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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.06% to 8278.44, DAX (0.35%) to 18633.11, CAC40 (0.21%) to 7449.44, STOXX 600 (0.16%) to 515.11

Sep 16 ,2024

  • Synopsis:

    • European equity markets ended mostly mixed to lower Monday. Follows positive close last week. Retail and personal care best performers while tech and autos the biggest decliners.

    • ECB commentary cautious after last week's rate cut amid worries over services prices. The BoE is widely expected to leave policy unchanged on Thursday but may be forced to accelerate pace of easing in Q4. In other news, OECD said significant action need by UK to stabilize finances. UK manufacturing lobby group Make UK revised up forecast for growth.

    • Quiet macro calendar in Europe. Update from Eurostat showed Eurozone Q2 labor costs declined in Q2, which supported ECB easing plans. Eurozone July Trade Balance surplus beat €21.2B vs consensus €14.9B and prior €22.3B while Italy Trade Balance also ahead €6.74B vs consensus €4.45B and prior €5.07B. Also, Italy Aug Final CPI in line with flash reading +1.1% y/y, +0.2% m/m.

    • In M&A news, Rexel (RXL.FP) rejected unsolicited preliminary proposal from QXO (QXO), whilst Apax and SoftwareONE (SWON.SW) shareholders are discussing a potential merger with Crayon Group (CRAYN.NO); also, TI Fluid Systems (TIFS.LN) issued a response to possible offer announcement by ABC Technologies; in Italy, Eni (ENI.IM) is reportedly in discussions with a number of funds regarding second sale of minority stake in Plenitude whilst - on the banking front - Barclays (BARC.LN) is struggling to sell a stake in its UK payments business and the ECB approved a €1.7B buy-back for UniCredit (UCG.IM); related, HB reports that Unicredit CEO stated that the merger of Commerzbank (CBK.GR) and Unicredit could lead to considerable added value for all shareholders.

    • On the reporting front, Virbac (VIRP.FP) issued H1 numbers and its CEO resigned, with Keywords Studios (KWS.LN) and Phoenix Group Holdings (PHNX.LN) also reporting H1. In other notable corporate updates, AstraZeneca (AZN.LN) announced positive data on durvalumab in clinical trial. Genmab (GMAB.DC) announced positive data on RINA-S in clinical trial.

    • The highlight of tomorrow's EU economic calendar is the German September ZEW survey.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • +15.1% PTEC.LN (Playtech £7.09, +0.99) -- H1 trading update; strategic agreement with Tecnologia en Entretenimiento Caliplay

        • +14.1% TIFS.LN (TI Fluid Systems £1.64, +0.21) -- response to possible offer announcement by ABC Technologies; initiated buy at Investec

        • +8.7% RXL.FP (Rexel €25.12, +1.99) -- rejects an unsolicited preliminary proposal from QXO

        • +5.5% OHLA.SM (Obrascon Huarte Lain €0.29, +0.02) -- Obrascon Huarte Lain restructures its board; to appoint Tomás Ruiz as new CEO to succeed Luis and Mauricio Amodio - El Confidencial

        • +5.5% KMK.LN (Kromek Group £0.06, -0.00) -- £2.0M contract

        • +4.9% SPM.IM (Saipem €1.92, +0.09) -- ~$4B offshore EPC contract in Qatar

        • +4.9% MPE.LN (M.P. Evans Group £8.78, +0.42) -- H1 earnings

        • +3.7% MXCT.LN (MaxCyte £3.11, +0.11) -- platform license agreement with Kamau Therapeutics

        • +2.6% IPN.FP (Ipsen €111.30, +2.80) -- CONTACT-02 Phase III trial update; RBC Capital Markets upgrade

        • +0.6% NET.LN (Netcall £0.91, +0.01) -- acquires Parble for up to €8.7M

        • +0.5% UCG.IM (UniCredit €37.54, +0.18) -- CEO interview with Handelsblatt; updates on €1.7B buyback

      • Underperformers

        • -58.9% CHAR.LN (Chariot £0.02, -0.02) -- preliminary results from Anchois-3 well drilling campaign

        • -31.3% TTG.LN (TT Electronics £0.96, -0.44) -- lowers H2 revenue outlook

        • -5.3% PHNX.LN (Phoenix Group Holdings £5.62, -0.31) -- H1 earnings

        • -4.5% HLG.GR (Highlight Communications €1.26, -0.06) -- weekend box office revenues in US, Canada

