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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.08%) to 8438.65, DAX (0.69%) to 18738.81, CAC40 (0.63%) to 8188.49, STOXX 600 (0.21%) to 523.62

May 16 ,2024

  • Synopsis:

    • European indices ended mostly lower Thursday. Insurance, basic resources, telecom best performers; autos, industrials, chemicals and energy biggest decliners.

    • Cooler-than-expected US CPI put renewed impetus behind disinflation narrative following recent run of hot prints. Following data, markets adjusted up probability of a June rate cut to 34% from 27% and are fully pricing in a cut by September; soft US retail sales and manufacturing data added to Fed easing bets. However, Fed officials cautioned more data needed to properly gauge disinflation trajectory.

    • This side of the Atlantic, ECB's Kazaks said not in a hurry to cut rates, should take measured steps after June, Reuters, ECB Villeroy sees as very likely a rate cut at next meeting on 6-Jun, while ECB VP Guindos remarked data dependency, adding that although salaries are moderating, the European Central Bank can't commit to a path for interest-rate cuts due to elevated uncertainty, Bloomberg reports. BoE's Greene said she wants more evidence of waning inflation persistence, Reuters. Traders still see ECB as likely the first big central banks to cut rates in June. BoE could possibly follow suit at 20-June policy decision, but odds still 50/50.

    • On the reporting front, notable earnings reports today included Siemens AG (SIE.GR ), Zurich Insurance Group (ZURN.SW), Ubisoft Entertainment (UBI.FP) , Tod's (TOD.IM), SNAM (SRG.IM), Sage Group (SGE.LN), BT (BT.A.LN), Premier Foods (PFD.LN), Watches of Switzerland (WOSG.LN), United Utilities (UU.LN) and EasyJet (EZJ.LN).

    • In M&A news: John Wood Group (WG.LN) rejected increased offer from Sidara at 212p/sh. D'Amico International (DIS.IM) has initiated a sale of part of its stake in D'AMICO international shipping while KKR (KKR) likely to offer remedies next week as it seeks to secure EU antitrust approval to acquire Telecom Italia's (TIT.IM) NetCo. Servizi Italia (SRI.IM) renounces to acquire a business unit from Steris S.p.A..

    • Light macro-calendar, with just Italy Apr Final CPI +0.8% y/y softer than preliminary reading+0.9% and March trade balance surplus recorded at €4.34B vs consensus €4.77B and prior €6.00B revised from €6.03B.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, France Q1 unemployment rate and Eurozone Apr final CPI. Of note, Norway is closed for Constitution Day.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Insurance +1.63%, Basic Resources +0.93%, Telecom +0.56%, Food, Beverage and Tobacco +0.24%, Media +0.21%, Utilities +0.13%, Real Estate +0.04%, Technology +0.01%, Consumer Products and Services (0.06%), Health Care (0.15%), Retail (0.18%), Banks (0.20%)

      • Underperformers

        • Autos & Parts (1.23%), Ind Goods & Svcs (1.10%), Chemicals (1.04%), Oil&Gas(1.02%), Construct & Mtls (0.64%), Travel & Leisure (0.64%), Financial Svcs (0.22%)

    • Macro:

      • Central Banks:

        • ECB not in a hurry to cut rates, should take measured steps after June, Kazaks says -- Reuters

        • ECB's Villeroy Says Probability of June Rate Cut 'Significant' -- Bloomberg

        • ECB's Guindos Sees Wage Growth Slowing But Is Cagey on Rates -- Bloomberg

        • BoE's Greene says she wants more evidence of waning inflation persistence -- Reuters

      • EU:

        • Brussels forecast confirms EU's economic stall -- Le Monde

      • UK:

        • Don't panic, says stock market boss as firms leave UK -- BBC

      • Germany:

        • Germany's Lost Year Is Over But 2024 May Not Be Much Better -- BNN Bloomberg

      • France:

      • Italy:

        • Italy greenlights EUR-850M Italy-Tunisia interconnector project -- renewablesnow

    • Company news:

      • Notable Gainers

        • +30.2% ALHAF.FP (Haffner Energy €0.87, +0.18) -- new strategic project

        • +25.1% ELIOR.FP (Elior Group €3.78, +0.77) -- H1 earnings

        • +18.4% WOSG.LN (Watches of Switzerland Group £3.90, +0.62) -- trading update

        • +18.3% FUTR.LN (Future Plc £10.36, +1.59) -- H1 earnings

        • +17.3% BT.A.LN (BT Group £1.23, +0.20) -- FY earnings

        • +15.4% ATG.LN (Auction Technology Group £5.48, +0.76) -- H1 earnings

        • +15.1% SWEC.B.SS (Sweco SEK136.90, +18.30) -- Q1 earnings

        • +14.7% FNM.SS (Ferronordic SEK74.30, +9.70) -- Q1 earnings

        • +12.5% HTWS.LN (Helios Towers £1.21, +0.14) -- Q1 earnings

        • +9.7% HH.DC (H+H International DKK93.80, +8.50) -- Nordea upgrade

        • +8.4% TCM.DC (TCM Group DKK55.60, +4.40) -- Q1 earnings

        • +8.3% STOR.B.SS (Storskogen Group SEK8.85, +0.65) -- BNP Paribas Exane upgrade

        • +8.0% GENO.SS (Genovis SEK34.45, +2.55) -- Q1 earnings

        • +7.8% DAL.IM (Datalogic €6.34, +0.45) -- Q1 earnings; Equita upgrade

        • +7.7% SES.SS (Scandinavian Enviro Systems SEK2.61, +0.18) -- initiated buy at Pareto

