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StreetAccount Summary - EU Market Recap: FTSE 100 (0.22%) to 8274.41, DAX +0.49% to 18411.18, CAC40 +0.42% to 7474.94, STOXX 600 +0.45% to 514.08

Jul 30 ,2024

  • Synopsis:

    • European equity markets closed higher with the exception of the UK. Construction&Mtls, Insurance and Ind Goods&Srvs were the best performing sectors. Basic Resources, Energy and Technology underperformed.

    • Focus on Q2 GDP readings with Eurozone preliminary GDP expanding +0.3% q/q versus consensus +0.2% and prior +0.3% increase, leaving y/y growth rate of +0.6% versus +0.5% in Q1. Better-than-expected reading for euro area came despite German growth unexpectedly contracting (0.1%) in Q2 versus forecast for +0.1% expansion and prior +0.2% increase. German contraction reflected weakness in investment in equipment and buildings. French Q2 GDP at +0.3% q/q versus +0.2% forecast and prior +0.3% revised from +0.2%. Italy GDP expanded +0.2% in line with consensus, supported by domestic demand with higher services output while Spanish GDP grew +0.8% versus consensus +0.5% and prior +0.8% due to strong domestic demand and positive net trade. Other indicators included latest Eurozone economic sentiment reading which came in at 95.8 versus consensus 95.4 and prior 95.9. Final consumer confidence indicator unchanged from flash at (13.0) while Services sentiment Indicator came short of forecast 4.8 vs consensus 6.4 and prior revised 6.2 from 6.5.

    • Looking at inflation readings, Spain Jul Preliminary CPI came in at +2.8% y/y vs consensus +3.0%. Focus turns to Germany CPI numbers expected at 8:00 ET, ahead of tomorrow's Eurozone inflation update. In UK, data from BRC and NielsenIQ showed UK shop prices up 0.2% in year to July, as grocery price inflation eased to 2.3%, the lowest since December 2021.

    • Press digests Chancellor Reeves' fiscal statement on Monday, which revealed £22B gap in government finances. Announced cuts to previous government projects and winter fuel payment for some pensions. Prepared the country for tax rises in 30-Oct Budget.

    • Another busy day in terms of earnings. Out of France, SCOR (SCR.FP), Imerys (NK.FP) and Rexel (RXL.FP) posted their updates, whilst in the UK, BP (BP.LN), Diageo (DGE.LN) and Croda International (CRDA.LN) reported before the open. DACH names also issued their updates, including Redcare Pharmacy (RDC.GR), Fresenius Medical Care (FME.GR) and Heidelberg Materials (HEI.GR).

    • In M&A news, Lundin Mining (LUN.CN), BHP (BHP.LN) will jointly acquire Filo (FIL.CN) for a total consideration of ~C$4.1B, or C$33.00/sh.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Construct & Mtls +1.34%, Insurance +1.05%, Ind Goods & Svcs +0.94%, Banks +0.94%, Financial Svcs +0.92%, Retail +0.79%, Real Estate +0.64%

      • Underperformers:

        • Basic Resources (1.21%), Energy(0.08%), Technology (0.02%), Utilities (0.01%), Food, Beverage and Tobacco +0.08%, Consumer Products and Services +0.13%, Autos & Parts +0.15%, Personal Care Drug and Grocery Stores +0.23%, Health Care +0.27%, Travel & Leisure +0.28%, Media +0.43%, Chemicals +0.43%

    • Macro:

      • EU

        • Europe's €10 trillion gamble - Politico

      • UK

        • Reeves front loads bad news to clear path to next UK election - Bloomberg

        • UK government cuts billions of pounds of spending to fix finances - Reuters

        • Energy profits levy to go up from 35% to 38% from 1-Nov - Energy Live

        • OBR to investigate Hunt's spending forecasts over £22B gap - Telegraph

        • Food price inflation falls again ahead of BoE decision - London Times

        • Zoopla says UK housing market signaling revival as deals jump - Bloomberg

      • France

        • France's economic growth beats forecasts - Bloomberg

        • French consumer spending underperforms in June - Insee

      • Spain

        • Catalan separatist party leaders agree to form government with Socialists - Reuters

    • Company news:

      • Notable Gainers

        • +25.0% STJ.LN (St. James's Place £6.98, +1.40) -- H1 earnings

        • +12.4% KARN.SW (Kardex Holding CHF266.50, +29.50) -- H1 earnings

        • +10.2% EKI.FP (Ekinops €3.31, +0.31) -- H1 earnings; Portzamparc upgrade

        • +9.6% RDC.GR (Redcare Pharmacy €145.70, +12.80) -- Q2 earnings

        • +7.0% PYRUM.NO (Pyrum Innovations NOK396.00, +26.00) -- concludes framework agreement with Continental for long-term acceptance of its recovered Carbon Black

