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StreetAccount Summary - EU Market Recap: FTSE 100 +0.83% to 8215.48, DAX +1.42% to 18630.86, CAC40 +0.97% to 7864.70, STOXX 600 +1.08% to 522.89

Jun 12 ,2024

  • Synopsis:

    • European equity markets ended broadly higher on Wednesday, following lower than expected US CPI print. Real estate, tech. and industrials best performers while telcos and energy biggest decliners.

    • Upside tabbed to cooler US May CPI print on both headline flat, and core up only +0.2% m/m, offering more evidence for the continuing disinflation narrative after the hotter inflation readings that prevailed throughout Q1. Rate reaction to CPI a tailwind with market repricing 2024 rate path in more dovish direction. However, market still in waiting mode ahead of June FOMC decision.

    • Focus on European Commission planning on additional duties of 25% on imported China-made EVs from July. Although falling short of the 50% tariff suggested by a think tank, this decision could have a notable impact on the market. Germany is reportedly objecting to these tariffs, fearing a potential trade war.

    • On the macro calendar, UK monthly activity data for April flat versus consensus for (0.1%) contraction and came after March's +0.4% expansion. However, on a three-month basis economy expanded +0.7% compared with three months to January. ONS breakdown showed services the main sector underpinning economy and output grew +0.2%, its fourth consecutive month of growth, and up +0.9% in the three months to April. Production fell (0.9%) versus prior +0.2% expansion, but up +0.7% over three months. Construction output down (1.4%), its third consecutive drop and down (2.2%) on the quarter. In Germany, May final CPI in line with prelim. reading +2.4% y/y, EU Harmonised +2.8% y/y. More cautious ECB comments on scope for further rate cuts. Schnabel due to speak later.

    • Still light on the corporate front. Bilfinger (GBF.GR) has issued an update for its 2024 outlook during its CMD. The company now expects revenue in the range of €4.8-5.2Bvs prior guidance of € 4.5-4.8B. In Belgium, Umicore (UMI.BB) has issued a profit warning, indicating a slowdown in EV growth and lowered its FY24 adjusted EBITDA guidance for the group and Battery Materials Business. In the UK, Legal & General Group Plc (LGEN.LN) said to target 6-9% core operating EPS CAGR (2024-27) and announced £200 buyback while RWS Holdings (RWS.LN) posted H1 numbers and said encouraging start to H2 points to performance in line with market expectations for full year.

    • On the M&A newsflow, press reports suggest Trian has taken 'significant position' in Rentokil (RTO.LN) while Lufthansa (LHA.GR) unlikely to offer more concessions in ITA bid, Reuters writes. Elsewhere, ENI (ENI.IM) placed 10% of Saipem (SPM.IM) at €1.97/share, totaling ~ €393M of proceeds.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Eurozone Apr industrial production, UK May house price balance - RICS ans Spain May final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate +2.70%, Technology +2.42%, Ind Goods & Svcs +2.15%, Construct & Mtls +2.11%, Media +2.03%, Financial Svcs +1.91%, Retail +1.73%

      • Underperformers

        • Telecom (0.24%), Oil&Gas (0.07%), Autos & Parts +0.03%, Personal Care Drug and Grocery Stores +0.28%, Food, Beverage and Tobacco +0.40%, Basic Resources +0.49%, Health Care +0.51%, Travel & Leisure +0.52%, Chemicals +0.80%, Consumer Products and Services +0.81%, Utilities +1.01%, Insurance +1.02%

    • Macro:

      • Central banks:

        • ECB's Schnabel: Last mile of disinflation to be more difficult -- Baha

        • ECB's Guindos Says 'Huge' Uncertainty Leaves 2024 Rate Path Open - Bloomberg

        • ECB flags euro risks from Russia as global forex reserves dip -- FT

        • Euro's reserve currency role tumbles at expense of dollar, yen, ECB says -- Reuters

        • Austria Set to Pick Economy Minister Kocher to Fill Holzmann's ECB Seat --Bloomberg

      • EU:

        • EU to hit Chinese electric cars with tariffs of up to 48% -- FT

      • UK:

        • Why is nobody talking about Brexit in the UK election? -- Guardian

        • UK police charge man who threw objects at right-wing leader Nigel Farage -- Reuters

      • Germany:

        • Germany is descending into chaos - and it will take the rest of the eurozone down with it -- Telegraph

        • Germany proposes new voluntary military service to boost defence -- Reuters

      • France:

        • Macron Says He Won't Quit If His Party Loses French Election -- Bloomberg

        • France suspends New Caledonia electoral reform -- Politico

      • Italy:

        • Italy To Host G7 Leaders as Meloni Emerges as Europe's Power Broker -- NYSun

        • G7 Conferences Will Showcase A Transformed Region Of Italy -- Forbes

    • Company news:

      • Notable Gainers

        • +38.4% TUN.LN (Tungsten West £0.05, +0.02) -- permit granted to operate its mineral processing facility

        • +21.3% RWS.LN (RWS Holdings £1.97, +0.36) -- reports H1 adj.EPS 9.1p vs year-ago 10.6p; says encouraging start to H2 points to performance in line with market expectations for full year

        • +13.7% RTO.LN (Rentokil Initial £4.78, +0.57) -- Trian confirms it has taken a 'significant position' in Rentokil -- CNBC

        • +13.5% LNZ.AV (Lenzing €36.55, +4.35) -- main holder B&C Group sells 15% stake in the company to Suzano in long-term partnership agreement

        • +9.3% KETL.LN (Strix Group £0.90, +0.07) -- placing

        • +7.9% FDEV.LN (Frontier Developments £3.00, +0.22) -- FY Trading Update: adj EBITDA ~£0.5M vs FactSet (£4.9M)

        • +5.8% EMBRAC.B.SS (Embracer Group SEK24.70, +1.35) -- closes divestment of Gearbox Entertainment to Take-Two

        • +5.3% LINK.NO (LINK Mobility Group Holding NOK20.95, +1.05) -- new share repurchase program

        • +4.6% ALLIGO.B.SS (Alligo SEK150.80, +6.60) -- acquires 70% stake in the Swedish product media company New Promotion Sverige AB; price undisclosed

        • +3.9% SOFF.NO (Solstad Offshore NOK40.82, +1.54) -- multiple contract awards

        • +3.7% VIRI.FP (Viridien €0.59, +0.02) -- project award

        • +3.7% SCLP.LN (Scancell Holdings £0.10, -0.00) -- agreement with major international biotechnology company to evaluate antibody in Glymab portfolio

        • +3.7% DDRIL.NO (Dolphin Drilling AS NOK4.19, +0.15) -- announces sale of Dolphin Leader for recycling

        • +2.9% UCB.BB (UCB €133.85, +3.85) -- announces first presentations of BIMZELX (bimekizumab) two-year data in axial spondyloarthritis and psoriatic arthritis at EULAR 2024

        • +2.6% SNI.NO (Stolt-Nielsen NOK476.50, +12.00) -- CMD today

        • +2.2% PRX.NA (Prosus €34.42, +0.73) -- FY Trading Statement: FY Core headline earnings to be between 90c and 97c vs year-ago 99c

        • +2.1% SFZN.SW (Siegfried Holding CHF928.00, +19.00) -- signs binding agreements with Curia Global to acquire early-phase CDMO site in Wisconsin, USA

        • +2.0% ATE.FP (Alten €115.10, +2.30) -- enters exclusive negotiations with Atos for the acquisition of Worldgrid business unit; terms undisclosed

        • +1.9% UN0.GR (Uniper €52.02, +0.98) -- terminates Russian gas supply contracts

        • +1.9% LHA.GR (Deutsche Lufthansa €6.30, +0.12) -- Lufthansa unlikely to offer more remedies to EU antitrust regulators over bid for ITA stake despite concerns about long-haul flights - Reuters, citing sources (11-Jun, 16:52 CET)

        • +1.8% SPM.IM (Saipem €2.12, +0.04) -- Follow-up: Eni places 10% of Saipem at €1.97/share

      • Notable Decliners

        • -20.6% ATO.FP (ATOS SE €0.79, -0.20) -- exclusive negotiations with ALTEN (ATE.FP) for sale of Worldgrid for binding enterprise value of €270M

