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StreetAccount Summary - EU Market Recap: FTSE 100 +0.31% to 8312.89, DAX +1.57% to 19933.62, CAC40 +0.02% to 7236.89, STOXX 600 +0.66% to 513.61

Dec 02 ,2024

  • Synopsis:

    • European equity markets closed higher with French CAC ticking into positive territory at the close. CAC had underperformed during the session on political risk. Follows last week's mixed performance. Consumer products and retail outperformed. Real estate and energy were weaker.

    • Focus on French politics with far-right leader Le Pen issuing an ultimatum to PM Barnier to negotiate a budget deal with her party otherwise her MPs could back a motion of no confidence in government. Trump threatening 100% tariffs on the BRIC countries if they abandon the dollar. However, also talked up very productive meeting with Canadian PM Trudeau following last week's tariff threat. Zelensky's willingness to cede Russia territory in exchange for NATO membership also in the headlines.

    • European macro data includes unchanged Eurozone unemployment data and inline Eurozone final manufacturing PMI, which remains deep on contractionary territory. Nationwide's UK house price index saw big jump in November. Follows positive update on BoE mortgage approvals late last week. More surveys show businesses gloomy over UK economy. Final UK manufacturing PMI revised down to 48.0, a nine-month low. On the central bank front, ECB economist Lane said it is preparing to move away from data-dependent strategy and become more forward-looking.

    • On the corporate news-flow front, Stellantis (STLAM.IM) CEO Carlos Tavares resigned head of his 2026 contract expiry and - still in the auto-sector - Volkswagen (VOW3.GR) reportedly turned down cost saving measures proposed by unions. In the Nordics, BW LPG (BWLPG.NO) reported Q3, whilst NKT (NKT.DC) and Terveystalo (TTALO.FH) updated medium-term financial targets. Orexo (ORX.SS) and GAIA terminated the partnership for Deprexis, with the former reaffirming its FY guidance. Denmark's Ministry of Finance conditionally agreed to acquire ~59.4% of Copenhagen Airports (KBHL.DC) from the Danish pension company ATP. In France, Icade (ICAD.FP) revised its FY24 guidance and ATOS SE (ATO.FP) concluded its €233M rights issue. Worldline (WLN.FP) outperformed on press reports it has attracted early stage interest from private equity firms. In the Netherlands, Prosus (PRX.NA) issued H1 numbers.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Consumer Products and Services +1.90%, Retail +1.72%, Chemicals +1.16%, Ind Goods & Svcs +1.15%, Technology +1.13%, Basic Resources +1.03%, Insurance +1.02%

      • Underperformers:

        • Real Estate (0.94%), Energy(0.53%), Autos & Parts (0.32%), Travel & Leisure (0.22%), Construct & Mtls (0.11%), Utilities +0.04%, Financial Svcs +0.25%, Banks +0.38%, Personal Care Drug and Grocery Stores +0.40%, Telecom +0.41%, Food, Beverage and Tobacco +0.45%, Health Care +0.59%

    • Macro:

      • EU:

        • EU Commission calls for "Europe first" strategy to counter global trade tensions - FT

      • ECB:

        • ECB signals shift from crisis-era strategy as inflation nears target - FT

      • France:

        • France stands firm against LePen's budget ultimatum - Bloomberg

        • LePen signals end of budget talks, raising specter of no-confidence vote - Bloomberg, Reuters

        • S&P maintained France's credit rating despite mounting debt and political instability - France24

      • UK:

        • UK business confidence dips to five-month low, but resilience remains - Reuters

        • UK business sentiment plummets post-budget, signalling economic contraction - Bloomberg

        • Starmer's plan for change faces skepticism as Labour attempts government reset - Independent

    • Company news:

      • Notable Gainers

        • +60.2% KBHL.DC (Copenhagen Airports DKK5,880.00, +2,210.00) -- Denmark's Ministry of Finance conditionally agrees to acquire ~59.4% of Copenhagen Airports from the Danish pension company ATP for an undisclosed sum

        • +35.4% IBU.GR (IBU-tec advanced materials €7.80, +2.04) -- order in the mid-single-digit million euro

        • +14.0% WLN.FP (Worldline €7.59, +0.93) -- Worldline attracts early stage interest from private equity firms -- Reuters, citing sources

