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StreetAccount Summary - EU Market Recap: FTSE 100 +1.09% to 8270.84, DAX +0.77% to 18443.56, CAC40 +0.99% to 7425.26, STOXX 600 +0.82% to 510.70

Sep 09 ,2024

  • Synopsis:

    • European equity markets closed higher. Travel & Leisure, chemicals and financial services the best performers, while luxury and real estate the main decliners. Bonds mixed. US 10-year flat at 3.71%. Bund down 2 bps at 2.17%. Gilts off 3 bps. Dollar higher. Gold flat. WTI crude up 0.4% after last week's 8% selloff and falling to lowest levels since Jun-23. Industrial metals mostly higher. US equities higher in midday trading.

    • Quiet on European macro front. Eurozone Sentix index for September worse-than-expected and REC/KPMG UK labor market report show notable drop in permanent job placements. UK press continues to discuss UK tax policy. Attention turning to BoE bond sales with plans for next 12 months due to be announced next week. Increase in pace of QT would reduce fiscal space, though analysts think it may force Chancellor Reeves to change debt measurement used in its fiscal target to exclude losses from QE. Meanwhile, UK government departments reportedly pushing back over spending cuts and asking for more money instead.

    • In earnings news flow, strong gains for Entain (ENT.LN) boosted Travel & Leisure sector after the gambling group said H2 of this year started better than expected with online net gaming revenue growth ahead of expectations. Further in the UK, Computacenter (CCC.LN) traded lower post H1 numbers; SigmaRoc (SRC.LN), C& C Group (CCR.LN) also updated investors with their latest H1 numbers. Out of DACHs, Hannover Re (HNR1.GR) sees continued strong demand for high-quality reinsurance protection. In France, Poxel (POXEL.FP) is out with a Q2 update.

    • In M&A, OCI (OCI.NA) to sell its methanol business to Methanex Corp in a deal worth more than $2B. Les Echos reports that Atos' (ATO.FP) creditors, who are set to become the main shareholders, consider the €700M offer proposed by the French State to take over the systems useful for nuclear deterrence, the army commands, and the intelligence services to be too low. Further in market rumors, City sources tell the Sunday Times that Bellway (BWY.LN) halted plans to buy Crest Nicholson (CRST.LN) due to cladding-cost fears.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +2.13%, Chemicals +1.51%, Financial Svcs +1.35%, Media +1.25%, Ind Goods & Svcs +1.21%, Banks +1.20%, Food, Beverage and Tobacco +1.18%, Insurance +1.06%

      • Underperformers:

        • Real Estate (0.23%), Consumer Products and Services +0.02%, Retail +0.04%, Autos & Parts +0.08%, Telecom +0.31%, Personal Care Drug and Grocery Stores +0.42%, Basic Resources +0.43%, Technology +0.51%, Health Care +0.53%, Oil & Gas+0.75%, Utilities +0.76%

    • Macro:

      • Central Banks:

        • ECB poised for second rate cut, signaling shift in global monetary policy (Bloomberg, FT)

        • BoE could increase pace of bond sales (Bloomberg)

        • BoE bond sales could free up billions for Labour (London Times)

      • UK:

        • UK labor market slows in August: (Reuters)

        • UK economic momentum remains healthy: CityAM

        • Starmer set to face down Labour rebels on pensioner benefit cut (Bloomberg )

      • France:

        • France seeks deficit plan deadline extension as new government takes shape (LaTribune)

        • French economic growth seen modest as political turmoil weighs (Bloomberg )

    • Peripheral markets:

      • Italy:

        • Italy sets ambitious 1.3%-1.4% growth target for 2025, aims to comply with EU fiscal rules (IlSole24Ore)

        • Italy calls for EU to review 2035 combustion engine ban amid auto industry concerns (Bloomberg)

      • Norway:

        • Norway's likely next ruling party flags cuts to salmon-farm tax (Bloomberg )

      • Sweden:

        • Swedes more upbeat on housing prices as rate cuts provide relief (Bloomberg )

        • Announces $440M support package for Ukraine (Reuters)

      • Greece:

    • Company news:

      • Notable Gainers

        • +27.8% ONC.LN (Oncimmune Holdings £0.25, +0.05) -- FY trading update

        • +14.8% BINV.SS (BioInvent International SEK45.05, +5.80) -- phase 1/2a data BT-001 data presentation

        • +10.1% CANTA.SS (Cantargia SEK4.30, +0.39) -- CANFOUR and CIRIFOUR trials therapy data

        • +7.7% SMCP.FP (SMCP €2.24, +0.16) -- Dynamic Treasure Group litigation update

        • +5.6% ENT.LN (Entain £6.75, +0.36) -- trading update

        • +4.2% SCHA.NO (Schibsted NOK334.20, +13.60) -- commences first tranche worth NOK2B of share buyback

        • +3.6% ORY.SM (Oryzon Genomics €1.89, +0.07) -- first patient dosed in an Investigator-Initiated Phase Ib study of iadademstat

        • +3.6% ZEAL.DC (Zealand Pharma DKK858.00, +30.00) -- positive topline results from 13-week Phase 1B multiple ascending dose clinical trial with GLP-1/GLP-2 receptor dual agonist dapiglutide

        • +2.9% EYE.LN (Eagle Eye Solutions Group £4.58, +0.13) -- EagleAI contract

        • +2.6% BALN.SW (Baloise CHF162.20, +4.10) -- Activist Cevian Capital increases stake in Baloise to 9.4% to become largest shareholder; pushes for strategic overhaul - FT

        • +2.3% EXA.FP (Exail Technologies €17.96, +0.40) -- land defense order

        • +2.1% TIG.LN (Team Internet Group £1.34, +0.03) -- 13.0M share buy back programme

        • +1.8% EQT.SS (EQT AB SEK322.90, +5.60) -- acquires GeBBS Healthcare Solutions

        • +1.2% CCR.LN (C&C Group £1.53, +0.02) -- earnings; buyback

        • +1.1% EPI.A.SS (Epiroc SEK189.05, +2.05) -- large equipment order

      • Notable Decliners

        • -6.0% CCC.LN (Computacenter £24.34, -1.54) -- H1 earnings

        • -3.1% SRC.LN (SigmaRoc £0.65, -0.02) -- earnings

        • -1.8% TNG.FP (Transgene €1.10, -0.02) -- phase 1/2a data BT-001 data presentation

        • -0.3% OCI.NA (OCI NV €28.29, -0.09) -- to sell OCI Methanol to Methanex for EV of $2.05B

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: D'Ieteren (DIE.BB), Onward Medical (ONWD.BB)

        • France: Sidetrade (ALBFR.FP), Groupe Partouche (PARP.FP), Fleury Michon (ALFLE.FP), Haulotte Group (PIG.FP)

        • Southern Europe: GVS (GVS.IM), The Italian Sea Group (TISG.IM), TXT e-solutions (TXT.IM), B&C Speakers (BEC.IM), Fourlis (FOYRK.GA)

        • UK: Gamma Communications (GAMA.LN), Serica Energy (SQZ.LN), Chesnara (CSN.LN), Central Asia Metals (CAML.LN), IQE (IQE.LN), Luceco (LUCE.LN), hVIVO (HVO.LN), Eleco (ELCO.LN), Futura Medical (FUM.LN), Mpac (MPAC.LN), Flowtech Fluidpower (FLO.LN), Lords Group Trading (LORD.LN), Nexteq (NXQ.LN), Inspecs Group (SPEC.LN), Tissue Regenix (TRX.LN)

      • Trading Statement: Associated British Foods (ABF.LN)

  • Data:

    • Economics:

      • Eurozone Sep Sentix Economic Index (15.4) vs consensus (12.4) and prior (13.9)

    • Markets:

      • WTI Crude (Oct 24): +$0.32 or +0.47% to $67.99

      • €-$ (0.0046) or (0.42%) to 1.1039

      • £-$ (0.0053) or (0.40%) to 1.3076

      • €-£ (0.0001) to 0.8443

      • S&P 500 +0.90%

      • Performance year-to-date

        • FTSE 100: +6.95%

        • DAX: +10.10%

        • CAC: (1.56%)

        • MIB: +10.58%

        • Stoxx 600: +6.62%

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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