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StreetAccount Summary - EU Market Recap: FTSE 100 +0.59% to 8120.00, DAX +1.22% to 19450.84, CAC40 +1.13% to 7421.28, STOXX 600 +1.11% to 512.24

Nov 11 ,2024

  • Synopsis:

    • European indices have ended in positive territory, with Denmark outperforming the region. In politics, Germany appears to be heading for an earlier election than Chancellor Scholz's initial plan for a March vote after coming under pressure from opposition parties, Greens, and FDP. Scholz expressed willingness to hold parliamentary confidence vote before Christmas, potentially accelerating timeline for early elections following his coalition government's collapse. Breakdown occurred after Scholz dismissed FinMin Lindner over disagreements on economic and fiscal policy, reducing three-party coalition to just two parties. While opposition leader Merz's CDU leads by 17 points in polls, Scholz maintains optimism about SPD's chances in new elections. Following confidence vote, which Scholz is expected to lose, German President will have 21 days to dissolve parliament, with elections to be held within 60 days thereafter

    • In the UK, Chancellor Reeves will use the annual Mansion House speech on Wednesday to promote free and open trade, potentially putting the government on collision course with president-elect Trump Other political analysts suggested the UK and US could revisit trade talks which were shelved under the Biden administration. However, access to the UK's health service and agriculture, which were sticking points in the past, are still likely to be problematic. Also, UK PM Starmer and French President Macron will hold talks on boosting weaponry for Ukraine ahead of a Trump presidency. Telegraph sources suggested there are hopes in London that Biden may give approval for Ukraine to fire long-range missiles deeper into Russia. While Starmer has privately backed the move, Storm Shadow missiles require use of a US targeting system. US has provided long-range missiles but prevented Ukraine from using in cross-border strikes. Russian President Putin has said would view use of long-range weapons as "direct participation" of Nato countries and would respond. Polish PM Tusk will also meet with EU leaders and NATO chief Rutte on Ukraine

    • In France, the National Assembly adopted 472 amendments to the 2025 finance bill, potentially reducing deficit through new taxes and spending cuts. Key changes include "Zucman taxes" on billionaires and multinationals, strengthened existing taxes, and VAT reductions for certain sectors. However, many amendments face implementation challenges due to conflicts with EU treaties, tax conventions, and constitutional issues

    • In tariff related news, the EU is experiencing limited progress in negotiations with China over EV tariffs, with little hope for a quick resolution. Despite ongoing technical talks, China has not met EU's stringent requirements for enforceable agreement that aligns with bloc's anti-subsidy tariffs. Recent discussions highlighted disagreements over individual carmaker agreements, with EU advocating for WTO-compliant deals while China pushes for broader umbrella agreement. EU's Ambassador to China expressed concerns about discrimination against European medical device manufacturers in China's public procurement processes, with risk of reciprocation

    • On the reporting front, DACH names kicked off the session, with Continental (CON.GR), Hypoport (HYQ.GR), Salzgitter (SZG.GR) and Stabilus (STM.GR) posting their Q3/9M numbers, whilst Delivery Hero (DHER.GR) announced the IPO of Talabat Holding plc and plans to use the proceeds for general corporate purposes and capital structure optimisation. In Southern Europe, Eni (ENI.IM) signed an agreement for Energy Infrastructure Partners to further invest in Plenitude, whilst Almirall (ALM.SM), Cellnex Telecom (CLNX.SM) and Melia Hotels International (MEL.SM) reported before the open. In the UK, Croda International (CRDA.LN) posted Q3 numbers and confirmed FY guidance, with Forterra Plc (FORT.LN) and Direct Line Insurance Group (DLG.LN) also updating investors this morning; of note, UK Government Investments Limited disposed shares in NatWest Group plc (NWG.LN) for £1B, with its voting rights dropping from ~14.2% to ~11.4%. In notable M&A news, after few days of speculation, in the afternoon Reuters reported that Moncler (MONC.IM) is not in talks to take over Burberry (BRBY.LN)

    • Looking ahead to tomorrow's calendars, Bayer (BAYN.GR), Infineon Technologies (IFX.GR), Brenntag (BNR.GR), Sixt (SIX2.GR), Jungheinrich (JUN3.GR), FLSmidth & Co. (FLS.DC), Mediobanca Banca di Credito Finanziario (MB.IM), De'Longhi (DLG.IM), Iren (IRE.IM), AstraZeneca (AZN.LN), Vodafone (VOD.LN) and DCC (DCC.LN) will be among few other names to issue their most recent earnings reprots, whilst Royal Unibrew (RBREW.DC), DFDS (DFDS.DC), Grafton (GFTU.LN) are TKH Group (TWEKA.NA) are expected to post trading updates. CMDs include Marks & Spencer Group (MKS.LN), Temenos (TEMN.SW) and Husqvarna (HUSQ.B.SS). Macro-data updates are Germany Nov ZEW survey and Oct final CPI, UK Oct claimant count change and Netherlands Oct final CPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Construct & Mtls +1.98%, Banks +1.72%, Ind Goods & Svcs +1.64%, Financial Svcs +1.58%, Autos & Parts +1.55%, Health Care +1.49%, Chemicals +1.36%, Insurance +1.19%

