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StreetAccount Summary - EU Market Recap: FTSE 100 +1.44% to 8266.78, DAX +0.83% to 19305.79, CAC40 +0.51% to 7250.28, STOXX 600 +1.17% to 508.43

Nov 22 ,2024

  • Synopsis:

    • European equity markets ended higher with pan-European indices closing just off best levels. Denmark +3.0%, Netherlands +1.6% and Belgium +1.5% led the outperformers whilst Italy (0.9%) bucked the firmer trend.

    • In political developments, German Defence Minister Pistorius ended speculation about challenging Chancellor Scholz by announcing he will not run as SPD candidate in February's snap election (Bloomberg, FT, Reuters). Decision clears the way for Scholz to seek second term, despite low approval ratings. SPD leadership plans to formally nominate Scholz as their candidate on Monday, with party polling ~15%, well behind opposition conservatives at 33% and far-right AfD at 18%.

    • Focus on flash PMIs for November. German manufacturing PMI slight beat, but services missed and posted first contraction in nine months. French manufacturing and services PMI missed; manufacturing lowest since Jan. Eurozone's business activity deteriorated significantly in November, with HBOC flash composite PMI unexpectedly declining to a 10-month low of 48.1 versus October's 50.0 and well below analyst expectations (FT). Meanwhile in Germany, Q3 growth revised lower, with strong chance of winter recession.

    • In corporate news, Bekaert (BEKB.BB) missed 9M revenue and lowered FY24 sales and EBITu guidance. Company also announced €200M buyback. Ackermans & van Haaren (ACKB.BB) Q3 trading update: on track towards a FY24 net profit well above €400M vs FactSet €459.2M. In France, holders Invexans and Tech Pack have placed 2.2M shares in Nexans (NEX.FP), whilst UK and France have announced they are jointly investigating Thales (HO.FP) for bribery and corruption. Eckert & Ziegler (EUZ.GR) raised its FY24 forecast once again. Unilever (ULVR.LN) hosted an Investor Day, announced medium-term guidance remains unchanged; on track for separation of Ice Cream by the end of 2025. Also in the UK, Workspace Group (WKP.LN) posted H1 earnings along with an interim dividend proposal of 9.4p/share, +4.4% y/y. In retail sector, Inditex (ITX.SM) and H&M Hennes & Mauritz (HM.B.SS) traded higher after Gap, Inc (GAP) reported earnings last night. On M&A front, Halozyme withdrew proposal to acquire Evotec (EVT.GR) following Evotec's unwillingness to engage in discussions.

    • The week ahead sees EU Parliament vote on new Commissioners, Ireland's general election, Q3 final GDPs and Nov preliminary CPIs from across the region, Germany Nov unemployment change, Ifo survey as well as earnings/updates from Compass Group (CPG.LN), Intertek Group (ITRK.LN), Kingfisher (KGF.LN), ROCKWOOL (ROCK.B.DC) and Vienna Insurance Group (VIG.AV). Again, a number of the region's leading companies have CMD/events, biased towards the beginning of the week.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate+3.09%, Media +2.95%, Health Care +2.68%, Retail +2.21%, Persnl & HHold Goods +1.93%, Utilities +1.87%, Telecom +1.47%, Technology +1.32%, Autos & Parts +1.26%

      • Underperformers

        • Banks (1.31%), Travel & Leisure +0.34%, Insurance +0.45%, Oil & Gas +0.50%, Basic Resources +0.64%, Construct & Mtls +0.81%, Chemicals +0.88%, Ind Goods & Svcs +0.99%, Food & Beverage +1.01%, Financial Svcs +1.15%

    • Macro/Peripheral markets:

      • Geopolitics

        • Putin unveils hypersonic missile deployment and blames US for Ukraine conflict escalation - RT

        • Poland urges EU to bolster Eastern defenses, citing Trump's security demands - FT

        • Nato and Ukraine to meet over Russian missile strike, say diplomats - Guardian

      • EU

        • Eurozone business activity hits 10-month low - FT

      • ECB

        • ECB's Villeroy: 2% target should be met earlier than expected - Baha

        • Nagel: European model of prosperity under pressure - Baha

      • UK

        • GfK consumer confidence highest since August following Budget and US elections - Reuters

        • Recession risk as Britain reels from Reeves's Budget - The Telegraph

      • Ireland

        • Simon Harris rejects coalition with multi-party left-wing alliance - Irish Times

      • Germany

        • Pistorius backs Scholz despite low performance in polls - Bloomberg, FT, Reuters

        • Scholz's leadership failure - Politico

        • Scholz calls for a moderate reform of the debt brake - Handelsblatt

        • Germany kicks off biggest hospital reform in history - Politico

      • Spain

        • Spain's lower house approves tax package extending bank windfall tax - Reuters

    • Company news:

      • Notable Gainers

        • +21.2% SOFF.NO (Solstad Offshore NOK40.00, +7.00) -- contracts

        • +16.7% GAW.LN (Games Workshop Group £136.60, +19.50) -- trading since the last update on 18-Sep-24 is ahead of expectations

        • +14.5% TPE.GR (PVA TePla €12.56, +1.59) -- launches up to €30M share buyback program