        • +11.8% IDEX.NO (IDEX Biometrics NOK0.14, +0.01) -- final result of the Subsequent offering

        • +11.6% INSE.LN (Inspired £0.39, +0.04) -- FY trading update

        • +9.6% BIOVIC.B.SS (Biovica International SEK2.52, +0.22) -- commercial agreement

        • +9.3% LXS.GR (Lanxess €25.86, +2.20) -- David Einhorn has 5.06% stake, according to filing

        • +7.5% ORX.SS (Orexo SEK13.84, +0.96) -- ends GAIA partnership for Deprexis; reaffirms FY guidance

        • +7.3% BERG.B.SS (Bergman & Beving SEK285.00, +19.50) -- acquires Collinder

        • +7.2% WG.LN (John Wood Group £0.57, +0.04) -- Barclays upgrade

        • +7.0% CEV.GR (CENTROTEC €52.00, +3.40) -- buyback

        • +5.9% FARN.LN (Faron Pharmaceuticals £1.80, +0.10) -- BEXMAB study to proceed in the UK, bexmarilimab receives Innovation Passport

        • +5.5% TTALO.FH (Terveystalo €10.66, +0.56) -- updates medium-term financial targets

        • +5.0% NETEL.SS (Netel Holding SEK13.96, +0.66) -- obtains €15M contract from UGG for fibre networks in Germany

        • +4.0% AKZA.NA (Akzo Nobel €57.52, +2.22) -- JPMorgan upgrade

        • +3.8% VIT.B.SS (Vitec Software Group SEK507.00, +18.40) -- acquisition

        • +3.8% SPT.LN (Spirent Communications £1.78, +0.06) -- acquisition by Keysight approved in Germany, UK

        • +3.6% FME.GR (Fresenius Medical Care €43.09, +1.49) -- BofA upgrade; added to Goldman Sachs European Conviction List - Directors' Cut

        • +3.5% MMGR.B.SS (Momentum Group SEK181.80, +6.20) -- acquisition

        • +3.1% CMCX.LN (CMC Markets £2.85, +0.09) -- Jefferies upgrade

        • +2.8% HWDN.LN (Howden Joinery Group £8.39, +0.23) -- Panmure Liberum upgrade

        • +2.8% CAPSL.NO (Capsol Technologies NOK11.10, +0.30) -- awarded feasibility study by global energy company to decarbonize European refinery

        • +2.8% GXI.GR (Gerresheimer €76.80, +2.10) -- to expand its production capacity in Skopje, North Macedonia

        • +2.6% FHZN.SW (Flughafen Zuerich CHF214.80, +5.40) -- added to Goldman Sachs European Conviction List - Directors' Cut

        • +2.4% PNDORA.DC (Pandora DKK1,164.00, +27.50) -- JPMorgan upgrade

        • +2.4% EGL.PL (Mota-Engil SGPS €2.67, +0.06) -- contract

        • +2.3% SAND.SS (Sandvik SEK206.30, +4.60) -- completes acquisition

        • +2.1% MAERSK.B.DC (Maersk DKK12,230.00, +255.00) -- signs agreements with three yards for a total of 20 container vessels equipped with dual-fuel engines

        • +2.0% JMAT.LN (Johnson Matthey £13.86, +0.27) -- JPMorgan upgrade

      • Notable Decliners

        • -51.6% ATORX.SS (Alligator Bioscience SEK0.27, -0.29) -- ~ SEK280M rights issue; announces cost reduction program

        • -10.6% DHER.GR (Delivery Hero €34.65, -4.09) -- moves to employment based model in Spain

        • -7.0% XBRANE.SS (Xbrane Biopharma SEK0.17, -0.01) -- principal owner systematic group provides the group with a short-term loan of SEK 20 M

        • -6.3% STLAM.IM (Stellantis €11.75, -0.79) -- CEO resigns

        • -6.3% STLAM.IM (Stellantis €11.75, -0.79) -- US DoE Loan Programs Office announces up to $7.54B loan to Stellantis-Samsung SDI JV for battery project in Kokomo, Indiana

