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StreetAccount Summary - EU Market Recap: FTSE 100 (0.48%) to 8318.24, DAX (1.00%) to 19461.19, CAC40 (1.01%) to 7536.23, STOXX 600 (0.66%) to 521.52

Oct 21 ,2024

  • Synopsis:

    • European equity markets lower, around session's worst levels. Oil & gas, healthcare best performers; real estate, consumer products & services, technology the main laggards. US equities are lower in midday trading. Treasuries weaker across the curve, near worst levels. Eurozone yields backing up with French 10-year approaching 3%. Dollar index up 0.3%. Gold up 0.2%. Bitcoin futures down 2.3%. WTI crude up 1.3% after falling ~9% last week.

    • Market sentiment weakness chalked up to pre-US election positioning as well as many European firms cutting outlook so far into Q3 compared with US peers. Little help from China cutting 1Y and 5Y loan prime rates (LPR) by 25 bp vs consensus 20 bp and 20-25 bp cut flagged by PBOC Governor Pan on Friday. Quiet macro calendar in Europe today with German Sept producer prices down 1.4%. Some ECB speak, with Vasle cautioning against assuming back-to-back cuts although Villeroy hinted at further easing. UK house sales up 29%. London financial job vacancies down 17% y/y. More press reports on upcoming UK budget as Reeves must raise tax revenues despite Labour's pre-election promises.

    • Light earnings releases with Forvia (FRVIA.FP) Q3 revenue ahead of expectations and group confirming previously lowered FY outlook. Icade (ICAD.FP) also reported with 9M total IFRS consolidated revenue €1.01B vs year-ago €1.02B and reaffirmed FY guidance. In the UK, Yellow Cake (YCA.LN) releases its quarterly operating update reporting spot price decreased by (4.4%) from $85.50/lb on 28-Jun-24 to $81.75/lb on 30-Sep-24. Midwich Group (MIDW.LN) expects FY adjusted operating profit to be significantly below the prior year.

    • In M&A headlines, Sanofi (SAN.FP) entered into exclusive negotiations with CD&R to sell a 50% controlling stake in Opella and updated FY guidance to exclude Opella. Further, JAB agrees to acquire Mondelez's (MDLZ) 86M shares in JDE Peet's (JDEP.NA); JAB has distributed shares of JDE Peet's to limited partners of JAB Consumer Partners. Eni (ENI.IM) hires banker to sell up-to-49% stake in Enibioch4in, according to Corriere della Sera report. DNB Bank (DNB.NO) acquires Carnegie Holding AB for a total consideration of SEK 12B. FirstGroup (FGP.LN) acquired coach company Anderson Travel.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas+0.65%, Health Care (0.26%), Food, Beverage and Tobacco (0.32%), Utilities (0.36%), Retail (0.39%), Financial Svcs (0.61%), Telecom (0.62%)

      • Underperformers:

        • Real Estate (1.90%), Consumer Products and Services (1.54%), Technology (1.13%), Insurance (1.12%), Banks (0.97%), Construct & Mtls (0.88%), Media (0.85%), Autos & Parts (0.82%), Chemicals (0.76%), Travel & Leisure (0.76%), Basic Resources (0.73%), Ind Goods & Svcs (0.69%)

    • Macro:

      • Central Banks:

        • BoE's Greene says cautious, gradual approach to policy is appropriate (FT )

        • ECB's Vasle cautions against assuming rapid rate cut trajectory despite recent back-to-back reductions (FT)

        • ECB's Villeroy predicts 2% inflation target reached by 2025, signals further rate cuts (Bloomberg)

        • ECB's Simkus and Kazaks signal further rate cuts as inflation trends lower (Bloomberg)

        • ECB's Kazimir says December's rate meeting Is wide open (Bloomberg )

      • Germany:

        • German producer prices fall more than expected in September, mainly due to lower energy prices (Reuters)

      • UK:

        • Employment reforms to cost firms up to £4.5B a year (Bloomberg )

    • Peripheral markets:

      • Italy:

        • Fitch late Friday maintained Italy's rating at BBB, but shifted to a positive outlook citing recent stronger fiscal performance and commitment to EU fiscal rules (Bloomberg)

