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StreetAccount Summary - EU Market Recap: FTSE 100 +0.14% to 8297.37, DAX (0.49%) to 18326.85, CAC40 (0.91%) to 7449.57, STOXX 600 +0.66% to 511.97

Jul 29 ,2024

  • Synopsis:

    • European indices ended mixed to lower. In central banks news, economists expect a very close BoE vote on rates this Thursday. After a mixed batch of UK data over the last few weeks, Governor Bailey could hold the casting vote. Headline inflation has held at 2% but services prices remain elevated, while wages are easing, yet still at levels inconsistent with the BoE sustainably meeting its inflation target. In addition, economic activity has been stronger-than-expected. Market is pricing in approximately 50% chance for an August cut and sees total for 50 bps worth of easing by year end. Decision may fall on forward-looking data and macroeconomic updates. Policymakers may judge rates have been at sufficiently restrictive levels long enough to dampen inflationary pressures.

    • In late afternoon, UK Chancellor Reeves presented findings on the Treasury's audit of public finances. Said the government inherited a £22B fiscal overspend for current fiscal year and warned of difficult spending and tax decisions ahead. Highlighted if unaddressed would result in 25% increase in budget deficit this year. Will cut spending on projects worth £5.5B in 2024/25 and £8B the year after. Has asked government departments to find £3B worth of savings. Announced a £9B increase in public sector pay and confirmed it had reached a deal with junior doctors to avoid strike action. Budget will take place on 30-Oct and tone of statement suggests tax rises likely. Reiterated commitment not to increase four major taxes in line with election campaign, though recent reports earmark potential changes in capital gains, inheritance tax and tax relief on pensions. Reeves confirmed it will scrap the Natwest (NWG.LN) retail share offer, axes winter fuel payment for some recipients, scraps plan to reform A-Level system for students and investment fund project

    • On the earnings front, Dutch names kicked off the session, with Koninklijke Philips (PHIA.NA) and Heineken (HEIA.NA) posting Q2/H1 numbers; in the DACH region, Merck KGaA (MRK.GR) released Q2 earnings on Friday after the close, whilst Infineon Technologies (IFX.GR) announced it did expand the Infringement Lawsuit against Innoscience and filed a complaint with U.S. International Trade Commission; the FT reported that Roche (ROG.SW) is planning to fast-track an anti-obesity drugs to challenge competitors, with the CEO also adding that first drugs will come to market significantly faster than expected, potentially by 2028; in another story, Le Temps wrote that SGS (SGSN.SW) is planning to increase the number of acquisitions and strengthen its position in many markets. Elsewhere, Italy's government is ready to use its golden power over the sale of Stellantis' Comau, whilst Petrobras has reportedly made a non-binding offer to a acquire major stake in Galp Energia (GALP.PL)

    • Looking ahead to tomorrow's calendars, Covestro (1COV.GR), Heidelberg Materials (HEI.GR), Fresenius Medical Care (FME.GR), FUCHS (FPE.GR), Clariant (CLN.SW), Sika (SIKA.SW), Raiffeisen Bank International (RBI.AV), Allfunds Group (ALLFG.NA), DSM-Firmenich (DSFIR.NA), Airbus (AIR.FP), L'Oreal (OR.FP), Casino, Guichard-Perrachon (CO.FP), Bollore (BOL.FP), Rexel (RXL.FP), SCOR (SCR.FP), Manitou BF (MTU.FP), Intesa Sanpaolo (ISP.IM), Davide Campari-Milano (CPR.IM), Leonardo (LDO.IM), Recordati (REC.IM), A2A (A2A.IM), FinecoBank (FBK.IM), Poste Italiane (PST.IM), Fincantieri (FCT.IM), Securitas (SECU.B.SS), EDP-Energias de Portugal (EDP.PL), Sonae (SON.PL), Prosegur (PSG.SM), Applus Services (APPS.SM), Ferrovial (FER.SM), Grifols (GRF.SM), ACS Actividades de Construccion y Servicios (ACS.SM), bp (BP.LN), Diageo (DGE.LN), Standard Chartered (STAN.LN), Rio Tinto (RIO.LN), Greggs (GRG.LN), The Weir Group (WEIR.LN), Croda International (CRDA.LN), Glencore (GLEN.LN) and The Sage Group (SGE.LN) will be among several other companies updating investors. Macro-data will include Germany Q2 preliminary GDP & Jul preliminary CPI, France Q2 preliminary GDP, Italy Q2 preliminary GDP, Spain Q2 preliminary GDP& Jul preliminary CPI, Eurozone Q2 preliminary GDP and Switzerland Jul leading indicators - KOF

