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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 (0.14%) to 8172.39, DAX +0.57% to 19256.27, CAC40 +0.48% to 7407.15, STOXX 600 +0.06% to 509.53

Nov 05 ,2024

  • Synopsis:

    • European equity markets closed mixed, with pan-European indices trading either side of unchanged through the day

    • Ireland +1.6% and Belgium, Greece both +0.7% led outperformers and Denmark (1.2%), Portugal (0.5%) and Switzerland (0.3%) led underperformers

    • Market participants await the outcome of the US Presidential election overnight.

    • Bank of Latvia's Kazāks delivered address at Latvia Fintech Forum and BOE's Bailey spoke at Assn British Insurers conf. ECB's Lagarde spoke at French Competition Authority's 15th Anniversary Event in Paris. Bank of Spain published its latest Financial Stabilty Report (Autumn 2024).

    • ECB's Schnabel to deliver speech at 19:30CET at Harvard Univ.

    • ECOFIN meeting, ECB's de Guindos among the participants. Outcome included agrees on VAT in the digital age package, whilst Presidency presented the state of play of legislative proposals in the field of financial services .

    • In UK, MPs continue to debate the budget, whilst committee topics included the budget (with reps of the Office of Budget Responsibility and a rep of Institute for Fiscal Studies (IFS)), grey belt (includes rep from Barratt Redrow (BTRW.LN)) and Science, Innovation and Technology (government minister).

    • Chancellor Scholz hosts Somali President Hassah Sheikh. Elsewhere, Economist Croatia Business Summit, EU's Šuica among the speakers.

    • Amongst the handful of economic data release, Oct services PMI topped the preliminary read, with Sweden's increased to 52.9, from a downwardly revised 48.9 in Sep. Switzerland's Oct seasonally adjusted unemployment rate stood at 2.6%, the figure remained unchanged m/m and aligned with analysts' expectations. France's Sep industrial production saw widespread declines across all sectors

    • UK Oct new car registrations fell (6.0%) y/y, whilst in Germany Oct new car registrations rose +6.0% y/y

    • M&A news flow includes UK's CMA provisionally finds Vodafone UK / Three UK could address competition concerns through network investment and customer protections and Pan African Resources (PAF.LN) agrees to acquire the remaining 92% of Tennant Consolidated Mining Group Pty Ltd. Tissue Regenix Group (TRX.LN) notes media speculation and confirms it is conducting a review of the company's strategic options that may include soliciting offers for the company. Swiss Re (SREN.GR) agrees to sell iptiQ's European P&C business to Allianz Direct (ALV.GR) for an undisclosed sum and TLG Immobilien (TLG.GR) publishes offer document for the public delisting tender offer (cash offer) for WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft (WCMK.GR). Reportedly, Deutsche Lufthansa's (LHA.GR) acquisition of a 41% stake in ITA Airways halted overnight as acquirer looked to revise offer lower and Brookfield's potential takeover bid for Grifols (GRF.SM) enters final stage

    • Michelin (NL.FP), Schaeffler (SHA0.GR) and Syensqo (SYENS.BB) were among companies announcing job cuts

    • Leading companies releasing earnings/updates included moving higher AIB Group, Bouygues, Buzzi, Fresenius Medical Care and Weir Group and moving lower Ambu, Asos, DHL Group, Hugo Boss, ISS, Kingspan Group, Schroder and Vestas Wind Systems

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Ind Goods & Svcs +1.23%, Media +1.20%, Basic Resources +0.83%, Technology +0.76%, Financial Svcs +0.71%, Travel & Leisure +0.67%, Insurance +0.66%, Banks +0.43%, Construct & Mtls +0.37%, Retail +0.31%, Utilities +0.17%, Oil & Gas +0.06%

      • Underperformers:

        • Health Care (1.82%), Autos & Parts (1.80%), Chemicals (0.51%), Food & Beverage (0.40%), Real Estate (0.21%), Telecom (0.06%), Persnl & HHold Goods (0.03%)

    • Macro/Peripheral markets:

      • Belgium:

        • King Philippe has given De Wever until 12-Nov to hold further talks before deciding on his resignation; Open VLD maybe invited to join government formation talks - De Tijd

      • Finland:

        • President and Ministerial Committee on Foreign and Security Policy discuss situation at eastern border and in sea area, Finland's support to Ukraine and intelligence priorities for 2025, as well as Finland's objectives for the UN Climate Change Conference (COP29) - release

      • France:

        • President Macron preparing for a long and uncomfortable end to his term - Le Monde

      • Germany:

        • Minister makes budget concession to save coalition - Reuters

        • How good is Lindner's economic plan? - FAZ

      • Norway:

        • Lowest greenhouse gas emissions since 1990; emissions decreased by (4.7%) y/y from 2022 to 2023 - release