        • Italian court derails Meloni's Albanian migrant plan, forcing government rethink (FT)

      • Moldova:

        • Sandu decries vote meddling after slim majority backs EU accession (Reuters )

    • Company news:

      • Notable Gainers

        • +27.7% XLM.LN (XLMedia £0.12, +0.03) -- divests North America business for up to $30.0M

        • +21.9% XBRANE.SS (Xbrane Biopharma SEK0.22, +0.04) -- update on ongoing out-licensing of XDIVANE and XB003

        • +16.9% JDEP.NA (JDE Peet's €22.16, +3.20) -- JAB agrees to acquire Mondelez's 86M shares in JDE Peet's; JAB has distributed shares of JDE Peet's to limited partners of JAB Consumer Partners; appoints Rafael Oliveira as CEO; company reaffirms its 2024 outlook

        • +15.5% RLF.SW (RELIEF THERAPEUTICS Holding CHF6.10, +0.82) -- receives notice of allowance for European patent covering RLF-TD011 for Epidermolysis Bullosa wound treatment

        • +10.2% YSN.GR (secunet Security Networks €105.60, +9.80) -- prelim 9M EBIT €17.6M vs year-ago €9.7M; raises FY revenue, reaffirms EBIT guidance

        • +9.9% NB2.GR (Northern Data €34.95, +3.15) -- to begin negotiations with interested parties regarding possible divestment of its cryptomining business Peak Mining

        • +6.4% FRVIA.FP (Forvia €8.47, +0.51) -- Q3 revenue €6.36B vs FactSet €6.22B [2 est, €6.17-6.28B]

        • +2.3% PRTC.LN (PureTech Health £1.54, +0.03) -- founded entity Seaport Therapeutics closes $225M oversubscribed series B financing round

        • +2.3% BOWL.LN (Hollywood Bowl Group £3.33, +0.08) -- FY Trading Update: revenue £230.4M vs FactSet £227.0M [4 est, £226.2-227.4M]

        • +1.7% ENQ.LN (EnQuest £0.11, -0.00) -- awarded DEWA Complex Cluster Small Field Asset PSC in Malaysia

        • +0.9% DNB.NO (DNB Bank NOK223.80, +1.90) -- acquires Carnegie Holding AB for a total consideration of SEK 12B

        • +0.6% NRDF.DC (Nordfyns Bank DKK348.00, +2.00) -- narrows FY pre-tax income guidance to between DKK110-130M vs prior DKK100-130M

        • +0.3% CLIG.LN (City of London Investment Group £3.78, +0.01) -- FuM $10.7B as at 30-Sep vs $10.2B as at 30-Jun

        • +0.3% FGP.LN (FirstGroup £1.40, -0.00) -- acquires coach company Anderson Travel

    • Notable Decliners

      • -20.1% RECSI.NO (REC Silicon NOK8.35, -2.10) -- operational update regarding qualification for shipment of ultra-high purity polysilicon

      • -17.8% BSL.GR (Basler €6.74, -1.46) -- prelim. 9M pretax income (€4.9M) vs year-ago (€16.1M); lowers FY guidance

      • -16.9% MIDW.LN (Midwich Group £2.66, -0.54) -- lowers FY outlook

      • -8.6% CTT.SS (CTT Systems SEK245.00, -23.00) -- prelim Q3 EBIT SEK15.0M vs FactSet SEK34M [1 est]; Lowers H2 revenue guidance

      • -4.6% ARYN.SW (Aryzta CHF1.61, -0.08) -- Q3 revenue €552.2M vs StreetAccount €571.8M; continues to target overall FY organic growth at lower end of guidance of low to mid-single digit

      • -2.8% OCDO.LN (Ocado Group £3.57, -0.10) -- Ocado Group seen potentially appointing Adam Warby as next chairman, succeeding Rick Haythornthwaite - Sky News

      • -2.7% AGY.LN (Allergy Therapeutics £0.05, -0.00) -- commences Phase III paediatric trial for Grass MATA MPL

