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StreetAccount Summary - EU Market Recap: FTSE 100 (0.37%) to 8260.78, DAX (0.52%) to 19304.88, CAC40 (0.83%) to 7197.44, STOXX 600 (0.53%) to 506.09

Nov 26 ,2024

  • Synopsis:

    • European indices ended in negative territory, except for Denmark. In central bank news, ECB's Makhlouf and Nagel both anticipated a rate cut in December and further easing to come, but emphasized pace of cuts will be contingent on incoming economic data. Makhlouf expressed confidence in 2% inflation target by 2025, although he highlighted persistent services inflation and high wage growth as areas of concern. Nagel echoed this sentiment, indicating that while inflation in services is expected to decrease as wage pressures ease, ECB should proceed with caution. ECB's Centeno, a more dovish member, reportedly open to a larger cut in December given economic weakness

    • In politics, Handelsblatt reported on the latest election poll by INSA institute, which showed support for right-wing parties has increased over the last week at the expense of ruling SPD. CDU/CSU bloc on 32.5% and far-right AfD on 19.5%, both up 0.5% from the prior week. SPD has lost support after internal debate over the candidate for chancellor and down 1% to 15%. The Greens are on 11%, FDP on 4.5%, Left Party on 3.5% and BSW on 7.5%, all unchanged

    • In France, French political landscape witnessing high-stakes standoff between Le Pen and PM Barnier over the crucial budget vote. Le Pen faces complex strategic dilemma: yield to mounting pressure from her base and party MPs to support no-confidence motion, or position herself as stabilizing force in French politics by preventing fiscal chaos. Recent polls indicate growing public support for censuring the government, aligning with her party's anti-establishment stance. However, successful no-confidence vote could trigger financial turmoil, potentially damaging Le Pen's credibility as a responsible political leader. For Barnier, challenge is equally delicate: he must avoid appearing too accommodating to Le Pen's demands while preventing government collapse. Complicating matters is Le Pen's ongoing legal troubles, with prosecutors seeking a ban from public office that could derail her 2027 presidential ambitions.

    • In corporate news, out of the UK, Compass Group (CPG.LN) is trading lower post ports FY numbers, with Intertek Group (ITRK.LN) and AO World (AO.LN), Halfords Group (HFD.LN) a mong other names from the UK to issue updates. Elsewhere, Vienna Insurance Group (VIG.AV) released 9M earnings, AAK (AAK.SS) updated its 2030 Aspiration, Trigano (TRI.FP) posted better-than-expected FY numbers. In M&A, of note, Roche (ROG.SW) acquired Poseida Therapeutics (PSTX) for up to $13/sh in cash or $1.5B (CHF1.33B) in equity value. Media reports suggest TPG has become the likely buyer of Siemens Energy's (ENR.GR) wind energy assets in India and Ørsted (ORSTED.DC) is reportedly to launch sale of ~50% stake in Hornsea 3 UK wind farm project

    • Looking ahead to tomorrow's calendars, Baloise (BALN.SW), Kapsch TrafficCom (KTCG.AV), Soitec (SOI.FP), Elior Group (ELIOR.FP), SyntheticMR (SYNT.SS), Panoro Energy (PEN.NO), Petronor E&P (PNOR.NO), Everfuel (EFUEL.NO), NRC Group (NRC.NO), Gabriel (GABR.DC), MFE-MEDIAFOREUROPE (MFEA.IM), The Sage Group (SGE.LN), Severn Trent (SVT.LN), The British Land Co. (BLND.LN), Rotork (ROR.LN) and CVS Group (CVSG.LN) will be among few other companies updating investors, whilst STMicroelectronics (STMPA.FP), Nexans (NEX.FP), SGS (SGSN.SW), dormakaba Holding (DOKA.SW), F-Secure (FSECURE.FH), Sinch (SINCH.SS) and Deutsche Rohstoff (DR0.GR) will host CMDs. Macro-data will include UK Oct CPI/RPI/PPI input/output, Germany Oct PPI, Denmark Q3 preliminary GDP and Eurozone Sep construction output

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Persnl & HHold Goods +0.37%, Media +0.36%, Telecom +0.14%, Health Care (0.04%), Travel & Leisure (0.35%), Utilities (0.37%), Ind Goods & Svcs (0.48%), Insurance (0.49%)

      • Underperformers: Basic Resources (1.85%), Autos & Parts (1.66%), Chemicals (1.22%), Construct & Mtls (1.13%), Oil & Gas (1.14%), Retail (1.03%), Financial Svcs (0.97%), Food & Beverage (0.98%), Banks (0.93%), Technology (0.68%), Real Estate (0.62%)

    • Macro:

      • Investors' euro zone inflation expectations fall below 2% for first time since 2022 (Reuters)

      • Marine Le Pen might be about to wreck the eurozone (Politico)

      • EU Proposes to Sanction Chinese Firms Aiding Russia's War (BBG)

      • Germany is paying the price for Angela Merkel's most damning mistake (Telegraph)

      • Germany: 288,000 foreign workers needed annually until 2040 (dw)

      • UK spending watchdog refuses to sign off government account (FT)

      • UK govt denies reports of extra bank holiday next year (Sky News)

