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StreetAccount Summary - EU Market Recap: FTSE 100 (0.84%) to 8072.39, DAX (0.76%) to 19215.48, CAC40 (1.17%) to 7338.67, STOXX 600 (0.65%) to 506.60

Nov 08 ,2024

  • Synopsis:

    • European equity markets closed lower and not far off the session's lowest levels. Follows mostly weaker close on Thursday. China-exposed sectors biggest decliners like Basic Resources, Luxury, Autos & Parts. Defensives like Real Estate, Utilities and Health Care amongst best performers. Asian markets mostly weaker overnight though Australia and Japan bucked the trend. US equities mostly higher in Friday morning trading. S&P and Nasdaq both extending yesterday's gains that set fresh ATHs, on pace for big weekly gains.

    • China-exposed sectors biggest decliners in Europe. Stoxx 600 on track for softer weekly performance. While US and Asian markets have mostly benefited from a Trump election win, Europe struggling under the threat of tariffs, which has seen sell-side economists cut growth forecasts and talk up the possibility of more active central bank easing. ECB's Knot warned on risks from increasing trade barriers, including for the financial system. BoE cut rates on Thursday and sounded cautious on the rate outlook. Macroeconomic forecasts also showed inflationary impact of the government's recent budget. Fed cuts by 25 bps as expected after Thursday's European close.

    • German political developments also in focus. Chancellor Scholz (SPD) rejected calls for a confidence vote on Thursday. CDU leader Merz said it would support the budget and further legislation only if a confidence vote was held next week. Scholz wants to hold a vote in January and an election by the end of March, which could effectively paralyze policy making until next summer. Survey showed majority of people favor rapid new elections.

    • Quiet on the macro front in Europe. French trade deficit widens. Italian industrial production weaker. UK industry data showed a steep drop in hiring ahead of the budget. In addition, press highlighted several big firms have warned jobs will be cut and consumer prices raised in response to extra costs imposed by tax increases.

    • On the reporting front, Richemont (CFR.SW) posted H1 numbers whilst - on a busy Southern Europe earnings calendar - Grifols (GRF.SM), Banca Monte dei Paschi di Siena (BMPS.IM), EDP-Energias de Portugal (EDP.PL), Pirelli & C (PIRC.IM), Nexi (NEXI.IM) and Unipol Gruppo (UNI.IM) were among few other names to update investors.

    • In the UK, International Consolidated Airlines Group (IAG.LN), Rightmove (RMV.LN) and Vistry Group (VTY.LN) reported before the open whilst Indivior (INDV.LN) responded to a publication of a letter by Oaktree Capital Management to the board; also, Australian Government's Department of Home Affairs informed Serco Group (SRP.LN) it has been unsuccessful in rebidding the contract for the provision of onshore immigration detention facilities and detainee services. Elsewhere, Euronext (ENX.FP), bpost (BPOST.BB), IMCD (IMCDA.NA) and LEG Immobilien (LEG.GR) released their Q3/9M updates

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +1.34%, Travel & Leisure +0.91%, Health Care +0.67%, Media +0.66%, Telecom +0.59%, Utilities +0.17%, Personal Care Drug and Grocery Stores (0.09%), Food, Beverage and Tobacco (0.31%), Technology (0.58%), Construct & Mtls (0.64%)

      • Underperformers:

        • Basic Resources (4.12%), Consumer Products and Services (3.13%), Banks (1.40%), Autos & Parts (1.35%), Chemicals (1.31%), Energy(1.11%), Financial Svcs (0.87%), Ind Goods & Svcs (0.87%), Insurance (0.69%)

    • Macro:

      • Central banks:

        • ECB's Knot optimistic on Eurozone economic outlook - Bloomberg

        • ECB's Knot warns trade barriers create financial risks - Reuters

        • ECB's Stournaras says European economy would suffer from tariffs - Reuters

        • BoE Governor Bailey plays down budget impact - Bloomberg

      • Germany:

        • Scholz rejects call for early confidence vote - London Times

        • Majority of people in favor of rapid new elections - Handelsblatt

      • Ireland:

        • General election seen in 29-Nov - RTE

      • UK

        • Job vacancies and hiring fell in run-up to budget - London Times

        • Big business lines up to warn on jobs - London Times

        • UK government explores privately-funded Birmingham-Manchester rail link - FT

        • Deputy PM Rayner calls Vance to fix relationship after Trump criticism - Telegraph

