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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: StreetAccount Summary - EU Market Recap: FTSE 100 (0.80%) to 8219.61, DAX (0.27%) to 19478.07, CAC40 (0.61%) to 7511.11, STOXX 600 (0.57%) to 517.99

Oct 29 ,2024

  • Synopsis:

    • European ended lower. Follows positive close on Monday. Basic Resources and Banks relative best performers; Travel/Leisure, Autos, and Energy the biggest decliners.

    • On the macro front, German GfK consumer confidence hit highest level since April 2022 with GfK index rising more than expected to (18.3) from (21.0) while Germany's DIHK cut its growth forecast. In UK, BoE mortgage approval data came in ahead of estimate 65.65K vs consensus 64.9K and prior revised 64.96K from 64.86K, which suggests upside momentum for housing market. Also, Sep M4 Money Supply grows faster than expected +0.6% m/m vs consensus +0.1% and prior (0.1%). Elsewhere, update from BRC show UK shop prices at lowest level in three years. Might indicate that UK headline inflation will remain below BoE's 2% target. Reuters poll showed majority of economists expect a BoE cut in Nov, but unchanged policy in Dec.

    • Focus on EU decision to adopt extra tariffs of up to 35.3% on China EVs. However, measure may not be definitive. Europe and China continue negotiations, reportedly exploring possible minimum price commitments from Chinese producers or investments in Europe.

    • Another busy day for earnings updates; out of DACHs, Novartis (NOVN.SW) Q3 numbers beat and group also raised FY guidance. Covestro (1COV.GR) posted Q3 EBITDA and revenue miss and narrowed FY guidance. Deutsche Lufthansa (LHA.GR) Q3 net income beat; revenue, FCF missed; confirmed FY adj EBIT guidance. Adidas (ADS.GR), Drägerwerk (DRW3.GR), HelloFresh Group (HFG.GR) reported Q3 earnings in line with preliminary releases. In the UK, HSBC Holdings (HSBA.LN) posted Q3 revenue and pretax income beat, while NII missed; group reiterated FY guidance and announced $3B share buyback. BP (BP.LN) reported Q3 underlying RC net profit and PBT ahead of consensus; intends to execute a $1.75B share buyback. Hargreaves Lansdown (HL.LN) issued Q1 trading statement with revenue at £196.5M, +7% vs year-ago £183.8M and AUA at quarter end at £157.3B. Pearson (PSON.LN) saw Q3 underlying group sales growth up +5% and confirmed FY guidance. In Spain, Banco Santander (SAN.SM) reported better-than-expected Q3 underlying net income and underlying PBT. Acerinox (ACX.SM) also reported Q3 and added it expected weakness of the demand for stainless steel to continue for Q4. In Nordics, Loomis (LOOMIS.SS), Orkla (ORK.NO), UPM-Kymmene (UPM.FH), Fortum (FORTUM.FH) were among some of the notable companies to update investors with their latest numbers.

    • In M&A headlines, media report Nexans (NEX.FP) rejected takeover bid from American investment fund CD&R. Further in the press, CNMC may need to launch extended review of BBVA's (BBVA.SM) bid for Sabadell (SAB.SM). Vertu Motors (VTU.LN) acquires Burrows Motor Company Limited for £12.5M. Everfuel (EFUEL.NO) announced results of recommended voluntary cash offer of NOK 13/sh by Faro BidCo ApS with 90.5% acceptance received.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Eurozone Q3 preliminary GDP, Oct economic sentiment, Germany Q3 preliminary GDP, Oct preliminary CPI, unemployment change, France Q3 preliminary GDP, Sep consumer spending, Italy Q3 preliminary GDP, Sep PPI, and Spain Q3 preliminary GDP, Oct preliminary CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Basic Resources +0.54%, Banks +0.30%, Technology +0.15%, Media (0.05%), Consumer Products and Services (0.09%), Telecom (0.18%), Financial Svcs (0.36%)

      • Underperformers

        • Travel & Leisure (1.54%), Autos & Parts (1.32%), Oil&Gas(1.23%), Food, Beverage and Tobacco (1.14%), Utilities (1.12%), Health Care (1.04%), Chemicals (0.96%), Retail (0.96%), Real Estate (0.85%), Ind Goods & Svcs (0.69%), Personal Care Drug and Grocery Stores (0.62%), Construct & Mtls (0.61%)

    • Macro:

      • EU:

        • China won't like the sound of EU commissioner hearings. Here's why. -- Politico

      • UK:

        • PM Keir Starmer suffers historic drop in approval ratings - Politico

        • UK budget to push gilt issuance towards 300B pounds, dealers say -- Reuters

      • Germany:

        • Germany 'to lose 190,000 jobs' in electric car switch -- Telegraph

        • German Ruling Coalition Seems to Have Already Quietly Quit -- Bloomberg

      • France:

        • French minister to confront China over 'unacceptable' retaliatory tariffs in Shanghai -- Politico

      • Italy:

        • Italy Shifts €4.6B Earmarked for Auto Sector to Defense -- Bloomberg

      • Sweden:

        • Government submits bill to the Riksdag giving the FSA and the Riksbank new tools to strengthen digital resilience in the financial sector -- Regeringen

    • Company news:

      • Notable Gainers

        • +15.6% YOU.LN (YouGov £4.67, +0.62) -- FY earnings

        • +9.9% MSAB.B.SS (Micro Systemation SEK50.60, +4.60) -- Q3 earnings

        • +9.9% IGR.LN (IG Design Group £1.41, +0.13) -- H1 trading update

        • +8.4% SMCP.FP (SMCP €2.59, +0.20) -- Q3 sales

        • +8.2% BEN.FP (Beneteau €10.48, +0.80) -- receives approval from the French Competition Authority for the sale of its Housing division

        • +7.6% PCELL.SS (PowerCell Sweden SEK46.04, +3.26) -- signs MoU with ZeroAvia

        • +7.4% AMSC.NO (AMSC ASA NOK28.75, +2.00) -- Q3 earnings

        • +7.3% COLR.BB (Colruyt Group €42.84, +2.90) -- ING upgrade

        • +6.2% VAR1.GR (VARTA €3.57, +0.20) -- collaboration agreement with Hella Gutmann Solutions to create new battery diagnostic services in European workshops

        • +4.9% MAP.SM (MAPFRE €2.69, +0.13) -- 9M earnings

        • +4.3% PSON.LN (Pearson £11.14, +0.47) -- Q3 trading update

        • +4.3% CCT.LN (Character Group £2.65, +0.11) -- launches up-to-£2M buyback programme

        • +3.2% KNOS.LN (Kainos Group £8.60, +0.27) -- Canaccord Genuity upgrade

        • +3.1% BNOR.NO (BlueNord NOK526.00, +16.00) -- provides update on the Harald East Middle Jurassic well

        • +3.1% HSBA.LN (HSBC Holdings £7.17, +0.22) -- Q3 earnings

        • +2.9% AQX.LN (Aquis Exchange £3.16, +0.09) -- company and Cboe Europe to launch SimpliCT to explore bid for EU equities consolidated tape

        • +2.4% ORK.NO (Orkla NOK103.90, +2.40) -- Q3 earnings

        • +2.4% PHIA.NA (Koninklijke Philips €24.98, +0.58) -- Jefferies upgrade

        • +2.1% CRBN.NA (Corbion €25.50, +0.52) -- Q3 earnings

        • +1.9% SOFF.NO (Solstad Offshore NOK32.64, +0.62) -- Q3 earnings

        • +1.8% PNDORA.DC (Pandora DKK1,065.00, +18.50) -- ABG Sundal Collier upgrad

      • Notable Decliners

        • -20.4% IQE.LN (IQE £0.12, -0.03) -- CEO stepped down

        • -16.1% RWS.LN (RWS Holdings £1.33, -0.26) -- year-end trading update

        • -13.5% WRT1V.FH (Wartsila €17.82, -2.79) -- Q3 earnings

        • -9.4% JYSK.DC (Jyske Bank DKK490.00, -50.50) -- Q3 earnings; launches strategy and long-term financial targets

        • -8.8% FIA1S.FH (Finnair €2.32, -0.22) -- Q3 earnings

        • -8.7% STX.LN (Shield Therapeutics £0.03, -0.00) -- Q3 earnings

        • -7.6% ST5.GR (STEICO €22.85, -1.80) -- Warburg Research downgrade

        • -7.4% STMN.SW (Straumann Holding CHF117.90, -9.45) -- Q3 revenue

        • -6.7% OMASP.FH (Oma Savings Bank €11.80, -0.84) -- Inderes downgrade

        • -5.7% VNV.SS (VNV Global SEK19.84, -1.18) -- Q3 earnings

        • -5.2% LHA.GR (Deutsche Lufthansa €6.54, -0.36) -- Q3 eanrings

        • -5.1% ITAB.SS (ITAB Shop Concept SEK28.30, -1.50) -- Q3 earnings

        • -5.1% CLN.SW (Clariant CHF12.13, -0.65) -- Q3 earnings

        • -5.0% ACX.SM (Acerinox €8.68, -0.46) -- Q3 earnings

        • -4.1% NOVN.SW (Novartis CHF96.36, -4.07) -- Q3 eanrings; notes MANIFEST-2 pelabresib longer follow-up data needed; also notes impairment attributable to the MorphoSys business in the amount of $0.8B

        • -3.8% VU.FP (VusionGroup €142.10, -5.70) -- Q3 revenue

        • -3.8% BALN.SW (Baloise CHF167.90, -6.70) -- sells portfolio holdings in digital insurer FRIDAY to Allianz Direct Versicherungs; initiated underperform at BNP Paribas Exane

        • -3.0% SAN.SM (Banco Santander €4.49, -0.14) -- Q3 earnings

        • -2.9% MRO.LN (Melrose Industries £4.77, -0.14) -- hares closed nearly 10% higher on Monday following release of RRSP explainer

