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StreetAccount Summary - EU Market Recap: FTSE 100 +0.16% to 8349.38, DAX +0.63% to 20358.80, CAC40 +0.37% to 7330.54, STOXX 600 +0.40% to 519.53

Dec 05 ,2024

  • Synopsis:

    • European market recap closed mostly higher following a mostly positive performance on Wednesday. Travel/Leisure, Banks and Autos/Parts lead; Energy, Real Estate and Industrial Goods/Services lag. FTSE weighed down by real-estate sector. Spain +1.6% and Greece +1.3% lead outperformers, whilst Denmark (0.6%) bucks the higher trend and lead underperformers.

    • Focus on French political instability after PM Barnier's government was toppled in a no-confidence vote late Wednesday, as expected. Barnier resigned while Macron asked him to remain in office until new PM nominated. Le Pen said new PM likely to be named tonight. Sources yesterday suggested Macron will name a new leader quickly, potentially in tonight's televised address. Spillover effect have been limited so far. US strength indicative of insulated conditions more focused on domestic dynamics of tech/AI optimism, economic resilience and Fed rate cut expectations. Positive December seasonality also cited as a support factor.

    • On macro front, German factory orders fell in October, but by less than forecast. French industrial production missed, but Spanish firmer than forecast. Eurozone construction PMI remains in contractionary territory. Eurozone retail sales missed in October. Data not having much of an influence on markets or policy expectations. Economic sentiment for Germany remains weak. IW Institute the latest to publish weak forecasts for 2025 and expects a modest increase in unemployment next year, as a result. Limited UK developments. Lloyds Bank chief warns that car finance ruling might have implications for wider economy due to investor concerns. Quieter day on the US economic calendar with just initial claims.

    • In corporate news, Aurubis (NDA.GR) reports FY operating pretax income €413M vs guidance 410M and reaffirms FY24/25 guidance. The group also proposes a dividend of €1.50/sh, +7.1% y/y. Zumtobel Group (ZAG.AV) also out with H1 earnings and confirmed FY outlook. Other companies updating the market with their latest earnings/updates included: Derichebourg (DBG.FP), Groupe LDLC (ALLDL.FP), DS Smith (SMDS.LN), Frasers Group (FRAS.LN), Watches of Switzerland (WOSG.LN), AJ Bell (AJB.LN), Future (FUTR.LN), SDI Group (SDI.LN). On M&A front, Neoen (NEOEN.FP) divests its Victorian portfolio in A$950M sale to HMC Capital.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 2-Dec to 6-Dec attached) DS Smith (SMDS.LN), Frasers Group (FRAS.LN), Watches of Switzerland (WOSG.LN), AJ Bell (AJB.LN), Future (FUTR.LN), SDI Group (SDI.LN), Derichebourg (DBG.FP), Groupe LDLC (ALLDL.FP), Aurubis (NDA.GR) and Zumtobel Group (ZAG.AV) will be among other names to update investors, whilst the macro-calendar releases will include Germany Oct factory orders, Nov construction PMI, Spain Oct industrial production, Switzerland Nov unemployment rate, Sweden Nov preliminary CPI, Eurozone Oct retail sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +2.38%, Banks +2.36%, Autos & Parts +1.49%, Telecom +1.35%, Insurance +1.28%, Construct & Mtls +0.82%, Utilities +0.69%, Financial Svcs +0.45%,

      • Underperformers:

        • Real Estate (1.38%), Energy(0.35%), Ind Goods & Svcs (0.21%), Health Care (0.12%), Basic Resources (0.04%), Retail +0.09%, Consumer Products and Services +0.13%, Technology +0.28%, Personal Care Drug and Grocery Stores +0.33%, Chemicals +0.34%, Food, Beverage and Tobacco +0.41%,

    • Macro/Peripheral markets:

      • Geopolitics

        • OPEC+ extends oil output cuts until April 2025 - Baha

        • Islamist-led rebels capture key Syrian city of Hama - Le monde

        • Putin lifts bank restriction for Russian gas payments - Baha

      • EU

        • EU Defense Chief Floats Joint Debt Funding Based on NATO Target - Bloomberg

        • EU Can't Let China Kill Its Green Tech, New Antitrust Czar Warns - Bloomberg

        • Europe races to set up €500bn defence fund - FT

        • EU chief lands in South America to seal trade deal as France seethes - Reuters

      • UK

        • UK's construction activity rises in November - Baha

        • Starmer makes new pledges on living standards and NHS - BBC

        • Half of firms to slash jobs and raise prices after Budget - The Telegraph

        • Rachel Reeves 'will launch second National Insurance raid' - The Telegraph

        • Warning of NHS 'quad-demic' as flu and Covid cases rise in England - The Telegraph

      • France

        • Michel Barnier resigns as French prime minister - FT, Reuters

        • French Bonds Gain as Le Pen Revives Hopes of Budget Deal - Bloomberg

        • Planned EU-Mercosur deal is unacceptable, says Elysee - Reuters

      • Germany

        • According to IW, Germany will only achieve growth of 0.1 percent in 2025 - Handelsblatt

        • Shrunken housing summit - rent cap and anger at Chancellor Scholz - Handelsblatt

      • Denmark

        • Denmark raises 2025 GDP outlook, benefits from Novo Nordisk's growth - Reuters

      • Italy

        • Italy's slowing economy raises pressure on Meloni - FT

    • Company news:

      • Trading Higher:

        • +94.6% BAR.LN (Brand Architekts Group £0.47, +0.23) -- 48p/sh cash offer from Warpaint London PLC

        • +13.0% WOSG.LN (Watches of Switzerland Group £5.76, +0.65) -- H1 earnings

        • +12.4% SOI.FP (SOITEC €84.60, +9.35) -- initiated buy at CIC Market Solutions

        • +10.9% CAM.LN (Camellia £49.00, +4.80) -- regulatory approvals for the proposed sale of its shares in BF&M

        • +10.8% HFG.GR (HelloFresh €13.24, +1.28) -- transferred buy at Jefferies; prior rating was hold

        • +10.7% BYW6.GR (BayWa €9.55, +0.92) -- BayWa targets $4.2B proceeds from asset sales -- Reuters

        • +10.5% NDA.GR (Aurubis €83.30, +7.95) -- FY earnings

        • +9.9% FUTR.LN (Future Plc £10.92, +0.97) -- FY earnings

        • +9.2% ASAI.LN (ASA International Group £0.71, +0.06) -- declares $0.03/sh interim dividend

        • +7.8% CARD.LN (Card Factory £0.97, +0.07) -- H2 trading update; acquires Garven Holdings, LLC for $25M

        • +5.6% NAS.NO (Norwegian Air Shuttle NOK11.66, +0.62) -- November traffic

        • +5.1% FIA1S.FH (Finnair €2.23, +0.11) -- December traffic

        • +4.4% TIT.IM (Telecom Italia €0.24, +0.01) -- resumed hold at Deutsche Bank

        • +3.9% JUST.LN (Just Group £1.61, +0.06) -- Deutsche Bank upgrade

        • +3.6% GET.FP (Getlink €16.00, +0.56) -- assumed outperform at Santander; prior rating was neutral

        • +3.2% MRN.FP (Mersen €20.20, +0.62) -- CMD update

        • +2.4% IAR.B.SS (IAR SEK149.50, +3.50) -- raises long-term targets

        • +1.8% IPS.FP (Ipsos €43.14, +0.76) -- will not submit an offer for the acquisition of Kantar Media

      • Trading Lower:

        • -15.6% EBQ.LN (Ebiquity £0.19, -0.04) -- FY trading update

        • -10.4% FRAS.LN (Frasers Group £6.63, -0.77) -- H1 earnings

        • -8.3% TLW.LN (Tullow Oil £0.21, -0.02) -- CEO to step down in 2025

        • -7.6% AVTX.NA (Avantium €1.83, -0.16) -- raises €11.2M through accelerated bookbuild offering of 6.4M new ordinary shares

        • -6.7% SAF.FP (Safran €212.50, -15.30) -- CMD update

        • -6.0% WAVE.FP (Wavestone €41.75, -2.65) -- H1 earnings

        • -4.9% HEAD.LN (Headlam Group £1.26, -0.06) -- trading update

        • -4.8% GNS.LN (Genus £16.46, -0.84) -- Stifel downgrade

        • -3.2% SAX.GR (Str├╢er SE & Co. KGaA €49.66, -1.62) -- JPMorgan downgrade

        • -2.2% COFA.FP (Coface €14.48, -0.33) -- Deutsche Bank downgrade

        • -1.6% SCHA.NO (Schibsted NOK382.20, -6.40) -- JPMorgan downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Aurubis (NDA.GR), Zumtobel Group (ZAG.AV)

        • France: Derichebourg (DBG.FP), Groupe LDLC (ALLDL.FP)

        • UK: DS Smith (SMDS.LN), Frasers Group (FRAS.LN), Watches of Switzerland (WOSG.LN), AJ Bell (AJB.LN), Future (FUTR.LN), SDI Group (SDI.LN)

      • Trading Update: Brederode (BREB.BB), Balfour Beatty (BBY.LN)

      • Traffic: Finnair (FIA1S.FH), Norwegian Air Shuttle (NAS.NO)

      • CMD/events: Safran (SAF.FP), Mersen (MRN.FP), Sabre Insurance Group (SBRE.LN), FUCHS (FPE3.GR)

  • Data:

    • Economics:

      • Switzerland Nov Unemployment Rate (sa) 2.6% vs consensus 2.7% and prior 2.6%

      • Sweden Nov preliminary CPI +1.6% y/y vs consensus +1.6% and prior +1.6%

      • Germany

        • Oct Factory Orders (1.5%) m/m vs consensus (2.0%) and prior 4.2%

        • Nov Construction PMI 38.0 vs consensus 40.6 and prior 40.2

      • Oct Industrial Production

        • France (0.1%) m/m vs consensus +0.3% and prior revised (0.8%) from (0.9%)

        • Spain +1.9% y/y vs consensus +0.3% and prior revised 1.1% from +0.6%

      • Eurozone Oct Retail Sales +1.9% y/y vs consensus +1.7% and prior revised +3.0% from +2.9% ; (0.5%) m/m vs consensus (0.3%) and prior +0.5%

    • Markets:

      • WTI Crude (Jan 25): ($0.23) or (0.34%) to $68.31

      • €-$ +0.0059 or +0.56% to 1.0570

      • £-$ +0.0053 or +0.42% to 1.2754

      • €-£ +0.0012 to 0.8288

      • S&P 500 (0.04%)

      • Performance year-to-date

        • FTSE 100: +7.97%

        • DAX: +21.53%

        • CAC: (2.82%)

        • MIB: +14.17%

        • Stoxx 600: +8.46%

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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