        • -16.5% PHXM.FP (Phaxiam Therapeutics €2.64, -0.48) -- launches capital increase with maintenance of the preferential subscription rights for an amount of approximately €10M

        • -15.8% STAB1L.GR (Stabilus €48.05, -9.00) -- guides FY24 revenue €1.3B-1.35B vs prior guidance to the lower end of €1.4B-1.5B and FactSet €1.38B [8 est, €1.29-1.44B]

        • -13.6% HSS.LN (HSS Hire Group £0.07, -0.01) -- supplier agreement

        • -8.9% TRUE.B.SS (Truecaller SEK34.52, -3.32) -- holders sell 15.0M existing Truecaller B-shares

        • -8.0% CAMX.SS (Camurus SEK547.50, -48.00) -- holder sells 1.3M shares

        • -7.5% UMI.BB (Umicore €15.23, -1.23) -- lowers FY24 adj EBITDA guidance for group and Battery Materials Business due to slowdown in EV growth

        • -7.4% EQLS.LN (Equals Group £1.11, -0.09) -- Madison Dearborn Partners confirms that it does not intend to make an offer for Equals Group

        • -7.4% EQLS.LN (Equals Group £1.11, -0.09) -- no longer in takeover talks with MDP, considers it to be in best interests that Strategic Review remains ongoing

        • -5.5% LGEN.LN (Legal & General Group £2.29, -0.13) -- to target 6-9% core operating EPS CAGR (2024-27); announces £200 buyback CMD

        • -4.8% PPS.LN (Proton Motor Power Systems £0.02, -0.00) -- follow-up order from H2tec

        • -4.3% COLR.BB (Colruyt Group €45.70, -2.00) -- reports FY Adjusted net income €357M vs FactSet €336.2M

        • -4.2% SAFE.LN (Safestore Holdings £8.01, -0.35) -- reports H1 EPS 21.2p vs year-ago 23.7p

        • -2.0% DFS.LN (DFS Furniture £1.12, -0.02) -- FY24 guidance update: expects PBT to fall in the range of £10M-12M vs prior £20M-25M

        • -2.0% BELA.GA (Jumbo €26.36, -0.54) -- reports May sales ~ +10% y/y

        • -1.9% LDO.IM (Leonardo €22.81, -0.45) -- announces an interruption to negotiations with KNDS for the creation of a strategic alliance (11:50 ET)

        • -1.7% ITM.IM (Italmobiliare €28.65, -0.50) -- Holder Cemital Privital Aureliana S.p.A. places €15M in Italmobiliare shares via UniCredit

    • EU companies reporting tomorrow:

      • Earnings:

        • Earnings: Fuller, Smith & Turner (FSTA.LN), Halma (HLMA.LN), Norcros (NXR.LN), PayPoint (PAY.LN), Peel Hunt (PEEL.LN), Virgin Money UK (VMUK.LN), Wise (WISE.LN), Rusta (RUSTA.SS), Oeneo (SBT.FP), Agat Ejendomme (AGAT.DC)

        • Trading Update: Origin Enterprises (OIZ.ID)

        • Traffic: Fraport (FRA.GR)

        • CMD/events: Stellantis (STLAM.IM), OMV (OMV.AV), Europa Oil & Gas (EOG.LN)

  • Data:

    • Economics:

      • UK April

        • Construction Output y/y (3.3%) vs consensus (1.8%) and prior (2.2%)

        • Industrial Production y/y (0.4%) vs consensus +0.3% and prior +0.5%

        • Trade Balance (£19.61B) vs consensus (£14.20B) and prior revised to (€13.97B) from (€13.97B)

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

    • Markets:

      • WTI Crude (24-Jul): +$0.09 or +0.12% to $77.99

      • €-$ +0.0104 or +0.97% to 1.0845

      • £-$ +0.0096 or +0.75% to 1.2837

      • €-£ +0.0018 to 0.8448

      • S&P 500 +1.12%

      • Performance year-to-date:

        • FTSE 100: +6.24%

        • DAX: +11.22%

        • CAC: +4.26%

        • MIB: +13.29%

        • Stoxx 600: +9.17%

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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