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StreetAccount Summary - EU Market Recap: FTSE 100 +0.91% to 8328.72, DAX +1.55% to 19002.38, CAC40 +2.29% to 7615.41, STOXX 600 +1.38% to 521.67

Sep 19 ,2024

  • Synopsis:

    • European equity markets closed sharply higher. Technology, Basic Resources and Ind Goods & Svcs led outperforming sectors while Utilities and Telcom lagged.

    • Fed's 50 bp rate cut reverberating. Chair Powell cautioned not to presume outsized rate cuts will continue though markets continuing to price in more dovish rate path than implied by dot plot. Futures pricing in ~70 bp of additional cuts by end-2024, implying potentially one more 50 bp cut compared to median Fed projection for 50 bp of easing in final two meetings of the year.

    • Several central bank decisions in Europe including Norges Bank and BoE. BoE MPC voted 8-1 to leave Bank Rate unchanged at 5.0%, as expected. Maintained pace of balance sheet reduction at £100B for coming 12 months, in line with consensus. Norges Bank left rates at 4.5%, as expected. Said policy likely to be kept steady until year-end. Highlighted inflation has been lower than expected since June report, but krone has depreciated.

    • Elsewhere, Swiss government cut growth and inflation outlook ahead of next week's SNB decision where odds for larger 50 bp cut has increased. French PM Barnier's ongoing efforts to form a government have been hampered by his suggestion of raising taxes. Le Monde reported it sparked protests on the left, turmoil on the right and upset in Macron's camp.

    • Amidst limited macro releases, Switzerland Aug Trade Balance came in at CHF4.58B vs consensus CHF5.050B and Aug Swiss Watch Exports +6.9% to CHF1.95B.

    • European new car sales have plummeted, with August figures showing 18.3% decline to a three-year low (Bloomberg, Reuters). Major markets like Germany, France, and Italy faced significant losses, while electric vehicle (EV) sales dropped by 43.9%. Downturn prompted urgent calls from European Automobile Manufacturers' Association (ACEA) for the EU to delay new emissions targets set for 2025 (Telegraph).

    • In corporate news, Basilea (BSLN.SW) entered agreement with BARDA to develop novel antifungals and antibacterials and received initial funding; raised FY24 guidance. Also in the DACH region, AEVIS VICTORIA (AEVS.SW) reported H1 numbers. Out of the Nordics, NOTE(NOTE.SS) cut guidance amid further slowdown in customer demand; pushed out long-term goal sales goal by one year. In the UK, Next (NXT.LN) reported H1 EPS 282.8p vs FactSet 292.3p. Ocado Group (OCDO.LN) posted Q3 revenue £658M vs year-ago £569.6M and raised FY24 revenue guidance. Close Brothers Group (CBG.LN) reported FY and announced sale of Close Brothers Asset Management to funds managed by Oaktree Capital Management, L.P. for equity value of up to £200M.

    • Further in M&A, NewRiver REIT confirmed yesterday after the close it had made a cash and share offer to acquire Capital & Regional (CAL.LN) for £147M.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +3.45%, Basic Resources +3.02%, Ind Goods & Svcs +2.57%, Consumer Products and Services +2.27%, Autos & Parts +2.16%, Construct & Mtls +1.85%, Retail +1.77%, Travel & Leisure +1.55%, Banks +1.53%, Media +1.49%, Financial Svcs +1.42%

      • Underperformers:

        • Utilities (1.78%), Telecom (1.20%), Personal Care Drug and Grocery Stores (0.20%), Food, Beverage and Tobacco +0.24%, Real Estate +0.29%, Health Care +0.59%, Insurance +0.93%, Energy+1.37%

    • Macro:

      • EU

        • EU car sales hit three-year low as German EV sales plummet amid economic woes - Bloomberg, Reuters

        • EU's new competition chief signals shift in merger policy to boost European competitiveness - FT

        • EU's new competition tsar, Ribera, wants level playing field but avoiding trade war with China - FT

      • Germany:

        • German economy could shrink again in Q3, Bundesbank warns - Reuters

        • Germany to scrutinize weapons exports to Israel for potential international law violations - Bloomberg

        • Germany retains quiet grip on Europe's finances - Politico

      • Norway:

        • Norway keeps rate on hold, says restrictive policy needed - Reuters

      • UK:

        • Bank of England keeps interest rates unchanged at 5% - Guardian

        • Labour's growth plans fall short of G7 leadership goal, study finds - Bloomberg

        • City of London suggests UK needs to attract more foreign sovereign wealth - Bloomberg

        • Google says UK risks being 'left behind' in AI race without more data centres - Guardian

    • Company news:

      • Notable Gainers

        • +29.7% RECSI.NO (REC Silicon NOK10.67, +2.45) -- and Sila sign long-term Silane supply agreement

        • +19.7% DWNI.GR (Deutsche Wohnen €27.05, +4.45) -- Vonovia and Deutsche Wohnen initiate process to conclude transfer agreement

        • +15.3% HEALTH.FH (Nightingale Health €3.85, +0.51) -- receives third regulatory approval for healthcare use from Health Sciences Authority in Singapore

        • +10.2% XSPRAY.SS (Xspray Pharma SEK50.60, +4.70) -- to resubmit its New Drug Application for Dasynoc in Q4

        • +10.1% BWB.GR (Baader Bank €4.35, +0.40) -- raises FY guidance

        • +9.8% CPR.IM (Davide Campari-Milano €7.66, +0.69) -- Lagfin announces its intentions to purchase up to €100M shares

