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StreetAccount Summary - EU Market Recap: FTSE 100 +0.08% to 8281.22, DAX +0.85% to 19425.73, CAC40 +0.51% to 7179.25, STOXX 600 +0.46% to 507.30

Nov 28 ,2024

  • Synopsis:

    • European equity markets closed mostly higher following a mostly weaker close on Wednesday. Quieter session with US markets closed for Thanksgiving today and half-day session Friday. Germany +0.9% and Austria +0.7% lead outperformers, whilst Norway (0.1%) bucks the higher trend and leads underperformers.

    • Nothing incremental. Impact of likely Trump policies still the focus. ECB President Lagarde warned over impact on growth from trade tariffs but urged European leaders to co-operate rather than retaliate. Attention also on French budget talks amid risk that government couple be toppled and lead to fiscal crisis. French assets still volatile, although French FinMin reportedly open to compromise. However, PM Barnier ruled out electricity tax hikes. No-confidence vote remains possible.

    • In other developments, Bloomberg sources noted US readying less stricter curbs on chip sales to China. OPEC+ confirmed it will delay Sunday's online meeting on oil production curbs to 5-Dec

    • On macro front, Eurozone economic confidence improves; Eurozone M3 money supply growth expanded in October as expected; Spanish inflation accelerates and German reading edges up in line with forecasts. First of the flash inflation readings come ahead of tomorrow's Eurozone reading. Analysts notes increase in consumer prices in November likely to reinforce expectations for a 25-bps cut in December rather than larger 50 bps move. ECB's Villeroy said cannot rule out accomodative rates. In the UK, CBI survey showed service sector sentiment falling at fastest pace in two years.

    • M&A news dominated the headlines: Direct Line Insurance Group (DLG.LN) rejected a takeover proposal from Aviva (AV.LN), Betaville posted a rumour that Publicis (PUB.FP) is looking at Interpublic Group (IPG), local daily Corriere della Sera reported that CDP would be interested to acquire the interbank network from Nexi (NEXI.IM), EP Group's purchase of International Distribution Services (IDS.LN) could be confirmed within two weeks (via the BBC) and Heidelberg Materials North America (HEI.GR) acquired Giant Cement Holding Inc. for ~$600M

    • On a light reporting front, Remy Cointreau (RCO.FP) issued H1 numbers and lower FY25 expectations whilst - in the UK - Tullow Oil (TLW.LN) and Dr. Martens (DOCS.LN) issued their most recent earnings

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 25-Nov to 2-Nov attached), Elia Group (ELI.BB), Dottikon ES Holding (DESN.SW), DEAG Deutsche Entertainment (LOU.GR), Severfield (SFR.LN), Ibersol (IBS.PL), Peel Hunt (PEEL.LN), Waste Plastic Upcycling (SPU.NO), Norse Atlantic (NORSE.NO)will be among other names to update investors, whilst the macro-calendar releases will include Germany Nov unemployment change, Oct retail sales, France Q3 final GDP, Eurozone/France/Italy/Netherlands/Portugal/Austria Nov preliminary CPI, France/Austria/Belgium/Greece Oct PPI, France Oct consumer spending, Switzerland Q3 GDP, Nov leading indicator - KOF, Switzerland/Spain/Sweden/Norway Oct retail sales, UK Oct M4 money supply, mortgage approvals, Nov house price index - Nationwide, Sweden/Austria/Portugal/Belgium/Finland Q3 final GDP, Denmark/Portugal/Greece Oct unemployment rate, Greece Sep retail sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.97%, Construct & Mtls +0.95%, Utilities +0.94%, Technology +0.90%, Ind Goods & Svcs +0.83%, Travel & Leisure +0.68%, Insurance +0.64%, Telecom +0.55%, Autos & Parts +0.50%,

      • Underperformers:

        • Consumer Products and Services (0.56%), Food, Beverage and Tobacco (0.13%), Chemicals (0.07%), Personal Care Drug and Grocery Stores (0.04%), Media (0.02%), Real Estate (0.02%), Basic Resources +0.20%, Health Care +0.23%, Retail +0.32%, Energy+0.40%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Putin threatens to turn Kyiv targets 'to dust' - FT