      • Underperformers: Basic Resources (1.08%), Retail (0.21%), Real Estate +0.17%, Persnl & HHold Goods +0.41%, Oil & Gas +0.41%, Food & Beverage +0.47%, Media +0.68%, Telecom +0.78%, Technology +0.89%, Travel & Leisure +0.93%, Utilities +1.00%

    • Macro:

      • German paper industry denies claims paper shortage could hinder election (Guardian)

      • Will Friedrich Merz get Germany to abandon its fiscal fetish? (FT)

      • EU Sees Little Chance of Quick China Deal to Avoid EV Tariffs (BBG)

      • UK's Keir Starmer joins Emmanuel Macron in Paris as France marks WWI armistice day (F24)

      • 'No social revolt when banks were helped' - PM Meloni (Ansa)

      • Trump committed to NATO and is right to push Europe to increase funding, UK defence secretary John Healey says (Sky)

    • Company news:

      • Notable Gainers

        • +113.6% AQX.LN (Aquis Exchange £7.05, +3.75) -- agrees terms of a recommended cash offer from SIX at 727p/sh, for an implied EV of ~ £194M

        • +22.3% PANR.LN (Pantheon Resources £0.28, +0.05) -- spudding of Megrez-1 well

        • +16.5% EVT.GR (Evotec €8.92, +1.26) -- Triton said to weigh takeover deal for Evotec -- BBG; Excalibur LuxCo SARL discloses 5.63% stake

        • +13.7% RLF.SW (RELIEF THERAPEUTICS Holding CHF6.62, +0.80) -- clinical trial evaluating RLF-TD011 for the treatment of epidermolysis bullosa (EB) met primary endpoint

        • +10.4% CON.GR (Continental €62.18, +5.90) -- Q3 earnings

        • +8.2% FARN.LN (Faron Pharmaceuticals £1.65, +0.13) -- files patent application around the use of soluble Clever-1 for for autoimmune diseases

        • +6.7% KNOS.LN (Kainos Group £8.48, +0.53) -- H1 earnings

        • +5.9% ALZCUR.SS (AlzeCure Pharma SEK1.62, +0.09) -- Q3 earnings

        • +5.7% BORR.NO (Borr Drilling NOK44.78, +2.42) -- discloses purchase 1.50M shares by Chairman

        • +5.4% CRDA.LN (Croda International £38.00, +1.93) -- Q3 revenue

        • +4.8% DHER.GR (Delivery Hero €39.25, +1.79) -- Talabat Holding plc IPO in UAE

        • +3.7% NWG.LN (NatWest Group £3.95, +0.14) -- UK Government Investments Limited announces disposes shares in NatWest plc for £1B; voting rights will fall from ~14.2% to ~11.4% (

        • +3.6% SAAB.B.SS (Saab SEK241.30, +8.45) -- Brazil deal

        • +3.1% HNR1.GR (Hannover Re €245.70, +7.30) -- Q3 earnings

        • +3.1% ODHN.SW (Orascom Development Holding CHF4.00, +0.12) -- Egyptian Subsidiary (ODE) 9M earnings

        • +2.9% TFBANK.SS (TF Bank SEK324.00, +9.00) -- Oct new consumer lending

        • +2.8% WAWI.NO (Wallenius Wilhelmsen NOK105.70, +2.90) -- multi-year shipping contract

        • +2.5% THULE.SS (Thule Group SEK364.00, +9.00) -- acquires Quad Lock for A$500M (~SEK 3.6B)

        • +2.4% ANOD.B.SS (Addnode Group SEK108.40, +2.50) -- acquires CTC Software in USA

        • +2.2% CLNX.SM (Cellnex Telecom €33.76, +0.72) -- Q3 earnings

        • +2.0% MEL.SM (Melia Hotels International €7.30, +0.15) -- Q3 earnings

        • +1.7% TEN.IM (Tenaris €17.52, +0.30) -- commences $700M share buyback

        • +1.6% STAB1L.GR (Stabilus €38.35, +0.60) -- confirms FY prelim earnings

        • +0.8% ENI.IM (Eni €14.04, +0.11) -- signs agreement for Energy Infrastructure Partners to further invest in Plenitude

