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StreetAccount Summary - EU Market Recap: FTSE 100 +0.36% to 8291.68, DAX +0.43% to 19405.20, CAC40 +0.03% to 7257.47, STOXX 600 +0.06% to 508.78

Nov 25 ,2024

  • Synopsis:

    • European equity markets ended mostly higher. Spain +0.9%, Portugal +0.7%, Finland +0.5% led the overperformers whilst Denmark (0.4%) and Italy (0.3%) led the underperformers.

    • In political developments, France faces critical week for budget negotiations, with Le Pen's National Rally threatening to support no-confidence motion against PM Barnier if current budget proposal proceeds unchanged (Reuters, Telegraph). After meeting with Barnier, Le Pen maintained ambiguous stance, suggesting uncertainty about potential compromise while keeping pressure on the government (London Times). Political brinkmanship comes as Barnier seeks ambitious fiscal consolidation of €60B through combination of spending cuts and tax increases. Geopolitical developments also in focus, with Israel and Lebanon reportedly agreeing to terms for a ceasefire agreement.

    • In macro updates, German business sentiment deteriorated further in November, with IFO business climate index declining to 85.7 from 86.5 in Octoberand 86.0 expected, suggesting Eurozone's largest economy remains mired in weakness (Baha). Decline primarily driven by a sharp drop in the current conditions component to 84.3 versus 85.5 expected, while expectations held relatively steady at 87.2 versus 87.0 expected. In central bank news, ECB chief economist Lane said restrictive policy probably no longer needed for 2025. Elsewhere, CBI said UK Chancellor Reeves' budget made it harder for businesses to hire. Data from Adzuna showed UK salaries rising at fastest rate in three years due to seasonal hiring. Estate agent Knight Frank cut UK house price outlook due to increase in mortgage costs

    • In corporate news, Terveystalo (TTALO.FH) traded higher after the company raised its FY guidance. In the UK, Kingfisher (KGF.LN) posted Q3 revenue £3.22B vs consensus £3.27B with LFL growth (1.1%) vs consensus (0.2%); trims top end of FY profit guidance range. In other developments, ThyssenKrupp Steel (TKA.GR) presented key points for future industrial concept and confirmed ~ 5K job cuts by 2030 and further tranche of 6K job cuts. Finnair (FIA1S.F) announced flight cancellations due to scheduled pilot strike. In addition, German press reported that independent auditors are giving a positive going concern forecast for ThyssenKrupp's (TKA.GR) steel division.

    • On M&A front, UniCredit (UCG.IM) announced a €10.1B public exchange offer to acquire Banco BPM (BAMI.IM); the proposal values BAMI shares at €6.657, a 15% premium over their early November 2024 price. Also, Anglo American (AAL.LN) sold its portfolio of steelmaking coal mines for a cash consideration of up to $3.775B. Boréal Bidco SAS intends to file a request with the AMF to carry out squeeze-out procedure for shares of Esker (ALESK.FP).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Travel & Leisure +1.60%, Persnl & HHold Goods +1.08%, Basic Resources +1.01%, Autos & Parts +0.85%, Technology +0.76%, Telecom +0.60%, Financial Svcs +0.56%, Real Estate+0.39%, Insurance +0.31%, Construct & Mtls +0.13%

      • Underperformers

        • Oil & Gas (0.98%), Retail (0.66%), Health Care (0.39%), Media (0.37%), Utilities (0.30%), Chemicals (0.14%), Ind Goods & Svcs (0.09%), Food & Beverage (0.08%), Banks (0.06%)

    • Macro/Peripheral markets:

      • Geopolitics

        • Biden staging final push to deliver more aid to Ukraine, lock in manufacturing subsidies, confirm federal judges - FT

      • EU

        • Hungary's push for Serbia EU accession talks stalls - Euronews

        • Brussels rule of law chief warns against EU 'nannying' citizens - FT

      • ECB

        • Fed and ECB set for divergent paths into 2025 - FT

        • ECB's Lane warns against prolonged restrictive policy amid inflation concerns - Reuters

        • ECB's Kazaks advocates for December cut amid economic concerns - Bloomberg

      • UK

        • UK businesses brace for impact of unexpected tax hikes, scale back growth plans - Reuters, FT

        • UK property sector reels from inflation and budget woes - FT

        • UK workplaces struggle with long hours and low productivity - Reuters

      • Germany

        • Germany seeks fiscal stability amid economic turmoil - Bloomberg

      • Greece

    • Company news:

      • Notable Gainers

        • +98.8% ATO.FP (ATOS SE €0.31, +0.15) -- non-binding offer from the French State to acquire its Advanced Computing activities for an EV of up to €625M including earn-outs

        • +9.9% ITV.LN (ITV £0.72, +0.06) -- Parties once again looking at ITV - Sky News

