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StreetAccount Summary - EU Market Recap: FTSE 100 (0.55%) to 8179.68, DAX +0.30% to 18210.55, CAC40 (1.03%) to 7530.72, STOXX 600 (0.43%) to 512.59

Jun 27 ,2024

  • Synopsis:

    • European indices ended mostly mixed to lower. France's CAC the standout underperformer. Germany firmer. Real estate and media best performers while retail, utilities, autos and food/beverage the biggest decliners. Follows softer close on Wednesday.

    • Markets in a holding pattern amid macro volatility, technical-driven moves in AI stocks and ahead of key US data Friday and first round of French election on the weekend.

    • On the macro calendar, Sweden's central bank leaves policy rate steady at 3.75% as expected. Eurozone economic sentiment indicator edged lower in June. BoE publishes its June Financial Stability Report. EU leaders meet to finalize deal on EU top jobs, with European Commission President von der Leyen set for second term. In UK politics, the latest poll by Electoral Calculus using MRP modeling points to a landslide win for the Labour Party despite the Conservatives using the last week or so to warn against a supermajority. Labour's support remained steady at ~40% versus Conservatives on ~20%, Reform on ~18% and Liberal Democrats on ~11%.

    • Earnings today included few UK names like Currys (CURY.LN), Bunzl (BNZL.LN), Watches of Switzerland Group (WOSG.LN) and Serco Group (SRP.LN); in the Nordics, H&M Hennes & Mauritz (HM.B.SS) issued Q2 numbers whilst Netherlands' ASR Nederland (ASRNL.NA) presented its 2024-2026 targets. Elsewhere, Saint-Gobain (SGO.FP) to acquire privately owned global construction chemicals player FOSROC for $1,025M (~€960M) in cash. Irish State placed ~5% of AIB Group (A5G.ID). Local Spanish press wrote that Sabadell, and BBVA refuse to refinance their share of Grifols (GRF.SM) €400M loan and Exor (EXO.IM) acquired 17.5M shares in Philips (PHIA.NA) for €481M.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Jun unemployment change, May retail sales, UK Q1 final GDP, France Jun preliminary CPI, May PPI, household consumption, Italy and Spain Jun preliminary CPI, and Switzerland Jun leading indicator - KOF, Ireland May retail sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate +0.57%, Media +0.55%, Oil&Gas+0.21%, Technology +0.09%, Ind Goods & Svcs +0.04%, Telecom (0.08%), Banks (0.09%), Chemicals (0.34%), Travel & Leisure (0.37%), Construct & Mtls (0.38%)

      • Underperformers

        • Retail (1.88%), Utilities (1.41%), Autos & Parts (1.39%), Food, Beverage and Tobacco (1.38%), Consumer Products and Services (1.10%), Personal Care Drug and Grocery Stores (1.03%), Basic Resources (0.86%), Health Care (0.84%), Financial Svcs (0.52%)

    • Macro:

      • Central banks:

        • Financial Stability Report - June 2024 -- BoE

        • Defaults on leveraged loans soar as BoE warns on private equity's 'challenges -- FT

      • EU:

        • Centrist leaders seek to appease Giorgia Meloni at EU summit -- FT

        • EU Green Deal author gets job for gas network -- Politico

        • EU to reimpose tariffs on Ukrainian eggs and sugar -- FT

      • UK:

        • Labour to seek 'stable position' with Europe rather than reopen Brexit debate -- Guardian

        • How the bank of England could hand Starmer an £11B windfall -- Telegraph

      • Germany:

        • German government working intensively on 2025 draft budget, minister says -- Reuters

      • France:

        • Le Pen raises the stakes by challenging Macron's role as commander-in-chief -- Politico

        • I'm bullish about France, but few agree -- FT

      • Italy:

        • What Meloni wants: Bringing home results -- Euractiv

    • Company news:

      • Notable Gainers

        • +14.7% MOON.LN (Moonpig Group £1.71, +0.23) -- FY earnings

        • +13.8% OVH.FP (OVHCloud €6.08, +0.73) -- Q3 revenue

        • +13.8% LECN.SW (Leclanché CHF0.54, +0.07) -- partnership agreement with Pinnacle International Capital

        • +11.5% MBTN.SW (Meyer Burger Technology CHF0.01, -0.00) -- timeline of the reverse share split in the ratio 750:1

        • +10.3% 1SXP.GR (SCHOTT Pharma $27.46, +2.72) -- Q2 earnings

        • +9.1% ALCRB.FP (Carbios €22.05, +1.85) -- LoI to build biorecycling plant in China

        • +7.6% WOSG.LN (Watches of Switzerland Group £4.33, +0.30) -- FY earnings

        • +5.3% WIL.LN (Wilmington £3.95, +0.20) -- sells UK Healthcare Business for £26.3M

        • +4.9% NOBI.SS (Nobia SEK4.45, +0.21) -- takes further measures in the transition to an asset-light model in the UK; closing underperforming stores

