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StreetAccount Summary - EU Market Recap: FTSE 100 (0.33%) to 8342.62, DAX +0.07% to 18692.72, CAC40 +0.10% to 8099.82, STOXX 600 +0.07% to 521.53

May 23 ,2024

  • Synopsis:

    • European equity markets closed mixed with pan-European indices ending around session off worst levels. Denmark +1.0%, Netherlands +0.4%, Norway +0.3% led the outperformers whilst Belgium (0.5%), Finland (0.4%), Spain and FTSE 100 both ~ (0.3%) led the underperformers.

    • In political developments, focus was on UK PM Sunak's decision to call a 4-Jul election. The economic backdrop is set to dominate the election. After Sunak's predecessor Truss was blamed for a spike in mortgage rates due to unfunded tax cut plans, the Labour Party are likely to attack the Conservatives' record on the economy. Sunak has talked up the UK economy's economic recovery after last year's brief recession and inflation easing to its lowest level in almost three years in April. The Conservatives are likely to talk up their tax cutting credentials, though the tax burden in the UK is the highest since the 1950s and the level of public debt the highest since the 1960s. Both parties will have limited fiscal space to unveil radical policies.

    • In central bank updates, ECB's Schnabel appeared hopeful regarding a soft-landing for Eurozone economy, pointing to economic revival while disinflation continues (Bloomberg). Schnabel added that wage-price spiral less likely today than in 1970s. Also, ECB's Villeroy downplays wage data, reiterated very likely to begin cutting rates in June. Meanwhile in the UK, prospects of a near-term BoE rate cut was hit by yesterday's upside surprise in inflation, but a summer rate cut is still a possibility (Telegraph). Among central banks speakers today, Bank of France's Villeroy spoke at VivaTech forum whilst Central Bank of Iceland's Jónsson spoke and BOE's Pill was a panellist at Reykjavík Economic Conf.

    • On macro data front, Eurozone composite PMI at 12-month high after German recovery picked up, but downbeat reading for France. UK composite PMI at two-month low as services sector expansion slows, but manufacturing back in expansion.

    • In corporate news, CTS Eventim (EVD.GR) reported Q1 adj EBITDA €92.2M vs FactSet €88.0M. Also in the DACH region, Julius Baer Group (BAER.SW) issued a trading update for the first four months of 2024: AuM CHF 471B vs consensus CHF462.50B. From the Benelux, Greenyard (GREEN.BB) reported FY EPS €0.28 vs FactSet €0.36 and reaffirmed the FY26 outlook.

    • Out of the Nordics (EMBRAC.B.SS) reported Q4 earnings, including EPS SEK1.50 ex-items vs FactSet SEK0.55. The company also announced the appointment of Müge Bouillon as CFO effective as of 1 Sep. In the UK, Wizz Air (WIZZ.LN) reported FY net income €365.9M vs FactSet €353.7M and provided near-term and FY outlook. Rolls-Royce Holdings (RR.LN) trading update noted group has had a strong start to the year, despite continued industry-wide supply chain challenges, and is confident in guidance for 2024. Aviva (AV.LN) Q1 trading update included General Insurance GWP £2.7B vs FactSet £2.61B.

    • Still in the UK, Johnson Matthey (JMAT.LN) reported FY underlying EPS 141.3p vs consensus 144.0p. National Grid (NG.LN) released FY earnings and announced £6.8B capital raise by way of a fully underwritten Rights Issue to fund £60B investment in energy network infrastructure over the next 5 years. Tate & Lyle (TATE.LN) FY Adjusted EPS 55.5p vs FactSet 53.8p. Company also announced to sell remaining interest in Primient JV to KPS Capital Partners, LP for $350M (c.£279M).

    • Further in M&A news, Hargreaves Lansdown (HL.LN) rejects proposal from consortium led by CVC, Nordic Capital and ADIA. Also, Capital & Regional (CAL.LN) confirmed it received a non-binding indicative proposal from Vukile Property Fund Limited. Subsidiary Gerresheimer Glas GmbH (GXI.GR) signed a purchase agreement to acquire Blitz LuxCo Sarl, the holding company of the Bormioli Pharma Group. The purchase price is based on a determined enterprise value of ~€800M On the speculation front, Britain is reportedly set to abandon NatWest Group (NWG.LN) share sale amid election announcement.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +1.15%, Ind Goods & Svcs +0.88%, Financial Svcs +0.72%, Media +0.56%, Construct & Mtls +0.48%, Oil & Gas +0.34%, Health Care +0.23%, BaEUnks +0.09%

      • Underperformers

        • Utilities (2.72%), Real Estate(2.09%), Food & Beverage (1.11%), Telecom (1.08%), Travel & Leisure (1.03%), Basic Resources (0.61%), Insurance (0.60%), Autos & Parts (0.24%), Chemicals (0.05%), Retail (0.01%), Persnl & HHold Goods +0.06%

    • Macro/Peripheral markets:

      • Geopolitics

        • Furious China launches 'punishment' war games around Taiwan - Reuters

        • G-7 Finance Chiefs Are Once Again Sidelining Their Debt Loads - Bloomberg

      • EU

        • EU seeks to stop Russia's imports of western luxury cars via Belarus - FT

        • Europe's battered Green movement tries to salvage climate agenda - Reuters

        • Europe's Far Right in Disarray Two Weeks Ahead of Elections - Bloomberg

        • A new Eurobarometer survey reflects opinion and expectations of the EU citizens ahead of the European elections - release

      • UK

        • Leaders make their election pitches as 4 July campaign begins - BBC, Politico

        • Rwanda flights won't take off before general election, says Sunak - The Telegraph, The Times

        • Farage expected to attend Reform campaign launch today amid rumours of return - The Telegraph

      • Germany

        • CDU and CSU want to vote on the end of underground cabling - Handelsblatt

        • Germany is building 105,600 apartments too few - gap is growing - Handelsblatt

      • France

        • Macron in riot-hit New Caledonia for high-stakes talks - Reuters

      • Sweden

        • Riksbank Deputy Bunge Calls for Reforms After 'Narrow Escape' - Bloomberg

    • Company news:

      • Notable Gainers

        • +64.2% VVY.NA (Vivoryon Therapeutics €1.35, +0.53) -- Q1 earnings; new data reinforcing strategic focus in kidney disease

        • +21.4% TRE.SM (Tecnicas Reunidas €12.78, +2.25) -- new medium and long term financial objectives

        • +13.5% GXI.GR (Gerresheimer €105.80, +12.60) -- to acquire Blitz LuxCo Sarl for enterprise value ~€800M

        • +13.2% HL.LN (Hargreaves Lansdown £11.09, +1.30) -- rejects proposal from consortium led by CVC, Nordic Capital and ADIA

        • +12.8% QQ.LN (QinetiQ Group £4.22, +0.48) -- FY earnings

        • +12.4% BORR.NO (Borr Drilling NOK71.25, +7.85) -- Q1 earnings

        • +12.0% AJB.LN (AJ Bell £4.06, +0.44) -- H1 earnings

        • +11.3% PAX.SS (Paxman SEK44.40, +4.50) -- Q1 earnings

        • +10.8% WIZZ.LN (Wizz Air Holdings £21.74, +2.12) -- FY earnings

        • +9.7% LTG.LN (Learning Technologies Group £0.88, +0.08) -- initiated buy at Deutsche Numis

        • +9.5% EAPI.FP (Euroapi €3.56, +0.31) -- contract

        • +7.7% GREEN.BB (Greenyard €5.90, +0.42) -- FY earnings

        • +7.2% CALTX.SS (Calliditas Therapeutics SEK122.20, +8.20) -- Q1 earnings

        • +5.6% EVD.GR (CTS Eventim €85.20, +4.50) -- Q1 earnings

        • +4.9% TATE.LN (Tate & Lyle £7.11, +0.34) -- FY earnings; to sell remaining interest in Primient JV to KPS Capital Partners, LP for $350M (c.£279M)

        • +4.3% CORRE.ID (Corre Energy €0.48, +0.02) -- to raise ~ €2M by way of subscription agreements at a price of €0.46 per share

        • +4.1% AFP.SW (Aluflexpack CHF15.10, +0.60) -- Constantia holds 86.38% of Aluflexpack AG and declares the public tender offer successful

        • +3.7% BYIT.LN (Bytes Technology Group £5.91, +0.21) -- FY earnings

        • +3.2% BAER.SW (Julius Baer Group CHF56.16, +1.72) -- trading update

        • +2.9% MAS.NO (Måsøval NOK32.00, +0.90) -- Q1 earnings

        • +2.9% MAU.FP (Maurel et Prom €6.60, +0.19) -- initiated buy at Kepler Cheuvreux

        • +2.8% VIVE.SS (Vivesto SEK0.31, +0.01) -- Q1 earnings

        • +2.0% ONT.LN (Oxford Nanopore Technologies £1.11, +0.02) -- presents breakthrough performance data and new platform updates

        • +1.9% PROB.SS (Probi SEK210.00, +4.00) -- signs agreement with Sinopharm to strengthen the existing partnership; have long-term intention to work together towards future success in the China market

        • +1.9% NTI.NO (Norsk Titanium NOK2.64, +0.05) -- launches subsequent offering

        • +1.9% ALNG.NO (Awilco LNG NOK7.98, +0.15) -- Q1 earnings

        • +1.8% VSSAB.B.SS (Viking Supply Ships SEK101.00, +1.80) -- Q1 earnings

        • +1.4% INDV.LN (Indivior £13.43, +0.18) -- reaffirms FY guidance at analyst teach-in event

