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StreetAccount Summary - EU Market Recap: FTSE 100 (0.49%) to 8259.87, DAX (0.45%) to 20313.75, CAC40 (0.74%) to 7354.66, STOXX 600 (0.13%) to 515.80

Dec 16 ,2024

  • Synopsis:

    • European equity markets ended lower, mostly off session's worst levels. Belgium +0.3%, Spain, +0.2% and Portugal +0.1% led the outperformers whilst Denmark down (2.6%) followed by Norway (1.0%) and France (0.7%) led the underperformers.

    • Muted start to an event-packed week with Fed policy decision the highlight among a slew of central bank decisions, including from the UK, Norway, Sweden and Japan. Street expects Fed to cut interest rates by 25 bps given inflation has been sufficiently contained recently to justify a further reduction. BoE expected hold rates at 4.75%. Sweden seen cutting by 25 bp, while Norway and BoJ tipped to hold. Several ECB speakers commenting on likelihood of further easing after last week's rate cut. 50bps move still possible in Q1 if economic data weakens.

    • In political developments, focus on Germany where Chancellor Scholz has lost a vote of confidence in parliament, paving the way for early elections on 23 February (BBC). Scholz called Monday's vote and had expected to lose it, but calculated that triggering an early election was his best chance of reviving his party's political fortunes. Meanwhile in France, new French PM François Bayrou begins consultations to stabilize government and pass 2025 budget amid political and economic challenges. Comes as France's Moody's rating cut to Aa3.

    • Macro data focus on PMIs. Eurozone manufacturing activity unchanged in contractionary territory, while services sector expands. UK reading sees weaker manufacturing, but stabilization in services sector activity.

    • In corporate news, Videndum (VID.LN) shares traded notably lower following trading update as group said recovery in its markets continues to be slower than expected but seeing some signs of gradual improvement. In the UK, AUSTRAC (Australian anti-money laundering and counter-terrorist financing regulator) has commenced civil penalty proceedings in the Federal Court against Entain Group Pty Ltd (ENT.LN). In France, Getlink (GET.FP) reported suspension of activity until 31-Dec-24 will have an additional commercial impact estimated at ~€11M. Vicat (VCT.FP) finalized the cooperative agreement with the US DOE for the development of the Lebec Net Zero project including a CCS system. In Sweden, Proact IT Group (PACT.SS) announced Q4 sales are expected to decrease by 10-15% y/y and adj EBITA by 20-30% y/y; further, CEO Jonas Hasselberg to resign.

    • On M&A front, over the weekend, Pharming (PHARM.NA) announced ~$66.1M public cash offer to the shareholders of Abliva AB (ABLI.SS); Abliva board unanimously recommends holders accept offer from Pharming. Further over the weekend, Novo Nordisk (NOVO.B.DC) disclosed acquisition of Catalent (CTLT), and the related acquisition of three manufacturing sites from Novo Holdings, cleared to close. Allianz (ALV.GR) withdrew pre-conditional offer for at least 51% stake in Income Insurance Ltd. UK approves Kretinsky's $6.7B bid for Royal Mail parent, FT reported.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Health Care +1.09%, Financial Svcs +0.54%, Telecom +0.26%, Banks +0.19%, Ind Goods & Svcs +0.04%

      • Underperformers

        • Autos & Parts (2.96%), Real Estate(1.27%), Oil & Gas (1.05%), Food & Beverage (0.84%), Chemicals (0.74%), Basic Resources (0.61%), Construct & Mtls (0.54%), Media (0.54%), Travel & Leisure (0.50%), Insurance (0.50%), Utilities (0.39%), Technology (0.34%), Persnl & HHold Goods (0.33%), Retail (0.31%)

    • Macro/Peripheral markets:

      • Geopolitics

        • Vladimir Putin threatens to lift missile restraints in warning to west -- FT

      • ECB

        • ECB's Kazaks Warns Against Going Too Far With Interest-Rate Cuts -- Bloomberg

        • ECB Cuts Just to Help Economy Not Right Approach, Holzmann Says -- Bloomberg, citing ORF

        • ECB survey of Monetary Analysts - link

      • France

        • Credit rating downgraded to Aa3 from Aa2, outlook stable from negative at Moody's -- link

