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StreetAccount Summary - EU Market Recap: FTSE 100 +0.53% to 8198.78, DAX +1.29% to 18407.07, CAC40 +1.16% to 7622.02, STOXX 600 +0.93% to 514.79

Jul 22 ,2024

  • Synopsis:

    • European equity markets closed higher. Finland +1.4%, Germany and Italy +1.3% lead outrperformers , whilst Denmark and UK both +0.5% lead underperformers.

    • In political developments, US politics dominating headlines after Biden withdrew from presidential race and endorsed VP Harris as Democratic nominee. Unclear whether Harris as nominee will shake up trajectory of presidential race with Trump still favored to win. Markets eyeing upcoming polls for signals on whether development erodes Trump's polling lead and eases expectations of a GOP sweep that has fueled 'Trump trade' momentum over recent weeks.

    • On a light macro front, UK press discusses fiscal position with Chancellor Reeves set to announce findings of its review into public finances at the end of the month. Government announced review in pension industry, as part of plans to channel funds into infrastructure projects. More discussions on BoE rate cut expectations for August amid mixed UK data last week. Majority in favor of August move, though market seeing less than 50% chance.

    • In corporate news flow, airlines trading lower after Ryanair (RYA.ID) Q1 report, missing estimates and also announcing that it now expects Q2 fares to be materially lower than last summer (vs previously expected to be flat to modestly up); other names reporting today include Almirall (ALM.SM) Covivio (COV.FP) Takkt (TTK.GR), Icade (ICAD.FP) and Galp Energia SGPS (GALP.PL) among few others. In M&A headlines, according to local Italian media Zurich Insurance Group (ZURN.SW) restarted plans to buy FinecoBank (FBK.IM), whilst Vodafone Group (VOD.LN) sold a further 10% in Vantage will dispose its interest in Value Retail for ~£600M in cash (and also announced a share buyback of up to £140M); also, Kudelski (KUD.SW) sold SKIDATA business to ASSA ABLOY (ASSA.B.SS) in a deal valued at EV of €340M; in Germany, MiddleGround Capital announced a offer for STEMMER IMAGING at €48.00/sh and VARTA (VAR1.GR) shares are down (80%) after the company revealed it is in constructive negotiations with financial creditors and potential investors regarding restructuring project.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 22-Jul to 26-Jul attached) Kuehne + Nagel International (KNIN.SW), Givaudan (GIVN.SW), Temenos (TEMN.SW), Chocoladefabriken Lindt & Spruengli (LISN.SW),LVMH Moet Hennessy Louis Vuitton (MC.FP), Thales (HO.FP), Dassault Aviation (AM.FP), Aeroports de Paris ADP (ADP.FP), UPM-Kymmene (UPM.FH), Kesko (KESKOB.FH), TietoEVRY (TIETO.FH),ASM International (ASM.NA), Randstad (RAND.NA), Banco de Sabadell (SAB.SM), Enagas (ENG.SM), Alstom (ALO.FP), Soitec (SOI.FP), Compass Group (CPG.LN), and MITIE Group (MTO.LN) will be among other names to update investors, whilst the macro-calendar releases will include, Finland Jun unemployment rate, Eurozone Jul consumer confidence.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.90%, Banks +1.42%, Chemicals +1.40%, Construct & Mtls +1.25%, Consumer Products and Services +1.21%, Ind Goods & Svcs +1.20%, Autos & Parts +1.18%, Health Care +1.00%,

      • Underperformers:

        • Travel & Leisure (2.41%), Retail (0.04%), Utilities +0.10%, Energy+0.24%, Basic Resources +0.39%, Telecom +0.40%, Real Estate +0.61%, Personal Care Drug and Grocery Stores +0.63%, Food, Beverage and Tobacco +0.83%, Insurance +0.85%, Media +0.94%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Kamala Harris campaign sees donation surge as more top Democrats back her - BBC

        • EU extends sanctions on Russia for another six months - ilsole24ore

        • Ukraine strikes deal to restructure $20bn of debt - FT

      • Central Banks

        • BOE Wants Banks to Use Long-Term Repos Amid Liquidity Drain - Bloomberg

        • ECB Should Fix Leveraged Loans Probe If Flawed, Official Says - Bloomberg

      • EU

        • Important EU climate mechanism suffers from insufficient data - Handelsblatt

        • Europe's Biggest Bank Gets an Edge in the Middle East - Bloomberg

        • Hungary, Slovakia ask European Commission to mediate with Ukraine over Lukoil - Reuters

