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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.85%) to 8183.70, DAX (1.10%) to 18473.29, CAC40 (1.52%) to 7935.03, STOXX 600 (1.08%) to 513.45

May 29 ,2024

  • Synopsis:

    • European markets ended sharply lower. Rate backup the big overhang on stocks as of late. Driven by hawkish Fedspeak and firmer data, along with supply pressures. Travel&leisure, basic resources, utilities and real estate the main decliners while insurance, energy and healthcare relatively better.

    • On the macro calendar, German CPI for May in line with expectations +2.4% y/y and above from prior +2.2%. The latest German GfK consumer confidence data better than expected with the reading for June at (20.9) vs consensus (22.5) up from prior (24.0) revised from (24.2). Notable influence was an increase in the assessment of the economic outlook, which was up +9.1 points on the months to +9.8. It was the fourth consecutive improvement in economic expectations amid recovery hopes, though GfK pointed out that growth will probably be weak. Italy May business and consumer also beat, respectively 88.4 vs consensus 88.1 and prior 87.6 and 96.4 vs consensus 96.0 and prior 95.2. France Consumer Confidence softer at 90 vs consensus 91 and prior 90. Eurozone M3 money supply growth expanded for fifth month in April at +1.3% y/y, in line with consensus, and compared with prior +0.9% increase. Elsewhere, Spanish April retail sales miss +0.8% m/m vs consensus +1.0%, however up from prior (0.5%).

    • Latest UK election poll shows Labour lead over incumbent Conservative Party narrows to 12 points.

    • On a light reporting front, Adevinta (ADE.NO) Q1 EBITDA beat; revenue missed; confirmed long-term targets while Pets At Home Group (PETS.LN) reported in-line FY24 results and said no change to FY25 underlying PBT guidance.

    • In other corporate developments, Siemens Energy (ENR.GR) and Shell Plc (SHEL.LN) are both planning major job cuts in wind turbine and offshore wind businesses respectively, signaling pullback from renewable energy by the industrial giants (Bloomberg, Bloomberg). Siemens Energy considering eliminating ~4,100 jobs or 15% of workforce at struggling Gamesa wind turbine division. Similarly, Shell preparing workforce reductions in offshore wind unit, primarily impacting employees in Europe.

    • On the M&A front, BHP (BHP.LN) says extension of deadline is required to allow for further engagement on proposed transaction structure with Anglo American (AAL.LN) after press reports suggest companies fail to make progress on negotiations. EP Corporate Group and J&T Capital Partners announce recommended 370p/share in cash offer for International Distribution Services (IDS.LN); implies an enterprise value of £5.28B. The acquisition is expected to be completed during Q1 of 2025.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Spain May preliminary CPI, Italy Apr unemployment rate, PPI and Eurozone May business and consumer survey, Apr unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Insurance (0.42%), Oil & Gas (0.53%), Health Care (0.55%), Retail (0.60%), Telecom (0.72%), Food & Beverage (0.94%)

      • Underperformers

        • Travel & Leisure (2.12%), Basic Resources (1.99%), Utilities (1.80%), Real Estate(1.77%), Banks (1.39%), Ind Goods & Svcs (1.39%), Technology (1.36%), Persnl & HHold Goods (1.35%), Autos & Parts (1.25%), Financial Svcs (1.23%), Media (1.22%), Chemicals (1.17%), Construct & Mtls (1.16%)

    • Macro:

      • Central Banks:

        • German Inflation Edges Up Again, Highlighting ECB Challenge -- Bloomberg

      • EU:

        • Central European countries amp up pressure on EU over German gas tariff -- Reuters

      • UK:

        • ITV to host first general election leaders' debate -- BBC

      • Germany:

        • Germany to Push Ahead With Pension Reforms After Summer Break -- Bloomberg

        • Germany's tank debacle in Ukraine is showing the true, awful cost of the 'peace dividend' -- Telegraph

      • Italy:

        • Once ostracised, Italy's Meloni is now centre stage in Europe -- Reuters

        • Is Italy's new Africa strategy a blueprint for Europe? -- euronews

    • Company news:

      • Notable Gainers

        • +72.0% FING.B.SS (Fingerprint Cards SEK0.21, +0.09) -- rights isssue ex-date today

        • +7.9% BMY.LN (Bloomsbury Publishing £6.00, +0.44) -- to acquire Rowman & Littlefield's academic publishing business for $83M (£65M)

        • +7.6% SEDANA.SS (Sedana Medical SEK24.15, +1.70) -- completes patient recruitment

        • +7.4% KMK.LN (Kromek Group £0.07, -0.00) -- trading update

        • +4.4% GEMD.LN (Gem Diamonds £0.13, +0.01) -- recovers 212.49ct Type II White Diamond

        • +4.4% IDS.LN (International Distribution Services £3.35, +0.14) -- EP Corporate Group and J&T Capital Partners announce recommended 370p/share in cash offer for International Distribution Services

