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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.29% to 8255.54, DAX +0.93% to 18575.94, CAC40 +0.87% to 8006.57, STOXX 600 +0.81% to 521.23

Jun 05 ,2024

  • Synopsis:

    • European markets ended higher on Wednesday. Follows weaker close on Tuesday. Tech outsized gainer, followed by consumers and industrials while basic resources and banks were the main decliners.

    • Rates markets seeing dovish repricing of Fed rate path in recent sessions amid an increase in growth concerns following spate of softer data/indicators. Attention turning to tomorrow's ECB decision. Rate cut anticipated, though focus on any hints on policy thereafter.

    • On the macro calendar, raft of services PMIs for April: Eurozone final, France, Italy softer; Germany final, Spain beat while UK final in line with prelim. reading. The Eurozone composite PMI showed economy growing at fastest rate in a year. Recorded 52.2 outturn versus flash 52.3 and prior 51.7 reading. Latest data from SMMT showed, UK May new car registrations increased by +1.7% to 147,678 units. Elsewhere, French April Industrial Production up +0.5% m/m in line with consensus and above prior revised (0.2%) from (0.3%). Eurozone PPI drops more than expected in April (5.7%) y/y vs consensus (5.1%) and prior (7.8%).

    • In politics, first UK head-to-head TV election debate held on Tuesday between Starmer and Sunak. Pair clashed on taxes, health, immigration, and security. Snap polls after showed Conservative leader Sunak narrowly won debate.

    • On the reporting front, Inditex (ITX.SM) Q1 net income attributable in line with consensus, revenue and EBITDA miss while EBIT beat; out of the UK, B&M European Value Retail (BME.LN) FY earnings miss; WH Smith (SMWH.LN) said Group on track to deliver full year in line with expectations while Centrica (CNA.LN) expects FY adj EPS to be in-line with consensus analyst expectations in AGM Statement. Voestalpine (VOE.AV) miss FY earnings, beat EBITDA and proposes dividend of €0.7 per share; Elekta (EKTA.B.SS) Q4 miss across the board and anticipates H1 of 2024/25 to be weaker due to challenging market conditions.

    • In other corporate news, KPN (KPN.NA) and ABP have signed an agreement to create a new tower company (TowerCo). Also, US Judge trims $2.25B verdict against Bayer AG (BAYN. GR) in Pennsylvania-based Roundup case to $400M.

    • On the M&A newsflow, BBVA (BBVA.SM) seeks ECB authorization for its hostile bid for Sabadell (SAB.SM).

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Apr factory orders, May construction PMI, UK May construction PMI, Eurozone Apr retail sales, Italy Apr retail sales and Spain Apr industrial production. Of note, Sweden is closed for National Day.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +3.67%, Consumer Products and Services +1.31%, Ind Goods & Svcs +1.19%

      • Underperformers

        • Basic Resources (0.59%), Banks (0.29%), Travel & Leisure (0.12%), Real Estate (0.08%), Personal Care Drug and Grocery Stores (0.06%), Retail +0.04%, Oil&Gas+0.04%, Utilities +0.05%, Chemicals +0.15%, Food, Beverage and Tobacco +0.28%, Autos & Parts +0.38%, Telecom +0.43%, Insurance +0.50%, Media +0.59%, Financial Svcs +0.75%, Health Care +0.78%

    • Macro:

      • Central Banks:

        • Eurozone business activity grows as expected ECB interest rate cut looms -- Guardian

        • ECB to deliver historic rate cut on Thursday -- Politico

        • Bank of Canada Cuts Rates to 4.75%, Signals More to Come -- Bloomberg

      • UK:

        • Feisty UK Election Debate Echoes Harsh Truths -- Bloomberg

      • Germany:

        • Germany's Finance Minister Promises Tax Cuts Worth $25B - Bloomberg

        • German AfD politician stabbed in second attack within days -- Reuters

      • France:

        • Macron's Le Pen Problem Is Growing in Places Like Dunkirk -- Bloomberg

    • Company news:

      • Notable Gainers

        • +26.6% PANR.LN (Pantheon Resources £0.36, +0.07) -- Gas Sales Precedent agreement

        • +16.0% DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate €1.20, +0.17) -- agreement with group of bondholders regarding restructuring of 2019/2024 bond

        • +8.7% CLAS.B.SS (Clas Ohlson SEK158.60, +12.60) -- earnings

        • +7.1% CRAYN.NO (Crayon Group Holding NOK117.70, +7.80) -- framework agreement win

