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StreetAccount Summary - EU Market Recap: FTSE 100 (0.66%) to 8139.81, DAX (1.28%) to 18236.19, CAC40 (1.56%) to 7508.66, STOXX 600 (0.90%) to 511.76

Jul 09 ,2024

  • Synopsis:

    • European equities closed lower and near the lowest levels of the session. Retail, construct & mtls and technology were the worst performers, while real estate, foo & bev and media were relative outperformers.

    • Attention in France on process to form a government after inconclusive election outcome. Mélenchon, leader of far-left France Unbowed, said left-wing bloc NPF should govern and will refuse negotiations with other blocs. Has promised increase in public spending, a boost to minimum wage and cut in retirement age. Campaign pledges estimated at €179B in extra spending a year. Despite fiscal risk, Bund-OAT spread narrowed to 60 bps on Monday, around 15 bps above pre-election levels. In geopolitics, NATO leaders summit gets underway in Washington, with focus on Biden following recent his recent pushback against pressure for him to exit the race.

    • UK Chancellor Reeves said in her first public statement on Monday it has inherited the worst set of fiscal circumstances since WW2. Asked the Treasury to examine the fiscal situation and findings will be published before the summer recess. Expected to inform planning for the autumn Budget (FT). While Reeves reiterated the manifesto commitment not to raise income tax, national insurance, VAT, or corporation tax, it has heightened expectations that there could be some form of tax increases.

    • BoE's Haskel the first policymaker to speak since the election. Said in a speech on Monday he would rather keep rates unchanged until more certainty inflationary pressures have subsided sustainably. Haskel noted encouraging developments, but warned the return to target in headline inflation would be temporary amid pressures from a tight jobs market.

    • On the macro front, UK BRC shop price data showed big drop in spending in June due to cooler weather. UK business groups concerned over Labour's plans for minimum wage.

    • In corporate news, Dassault Systemes (DSY.FP) reported prelim Q2 earnings with a revenue of €1.50B vs prior guidance €1.525-1.555B and EPS of €0.30 vs prior guidance €0.30-0.31; company also revised FY24 objectives downwards. Also in France, Verallia (VRLA.FP) lowered its FY24 adjusted adjusted EBITDA target. In the UK, BP (BP.LN) is lower post Q2 trading update; PageGroup (PAGE.LN) posted Q2 trading update with gross profit £224.3M vs year-ago £263.8M while Indivior (INDV.LN) sank , losing as much as (40%) after group downgraded its FY guidance.

    • In M&A, Victory Capital Holdings (VCTR) and Amundi (AMUN.FP) executed an agreement to become strategic partners, with Amundi taking 26.1% stake in Victory. Exclusive Networks (EXN.FP) confirms overnight press rumors regarding receipt of non-binding indication of interest from consortium of investors led by CD&R and Permira; price related to potential transaction is €24/sh. Citing market sources, El Confidencial reports that the Grifols family is considering a price of between €12-13/sh (which would imply a valuation of between €7.3B-8.0B) for Grifols (GRF.SM) whilst Brookfield is considering figures closer to €10/sh in potential takeover. Capita Plc (CPI.LN) agrees to sell its standalone software business Capita One with expected gross cash proceeds of ~ £207M upon completion.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate (0.08%), Food, Beverage and Tobacco (0.25%), Media (0.27%), Travel & Leisure (0.31%), Personal Care Drug and Grocery Stores (0.32%), Telecom (0.52%), Financial Svcs (0.59%), Utilities (0.65%), Basic Resources (0.65%), Health Care (0.70%), Chemicals (0.97%)

      • Underperformers:

        • Retail (1.61%), Construct & Mtls (1.60%), Technology (1.58%), Energy(1.57%), Ind Goods & Svcs (1.36%), Banks (1.28%), Autos & Parts (1.22%), Consumer Products and Services (1.15%)

    • Macro:

      • ECB:

        • ECB's Knot does not anticipate another rate until at least September - Handelsblatt

      • France:

        • Potential contenders to be France's new PM - Bloomberg

        • Macron's camp plots unlikely comeback - Politico

        • France now has to face the bond market risk - Bloomberg

      • Germany:

        • Bankruptcies 40% high in the first half of the year - Handelsblatt

      • UK:

        • Dismal weather hits retail sales in June - Guardian, Bloomberg

        • Starmer under pressure to raise defense spending - London Times

        • Private equity worried over Labour's tax crackdown plans - Telegraph

    • Company news:

      • Notable Gainers

        • +20.6% CPI.LN (Capita £0.19, +0.03) -- agrees to sell its standalone software business Capita One; expected gross cash proceeds of approximately £207M upon completion