        • +3.6% TRIFOR.DC (Trifork Holding DKK120.20, +4.20) -- Trifork acquires Spantree Technology Group

        • +2.5% ORY.SM (Oryzon Genomics €1.92, +0.05) -- EU Commission selects Oryzon Genomics as Associated Partner in IPCEI for Med4Cure project

        • +2.4% WDL1.GR (NAKIKI €6.35, +0.15) -- New litigation financing agreements

      • Notable Decliners

        • -51.1% CRNA.NO (Circio Holding NOK3.50, -3.66) -- rights issue

        • -13.6% IPX.LN (Impax Asset Management Group £4.31, -0.69) -- reports H1 adj EPS 16.0p vs year-ago 17.2p

        • -11.4% OCDO.LN (Ocado Group £3.64, -0.47) -- FTSE 100 deletion

        • -10.1% IWG.LN (International Workplace Group £1.86, -0.21) -- CEO Mark Dixon's Estorn Limited disposed of 35.0M ordinary shares in the company on 28-May

        • -5.9% AT1.GR (Aroundtown €2.06, -0.13) -- reports Q1 FFO €0.07 vs FactSet €0.07; reaffirms FY guidance

        • -4.6% 8TRA.GR (TRATON €31.05, -1.50) -- Volkswagen CEO: prepared to sell more Traton shares to raise free float - Reuters

        • -3.9% AAL.LN (Anglo American £24.63, -0.99) -- BHP provides update on offer for Anglo American; believes further extension of deadline is required to allow for further engagement on proposal

        • -3.5% MAB1.LN (Mortgage Advice Bureau £8.90, -0.32) -- exercises option to acquire remaining 20% of First Mortgage for a consideration of £9.4M

        • -3.4% BGEO.LN (Bank of Georgia Group £37.95, -1.35) -- reports Q1 EPS GEL23.23 vs year-ago GEL6.44

        • -2.9% CO.FP (Casino Guichard-Perrachon €0.04, -0.00) -- completes sale of GreenYellow stake

        • -2.6% DOU.GR (Douglas €19.72, -0.53) -- reports Q2 net income (€41.3M) vs year-ago (€42.2M)

        • -2.1% EPI.A.SS (Epiroc SEK219.10, -4.60) -- to acquire remaining 66% share of ASI Mining; terms undisclosed

        • -2.0% ALCLS.FP (Cellectis SA €2.41, -0.05) -- reports Q1 EPS ($0.58) vs FactSet ($0.33) [5 est, ($0.50)-(0.23)]

        • -1.9% STJ.LN (St. James's Place £4.86, -0.09) -- FTSE 100 deletion

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Katek (KTEK.GR)

        • France: Novacyt (ALNOV.FP)

        • Nordics: Oncopeptides (ONCO.SS), SAS (SAS.SS), Integrum (INTEG.B.SS), LE Lundbergf Aretagen (LUND.B.SS), Adevinta (ADE.NO), Havila Kystruten (HKY.NO), Hunter Group (HUNT.NO), Nanoform Finland (NANOF.FH)

        • Southern Europe: eDreams ODIGEO (ESM)

        • UK: Auto Trader Group (AUTO.LN), Martens (DOCS.LN), Renewi (RWI.LN), Premier Miton Group (PMI.LN), Nostrum Oil & Gas (NOG.LN)

  • Data:

    • Economics:

      • Eurozone Apr M3 Money Supply +1.3% y/y vs consensus +1.3% and prior +0.9%

      • Germany

        • May Preliminary CPI +2.4% y/y vs consensus +2.4% and prior +2.2%

        • June GfK Consumer Confidence (20.9) vs consensus (22.5) and prior revised to (24.0) from (24.2)

      • France May Consumer Confidence 90 vs consensus 91 and prior revised to 90 from 90

      • Italy May

        • Business Confidence 88.4 vs consensus 88.1 and prior 87.6

        • Consumer Confidence 96.4 vs consensus 96.0 and prior 95.2

      • Spain April Retail Sales y/y +2.7% vs consensus +1.1% and prior revised to +0.6% from +0.6%

      • Sweden April Retail Sales y/y +0.5% vs consensus +3.5% and prior +1.1%

      • Switzerland May ZEW Expectations 18.2 vs consensus 19.0 and prior 17.6

    • Markets:

      • WTI Crude (24-Jul): ($0.33) or (0.41%) to $79.50

      • €-$ (0.0046) or (0.42%) to 1.0812

      • £-$ (0.0051) or (0.40%) to 1.2710

      • €-£ (0.0001) to 0.8507

      • S&P 500 (0.58%)

      • Performance year-to-date:

        • FTSE 100: +5.82%

        • DAX: +10.28%

        • CAC: +5.19%

        • MIB: +12.58%

        • Stoxx 600: +7.19%

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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