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StreetAccount Summary - EU Market Recap: FTSE 100 +0.45% to 8285.62, DAX +0.35% to 19531.62, CAC40 +0.79% to 7556.94, STOXX 600 +0.41% to 520.95

Oct 28 ,2024

  • Synopsis:

    • European equity market closed mixed to higher. Media, Construction/Materials and Travel/Leisure lead; Energy and Healthcare lag. Follows last week's negative performance. Sweden +1.2% and Finland +0.9% lead outperformers, whilst Denmark (1.0%) and Portugal (0.9%) lead underperformers.

    • Attention on geopolitics after weekend airstrikes by Israel against Iran. Oil under pressure after Israel did not target Iran's oil or nuclear facilities. Iran's downplaying of the attacks also indicated no intention to respond, tamping down concerns of tit-for-tat escalation. Meanwhile, Japan national election on Sunday saw LDP/Komeito coalition lose its lower house majority. Outcome introduces fresh political uncertainty around whether coalition will seek support of new partners or govern as minority.

    • Quiet macro calendar to start the week. UK press dominated by pre-budget analysis and comments from PM Starmer preparing country for tax rises, though recent attention has also focused on new fiscal rule to boost investment spending. Update from Lloyds Bank showed business confidence fell to four-month low in October ahead of budget. Signs also that London job market lagging rest of country. Meanwhile, Dutch central bank chief Knot urged European governments to get finances in order at a G30 event on the weekend.

    • On the reporting front, shares in Phillips (PHIA.NA) are sliding more than (15%) at the open after its quarterly update and adjusting its China guidance, with Galp Energia (GALP.PL), Wacker Chemie WCH.GR), TRATON (8TRA.GR), Royal KPN (KPN.NA) and BAWAG Group (BG.AV) among few other names also issuing Q3 numbers. Of note, local German press reported that Volkswagen (VOW.GR) board has proposed measures for restructuring core VW brand, including significant wage cuts and possible plant closures.

    • In M&A news, Brookfield has delayed its takeover bid for Grifols (GRF.SM) again due to financing issues; CEO Georges Elhedery is not looking to break HSBC (HSBA.LN); Enel (ENEL.IM) is in talks to buy 80% of Australia's Bright Energy Investments for €490M and BT Plc (BT.A.LN) is considering selling the its Radianz unit.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 28-Oct to 01-Nov attached), in another relative busy day for company earnings, ASM International (ASM.NA), Novartis (NOVN.SW), Straumann (STMN.SW), Clariant (CLN.SW), Idorsia Ltd. (IDIA.SW), adidas (ADS.GR), Covestro (1COV.GR), Deutsche Lufthansa (LHA.GR), HelloFresh (HFG.GR), Jyske Bank (JYSK.DC),UPM-Kymmene (UPM.FH), Fortum (FORTUM.FH), Banco Santander (SAN.SM), Ferrovial (FER.SM), HSBC (HSBA.LN), BP (BP.LN), C&C Group (CCR.LN), and Compagnie de Saint-Gobain (SGO.FP) will be among other names to update investors, whilst the macro-calendar releases will include: Germany Nov consumer confidence - GfK, Sweden Q3 preliminary GDP, Sep retail sales, UK Sep mortgage approvals, M4 money supply, Oct shop price index - BRC, Belgium Q3 preliminary GDP, Ireland Q3 preliminary GDP, Sep retail sales, Portugal Sep retail sales

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Construct & Mtls +1.99%, Media +1.41%, Insurance +0.93%, Banks +0.82%, Financial Svcs +0.81%, Consumer Products and Services +0.77%, Real Estate +0.76%, Travel & Leisure +0.73%, Personal Care Drug and Grocery Stores +0.68%, Basic Resources +0.56%, Utilities +0.55%, Chemicals +0.50%,

      • Underperformers:

        • Energy(1.32%), Health Care (0.34%), Autos & Parts (0.04%), Technology +0.18%, Retail +0.28%, Food, Beverage and Tobacco +0.36%, Telecom +0.39%,

    • Macro/Peripheral markets:

      • Geopolitics

        • NATO chief confirms North Korean troops are in Russia's Kursk - Reuters

        • No new limits on Ukraine's use of US weapons if N.Korea enters fight, Pentagon says - Reuters

        • Ceasefire talks not likely to advance until after US elections - Baha

        • Oil sinks by 6% as Iran's sector remains operable - Baha

      • Central banks

        • ECB Communications Are Getting Messy as Rate Cuts Advance - Bloomberg

      • EU

        • EU to spend €900M on expanding critical technologies - Politico

      • UK

        • Starmer says Budget will include tax rises to prevent austerity - BBC, Bloomberg

        • Reeves to hand workers pay rises of more than triple rate of inflation - The Telegraph

        • Bond market braced for rise in UK debt issuance to £300bn this year - FT

      • France

        • French government announces more than €5B in additional spending cuts - Politico

      • Germany

        • Exporter sentiment deteriorates for the fifth month in a row - Handelsblatt

        • Survey points to entry opportunity in the German benchmark index - Handelsblatt

        • Germany to Cut Some Solar Farms Off Subsidies Amid Oversupply - Bloomberg

      • Norway

        • Norway to buy U.S. air defence missiles for more than $360 mln - Reuters

      • Georgia

        • Georgian president calls for protests, West seeks probe into reported vote violations - Reuters

      • Lithuania

        • Lithuania election winner pledges at least 3.5% of GDP for defence - Reuters

    • Company news:

      • Trading Higher:

        • +41.0% BAN.IM (BasicNet €5.40, +1.57) -- Permira agrees to acquire an ~40% stake in K-Way

        • +10.7% BALCO.SS (Balco Group SEK44.65, +4.30) -- Q3 earnings

        • +9.5% BIOPOR.DC (BioPorto DKK2.10, +0.18) -- Enters Global Distribution Partnership with Beckman Coulter for Acute Kidney Injury NGAL Tests

        • +8.9% SIGHT.FP (GenSight Biologics €0.33, +0.03) -- paper publication on ND4-LHON patients treated with LUMEVOQ gene therapy

        • +7.4% SOON.SW (Sonova Holding CHF335.40, +23.20) -- analysts see re-entry to Costco as helpful for sentiment

        • +7.1% ECNL.IM (Aquafil €2.04, +0.14) -- Q3 earnings

        • +6.6% AFRY.SS (AFRY AB SEK167.90, +10.40) -- Handelsbanken upgrade

        • +5.2% BG.AV (BAWAG Group €71.95, +3.55) -- Q3 earnings

        • +4.8% OPM.FP (OPmobility €9.42, +0.43) -- Q3 revenue

        • +4.4% PEAB.B.SS (Peab SEK81.30, +3.45) -- DnB Markets upgrade

        • +3.4% DIGIA.FH (Digia €6.12, +0.20) -- Inderes upgrade

        • +3.2% TGYM.IM (Technogym €9.94, +0.31) -- Intesa Sanpaolo upgrade

        • +2.2% VIE.FP (Veolia Environnement €29.76, +0.65) -- initiated outperform at RBC Capital Markets

        • +2.2% ELISA.FH (Elisa Oyj €44.58, +0.94) -- Morgan Stanley upgrade

        • +1.6% MAIRE.IM (MAIRE €6.70, +0.11) -- reaffirms FY guidance

      • Trading Lower:

        • -22.2% GAM.SW (Gam Holding CHF0.17, -0.05) -- announces terms of its CHF100M rights offering

        • -17.9% STB.LN (Secure Trust Bank £6.42, -1.40) -- assessing the potential impact of the Court of Appeal decisions relating to motor commission arrangements, as well as any broader implications

        • -17.0% KMK.LN (Kromek Group £0.06, -0.01) -- FY eanrings; agrees to an additional £4.9M secured term loan with Polymer N2 Ltd

        • -16.9% PHIA.NA (Koninklijke Philips €24.51, -4.97) -- Q3 earnings; revises FY24 outlook to reflect deteriorated demand in China