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Health Care +1.53%, Utilities +1.19%, Retail +1.17%, Ind Goods & Svcs +1.13%, Media +0.85%, Persnl & HHold Goods +0.83%, Real Estate+0.81%, Oil & Gas +0.75%, Financial Svcs +0.73%

      • Underperformers: Autos & Parts (1.36%), Food & Beverage (1.02%), Chemicals (0.35%), Technology +0.01%, Telecom +0.23%, Banks +0.40%, Basic Resources +0.52%, Travel & Leisure +0.53%, Insurance +0.58%, Construct & Mtls +0.61%

    • Macro:

      • Putin warns US against deploying long-range missiles in Germany (Guardian)

      • Turkey threatens to 'enter' Israel to protect Palestinians (Politico)

      • Vandals target French telecoms network days after railways sabotage ahead of Paris Olympics (Sky)

      • Reeves warns of tax rises in October Budget (Telegraph)

      • Labour reaches 22% pay deal with junior doctors' union (FT)

      • Issuers Pile Into Europe's Primary Market Before Key Risk Events (BBG and Telegraph)

      • China's Xi calls for cooperation with Italy, evoking ancient 'Silk Road' (Independent)

    • Company news:

      • Notable Gainers

        • +20.3% QTX.LN (Quartix Technologies £1.86, +0.33) -- H1 earnings

        • +14.4% PHIA.NA (Koninklijke Philips €27.17, +3.43) -- Q2 earnings

        • +9.1% SHLTN.SW (SHL Telemedicine CHF4.09, +0.34) -- new CEO

        • +6.6% SPEX.SW (Spexis CHF0.06, -0.00) -- granted definitive moratorium status until 25-Nov-24

        • +4.6% MDM.FP (Maisons du Monde €3.91, +0.17) -- Midcap Partners upgrade

        • +3.7% NXQ.LN (Nexteq £0.83, +0.03) -- extends share buyback to purchase up to 10% of share capital

        • +3.7% STAB1L.GR (Stabilus €44.00, +1.55) -- Q3 earnings

        • +3.2% MRK.GR (Merck KGaA €164.60, +5.10) -- prelim Q2

        • +2.7% NWG.LN (NatWest Group £3.72, +0.10) -- UK Chancellor scraps retail share offer

        • +2.6% WJG.LN (Watkin Jones £0.55, +0.01) -- forward sale of new purpose-built student accommodation in London

        • +2.0% MEGP.LN (ME Group International £1.89, +0.04) -- new partnership agreement with Motor Fuel Group

        • +1.4% GALP.PL (Galp Energia SGPS €19.16, +0.27) -- Petrobras makes non-binding offer to acquire major stake in Galp Energia - Reuters

        • +1.4% KBX.GR (Knorr-Bremse €72.15, +1.00) -- reports Q2 net income €144M vs FactSet €160.5M; raises FY24 EBIT guidance margin upper range

        • +0.8% NEAG.SW (naturenergie holding CHF38.40, +0.30) -- H1 earnings

      • Notable Decliners

        • -9.7% HEIA.NA (Heineken €81.90, -8.80) -- H1 earnings

        • -7.5% ENT.LN (Entain £6.01, -0.49) -- H1 trading update

        • -3.5% STLAM.IM (Stellantis €15.59, -0.57) -- Italy's Gov. ready to use golden power over Comau

        • -0.6% JUP.LN (Jupiter Fund Management £0.88, -0.01) -- Jupiter Asset Management has built up war chest and is preparing to make acquisitions to broaden product range and customer base - FT, citing CEO

        • -0.5% PSON.LN (Pearson £10.46, -0.05) -- H1 earnings

        • -0.5% ROG.SW (Roche Holding CHF284.50, -1.50) -- to fast-track anti-obesity drugs to challenge competitors; first drugs will come to market significantly faster than expected, potentially by 2028 - FT, citing CEO

        • -0.2% CEM.IM (Cementir Holding €9.86, -0.02) -- reports H1

        • -0.2% DOTD.LN (dotDigital Group £0.93, -0.00) -- FY trading update

    • EU companies reporting tomorrow:

      • Benelux: Allfunds Group (ALLFG.NA), DSM-Firmenich (DSFIR.NA)

      • DACHs: Covestro (1COV.GR), Heidelberg Materials (HEI.GR), Fresenius Medical Care (FME.GR), FUCHS (FPE.GR), Biotest (BIO.GR), Redcare Pharmacy (RDC.GR), Clariant (CLN.SW), Avolta (AVOL.SW), Kardex Holding (KARN.SW), SIG Group (SIGN.SW), Sika (SIKA.SW), Raiffeisen Bank International (RBI.AV)

      • France: Airbus (AIR.FP), L'Oreal (OR.FP), Casino, Guichard-Perrachon (CO.FP), Bollore (BOL.FP), Rexel (RXL.FP), SCOR (SCR.FP), Manitou BF (MTU.FP), Tikehau Capital (TKO.FP), NRJ Group (NRJ.FP), Altarea (ALRA.FP), EUROAPI (EAPI.FP), Deezer (DEEZR.FP), Teleperformance (TEP.FP), Viridien (VIRI.FP)

      • Italy: Intesa Sanpaolo (ISP.IM), Davide Campari-Milano (CPR.IM), Leonardo (LDO.IM), Recordati (REC.IM), A2A (A2A.IM), FinecoBank (FBK.IM), Poste Italiane (PST.IM), Fincantieri (FCT.IM), Ascopiave (ASC.IM), Biesse (BSS.IM), Elica (ELC.IM), Banco di Desio e della Brianza (BDB.IM), Industrie De Nora (DNR.IM), Brembo (BRE.IM), Amplifon (AMP.IM)

      • Nordics: Securitas (SECU.B.SS), Musti Group (MUSTI.FH), Storytel (STORY.B.SS)

      • Portugal: EDP-Energias de Portugal (EDP.PL), Sonae (SON.PL)

      • Spain: Prosegur (PSG.SM), Applus Services (APPS.SM), Ferrovial (FER.SM), Laboratorio Reig Jofre (RJF.SM), Viscofan (VIS.SM), Unicaja Banco (UNI.SM), Grifols (GRF.SM), ACS Actividades de Construccion y Servicios (ACS.SM), Fomento de Construcciones y Contratas (FCC.SM), ENCE Energia y Celulosa (ENC.SM)

      • UK: bp (BP.LN), Diageo (DGE.LN), Standard Chartered (STAN.LN), Rio Tinto (RIO.LN), Greggs (GRG.LN), The Weir Group (WEIR.LN), Games Workshop Group (GAW.LN), Filtronic (FTC.LN), Bodycote (BOY.LN), SDI Group (SDI.LN), NWF Group (NWF.LN), St. James's Place (STJ.LN), Inchcape (INCH.LN), Foxtons Group (FOXT.LN), Croda International (CRDA.LN), Convatec Group (CTEC.LN), Essentra (ESNT.LN), Spectris (SXS.LN), Sabre Insurance Group (SBRE.LN), Staffline Group (STAF.LN), Pod Point Group Holdings (PODP.LN)

      • Trading Update: Glencore (GLEN.LN), Paragon Banking Group (PAG.LN), The Sage Group (SGE.LN), McPhy Energy (MCPHY.FP)

  • Data:

    • Economics:

      • UK Jun

        • M4 Money Supply +0.5% m/m vs consensus +0.2% and prior (0.1%)

        • Mortgage Approvals 59.98K vs consensus 60.0K and prior revised 60.13K from 59.99K

      • Sweden

        • Q2 Preliminary GDP (0.8%) q/q vs consensus +0.3% and prior +0.7%

        • Jun Retail Sales (0.1%) y/y vs consensus (2.1%) and prior revised +0.7% from +0.8%

      • Belgium Q2 Preliminary GDP +1.1% y/y vs consensus +1.4% and prior +1.3%

    • Markets:

      • WTI Crude (Sep 24): ($1.18) or (1.53%) to $75.98

      • €-$ (0.0040) or (0.37%) to 1.0821

      • £-$ (0.0018) or (0.14%) to 1.2849

      • €-£ (0.0020) to 0.8422

      • S&P 500 (0.16%)

      • Performance year-to-date

        • FTSE 100: +7.29%

        • DAX: +9.40%

        • CAC: (1.24%)

        • MIB: +10.83%

        • Stoxx 600: +6.89%

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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