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StreetAccount Summary - EU Market Recap: FTSE 100 +0.19% to 8192.83, DAX (0.54%) to 19150.60, CAC40 (0.48%) to 7373.53, STOXX 600 (0.30%) to 509.37

Nov 04 ,2024

  • Synopsis:

    • European equity markets closed mixed to lower with pan-European indices ending around session lows. Denmark (1.2%), Norway (0.6%), Switzerland (0.5%) let the underperformers whilst Sweden +0.6%, Italy +0.4% and Austria +0.3% led the outperformers.

    • US election this week's big focus after slew of weekend polls showed Trump and Harris evenly matched nationally and in swing states. Some talk of dampened Trump and GOP sweep odds driving the rate reprieve for Treasuries and weighing on the US dollar. Recent bond yield back was partly attributed to growing expectations of a Trump win, driving talk about deficit-widening impact of tax cuts, and inflationary impulse from tariffs. Markets primed for volatility over coming days regardless of outcome.

    • Geopolitical tensions in play amid report Iran's intended retaliation against Israeli airstrikes will involve stronger response than its missile barrage from early October. OPEC+ nations agreed to extend voluntary output cuts for another month to December. China NPC Standing Committee meeting underway today with fiscal stimulus estimates ranging from around CNY6-10T, though more skepticism about a meaningful stimulus push from Beijing. Late Friday, China's financial bodies announced fresh steps attract overseas investment.

    • From a macroeconomic calendar perspective, final readings for Manufacturing PMI in October dominated. Final Eurozone manufacturing PMI slightly firmer than flash estimate at 46.0. Also, latest Sentix survey of investors showed Eurozone confidence picked up in November update to -12.8 versus consensus -12.7 and prior -13.8. Better tone reflected an improvement in the composite index for Germany, which rose by 1.7 points.

    • In corporate news, PostNL (PNL.NA) reported weaker than expected Q3 results and announced that its CEO Herna Verhagen was stepping down; Ryanair (RYA.ID) reports mixed Q2 earnings. Ryanair Holdings (RYA.ID) issued Q2 numbers and guided FY26 passengers to 210M, +5% y/y, citing delays in Boeing aircraft deliveries. In Switzerland, at its Investor Day, Clariant (CLN.SW) remains committed to achieve 19-21 % reported EBITDA margin.

    • On M&A front, Miss Tweed reported there is growing industry chatter that Moncler could be considering making a bid for Burberry (BRBY.LN). Cited several industry sources saying Bernard Arnault, CEO and controlling shareholder of industry leader LVMH which recently invested in Moncler, is keen to see such a deal happen.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Banks +0.68%, Oil & Gas +0.37%, Basic Resources +0.07%, Telecom (0.19%), Financial Svcs (0.19%), Retail (0.19%), Autos & Parts (0.25%)

      • Underperformers

        • Technology (1.12%), Food & Beverage (0.79%), Real Estate(0.62%), Persnl & HHold Goods (0.58%), Ind Goods & Svcs (0.54%), Chemicals (0.54%), Media (0.49%), Insurance (0.46%), Health Care (0.41%), Travel & Leisure (0.38%), Construct & Mtls (0.37%), Utilities (0.33%)

    • Macro/Peripheral markets:

      • Europe

        • How the US election outcome will influence Europe's defence policy - FT

        • MEPs sharply denounce China's 'continued military provocations' against Taiwan - Euronews

      • UK

        • OBR warns against fiscal illusions in new debt rule - London Times

        • Chancellor Reeves says she was about about tax needs before election - Bloomberg

        • PM Starmer pledges more growth reforms after budget hit to markets - Reuters

        • Reeves plots pension overhaul in push for growth - London Times

        • Citi/YouGov survey shows UK year-ahead public inflation expected rise to 3.3% in October - Reuters

        • New Conservative leader Badenoch says party will have opposite approach to Labour on economy - BBC

        • Tuition fees will rise to boost funds for struggling universities - Times

      • Germany

        • Olaf Scholz calls crisis meetings to salvage Germany's warring coalition - FT

        • Lindner's economic plans met with criticism from business leaders - Handelsblatt

        • Discussions over 2025 federal budget may determine future of coalition government -Handelsblatt

      • Moldova

        • Moldova's Sandu promises to bring change after narrow runoff win - Reuters

    • Company news:

      • Notable Gainers:

        • +8.5% TRAD.SS (Tradedoubler SEK3.70, +0.29) -- Q3 earnings

        • +6.7% BANB1.SW (Bachem Holding CHF74.45, +4.65) -- initiated overweight at JPMorgan

        • +6.4% OSE.FP (OSE Immunotherapeutics €10.90, +0.66) -- Lusvertikimab (Lusv) meets primary efficacy endpoint defined by the improvement of the Modified Mayo Score (MMS) at week 10 (W10)

        • +5.6% BRBY.LN (Burberry Group £8.58, +0.46) -- Moncler may be considering bidding for Burberry Group - Miss Tweed

        • +5.2% SHLF.NO (Shelf Drilling NOK15.20, +0.75) -- two contract extensions in Thailand worth ~$197M

        • +5.1% MED.GR (Mediclin €2.46, +0.12) -- 9M earnings

        • +4.0% PAX.SS (Paxman SEK67.60, +2.60) -- announces US Centers for Medicare and Medicaid services (CMS) continues to support scalp cooling and increases rate for 2025 beyond the initial proposed rate

        • +3.1% EL.FP (EssilorLuxottica €223.80, +6.70) -- Meta set to invest €5.0B in EssilorLuxottica for a 4-5% stake -- BFMTV

