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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.36% to 8259.71, DAX +0.68% to 18846.79, CAC40 +0.10% to 7508.08, STOXX 600 +0.40% to 516.32

Sep 23 ,2024

  • Synopsis:

    • European equity markets closed firmer. Autos and real estate the best performers. Banks and health care the biggest decliners.

    • Chancellor Reeves pushed back against recent criticism on fiscal plans and said UK must accept hard decisions to stabilize public finances.

    • Macro data highlight today was flash PMIs for September. French and German readings down sharply, which saw Eurozone PMI hit lowest in eight months. Pace of contraction in manufacturing accelerated and services sector slowed sharply. Update might increase ECB rate cut expectations. UK PMI also slowed, though rate of expansion still relatively healthy. Meanwhile, research from estate agent Savills showed big increase in housing market activity in second quarter.

    • In M&A news, the German Federal government decided not to sell any more shares in Commerzbank (CBK.GR) for the time being whilst - still in the banking sector - BNP Paribas (BNP.FP) signed an agreement with HSBC (HSBA.LN) for the acquisition of their private banking activities in Germany. In the UK, REA Group increased its offer for Rightmove (RMV.LN) to an implied value of 770p/share vs prior 749p. In Italy, local press reported that the Italian government will begin sale of a 15% stake in Poste Italiane (PST.IM) in one month time; other deals include Fortum (FORTUM.FH) selling its stakes in the biobased solutions businesses in India, Neinor (HOME.SM) acquiring 10% of Promociones Habitat for ~€31M and Implenia (IMPN.SW) welcoming talks about a possible merger of Ina Invest and Cham Group.

    • Elsewhere, Continental (CON.GR) CEO confirmed that the car parts spinoff is on track for 2025 despite challenges and Vodafone Idea concluded a $3.6B deal with Nokia, Ericsson and Samsung to supply network equipment for 3-years.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.93%, Real Estate +1.33%, Retail +1.22%, Utilities +1.12%, Food, Beverage and Tobacco +1.11%, Personal Care Drug and Grocery Stores +1.01%, Media +0.96%, Telecom +0.90%, Energy+0.85%, Financial Svcs +0.79%, Ind Goods & Svcs +0.68%, Insurance +0.65%, Chemicals +0.50%, Technology +0.41%

      • Underperformers:

        • Banks (0.87%), Health Care (0.46%), Travel & Leisure (0.04%), Construct & Mtls +0.11%, Consumer Products and Services +0.24%

    • Macro:

      • EU:

        • EU steelmakers urge EU to counter Chinese export surge amid industry crisis - FT

        • Central Europe floods to cost insurers up to €3B, rivalling historic disasters - Bloomberg

      • France:

        • Barnier opens door to taxing wealthy and big companies to tackle France's grave deficit - Bloomberg

      • Germany:

        • Economy minister Habeck holds talks with automakers as options for government aid dwindle - Politico

        • Commerzbank warns Unicredit merger could harm German Mittelstand lending - FT

      • Italy:

        • Italian government to begin sale of 15% stake in PST.IM in one month time - IlSole24Ore

      • UK:

        • Rightmove rejects improved £5.9B takeover bid from Rea Group - Bloomberg

        • Rachel Reeves paves way for capital spending increase - FT

        • UK's Reeves says no return to austerity in more upbeat economic message - Reuters

        • Labour conference opens amid internal strife, overshadowing Starmer's Change Agenda - Bloomberg

    • Company news:

      • Notable Gainers

        • +82.3% BNN.GR (BRAIN Biotech €2.68, +1.21) -- concludes royalty monetization deal for up to €128.88M with Royalty Pharma (PHVS)

        • +51.5% ALCOX.FP (Nicox €0.31, +0.10) -- agreement

        • +11.6% RLF.SW (RELIEF THERAPEUTICS Holding CHF2.60, +0.27) -- milestone pyment

        • +10.8% GRE.SM (Grenergy Renovables €37.50, +3.65) -- H1 earnings

        • +9.9% GMM.GR (Grammer €9.40, +0.85) -- to sell the Toledo Molding & Die Group to APC Parent LLC

        • +7.3% CURY.LN (Currys £0.84, +0.06) -- Frasers Group Plc now holds 2.82% of voting rights through financial instruments vs prior 10.91% of voting rights attached to shares and through financial instruments in Currys - filing

        • +6.6% GNFT.FP (GENFIT €4.60, +0.29) -- Ipsen's Iqirvo (Elafibranor) Receives EU Approval as a First-in-Class Treatment for Primary Biliary Cholangitis following U.S. FDA Accelerated Approval

        • +4.2% LAMOR.FH (Lamor Corporation €2.00, +0.08) --

          • signs two-year agreement worth at least €8M on soil remediation in Ecuador

          • wins €12M contract for comprehensive environmental protection service in Peru

        • +3.9% ATS.AV (AT & S Austria Technologie & Systemtechnik €20.88, +0.78) -- signs agreement for sale of AT&S Korea; AT&S adjusts outlook fr 2024/25 and 2026/27