        • -4.2% WIL.LN (Wilmington £3.75, -0.16) -- FY earnings

        • -4.1% ALHGR.FP (Hoffmann Green Cement Technologies €8.02, -0.34) -- H1 earnings

        • -3.6% PANR.LN (Pantheon Resources £0.16, -0.01) -- new CFO; potential US listing

        • -3.2% CBG.LN (Close Brothers Group £5.27, -0.18) -- CEO takes temporary medical leave of absence

        • -3.1% GARO.SS (GARO SEK20.25, -0.65) -- workforce reduction and ~SEK 48M inventory write-down due to market outlook

        • -2.8% DUST.SS (Dustin Group SEK8.60, -0.26) -- Carnegie Securities downgrade

    • Macro:

      • Central Banks:

        • Moving from 3.75 to 3.50: explaining the latest rate decision -- ECB

        • ECB policymakers make case for rate cuts but differ on signals -- Reuters

        • ECB's Panetta Says Consumer Will Bear Cost of Energy Transition -- Bloomberg

      • EU:

        • The European Union risks a sad, bad future -- Reuters

        • Italy backs EU's tariffs on Chinese electric cars -- Reuters

      • UK:

        • Prime Minister confirms nearly half a billion pounds of Italian investment into the UK to support jobs and drive growth -- GOV.UK

        • UK's Starmer heaps praise on 'remarkable' Meloni -- Politico

      • Germany:

        • Germany reintroduces border checks to curb migration, experts question long-term impact -- Reuters

      • France:

        • France's European commissioner resigns amid row with von der Leyen -- Guardian

      • Italy:

        • Farnesina: Minister of Foreign Affairs and International Cooperation Tajani Meets Chinese Minister of Commerce Wang Wentao -- esteri

    • Company news:

      • Notable Gainers

        • Retail +0.79%, Personal Care Drug and Grocery Stores +0.51%, Utilities +0.30%, Telecom +0.30%, Insurance +0.22%, Financial Svcs +0.15%, Basic Resources +0.09%, Health Care (0.04%), Travel & Leisure (0.08%), Media (0.08%), Oil&Gas(0.12%), Banks (0.13%)

      • Notable Decliners

        • Technology (1.26%), Autos & Parts (0.96%), Chemicals (0.51%), Consumer Products and Services (0.45%), Ind Goods & Svcs (0.42%), Real Estate (0.35%), Food, Beverage and Tobacco (0.34%)

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Groupe Crit (CEN.FP)

        • Nordics: Roblon (RBLN.B.DC)

        • UK: Kingfisher (KGF.LN), JTC (JTC.LN), Learning Technologies Group (LTG.LN), IP Group (IPO.LN), Warpaint London (W7L.LN), Fintel (FNTL.LN), Franchise Brands (FRAN.LN), Team17 Group (TM17.LN), Henry Boot (BOOT.LN), McBride (MCB.LN), EKF Diagnostics Holdings (EKF.LN), Springfield Properties (SPR.LN), Headlam Group (HEAD.LN), Kooth (KOO.LN), Diaceutics (DXRX.LN), DP Poland (DPP.LN)

  • Data:

    • Economics:

      • Eurozone Jul Trade Balance €21.2B vs consensus €14.9B and prior €22.3B

      • Italy

        • Aug Final CPI +1.1% y/y vs preliminary +1.1%; +0.2% m/m vs preliminary +0.2%

        • Jul Trade Balance €6.74B vs consensus €4.45B and prior €5.07B

      • Switzerland Aug PPI (1.2%) y/y vs cons (1.4%) and prior (1.7%)7; +0.2% m/m vs cons +0.1%% and prior 0.0%

    • Markets:

      • WTI Crude (24-Oct): +$1.06 or +1.54% to $69.71

      • €-$ +0.0039 or +0.35% to 1.1119

      • £-$ +0.0073 or +0.56% to 1.3195

      • €-£ (0.0017) to 0.8427

      • S&P 500 (0.24%)

      • Performance year-to-date:

        • FTSE 100: +7.05%

        • DAX: +11.23%

        • CAC: (1.24%)

        • MIB: +10.60%

        • Stoxx 600: +7.54%

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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