €15.11, +0.59) -- Q1 earnings; Oddo upgrade

        • +3.3% LINDEX.FH (Lindex Group €3.33, +0.11) -- COO to steps down

        • +3.2% LUCE.LN (Luceco £1.75, +0.05) -- Q1 trading update

        • +3.0% OCI.NA (OCI NV €25.37, +0.75) -- Q1 earnings

        • +2.9% TET.LN (Treatt £4.87, +0.14) -- H1 earnings

        • +2.8% AUS.GR (AT & S Austria Technologie & Systemtechnik €20.44, +0.56) -- Q4 earnings

        • +2.8% DUE.GR (Duerr €25.68, +0.70) -- Q1 earnings

        • +2.3% EQT.SS (EQT AB SEK335.30, +7.60) -- JPMorgan upgrade

        • +2.3% VIE.FP (Veolia Environnement €29.71, +0.67) -- Q1 earnings; wins $320M water technology contract for water security in UAE

        • +2.2% RNWH.LN (Renew Holdings £10.24, +0.22) -- H1 earnings

        • +1.8% GMAB.DC (Genmab DKK2,025.00, +35.00) -- to present new and updated results from multiple clinical trials evaluating Epcoritamab across various b-cell malignancies at the 2024 EHA congress

      • Notable Decliners

        • -16.0% ENSU.NO (Ensurge Micropower NOK1.54, -0.29) -- 54.8M-share private placement priced at NOK1.55/sh; launches subsequent offering of up to 13.7M shares, at the placement price of NOK1.55/sh

        • -13.4% AGFB.BB (Agfa-Gevaert €1.18, -0.18) -- Q1 earnings

        • -12.9% OTB.LN (On The Beach Group £1.46, -0.22) -- H1 earnings

        • -11.8% RBG.LN (Revolution Bars Group £0.02, -0.00) -- updates regarding phase 1 of the FSP and M&A process

        • -11.0% HEAD.LN (Headlam Group £1.57, -0.20) -- trading update

        • -8.2% BNR.GR (Brenntag €71.44, -6.40) -- Q1 earnings

        • -8.0% CRL.IM (Carel Industries €17.10, -1.48) -- Goldman Sachs upgrade

        • -6.4% MIDW.LN (Midwich Group £3.93, -0.27) -- AGM statement

        • -5.1% PRT.IM (Esprinet €4.83, -0.26) -- Q1 earnings

        • -5.1% DEX.GR (Delticom €3.32, -0.18) -- Q1 earnings

        • -4.3% 8TRA.GR (TRATON €32.40, -1.45) -- TRATON holder Volkswagen considering sale of €500-€1B of stock in the near-term - Bloomberg

        • -4.0% UNIR.IM (UniEuro €8.70, -0.36) -- Banca Akros downgrade

        • -3.7% BUR.LN (Burford Capital £11.33, -0.43) -- Transcript Intelligence: Burford Capital Q1 Earnings Q&A

        • -3.2% HNR1.GR (Hannover Re €227.70, -7.60) -- Q1 earnings

        • -3.2% SALM.NO (Salmar NOK656.00, -22.00) -- Q1 earnings

        • -2.6% RHM.GR (Rheinmetall €522.40, -13.80) -- Q1 earnings

        • -2.1% DCC.LN (DCC £57.80, -1.25) -- FY earnings

        • -2.0% FLTR.LN (Flutter Entertainment £158.65, -3.25) -- Q1 earnings

        • -1.9% IG.IM (Italgas €5.28, -0.11) -- Q1 earnings; postpones Strategic Plan 2024-2030 presentation, initially planned for 12-Jun-24; starts period of exclusivity for acquisition of 2i Rete Gas

        • -1.7% LONN.SW (Lonza Group CHF507.40, -9.00) -- Q1 Qualitative Update

        • -1.5% MARR.IM (Marr €12.00, -0.18) -- Q1 earnings

        • -1.2% EQUI.IM (Equita Group €4.05, -0.05) -- Q1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Semperit (SEM.AV)

        • Benelux: ABN AMRO Bank (ABN.NA)

        • Denmark: ROCKWOOL (ROCK.B.DC), H. Lundbeck (HLUN.B.DC), FLSmidth & Co. (FLS.DC), Jeudan (JDAN.DC), H+H International (HH.DC)