        • +11.1% PREC.SS (Precise Biometrics SEK4.81, +0.48) -- takes new initiatives to accelerate growth in the field of visitor access and management systems

        • +9.2% PHLY.NO (Philly Shipyard $64.40, +5.40) -- continues to expect that the transaction with Hanwha regarding the purchase of PSI will close during Q4 2024

        • +8.9% CKN.LN (Clarkson £39.20, +3.20) -- initiated buy at Berenberg

        • +8.4% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik €40.08, +3.10) -- raises its FY24 forecast

        • +7.9% PAAL.B.DC (Per Aarsleff Holding DKK452.00, +33.00) -- upgrades FY guidance

        • +5.5% A1OS.GR (All for One Group €54.00, +2.80) -- prelim FY earnings; €7M share buyback program

        • +5.2% CFEB.BB (Cie d'Entreprises CFE €6.10, +0.30) -- 9M revenue

        • +5.2% GIMB.BB (Gimv €40.75, +2.00) -- Kepler Cheuvreux upgrade

        • +5.1% BICO.SS (BICO Group SEK36.40, +1.78) -- to divest Nanoscribe to LAB14 GmbH for an equity value of €26M

        • +4.5% BNR.GR (Brenntag €60.70, +2.62) -- Berenberg upgrade

        • +4.1% IBAB.BB (Ion Beam Applications €13.74, +0.54) -- Kepler Cheuvreux upgrade

        • +3.4% SBRY.LN (J Sainsbury £2.55, +0.08) -- commences second £50M tranche of Share Buyback

        • +3.3% WITH.FH (WithSecure €0.76, +0.02) -- investors day

        • +2.8% LTG.LN (Learning Technologies Group £0.93, +0.03) -- obtains extension of PUSU deadline to 6-Dec

        • +2.7% SKF.B.SS (SKF SEK207.80, +5.40) -- Kepler Cheuvreux upgrade

        • +2.6% BEKB.BB (Bekaert €32.54, +0.84) -- 9M earnings; €200M buyback

        • +2.6% DFS.LN (DFS Furniture £1.36, +0.03) -- trading update; appoints new interim CFO

        • +2.2% GRF.SM (Grifols €10.63, +0.23) -- Brookfield signals a willingness to enhance its offer for Grifols - Expansion

        • +1.7% TIFS.LN (TI Fluid Systems £1.84, +0.03) -- obtains extension of PUSU deadline to 29-Dec

      • Notable Decliners

        • -20.1% SHLF.NO (Shelf Drilling NOK10.20, -2.57) -- receives notice of suspension of operations of High Island II rig from customer in the Middle East

        • -16.2% EVT.GR (Evotec €8.44, -1.63) -- Halozyme (HALO) withdraws proposal to acquire Evotec

        • -15.3% DOV.IM (doValue €3.27, -0.59) -- sets subscription price of €0.88/share for previously disclosed rights issue

        • -3.9% NEX.FP (Nexans €104.70, -4.30) -- Nexans holders Invexans, Tech Pack offer 2.2M shares -- Bloomberg

        • -3.7% HO.FP (Thales €146.90, -5.60) -- UK, France jointly investigating Thales for bribery, corruption

          • Thales confirms that the Parquet National Financier (PNF) in France and the Serious Fraud Office (SFO) in the United Kingdom have initiated an investigation

        • -3.2% REY.IM (Reply €149.60, -5.00) -- Berenberg downgrade

    • EU companies reporting on Monday:

      • Earnings: Trigano (TRI.FP), Nacon (NACON.FP), Hellenic Exchanges-Athens Stock Exchange (EXAE.GA), Fourlis Holdings (FOYRK.GA)

      • Trading Update: Kingfisher (KGF.LN)

  • Data:

    • Economics:

      • Nov Flash Manufacturing PMI

        • France 43.2 vs consensus 44.6 and prior 44.5

        • Germany 43.2 vs consensus 43.1 and prior 43.0

        • UK 48.6 vs consensus 50.1 and prior 49.9

        • Eurozone 45.2 vs consensus 46.0 and prior 46.0

      • Nov Flash Services PMI

        • France 45.7 vs consensus 49.0 and prior 49.2

        • Germany 49.4 vs consensus 51.8 and prior 51.6

        • UK 50.0 vs consensus 52.3 and prior 52.0

        • Eurozone 49.2 vs consensus 51.6 and prior 51.6

      • Germany Q3 GDP (0.3%) y/y vs preliminary (0.2%); +0.1% q/q vs preliminary +0.2%

      • UK Oct Retail Sales +2.4% y/y vs consensus +3.4% and prior revised +3.2% from +3.9%

    • Markets:

      • WTI Crude (Jan 25): +$0.76 or +1.08% to $70.86

      • €-$ (0.0078) or (0.74%) to 1.0397

      • £-$ (0.0080) or (0.64%) to 1.2512

      • €-£ (0.0007) to 0.8311

      • S&P 500 +0.07%

        • Performance year-to-date

        • FTSE 100: +6.90%

        • DAX: +15.25%

        • CAC: (3.88%)

        • MIB: +10.31% Stoxx 600: +6.15%

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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