    • Company news:

      • Notable Gainers

        • +28.1% CHEMM.DC (ChemoMetec DKK484.40, +106.40) -- Q1 earnings; Nordea upgrade

        • +27.3% GENO.SS (Genovis SEK25.45, +5.45) -- Q3 earnings

        • +18.5% RAY.B.SS (RaySearch Laboratories SEK195.00, +30.40) -- Q3 earnings

        • +9.5% RDC.GR (Redcare Pharmacy €167.60, +14.60) -- Kepler Cheuvreux upgrade

        • +8.6% WEW.GR (Westwing Group €7.80, +0.62) -- announces 1.2M shares buyback

        • +7.2% IAG.LN (International Consolidated Airlines Group £2.33, +0.16) -- share buyback program of €350M; Q3 earnings

        • +6.4% ALTA.FP (Altarea €103.40, +6.30) -- Q3 revenue; Oddo upgrade

        • +6.0% IMCD.NA (IMCD €152.90, +8.60) -- 9M earnings

        • +5.6% FNTN.GR (Freenet €28.86, +1.54) -- Q3 earnings

        • +5.5% APAM.NA (Aperam €27.22, +1.42) -- Q3 earnings

        • +5.4% ALPHA.GA (Alpha Services & Holdings €1.50, +0.08) -- Q3 earnings

        • +4.4% GRF.SM (Grifols €11.11, +0.47) --

          • Q3 earnings

          • Grifols to merge A and B shares to facilitate takeover bid - El Economista

        • +4.1% ZEAL.DC (Zealand Pharma DKK847.00, +33.50) -- Danske Bank upgrade; initiated overweight at JPMorgan

        • +3.6% KOJAMO.FH (Kojamo €9.30, +0.33) -- OP Corporate Bank upgrade

        • +3.4% EDP.PL (EDP-Energias de Portugal €3.41, +0.11) -- Q3 earnings

        • +3.1% OPTOMED.FH (Optomed €4.38, +0.13) -- Inderes upgrade

        • +3.0% STORY.B.SS (Storytel SEK69.90, +2.05) -- acquires the full rights to Swedish children's characters Sune and Bert

        • +2.9% ATO.FP (ATOS SE €0.68, +0.02) -- launches capital increase with preferential subscription rights for an amount of €233M

        • +2.8% PIRC.IM (Pirelli & C. €5.10, +0.14) -- Q3 earnings; Oddo upgrade

        • +2.8% IHG.LN (InterContinental Hotels Group £92.58, +2.50) -- Peel Hunt upgrade

        • +2.7% TIFS.LN (TI Fluid Systems £1.70, +0.04) -- extension of PUSU deadline from today to 22-Nov-24

        • +2.1% AFK.NO (Arendals Fossekompani NOK162.40, +3.40) -- Q3 earnings

        • +1.8% AZN.LN (AstraZeneca £99.00, +1.78) -- Amgen's TEZSPIRE meets co-primary endpoints in Phase 3 WAYPOINT trial (

        • +1.5% LDO.IM (Leonardo €24.75, +0.36) -- to supply ATR42-600 Maritime Patrol aircraft to Italian Coast Guard

      • Notable Decliners

        • -44.1% NYKD.NO (Nykode Therapeutics NOK2.40, -1.89) -- shareholder Norda acquires 5.0M shares in the company

        • -21.1% BMN.LN (Bushveld Minerals £0.00, -0.00) -- operational update

        • -15.5% VTY.LN (Vistry Group £7.38, -1.36) -- FY trading update

        • -13.4% TNXT.IM (Tinexta €9.11, -1.42) -- 9M earnings

        • -12.0% DEC.FP (JCDecaux €14.71, -2.02) -- Q3 revenue

        • -9.8% SRP.LN (Serco Group £1.62, -0.17) -- Australian Government's Department of Home Affairs unsuccessful in rebidding the contract for the provision of onshore immigration detention facilities and detainee services

        • -7.7% MAB.LN (Mitchells & Butlers £2.33, -0.20) -- Deutsche Bank downgrade

        • -7.5% BIOA.B.SS (BioArctic SEK139.90, -11.40) -- now expects SEK300M in Leqembi royalties in Eisai's FY ending 31-Mar