        • +6.2% WKP.LN (Workspace Group £5.84, +0.34) -- reports FY EPRA EPS 34.1p ex-items vs FactSet 33.2p [10 est, 31.5-34.1p]

        • +3.7% ITX.SM (Inditex €45.58, +1.64) -- earnings

        • +3.6% ELMRA.NO (Elmera Group NOK33.15, +1.15) -- issues financial targets for 2024-2025

        • +2.7% VOE.AV (Voestalpine €26.26, +0.68) -- reports FY EPS €0.64 vs FactSet €1.67 [11 est, €0.57-2.71]

        • +2.5% VOLCAR.B.SS (Volvo Car SEK35.10, +0.84) -- reports May global car sales +13% y/y to 68,034 units

        • +2.4% SHLF.NO (Shelf Drilling NOK22.50, +0.52) -- contract

        • +1.8% STVG.LN (STV Group £2.92, +0.05) -- trading update

        • +1.4% DATA.LN (GlobalData £2.24, +0.03) -- Inflexion receives regulatory clearance for its 40% investment in GlobalData

      • Notable Decliners

        • -18.0% EKTA.B.SS (Elekta SEK69.75, -15.30) -- reports Q4 EPS SEK1.15 vs consensus SEK1.51

        • -13.9% AGL.LN (ANGLE £0.15, -0.03) -- earnings; secondaries

        • -7.3% BME.LN (B&M European Value Retail £5.10, -0.40) -- reports FY adjusted EPS 36.8p vs FactSet 37.9p [17 est, 36.5-40.6p]

        • -6.3% IMM.LN (ImmuPharma £0.02, -0.00) -- reports FY EPS (0.8p) vs year-ago (1.3p)

        • -4.8% ARB.LN (Argo Blockchain £0.10, -0.00) -- May operational update: mined 45 Bitcoin, or 1.5 Bitcoin per day

        • -4.8% CNA.LN (Centrica £1.36, -0.07) -- PLC FY adj EPS expected to be in-line with consensus analyst expectations -- AGM Statement

        • -2.8% DSCV.LN (discoverIE Group £7.16, -0.21) -- reports FY Underlying EPS 36.8p vs FactSet 35.9p [13 est, 35.6-37.0p]; Q1 trading in line with board expectations

        • -1.9% PAG.LN (Paragon Banking Group £7.54, -0.15) -- reports H1 EPS 49.9p ex-items vs year-ago 42.5p; raises interim dividend +20% y/y, boosts share buyback

        • -1.7% SECT.B.SS (Sectra SEK227.80, -4.00) -- reports FY EPS SEK2.22 vs FactSet SEK2.06 [3 est, SEK1.95-2.13]

        • -1.0% ALCJ.FP (Crossject €1.88, -0.02) -- rights offering

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: AT & S Austria Technologie & Systemtechnik (ATS.AV), M1 Kliniken (M12.GR)

        • France: Remy Cointreau (RCO.FP)

        • Nordics: Norcod (NCOD.NO)

        • UK: MITIE Group (MTO.LN)

  • Data:

    • Economics:

      • Eurozone Apr PPI (5.7%) y/y vs consensus (5.1%) and prior (7.8%)

      • May Services PMI

        • Eurozone 53.2 vs preliminary 53.3

        • UK 52.9 vs preliminary 52.9

        • Germany 54.2 vs preliminary 53.9

        • France 49.3 vs preliminary 49.4

        • Italy 54.2 vs consensus 54.4 and prior 54.3

        • Spain 56.9 vs consensus 56.0 and prior 56.2

        • Sweden 49.5 vs consensus 48.9 and prior revised 48.0 from 48.1

      • France

        • Apr Industrial Production +0.5% m/m vs consensus +0.5% and prior revised (0.2%) from (0.3%)

    • Markets:

      • WTI Crude (24-Jul): ($0.22) or (0.30%) to $73.03

      • €-$ (0.0010) or (0.09%) to 1.0871

      • £-$ +0.0006 or +0.05% to 1.2775

      • €-£ (0.0010) to 0.8510

      • S&P 500 +0.73%

      • Performance year-to-date:

        • FTSE 100: +6.75%

        • DAX: +10.89%

        • CAC: +6.14%

        • MIB: +13.70%

        • Stoxx 600: +8.82%

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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