        • +16.7% AGFX.LN (Argentex Group £0.32, +0.05) -- H1 trading update

        • +7.4% ADMCM.FH (Admicom €49.05, +3.40) -- Q2 earnings

        • +6.0% ATRLJ.B.SS (Atrium Ljungberg SEK229.50, +13.00) -- Q2 earnings

        • +5.8% WALL.B.SS (Wallenstam SEK55.80, +3.05) -- Q2 earnings; board resolves to use the share buyback authorization from AGM

        • +4.9% KINV.B.SS (Kinnevik SEK91.20, +4.30) -- Q2 earnings

        • +4.8% WINE.LN (Naked Wines £0.64, +0.03) -- CFO to step down; completes new $60M credit facility

        • +3.7% ADDT.B.SS (Addtech SEK282.20, +10.20) -- ABG Sundal Collier upgrade

        • +3.7% ADDT.B.SS (Addtech SEK282.20, +10.20) -- acquires Romani Components Srl;

        • +3.4% PRY.IM (Prysmian €59.70, +1.98) -- Jefferies upgrade

        • +3.4% SINT.SS (SinterCast SEK123.00, +4.00) -- trading update

        • +3.0% ALCAR.FP (Carmat €2.61, +0.08) -- H1 revenue

        • +2.7% MARS.LN (Marston's £0.36, +0.01) -- Jefferies upgrade

        • +2.5% MTRS.SS (Munters Group SEK200.40, +4.90) -- acquires 80% share in Automated Environments

      • Notable Decliners

        • -35.9% INDV.LN (Indivior £7.57, -4.24) -- prelim Q2 revenue; lowers FY24 guidance

        • -32.5% A28890.GR (CompuGroup Medical €16.12, -7.76) -- lowers FY guidance

        • -17.2% VRLA.FP (Verallia €28.42, -5.90) -- lowers 2024 adjusted EBITDA target; Santander downgrade

        • -6.2% PAGE.LN (PageGroup £3.97, -0.26) -- Q2 trading update

        • -5.5% DSY.FP (Dassault Systemes €33.56, -1.96) -- prelim Q2 earnings

        • -4.9% XANO.B.SS (XANO Industri SEK83.10, -4.30) -- Q2 earnings

        • -4.8% CRNA.NO (Circio Holding NOK2.37, -0.12) -- final results of the rights issue

        • -4.5% MTRO.LN (Metro Bank Holdings £0.35, -0.02) -- confirms discussions regarding potential disposal of residential mortgage loans originated by Metro Bank

        • -4.5% ITM.LN (ITM Power £0.57, -0.03) -- JPMorgan downgrade

        • -4.4% DWS.GR (DWS Group €32.50, -1.50) -- BNP Paribas Exane downgrade

        • -4.2% BP.LN (BP £4.55, -0.20) -- Q2 trading update

        • -3.7% MBG.GR (Mercedes-Benz Group €62.94, -2.45) -- BofA downgrade

        • -2.3% OMV.AV (OMV €39.78, -0.92) -- Q2 trading update

        • -2.1% HTG.LN (Hunting £4.20, -0.09) -- H1 trading update

        • -1.7% CSH.GR (CENIT €11.60, -0.20) -- initiated buy at Hauck & Aufhäuser

        • -1.5% GRF.SM (Grifols €9.71, -0.15) -- Grifols family and Brookfield are considering a takeover bid below Gotham's pre-crisis price - El Confidencial, citing sources

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: CropEnergies (CE2.GR), ABOUT YOU Holding (YOU.GR)

        • Nordics: Kongsberg Gruppen (KOG.NO), BlueNord (BNOR.NO), Aker Carbon Capture (ACC.NO), Jm (JM.SS), HEBA Fastighets (HEBA.B.SS), Bulten (BULTEN.SS), IRLAB Therapeutics (IRLAB.A.SS)

      • Trading Update: Barratt Developments (BDEV.LN), JD Wetherspoon (JDW.LN), The Gym Group (GYM.LN)

      • Traffic: Flughafen Zurich (FHZN.SW)

      • CMD/events: Volkswagen (VOW.GR) Q2 pre-close conf. call, Direct Line Insurance Group (DLG.LN), Pod Point Group Holdings (PODP.LN), Philogen (PHIL.IM)

  • Data:

    • Economics:

      • Denmark May Trade Balance DKK20.1B vs consensus DKK20.6B and prior revised DKK21.7B from DKK23.1B

    • Markets:

      • WTI Crude (Aug 24): ($0.70) or (0.85%) to $81.63

      • €-$ (0.0017) or (0.16%) to 1.0811

      • £-$ (0.0023) or (0.18%) to 1.2783

      • €-£ +0.0005 to 0.8457

      • S&P 500 +0.13%

      • Performance year-to-date

        • FTSE 100: +5.26%

        • DAX: +8.86%

        • CAC: (0.46%)

        • MIB: +11.44%

        • Stoxx 600: +6.84%

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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