        • -4.8% ABLI.SS (Abliva SEK0.14, -0.01) -- Q3 earnings

        • -4.8% CA.FP (Carrefour €13.71, -0.69) -- refinances revolving credit lines worth €4B

        • -4.4% IPS.FP (Ipsos €42.24, -1.96) -- potential acquisition of Kantar Media

        • -4.1% ANOT.SS (Anoto Group SEK0.12, -0.00) -- right issue update

        • -4.1% MTC.LN (Mothercare £0.04, -0.00) -- H1 earnings

        • -4.0% SMHN.GR (SÜSS MicroTec €47.00, -1.95) -- Reuters report US is restricting HBM chip sales to China

        • -3.9% VTY.LN (Vistry Group £6.31, -0.26) -- RBC Capital Markets downgrade

        • -3.3% HLG.GR (Highlight Communications €1.17, -0.04) -- Estimated weekend box office revenues in US, Canada $271.1M, +179.1% y/y - Box Office Mojo

        • -3.2% SDF.GR (K+S AG €10.86, -0.36) -- Deutsche Bank downgrade

        • -3.2% ALCOX.FP (Nicox €0.21, -0.01) -- Denali phase 3 trial update

        • -2.1% SGO.FP (Compagnie de Saint-Gobain €84.52, -1.82) -- fianlises divestment of PAM Building

        • -2.0% RNO.FP (Renault €39.70, -0.83) -- Aramco completes acquisition of 10% stake in Horse Powertrain Limited

        • -1.3% PSN.LN (Persimmon £12.42, -0.17) -- RBC Capital Markets downgrade

        • -1.2% SEQUA.BB (Sequana Medical €0.68, -0.01) -- updates on second tranche of convertible bridge loan

    • EU companies reporting tomorrow:

      • Earnings:

        • France: MedinCell (MEDCL.FP), Abeo (ABEO.FP)

        • Southern Europe: Grenergy Renovables (GRE.SM)

        • UK: Paragon Banking (PAG.LN), SSP Group (SSPG.LN), Greencore (GNC.LN), Victrex (VCT.LN), discoverIE Group (DSCV.LN), On The Beach Group (OTB.LN), Marston's (MARS.LN), Celebrus Technologies (CLBS.LN), Gooch & Housego (GHH.LN), Oxford Metrics (OMG.LN), System1 Group (SYS1.LN), Mind Gym (MIND.LN)

      • CMD/events: Essity (ESSITY.B.SS), Swiss Life (SLHN.SW)

  • Data:

    • Economics:

      • Manufacturing PMI Nov

        • Sweden 53.8 vs consensus 52.9 and prior revised 53.2 from 53.1

        • Spain 53.1 vs consensus 54.0 and prior 54.5

        • France 43.1 vs preliminary 43.2

        • Italy 44.5 vs consensus 46.1 and prior 46.9

        • Switzerland 48.5 vs consensus 49.5 and prior 49.9

        • Norway 50.7 vs consensus 52.2 and prior revised 52.0 from 52.4

        • Eurozone Nov Manufacturing PMI 45.2 vs preliminary 45.2

      • Oct Retail Sales

        • Switzerland +0.1% y/y vs consensus +2.7% and prior revised +0.6% from +2.2%

        • Netherlands +2.0% y/y vs consensus +2.3% and prior +2.6%

      • Oct Unemployment Rate

        • Italy 5.8% vs consensus 6.1% and prior revised 6.0% from 6.1%

        • Eurozone 6.3% vs consensus 6.3% and prior 6.3%

      • UK Nov Nationwide House Price Index +3.7% y/y vs consensus +2.4% and prior +2.4%

      • Italy Q3 GDP +0.4% y/y vs preliminary +0.4%; 0.0% q/q vs preliminary 0.0%

    • Markets:

      • WTI Crude (Jan 25): ($0.07) or (0.10%) to $67.93

      • €-$ (0.0083) or (0.79%) to 1.0486

      • £-$ (0.0095) or (0.75%) to 1.2637

      • €-£ (0.0004) to 0.8298

      • S&P 500 +0.20%

      • Performance year-to-date

        • FTSE 100: +7.50%

        • DAX: +19.00%

        • CAC: (4.06%)

        • MIB: +10.29%

        • Stoxx 600: +7.23%

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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