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StreetAccount Summary - EU Market Recap: FTSE 100 (0.13%) to 8099.02, DAX (0.67%) to 19060.31, CAC40 (0.67%) to 7229.64, STOXX 600 (0.44%) to 500.61

Nov 19 ,2024

  • Synopsis:

    • European equity markets closed lower Tuesday. Follows mixed trade on Monday. Real Estate and Health Care best performers; Banks, Consumers, Travel/Leisure and Autos the biggest decliners.

    • Geopolitics in focus after Russia updates nuclear doctrine in response to US giving Ukraine permission to use long-range missiles inside Russia. Ukrainian media reported Ukraine made first strike inside Russia using US long-range missiles. Kremlin spokesman Peskov said use of western non-nuclear missiles by Ukraine under new doctrine could lead to nuclear response.

    • More negative commentary for European markets due to weak economic backdrop and political tensions. Policymakers also weighing in on growth risks with ECB President Lagarde calling for more bold policies from EU. However, some strategists think risks from Trump presidency may be priced in and have recently highlighted more balanced positioning and cheap valuations a positive. BoE Governor Bailey and MPC members reiterated to lawmakers importance of labor market developments in rate outlook. Policymakers want to evaluate impact of national insurance hike on labor market. MPC member Greene maintained upside inflation risk in separate media remarks.

    • In UK press, more criticism on impact from government's budget with retailers' arguing it will impact job creation and lead to price rises. German press highlights doubt over Scholz's bid to be re-elected as chancellor and SPD could decide on an alternative candidate.

    • Another light macro calendar with Eurozone Oct CPI final in line with flash reading +2.0% y/y, +0.3% m/m and core CPI +2.7% y/y vs preliminary +2.7%. Eurozone current account surplus widened. Swiss exports declined for second month in October due to persistent weakness in China.

    • In corporate news, of note out of DACHs, Nestle (NESN.SW) hosts CMD today and ahead of event issued an update with action plan, confirms FY guidance, expects medium term organic sales growth +4% plus with underlying operating profit margin 17.0% plus vs prior target 17.5-18.5%. ThyssenKrupp (TKA.GR) posted better-than-expected FY numbers. Sonova Holding (SOON.SW) reported H1 numbers and reaffirmed FY guidance. In the UK, Imperial Brands (IMB.LN), Avon Technologies (AVON.LN), GB Group (GBG.LN), Diploma (DPLM.LN) and Mulberry Group (MUL.LN) posted their latest results. In Spain, eDreams ODIGEO (ESM) posted Q2 numbers and said it was on course to achieve long-term guidance by Mar-25. CaixaBank (CABK.SM) presented its 2025-27 strategic plan. In Benelux, Greenyard (GREEN.BB) reported H1 earnings and confirmed its FY guidance. In Southern Europe, Mota-Engil SGPS (EGL.PL) issued a 9M trading update and indicated it was on track to reach 2026 strategic targets. In Nordics, Schibsted (SCHA.NO) and Embracer Group (EMBRAC.B.SS) released a presentation in connection with their respective CMD today. In other notable developments, after the market close yesterday Kering (KER.FP) announced the appointment of Cédric Charbit as CEO of Saint Laurent and Gianfranco Gianangeli as CEO of Balenciaga, effective 2-Jan-25.

    • In M&A, Faro Bidco completes recommended voluntary offer to the shareholders of EVERFUEL (EFUEL.NO). Autoneum Holding (AUTN.SW) to acquire 70% shares of Chinese automotive supplier Jiangsu Huanyu Group for ~CHF75M. Mota-Engil SGPS (EGL.PL) completes the sale of its 28.73% stake in Cardel - Poza Rica concession for €66M.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, UK Oct CPI/RPI/PPI input/output, Germany Oct PPI and Eurozone Sep construction output.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate +0.62%, Health Care +0.56%, Utilities +0.01%, Telecom (0.11%), Chemicals (0.14%), Personal Care Drug and Grocery Stores (0.17%), Retail (0.21%), Basic Resources (0.28%), Financial Svcs (0.34%), Food, Beverage and Tobacco (0.37%)

      • Underperformers

        • Banks (1.40%), Consumer Products and Services (1.20%), Travel & Leisure (1.15%), Autos & Parts (1.07%), Ind Goods & Svcs (0.69%), Oil&Gas(0.68%), Construct & Mtls (0.63%), Insurance (0.61%), Technology (0.54%)

    • Macro:

      • Russia/Ukraine war:

        • Russia starts making nuclear-resistant mobile bomb shelters -- Reuters

        • Ukraine strikes Russia with US-made long-range missiles for first time -- FT

      • Central banks:

        • ECB should cut rates to neutral or lower, give guidance, says Panetta -- Reuters

        • ECB's Muller: I don't see a reason to move in bigger steps now -- forexlive

      • EU:

        • Xi asks Germany's Scholz to help resolve issue of EU tariffs on Chinese EVs -- Reuters

        • French farmers escalate protests against EU trade deal with South America's Mercosur -- France24

      • UK:

        • UK shouldn't pick between EU and Trump in trade war, says Bank of England boss -- Politico

        • Thousands of farmers protest against inheritance tax changes -- BBC

        • UK's Starmer drops fresh hint over Storm Shadow missiles for Ukraine -- Politico

        • UK 'planning Meloni-style deals' to pay other countries in bid to stop illegal migration -- Standard

      • Germany:

        • Germany's SPD to weigh if Scholz is best chancellor candidate, says source -- Reuters