        • +7.0% SHLF.NO (Shelf Drilling NOK23.12, +1.52) -- Baltic Rig update

        • +7.0% STORY.B.SS (Storytel SEK60.40, +3.95) -- Q2 earnings

        • +6.8% FPE3.GR (FUCHS SE €40.06, +2.54) -- Q2 earnings

        • +6.3% STAN.LN (Standard Chartered £7.73, +0.46) -- Q2 earnings; $1.5B buyback

        • +6.1% CEM.IM (Cementir Holding €10.50, +0.60) -- H1 earnings

        • +5.4% VU.FP (VusionGroup €139.70, +7.10) -- launches up to €5M buyback; initiated outperform at BNP Paribas Exane

        • +4.8% SECU.B.SS (Securitas SEK115.45, +5.30) -- Q2 earnings

        • +4.6% GRG.LN (Greggs £30.70, +1.34) -- H1 earnings

        • +4.5% ACS.SM (ACS SA €40.60, +1.74) -- H1 earnings

        • +4.2% PST.IM (Poste Italiane €12.67, +0.50) -- Q2 earnings

        • +4.0% RBI.AV (Raiffeisen Bank International €18.34, +0.70) -- Q2 earnings

        • +3.3% KBX.GR (Knorr-Bremse €74.45, +2.35) -- Q2 earnings; Hauck & Aufhäuser upgrade

        • +3.3% BRE.IM (Brembo €10.33, +0.33) -- H1 earnings

        • +2.9% INCH.LN (Inchcape £8.66, +0.24) -- H1 earnings

        • +2.5% IPCO.SS (International Petroleum Corp SEK153.20, +3.80) -- Q2 earnings

        • +2.2% SIGN.SW (SIG Combibloc Group CHF17.92, +0.39) -- Q2 earnings

        • +2.1% O4B.GR (OVB Holding €19.20, +0.40) -- H1 earnings

        • +2.0% SIKA.SW (Sika Group CHF269.10, +5.40) -- H1 earnings

      • Notable Decliners

        • -11.7% CTT.PL (CTT - Correios de Portugal €4.10, -0.55) -- Q2 earnings

        • -11.0% INTRUM.SS (Intrum SEK44.87, -5.53) -- obtained consent of Majority Core Noteholder Group to extend Early Bird Consent Fee Deadline from 29-Jul to 19-Aug

        • -9.4% DIA.LN (Dialight £1.64, -0.17) -- preliminary results for 15-month

        • -8.6% SOM.LN (Somero Enterprises £3.20, -0.30) -- trading update

        • -8.0% CLN.SW (Clariant CHF13.36, -1.16) -- Q2 earnings

        • -7.1% XAR.LN (Xaar £1.38, -0.11) -- H1 trading update

        • -6.9% RXL.FP (Rexel €23.47, -1.73) -- H1 earnings

        • -6.7% REC.IM (Recordati €48.90, -3.50) -- H1 earnings

        • -6.0% OCDO.LN (Ocado Group £4.07, -0.26) -- announces pricing of £250M Convertible Bond offering

        • -5.5% STAF.LN (Staffline Group £0.39, -0.02) -- H1 earnings

        • -5.3% UNI.SM (Unicaja Banco €1.27, -0.07) -- Q2 earnings

        • -5.0% DGE.LN (Diageo £24.21, -1.27) -- FY earnings

        • -4.6% BFIT.NA (Basic-Fit €22.08, -1.06) -- transferred hold at Berenberg

        • -4.4% GSC1.GR (GESCO SE €15.20, -0.70) -- prelim H1 earnings

        • -4.4% CTEC.LN (ConvaTec Group £2.41, -0.11) -- H1 earnings

        • -4.3% FORT.LN (Forterra Plc £1.74, -0.08) -- H1 earnings

        • -4.2% FME.GR (Fresenius Medical Care €35.86, -1.58) -- Q2 earnings

        • -3.0% AMP.IM (Amplifon €28.09, -0.87) -- initiates share buyback program

        • -3.0% AMP.IM (Amplifon €28.09, -0.87) -- Q2 earnings

        • -2.8% GLEN.LN (Glencore £4.15, -0.12) -- Q2 production

        • -2.8% CPR.IM (Davide Campari-Milano €8.26, -0.24) -- H1 earnings

        • -2.7% DNR.IM (Industrie De Nora €10.62, -0.29) -- H1 earnings

        • -2.6% CRDA.LN (Croda International £39.99, -1.05) -- H1 earnings

        • -2.5% ENV.IM (Enervit €3.17, -0.08) -- H1 earnings

        • -2.2% ESNT.LN (Essentra £1.61, -0.04) -- H1 earnings

        • -2.2% PRU.LN (Prudential £6.81, -0.15) -- update on its ownership interest in Prudential Assurance Malaysia Berhad

        • -2.1% SEE.LN (Seeing Machines £0.04, -0.00) -- Guardian Generation 3 passes homologation for Wrightbus

        • -2.1% AVOL.SW (Avolta CHF34.50, -0.74) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: OMV (OMV.AV)