        • +8.5% BYIT.LN (Bytes Technology Group £5.15, +0.40) -- trading update

        • +7.0% CDON.SS (CDON AB SEK82.00, +5.40) -- Shareholder Nantahala Capital acquires additional ~ 2.2M shares

        • +6.5% VIT.B.SS (Vitec Software Group SEK525.00, +32.00) -- reinstated buy at Nordea

        • +6.0% CNE.LN (Capricorn Energy £2.30, +0.13) -- H1 earnings

        • +5.6% KOMN.SW (Komax Holding CHF124.20, +6.60) -- UBS upgrade

        • +5.4% ADYEN.NA (Adyen €1,392.80, +70.80) -- selected to power enterprise payments for Cinemark

        • +4.6% STAB1L.GR (Stabilus €38.95, +1.70) -- replaces bridge financing for Destaco acquisition with €250M promissory note

        • +4.2% AHT.LN (Ashtead Group £57.74, +2.34) -- initiated buy at Berenberg

        • +4.2% AHT.LN (Ashtead Group £57.74, +2.34) -- initiated Buy at Berenberg

        • +4.1% HH.DC (H+H International DKK95.90, +3.80) -- resumed hold at Danske Bank

        • +4.0% SAGA.B.SS (Sagax SEK274.40, +10.60) -- Pareto upgrade

        • +3.9% BAYN.GR (Bayer AG €29.02, +1.09) -- Trinity Biotech to initiate CGM market study in India in furtherance of intended collaboration with Bayer

        • +3.8% HUMBLE.SS (Humble Group SEK13.23, +0.48) -- CMD update

        • +3.7% AF.FP (Air France-KLM €8.92, +0.32) -- BNP Paribas Exane upgrade

        • +3.4% OCDO.LN (Ocado Group £3.62, +0.12) -- Q3 revenue; raises FY24 revenue guidance

        • +3.3% BSLN.SW (Basilea Pharmaceutica CHF45.80, +1.45) -- enters agreement with BARDA to develop novel antifungals and antibacterials and receives initial funding; raises FY24 guidance

        • +3.2% IDR.SM (Indra Sistemas €16.74, +0.52) -- Alantra Equities upgrade

        • ACEA Aug new passenger car registrations for EU + EFTA + UK

          • +2.8% VOE.AV (Voestalpine €21.82, +0.60)

          • +2.1% STLAM.IM (Stellantis €13.95, +0.29)

        • Aug Swiss Watch Exports

          • +2.5% UHR.SW (Swatch Group CHF157.30, +3.90)

          • +2.4% CFR.SW (Richemont CHF118.05, +2.80)

        • +2.1% AET.LN (Afentra £0.48, +0.01) -- initiated buy at Canaccord Genuity

        • +2.0% XVIVO.SS (Xvivo Perfusion SEK502.00, +10.00) -- to acquire a unique communication platform for the transplant proces

      • Notable Decliners

        • -14.0% NOTE.SS (NOTE SEK112.00, -18.30) -- cuts guidance amid further slowdown in customer demand; pushes out long-term goal sales goal by one year

        • -7.6% NWRN.SW (Newron Pharmaceuticals CHF7.71, -0.63) -- H1 earnings

        • -5.6% SFOR.LN (S4 Capital £0.43, -0.03) -- H1 earnings

        • -5.6% SFOR.LN (S4 Capital £0.43, -0.03) -- Panmure Liberum downgrade

        • -5.4% MIPS.SS (MIPS SEK530.00, -30.00) -- Carnegie Securities downgrade

        • -5.3% CBG.LN (Close Brothers Group £5.00, -0.28) -- to sell Close Brothers Asset Management to funds managed by Oaktree Capital Management, L.P. for equity value of up to £200M

        • -3.2% S30.FP (Solutions 30 €1.43, -0.05) -- H1 earnings

        • -3.1% ADXN.SW (Addex Therapeutics CHF0.07, -0.00) -- prelim H1 earnings

        • -3.0% JDG.LN (Judges Scientific £99.95, -3.05) -- H1 earnings

        • -2.6% KNEBV.FH (Kone €48.80, -1.32) -- new strategy called "Rise" for 2025-2030

        • -2.1% DETEC.FH (Detection Technology €18.85, -0.40) -- Inderes downgrade

        • -1.8% DTE.GR (Deutsche Telekom €26.00, -0.47) -- Oddo downgrade

        • -1.8% XLS.SW (Xlife Sciences CHF32.40, -0.60) -- H1 earnings

    • EU companies reporting tomorrow:

      • Corporate:

        • Earnings: Celyad Oncology (CYAD.BB)

        • CMD/events: HUBER+SUHNER (HUBN.SW)

  • Data:

    • Economics:

      • Netherlands Aug Unemployment Rate 3.7% vs consensus 3.6% and prior 3.6%

      • Switzerland Aug

        • Trade Balance CHF4.58B vs consensus CHF5.050B and prior revised CHF4.88 from CHF4.89B

        • Swiss Watch Exports +6.9% to CHF1.95B

    • Markets:

      • WTI Crude (Oct 24): +$1.12 or +1.58% to $72.03

      • €-$ +0.0025 or +0.22% to 1.1145

      • £-$ +0.0060 or +0.46% to 1.3272

      • €-£ (0.0019) to 0.8397

      • S&P 500 +1.68%

      • Performance year-to-date

        • FTSE 100: +7.70%

        • DAX: +13.44%

        • CAC: +0.94%

        • MIB: +11.99%

        • Stoxx 600: +8.91%

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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