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StreetAccount Summary - EU Market Recap: FTSE 100 (0.58%) to 8258.64, DAX (0.23%) to 19377.62, CAC40 (0.50%) to 7497.48, STOXX 600 (0.30%) to 518.84

Oct 23 ,2024

  • Synopsis:

    • European equity markets closed in negative territory, off earlier highs. Spain +0.3% and Sweden +0.4% bucked the lower trend. Follows mostly lower performance on Monday and Tuesday. Utilities, Autos & Parts and Media were the best performers. Basic Resources, Financials and Chemicals the main laggards.

    • Focus on source reports that ECB policymakers seeing risk of inflation undershoot, commencing debate on where neutral level may be. In the UK, BoE hawk Greene downplayed benign September inflation print. In broader political news, Trump filed legal complaint with US's federal election authority, against UK Labour Party citing illegal campaign contributions to aid Harris. The UK also reportedly initiating review into UKs privatized water industry. German Chancellor Scholz leading German delegation to India seeking economic diversification from China.

    • In macro, Eurozone Oct Flash Consumer Confidence (12.5) vs consensus (12.0) and prior (12.9).

    • A busy day for earnings saw L'Oreal (OR.FP) reporting Q3 revenue yesterday after the close, falling short of expectations with the group citing low consumer confidence in China. In the banking and financial services sector, Deutsche Bank (DBK.GR), Deutsche Börse (DB1.GR), Swedbank (SWED.A.SS), Svenska Handelsbanken (SHB.A.SS), and Lloyds Banking Group (LLOY.LN) reported Q3 earnings. In the healthcare industry, heavyweight Roche Holding (ROG.SW) and Ipsen (IPN.FP) reported Q3 revenue exceeding expectations. In the autos and transportation sector, Kuehne & Nagel (KNIN.SW), DSV (DSV.DC) and Volvo Car (VOLCAR.B.SS) issued Q3 earnings, with the latter lowering its FY24 guidance aligning with the current consensus.

    • In the chemical industry, Akzo Nobel (AKZA.NA) and Air Liquide (AI.FP) issued Q3 updates with numbers below expectations. In the aerospace and defense sector, Thales (HO.FP) reported 9M revenue and orders, surpassing expectations. For the basic resources sector, SSAB (SSAB.A.SS), Hochschild Mining (HOC.LN), and Fresnillo (FRES.LN) updated investors with their Q3 updates. Additionally, Spanish energy heavyweight Iberdrola (IBE.SM) reported strong Q3 earnings and provided guidance on FY net income. Other major companies reporting today featured Heineken (HEIA.NA), Assa Abloy (ASSA.B.SS), Reckitt Benckiser (RKT.LN), and WPP Group (WPP.LN).

    • On the M&A front, Frasers Group (FRAS.LN) confirmed it does not intend to make an offer for Mulberry (MUL.LN) after the Mulberry board announced yesterday, it considered Frasers' possible 150p/share offer untenable.

    • A heavy earnings day awaits tomorrow with updates from Hermes (RMS.FP), Unilever (ULVR.LN), RELX (REL.LN), London Stock Exchange Group (LSEG.LN), Equinor (EQNR.NO), VINCI (DG.FP), Dassault Systemes (DSY.FP), Barclays (BARC.LN), Danone (BN.FP), Beiersdorf (BEI.GR), SEB (SEB.A.SS), Kone (KNEBV.FH) and Orange (ORA.FP).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +0.43%, Autos & Parts +0.32%, Media +0.23%, Health Care +0.08%, Telecom +0.04%, Real Estate +0.03%, Travel & Leisure +0.03%, Food, Beverage and Tobacco (0.19%), Banks (0.22%), Personal Care Drug and Grocery Stores (0.25%)

      • Underperformers:

        • Basic Resources (1.20%), Financial Svcs (1.08%), Chemicals (0.88%), Energy(0.84%), Construct & Mtls (0.73%), Retail (0.58%), Insurance (0.49%), Ind Goods & Svcs (0.48%), Consumer Products and Services (0.42%)

    • Macro:

      • Central Banks:

        • ECB policymakers shift focus to undershooting inflation risk, signaling further rate cuts - Reuters, Reuters

        • ECB policymakers debate cutting rates below neutral as economic outlook worsens - Reuters

        • BoE hawk Greene reiterated preference for gradual policy easing despite September inflation decline - Reuters

      • EU:

        • EU urges BRICS countries to tell Putin to end Ukraine war - Reuters

      • UK:

        • UK to launch independent review of struggling water utility sector citing years of under-investment and pollution scandals - Reuters, Bloomberg

      • Germany:

        • Scholz leads German delegation to India seeking economic diversification from China - Reuters

    • Company news:

      • Notable Gainers

        • +36.5% DBV.FP (DBV Technologies €0.99, +0.26) -- positive regulatory updates for Viaskin Peanut Patch in U.S. and Europe; provides financial update & outlook

        • +15.3% THULE.SS (Thule Group SEK347.20, +46.00) -- earnings

        • +14.5% SF.SS (Stillfront Group SEK7.35, +0.93) -- resolves to exercise its authorisation to acquire own shares; earnings

        • +10.3% VRLA.FP (Verallia €28.20, +2.64) -- earnings

        • +8.9% CGCBV.FH (Cargotec €54.00, +4.43) -- earnings

        • +8.7% EVT.GR (Evotec €6.46, +0.52) -- $50M payment from Bristol Myers Squibb (BMY) on expanding proteomics partnership

        • +8.0% SHB.A.SS (Svenska Handelsbanken SEK111.90, +8.25) -- earnings

        • +7.3% ATEA.NO (Atea NOK147.60, +10.00) -- earnings

        • +5.8% SECARE.SS (Swedencare SEK42.50, +2.34) -- earnings

        • +5.8% UPG.BB (Unifiedpost Group €4.02, +0.22) -- CEO Hans Leybaert will transition to Chairman; Nicolas de Beco appointed as new CEO, effective 1-Dec

        • +5.7% BERG.B.SS (Bergman & Beving SEK326.00, +17.50) -- earnings

        • +5.7% WPP.LN (WPP Group £8.17, +0.44) -- trading update

        • +5.0% SWED.A.SS (Swedbank SEK218.00, +10.30) -- earnings

        • +4.4% FRAN.LN (Franchise Brands £1.65, +0.07) -- new CEO appointment

        • +4.4% RILBA.DC (Ringkjøbing Landbobank DKK1,119.00, +47.00) -- earnings

        • +4.1% RKT.LN (Reckitt Benckiser £49.60, +1.97) -- sales

        • +3.8% ACTI.SS (Active Biotech SEK0.30, +0.01) -- granted patent application for eye drop formulation of laquinimod by European Patent Office (EPO)

        • +3.7% STB.NO (Storebrand NOK125.50, +4.50) -- earnings

        • +3.7% HUM.SS (Humana AB SEK36.80, +1.30) -- earnings

        • +3.7% WITH.FH (WithSecure €0.85, +0.03) -- €15.5M impairment related to Cyber security consulting business; earnings

        • +3.5% VERK.FH (Verkkokauppa.com €1.71, +0.06) -- completes change negotiations

        • +3.3% ATRAV.FH (Atria €10.80, +0.35) -- earnings

        • +3.3% HUSQ.B.SS (Husqvarna SEK69.36, +2.20) -- further cost reductions and profitability initiatives; earnings

        • +2.7% CDA.FP (Compagnie des Alpes €14.32, +0.38) -- sales

        • +2.6% BILI.A.SS (Bilia SEK122.80, +3.10) -- earnings

        • +2.4% HEIA.NA (Heineken €78.86, +1.88) -- beer volume

        • +2.3% BTRW.LN (Barratt Redrow £4.84, +0.11) -- trading & integration update

      • Notable Decliners

        • -15.8% CRAD.B.SS (C-RAD SEK30.80, -5.80) -- earnings

        • -13.9% VBG.B.SS (VBG Group SEK305.50, -49.50) -- earnings

        • -13.0% UBXN.SW (u-blox Holding CHF69.40, -10.40) -- earnings

        • -11.3% ALIF.B.SS (AddLife SEK142.10, -18.10) -- earnings

        • -10.3% PLNW.FP (Planisware €23.61, -2.73) -- sales

        • -10.0% INTRUM.SS (Intrum SEK37.10, -4.11) -- earnings

        • -9.8% SVIK.SS (Studsvik SEK125.00, -13.60) -- earnings

        • -9.3% ISOFOL.SS (Isofol Medical SEK3.61, -0.37) -- Late Breaking Abstract concerning arfolitixorin will be presented at ENA 2024 today

        • -9.0% MAGI.SS (MAG Interactive SEK7.68, -0.76) -- earnings

        • -7.2% JM.SS (JM SEK176.10, -13.60) -- SEB downgrade

        • -5.9% BIOT.SS (Biotage SEK169.30, -10.60) -- earnings

        • -5.6% EWRK.SS (Ework Group SEK132.00, -7.80) -- earnings

        • -4.9% FTK.GR (flatexDEGIRO €14.12, -0.72) -- earnings

        • -4.3% MUL.LN (Mulberry Group £1.10, -0.05) -- Frasers Group confirms it does not intend to make an offer for Mulberry

