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StreetAccount Summary - EU Market Recap: FTSE 100 +0.47% to 8292.66, DAX +0.69% to 19508.29, CAC40 +0.32% to 7602.06, STOXX 600 +0.53% to 524.76

Oct 14 ,2024

  • Synopsis:

    • European equity markets finished higher, around session's best levels. Technology, utilities, auto advance, while luxury, gambling and basic resources biggest decliners. UK gambling names in spotlight as Labour's Chancellor Reeves reportedly exploring potential £3B tax increase on gambling sector to address alleged £22B budget deficit. Luxury weighing amidst China stimulus development as Saturday's event came with little fresh specifics on stimulus measures from Beijing officials but made strong assurances on supporting the economy. US equities mostly higher in midday trading. Treasuries closed for Columbus Day holiday after a big backup in rates last week. Dollar index up 0.3%. Gold down 0.5%. Bitcoin futures up 4.6%. WTI crude down 2.0%, off worst levels.

    • Quiet start to the week with US bond market closed for holiday, waiting game for more Q3 earnings and big macro data day on Thursday. Analysis of ECB policy expectations and EUR/USD outlook reveals significant convergence among major banks, with both Deutsche Bank and Bank of America anticipating 25bp rate cut on 17-Oct. However, paths diverge thereafter, with Bank of America projecting more aggressive easing cycle to 1.5% by end-2025, while Deutsche Bank sees rates reaching neutral at 2.25% by April.

    • Limited macro updates with Switzerland Sep PPI and Finland Sep CPI a miss vs expectations. UK press focused on government investment summit ahead of 30-Oct budget. After series of downbeat articles on investor confidence, reports summit will see more than £50B worth of deals announced. Surveys show weakening in business confidence and cautious hiring. German economy ministry's monthly report highlighted the weak phase in the economy is likely to continue in the second half of the year before momentum picks up. Of note, Fitch cut France's credit rating after Friday's close.

    • On the reporting front, Iberdrola (IBE.SM), Aker BP (AKRBP.NO) and Galp (GALP.PL) issued Q3 operational updates, with Ashmore Group (ASHM.LN, PageGroup (PAGE.LN), Bossard Holding (BOSN.SW), Anora Group (ANORA.FH) and NOTE (NOTE.SS) among few other names to update investors this morning. In the French biotech sector, Inventiva (IVA.FP) announced a financing of up to €348M to advance the NATiV3 Phase 3 MASH study whilst - in another deal - Soleus will acquire Nicox (ALCOX.FP) Vyzulta royalty for $15M (€13.7M) together with a subscription of $1.5M (€1.37M) for Units.

    • In M&A news, H. Lundbeck A/S announces agreement to acquire Longboard (LBPH) for $60.00/share in cash. Singapore is blocking Allianz (ALV.GR)'s Income Insurance deal, whilst Mulberry Group's (MUL.LN) majority shareholder declined a sale to Frasers (FRAS.LN); furthermore, the German government is reportedly working to frustrate a possible takeover of Commerzbank (CBK.GR) by UniCredit (UCG.IM) and ABC Technologies raised its offer for TI Fluid Systems (TIFS.LN) to 200p. Citing market sources, Expansion reports that CriteriaCaixa (CABK.SM) is close to finalizing the sale of a majority stake in Saba to the Belgian operator Interparking, with a company valuation of around €1.3B.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.73%, Utilities +1.19%, Autos & Parts +0.87%, Ind Goods & Svcs +0.83%, Financial Svcs +0.81%, Retail +0.78%, Media +0.74%, Insurance +0.64%, Health Care +0.63%

      • Underperformers:

        • Consumer Products and Services (0.82%), Travel & Leisure (0.79%), Basic Resources (0.40%), Personal Care Drug and Grocery Stores (0.14%), Real Estate (0.13%), Oil & Gas(0.08%), Chemicals +0.02%, Food, Beverage and Tobacco +0.20%, Construct & Mtls +0.33%, Banks +0.37%

    • Macro:

      • ECB:

        • ECB poised for rate cuts as Eurozone economic concerns mount and labour market shows signs of cooling: Bloomberg, FT and Reuters

        • ECB faces deflation concerns as Eurozone inflation undershoots target: FT

      • Germany:

        • German economy faces flat 2024 as recession looms: Bloomberg

        • German social democrats propose EV subsidies revival to boost auto industry: Bloomberg

      • France:

        • Fitch cut France's rating outlook to negative: Fitch

      • UK:

        • Labour considers £3B gambling tax hike to address budget shortfall (Guardian)

        • Labour government to unveil over £50B in UK investments, pitch UK growth plan at international summit (SkyNews, Bloomberg)

        • UK Labour government hints at possible hike in employer payroll taxes (Bloomberg)

        • Reeves to seek fiscal rule changes to unlock spending without major tax hikes (BBC)

        • Think tank urges Reeves to hike capital gains tax to 39% in upcoming budget (Telegraph)

  • Peripheral markets:

    • Poland:

      • Poland to suspend asylum claims at Belarus border amid "hybrid war concerns": Politico

      • Poland urges EU to exempt record defense spending from fiscal rules: FT

    • Switzerland:

      • SNB expected to cut rates twice more as Swiss inflation eases: Bloomberg

  • Company news:

    • Notable Gainers

      • +54.3% IVA.FP (Inventiva €2.53, +0.89) -- working capital statement; €348M financing to advance the NATiV3 Phase 3 MASH study

      • +17.8% MUL.LN (Mulberry Group £1.33, +0.20) -- statement regarding revised possible offer from Frasers Group; Mulberry Group's majority shareholder declines sale to Frasers - Reuters

      • +10.3% B2I.NO (B2 Impact NOK9.42, +0.88) -- commercial update; CEO steps down

      • +10.0% NOTE.SS (NOTE SEK130.70, +11.90) -- Q3 earnings

      • +6.6% ASHM.LN (Ashmore Group £2.07, +0.13) -- Q1 AuM

      • +5.0% ALCOX.FP (Nicox €0.28, +0.01) -- update on cash runway and NCX470; sells Vyzulta royalty and agrees equity finacing

  • Notable Decliners

    • -59.0% OBD.LN (Oxford BioDynamics £0.02, -0.02) -- FY commercial update and outlook

    • -28.1% THRU.LN (Thruvision Group £0.12, -0.05) -- H1 trading update

    • -13.6% TNG.FP (Transgene €1.01, -0.16) -- Phase II study to evaluate TG4001 in combination with avelumab in patients with recurrent or metastatic HPV16-positive cervical and anogenital tumors did not meet primary objective

    • -8.9% ANORA.FH (Anora Group €3.77, -0.37) -- lowers FY comparable EBITDA guidance

    • -8.4% BOSN.SW (Bossard Holding CHF208.50, -19.00) -- Q3 sales

    • -8.0% ENT.LN (Entain £7.05, -0.62) -- UK Gov. potential tax increase on gambling sector

    • -7.2% RKH.LN (Rockhopper Exploration £0.13, -0.01) -- Ombrina Mare Insurance and disposal of Italian assets update

    • -6.1% VOE.AV (Voestalpine €19.39, -1.25) -- to transfer the strategic process initiated to reposition Buderus Edelstahl into a sales process

    • -6.0% FLTR.LN (Flutter Entertainment £174.30, -11.10) -- UK Gov. potential tax increase on gambling sector

    • -4.0% JST.GR (JOST Werke €40.60, -1.70) -- signs sale and purchase agreement to purchase all shares in Hyva III B.V.; purchased price ~ €362M

    • -3.4% KAMUX.FH (Kamux €3.71, -0.13) -- lowers outlook

    • -0.7% HLUN.B.DC (H. Lundbeck DKK48.20, -0.34) -- to acquire Longboard (LBPH) for $60.00/sh in cash

EU companies reporting tomorrow:

  • Earnings: LM Ericsson (ERIC.B.SS), OEM International (OEM.B.SS), TF Bank (TFBANK.SS), Magnora (MGN.NO), Telekom Austria (TKA.AV), Sulzer (SUN.SW), Bellway (BWY.LN), Bytes Technology Group (BYIT.LN), Prodware (ALPRO.FP),

  • Trading Update:

    • France: LVMH Moet Hennessy Louis Vuitton (MC.FP), Esker (ALESK.FP), Fnac Darty (FNAC.FP), Thermador Groupe (THEP.FP), Sidetrade (ALBFR.FP), Ekinops (EKI.FP), CATANA Group SA (CATG.FP)

    • Other: Salvatore Ferragamo (SFER.IM), DocMorris (DOCM.SW), Cicor Technologies (CICN.SW), Fastned (FAST.NA),

    • UK: Integrafin Holdings (IHP.LN), Reach (RCH.LN), Mitie (MTO.LN), Victorian Plumbing Group (VIC.LN)

  • Traffic: VINCI (DG.FP), Flughafen Wien (FLU.AV)

  • CMD/events: Heidelberg Pharma (HPHA.GR) R+D day

Data:

  • Economics:

    • Switzerland Sep PPI (1.3%) y/y vs cons (0.3%) and prior (1.2%); (0.1%) m/m vs cons +0.1% and prior +0.2%

    • Finland Sep CPI +0.8% y/y vs cons +1.3% and prior +1.2%; +0.3% m/m vs cons +0.3% and prior (0.5%)

  • Markets:

    • WTI Crude (Nov 24): ($1.56) or (2.06%) to $74.00

    • €-$ (0.0021) or (0.19%) to 1.0914

    • £-$ (0.0008) or (0.06%) to 1.3058

    • €-£ (0.0010) to 0.8359

    • S&P 500 +0.61%

    • Performance year-to-date

      • FTSE 100: +7.23%

      • DAX: +16.46%

      • CAC: +0.78%

      • MIB: +14.24%

      • Stoxx 600: +9.56%

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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