        • Iran to hold nuclear talks with UK, France, Germany on Nov. 29 - Baha

      • Central Banks

        • ECB's Villeroy: Inflation victory is in sight - Baha

        • ECB Must Take Close Look at Supply Shocks to Economy, Knot Says - Bloomberg

      • EU

        • European Parliament allows internal investigations led by EU's fraud busters - Politico

        • Europe's Gasoline Exports Set to Rebound From Post-Covid Low - Bloomberg

      • UK

        • Starmer to speak after record UK net migration figures in year to June 2023 - BBC, The Telegraph

        • Mortgage costs deal inflation blow to richest households - The Telegraph

        • Pension credit applications rise but many rejected - BBC

        • How the UK Economy Looks Exposed to Trump Tariff Threats - Bloomberg

      • France

        • French bond yields surpass Greece's for first time as budget worries swirl - FT

        • French PM Barnier rules out raising taxes on electricity - Le Figaro

        • France is weighing zero-interest loan for 6 nuclear reactors, sources say - Reuters

      • Germany

        • Germany offers to resend Patriot systems to Poland - Baha

        • Political uncertainty will cost 20 billion euros this year, according to study - Handelsblatt

        • Climate protection contracts on the verge of collapse - no chance for second round of tenders - Handelsblatt

      • Italy

        • Meloni Tries to Dampen Coalition Tensions After Vote Defeat - Bloomberg

      • Sweden

        • Sweden asks China to cooperate on Baltic Sea cable investigation - Reuters

      • Greece

        • SYRIZA sees seats dwindle to 28 as another MP defects - ekathimerini

      • Cyprus

        • Cyprus' NATO aspirations 'unacceptable,' says Turkish Defense Ministry - ekathimerini

      • Romania

        • Romania's top court orders recount of presidential votes - FT

    • Company news:

      • Trading Higher:

        • +41.1% DLG.LN (Direct Line Insurance Group £2.24, +0.65) -- Aviva confirms submission of non-binding proposal to acquire Direct Line Insurance Group; board unanimously rejected proposal on 26-Nov

        • +29.6% HUM.LN (Hummingbird Resources £0.02, -0.00) -- enters conditional binding subscription agreement with CIG and Nioko Resources Corporation

        • +28.6% LGRS.LN (Loungers £3.06, +0.68) -- CF Exedra Bidco to acquire Loungers for an enterprise value of approx. £350.5M; H1 earnings

        • +11.9% DOCS.LN (Dr. Martens £0.65, +0.07) -- H1 earnings; confirms Ije Nwokorie will start as new CEO;

        • +9.2% EAH.LN (Eco Animal Health Group £0.72, +0.06) -- H1 earnings; confirms Ije Nwokorie will start as new CEO;

        • +8.8% QDT.FP (Quadient €17.32, +1.40) -- Q3 revenue

        • +5.9% UN0.GR (Uniper €44.30, +2.47) -- FY earnings

        • +5.7% SUNN.SW (Sunrise Communications CHF42.50, +2.28) -- initiated neutral at JPMorgan; BNP Paribas Exane upgrade

        • +5.5% TIFS.LN (TI Fluid Systems £1.89, +0.10) -- ABC Technologies nearing agreement to acquire TI Fluid Systems - Bloomberg

        • +4.8% SEA1.NO (Sea1 Offshore NOK29.35, +1.35) -- initiated buy at DnB Markets; contract extension for OSCV Sea1 Spearfish

        • +4.4% NEXI.IM (Nexi SpA €5.64, +0.24) -- Italian state holding Cassa Depositi Prestiti (CdP) considering offer for Nexi's Network Services asset -- Corriere della Sera

        • +4.2% IPX.LN (Impax Asset Management Group £3.33, +0.14) -- FY earnings

        • +4.0% VWS.DC (Vestas Wind Systems DKK107.90, +4.15) -- order

        • +3.9% SPX.LN (Spirax Group £71.70, +2.70) -- BNP Paribas Exane upgrade; initiated buy at Citi

        • +3.5% NORB.B.SS (Nordisk Bergteknik $12.50, +0.42) -- new business update

        • +3.2% SBRY.LN (J Sainsbury £2.61, +0.08) -- JPMorgan upgrade

        • +2.9% ZEG.LN (Zegona Communications £3.60, +0.10) -- initiated buy at Kepler Cheuvreux