        • -3.6% RROS.SS (Rottneros SEK9.76, -0.36) -- earnings

        • -3.6% AKZA.NA (Akzo Nobel €60.84, -2.26) -- earnings

        • -3.3% RIEN.SW (Rieter Holding CHF98.20, -3.40) -- earnings

        • -3.1% KEMPOWR.FH (Kempower €10.35, -0.33) -- SEB downgrade

        • -2.7% TIT.IM (Telecom Italia €0.24, -0.01) -- Guardia di Finanza executed a search warrant at the office of one of its managers

        • -2.6% OR.FP (L'Oreal €357.75, -9.50) -- earnings

        • -2.3% BOL.SS (Boliden SEK333.10, -7.90) -- UBS downgrade

        • -2.1% DNB.NO (DNB Bank NOK231.50, -5.00) -- Arctic Securities, Danske Bank, Kepler Cheuvreux downgrades

        • -2.1% DB1.GR (Deutsche Börse €212.50, -4.60) -- earnings

        • -2.1% CENER.BB (Cenergy Holdings €8.65, -0.19) -- multi-year framework agreement

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: BE Semiconductor Industries (BESI.NA), Pharming Group (PHARM.NA), Ontex Group (ONTEX.BB)

        • DACHs: Villeroy & Boch (VIB.GR), MTU Aero Engines (MTX.GR), TAKKT (TTK.GR), Siltronic (WAF.GR), Amadeus FiRe (AAD.GR), LPKF Laser & Electronics (LPK.GR), Inficon Holding (IFCN.SW)

        • Denmark: Skjern Bank (SKJE.DC)

        • Finland: Kone (KNEBV.FH), Stora Enso (STERV.FH), Neste (NESTE.FH), TietoEVRY (TIETO.FH), Metso Outotec (METSO.FH), Fiskars (FSKRS.FH), SSH Communications Security (SSH1V.FH), Lehto Group (LEHTO.FH), Verkkokauppa.com (VERK.FH), F-Secure (FSECURE.FH), Solteq (SOLTEQ.FH), Huhtamaki (HUH1V.FH), Vaisala (VAIAS.FH), Lamor Corporation (LAMOR.FH), Gofore (GOFORE.FH), Robit (ROBIT.FH), Metsa Board (METSB.FH)

        • France: Orange (ORA.FP), Sodexo (SW.FP), Dassault Systemes (DSY.FP)

        • Iceland: Fly Play (PLAY.IR)

        • Norway: Equinor (EQNR.NO), Norsk Hydro (NHY.NO), Kongsberg Gruppen (KOG.NO), Protector Forsikring (PROT.NO), TGS (TGS.NO), Zalaris (ZAL.NO), Carasent (CAEA.NO), Hoegh Autoliners (HAUTO.NO), Sparebanken MOre (MORG.NO), Medistim (MEDI.NO), Elkem (ELK.NO), Nordic Semiconductor (NOD.NO), Otovo (OTOVO.NO), Airthings (AIRX.NO), Pareto Bank (PARB.NO)

        • Southern Europe: MAIRE (MAIRE.IM), Italgas (IG.IM), The Navigator Co. (NVG.PL), ATRESMEDIA (A3M.SM), Bankinter (BKT.SM)