        • +4.7% KER.FP (Kering €345.25, +15.20) -- BofA upgrade

        • +4.2% BC.IM (Brunello Cucinelli €96.95, +3.95) -- Stifel upgrade

        • +4.0% SRP.LN (Serco Group £1.84, +0.07) -- trading update

        • +3.9% STGN.SW (StarragTornos Group CHF53.50, +2.00) -- initiated buy at Kepler Cheuvreux

        • +3.5% POLR.LN (Polar Capital Holdings £5.72, +0.19) -- FY earnings

        • +3.3% MER.LN (Mears Group £3.72, +0.12) -- trading update

        • +3.1% DHG.ID (Dalata Hotel Group €4.08, +0.12) -- trading update

        • +2.4% APPH.GR (APONTIS PHARMA €8.66, +0.20) -- appoints CFO

        • +2.1% OPM.FP (OPmobility €9.31, +0.19) -- Midcap Partners upgrade

        • +2.0% LEG.GR (LEG Immobilien €75.62, +1.50) -- Deutsche Bank upgrade

        • +2.0% ADM.LN (Admiral Group £26.56, +0.52) -- BofA upgrade

        • +1.4% TEG.GR (TAG Immobilien €13.58, +0.19) -- Deutsche Bank upgrade

      • Notable Decliners

        • -19.5% SDG.LN (Sanderson Design Group £0.83, -0.20) -- trading update

        • -13.0% HM.B.SS (H&M Hennes & Mauritz SEK169.40, -25.25) -- Q2 earnings

        • -12.2% GRF.SM (Grifols €8.31, -1.11) -- CaixaBank, Sabadell, and BBVA refuse to refinance their share of Grifols €400M loan - El Confidencial, citing sources

        • -11.9% OHLA.SM (Obrascon Huarte Lain €0.36, -0.05) -- share capital increase for €100M

        • -9.4% EGTX.SS (Egetis Therapeutics SEK5.09, -0.52) -- Pareto downgrade

        • -9.4% NFG.LN (Next 15 Group £8.00, -0.85) -- trading update

        • -8.8% HUM.LN (Hummingbird Resources £0.08, -0.01) -- operations update at AGM

        • -6.0% GAV.SW (Carlo Gavazzi Holding CHF290.00, -18.00) -- FY earnings

        • -5.7% CURY.LN (Currys £0.73, -0.04) -- FY earnings

        • -4.6% GSK.LN (GSK Plc £15.28, -0.74) -- CDC ACIP unanimously votes to adopt updated RSV vaccination recommendations

        • -4.4% STLAM.IM (Stellantis €18.90, -0.85) -- Equita downgrade; UK May car manufacturing (11.9%) y/y to 69,652 units -- SMMT

        • -3.7% SQZ.LN (Serica Energy £1.36, -0.05) -- operations and financial update

        • -3.4% CPR.IM (Davide Campari-Milano €9.11, -0.32) -- main holder Garavoglia family holding company, Lagfin, denies media reports of its alleged non-compliance of tax obligations

        • -3.0% III.LN (3i Group £29.99, -0.93) -- trading update

        • -2.3% SCATC.NO (Scatec NOK87.35, -2.00) -- initiated buy at Arctic Securities

        • -2.0% PDL.LN (Petra Diamonds £0.42, -0.01) -- new CFO; guidance for FY 2025 to 2029

        • -1.9% ALFEN.NA (Alfen €16.41, -0.32) -- Van Lanschot Kempen downgrade

        • -1.8% GFC.FP (Gecina €89.20, -1.60) -- Deutsche Bank downgrade

        • -1.5% ENOG.LN (Energean £9.91, -0.15) -- Panmure Gordon downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Record (REC.LN), Thruvision Group (THRU.LN), Graines Voltz (GRVO.FP)

  • Data:

    • Economics:

      • Eurozone

        • Jun Economic Sentiment Indicator 95.9 vs consensus 96.2 and prior 96.0

        • May M3 Money Supply +1.6% y/y vs consensus +1.5% and prior +1.3%

      • Italy

        • Jun Business Confidence 86.8 vs consensus 88.7 and prior revised 88.2 from 88.4

        • May PPI (1.5%) y/y vs consensus (5.5%) and prior revised (1.4%) from (5.9%)

      • Spain May Retail Sales y/y +0.4% vs prior revised to +0.3% from +0.3%

    • Markets:

      • WTI Crude (24-Aug): +$0.84 or +1.04% to $81.74

      • €-$ +0.0027 or +0.25% to 1.0708

      • £-$ +0.0029 or +0.23% to 1.2650

      • €-£ +0.0003 to 0.8465

      • S&P 500 (0.17%)

      • Performance year-to-date:

        • FTSE 100: +5.77%

        • DAX: +8.71%

        • CAC: (0.17%)

        • MIB: +9.41%

        • Stoxx 600: +7.01%

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.
Please refer to "Terms Of Use".

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