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StreetAccount Summary - EU Market Recap: FTSE 100 (1.22%) to 8025.77, DAX (2.13%) to 19033.64, CAC40 (2.69%) to 7226.98, STOXX 600 (1.98%) to 502.23

Nov 12 ,2024

  • Synopsis:

    • European indices ended broadly lower. Follows strength on Monday. Basic Resources, Personal & Household Goods and Chemicals the big decliners. Technology and Food & Bev. the main relative outperformers. After European stocks played catchup on Monday post notable underperformance last week, tone turns defensive. Market participants continue to digest implications for Trump presidency, though not much in the way of incremental developments. Worries over tariffs the main influence. Of note, German press reported lawmakers agreed on 23-Feb election and confidence vote to take place 16-Dec after Chancellor Scholz bows to pressure.

    • On the macro calendar, UK labor market sees increase in unemployment, but wage growth held firm. October claimant count up 26.7K, lower than 30.5K consensus and prior 10.1K increase revised down from 27.9K. Unemployment rate increased to 4.3% versus consensus 4.1% and prior 4.0%. DeStatis reported that German inflation data for October was confirmed at 2.0% y/y with core inflation at 2.9% and HICP at 2.4% versus 1.8% in September. German ZEW Economic Sentiment Indicator deteriorates to 7.4 vs consensus 13.2 and prior 13.1 while Current Situation (91.4) vs consensus (86.0) and prior (86.9).

    • On a busy reporting front, out of DACHs, Bayer AG (BAYN.GR) Q3 revenue, adj EBITDA missed and group cut FY EBITDA guidance citing weaker agricultural markets. Infineon Technologies (IFX.GR) Q4 revenue missed with Q1 2025 revenue guidance also miss citing slower ATV and GIP segments. Brenntag (BNR.GR) Q3 weaker than expected with FY24 guidance confirmed. CANCOM (CPK.GR) shares sharply lower post profit warning due to increased uncertainties concerning the general market conditions, in particular the recent political developments in CANCOM's core markets Germany and Austria. In the UK, AstraZeneca (AZN.LN) reported better-than-expected Q3 core EPS, core EBIT and sales and also upgraded guidance for FY24 revenue, core EPS growth at CER to high teens percentage growth; group also announced $3.5B of capital investment in the US, submission of new BLA for accelerated approval in US for datopotamab deruxtecan for treatment of EGFR-mutated NSCLC and that KOMET Phase III trial met primary endpoints. Vodafone Group (VOD.LN) shares are lower post H1 while DCC (DCC.LN) shares higher post H1 results and strategy update. In the Nordics, Royal Unibrew (RBREW.DC) Q3 EPS beat, revenue miss; narrows FY EBIT guidance; FLSmidth & Co. (FLS.DC) reported strong Q3 and revised Fy24 guidance. In Southern Europe, A2A (A2A.IM) reported 9M earnings and raised FY EBITDA and ordinary net income guidance; Mediobanca (MN.IM) reported Q1 earnings and launched a €385M share buyback programme. Out of Benelux, OCI (OCI.NA) is higher post Q3 trading update.

    • In notable M&A, Lufthansa (LHA.GR) reportedly on track to sign deal to acquire 41% stake in ITA Airways. Modern Times Group (MTG.B.SS) to acquire the Plarium Global from Aristocrat Leisure (ALL.AU) for EV of up to $820M (A$1.25B/SEK8.90B). Kerry Group PLC (KRZ.ID) announces proposed sale of Kerry Dairy Ireland to the Co-Op for a total expected consideration of €500M.DCC (DCC.LN) plans sale of DCC Healthcare and reviews strategic options for DCC Technology.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, France Q3 unemployment rate and Portugal Oct final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +0.04%, Food, Beverage and Tobacco (1.02%), Personal Care Drug and Grocery Stores (1.14%), Retail (1.53%), Travel & Leisure (1.56%), Utilities (1.77%), Real Estate (1.78%), Autos & Parts (1.84%)

      • Underperformers

        • Basic Resources (3.99%), Consumer Products and Services (3.35%), Chemicals (2.97%), Ind Goods & Svcs (2.58%), Telecom (2.37%), Financial Svcs (2.36%), Media (2.24%), Construct & Mtls (2.15%), Insurance (2.10%), Oil&Gas(2.07%), Banks (2.00%)

    • Macro:

      • Central Banks:

        • Bank of England's Pill says pay growth stuck at high level -- Reuters

      • OPEC:

        • Monthly Oil Market Report - November 2024 -- OPEC

      • EU:

        • German government collapse could have silver lining for Europe's markets -- Reuters

      • UK:

        • Reeves to unveil plans for radical payments shake-up -- Skynews

      • Germany:

        • German parliament to hold confidence vote on 16-Dec, source says -- Reuters

      • Ireland:

        • FF commits to retaining derogation on nitrates directive -- RTE

      • Belgium:

        • Elections 2024: Political deadlock persists, stalling economic restraint plans -- Belgium

    • Company news:

      • Notable Gainers

        • +22.1% CTEC.LN (ConvaTec Group £2.62, +0.48) -- YTD trading update

        • +17.6% THRU.LN (Thruvision Group £0.10, +0.02) -- raises £1.375M through direct subscriptions from existing shareholders

        • +14.2% DCC.LN (DCC £57.10, +7.04) -- H1 earnings; annouces strategy update to focus on the energy sector; plans sale of DCC Healthcare and reviews strategic options for DCC Technology

        • +9.3% MTG.B.SS (Modern Times Group MTG SEK84.10, +7.15) -- confirms to acquire the Plarium Global from Aristocrat Leisure

        • +5.9% MOB.SS (Moberg Pharma SEK15.66, +0.89) -- Q3 earnings

        • +4.1% TEMN.SW (Temenos CHF63.75, +2.45) -- CMD

        • +4.1% ELG.GR (Elmos Semiconductor €67.30, +2.60) -- CMD

        • +3.8% KRZ.ID (Kerry Group €91.15, +3.35) -- proposed sale of Kerry Dairy Ireland to the Co-Op for €500M

        • +3.8% DRX.LN (Drax Group £6.72, +0.25) -- FY trading update

        • +3.7% OCI.NA (OCI NV €11.22, +0.40) -- Q3 trading update

        • +3.5% LEI.GR (Leifheit €17.20, +0.55) -- Q3 earnings

        • +3.5% ENSU.NO (Ensurge Micropower NOK0.91, +0.03) -- 9M earnings

        • +3.4% BOCH.CY (Bank of Cyprus Holdings €4.51, +0.15) -- 9M earnings

        • +3.1% CRAYN.NO (Crayon Group Holding NOK114.20, +3.40) -- ABG Sundal Collier upgrade

        • +2.3% KENNA (Kendrion €11.42, +0.26) -- Q3 earnings

        • +2.2% INH.GR (INDUS Holding €20.95, +0.45) -- 9M earnings

      • Notable Decliners

        • -17.6% UTDI.GR (United Internet €15.99, -3.33) -- Q3 earnings

        • -16.1% VBK.GR (Verbio €11.22, -2.16) -- Q1 earnings

        • -14.5% BAYN.GR (Bayer AG €21.46, -3.54) -- Q3 earnings, lowers FY EBITDA before special items guidance

        • -10.4% TWEKA.NA (TKH Group €33.56, -3.82) -- Q3 trading update

        • -10.2% COK.GR (CANCOM €22.78, -2.60) -- Q3 earnings

        • -8.2% MB.IM (Mediobanca €14.25, -1.27) -- Q1 earnings

        • -8.2% BNR.GR (Brenntag €57.26, -5.02) -- Q3 earnings

        • -8.2% FOUR.LN (4imprint Group £49.95, -4.45) -- FY trading update

        • -8.2% VOD.LN (Vodafone Group £0.68, -0.06) -- H1 earnings

        • -8.1% SIX2.GR (Sixt €69.45, -6.15) -- Q3 earnings

        • -8.0% SAFH00.GR (SAF-HOLLAND €13.82, -1.18) -- Q3 earnings

        • -7.8% FRES.LN (Fresnillo £6.31, -0.53) -- updates on Silverstream agreement with Peñoles

        • -7.4% KID.NO (Kid ASA NOK127.40, -10.20) -- Q3 earnings

        • -7.1% 1U1.GR (1&1 AG €12.02, -0.92) -- 9M earnings

        • -6.0% BRBY.LN (Burberry Group £7.33, -0.47) -- Moncler not in talks to take over Burberry -- Reuters

        • -5.3% COOR.SS (Coor Service Management Holding SEK34.82, -1.92) -- CEO to step down

        • -5.0% DLG.LN (Direct Line Insurance Group £1.54, -0.08) -- transferred hold at Jefferies

