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StreetAccount Summary - EU Market Recap: FTSE 100 (0.32%) to 8140.74, DAX +1.70% to 19362.52, CAC40 +0.76% to 7425.60, STOXX 600 +0.62% to 509.92

Nov 07 ,2024

  • Synopsis:

    • European equity markets closed higher with FTSE the exception. Basic resources, tech, autos best performers, while telecom, media and healthcare biggest laggards.US equity markets higher in midday trading. Treasuries firmer across the curve following a big backup in yields on Wednesday. Dollar index off 0.8% after DXY had its best session in two years yesterday. Gold up 1.0% after big prior-session selloff. Bitcoin futures down 0.7%. WTI crude flat.

    • Trump's election and likelihood of GOP sweep triggered risk-on move in equity markets, reflecting removal of election overhang as well as broader animal spirits dynamic. However, European markets were unable to sustain higher levels on Wednesday amid fears that Trump's trade policies to have a big impact on European growth, undermine disinflation process and complicate central bank policy. Big sell-off in bond markets and rally in US dollar heightened attention on likely impact of proposed tax and trade policies on deficits and inflation.

    • Central bank policy in focus in Europe with BoE and Riksbank cutting rates while Norges Bank left policy unchanged. BoE cut its key Bank Rate by 25 bps to 4.75%, as expected. Eight members of the MPC backed the move with hawkish member Mann dissenting with an unchanged vote. Statement highlighted continued disinflation progress but noted inflationary impact of the Budget. Said its provisional findings expect a 0.75% boost to GDP at their peak in a year's time, relative to August projections. No change in guidance with continued monitoring of inflation persistence and meeting-by-meeting approach. Riksbank reduced its key rate by 50 bp to 2.75%, as widely expected, marking its latest move in a series of cuts aimed at stabilizing inflation and supporting a stagnant economy. The central bank signaled potential for additional cuts in December and into early 2025 if inflation and economic activity remain subdued. As expected, Norges Bank held its key rate steady at 4.5%, with Governor Bache signaling it will likely remain at this level through 2024 due to concerns over the weak krone and rising business costs. Statement noted while inflation has declined, krone depreciation and wage growth are expected to slow further reductions.

    • In other news, German government collapsed after Chancellor Scholz's coalition partner FDP would not support compromise proposal on economic policy, which included suspension of rules limited new borrowing for next year's budget. Snap election to be held by end of March.

    • On data front, data from UK lender Halifax indicated underlying resilience in UK housing market. October update showed 0.2% m/m increase versus consensus 0.2% and prior 0.3% gain. House prices up 3.9% y/y versus September's 4.6% increase with base effects bringing down annual rate. German industrial production and trade data weak. Latest industrial production numbers showed a 2.5% m/m drop in September, much weaker than forecast for 1.0% fall and a pullback from August's 2.9% gain. Production down almost 5% on the year. Drop driven by all sectors. In addition, trade data was also disappointing with surplus narrowing to €17.0B vs consensus €20.9B and prior €22.5B amid weakness in the export sector.

    • Amidst busy day for earnings, of note, Telefonica (TEF.SM) reported Q3 EBITDA €3.26B vs consensus €3.22B. ArcelorMittal (MT.NA) reported Q3 adj EPS $0.63 vs consensus $0.55.ENGIE (ENGI.FP) reported 9M EBIT ex. nuclear €7.10B vs StreetAccount €7.09B and confirmed FY24 guidance in upper end of range. Further out of France, Legrand (LR.FP),SES (SESG.FP) and Veolia (VIE.FP) posted Q3 earnings. Out of the Nordics, Pihlajalinna (PIHLIS.FH) confirmed prelim Q3 earnings and FY24 outlook as per 30-Oct update. Out of the UK, Rolls-Royce Holdings (RR.LN), CRH plc (CRH.LN) , Auto Trader Group (AUTO.LN), National Grid (NG.LN), BT Group (BT.A.LN), Taylor Wimpey PLC (TW.LN), J Sainsbury (SBRY.LN), Wizz Air Holdings (WIZZ.LN) updated investors. Also Wood Group (WG.LN) shares plunge after its board, in response to dialogue with its auditor, has agreed to commission an independent review to be performed by Deloitte.