        • +7.7% NIBE.B.SS (NIBE Industrier SEK60.30, +4.36) -- Q1 earnings

        • +5.8% DXRX.LN (Diaceutics £1.08, +0.06) -- contracts

        • +4.7% GNRO.FP (GeNeuro €1.69, +0.08) -- trial update

        • +4.5% ADKO.AV (Addiko Bank €20.00, +0.85) -- Nova Ljubljanska Banka intends to launch €20/share offer for Addiko Bank

        • +4.5% CEC.GR (CECONOMY €2.74, +0.12) -- Oddo upgrade

        • +4.4% SAX.GR (Str├╢er SE & Co. KGaA €65.60, +2.75) -- Oddo upgrade

        • +4.3% AGAS.NO (Avance Gas Holding NOK198.00, +8.20) -- Pareto downgrade

        • +4.0% TXT.IM (TXT e-Solutions €23.75, +0.90) -- Q1 earnings

        • +3.8% SREN.SW (Swiss Re CHF107.65, +3.95) -- Q1 earnings

        • +3.2% ROG.SW (Roche Holding CHF235.90, +7.30) -- trial data presentation

        • +1.7% BRNK.GR (Branicks Group €2.12, +0.03) -- Q1 earnings

      • Notable Decliners

        • -28.4% TOBII.SS (Tobii SEK3.21, -1.20) -- Q2 earnings

        • -14.7% ELN.IM (El.En. €9.69, -1.71) -- Q1 earnings

        • -13.4% UBI.FP (Ubisoft Entertainment €20.09, -3.13) -- FY earnings

        • -9.2% IDEX.NO (IDEX Biometrics NOK1.58, -0.16) -- Q1 earnigns; completes upsized private placement to raise NOK55M at NOK1.65/share

        • -9.0% HBC.NO (Hofseth BioCare NOK2.15, -0.20) -- Q1 earnings

        • -9.0% SGE.LN (Sage Group £10.99, -1.08) -- H1 earnings

        • -7.3% ANGL.SS (Angler Gaming SEK5.50, -0.44) -- Q1 earnings

        • -6.7% ACE.SS (Ascelia Pharma SEK9.73, -0.68) -- Q1 earnings

        • -6.3% RCN.LN (Redcentric £1.34, -0.09) -- trading update

        • -6.1% XBRANE.SS (Xbrane Biopharma SEK0.21, -0.01) -- Q1 earnings

        • -5.9% MTHH.DC (MT Hojgaard Holding DKK208.00, -13.00) -- Q1 earnings

        • -5.5% EZJ.LN (EasyJet £4.90, -0.29) -- H1 earnings; new CEO

        • -5.4% ZEAL.DC (Zealand Pharma DKK616.00, -35.00) -- Q1 earnings

        • -5.4% OTL.NO (Odfjell Technology NOK64.30, -3.60) -- Q1 earnings; acquisition

        • -4.9% VOLUE.NO (Volue NOK31.70, -1.60) -- Arctic Securities downgrade

        • -4.9% IPCO.SS (International Petroleum Corp SEK140.50, -7.20) -- Jefferies downgrade

        • -4.3% MEKKO.FH (Marimekko €13.58, -0.60) -- Inderes and Danske Bank downgrades

        • -4.2% CTEC.LN (ConvaTec Group £2.55, -0.11) -- trading update

        • -4.0% MDG1.GR (Medigene €1.44, -0.06) -- trial presentation

        • -3.9% UMI.BB (Umicore €19.69, -0.82) -- CEO steps down

        • -2.9% STSU.NO (Standard Supply NOK2.19, -0.07) -- Q1 earnings

        • -2.5% EVK.GR (Evonik Industries €19.96, -0.51) -- Evonik Industries holder RAG-Stiftung to offer 23M shares through Morgan Stanley - Bloomberg

        • -2.2% LSG.NO (Lerøy Seafood Group NOK50.10, -1.15) -- DnB Markets downgrade

        • -2.1% ENI.IM (Eni €14.73, -0.31) -- Eni holder Italian Gov. sells 2.8% stake worth €1.4B - Milano Finanza

    • EU companies reporting tomorrow:

      • Earnings:

        • ENGIE (ENGI.FP), SCOR (SCR.FP), Richemont (CFR.SW), Land Securities Group (LAND.LN), MERLIN Properties (MRL.SM), Lagercrantz Group (LAGR.B.SS), BioArctic (BIOA.B.SS), Synsam (SYNSAM.SS), RaySearch Laboratories (RAY.B.SS), Wüstenrot & Württembergische (WUW.GR), Lang & Schwarz (LUS1.GR), Tokmanni Group (TOKMAN.FH), Kamux (KAMUX.FH), Rosenbauer International (ROS.AV)

  • Data:

    • Economics:

      • Italy

        • Apr Final CPI +0.8% y/y vs preliminary +0.9%

        • Mar Trade Balance €4.34B vs consensus €4.77B and prior €6.00B revised from €6.03B

      • Netherlands Apr Unemployment Rate 3.7% vs consensus 3.6% and prior 3.6%

      • Norway Q1 GDP +0.2% q/q vs consensus +0.4% and prior revised +1.6% from +1.5%

    • Markets:

      • WTI Crude (24-Jun): +$0.44 or +0.56% to $79.07

      • €-$ (0.0014) or (0.13%) to 1.0872

      • £-$ (0.0013) or (0.10%) to 1.2672

      • €-£ +0.0000 to 0.8581

      • S&P 500 +0.26%

      • Performance year-to-date:

        • FTSE 100: +9.12%

        • DAX: +11.86%

        • CAC: +8.55%

        • MIB: +16.63%

        • Stoxx 600: +9.32%

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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