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StreetAccount Summary - EU Market Recap: FTSE 100 +0.52% to 8352.08, DAX (0.19%) to 20345.96, CAC40 +0.72% to 7480.14, STOXX 600 +0.14% to 521.22

Dec 09 ,2024

  • Synopsis:

    • European equity markets closed mostly mixed Monday. Follows strong positive performance last week. UK and France firmer while Germany in negative territory. Among EU sectors, basic resources, energy and consumer products & services best performers; real estate, telco and financial biggest decliners.

    • Quiet macro calendar in Europe. Eurozone investor sentiment weakest in over a year. BOE to increase reserves available in ILTR operations to at least £30. BOE's Ramsden said must continue to be vigilant on light of increasing uncertainty around the outlook. Attention to this week interest rate decisions with ECB seen cutting by 25 bps and SNB expected to deliver jumbo 50 bps rate cut.

    • In corporate news, banking sector in focus. Credit Agricole (ACA.FP) upped its stake in Banco BPM (BAMI.IM) via derivatives in order to fend off the takeover attempt by UniCredit (UCG.IM). Meanwhile, FT reported that Allianz (ALV.GR) has paused talks with Amundi (AMUN.FP) to form a €2.8T asset management giant. Other M&A news include CompuGroup Medical (COP.GR) confirming advanced discussions with CVC to be acquired with offer starting point price of €22.00/sh and Lundin Mining (LUMI.SS) selling Neves-Corvo and Zinkgruvan to Boliden (BOL.SS) for $1.52B.

    • On a light reporting front, Stabilus (STM.GR) confirmed prelim FY24 numbers and cut divi by ~34%, whilst Domino's Pizza Group (DOM.LN) announced new profitability & growth framework.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Nov final CPI and Italy Oct industrial production.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Basic Resources +3.15%, Oil&Gas+2.05%, Consumer Products and Services +1.61%, Autos & Parts +1.11%, Chemicals +0.57%, Banks +0.56%, Technology +0.32%

      • Underperformers

        • Real Estate (1.84%), Telecom (0.89%), Financial Svcs (0.55%), Insurance (0.58%), Ind Goods & Svcs (0.44%), Travel & Leisure (0.56%), Construct & Mtls (0.33%), Retail (0.23%), Media (0.39%), Utilities (0.31%), Personal Care Drug and Grocery Stores (0.04%), Health Care (0.02%)

    • Macro:

      • Central Banks:

        • Major brokerages expect a quarter-point cut for ECB's Dec meeting -- Reuters

        • Why Talk of a Half-Point ECB Rate Cut Just Won't Go Away -- Bloomberg

        • Bank of England will be vigilant towards greater risk-taking, Ramsden says -- Reuters

      • EU:

        • France has had enough of Germany's bullying -- Spectator

      • UK:

        • Reeves calls on EU to drop 'unnecessary' trade barriers with UK -- FT

      • Germany:

        • German union boss calls on Berlin to end borrowing cap to safeguard economy -- FT

        • Germany pauses asylum applications for Syrians after fall of Assad -- Reuters

      • France:

        • France's Macron faces mounting pressure to name new prime minister -- France24

      • Italy:

        • Italy to test Starlink in January in bid to boost high-speed internet, sources say -- Reuters

    • Company news:

      • Notable Gainers

        • +46.9% VVY.NA (Vivoryon Therapeutics €2.21, +0.84) -- presents topline data from VIVA-MIND study; did not meet its primary and key secondary endpoints in early AD; PQ912 data supports potential to improve kidney function

        • +31.4% A28890.GR (CompuGroup Medical €21.60, +5.18) -- CVC (CVC.NA) to launch voluntary public tender offer for CompuGroup Medical for €22/share in cash, subsequent delisting envisaged

        • +12.1% IPH.FP (Innate Pharma €1.55, +0.18) -- trial data

        • +10.5% PHARM.NA (Pharming Group €0.79, +0.08) -- initiated buy at Jefferies

        • +10.4% HYL.BB (Hyloris Pharmaceuticals €5.98, +0.56) -- exclusive license and supply agreement with Rosemont Pharmaceuticals; new CFO

        • +7.8% ALCJ.FP (Crossject €2.04, +0.15) -- and US Department of Defense relaunch joint research

        • +6.7% MIT.IM (Mittel €1.75, +0.11) -- Lake Bidco to launch offer for remaining 17.29% in Mittel that it does not own

        • +5.9% ABLI.SS (Abliva SEK0.15, +0.01) -- trial data journal publication

        • +5.9% WDL1.GR (NAKIKI €0.57, +0.03) -- CEO Andreas Wegerich, through his investment holding Wegerich UG, will carry out strategic management buy-out