    • On M&A front, Carrefour (CA.FP) exploring range of options to boost valuation, including disposal of operations in Italy or Belgium, FT reported. CRH (CRH.LN) exploring reviving sale of Philippines cement business. Citing sources, Les Echos reports that several candidates have emerged for the takeover of HSBC (HSBA.LN) Assurances Vie as of the end of October. StoneX Group does not intend to make offer for CAB Payments Holdings (CABP.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +3.54%, Technology +2.26%, Consumer Products and Services +2.15%, Autos & Parts +2.13%, Construct & Mtls +1.57%, Ind Goods & Svcs +1.24%, Real Estate +1.09%

      • Underperformers:

        • Personal Care Drug and Grocery Stores (0.74%), Telecom (0.69%), Media (0.52%), Health Care (0.51%), Utilities (0.28%), Banks (0.13%), Insurance +0.24%, Food, Beverage and Tobacco +0.32%, Financial Svcs +0.34%, Retail +0.56%, Oil & Gas+0.59%, Chemicals +0.61%

    • Macro:

      • Central Banks:

        • BoE cuts key Bank Rate by 25 bps to 4.75%; decision in line with expectations; MPC votes 8-1 in favor of move

        • Norges Bank keeps key policy rate on hold at 4.5%, as expected

        • Riksbank delivers 50 bp rate cut to 2.75%, as expected

      • ECB's Knot Is Optimistic on Outlook for Euro-Zone Economy (Bloomberg )

      • UK:

        • BOE Delivers Rate Cut With Warning on Budget's Inflation Hit (Bloomberg )

        • Britain hits Russia with new wave of sanctions (Reuters )

      • Germany:

        • Pressure piles on Germany's Scholz to hold quick confidence vote (Reuters )

        • Chancellor Rebuffs Demands for Confidence Vote Next Week (Bloomberg )

        • Germany's Looming Snap Vote Throws Wrench Into Energy Goals (Bloomberg )

    • Peripheral markets:

      • Italy:

        • Italy calls for EU support to meet NATO spending target (Reuters )

        • Italy Renews Push to Revise EU's Combustion Engine Car Ban (Bloomberg )

      • Norway:

        • Holds Rate at 4.5% and Signals No Rush on Easing (Bloomberg )

      • Sweden

        • Riksbank Steps Up Easing With Half-Point Rate Cut (Bloomberg )

    • Company news:

      • Notable Gainers

        • +19.1% ALFEN.NA (Alfen €13.55, +2.17) -- Q3 earnings

        • +17.8% HEX.NO (Hexagon Composites NOK48.55, +7.35) -- Q3 earnings

        • +17.2% STOR.B.SS (Storskogen Group SEK10.00, +1.47) -- Q3 earnings

        • +16.7% OPTOMED.FH (Optomed €4.22, +0.61) -- Q3 earnings

        • +13.2% RS1.LN (RS Group plc £7.72, +0.90) -- H1 earnings; Shore Capital Stockbrokers upgrade

        • +12.9% ACE.SS (Ascelia Pharma SEK2.36, +0.27) -- Q3 earnings; trial update

        • +10.7% IVG.IM (Iveco Group €10.20, +0.99) -- Q3 earnings

        • +10.0% MCG.LN (Mobico Group £0.79, +0.07) -- trading update

        • +9.7% ELMRA.NO (Elmera Group NOK36.10, +3.20) -- Q3 earnings

        • +9.1% CBRAIN.DC (cBrain DKK185.20, +15.40) -- executes growth plan, remaining on target; reaffirms FY guidance

        • +9.0% BAMI.IM (Banco BPM €6.88, +0.57) -- Banco BPM Vita launches €6.20/sh offer for Anima Holding SpA; BNP Paribas Exane and Mediobanca upgrades