      • Spain:

        • Region of Valencia has asked Spain's central government for a €31.4B aid package after floods - Bloomberg, El Pais

      • Sweden:

        • Climate and Environment Minister Pourmokhtari press briefing tomorrow at 10:30CET before COP 29 in Baku together with Sweden's chief negotiator Mattias Frumerie - release

      • UK:

        • Third of UK inflation basket in deflation - Bloomberg

        • Who's who in Conservative Party's new shadow cabinet? - Sky News, Guardian

      • COP29:

        • EU's von der Leyen, Russian President Putin and French President Macron among those that will not be attending - euronews

    • Company news:

      • Notable Gainers

        • +86.2% AFRN.LN (Aferian) -- H2 Trading Update: adjusted EBITDA ~$2M

        • +40.9% NXU.GR (NEXUS)

          • Project Neptune Bidco GmbH (TA Associates) offers to acquire NEXUS for €70/share in cash

          • Q3 EPS €0.46 vs FactSet €0.36 [1 est]

        • +38.5% SZG.GR (Salzgitter) -- notified of potential voluntary public takeover bid to shareholders

        • +16.3% ELG.GR (Elmos Semiconductor) -- Q3 EBIT €39.9M vs FactSet €39.4M [3 est, €38.5-40.6M]; confirms FY guidance; announces new midterm targets

        • +8.4% SNWS.LN (Smiths News) -- FY EPS 10.3p vs FactSet 10.1p [2 est, 9.8-10.5p]; Outlook remains in line with market expectations, company has delivered a good start to trading in the current financial year

        • +7.4% A5G.ID (AIB Group) -- Q3 net interest margin 3.19%; remains confident in outlook for the remainder of 2024

        • +7.2% SYENS.BB (Syensqo)

          • Q3 underlying EPS €1.56 vs FactSet €1.63 [3 est, €1.55-1.75]; FY outlook ranges updated, including impact of strike at Boeing

          • Opens consultation processes, which include proposed reduction of ~ 300-350 positions, primarily in France, US, Belgium and Italy

        • +7.0% TCAP.LN (TP ICAP Group) -- Trading Update for the 9M ended 30-Sep: Q3 Group revenue £557M, +10% (+9% in reported currency)

        • +6.5% BZU.IM (Buzzi SpA) -- 9M revenue €3.18B, (4%) vs year-ago €3.30B; reaffirms FY guidance

        • +6.0% OXUR.BB (Oxurion) -- terminates its Private Judicial Reorganization Procedure following amicable settlement agreements

        • +6.0% EVT.GR (Evotec) -- announces sale of API Manufacturing facility to Monacum Partners; price not disclosed

        • +5.9% FLOW.NA (Flow Traders) -- outperform from neutral at Oddo

        • +5.3% TRAC.B.SS (Traction) -- views EQT's offer for OEM positively; comments on Traction's longer-term outlook for ongoing holding in OEM

        • +5.1% CICN.SW (Cicor Technologies) -- updates its mid-term financial targets - CMD

        • +4.6% ADJ.GR (ADLER Group) -- LEG Immobilien (LEG.GR) subsidiary enters agreement with Adler to acquire 52.7% of shares in BCP Property

        • +4.0% RDC.GR (Redcare Pharmacy) -- Q3 net income (€7.1M) vs FactSet (€14.2M) [1 est]

        • +3.9% PHO.NO (PhotoCure ) -- partner Asieris Pharmaceuticals has received the marketing authorization for Hexvix in China

        • +3.2% ABF.LN (Associated British Foods) -- FY Adjusted EPS 196.9p vs FactSet 191.9p

        • +3.2% SHUR.BB (Shurgard Self Storage) -- Q3 EPS €0.47 ex-items vs year-ago €0.48; revises FY outlook to include Lok'nStore acquisition

        • +3.2% DNR.IM (Industrie De Nora) -- 9M net income attributable €52.3M; reaffirms FY guidance

        • +3.2% UU.LN (United Utilities Group) -- buy from neutral at Citi

        • +3.1% EN.FP (Bouygues) -- 9M Current Operating Profit from activities €1.72B vs consensus €1.63B; confirms group outlook for 2024

        • +3.1% UN0.GR (Uniper) -- 9M adj net income €1.28B vs year-ago €3.74B; FY24 outlook updated in August reaffirmed

        • +3.1% IWG.LN (International Workplace Group) -- Q3 trading update: revenue $931M vs year-ago $919M

        • +3.0% PNN.LN (Pennon Group) -- overweight from neutral at JPMorgan

        • +3.0% SVT.LN (Severn Trent) -- neutral from sell at Citi

        • +2.8% ARB.LN (Argo Blockchain) -- Oct Operational Update: mined 46 Bitcoin, or 1.5 BTC per day +24% y/y