        • -11.7% BORR.NO (Borr Drilling NOK46.40, -6.15) -- prelim Q3 earnings

        • -10.3% BVXP.LN (Bioventix £32.50, -3.75) -- FY earnings

        • -9.0% OMASP.FH (Oma Savings Bank €12.48, -1.24) -- Q3 earnings

        • -4.8% GALP.PL (Galp Energia SGPS €15.81, -0.80) -- Q3 earnings

        • -4.0% BOUL.SS (Boule Diagnostics SEK7.16, -0.30) -- Pareto upgrade

        • -3.4% 8TRA.GR (TRATON €30.10, -1.05) -- Q3 revenue

        • -3.1% NANO.LN (Nanoco Group £0.12, -0.00) -- receives General Meeting requisition notice from Milkwood Fund

        • -2.6% CONSTI.FH (Consti €11.05, -0.30) -- Inderes downgrade

        • -2.4% GRF.SM (Grifols €10.00, -0.24) -- Brookfield delays its takeover bid for Grifols again due to financing issues - El Confidencial

        • -1.8% VID.LN (Videndum £2.78, -0.05) -- management changes

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASM International (ASM.NA)

        • DACHs: Novartis (NOVN.SW), Straumann (STMN.SW), Clariant (CLN.SW), Idorsia Ltd. (IDIA.SW), adidas (ADS.GR), Covestro (1COV.GR), Deutsche Lufthansa (LHA.GR), HelloFresh (HFG.GR), Dragerwerk & Co. (DRW8.GR), SYZYGY (SYZ.GR) and OMV (OMV.AV)

        • Denmark: Jyske Bank (JYSK.DC), NTG Nordic Transport Group (NTG.DC), Tivoli (TIV.DC)

        • Finland: UPM-Kymmene (UPM.FH), Fortum (FORTUM.FH), Wartsila (WRT1V.FH), Orion (ORNBV.FH), Nokian Renkaat (TYRES.FH), Enento (ENENTO.FH), Aspo (ASPO.FH), Finnair (FIA1S.FH)

        • France: Metropole Television (MMT.FP)

        • Norway: Orkla (ORK.NO)

        • Southern Europe: Banco Santander (SAN.SM), Ferrovial (FER.SM), Davide Campari-Milano (CPR.IM), Mapfre (MAP.SM), CIE Automotive (CIE.SM), ENCE Energia y Celulosa (ENC.SM), Lottomatica (LTMC.IM)

        • Sweden: Loomis (LOOMIS.SS), engcon (ENGCON.B.SS), Troax (TROAX.SS), Alimak (ALIG.SS), ITAB Shop Concept (ITAB.SS), Storytel (STORY.B.SS), VNV Global (VNV.SS), Hanza (HANZA.SS), Micro Systemation (MSAB.B.SS)

        • UK: HSBC (HSBA.LN), BP (BP.LN), C&C Group (CCR.LN), YouGov (YOU.LN), Ultimate Products (ULTP.LN)

      • Trading Update: Compagnie de Saint-Gobain (SGO.FP), Eutelsat Communications (ETL.FP), Seche Environnement (SCHP.FP), SMCP (SMCP.FP), Moncler (MONC.IM), Pearson (PSON.LN), Hargreaves Lansdown (HL.LN), CECONOMY (CEC.GR), Grammer (GMM.GR), Corbion (CRBN.NA), Detection Technology (DETEC.FH), SIG Group (SIGN.SW)

  • Data:

    • Economics:

      • Spain Sep Retail Sales +4.1% y/y vs consensus +1.5% and prior revised +2.4% from +2.3%

      • Sweden Sep Trade Balance SEK0.8B vs consensus SEK3.2B and prior revised (SEK6.5B) from (SEK5.3B)

      • UK Oct CBI Distributive Trades (6) vs consensus (9) and prior 4

    • Markets:

      • WTI Crude (Dec 24): ($3.92) or (5.46%) to $67.86

      • €-$ +0.0025 or +0.23% to 1.0818

      • £-$ +0.0012 or +0.09% to 1.2981

      • €-£ +0.0005 to 0.8333

      • S&P 500 +0.31%

      • Performance year-to-date

        • FTSE 100: +7.14%

        • DAX: +16.60%

        • CAC: +0.18%

        • MIB: +15.40%

        • Stoxx 600: +8.76%

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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