        • -6.6% CFR.SW (Richemont CHF119.30, -8.45) -- H1 earnings

        • -6.5% NRC.NO (NRC Group NOK3.46, -0.24) -- final result of the subsequent offering; will issue 20M new shares at NOK2.50/share

        • -6.5% EQS.FP (Equasens Group €46.60, -3.25) -- Q3 revenue

        • -6.0% GRG.LN (Greggs £26.38, -1.68) -- Deutsche Bank downgrade

        • -5.4% AZM.IM (Azimut Holding €22.50, -1.27) -- Q3 earnings

        • -5.1% KAMBI.SS (Kambi Group SEK108.10, -5.80) -- Prateo downgrade

        • -4.5% PIA.IM (Piaggio & C €2.13, -0.10) -- 9M earnings

        • -4.4% VRLA.FP (Verallia €26.82, -1.22) -- Berenberg downgrade

        • -4.0% DTG.GR (Daimler Truck Holding $37.63, -1.56) -- mwb research downgrade

        • -3.7% BPOST.BB (bpost €2.22, -0.09) -- Q3 earnings

        • -3.6% KAMUX.FH (Kamux €3.37, -0.13) -- Q3 earnings

        • -3.3% NESTE.FH (Neste €12.83, -0.44) -- changes its Renewable Products total sales volume guidance for 2024 as a result of shut down due to fire

        • -2.9% IMMU.SS (Mendus SEK10.00, -0.29) -- Q3 earnings

        • -2.6% BBVA.SM (Banco Bilbao Vizcaya Argentaria €9.11, -0.24) -- panish competition watchdog CNMC likely to announce it needs more time for final decision on BBVA's proposed takeover of Banco Sabadell -- Bloomberg

        • -2.3% PREC.SS (Precise Biometrics SEK3.01, -0.07) -- signs hand gesture software agreement with Crunchfish

        • -2.0% OERL.SW (OC Oerlikon Corp. CHF3.60, -0.07) -- Kepler Cheuvreux downgrade

        • -1.8% SIFG.NA (Sif Holding €13.14, -0.24) -- Q3 earnings

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Hannover Re (HNR1.GR), Continental (CON.GR), Salzgitter (SZG.GR), Stabilus (STM.GR), Hawesko (HAW.GR), LEM Holding (LEHN.SW)

        • Southern Europe: Cellnex Telecom (CLNX.SM), Almirall (ALM.SM), Minor Hotels Europe & Americas (NHH.SM), Melia Hotels International (MEL.SM), A2A (A2A.IM), Pharmanutra (PHN.IM), Newlat Food (NWL.IM), RCS MediaGroup (RCS.IM), Antares Vision (AV.IM)

        • UK: Kainos Group (KNOS.LN), Team Internet Group (TIG.LN)

      • Trading Update: Croda International (CRDA.LN), Direct Line Insurance (DLG.LN), RHI Magnesita (RHIM.LN), B&S Group (BSGR.NA)

      • CMD/events: Elmos Semiconductor (ELG.GR), Vaisala (VAIAS.FH)

  • Data:

    • Economics:

      • Sep Industrial Production

        • Italy (4.0%) y/y vs consensus (1.0%) and prior (3.2%); (0.4%) m/m vs consensus (0.3%) and prior 0.0% revised from +0.1%

        • Sweden +2.4% y/y vs consensus +2.4% and prior (3.2%)

      • Netherlands Sep Manufacturing Production (3.0%) m/m vs consensus (1.6%) and prior revised +2.2% from +2.1%

      • France Sep Trade Balance (€8.3B) vs consensus (€6.5B) and prior revised (€7.7B) from (€7.4B)

      • Switzerland Oct SECO Consumer Sentiment (37.0) vs consensus (33.0) and prior (33.7)

    • Markets:

      • WTI Crude (Dec 24): ($2.28) or (3.15%) to $70.08

      • €-$ (0.0079) or (0.73%) to 1.0725

      • £-$ (0.0070) or (0.54%) to 1.2917

      • €-£ (0.0017) to 0.8302

      • S&P 500 +0.39%

      • Performance year-to-date

        • FTSE 100: +4.27%

        • DAX: +14.71%

        • CAC: (2.71%)

        • MIB: +11.42%

        • Stoxx 600: +5.76%

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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