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StreetAccount Summary - EU Market Recap: FTSE 100 +0.19% to 8253.65, DAX +0.85% to 19373.83, CAC40 +0.48% to 7577.89, STOXX 600 +0.55% to 521.98

Oct 11 ,2024

  • Synopsis:

    • European equity markets ended higher, with pan-European indices having spent much of the session in slightly negative territory. Follows negative close on Thursday. Real Estate, Financials and Industrials best performers while Telco and Personal Care the biggest decliners.

    • French budget austerity measures remain in focus. UK industrial production for Augut beat while monthly GDP for August in-line. Germany final CPI in-line with flash estimate. Central bank speakers include ECB's Holzmann. SNB vice-chair hints at further easing. In UK, further press coverage of Reeves' proposal to hike CGT.

    • In M&A news, Sanofi (SAN.FP) entered into negotiations with CD&R for the potential sale of a 50% controlling stake in Opella, its consumer healthcare business; in the insurance sector, Saga (SAGA.LN) and Ageas (AGS.BB) are in exclusive negotiations over an Insurance partnership, with Ageas acquiring Saga's Insurance Underwriting business, Acromas Insurance Company Limited; in Italy, Brembo (BRE.IM) signed an agreement with Apollo's Tenneco for the acquisition of a 100% stake in Öhlins Racing for $405M (~€370M); also, DWS Group (DWS.GR) is considering a capital increase for possible takeovers in Japan, China or India and Qatar Investment Authority is placing 109M Sainsbury (SBRY.LN) shares.

    • On a busy reporting front, last night after the close, Zalando (ZAL.GR) reported prelim Q3 and upgraded its FY24 financial outlook, with BP (BP.LN), TomTom (TOM2.NA), Jupiter Fund Management (JUP.LN), Tryg (TRYG.DC), Hays Plc (HAS.LN) and Atrium Ljungberg (ATRLJ.B.SS ) among few other names updating investors; of note, Flughafen Zuerich (FHZN.SW) and Heathrow (FER.SM) posted Sep traffic numbers.

    • Elsewhere, Stellantis (STLAM.IM) CFO Natalie Knight will leave the company, with Doug Ostermann appointed as new CFO; analysts not convinced Stellantis management changes will solve group's fundamental challenges and a restructuring is seen as brewing; in other stories, Airbus SE (AIR.FP) is facing concerns over supplies of key structural parts from Spirit AeroSystems and - according to its CEO - LEG Immobilien (LEG.GR) business is again improving, leaving an industry crisis behind.

    • Looking ahead to Monday's EU econ-calendar, notable releases will include, amongst others, Finland Sep CPI, Switzerland Sep PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate +1.31%, Financial Svcs +0.95%, Ind Goods & Svcs +0.91%, Basic Resources +0.84%, Utilities +0.83%, Retail +0.75%, Media +0.67%, Travel & Leisure +0.65%, Insurance +0.61%, Technology +0.54%

      • Underperformers

        • Telecom (0.43%), Personal Care Drug and Grocery Stores (0.40%), Construct & Mtls +0.08%, Food, Beverage and Tobacco +0.14%, Chemicals +0.14%, Autos & Parts +0.19%, Oil&Gas+0.29%, Consumer Products and Services +0.32%, Banks +0.49%

    • Macro:

      • EU:

        • Stellantis CEO says EU carbon rules push industry costs up 40% -- Reuters

        • Dutch economy minister floats idea of EU chips coalition -- datacenterdynamics

      • UK:

        • Starmer to call on UK regulators to prioritise growth agenda -- Skynews

        • BNY clients sell UK debt at fastest pace since mini-budget crisis, bank says -- Reuters

      • Germany:

        • Germany's Lindner to decide on 2025 budget debt after tax estimate -- Reuters

      • France:

        • Macron's Seven Years of Plenty Give Way to Famine -- Bloomberg

        • France is finally opting for austerity -- Spectator

        • What do economists think of France's emergency budget to address debt crisis? -- euronews

      • Italy:

        • Meloni Wins Cheer From Fitch With Italy's Plan to Curb Deficits -- BNN Bloomberg

      • Spain:

        • Spain imposes surprise border checks on Gibraltar -- Telegraph

    • Company news:

      • Notable Gainers

        • +9.1% SAGA.LN (Saga Plc £1.39, +0.11) -- in exclusive negotiations over Insurance partnership with Ageas; Ageas to acquire company's Insurance Underwriting business; H1 earnings

        • +7.3% AEIN.GR (Allgeier €16.55, +1.15) -- sells part of its personnel services business to emagine GmbH

        • +7.0% OMG.LN (Oxford Metrics £0.59, +0.04) -- acquires The Sempre Group Holdings Ltd for £5.5M; to return up to £6M of cash to shareholders through an on-market share buyback programme

        • +5.9% TOM2.NA (TomTom €5.20, +0.29) -- Q3 earnings

        • +4.9% BRE.IM (Brembo €10.05, +0.48) -- signs agreement with Apollo's Tenneco for acquisition of 100% stake in Öhlins Racing for $405M

        • +4.6% TROAX.SS (Troax Group SEK214.50, +9.50) -- Carnegie Securities upgrade

        • +3.2% ADP.FP (Aeroport de Paris €113.40, +3.50) -- JPMorgan upgrade

        • +3.1% TRYG.DC (Tryg DKK161.20, +4.90) -- Q2 earnings

        • +2.7% NETC.DC (Netcompany Group DKK305.60, +8.00) -- ABG Sundal Collier upgrade

        • +2.6% PMI.LN (Premier Miton Group £0.60, +0.02) -- Q4 update

      • Notable Decliners

        • -9.8% MRN.FP (Mersen €24.85, -2.60) -- initiated reduce at Kepler Cheuvreux; Degroof downgrade

        • -9.7% BGBIO.NO (BerGenBio NOK9.90, -1.07) -- CEO to step down

        • -5.9% SBRY.LN (J Sainsbury £2.71, -0.17) -- Qatar Investment Authority offering 109M Sainsbury shares at guide price of 280p/share - Bloomberg

        • -3.8% REG1V.FH (Revenio Group €32.60, -1.30) -- Nordea downgrade

        • -2.3% SZG.GR (Salzgitter €14.31, -0.34) -- JPMorgan downgrade

    • EU companies reporting on Monday:

      • Earnings: Note (NOTE.SS), 1Spatial (SPA.LN), Kromek Group (KMK.LN)

      • Trading Update: Volkswagen (VOW3.GR), Galp Energia (GALP.PL), Bossard Holding (BOSN.SW), Ashmore Group (ASHM.LN), Alphawave IP Group (AWE.LN)

      • Traffic: Fraport AG Frankfurt Airport Services Worldwide (FRA.GR)

  • Data:

    • Economics:

      • UK Aug

        • Industrial Production (1.6%) y/y vs cons (0.5%) and prior revised (2.2%) from (1.2%); +0.5% m/m vs cons +0.2% and prior revised (0.7%) from (0.8%)

        • Manufacturing Production (0.3%) y/y vs cons (0.4%) and prior revised (2.0%) from (1.3%); +1.1% m/m vs cons +0.3% and prior revised (1.2%) from (1.0%)

        • Construction Output +0.3% y/y vs cons (0.3%) and prior revised (1.4%) from (1.6%); +0.4% m/m vs cons +0.5% and prior (0.4%)

        • Visible Trade Balance (£15.06B) vs consensus (£19.3B) and prior revised to (£18.87B) from (£20.00B)

      • Germany Sep CPI +1.6% y/y vs preliminary +1.6%; 0.0% m/m vs preliminary 0.0%

        • EU Harmonised: +1.8% y/y vs preliminary +1.8%; (0.1%) m/m vs preliminary (0.1%)

      • Switzerland Sep Consumer Confidence (33.7) vs cons (33) and prior (34.6)

    • Markets:

      • WTI Crude (24-Nov): ($0.29) or (0.38%) to $75.56

      • €-$ +0.0015 or +0.14% to 1.0950

      • £-$ +0.0015 or +0.12% to 1.3076

      • €-£ +0.0000 to 0.8375

      • S&P 500 +0.59%

      • Performance year-to-date:

        • FTSE 100: +6.73%

        • DAX: +15.65%

        • CAC: +0.46%

        • MIB: +12.93%

        • Stoxx 600: +8.98%

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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