        • +2.7% OEM.B.SS (OEM International) -- EQT X (EQT.SS) announces SEK 110/share in cash public offer in deal valued at ~SEK 15.25B; shares reverse early falls

        • +2.7 SATS.NO (SATS) -- Q3 EPS NOK0.35 vs FactSet NOK0.32 [4 est, NOK0.28-0.36]

        • +2.1% MGAM.LN (Morgan Advanced Materials) -- 9M sales +3.8% y/y on organic constant currency basis; commences £40M share buy-back program; share reversed initial fallls

        • +2.0% WEIR.LN (Weir Group) -- Q3 total group orders +5% y/y; reiterates FY guidance

        • +1.7% ADDT.B.SS (Addtech) -- acquires Nanosystec GmbH

        • +1.6% SREN.SW (Swiss Re) -- agrees to sell iptiQ's European P&C business to Allianz Direct for an undisclosed sum

          • On earnings/updates: BCHN.SW (Burckhardt Compression Holding), TIFS.LN (TI Fluid Systems), NCAB.SS (NCAB Group), AIA.GA (Athens International Airport), VCT.FP (Vicat), AZA.SS (Avanza Bank Holding), DIA.IM (DiaSorin), UCB.BB (UCB), FME.GR (Fresenius Medical Care) , ML.FP (Cie Generale des Etablissements Michelin) and reversing initial declines POST.AV (Oesterreichische Post), FBK.IM (FinecoBank)

      • Notable Decliners

        • -14.4% BOOZT.SS (Boozt Fashion) -- Q3 adjusted EPS SEK0.52 vs FactSet SEK0.74 [4 est, SEK0.69-0.81]

        • -14.2% NOBI.SS (Nobia) -- Q3 EPS (SEK0.12) vs FactSet (SEK0.15) [3 est, (SEK0.27)-(0.07)]

        • -13.5% SDR.LN (Schroder) -- Q3 AUM ex JVs & assocs £663.8B vs consensus £664.44B

        • -12.2% VWS.DC (Vestas Wind Systems) -- Q3 net income €127M vs consensus €243M

        • -9.3% OERL.SW (OC Oerlikon Corp.) -- Q3 operational EBITDA CHF98M vs FactSet CHF91.2M [5 est, CHF88-95M]

        • -8.7% AMBU.B.DC (Ambu) -- Q4 EPS (DKK0.51) including impairment mainly relating within gastroenterology; guides FY 2024/25 organic revenue growth +10-13%

        • -8.0% S30.FP (Solutions 30) -- Q3 revenue €225.4M, (10%) vs year-ago €250.7M

        • -7.8% SMCRT.NO (SmartCraft) -- Q3 net income NOK21.8M vs FactSet NOK32.5M [4 est, NOK30.5-35.2M]; Reiterates medium-term outlook

        • -7.0% ASC.LN (Asos) -- FY adjusted loss before tax (£126M) vs FactSet (£161.8M); expects FY25 adj EBITDA to increase by at least 60% to £130M to £150M, including impact of the TSTM JV

        • -6.9% SHA0.GR (Schaeffler)

          • Q3 EBIT €187M ex-items vs consensus €209.4M

          • Announces structural measures in Europe to boost competitiveness; related net job loss in Europe ~3,700

        • -4.6% BOSS.GR (Hugo Boss) -- Q3 EPS €0.79 vs consensus €0.81; FY outlook confirmed

        • -4.2% DHL.GR (DHL Group) -- confirms prelim Q3 earnings and FY24 EBIT guidance

        • -3.7% NORTHM.DC (North Media) -- preliminary Q3 EBITDA (DKK15M) vs year-ago DKK37M; adjusts FY guidance

        • -2.9% BAKKA.NO (Bakkafrost) -- Q3 operational EBIT DKK173M vs FactSet DKK247.3M [11 est, DKK176.0-301.7M]

        • -2.6% RAIVV.FH (Raisio) -- Q3 EPS €0.03 vs FactSet €0.04 [4 est, €0.04-0.04]

        • -2.5% KRX.ID (Kingspan Group) -- Q3 trading update; expects to deliver FY trading profit broadly in line with record level achieved in 2023

        • -2.2% FRA.GR (Fraport) -- Q3 net income €273.2M vs consensus €229M; guides FY24

        • -2.1% SENS.SW (Sensirion Holding) -- presents its updated growth strategy at the CMD; share reverse early gains

        • -2.1% IPCO.SS (International Petroleum Corp) -- Q3 net income $22.9M vs FactSet $30.1M [6 est, $20-49.2M]

        • -2.0% ALCLS.FP (Cellectis) --Q3 EPS ($0.23) vs FactSet ($0.20) [6 est, ($0.31)-(0.03)]