        • Germany: Allianz (ALV.GR), Merck KGaA (MRK.GR), E.ON (EOAN.GR), Hapag-Lloyd (HLAG.GR), RWE (RWE.GR), thyssenkrupp (TKA.GR), Talanx (TLX.GR), Commerzbank (CBK.GR), LEG Immobilien (LEG.GR), freenet (FNTN.GR), RENK Group (R3NK.GR), Hamburger Hafen und Logistik (HHFA.GR), MVV Energie (MVV1.GR), Dermapharm Holding (DMP.GR), Bilfinger (GBF.GR), thyssenkrupp nucera (NCH2.GR), CropEnergies (CE2.GR), CECONOMY (CEC.GR), GRENKE (GLJ.GR), PATRIZIA (PAT.GR), CEWE Stiftung & Co. (CWC.GR), JOST Werke (JST.GR), MLP (MLP.GR), First Sensor (SIS.GR), tonies (TNIE.GR), MBB (MBB.GR), Varta (VAR1.GR), Villeroy & Boch (VIB3.GR), PVA TePla (TPE.GR), Bertrandt (BDT.GR), init innovation in traffic systems (IXX.GR), SFC Energy (F3C.GR), Friedrich Vorwerk Group (VH2.GR), Aumann (AAG.GR), Allgeier (AEIN.GR), H&R (2HRA.GR)

        • Finland: Citycon (CTY1S.FH), Marimekko (MEKKO.FH)

        • France: Ubisoft Entertainment (UBI.FP)

        • Italy: Telecom Italia (TIT.IM), Poste Italiane (PST.IM), Interpump Group (IP.IM), ERG (ERG.IM), Iren (IRE.IM), TOD'S (TOD.IM), Gruppo MutuiOnline (MOL.IM), El.En. (ELN.IM), Aeroporto Guglielmo Marconi di Bologna (ADB.IM), TXT e-solutions (TXT.IM), Italian Exhibition Group (IEG.IM)

        • Norway: Leroy Seafood Group (LSG.NO), Austevoll Seafood (AUSS.NO), AF Gruppen (AFG.NO), DOF Group (DOGF.NO), Odfjell Drilling (ODL.NO), Siem Offshore (SIOFF.NO), Volue (VOLUE.NO), Norbit (NORBT.NO), Solstad Offshore (SOFF.NO), B2 Impact (B2I.NO), AMSC (AMSC.NO), Photocure (PHO.NO)

        • Portugal: Banco Comercial Portugul (BCP.PL)

        • Sweden: Better Collective (BETCO.SS), Surgical Science Sweden (SUS.SS), Bergman & Beving (BERG.B.SS), Genovis (GENO.SS), Eolus Vind (EOLU.B.SS), Cavotec (CCC.SS)

        • Switzerland: Orascom Development Holding (ODHN.SW)

        • UK: Compass Group (CPG.LN), Experian (EXPN.LN), Imperial Brands (IMB.LN), Burberry Group (BRBY.LN), TUI (TUI.LN), Britvic (BVIC.LN), Vertu Motors Plc (VTU.LN), Creo Medical Group (CREO.LN)

  • Data:

    • Economics:

      • Germany

        • May ZEW Economic Sentiment Indicator 47.1 vs consensus 46.3 and prior 42.9

        • Apr CPI +2.2% y/y vs preliminary +2.2%; +0.5% m/m vs preliminary +0.5%

      • UK

        • Apr Claimant Count Change +8.9K vs consensus +13.9K and prior revised (2.4K) from +10.9K

        • Unemployment Rate 4.3% vs consensus 4.3% and prior 4.2%

      • Spain Apr CPI +3.3% y/y vs preliminary +3.3%; +0.7% m/m vs preliminary +0.7%

      • Switzerland Apr PPI (1.8%) y/y vs consensus (2.1%) and prior (2.1%)

      • Finland Apr CPI +1.9% y/y vs consensus +2.2% and prior +2.2%

    • Markets:

      • WTI Crude (Jun 24): ($1.15) or (1.45%) to $77.97

      • €-$ +0.0028 or +0.26% to 1.0818

      • £-$ +0.0028 or +0.22% to 1.2586

      • €-£ +0.0006 to 0.8598

      • S&P 500 +0.11%

        • Performance year-to-date

        • FTSE 100: +9.02%

        • DAX: +11.77%

        • CAC: +9.11%

        • MIB: +15.84%

        • Stoxx 600: +8.92%

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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