      • -2.3% SAND.SS (Sandvik SEK212.70, -4.90) -- Q3 EPS SEK2.94 ex-items vs StreetAccount SEK3.09 (

      • -1.9% ICAD.FP (Icade €24.38, -0.48) -- 9M total IFRS consolidated revenue €1.01B vs year-ago €1.02B; reaffirms FY guidance, expects NCCF/share towards the top of the range

      • -1.9% TSTL.LN (Tristel £3.88, -0.08) -- prelim FY adj EPS 15.3p vs FactSet 12.4p [2 est, 11.1-13.7p]

      • -0.9% SAN.FP (Sanofi €99.94, -0.88) -- exclusive negotiations with CD&R to sell a 50% controlling stake in Opella; updates FY guidance to exclude Opella

      • -0.8% HSBA.LN (HSBC Holdings £6.75, -0.06) -- HSBC's French life insurer attracts BNP, BPCE interest -- Bloomberg, citing sources

      • -0.6% TREL.B.SS (Trelleborg SEK364.80, -2.20) -- acquires CRC Distribution

  • EU companies reporting tomorrow:

    • Earnings:

      • Benelux: Randstad (RAND.NA)

      • DACHs: Deutsche Borse (DB1.GR), Kuhne + Nagel International (KNIN.SW), Logitech International (LOGN.SW)

      • Finland: Purmo Group (PURMO.FH), Siili Solutions (SILLA.FH), eQ (EQV1V.FH), Innofactor (IFA1V.FH), Ponsse (PON1V.FH)

      • France: Verallia (VLRA.FP)

      • Norway: DNB Bank (DNB.NO), Gjensidige Forsikring (GJF.NO), Var Energi (VAR.NO), Atea (ATEA.NO), Tomra Systems (TOM.NO), Gigante Salmon (GIGA.NO)

      • Southern Europe: Enagas (ENG.SM)

      • Sweden: Saab (SAAB.B.SS), Tele2 (TEL2.B.SS), Boliden (BOL.SS), JM (JM.SS), Ratos (RATO.B.SS), Viaplay Group (VPLAY.B.SS), Munters Group (MTRS.SS), Fabege (FABG.SS), Lifco (LIFCO.B.SS), Bravida Holding (BRAV.SS), Inwido (INWI.SS), Wallenstam (WALL.B.SS), Probi (PROB.SS), Nederman Holding (NMAN.SS), BioGaia (BIOG.B.SS), Alleima (ALLEI.SS), Bulten (BULTEN.SS)

      • UK: Virgin Wines UK (VINO.LN)

    • Trading Update/ Sales:

      • DACHs: HUBER+SUHNER (HUBN.SW), flatexDEGIRO (FTK.GR)

      • France: L'Oreal (OR.FP), Vivendi (VIV.FP), Pierre & Vacances (VAC.FP), Eurofins Scientific (ERF.FP), Covivio (COV.FP), Tikehau Capital (TKO.FP), Haulotte Group (PIG.FP), Roche Bobois (RBO.FP), ID Logistics Group (IDL.FP), Interparfums (ITP.FP)

      • UK: InterContinental Hotels Group (IHG.LN), Gear4music (Holdings) (G4M.LN), Hargreaves Lansdown (HL.LN), Petra Diamonds (PDL.LN)

    • CMD/Events: EQT (EQT.SS), Tecan Group (TECN.SW), Faron Pharmaceuticals (FARN.LN)

Data:

  • Economics:

    • Germany Sep PPI (1.4%) y/y vs cons (0.8%) and prior (0.8%); (0.5%) m/m vs cons (0.2%) and prior +0.2%

  • Markets:

    • WTI Crude (Nov 24): +$0.84 or +1.21% to $70.06

    • €-$ (0.0042) or (0.39%) to 1.0824

    • £-$ (0.0061) or (0.47%) to 1.2984

    • €-£ +0.0005 to 0.8337

    • S&P 500 (0.65%)

    • Performance year-to-date

      • FTSE 100: +7.56%

      • DAX: +16.17%

      • CAC: (0.09%)

      • MIB: +15.21%

      • Stoxx 600: +8.88%

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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