        • +3.1% SCHP.FP (Seche Environnement €92.80, +2.80) -- share agreement with CVC DIF on a 49.9% stake in ECO's capital

        • +3.0% SMHN.GR (SÜSS MicroTec €54.70, +1.60) -- long-term lease agreement for new production site in Taiwan

        • +2.8% PIHLIS.FH (Pihlajalinna €11.00, +0.30) -- SEB upgrade

        • +2.2% JEN.GR (Jenoptik €21.98, +0.48) -- Oddo upgrade

        • +2.0% PHIA.NA (Koninklijke Philips €25.03, +0.50) -- study update

        • +2.0% FRAS.LN (Frasers Group £7.82, +0.15) -- RBC Capital Markets upgrade

        • +0.8% MEDCL.FP (MedinCell €15.36, +0.12) -- partner Teva presents postive data from Phase 3 SOLARIS trial for Olanzapine LAI

        • +0.3% RLF.SW (RELIEF THERAPEUTICS Holding CHF6.10, +0.02) -- non-binding letter of intent with Renexxion for reverse merger

      • Notable decliners:

        • -6.6% EOLU.B.SS (Eolus Vind SEK42.30, -3.00) -- Swedish government rejects the Arkona and Skidbladner projects

        • -4.5% PNL.NA (PostNL €1.05, -0.05) -- Q3 earnings; CEO steps down

        • -2.8% STMPA.FP (STMicroelectronics €24.15, -0.70) -- Morgan Stanley downgrade; Oddo downgrade

        • -1.5% DEMANT.DC (Demant DKK256.60, -4.00) -- Q3 revenue

        • -1.4% OBI.LN (Ondine Biomedical £0.09, -0.00) -- to start its pivotal Phase 3 US trial in Q4

        • -1.3% RYA.ID (Ryanair Holdings €17.78, -0.24) -- Q2 earnings; Oct. traffic

        • -1.0% FRES.LN (Fresnillo £7.29, -0.07) -- Canaccord Genuity downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Osterreichische Post (POST.AV)

        • Benelux: Syensqo (SYENS.BB), Shurgard Self Storage Ltd. (SHUR.BB)

        • Denmark: Coloplast (COLO.B.DC), Orsted (ORSTED.DC), Vestas Wind Systems (VWS.DC), Ambu (AMBU.B.DC), Topdanmark (TOP.DC), KObenhavns Lufthavne (KBHL.DC), NNIT (NNIT.DC), Columbus (COLUM.DC), North Media (NORTHM.DC)

        • Finland: Raisio (RAIVV.FH), Taaleri (TAALA.FH), NoHo Partners (NOHO.FH), Lemonsoft (LEMON.FH)

        • France: Bouygues (EN.FP), Coface (COFA.FP)

        • Germany: Deutsche Post (DHL.GR), Bayer (BAYN.GR), Uniper (UN01.GR), Fresenius Medical Care (FME.GR), Zalando (ZAL.GR), Fraport AG Frankfurt Airport Services Worldwide (FRA.GR), Krones (KRN.GR), Redcare Pharmacy (RDC.GR), Hugo Boss (BOSS.GR), NEXUS (NXU.GR), NORMA (NOEJ.GR)

        • Norway: Odfjell (ODF.NO), LINK Mobility Group (LINK.NO), SmartCraft (SMCRT.NO), SATS (SATS.NO), Solstad Offshore (SOFF.NO), Hexagon Purus (HPUR.NO), Kongsberg Automotive (KOA.NO)

        • Southern Europe: Infrastrutture Wireless Italiane (INW.IM), FinecoBank (FBK.IM), Credito Emiliano (CE.IM), Banca Popolare di Sondrio (BPSO.IM), Industrie De Nora (DNR.IM), Gestamp Automocion (GEST.SM)

        • Sweden: NCAB Group (NCAB.SS), Cibus Nordic Real Estate (CIBUS.SS), Tethys Oil (TETY.SS), Boozt (BOOZT.SS), RVRC Holding (RVRC.SS), Nobia (NOBI.SS), Idun Industrier (IDUN.B.SS), Acast AB Nordic Mining (ACAST.SS), Vicore Pharma (VICO.SS), Awardit (AWRD.SS)

        • Switzerland: Adecco (ADEN.SW),Burckhardt Compression (BCHN.SW), OC Oerlikon Corp. (OERL.SW)

        • UK: Associated British Foods (ABF.LN), ASOS (ASC.LN), Smiths News (SNWS.LN)

  • Data:

    • Economics:

      • Oct Manufacturing PMI

        • Spain 54.5 vs consensus 53.1 and prior 53.0

        • Italy 46.9 vs consensus 48.8 and prior 48.3

        • Germany 43.0 vs preliminary 42.6

        • France 44.5 vs preliminary 44.5

        • Germany 43.0 vs preliminary 42.6

        • Eurozone 46.0 vs preliminary 45.9

      • Austria Oct Unemployment Rate 6.9% y/y vs consensus 6.6% and prior 6.6%

      • Eurozone Nov Sentix Investor Confidence (12.8) vs consensus (12.7) and prior (13.8)

    • Markets:

      • WTI Crude (Dec 24): +$1.68 or +2.42% to $71.17

      • €-$ +0.0011 or +0.10% to 1.0892

      • £-$ (0.0014) or (0.11%) to 1.2956

      • €-£ +0.0021 to 0.8409

      • S&P 500 (0.14%)

        • Performance year-to-date

        • FTSE 100: +5.83%

        • DAX: +14.31%

        • CAC: (2.27%)

        • MIB: +13.94%

        • Stoxx 600: +6.31%

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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