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StreetAccount Summary - EU Market Recap: FTSE 100 +0.82% to 8272.46, DAX +1.03% to 18254.18, CAC40 +1.34% to 7671.34, STOXX 600 +0.93% to 518.91

Jun 20 ,2024

  • Synopsis:

    • European equity markets finished higher. Technology, property, miners, and retail best performers. Food/beverage, travel/leisure and telecom lag. US equities slightly higher in Thursday midday trading, off best levels. Treasuries weaker across the curve after rallying on Tuesday. In Europe, Bund 2 bps higher. OAT flat. Gilts down after BoE decision. Dollar firmer with biggest move versus Swiss franc after SNB rate cut. WTI crude higher. Gold gains. Industrial metals firmer.

    • Central bank policy decisions were the focus today. BoE left policy unchanged, but appears to be edging closer to a cut with some members seeing decision finely balanced. SNB cut rates by 25-bps for the second meeting running, in line with consensus. Norges Bank left policy rate unchanged at 4.5%, as expected, and said rates were to remain at that level for some time.

    • Amidst light macroeconomic releases, German PPI was weaker-than-forecast in May at (2.2%) y/y. Ifo Institute raised its German growth growth to 0.4% for 2024. Swiss watch exports fell (2.2%) y/y in May. Eurozone Jun Flash Consumer Confidence came in line with expectations at (14.0). The macro calendar for tomorrow includes Flash Jun Manufacturing and Services PMI reading from Eurozone/Germany/UK/France as well as UK CBI Industrial Trends Orders and May Retail Sales and France Jun Business Survey.

    • In political developments, French election spending promises in focus after EU put country in special procedure for excessive deficits. Meanwhile, latest UK election polls continue to point to historic defeat for Conservative government. Group of leading economists back Labour's plans for ending long-term economic stagnation via investment, innovation, and reform.

    • In corporate news flow, Danone (BN.FP) shares traded lower today post CMD update; group expects FY25-28 like-for-like net sales growth between +3%-+5% and recurring operating income to grow faster than net sales, said company ahead of its CMD today. YouGov (YOU.LN) also lower post profit warning amidst lower sales bookings than anticipated; now expects FY group adjusted operating profit to be £41-44M (FactSet £68M). DS Smith (SMDS.LN) shares were higher following broadly in-line FY earnings; says benefits of higher box prices to be weighted to H2 of current financial year and provide further momentum into FY26. Further out of the UK, Ocado (OCDO.LN) shares lost as much as ~ (18%) in mid trading after group issued an update on its Sobeys partnership; group noted that Empire Company Limited had paused the planned go-live of Sobeys' CFC4 in Vancouver, Canada, which was originally planned for 2025. The go-live timeline for the Vancouver CFC will be under regular review, and the site will be able to commission and scale quickly when required. Group added its financial guidance for FY24 remained unchanged.

    • In M&A, Tate & Lyle (TATE.LN) acquires CP Kelco for a total implied consideration of $1.8B, on a cash-free, debt-free basis. J Sainsbury (SBRY.LN) agrees to sell its core banking business to NatWest Group (NWG.LN). Evotec (EVT.GR) shares were amidst notable gainers today after Bloomberg sources said group had reached out to defense advisers after share drop had lead to fears of company becoming a takeover target.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.67%, Real Estate +1.62%, Basic Resources +1.50%, Retail +1.28%, Utilities +1.25%, Chemicals +1.18%, Oil & Gas+1.13%, Consumer Products and Services +0.95%, Banks +0.94%, Media +0.96%

      • Underperformers:

        • Personal Care Drug and Grocery Stores +0.00%, Food, Beverage and Tobacco +0.25%, Travel & Leisure +0.56%, Telecom +0.61%, Health Care +0.74%, Construct & Mtls +0.74%, Ind Goods & Svcs +0.83%, Insurance +0.84%, Autos & Parts +0.78%

    • Macro:

      • BoE:

        • Leaves key Bank Rate unchanged at 5.25%; decision in line with expectations

          • Recall that last month the MPC voted 7-2 for a steady hand with deputy governor Ramsden joining Dhingra to back a cut

        • Bank opens door to August interest rate cut (BBC)

        • Bank of England putting recovery at risk, warn economists (Telegraph)

      • ECB:

        • Knot says recent shift in market expectations shows road to inflation target is bumpy: Bloomberg

      • Germany:

        • Ifo Institute raises its German growth forecast, citing improving consumer trends, industrial recovery: Reuters

      • France:

        • EU warns France over fiscal responsibility, adding to political risks ahead of surprise July snap poll: NY Times

        • French political camps draw election battle lines on economy : Reuters

      • UK:

        • Three UK election polls point to an historic defeat for the Conservatives and Sunak could be the first sitting prime minister to lose his seat at a general election (London Times, Telegraph).

      • Europe's car sales fall in May amid a drop in EV demand: Bloomberg; ACEA

      • China may take provisional anti-dumping steps against EU pork imports (Reuters)

    • Peripheral markets:

      • Switzerland:

        • SNB cut key policy rate by 25bps to 1.25% with expectations heading into the decision seeing a 70% chance of a move lower

        • Switzerland delivers back-to-back 25bp rate cut; sees inflation pressure easing (Reuters, Bloomberg)

      • Norway:

        • Norges Bank keeps policy rate unchanged at 4.5%, as expected

        • Norway sticks to script with unchanged rate decision; sees it at current level for a while (Bloomberg)

      • Italy:

        • Meloni's enlarged hard-right group changes EU power balance (FT)

      • Spain:

        • China's dumping probe to test resilience of Spain's pig farmers (Reuters)

    • Company news:

      • Notable Gainers

        • +14.4% AVCT.LN (Avacta Group £0.46, +0.06) -- Chairman to step down

        • +13.9% EVT.GR (Evotec €8.36, +1.02) -- attracts interest from various buyout firms - Bloomberg

        • +12.8% CMCX.LN (CMC Markets £3.17, +0.36) -- FY earnings

        • +12.7% ALBPS.FP (Biophytis €0.71, +0.08) -- extends bond financing agreement with Atlas with term expiring 14-Jun-26 and allowing for issue of up to €16M in convertible bonds; grants Blanver exclusive rights to BIO101 in Latin America in deal valued at up to €108M

        • +12.7% SAV.LN (Savannah Resources £0.04, +0.01) -- AMG Critical Materials announces capital investment of £16M (~$20M) in Savannah Resources Plc

          • +2.5% AMG.NA (AMG Critical Materials €16.47, +0.40)

        • +8.5% NCC.LN (NCC Group £1.56, +0.12) -- trading update

        • +8.3% BCP.PL (Banco Comercial Portugues €0.36, +0.03) -- completion of implementation of Recovery Plan by Bank Millennium in Poland; transferred buy at Jefferies

        • +8.2% SES.IM (SeSa €115.00, +8.70) -- prelim FY revenue; announces its new Welfare Plan for the Year 2024-2025

        • +7.9% OSE.FP (OSE Immunotherapeutics €6.31, +0.46) -- new Chairman; presents preclinical data on IL-35 at FOCIS annual meeting

        • +5.9% FARN.LN (Faron Pharmaceuticals £0.98, +0.05) -- publishes the final result of the fully subscribed €30.7M share offering

        • +5.8% SERI.IM (Seri Industrial €4.00, +0.22) -- Leonardo to sell stake in Industria Italiana Autobus to Seri Industrial

        • +5.5% NDA.GR (Aurubis €76.80, +4.00) -- new CEO

        • +5.4% LSL.LN (LSL Property Services £3.33, +0.17) -- trading update

        • +5.4% VLK.NA (Van Lanschot Kempen €39.30, +2.00) -- update on wealth management strategy and presents 2027 financial targets; targets 10% average annual AuM growth

        • +4.9% ALSEN.FP (Sensorion €0.64, +0.03) -- presentation of promising SENS-401 results at next CI202

        • +4.8% XPS.LN (XPS Pensions Group £2.83, +0.13) -- FY earnings

        • +4.7% MPCC.NO (MPC Container Ships NOK20.58, +0.92) -- vessel acquisitions and new charter package deal

        • +4.2% TE.FP (Technip Energies €21.50, +0.86) -- awarded significant contract for IOCL's grassroots naphtha cracking unit at Paradip in India

        • +4.0% ENOG.LN (Energean £10.73, +0.41) -- sells Egypt, Italy & Croatia portfolio to Carlyle for EV of up to $945M

        • +3.6% KLIN.SW (Klingelnberg CHF17.15, +0.60) -- FY earnings

        • +3.5% AFM.LN (Alpha Financial Markets Consulting £4.96, +0.17) -- FY earnings

        • +3.0% IDEX.NO (IDEX Biometrics NOK1.56, +0.04) -- secures repeat order for IDEX Access

      • Notable Decliners

        • -46.3% YOU.LN (YouGov £4.40, -3.80) -- trading update; lowers FY guidance

        • -20.2% EGTX.SS (Egetis Therapeutics SEK6.26, -1.58) -- Phase 2 Triac Trial II with Emcitate (tiratricol) for MCT8 deficiency did not meet its co-primary endpoints

        • -12.3% BB.FP (Bic €55.10, -7.70) -- FY earnings

        • -12.1% OCDO.LN (Ocado Group £3.10, -0.43) -- updates on Sobeys partnership; FY24 guidance remains unchanged

        • -11.4% FRAN.LN (Franchise Brands £1.52, -0.20) -- FY earnings; CFO steps down

        • -9.7% GSF.NO (Grieg Seafood NOK65.30, -7.05) -- to suspend any investments in BC following regulatory announcements

        • -4.0% FNOX.SS (Fortnox SEK61.90, -2.60) -- restates key market share figures in response to FT challenge over numbers presented at last month's capital markets day underplaying its market dominance - FT

        • -2.6% BN.FP (Danone €57.40, -1.52) -- expects FY25-28 like-for-like net sales growth between +3%-+5% and recurring operating income to grow faster than net sales -- CMD

        • -2.4% MOWI.NO (Mowi NOK184.10, -4.50) -- notes Canadian government proposal to move BC salmon farms to closed-containment systems or onto land

    • EU companies reporting tomorrow:

      • Earnings: Muhlbauer Holding (MUB.GR)

  • Data:

    • Economics:

      • Eurozone Jun Flash Consumer Confidence (14.0) vs consensus (14.0) and prior (14.3)

      • Germany May PPI (2.2%) y/y vs consensus (2.0%) and prior (3.3%); 0.0% m/m vs consensus +0.3% and prior +0.2%

      • Switzerland May Trade Balance CHF5.81B vs consensus CHF3.8B and prior revised CHF4.34B from CHF4.32B

        • May Swiss Watch Exports (2.2%) to CHF 2.29B

      • Portugal May PPI +0.7% y/y vs consensus +3.8% and prior revised (0.9%) from (0.8%)

    • Markets:

      • WTI Crude (Jul 24): +$0.31 or +0.38% to $81.88

      • €-$ (0.0027) or (0.25%) to 1.0718

      • £-$ (0.0044) or (0.35%) to 1.2677

      • €-£ +0.0008 to 0.8454

      • S&P 500 +0.14%

      • Performance year-to-date

        • FTSE 100: +6.97%

        • DAX: +8.97%

        • CAC: +1.70%

        • MIB: +10.95%

        • Stoxx 600: +8.33%

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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