      • Seven million Britons own crypto assets as bitcoin surges to $95,000 (Times)

      • EC OK to Italy's accounts, budget plan is credible (Ansa)

    • Company news:

      • Notable Gainers

        • +14.6% HFD.LN (Halfords Group £1.48, +0.19) -- H1 earnings

        • +14.3% FDP.LN (FD Technologies £20.50, +2.56) -- H1 earnings

        • +10.3% AXS.LN (Accsys Technologies £0.48, +0.04) -- H1 earnings

        • +9.6% BRCK.LN (Brickability Group £0.61, +0.05) -- H1 earnings

        • +6.7% ESYS.LN (essensys £0.32, +0.02) -- FY earnings

        • +6.4% BIOVIC.B.SS (Biovica International SEK2.15, +0.13) -- to present new DiviTum TKa data at SABCS that significantly broaden the addressable market

        • +5.7% STVG.LN (STV Group £2.05, +0.11) -- FY trading update

        • +3.1% SIILI.FH (Siili Solutions €6.04, +0.18) -- updates its long-term financial targets period to 2025-2028 from 2025-2026

        • +2.7% SOFF.NO (Solstad Offshore NOK43.40, +1.16) -- Kistefos AS and sister company Kistefos Investment acquires 600k share in company

        • +2.4% TEP.LN (Telecom Plus £18.04, +0.42) -- H1 earnings

        • +2.1% VIG.AV (Vienna Insurance Group €29.50, +0.60) -- 9M earnings

        • +2.0% ABDP.LN (AB Dynamics £20.70, +0.40) -- FY earnings

        • +1.4% AAK.SS (AarhusKarlshamn SEK287.60, +4.00) -- CMD

        • +1.4% CPG.LN (Compass Group £26.90, +0.36) -- FY earnings

      • Notable Decliners

        • -35.8% SFR.LN (Severfield £0.56, -0.31) -- H1 earnings; Singer Capital Markets downgrade

        • -20.8% DUST.SS (Dustin Group SEK5.19, -1.37) -- Q1 financial update

        • -20.4% BICO.SS (BICO Group SEK30.00, -7.70) -- Q3 earnings; subsidiary CELLINK announces further right-sizing and launches sharpened commercial agenda

        • -13.2% IGR.LN (IG Design Group £1.09, -0.17) -- H1 earnings

        • -11.1% NSKOG.NO (Norske Skog NOK21.60, -2.70) -- Norwegian Environment Agency to potentially exclude company from participation in the EU ETS from 2026 to 2030

        • -5.9% SQZ.LN (Serica Energy £1.31, -0.08) -- Q3 trading update

        • -5.5% AVOL.SW (Avolta CHF32.72, -1.90) -- Barclays downgrade

        • -2.9% TKA.GR (ThyssenKrupp €3.77, -0.11) -- presents key points for future industrial concept; confirms ~ 5K job cuts by 2030 and further tranche of 6K job cuts

        • -2.6% CWK.LN (Cranswick £49.40, -1.30) -- H1 earnings

        • -2.1% IR5B.ID (Irish Continental Group €5.50, -0.12) -- trading update

        • -2.1% NACON.FP (Nacon €0.50, -0.01) -- H1 earnings

        • -1.3% BGBIO.NO (BerGenBio NOK12.54, -0.16) -- to provide business update incl progress of ongoing BGBC016 clinical study at DNB Nordic Healthcare Conference today

        • -1.1% BAMI.IM (Banco BPM €6.93, -0.08) -- Credit Agricole has not applied to ECB to cross 9.9% holding in Banco BPM -- Reuters

        • -0.9% AAL.LN (Anglo American £23.70, -0.22) -- 16M shares placing in Anglo American Platnum shares

        • -0.8% SAN.SM (Banco Santander €4.40, -0.03) -- BXCI to buy interests in $1B (€951.3M) loan portfolio from Santander; terms undisclosed

    • EU companies reporting tomorrow:

      • 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)

      • Trading Update: Rotork (ROR.LN), CVS Group (CVSG.LN), ElvalHalcor Hellenic Copper & Aluminium Industry (ELHA.GA), Actia Group (ALATI.FP)

      • CMD/events: STMicroelectronics (STMPA.FP), Nexans (NEX.FP), SGS (SGSN.SW), dormakaba Holding (DOKA.SW), F-Secure (FSECURE.FH), Sinch (SINCH.SS), Deutsche Rohstoff (DR0.GR)

  • Data:

    • Economics:

      • UK Nov CBI Distributive Trades (18) vs consensus (14) and prior (6)

      • Finland Oct Unemployment Rate 8.1% vs prior 8.1%

      • Sweden Oct PPI (1.3%) vs consensus (1.9%) and prior (2.3%)

    • Markets:

      • WTI Crude (Jan 25): +$0.55 or +0.80% to $69.49

      • €-$ (0.0017) or (0.16%) to 1.0479

      • £-$ (0.0021) or (0.17%) to 1.2548

      • €-£ (0.0002) to 0.8349

      • S&P 500 +0.36%

      • Performance year-to-date

        • FTSE 100: +6.82%

        • DAX: +15.24%

        • CAC: (4.58%)

        • MIB: +9.38%

        • Stoxx 600: +5.66%

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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