        • +7.6% DEZ.GR (Deutz AG €4.31, +0.30) -- Q3 earnings

        • +7.2% SREN.SW (Swiss Re CHF119.95, +8.10) -- prelim Q3 earnings

        • +7.1% A28890.GR (CompuGroup Medical €15.01, +1.00) -- Q3 earnings

        • +6.5% MT.NA (ArcelorMittal €24.63, +1.50) -- Q3 earnings

        • +6.4% HEI.GR (Heidelberg Materials €114.60, +6.85) -- Q3 earnings

        • +6.2% HLAG.GR (Hapag-Lloyd €163.20, +9.50) -- orders

        • +6.2% AALB.NA (Aalberts €35.14, +2.04) -- trading update

        • +6.1% AUTO.NO (AutoStore Holdings NOK10.96, +0.63) -- Q3 earnings

        • +5.6% M5Z.GR (Manz AG €5.68, +0.30) -- Q3 earnings

        • +5.1% DUE.GR (Duerr €22.18, +1.08) -- Q3 earnings

        • +5.1% CLAS.B.SS (Clas Ohlson SEK187.40, +9.10) -- Oct sales

        • +5.0% TRN.LN (Trainline £4.17, +0.20) -- H1 earnings

        • +4.9% NEM.GR (Nemetschek €104.80, +4.90) -- Q3 earnings

        • +4.8% BPE.IM (BPER Banca €5.98, +0.27) -- Q3 earnings

        • +4.7% CRI.FP (Chargeurs €9.67, +0.43) -- Q3 revenue; Oddo upgrade

        • +3.0% KOJAMO.FH (Kojamo €9.01, +0.27) -- Q3 earnings

        • +2.9% DTG.GR (Daimler Truck Holding $39.13, +1.11) -- Q3 earnings

        • +2.8% HAUTO.NO (Höegh Autoliners NOK115.00, +3.10) -- trading update

      • Notable Decliners

        • -64.2% HUM.LN (Hummingbird Resources £0.02, -0.04) -- Q3 operational update; debt restructuring & statement re possible offer

        • -61.3% WG.LN (John Wood Group £0.48, -0.76) -- Q3 revenue; to commission independent review by Deloitte

        • -35.6% CANTA.SS (Cantargia SEK1.92, -1.06) -- rights issue of ~SEK 170M

        • -30.0% RECSI.NO (REC Silicon NOK5.00, -2.14) -- Q3 earnings

        • -25.2% CABP.LN (CAB Payments Holdings £0.80, -0.27) -- StoneX Group does not intend to make offer for CAB Payments Holdings

        • -22.9% ONCO.SS (Oncopeptides SEK1.60, -0.48) -- Q3 earnings

        • -15.9% SFOR.LN (S4 Capital £0.33, -0.06) -- trading update

        • -13.2% AMS.SW (ams-OSRAM CHF6.91, -1.05) -- Q3 earnings

        • -13.1% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €65.75, -9.90) -- 9M earnings

        • -12.9% ITV.LN (ITV £0.63, -0.09) -- 9M revenue

        • -11.7% MNTC.SS (Mentice SEK26.50, -3.50) -- Q3 earnings

        • -10.5% AF.FP (Air France-KLM €7.94, -0.93) -- Q3 earnings

        • -9.4% NEWA.B.SS (New Wave Group SEK100.00, -10.40) -- Q3 earnings

        • -7.5% DBV.FP (DBV Technologies €0.72, -0.06) -- Q3 earnings

        • -7.3% LR.FP (Legrand €97.22, -7.63) -- Q3 earnings

        • -7.2% AUTO.LN (Auto Trader Group £7.83, -0.60) -- H1 earnings

        • -7.1% OTL.NO (Odfjell Technology NOK48.05, -3.65) -- Q3 earnings

        • -7.1% RUG.SS (Rugvista Group SEK44.70, -3.40) -- Q3 earnings

        • -5.6% LXS.GR (Lanxess €24.24, -1.44) -- Q3 earnings

        • -5.1% ZEAL.DC (Zealand Pharma DKK813.50, -43.50) -- Q3 earnings

        • -4.6% NEX.FP (Nexans €119.90, -5.80) -- business separation of its specialty industrial cable operations, now Lynxeo; BofA downgrade