        • -2.8% STJ.LN (St. James's Place £8.21, -0.23) -- BofA downgrade

        • -2.8% VOD.LN (Vodafone Group £0.72, -0.02) -- Baader Helvea downgrade

        • -2.5% HFG.GR (HelloFresh €10.03, -0.26) -- Q3 earnings

        • -1.9% BOSN.SW (Bossard Holding CHF209.50, -4.00) -- Baader Helvea downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Melexis (MELE.BB), Aedifica (AED.BB), Galapagos (GLPG.NA)

        • DACHs: UBS Group (UBSG.SW), Landis+Gyr (LAND.SW), Volkswagen (VOW.GR), BASF (BAS.GR), KION GROUP (KGX.GR), FUCHS (FPE.GR), Raiffeisen Bank International (RBI.AV), AMAG Austria Metall (AMAG.AV)

        • Sweden: SKF (SKF.B.SS), Sweco (SWEC.B.SS), Medicover (MCOV.B.SS), Scandic Hotels Group (SHOT.SS), Devyser Diagnostics (DVYSR.SS)

        • Denmark: Sydbank (SYDB.DC)

        • Norway: Telenor (TEL.NO), Aker BP (AKRBP.NO), Wallenius Wilhelmsen (WAWI.NO), Borregaard (BRG.NO), Wilh. Wilhelmsen (WWI.NO), Sparebanken (SVEG.NO), Elopak (ELO.NO), Europris (EPR.NO), Klaveness Combination Carriers (KCC.NO), Aker Carbon Capture (ACC.NO), Akastor (AKAST.NO), SpareBank 1 Nord-Norge (NONG.NO)

        • Finland: Kesko (KESKOB.FH), Valmet Corp. (VALMT.FH), Outokumpu (OUT1V.FH), Kempower (KEMPOWR.FH), Oriola Corp. (OKDBV.FH), Glaston (GLA1V.FH)

        • France: Airbus (AIR.FP), Amundi (AMUN.FP), Nexans (NEX.FP), Imerys (NK.FP), Ubisoft Entertainment (UBI.FP), Television Francaise 1 (TFI.FP), Lectra (LSS.FP), Claranova (CLA.FP)

        • Southern Europe: Aena S.M.E. (AENA.SM), Endesa (ELE.SM), Indra Sistemas (ISM), Unicaja Banco (UNI.SM), Ebro Foods (EBRO.SM), Redeia Corporacion (RED.SM), Jeronimo Martins (JMT.PL), Banco Comercial Portuguese (BCP.PL), NOS (NOS.PL), Amplifon (AMP.IM), BasicNet (BAN.IM), Elica (ELC.IM)

        • UK: GSK (GSK.LN), Standard Chartered (STAN.LN), Aston Martin Lagonda (AML.LN)

      • Trading Update:

        • Schneider Electric (SU.FP), AXA (CS.FP), Capgemini (CAP.FP), bioMerieux (BIM.FP), Elis (ELIS.FP), Wavestone (WAVE.FP), Vetoquinol (VETO.FP), Deezer (DEEZR.FP), Adocia (ADOC.FP), Glencore (GLEN.LN), Next (NXT.LN), Wolters Kluwer (WKL.NA), Royal Vopak (VPK.NA), Sandoz (SDZ.SW), Bank of Ireland (BIRG.ID), Technogym (TGYM.IM), Metrovacesa (MVC.SM)

  • Data:

    • Economics:

      • Ireland

        • Q3 preliminary GDP (1.2%) y/y vs consensus +1.2% and prior (4.0%)

        • Sep Retail Sales +0.2% y/y vs consensus (0.4%) and prior revised (1.9%) from (2.5%)

      • Belgium Q3 Preliminary GDP +1.0% y/y vs consensus +1.0% and prior revised +0.9% from +1.1%

      • UK Sep

        • Mortgage Approvals 65.65K vs consensus 64.9K and prior revised 64.96K from 64.86K

        • M4 Money Supply +0.6% m/m vs consensus +0.1% and prior (0.1%)

      • Germany Nov GfK Consumer Confidence (18.3) vs consensus (20.5) and prior revised to (21.0) from (21.2)

      • Sweden

        • Q3 Preliminary GDP (0.1%) y/y vs consensus +0.7% and prior +0.5%; (0.1%) q/q vs consensus +0.4% and prior (0.3%)

        • Sep Retail Sales +2.7% y/y vs consensus +2.1% and prior revised +0.3% from +0.5%

    • Markets:

      • WTI Crude (24-Dec): ($0.37) or (0.55%) to $67.01

      • €-$ (0.0019) or (0.17%) to 1.0796

      • £-$ +0.0021 or +0.16% to 1.2992

      • €-£ (0.0025) to 0.8309

      • S&P 500 +0.15%

      • Performance year-to-date:

        • FTSE 100: +6.29%

        • DAX: +16.28%

        • CAC: (0.43%)

        • MIB: +15.07%

        • Stoxx 600: +8.14%

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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