        • +0.4% FORT.LN (Forterra Plc £1.88, +0.01) -- trading update

      • Notable Decliners

        • -25.7% TIG.LN (Team Internet Group £0.88, -0.31) -- 9M earnings

        • -20.6% LEHN.SW (LEM Holding CHF894.00, -232.00) -- Q2 earnings

        • -4.1% ALM.SM (Almirall €8.35, -0.35) -- 9M earnings

        • -3.1% BRBY.LN (Burberry Group £7.82, -0.25) -- Moncler not in talks to take over Burberry -- Reuters, citing sources

        • -2.8% SZG.GR (Salzgitter €18.55, -0.54) -- 9M earnings

        • -2.5% HEXA.B.SS (Hexagon SEK99.04, -2.51) -- appoints interim President and CEO

        • -2.4% DORO.SS (Doro SEK33.00, -0.80) -- Xplora Technologies extends public offer acceptance period to 7-Feb-25

        • -2.0% DLG.LN (Direct Line Insurance Group £1.62, -0.03) -- trading update

        • -1.1% MONC.IM (Moncler €48.39, -0.55) -- Moncler not in talks to take over Burberry -- Reuters, citing sources

        • -0.9% SEE.LN (Seeing Machines £0.03, -0.00) -- Q1 business update

        • -0.1% HYQ.GR (Hypoport €225.00, -0.20) -- final Q3 earnings

    • EU companies reporting tomorrow:

      • Benelux: OCI (OCI.NA), Kendrion (KENDR.NA)

      • DACHs: Infineon Technologies (IFX.GR), Bayer (BAYN.GR), EnBW Energie Baden Wurttemberg (EBK.GR), Brenntag (BNR.GR), Sixt (SIX2.GR), IONOS Group (IOS.GR), Jungheinrich (JUN3.GR), Pentixapharm (PTP.GR), United Internet (UTDI.GR), 1&1 (1U1.GR), Jenoptik (JEN.GR), KSB & Co. (KSB.GR), OHB (OHB.GR), Formycon (FYB.GR), Verbio (VBK.GR), CANCOM (COK.GR), SAF-HOLLAND (SFQ.GR), INDUS Holding (INH.GR), HomeToGo (HTG.GR), PVA TePla (TPE.GR), ElringKlinger (ZIL2.GR), Medios (ILM1.GR), Leifheit (LEI.GR), GESCO (GSC1.GR), PSP Swiss Property (PSPN.SW), Wienerberger (WIE.AV)

      • Nordics: FLSmidth & Co. (FLS.DC), Schouw & Co (SCHO.DC), Scandinavian Tobacco Group (STG.DC), Bouvet (BOUV.NO), Kid (KID.NO), Nordhealth (NORDH.NO), Mandatum (MANTA.FH)

      • Southern Europe: Mediobanca Banca di Credito Finanziario (MB.IM), De'Longhi (DLG.IM), Iren (IRE.IM), Italmobiliare (ITM.IM), FILA - Fabbrica Italiana Lapis ed Affini SpA (FILA.IM), The Italian Sea Group (TISG.IM), Toscana Aeroporti (TYA.IM), Equita Group (EQUI.IM), Sabaf (SAB.IM), B&C Speakers (BEC.IM), ACS, Actividades de Construccion y Servicios (ACS.SM)

      • UK: AstraZeneca (AZN.LN), Vodafone (VOD.LN), DCC (DCC.LN), Bank of Georgia Group (BGEO.LN), Oxford Instruments (OXIG.LN), Renewi (RWI.LN)

      • Trading Update: Royal Unibrew (RBREW.DC), DFDS (DFDS.DC), Grafton (GFTU.LN), TKH Group (TWEKA.NA), secunet Security Networks (YSN.GR), Softing (SYT.GR), Figeac Aero (FGA.FP), Forsee Power (FORSE.FP)

      • Traffic: Flughafen Zurich (FHZN.SW)

      • CMD/events: Marks & Spencer Group (MKS.LN), Temenos (TEMN.SW), Husqvarn (HUSQ.B.SS)

  • Data:

    • Economics:

      • Denmark

        • Sep Trade Balance DKK29.8B vs consensus DKK28.2B and prior revised DKK33.1B from DKK28.3B

        • Oct CPI +1.6% y/y vs consensus +1.5% and prior revised +1.4% from +1.3%

      • Norway Oct CPI +2.6% y/y vs consensus +2.7% and prior +3.0%

    • Markets:

      • WTI Crude (Dec 24): ($2.37) or (3.37%) to $68.01

      • €-$ (0.0059) or (0.55%) to 1.0654

      • £-$ (0.0033) or (0.26%) to 1.2874

      • €-£ (0.0026) to 0.8275

      • S&P 500 +0.19%

      • Performance year-to-date

        • FTSE 100: +5.00%

        • DAX: +16.11%

        • CAC: (1.62%)

        • MIB: +13.09%

        • Stoxx 600: +6.94%

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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