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StreetAccount Summary - EU Market Recap: FTSE 100 (0.56%) to 8121.20, DAX (0.69%) to 18164.06, CAC40 (0.30%) to 7538.29, STOXX 600 (0.42%) to 510.91

Jul 02 ,2024

  • Synopsis:

    • European equity markets finished lower. Insurance, autos/parts, bank and retail the worst performers; energy and defensives hold up better. Insurance names are down sharply as hurricane in South Caribbean intensifies. US equities higher in midday trading. Treasuries firmer with curve flattening after another big backup in yields on Monday. Dollar index down 0.1%. . Gold down 0.1%. Bitcoin futures down 2.2%. WTI crude up 0.1%.

    • Comments from ECB officials out of Sintra conference in the media spotlight today. Lagarde talked up focus on data-dependence, Lane said every decision live, while Simkus and Wunsch signaled two further cut this year. Attention remains on permutations for second round of French election after far-right National Rally secured the most votes in first round. France's Le Pen has signaled a shift in her position ahead of Sunday's runoff vote; will seek to form a government even it is falls short of an outright majority. French assets cautious after Monday's relief rally whilst more positive commentary on UK assets ahead of Thursday's election. Relative stability anticipated in UK politics compared to France. After years of turbulence in UK politics, prospect of pro-growth, pro-investment Labour government is seeing buy-side and sell-side talk up UK stocks, sterling, and UK debt. With two days until the UK election, opinion polls have seen a narrowing between the two main parties.

    • In macro releases, Eurozone inflation in June declined slightly to 2.5% year-on-year from 2.6% in May, aligning with economists' expectations. Core inflation, excluding volatile items like food and energy, remained unchanged at 2.9%, slightly above forecasts; analysts suggest ECB's outlook remains largely unaffected by this release. Eurozone unemployment rate unchanged in May at 6.4%. UK shop price inflation has eased to the weakest level since Oct-21. Data from the British Retail Consortium showed annual shop price inflation slowed to 0.2% in June from 0.6% in May.

    • Amidst light earnings calendar; of note, Sodexo (SW.FP) Q3 sales missed; group confirmed FY guidance. J Sainsbury (SBRY.LN) traded lower post Q1 trading statement with LFL sales (excl fuel) +3.0% vs consensus +3.4%; continues to expect FY24/25 Retail underlying operating profit of between £1.01 - 1.06B. Wizz Air Holdings (WIZZ.LN), Ryanair Holdings (RYA.ID) also lower post June passengers stats. Michelin (ML.FP) shares were also in the red today following pre-close call with analysts after the market close yesterday; guidance on FY24 segment operating income and FCF remains in place but Q2/H1 lower volumes might surprise negatively.

    • In M&A, press reports suggest EQT (EQT.SS) is in advanced talks to acquire 30% stake in Flix for €900M. Further amidst market rumors, DSV (DSV.DC) and CVC Capital Partners (CVC.NA) considered leading contenders for DB Schenker (+SCH.GR); note Maersk (MAERSK.B.DC) withdrew its bid for DB Schenker yesterday. Casino (CO.FP) completed sale of 66 stores and its controlling stake in 5 hypermarkets; part of previously disclosed agreement. Givaudan (GIVN.SW) completed acquisition of b.kolormakeup & skincare; terms of deal undisclosed.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas+0.67%, Technology +0.32%, Financial Svcs +0.26%, Media +0.24%, Food, Beverage and Tobacco +0.19%, Chemicals +0.18%, Real Estate (0.01%), Ind Goods & Svcs (0.39%), Construct & Mtls (0.41%)

      • Underperformers:

        • Insurance (1.64%), Banks (1.02%), Retail (0.98%), Autos & Parts (0.92%), Telecom (0.90%), Basic Resources (0.87%), Health Care (0.81%), Consumer Products and Services (0.67%), Personal Care Drug and Grocery Stores (0.61%), Utilities (0.49%)

    • Macro:

      • ECB:

        • Lagarde says ECB cautious on rate cuts, citing inflation uncertainty and economic concerns: Reuters and Bloomberg

        • ECB's Simkus sees two more rate cuts in 2024 if economy evolves as expected: Bloomberg

        • ECB's Wunsch says strong evidence needed for more than two cuts in 2024: Bloomberg

        • ECB needs its crisis tools to enforce oolicy, IMF official says: Bloomberg

        France:

        • Le Pen has signaled a shift in her position ahead of Sunday's runoff vote: FT

        • French parties scramble to block far-right path to power after election shock: Bloomberg

        • French election aftermath leaves investors in uncertain waters as far-right surge narrows outcomes: Bloomberg

      • UK:

        • UK election polls narrow as Sunak campaigns for hung parliament: Savanta poll

        • UK shop prices fall, easing cost of living crisis ahead of election: FT

        • PM Sunak issues new appeal to stop Labour super majority: Reuters

      • Germany:

        • German coalition nears budget deal as debt brake limits options: Bloomberg

    • Peripheral markets:

      • Italy:

        • EC gives green light to Italy's 5th NRRP instalment tranche worth €11B - ANSA

      • The Netherlands:

        • New government sworn in: BBC

      • Sweden:

        • EU approves €3B ($3.21B) Swedish carbon capture scheme; first project auction expected this year

      • Ireland:

        • Ireland needs between 35-53K dwellings per year, based on various projected population growth scenarios finds ESRI

    • Company news:

      • Notable Gainers

        • +15.1% CHEMM.DC (ChemoMetec DKK346.80, +45.40) -- prelim Q4 revenue

        • +10.3% BVC.LN (BATM Advanced Communications £0.18, +0.02) -- partnership agreement to sell its advanced cybersecurity solution to commercial markets globally

        • +7.7% HFG.GR (HelloFresh €5.18, +0.37) -- JPMorgan highlights stabilization of US meal-kits data in recent weeks

        • +6.3% ODHN.SW (Orascom Development Holding CHF4.23, +0.25) -- subsidiary ODE has sold 145,266 sqm of land at El Gouna for CHF 28.8M

        • +3.9% IMMNOV.SS (Immunovia SEK1.70, +0.06) -- issues update on its new lab in Research Triangle Park, USA

        • +2.9% GEMD.LN (Gem Diamonds £0.13, -0.00) -- recovery of a 123.20ct Type II White Diamond recovered at the Letšeng mine in Lesotho on 29-Jun

        • +2.0% BSE.AU (Base Resources A$0.26, +0.01) -- receives approval from Kenya for proposed combination with Energy Fuels

        • +1.6% TGS.NO (TGS-NOPEC Geophysical Co. NOK131.70, +2.10) -- completes merger with PGS; Barclays upgrade

        • +0.9% CRW.LN (Craneware £23.40, +0.20) -- forms Alliance with Microsoft

      • Notable Decliners

        • -24.8% NANO.LN (Nanoco Group £0.15, -0.05) -- year end trading update

        • -11.5% SHOE.LN (Shoe Zone £1.35, -0.18) -- trading update

        • -11.1% CML.LN (CML Microsystems £3.00, -0.38) -- FY earnings

        • -8.0% DUST.SS (Dustin Group SEK11.00, -0.95) -- Q3 earnings

        • -4.7% SW.FP (Sodexo €82.25, -4.05) -- Q3 sales

        • -4.5% CGCBV.FH (Cargotec €45.11, -2.12) -- spin-off by Cargotec Corporation

        • -3.9% WIZZ.LN (Wizz Air Holdings £20.52, -0.84) -- Jun passengers

        • -3.1% ML.FP (Cie Generale des Etablissements Michelin SA €34.88, -1.12) -- Q2/H1 pre-close call

        • -2.9% SBRY.LN (J Sainsbury £2.51, -0.07) -- Q1 trading statement

        • -2.9% CBAV.SM (Clinica Baviera €26.90, -0.80) -- hires Gambit to advise on acquisition of Eyes Hospital in the UK -- Business Live

        • -2.8% TUI1.GR (TUI Group €6.43, -0.19) -- holder Link Market Services Trustees (on behalf of shareholders not exchanging British depositary receipts for shares) places 7.4M shares at €6.30/share - market sources

        • -1.5% ELIS.FP (Elis €20.12, -0.30) -- closes acquisition of Wonway in Malaysia

        • -0.6% KCR.FH (Konecranes €54.25, -0.30) -- acquiries service business of Dungs Kran- und Anlagentechnik GmbH

        • -0.6% BAKKA.NO (Bakkafrost NOK540.00, -3.00) -- Q2 harvest volume

    • EU companies reporting tomorrow:

      • Earnings: Zumtobel Group (ZAG.AV), ActiveOps (AOM.LN)

      • Trading Update: Pluxee (PLX.FP), GRENKE (GLJ.GR), Topps Tiles (TPT.LN)

      • CMD/events: Secure Trust Bank (STB.LN), Krones (KRN.GR), Hapag-Lloyd (HLAG.GR) CEO press conf. for customers at 16:00CET

  • Data:

    • Economics:

      • Eurozone

        • May Unemployment Rate 6.4% vs cons 6.4% and prior 6.4%

        • Jun Preliminary CPI +2.5% y/y vs cons +2.5% and prior +2.6%; +0.2% m/m vs cons +0.2% and prior +0.2%

        • Jun core CPI +2.8% y/y vs cons +2.8% and prior +2.9%

      • Italy May Unemployment Rate 6.8% vs cons 6.9% and prior revised 6.8% from 6.9%

      • Austria Jun preliminary CPI +3.0% y/y vs cons +3.0% and prior +3.4%; +0.2% m/m vs cons +0.1% and prior +0.1%

        • EU Harmonised: +3.2% y/y vs cons +2.7% and prior +3.3%; +0.1% m/m vs cons +0.1% and prior +0.1%

      • Greece Jun business expectations in industry 108.3 vs prior 109.2 and year-ago 108.6 - IOBE

      • Netherlands Jun prelim CPI +3.2% y/y vs cons +2.7% and prior +2.7%

    • Markets:

      • WTI Crude (Aug 24): +$0.23 or +0.28% to $83.61

      • €-$ (0.0008) or (0.07%) to 1.0735

      • £-$ +0.0026 or +0.21% to 1.2677

      • €-£ (0.0023) to 0.8469

      • S&P 500 +0.16%

      • Performance year-to-date

        • FTSE 100: +5.02%

        • DAX: +8.43%

        • CAC: (0.06%)

        • MIB: +10.31%

        • Stoxx 600: +6.66%

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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