        • Sweden: Skandinaviska Enskilda Banken (SEB.A.SS), Swedish Orphan Biovitrum (SOBI.SS), Trelleborg (TREL.B.SS), Essity (ESSITY.B.SS), Axfood (AXFO.SS), Telia Co. (TELIA.SS), Holmen (HOLM.B.SS), Pandox (PNDX.A.SS), Arcoma (ARCOMA.SS), Lammhults Design Group (LAMM.B.SS), Traction (TRAC.B.SS), Linc (LINC.SS), Nolato (NOLA.B.SS), Minesto (MINEST.SS), Softronic (SOF.B.SS), Dedicare (DEDI.SS), Billerud (BILL.SS), BHG Group (BHG.SS), Sedana Medical (SEDANA.SS), Kjell Group (KJELL.SS), CellaVision (CEVI.SS), Granges (GRNG.SS), Mips (MIPS.SS), Modern Times Group MTG (MTG.B.SS), Coor Service Management Holding (COOR.SS), Betsson (BETS.B.SS), Resurs Holding (RESURS.SS), Xvivo Perfusion (XVIVO.SS), Addnode Group (ANOD.B.SS), Evolution (EVO.SS), Bonava (BONAV.B.SS), Bufab (BUFAB.SS), Alfa Laval (ALFA.SS), Wihlborgs Fastigheter (WIHL.SS), Lindab International (LIAB.SS), Vimian Group (VAMIAN.SS), Duni (DUNI.SS), ADDvise Group (ADDV.B.SS), Momentum Group (MMGR.B.SS), Alligo (ALLIGO.B.SS), Vitrolife (VITR.SS), Mycronic (MYCR.SS), Bactiguard Holding (BACTI.B.SS), BONESUPPORT HOLDING (BONEX.SS), Orexo (ORX.SS), Cint (CINT.SS), Hemnet Group (HEM.SS), Attendo (ATT.SS), Corem Property Group (CORE.B.SS), Nordic Waterproofing Holding (NWG.SS), Alligator Bioscience (ATORX.SS), Fractal Gaming Group (FACTL.SS), Embellence Group (EMBELL.SS), Xbrane Biopharma (XBRANE.SS), Pricer (PRIC.B.SS), Seamless Distribution Systems (SDS.SS), AAK (AAK.SS), Fortnox (FNOX.SS), Beijer Ref (BEIJ.B.SS), I.A.R. Systems Group (IAR.B.SS), Rejlers (REJL.B.SS), CDON (CDON.SS), Eastnine (EAST.SS), INVISIO (IVSO.SS), Addtech (ADDT.B.SS), AcadeMedia (ACAD.SS)

        • UK: Barclays (BARC.LN), X5 Retail Group (FIVE.LN), Softcat (SCT.LN), Bloomsbury Publishing (BMY.LN)

      • Trading Update/Sales:

        • Benelux: Unibail-Rodamco-Westfield (URW.NA), Vastned Retail (VASTN.NA), Ebusco Holding (EBUS.NA), MotorK (MTRK.NA), Azelis Group (AZE.BB), Kinepolis Group (KIN.BB)

        • DACHs: Galderma Group (GLAD.SW), Bucher Industries (BUCH.SW), Galenica (GALE.SW), Lonza Holding (LONN.SW), Beiersdorf (BEI.GR), Symrise (SY1.GR)

        • Finland: SSH Communications Security (SSH1V.FH), Vincit (VINCIT.FH)

        • France: Renault (RNO.FP), Hermes (RMS.FP), Danone (BN.FP), Wendel (MF.FP), Eramet (ERA.FP), Valeo (FR.FP), Atos (ATO.FP), SEB (SK.FP), VINCI (DG.FP), Aeroport de Paris (ADP.FP), Mercialys (MERY.FP), Tarkett (TKTT.FP), Ipsen (IPN.FP), LISI (FII.FP), Guerbet (GBT.FP), Manitou BF (MTU.FP), Berkem (ALKEM.FP), Balyo (BALYO.FP), Cegedim (CGM.FP), Ipsos (IPS.FP), Edenred (EDEN.FP), Visiativ (ALVIV.FP), Nexity (NXI.FP), Vantiva (VANTI.FP), Gensight Biologics (SIGHT.FP), Savencia (SAVE.FP), Maisons du Monde (MDM.FP), Sword Group (SWP.FP), Marie Brizard Wine & Spirits (MBWS.FP), Assystem (ASY.FP), Alten (ATE.FP), Mauna Kea Technologies (ALMKT.FP), NHOA (NHOA.FP),

        • Southern Europe: GR Sarantis (SAR.GA), Metlen Energy & Metals (MYTIL.GA)

        • UK/Ireland: Unilever (ULVR.LN), Anglo American (AAL.LN), London Stock Exchange Group (LSEG.LN), Essentra (ESNT.LN), RELX (REL.LN), Foxtons Group (FOXT.LN), International Personal Finance (IPF.LN), Inchcape (INCH.LN), Hunting (HTG.LN), W.A.G. Payment Solutions (WPS.LN), Luceco (LUCE.LN), Dunelm Group (DNLM.LN), Renishaw (RSW.LN), Travis Perkins (TPK.LN), abrdn (ABDN.LN), Kerry Group (KRX.ID)

  • Data:

    • Economics:

      • Eurozone Oct Flash Consumer Confidence (12.5) vs consensus (12.0) and prior (12.9)

    • Markets:

      • WTI Crude (Dec 24): ($1.12) or (1.56%) to $70.62

      • €-$ (0.0018) or (0.17%) to 1.0783

      • £-$ (0.0044) or (0.34%) to 1.2942

      • €-£ +0.0011 to 0.8331

      • S&P 500 (0.68%)

      • Performance year-to-date:

        • FTSE 100: +6.79%

        • DAX: +15.68%

        • CAC: (0.61%)

        • MIB: +14.32%

        • Stoxx 600: +8.32%

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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