        • -4.5% OXIG.LN (Oxford Instruments £20.50, -0.95) -- H1 earnings

        • -4.2% RWI.LN (Renewi £5.84, -0.26) -- H1 earnings

        • -4.1% NANO.FP (Nanobiotix €3.81, -0.16) -- Q3 update

        • -4.1% WIE.AV (Wienerberger €27.32, -1.18) -- Q3 earnings

        • -3.5% MONC.IM (Moncler €46.90, -1.69) -- Moncler not in talks to take over Burberry -- Reuters

        • -3.3% ADEN.SW (Adecco Group CHF24.06, -0.82) -- BNP Paribas Exane downgrade

        • -3.1% RBREW.DC (Royal Unibrew DKK0.00, -16.50) -- Q3 earnings

        • -2.0% GSK.LN (GSK Plc £13.69, -0.28) -- study update; Jefferies downgrade

        • -1.9% TRYG.DC (Tryg DKK155.70, -3.00) -- assumed equal-weight at Morgan Stanley

        • -1.8% PSPN.SW (PSP Swiss Property CHF120.10, -2.20) -- Q3 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ABN AMRO Bank (ABN.NA)

        • DACHs: Allianz (ALV.GR), RWE (RWE.GR), Siemens Energy (ENR.GR), RTL Group (RRTL.GR), Porsche Automobil Holding (PAH3.GR), Heidelberger Druckmaschinen (HDD.GR), RENK Group (R3NK.GR), Ströer SE & Co. (SAX.GR), Encavis (ECV.GR), TAG Immobilien (TEG.GR), Auto1 Group (AG1.GR), Hypoport (HYQ.GR), init innovation in traffic systems (IXX.GR), tonies (TNIE.GR), Deutsche Pfandbriefbank (PBB.GR), Varta (VAR1.GR), PWO (PWO.GR), Ypsomed Holding (YPSN.SW), voestalpine (VOE.AV), FACC (FACC.AV)

        • France: Alstom (ALO.FP)

        • Nordics: H. Lundbeck (HLUN.B.DC), Jeudan (JDAN.DC), BICO Group (BICO.SS), Yubico (YUBICO.SS), Better Collective (BETCO.SS), Rana Gruber (RANA.NO), Shelf Drilling (North Sea) Ltd. (SDNS.NO), Photocure (PHO.NO)

        • Southern Europe: Telecom Italia (TIT.IM), Hera (HER.IM), Esprinet (PRT.IM), Technoprobe (TPRO.IM), Rai Way (RWAY.IM), Piovan (PVN.IM), Arnoldo Mondadori Editore (MN.IM), LU-VE (LUVE.IM), Fiera Milano (FM.IM), Acinque (AC5.IM), SECO (IOT.IM), Sonae (SON.PL)

        • UK: SSE (SSE.LN), Experian (EXPN.LN), Intermediate Capital Group (ICG.LN), Babcock International Group (BAB.LN), Tatton Asset Management (TAM.LN), Castings (CGS.LN)

      • Trading Update:

        • Smiths Group (SMIN.LN), Tullow Oil (TLW.LN), SoftwareONE Holding (SWON.SW), Svitzer Group (SVITZR.DC), lastminute.com (LMN.SW), Vente-Unique.com (ALVU.FP), Innate Pharma SA (IPH.FP), Claranova (CLA.FP)

  • Data:

    • Economics:

      • Germany

        • Nov ZEW Economic Sentiment Indicator 7.4 vs consensus 13.2 and prior 13.1

        • Oct CPI y/y +2.0% vs consensus +2.0%

      • UK

        • Oct Claimant Count Change +26.7K vs consensus +30.5K and prior revised +10.1K from +27.9K

        • Sep Unemployment Rate 4.3% vs consensus 4.1% and prior 4.0%

      • Netherlands Oct CPI +3.5% y/y vs preliminary +3.6%

    • Markets:

      • WTI Crude (24-Dec): +$0.33 or +0.49% to $68.37

      • €-$ (0.0050) or (0.47%) to 1.0604

      • £-$ (0.0129) or (1.00%) to 1.2739

      • €-£ +0.0042 to 0.8324

      • S&P 500 (0.29%)

      • Performance year-to-date:

        • FTSE 100: +3.78%

        • DAX: +13.62%

        • CAC: (4.19%)

        • MIB: +10.73%

        • Stoxx 600: +4.85%

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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