        • -4.4% POXEL.FP (Poxel €0.27, -0.01) -- Q3 revenue

        • -3.7% RR.LN (Rolls-Royce Holdings £5.53, -0.21) -- trading update

        • -3.6% BT.A.LN (BT Group £1.37, -0.05) -- Q2 earnings

        • -3.6% SITOWS.FH (Sitowise Group €2.41, -0.09) -- Q3 earnings

        • -3.2% HP3A.GR (Ringmetall €3.03, -0.10) -- 9M earnings

        • -2.9% ADYEN.NA (Adyen €1,335.80, -40.60) -- trading update

        • -2.2% NYXH.BB (Nyxoah €8.80, -0.20) -- Q3 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: InPost (INPST.NA), Aperam (APAM.NA), Eurocommercial Properties (ECMPA.NA), bpost (BPOST.BB), EXMAR (EXM.BB)

        • DACHs: Compagnie Financiere Richemont (CFR.SW), Deutsche Wohnen (DWNI.GR), LEG Immobilien (LEG.GR), Bechtle (BC8.GR), MAX Automation (MXHN.GR), Allane (LNSX.GR), Fabasoft (FAA.GR), Data Modul AG (DAM.GR)

        • Nordics: RaySearch Laboratories (RAY.B.SS), Karnell Group (KARNEL.B.SS), Cavotec (CCC.SS), Bure Equity (BURE.SS), BTS Group (BTS.B.SS), Egetis Therapeutics (EGTX.SS), Genovis (GEN.SS), Okeanis Eco Tankers Corp. (OET.NO), Arendals Fossekompani (AFK.NO), Volue (VOLUE.NO), Cloudberry Clean Energy (CLOUD.NO), Archer Ltd. (ARCH.NO), Kamux (KAMUX.FH)

        • Southern Europe: Recordati (REC.IM), Sanlorenzo (SL.IM), Piaggio & C (PIA.IM), Banca Sistema (BST.IM), Tinexta (TNXT.IM), Avio (AVIO.IM), Alpha Services & Holdings (ALPHA.GA)

        • UK: International Consolidated Airlines Group (IAG.LN)

      • Trading Update: IMCD (IMCD.NA), Sif Holding (SIFG.NA), Rightmove (RMV.LN), Vistry Group (VTY.LN), HusCompagniet (HUSCO.DC)

      • CMD/events: Euronext (ENX.FP), BKW (BKW.SW), Bilia (BILI.A.SS)

  • Data:

    • Economics:

      • Eurozone Sep Retail Sales +2.9% y/y vs cons +1.3% and prior revised +2.4% from +0.8%; +0.5% m/m vs cons +0.4% and prior revised +1.1% from +0.2%

      • UK Oct Halifax House Price Index +3.9% y/y vs cons +4.2% and prior revised +4.6% from +4.7%

      • Germany

        • Oct Construction PMI 40.2 vs cons 42.0 and prior 41.7

        • Sep Industrial Production (2.5%) m/m vs cons (1.0%) and prior revised +2.8% from +2.9%

        • Sep Trade Balance €17.0B vs cons €20.9B and prior revised €21.4B from €

      • Spain Sep Industrial Production +0.6% y/y vs cons +0.2% and prior (0.1%)

      • Norway Sep Manufacturing Production (0.8%) m/m vs cons +2.3% and prior revised (1.3%) from (1.1%)

      • Sweden Oct preliminary CPI +1.6% y/y vs cons +1.5% and prior +1.6%; +0.% m/m vs cons +0.1% and prior +0.2%

      • Denmark Sep Manufacturing Production (4.9%) m/m vs cons +3.4% and prior (4.8%)

      • Ireland Oct CPI +0.7% y/y vs consensus +1.5% and prior +0.7%; +0.3% m/m vs cons +0.2% and prior (0.9%)

        • EU Harmonised: +0.1% y/y vs prelim +0.1%; +0.3% m/m prelim +0.3%

    • Markets:

      • WTI Crude (Dec 24): ($0.01) or (0.01%) to $71.68

      • €-$ +0.0059 or +0.55% to 1.0789

      • £-$ +0.0103 or +0.80% to 1.2982

      • €-£ (0.0020) to 0.8311

      • S&P 500 +0.62%

      • Performance year-to-date

        • FTSE 100: +5.27%

        • DAX: +15.59%

        • CAC: (1.56%)

        • MIB: +11.96%

        • Stoxx 600: +6.46%

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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