        • +1.3% MIPS.SS (MIPS SEK428.00, +5.40) -- ABG Sundal Collier upgrade

        • +1.0% BOOT.LN (Henry Boot £2.06, +0.02) -- trading update; sale of a two acre development site in York to McCarthy Stone

      • Notable Decliners

        • -31.1% FING.B.SS (Fingerprint Cards SEK0.31, -0.14) -- final terms for the partially guaranteed rights issue

        • -13.4% V6C.GR (Viscom €4.59, -0.71) -- adjusts FY forecast: now expects FY EBIT before special effects to be slightly negative vs previous forecast for €3.0-8.8M, revenue of € 80-95M vs prior forecast €100-110M

        • -11.2% NG.LN (National Grid £10.02, -1.26) -- FY earnings; £6.8B capital raise

        • -9.5% WBD.IM (Webuild €2.07, -0.22) -- places ~€225M of exchangeable (into Webuild shares) bonds

        • -8.8% EMBRAC.B.SS (Embracer Group SEK27.24, -2.62) -- Q4 earnings; new CFO

        • -6.7% BMY.LN (Bloomsbury Publishing £5.60, -0.40) -- FY earnings; Chairman to step down

        • -5.9% HLCL.LN (Helical £2.31, -0.15) -- FY earnings; new CEO

        • -5.8% MPCC.NO (MPC Container Ships NOK19.02, -1.18) -- DnB Markets downgrade

        • -5.5% ELABS.NO (Elliptic Laboratories NOK15.22, -0.88) -- Q1 earnings

        • -5.1% ETP.LN (Eneraqua Technologies £0.37, -0.02) -- FY earnings

        • -4.9% TEG.GR (TAG Immobilien €14.14, -0.73) -- Warburg Research downgrade

        • -4.6% RWS.LN (RWS Holdings £1.81, -0.09) -- CEO to step down

        • -3.9% IDS.LN (International Distributions Services £3.15, -0.13) -- delays publication of its financial results for FY23/24; expects FY adjusted operating profit to be broadly in line with previously published guidance

        • -3.8% ELHA.GA (ElvalHalcor Hellenic Copper & Aluminium Industry €1.98, -0.08) -- Q1 earnings

        • -3.4% NRC.NO (NRC Group NOK12.95, -0.45) -- Q1 earnings; launches its new strategy and ambitions for the next four years

        • -2.9% PETS.LN (Pets At Home Group £2.75, -0.08) -- CMA confirms decision to launch market investigation into veterinary sector

        • -2.3% ACKB.BB (Ackermans & Van Haaren €166.50, -4.00) -- trading update; Oddo downgrade

        • -2.1% AFX.GR (Carl Zeiss Meditec €92.95, -1.95) -- Goldman Sachs downgrade

        • -2.0% ARB.LN (Argo Blockchain £0.12, -0.00) -- Q1 earnings

        • -1.9% NWG.LN (NatWest Group £3.08, -0.06) -- Britain set to abandon NatWest Group share sale amid election announcement - Reuters

        • -1.9% BMS.LN (Braemar £3.04, -0.06) -- FY earnings

        • -1.3% JMAT.LN (Johnson Matthey £17.84, -0.23) -- FY earnings

        • -1.3% GPE.LN (Great Portland Estates £4.17, -0.05) -- FY earnings; launches fully underwritten to raise gross proceeds of £350M through issue of 152M New Shares at a price of 230p/

    • EU companies reporting tomorrow:

      • Earnings:

        • Earnings: UNIQA Insurance Group (UQA.AV), BKS Bank (BKS.AV), Semapa (SEM.PL), Laurent-Perrier (LPE.FP), EXEL Industries (EXE.FP), Anoto Group (ANOT.SS)

  • Data:

    • Economics:

      • Flash Manufacturing PMI May

        • France 46.7 vs consensus 45.8 and prior 45.3

        • Germany Apr Flash Manufacturing PMI 45.4 vs consensus 43.1 and prior 42.5

        • Eurozone 47.4 vs consensus 46.2 and prior 45.7

        • UK 51.3 vs consensus 49.5 and prior 49.1

      • Flash Services PMI May

        • France 49.4 vs consensus 51.7 and prior 51.3

        • Germany 53.9 vs consensus 53.5 and prior 53.2

        • Eurozone 53.3 vs consensus 53.5 and prior 53.3

        • UK 52.9 vs consensus 54.7 and prior 55.0

      • Eurozone May Flash Consumer Confidence (14.3) vs consensus (14.2) and prior (14.7)

    • Markets:

      • WTI Crude (Jul 24): ($0.42) or (0.54%) to $77.15

      • €-$ +0.0001 or +0.01% to 1.0825

      • £-$ (0.0006) or (0.05%) to 1.2710

      • €-£ +0.0006 to 0.8518

      • S&P 500 +0.19%

        • Performance year-to-date

        • FTSE 100: +7.88%

        • DAX: +11.59%

        • CAC: +7.38%

        • MIB: +13.55%

        • Stoxx 600: +8.88%

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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