        • +4.9% IMMNOV.SS (Immunovia SEK0.90, +0.04) -- positive outcome and strong accuracy in the clinical validation of its next-generation test for pancreatic cancer

        • +4.9% DNO.NO (DNO ASA NOK9.95, +0.48) -- Trym field is back on production

        • +4.1% PRTC.LN (PureTech Health £1.72, +0.07) -- trial data presentation

        • +3.6% IPO.LN (IP Group £0.50, +0.02) -- agrees sale of minority holdings in nine portfolio companies

        • +3.1% GLE.FP (Societe Generale €26.56, +0.81) -- transferred outperform at BNP Paribas Exane

        • +2.7% BAS.GR (BASF SE €44.99, +1.17) -- Warburg Research upgrade

        • +2.7% BOL.SS (Boliden SEK333.20, +8.70) -- Lundin Mining to sell Neves-Corvo and Zinkgruvan to Boliden for total consideration of up to $1.52B

        • +2.6% NOKIA.FH (Nokia €4.17, +0.11) -- JPMorgan upgrade

        • +2.5% EQNR.NO (Equinor NOK266.00, +6.60) -- completes divestments in Azerbaijan and Nigeria; JPMorgan upgrade

        • +2.2% TFBANK.SS (TF Bank SEK366.00, +8.00) -- Nov data

        • +2.2% BAMI.IM (Banco BPM €7.68, +0.17) -- Credit Agricole increased stake in Banco BPM to protect business interests in Italy after UniCredit made takeover bid for Banco BPM - Bloomberg

        • +2.2% SPX.LN (Spirax Group £74.05, +1.60) -- Morgan Stanley upgrade

        • +2.2% DOFG.NO (DOF Group NOK83.45, +1.75) -- initiated buy at Kepler Cheuvreux

        • +2.0% GALP.PL (Galp Energia SGPS €16.80, +0.33) -- BofA upgrade

        • +2.0% TM17.LN (Team17 Group £2.05, +0.04) -- Jefferies upgrade

        • +1.9% BOSS.GR (Hugo Boss €40.60, +0.76) -- Frasers Group pushing for CEO Michael Murray to be appointed to board of Hugo Boss - Sunday Times

        • +1.6% AJB.LN (AJ Bell £4.68, +0.07) -- Shore Capital Stockbrokers upgrade

        • +1.6% WEIR.LN (Weir Group £22.94, +0.36) -- Morgan Stanley upgrade

        • +1.5% RXL.FP (Rexel €25.79, +0.37) -- Morgan Stanley upgrade

      • Notable Decliners

        • -23.2% POXEL.FP (Poxel €0.13, -0.04) -- H1 earnings

        • -10.3% SPEC.LN (Inspecs Group £0.41, -0.05) -- trading update

        • -8.1% DOCM.SW (DocMorris CHF26.70, -2.30) -- Zürcher Kantonalbank downgrade

        • -6.5% BCG.LN (Baltic Classifieds Group £3.39, -0.23) -- Deutsche Numis downgrade

        • -6.4% IMMU.SS (Mendus SEK9.80, -0.58) -- trial data

        • -3.4% DOM.LN (Domino's Pizza Group £3.44, -0.12) -- trading update

        • -3.3% IVG.IM (Iveco Group €9.71, -0.32) -- Deutsche Bank downgrade

        • -3.2% FNTN.GR (Freenet €29.00, -0.94) -- Goldman Sachs downgrade

        • -2.1% PANR.LN (Pantheon Resources £0.23, -0.01) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Colruyt Group (COLR.BB),Vivoryon Therapeutics (VVY.NA)

        • DACHs: METRO (B4B.GR)

        • France: MedinCell (MEDCL.FP)

        • Nordics: Rusta (RUSTA.SS)

        • Other: Pepco Group (PCO.PW)

        • UK: Ashtead Group (AHT.LN), Moonpig Group (MOON.LN), NCC Group (NCC.LN), Begbies Traynor Group (BEG.LN), Solid State (SOLI.LN), Naked Wines (WINE.LN)

  • Data:

    • Economics:

      • Eurozone Dec Sentix Economic Index (17.5) vs cons (12.4) and prior (12.8)

      • Switzerland Nov SECO Consumer Sentiment (37.2) vs cons (35.0) and prior (37.0)

    • Markets:

      • WTI Crude (25-Jan): +$1.40 or +2.08% to $68.60

      • €-$ +0.0015 or +0.14% to 1.0576

      • £-$ +0.0044 or +0.35% to 1.2786

      • €-£ (0.0016) to 0.8273

      • S&P 500 (0.43%)

      • Performance year-to-date:

        • FTSE 100: +8.00%

        • DAX: +21.46%

        • CAC: (0.84%)

        • MIB: +13.98%

        • Stoxx 600: +8.82%

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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