        • +2.3% RCO.FP (Remy Cointreau €58.90, +1.30) -- H1 earnings; confirms Ije Nwokorie will start as new CEO;

        • +2.3% TSCO.LN (Tesco plc £3.66, +0.08) -- JPMorgan upgrade

        • +2.2% DXRX.LN (Diaceutics £1.19, +0.03) -- updates on the scaling of its US commercial activities strategy

        • +2.0% 8TRA.GR (TRATON €28.70, +0.55) -- BNP Paribas Exane upgrade

      • Trading Lower:

        • -11.6% GRF.SM (Grifols €8.54, -1.12) -- termination of acquisition discussions with Brookfield

        • -10.3% CINIS.SS (Cinis Fertilizer SEK13.28, -1.52) -- Q3 earnings

        • -8.7% ENOG.LN (Energean £10.03, -0.95) -- trading update

        • -8.3% TLW.LN (Tullow Oil £0.21, -0.02) -- production

        • -4.5% ANOT.SS (Anoto Group SEK0.13, -0.01) -- Q3 earnings

        • -3.7% KLARA.B.SS (KlaraBo $19.08, -0.72) -- acquisition

        • -3.4% PROX.BB (Proximus €6.09, -0.22) -- JPMorgan and BNP Paribas Exane downgrades

        • -2.4% AV.LN (Aviva £4.77, -0.12) -- Aviva confirms submission of non-binding proposal to acquire Direct Line Insurance Group

        • -1.8% OCDO.LN (Ocado Group £3.19, -0.06) -- updates on shared UK CFCs

    • EU companies reporting tomorrow:

      • Earnings: Elia Group (ELI.BB), Dottikon ES Holding (DESN.SW), DEAG Deutsche Entertainment (LOU.GR), Severfield (SFR.LN), Ibersol (IBS.PL), Peel Hunt (PEEL.LN), Waste Plastic Upcycling (SPU.NO), Norse Atlantic (NORSE.NO)

      • Trading Update: Nynomic (M7U.GR)

      • CMD/events: TX Group (TXGN.SW)

  • Data:

    • Economics:

      • Denmark Oct Retail Sales +3.3% y/y vs consensus +0.2% and prior revised +1.1% from +0.5%

      • Sweden Oct Trade Balance SEK0.6B vs consensus SEK1.5B and prior revised (SEK0.1B) from SEK0.8B

      • Spain Nov Preliminary CPI +2.4% y/y vs consensus +2.4% and prior +1.8%

      • Belgium Nov CPI +3.2% y/y vs consensus +3.3% and prior +3.2%

      • Germany Nov Preliminary CPI +2.2% y/y vs consensus +2.3% and prior +2.0

      • Ireland

        • Oct PPI (1.7%) y/y vs consensus (0.4%) and prior revised (2.6%) from (1.6%)

        • Oct Retail Sales +0.9% y/y vs consensus +1.0% and prior revised +0.4% from +0.2%

        • Nov preliminary HICP +0.5% y/y vs consensus +0.3% and prior +0.1%

      • Eurozone

        • Oct M3 Money Supply +3.4% y/y vs consensus +3.4% and prior +3.2%

        • Nov Economic Sentiment Indicator 95.8 vs consensus 95.1 and prior revised 95.7 from 95.6

        • Nov Consumer Confidence (13.7) vs preliminary (13.7)

        • Nov Services Sentiment Indicator 5.3 vs consensus 6.2 and prior revised 6.8 from 7.1

      • Italy

        • Nov Business Confidence 86.5 vs consensus 85.0 and prior 85.8

        • Oct PPI (2.8%) y/y vs consensus (3.7%) and prior (2.0%); +0.7% m/m vs consensus (0.2%) and prior (0.6%)

    • Markets:

      • WTI Crude (Jan 25): ($0.07) or (0.10%) to $68.65

      • €-$ (0.0013) or (0.12%) to 1.0555

      • £-$ +0.0002 or +0.02% to 1.2684

      • €-£ (0.0012) to 0.8321

      • S&P 500 +0.00%

      • Performance year-to-date

        • FTSE 100: +7.09%

        • DAX: +15.96%

        • CAC: (4.82%)

        • MIB: +9.58%

        • Stoxx 600: +5.91%

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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