          • On earnings/updates: ISS.DC (ISS), NOEJ.GR (Norma Group), KRN.GR (Krones), ZAL.GR (Zalando), TETY.SS (Tethys Oil), COLO.B.DC (Coloplast), KBHL.DC (Copenhagen Airports), SAVE.SS (Nordnet) and shares reversing initial gains VICO.SS (Vicore Pharma Holding)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Ahold Delhaize (AD.NA), AMG Critical Materials (AMG.NA), Solvay (SOLB.BB), Nyxoah (NYXH.BB)

        • Denmark: Novo Nordisk (NOVO.B.DC), Genmab (GMAB.DC), Pandora (PNDORA.DC)

        • Finland: Sampo (SAMPO.FH), Aktia Bank (AKTIA.FH), Citycon (CTY1S.FH), Marimekko (MEKKO.FH), Suominen (SUY1V.FH)

        • France: Credit Agricole (ACA.FP), CTP (CTPNV.FP), Arkema (AKE.FP), Jacquet Metals (JCQ.FP)

        • Germany: Siemens Healthineers (SHL.GR), Bayerische Motoren Werke (BMW.GR), Henkel (HEN.GR), Vonovia (VNA.GR), Commerzbank (CBK.GR), Fresenius (FRE.GR), HELLA (HLE.GR), Evonik Industries (EVK.GR), GEA Group (G1A.GR), PUMA (PUM.GR), HENSOLDT (HAG.GR), TeamViewer (TMV.GR), Evotec (EVT.GR), Kontron (KTN.GR), Elmos Semiconductor (ELG.GR), ZEAL Network (TIMA.GR), WashTec (WSU.GR), Klockner (KCO.GR), R. Stahl (RSL2.GR), New Work (NWO.GR)

        • Norway: Mowi (MOWI.NO), Aker (AKER.NO), XXL (XXL.NO), Odfjell Drilling Ltd. (ODL.NO), Multiconsult (MULTI.NO), Arctic Fish Holding (AFISH.NO)

        • Southern Europe: Enel (ENEL.IM), UniCredit (UCG.IM), Poste Italiane (PST.IM), TERNA Rete Elettrica Nazionale (TRN.IM), SNAM (SRG.IM), Banco BPM (BAMI.IM), BPER Banca (BPE.IM), Anima (ANIM.IM), Cementir (CEM.IM), Ariston (ARIS.IM), Logista Integral (LOG.SM)

        • Sweden: Skanska (SKA.B.SS), Securitas (SECU.B.SS), Investment AB Latour (LATO.B.SS), Sinch (SINCH.SS), Karnov Group (KAR.SS), Ambea (AMBEA.SS), KlaraBo Sverige (KLARA.B.SS), Orron Energy (ORRON.SS), Bredband2 i Skandinavien (BRE2.SS), Xspray Pharma (XSPRAY.SS)

        • Switzerland: Barry Callebaut (BARN.SW)

        • UK: Marks & Spencer (MKS.LN), Wise (WISE.LN), TBC Bank (TBCG.LN), dotDigital (DOTD.LN)

      • Trading Update: Glanbia (GL9.ID), Persimmon (PSN.LN), Beazley (BEZ.LN), OSB Group (OSB.LN), Domino's Pizza (DOM.LN), Eurazeo (RF.FP), Teleperformance (TEP.FP), Neurones (NRO.FP), Beneteau (BEN.FP), Bilendi (ALBLD.FP)

      • Traffic: Norwegian Air Shuttle (NAS.NO)

      • CMD/events: Nichols (NICL.LN), Multiconsult (MULTI.NO)

  • Data:

    • Economics:

      • Switzerland Oct unemployment rate (sa) 2.6% vs consensus 2.6%, prior 2.6%

      • Sweden Oct services PMI 52.9 vs consensus 49.2, prior revised 48.9 from 49.1

      • France Sep industrial production (0.9%) m/m vs consensus (0.7%), prior revised +1.1% from +1.4%

      • Spain Oct unemployment change +67.8K vs consensus +26.5K, prior +3.2K

      • UK

        • Oct retail sales monitor (LFL basis) +0.3% y/y vs consensus +1.4% and prior +1.7% - BRC

        • Oct services PMI 52.0 vs preliminary 51.8

    • Markets:

      • WTI Crude (Dec 24): +$1.07 or +1.50% to $72.54

      • €-$ +0.0040 or +0.37% to 1.0920

      • £-$ +0.0056 or +0.43% to 1.3013

      • €-£ (0.0005) to 0.8393

      • S&P 500 +0.98%

      • Performance year-to-date:

        • FTSE 100: +5.68%

        • DAX: +14.95%

        • CAC: (1.80%)

        • MIB: +13.58%

        • Stoxx 600: +6.38%

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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