        • Severing of Baltic Sea cables likely to be sabotage, Germany says -- FT

      • France:

        • France has become less attractive to foreign investors, report says -- Reuters

      • Italy:

        • Italian lawmakers urge government to scale back crypto, web tax plans -- Reuters

    • Company news:

      • Notable Gainers

        • +33.6% ACTI.SS (Active Biotech SEK0.30, +0.08) -- completes oversubscribed rights issue, raising SEK43.4M vs SEK35M target

        • +13.0% KURN.SW (Kuros Biosciences CHF23.50, +2.60) -- forms a dedicated Surgeon Advisory board to shape clinical and commercial strategies for MagnetOs in extremities markets

        • +12.2% TKA.GR (ThyssenKrupp €3.70, +0.42) -- FY earnings

        • +9.3% VSVS.LN (Vesuvius £3.97, +0.35) -- 4M trading update; commences today further share buyback programme of up to £50M

        • +8.7% NEXN.LN (Nexxen International £3.28, +0.27) -- $50M ordinary share repurchase program

        • +7.8% BOY.LN (Bodycote £6.06, +0.45) -- 4M trading update

        • +6.3% AVON.LN (Avon Technologies £14.00, +0.82) -- FY earnings

        • +4.9% TRI.LN (Trifast £0.82, +0.04) -- H1 earnings

        • +3.4% MSLH.LN (Marshalls £3.34, +0.11) -- CMD

        • +3.2% ADP.FP (Aeroport de Paris €107.60, +3.40) -- Oct traffic figures; Stifel and BofA upgrades

        • +3.1% IMB.LN (Imperial Brands £24.49, +0.74) -- FY earnings

        • +3.0% KDEV.SS (Karolinska Development SEK1.18, +0.03) -- portfolio company secures access to bridge financing of up to SEK 5.0M

        • +2.5% BWLPG.NO (BW LPG NOK150.00, +3.70) -- sells 2007-built BW Cedar for further trading and exercise purchase option for 2019-built BW Kizoku

        • +2.0% NELLY.SS (Nelly Group SEK27.60, +0.55) -- to propose a dividend to the shareholders of SEK 0.83 per ordinary share

        • +1.6% TELIA.SS (Telia Co. SEK31.22, +0.50) -- Carnegie Securities

      • Notable Decliners

        • -11.7% CML.LN (CML Microsystems £2.35, -0.30) -- H1 earnings

        • -11.0% MUL.LN (Mulberry Group £1.10, -0.13) -- H1 earnings

        • -7.3% DPLM.LN (Diploma £42.66, -3.30) -- FY earnings; Shore Capital Stockbrokers

        • -7.1% SLR.SM (Solaria Energia €9.21, -0.71) -- 9M earnings

        • -5.0% CABK.SM (CaixaBank €5.41, -0.28) -- 2025-27 strategic plan

        • -4.9% HUSQ.B.SS (Husqvarna SEK60.18, -3.18) -- SEB downgrade

        • -4.8% GRF.SM (Grifols €10.61, -0.52) -- Mason Capital reiterates corporate governance shortcomings and mismanagement of company under current board

        • -4.3% BYG.LN (Big Yellow Group £11.04, -0.50) -- H1 earnings

        • -4.2% SPIE.FP (SPIE €30.12, -1.32) -- holder LAC1 (Bpifrance) placing 4.2M shares at €30/share via accelerated bookbuild

        • -3.2% SIE.GR (Siemens AG €177.56, -5.90) -- BofA downgrade

        • -2.5% IPH.FP (Innate Pharma €1.50, -0.04) -- study publication

        • -2.4% EMBRAC.B.SS (Embracer Group SEK28.80, -0.70) -- CMD

        • -1.9% EGL.PL (Mota-Engil SGPS €2.48, -0.05) -- 9M earnings; completes the sale of its 28.73% stake in Cardel

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Baloise (BALN.SW), Kapsch TrafficCom (KTCG.AV)

        • France: Soitec (SOI.FP), Elior Group (ELIOR.FP)

        • Nordics: Viva Wine (VIVA.SS), Eolus Vind (EOLU.B.SS), SyntheticMR (SYNT.SS), Panoro Energy (PEN.NO), Petronor E&P (PNOR.NO), Everfuel (EFUEL.NO), NRC Group (NRC.NO), Gabriel (GABR.DC)

        • Southern Europe: Greek Organisation of Football Prognostics (OPAP.GA), MFE-MEDIAFOREUROPE (MFEA.IM)

        • UK: The Sage Group (SGE.LN), Severn Trent (SVT.LN), The British Land Co. (BLND.LN), Tracsis (TRCS.LN), Redcentric (RCN.LN)

  • Data:

    • Economics:

      • Eurozone Oct CPI +2.0% y/y vs preliminary +2.0%

      • Switzerland Oct

        • Trade Balance CHF8.06B vs consensus CHF4.3B and prior revised CHF4.94B from CHF4.95B

        • Swiss Watch Exports (2.2%) to CHF 2.34B

    • Markets:

      • WTI Crude (24-Dec): ($0.35) or (0.51%) to $68.81

      • €-$ (0.0021) or (0.20%) to 1.0579

      • £-$ (0.0010) or (0.08%) to 1.2667

      • €-£ (0.0008) to 0.8351

      • S&P 500 +0.18%

      • Performance year-to-date:

        • FTSE 100: +4.75%

        • DAX: +13.79%

        • CAC: (4.18%)

        • MIB: +9.64%

        • Stoxx 600: +4.51%

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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