      • UK

        • Blow to Labour's growth hopes as savers hoard cash - The Telegraph

        • Sunak warns Starmer against 'trade-offs' in defence deal with EU - The Telegraph

        • Keir Starmer indicates he will consider scrapping two-child benefit cap - The Guardian

        • UK set to miss 2030 clean power targets, experts warn - FT

      • Germany

        • Economy recovers more slowly than expected - Handelsblatt

        • Only a third of SPD members want Scholz as chancellor candidate in 2025 - Handelsblatt

      • France

        • Macron speaks of a "political truce" on the occasion of the Olympic Games - Les Echos

      • Italy

        • Italy accuses NATO's Stoltenberg of betrayal over new southern envoy - Reuters

        • Italian strategy for AI, 4 macro-areas and monitoring - Ansa

      • Greece

    • Company news:

      • Trading Higher:

        • +52.2% S9I.GR (STEMMER IMAGING €48.20, +16.50) -- takeover offer by MiddleGround Capital at €48.00/sh

        • +16.8% BEAN.SW (BELIMO Holding CHF520.00, +74.50) -- H1 earnings

        • +11.1% OCDO.LN (Ocado Group £4.21, +0.42) -- Kroger order for new automated technologies across CFCs

        • +10.1% KUD.SW (Kudelski CHF1.63, +0.15) -- sells its SKIDATA business to ASSA ABLOY for EV of €340M

        • +9.4% SMHN.GR (SÜSS MicroTec €67.10, +5.70) -- Oddo upgrade

        • +8.9% CWR.LN (Ceres Power Holdings £2.06, +0.17) -- new licence partner; raises FY revenue guidance

        • +8.3% TSTL.LN (Tristel £4.85, +0.38) -- FY trading update

        • +8.2% RTO.LN (Rentokil Initial £4.87, +0.37) -- Bernstein upgrade

        • +5.6% VLA.FP (Valneva €3.45, +0.18) -- expands partnership with CEPI to support broader access to chikungunya vaccine, IXCHIQ

        • +5.1% ALBPS.FP (Biophytis €0.57, +0.03) -- deployment of its partnership strategy in Asia

        • +5.0% ICAD.FP (Icade €21.92, +1.04) -- H1 earnings

        • +3.7% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €87.65, +3.10) -- JB Capital Markets upgrade

        • +3.3% HMSO.LN (Hammerson £0.30, +0.01) -- disposes of its interest in Value Retail for c.£600M of cash; share buyback of up to £140M; enhances payout ratio policy for ordinary dividends

        • +3.3% COOR.SS (Coor Service Management Holding SEK43.32, +1.40) -- initiated buy at Kepler Cheuvreux

        • +3.2% ALM.SM (Almirall €9.44, +0.29) -- H1 earnings

        • +3.0% YAR.NO (Yara International NOK322.20, +9.30) -- ABG Sundal Collier upgrade

        • +3.0% ONCO.SS (Oncopeptides SEK2.62, +0.07) -- enrols first patient in new HARBOUR study evaluating Pepaxti in German patients

        • +2.8% BILL.SS (Billerud SEK109.90, +3.00) -- Carnegie Securities upgrade

        • +2.4% COLO.B.DC (Coloplast DKK877.80, +20.80) -- Barclays upgrade

        • +2.3% FBK.IM (FinecoBank €16.18, +0.36) -- Zurich Insurance Group restarts plans to buy FinecoBank -- Messaggero; Kepler Cheuvreux upgrade

        • +2.3% MPE.LN (M.P. Evans Group £8.74, +0.20) -- initiated buy at Canaccord Genuity

        • +2.3% BIOT.SS (Biotage SEK188.90, +4.20) -- Handelsbanken upgrade

        • +2.2% TPK.LN (Travis Perkins £9.36, +0.20) -- JPMorgan upgrade

        • +2.1% A2A.IM (A2A €1.96, +0.04) -- Kepler Cheuvreux upgrade

        • +2.0% ENT.LN (Entain £6.60, +0.13) -- new CEO

      • Trading Lower:

        • -69.8% VAR1.GR (VARTA €3.05, -7.20) -- restructuring project update; Porsche AG considers minority stake in Varta - Bloomberg

        • -35.8% SPEX.SW (Spexis CHF0.05, -0.03) -- 2023 financials audit postponed; expects temporary suspension of its shares by the SIX Exchange; moratorium status update and CFO resignation

        • -16.4% RYA.ID (Ryanair Holdings €13.63, -2.69) -- Q1 earnings

          • -16.8% SAS.SS (SAS SEK0.03, -0.01) --

          • -8.8% WIZZ.LN (Wizz Air Holdings £20.44, -1.98) --

          • -7.2% EZJ.LN (EasyJet £4.25, -0.33) --

          • -5.0% JET2.LN (Jet2 £13.69, -0.72) --

          • -3.5% IAG.LN (International Consolidated Airlines Group £1.64, -0.06) --

        • -11.3% BOUL.SS (Boule Diagnostics SEK9.14, -1.15) -- Q2 earnings

        • -10.9% TOBII.SS (Tobii SEK2.34, -0.28) -- Handelsbanken downgrade

        • -7.9% DFDS.DC (DFDS DKK183.90, -15.70) -- lowers 2024 profit guidance

        • -6.7% IVSO.SS (INVISIO SEK251.50, -18.00) -- SEB downgrade

        • -6.3% AGY.LN (Allergy Therapeutics £0.05, -0.00) -- FY trading update

        • -5.3% EVO.SS (Evolution SEK1,031.50, -56.50) -- Morgan Stanley downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASM International (ASM.NA), Randstad (RAND.NA), Akzo Nobel (AKZA.NA), Wereldhave (WHA.NA)

        • DACHs: Kuehne + Nagel International (KNIN.SW), Givaudan (GIVN.SW), Temenos (TEMN.SW), Chocoladefabriken Lindt & Spruengli (LISN.SW), Dätwyler Holding (DAE.SW), HELLA (HLE.GR), flatexDEGIRO (FTK.GR), Amadeus FiRe (AAD.GR)

        • France: LVMH Moet Hennessy Louis Vuitton (MC.FP), Thales (HO.FP), Dassault Aviation (AM.FP), Aeroports de Paris ADP (ADP.FP), Edenred (EDEN.FP), Gecina (GFC.FP), Lagardere (MMB.FP), M6-Metropole (MMT.FP), OPmobility (OPM.FP)

        • Nordics: UPM-Kymmene (UPM.FH), Kesko (KESKOB.FH), TietoEVRY (TIETO.FH), Alfa Laval (ALFA.SS), Nordnet (SAVE.SS), NCAB Group (NCAB.SS), BioGaia (BIOG.B.SS), Norsk Hydro (NHY.NO), Var Energi (VAR.NO)

        • Southern Europe: Banco de Sabadell (SAB.SM), Enagas (ENG.SM), Naturgy Energy Group (NTGY.SM), Minor Hotels Europe & Americas (NHH.SM)

        • UK: SThree (STEM.LN)

      • Trading Update:

        • France: Alstom (ALO.FP), Soitec (SOI.FP), Interparfums (ITP.FP), Compagnie des Alpes (CDA.FP), Pierre & Vacances (VAC.FP), Linedata Services (LIN.FP), Aramis Group (ARAMI.FP), EXEL Industries (EXE.FP), Vente-Unique.com (ALVU.FP)

        • UK: Compass Group (CPG.LN), MITIE Group (MTO.LN), Luceco (LUCE.LN), Headlam Group (HEAD.LN)

      • CMD/events: Roche Holding (ROG.SW) ASRS

  • Data:

    • Economics:

      • Ireland Jun PPI % due at 6:00ET; consensus +3.7% and prior +0.9%

    • Markets:

      • WTI Crude (Aug 24): ($0.53) or (0.66%) to $79.60

      • €-$ (0.0003) or (0.03%) to 1.0884

      • £-$ (0.0000) or (0.00%) to 1.2915

      • €-£ (0.0004) to 0.8426

      • S&P 500 +0.50%

      • Performance year-to-date

        • FTSE 100: +6.02%

        • DAX: +9.88%

        • CAC: +1.05%

        • MIB: +14.16%

        • Stoxx 600: +7.47%

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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