        • Benelux: Just Eat Takeaway.com (TKWY.NA), JDE Peet's (JDEP.NA), Wolters Kluwer (WKL.NA), Ebusco Holding (EBUS.NA), Tetragon Financial Group (TFG.NA), Solvay (SOLB.BB), Titan Cement International (TITC.BB), Groupe Bruxelles Lambert (GBLB.BB), Melexis (MELE.BB), Ontex Group (ONTEX.BB), Aedifica (AED.BB)

        • France: Danone (BN.FP), Schneider Electric (SU.FP), Wendel (MF.FP), Legrand (LR.FP), Klepierre (LI.FP), Safran (SAF.FP), BIC (BB.FP), Netgem (ALNTG.FP)

        • Germany: Deutsche Lufthansa (LGA.GR), Siemens Healthineers (SHL.GR), Fresenius SE & Co. (FME.GR), KION (KGX.GR), adidas (ADS.GR), Auto1 Group (AG1.GR), Krones (KRN.GR), PSI Software (PSAN.GR), bet-at-home.com (ACX.GR), MediClin (MED.GR), DMG MORI (GIL.GR), KSB (KSB.GR), Logwin (TGHN.GR), TeamViewer (TMV.GR), Nemetschek (NEM.GR), Surteco Group (SUR.GR), QIAGEN (QIA.GR)

        • Ireland: Bank of Ireland Group (BIRG.ID), Kerry Group (KRZ.ID)

        • Italy: Telecom Italia (TIT.IM), Geox (GEO.IM), De'Longhi (DLG.IM), Anima Holding (ANIM.IM), MAIRE (MAIRE.IM), Nexi (NEXI.IM), Banca Sistema (BST.IM), Tenaris (TEN.IM), SNAM (SRG.IM), Arnoldo Mondadori Editore (MN.IM), Infrastrutture Wireless Italiane (IWT.IM), Hera (HER.IM), BasicNet (BAN.IM), RCS MediaGroup (RCS.IM), Saras (SRS.IM)

        • Nordics: Concentric (COIC.SS)

        • Southern Europe (other): Eurobank Ergasias Services & Holdings (EUROB.GA), Piraeus Financial Holdings (TPEIR.GA), Novabase (NBA.PL), Banco Comercial Portugul (BCP.PL)

        • Spain: Telefonica (TEF.SM), Banco Bilbao Vizcaya Argentaria (BBVA.SM), Aena (AENA.SM), CaixaBank (CABK.SM), Redeia Corporacion (RED.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Melia Hotels International (MEL.SM), Amadeus IT Group (AMS.SM)

        • Switzerland: Swisscom (SCMN.SW), COMET Holding (COTN.SW), Inficon Holding (IFCN.SW),

        • UK: HSBC Holdings (HSBA.LN), GSK (GSK.LN), Smurfit Kappa Group (SKG.LN), Taylor Wimpey (TW.LN), Hargreaves Services (HL.LN), Rathbones Group (RAT.LN), Shaftesbury Capital (SHC.LN), International Personal Finance (IPF.LN), Reach (RCH.LN), FDM Group (FDM.LN), Restore (RST.LN), Metro Bank Holdings (MTRO.LN)

      • Trading Update:

        • France: Inventiva (IVA.FP)

        • UK: Ricardo (RCDO.LN), YouGov (YOU.LN), O'Key Group (OKEY.LN)

  • Data:

    • Economics:

      • Q2 Preliminary GDP

        • France +1.1% y/y vs consensus +0.8% and prior +1.1%

        • Spain +2.9% y/y vs consensus +1.5% and prior +2.5%

        • Italy +0.9% y/y vs consensus +0.8% and prior +0.7%; +0.2% q/q vs consensus +0.2% and prior +0.3%

        • Germany (0.1%) y/y vs consensus 0.0% and prior (0.2%); (0.1%) q/q vs consensus +0.1% and prior +0.2%

        • Eurozone +0.6% y/y vs consensus +0.6% and prior +0.4%; +0.3% q/q vs consensus +0.2% and prior +0.3%

      • France Jun Consumer Spending (0.5%) m/m vs consensus +0.2% and prior revised +0.8% from +1.5%

      • Spain Jul Preliminary CPI +2.8% y/y vs consensus +3.1% and prior +3.4%

      • Switzerland Jul KOF Leading Indicators 101 vs consensus 102.5 and prior 102.7

      • Eurozone

        • Jul Consumer Confidence (13.0) vs preliminary (13.0)

        • Jul Economic Sentiment Indicator 95.8 vs consensus 95.4 and prior 95.9

      • Greece Jun PPI (0.7%) y/y vs consensus (1.9%) and prior (1.4%)

    • Markets:

      • WTI Crude (Sep 24): ($0.96) or (1.27%) to $74.85

      • €-$ (0.0012) or (0.11%) to 1.0810

      • £-$ (0.0028) or (0.22%) to 1.2833

      • €-£ +0.0008 to 0.8424

      • S&P 500 (0.50%)

      • Performance year-to-date

        • FTSE 100: +7.00%

        • DAX: +9.91%

        • CAC: (0.90%)

        • MIB: +11.65%

        • Stoxx 600: +7.33%

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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