        • +9.7% JD.LN (JD Sports Fashion £1.03, +0.09) -- Deutsche Numis upgrade

        • +6.6% BMK.LN (Benchmark Holdings £0.38, +0.02) -- sell genetics business for initial cash of £230M

        • +5.5% BAMI.IM (Banco BPM €7.01, +0.37) -- ~ €10.09B public exchange offer by Unciredit; Mediobanca upgrade

        • +4.5% VWS.DC (Vestas Wind Systems DKK104.00, +4.52) -- Deutsche Bank upgrade

        • +4.2% SRV1V.FH (SRV Group €5.16, +0.21) -- added to OMX Helsinki Benchmark Index

        • +3.8% AT1.GR (Aroundtown €2.94, +0.11) -- Deutsche Bank upgrade

        • +3.5% FDR.SM (Fluidra €24.96, +0.84) -- acquires BAC pool systems

        • +2.9% AGY.LN (Allergy Therapeutics £0.05, -0.00) -- submits MAA for Grass MATA MPL to the Paul Ehrlich Institut in Germany

        • +2.9% XVIVO.SS (Xvivo Perfusion SEK464.50, +13.00) -- added to OMX Stockholm Benchmark Index

        • +2.8% METSB.FH (Metsa Board €4.51, +0.12) -- deleted from OMX Helsinki Benchmark Index

        • +2.4% RTO.LN (Rentokil Initial £4.17, +0.10) -- new CFO

        • +2.3% TKA.GR (ThyssenKrupp €3.89, +0.09) -- presents key points for future industrial concept; confirms ~ 5K job cuts by 2030 and further tranche of 6K job cuts

        • +2.3% DWNI.GR (Deutsche Wohnen €24.45, +0.55) -- Deutsche Bank upgrade

        • +2.3% SCA.B.SS (Svenska Cellulosa SEK145.30, +3.20) -- new SEK6B credit facility agreement

        • +1.9% TTALO.FH (Terveystalo €10.18, +0.19) -- raises FY guidance

        • +1.9% IDEX.NO (IDEX Biometrics NOK0.13, -0.00) -- Biosmart granted Mastercard Letter of Approval for IDEX Pay biometric cards

      • Notable Decliners

        • -30.5% HUM.LN (Hummingbird Resources £0.01, -0.01) -- Kouroussa gold mine update

        • -13.0% KGF.LN (Kingfisher £2.57, -0.38) -- Q3 trading update

        • -9.2% DIA.LN (Dialight £1.18, -0.12) -- H1 earnings

        • -5.1% HO.FP (Thales €140.60, -7.55) -- Kepler Cheuvreux downgrade

        • -5.0% CBK.GR (Commerzbank €14.59, -0.76) -- Unicredit offer for BAMI

        • -4.4% UCG.IM (UniCredit €36.41, -1.69) -- Unicredit offer for BAMI

        • -4.0% AM.FP (Dassault Aviation €187.00, -7.70) -- Kepler Cheuvreux downgrade

        • -2.7% BMPS.IM (Banca Monte dei Paschi di Siena €5.77, -0.16) -- Unicredit offer for BAMI

        • -1.2% BEN.FP (Beneteau €8.20, -0.10) -- CIC Market Solutions downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Onward Medical (ONWD.BB)

        • DACHs: Vienna Insurance Group (VIG.AV)

        • France: Aramis Group (ARAMI.FP)

        • Nordics: Cadeler (CADLR.NO), MPC Container Ships (MPCC.NO), Møns Bank (MNBA.DC)

        • UK: Compass Group (CPG.LN), LondonMetric Property (LMP.LN), Cranswick (CWK.LN), Renew Holdings (RNWH.LN), AO World (AO.LN), FD Technologies (FDP.LN), AB Dynamics (ABDP.LN), Halfords Group (HFD.LN), Vp (VP.LN), Helical (HLCL.LN), Brickability Group (BRCK.LN), Supreme (SUP.LN), Mercia Asset Management (MERC.LN), IG Design Group (IGR.LN), Accsys Technologies (AXS.LN), Intercede Group (ICP.LN), Topps Tiles (TPT.LN), Victoria (VCP.LN)

  • Data:

    • Economics:

      • Finland Oct PPI (2.3%) y/y vs consensus (2.0%) and prior (2.3%)

      • Spain Oct PPI (3.9%) y/y vs consensus (4.3%) and prior (5.2%)

    • Markets:

      • WTI Crude (Jan 25): ($2.19) or (3.07%) to $69.05

      • €-$ +0.0012 or +0.11% to 1.0487

      • £-$ (0.0026) or (0.21%) to 1.2560

      • €-£ +0.0026 to 0.8349

      • S&P 500 +0.31%

        • Performance year-to-date

        • FTSE 100: +7.22%

        • DAX: +15.84%

        • CAC: (3.79%)

        • MIB: +10.21% Stoxx 600: +6.22%

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.
Please refer to "Terms Of Use".

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