        • +3.4% PFC.LN (Petrofac £0.18, +0.01) -- extends its existing forbearance agreement

        • +3.2% IPH.FP (Innate Pharma €2.04, +0.06) -- FDA clearance

        • +3.1% GFRD.LN (Galliford Try Holdings £2.99, +0.09) -- contract

        • +2.5% BOCH.CY (Bank of Cyprus Holdings €4.90, +0.12) -- commences listing/ buyback on ATHEX

        • +2.4% G24.GR (Scout24 €77.30, +1.80) -- buyback

        • +2.3% OKEA.NO (Okea NOK20.20, +0.46) -- to sell 15% working interest in Yme license for $15.65M

        • +2.0% MBG.GR (Mercedes-Benz Group €56.08, +1.09) -- increases top speed of its Level 3 automated driving system to 95 km/h

        • +1.8% KGF.LN (Kingfisher £3.29, +0.06) -- UBS upgrade; buyback 4th tranche

        • +1.7% ORY.SM (Oryzon Genomics €1.88, +0.03) -- final data presentation at ECNP

      • Notable Decliners

        • -22.5% ACTI.SS (Active Biotech SEK0.30, -0.09) -- rights issue

        • -21.7% OMG.LN (Oxford Metrics £0.62, -0.17) -- trading update

        • -18.8% MIRI.LN (Mirriad Advertising £0.00, -0.00) -- earnings

        • -10.6% NDA.GR (Aurubis €62.70, -7.40) -- prelim FY earnings

        • -5.9% CBK.GR (Commerzbank €14.75, -0.93) --

          • Federal government decides not to sell any more shares in Commerzbank for the time being

          • UniCredit enters into additional instruments relating to Commerzbank shares and increases its aggregate position to ~21%

        • -5.7% IIA.AV (Immofinanz €22.20, -1.35) -- Petrus Advisers will today approach CPI Property Group SA regarding strategic alternatives for IMMOFINANZ AG

        • -4.3% AGL.LN (ANGLE £0.11, -0.01) -- agreement

        • -2.0% MEDCL.FP (MedinCell €15.86, -0.32) -- Teva (TEVA) updates

        • -1.7% EDR.SM (eDreams ODIGEO €6.51, -0.11) -- Ryanair issued with criminal warning over breach of court order to cease denigrating eDreams ODIGEO

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Peugeot Invest (PEUG.FP), ABC arbitrage (ABCA.FP), Lumibird (LBIRD.FP), Lhyfe (LHYFE.FP), Transgene (TNG.FP), Latecoere (LAT.FP), Forsee Power (FORSE.FP), Actia Group (ALATI.FP)

        • Southern Europe: Seri Industrial (SERI.IM), EXOR (EXO.IM)

        • UK/Ireland: Smiths Group (SMIN.LN), A.G. BARR (BAG.LN), Raspberry Pi Holdings (RPI.LN), Card Factory (CARD.LN), Mortgage Advice Bureau (MAB1.LN), Origin Enterprises (OIZ.ID), Yu Group (YU.LN), NIOX Group (NIOX.LN), Fonix (FNX.LN), Animalcare (ANCR.LN), Microlise (SAAS.LN), Scancell (SSLP.LN), Petra Diamonds Ltd. (PDL.LN), Personal Group (PGH.LN), HSS Hire Group (HSS.LN)

      • Trading Update: SThree (STEM.LN), TUI (TUI.LN)

      • CMD/events: TUI (TU1.GR) booking update, DHL Group (DHL.GR) present the 2030 strategy, Legrand (LR.FP), Schweiter Technologies (SWTQ.SW), Epiroc (EPI.A.SS), Enento Group (ENENTO.FH)

  • Data:

    • Economics:

      • UK Sep CBI Industrial Trends Orders (35) vs consensus (23) and prior (22)

      • Sep Manufacturing PMI:

        • UK 51.5 vs consensus 52.3 and prior 52.5

        • France 44.0 vs consensus 44.0 and prior 43.9

        • Eurozone 44.8 vs consensus 45.6 and prior 45.8

        • Germany 40.3 vs consensus 42.4 and prior 42.4

      • Sep Services PMI:

        • Eurozone 50.5 vs consensus 52.4 and prior 52.9

        • Germany 50.6 vs consensus 51 and prior 51.2

        • UK 52.8 vs consensus 53.5 and prior 53.7

        • France 48.3 vs consensus 52.7 and prior 55

    • Markets:

      • WTI Crude (Nov 24): ($0.37) or (0.52%) to $70.63

      • €-$ (0.0028) or (0.25%) to 1.1138

      • £-$ +0.0040 or +0.30% to 1.3357

      • €-£ (0.0048) to 0.8338

      • S&P 500 +0.33%

      • Performance year-to-date

        • FTSE 100: +6.81%

        • DAX: +12.51%

        • CAC: (0.47%)

        • MIB: +10.96%

        • Stoxx 600: +7.79%

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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