      • Germany

        • German Chancellor Olaf Scholz loses confidence vote -- BBC; FT

      • UK

        • UK manufacturing confidence slumps after Rachel Reeves' Budget -- FT

        • Treasury insists on no spring Budget despite fears of fiscal rule breach -- FT

        • UK Inflation May Be Overstated by Official Data, Academics Say -- Bloomberg

        • UK property asking prices fall, headwinds remain for 2025, Rightmove says -- Reuters

      • Ireland

        • Exclusion of Sinn Féin from government formation talks is stupid, Kerrane says - breakingnews.ie

    • Company news:

      • Notable Gainers

        • +205.9% ABLI.SS (Abliva SEK0.42, +0.28) -- Pharming (PHARM.NA) announces ~$66.1M public cash offer to the shareholders of Abliva; recommends holders accept offer from Pharming

        • +34.6% NHH.SM (Minor Hotels Europe & Americas €6.23, +1.60) -- Oddo recommends Minor Hotels Europe & Americas holders accept offer; prior rating was underperform

        • +22.5% ORX.SS (Orexo SEK21.00, +3.86) -- resolves Zubsolv US patent litigation with Sun Pharmaceutical Industries

        • +10.8% VIV.FP (Vivendi €2.66, +0.26) -- listings of Canal+, Havas and Louis Hachette Group

        • +8.7% CAPSL.NO (Capsol Technologies NOK11.20, +0.90) -- Holcim Group to test Capsol Technologies' carbon capture technology

        • +8.2% RLF.SW (RELIEF THERAPEUTICS Holding CHF4.22, +0.32) -- final readout of PKU GOLIKE clinical trial evaluating

        • +6.8% SAGA.LN (Saga Plc £1.32, +0.08) -- new insurance partnership with Ageas and sale of its Underwriting business Acromas Insurance Company Limited (AICL) for total consideration of £67.5M

        • +6.4% MVIR.SS (Medivir SEK2.81, +0.17) -- IND approval for evaluating fostrox + Lenvima

        • +6.2% SEDANA.SS (Sedana Medical SEK16.68, +0.98) -- Sedaconda regulatory update

        • +6.1% CRTA.LN (Cirata £0.26, +0.02) -- contract

        • +5.3% PRTC.LN (PureTech Health £1.71, +0.09) -- trial result

        • +4.9% AOX.GR (Alstria €7.66, +0.36) -- squeeze-out

        • +4.9% GALD.SW (Galderma Group CHF94.70, +4.43) -- UBS upgrade

        • +4.8% ALMDG.FP (MGI Digital Graphic Technology €15.40, +0.70) -- conclusion of the agreement on a patent defense against a competing company for €10M

        • +4.6% BSLN.SW (Basilea Pharmaceutica CHF42.15, +1.85) -- exclusive distribution and license agreement with Innoviva Specialty Therapeutics for commercialization of antibiotic Zevtera in the US

        • +3.6% JMAT.LN (Johnson Matthey £14.01, +0.49) -- 11% holder Standard Investments sends letter to board

        • +3.4% SINCH.SS (Sinch SEK21.91, +0.72) -- initiated buy at Kepler Cheuvreux

        • +3.1% NOVO.B.DC (Novo Nordisk DKK777.30, +23.30) -- acquisition of Catalent cleared to close

        • +2.7% VIRI.FP (Viridien €48.09, +1.28) -- Bernstein upgrade

        • +2.4% SPEC.LN (Inspecs Group £0.44, +0.01) -- refinanced its existing banking arrangements with HSBC

        • +1.4% BAMI.IM (Banco BPM €7.96, +0.11) -- UniCredit CEO Orcel says $10.5B offer for Banco BPM is fair -- IlSole24Ore

        • +1.4% HUMBLE.SS (Humble Group SEK12.65, +0.17) -- Dagens Industri out with buy recommendation

      • Notable Decliners

        • -23.4% XLM.LN (XLMedia £0.10, -0.03) -- updates on distribution of capital

        • -19.7% VID.LN (Videndum £2.06, -0.51) -- trading update

        • -16.3% OBD.LN (Oxford BioDynamics £0.01, -0.00) -- continues to explore number of different options to secure additional near-term funding; CEO steps down with immediate effect

        • -15.7% PACT.SS (Proact IT Group SEK112.00, -20.80) -- trading update; CEO to step down

        • -7.9% 8TRA.GR (TRATON €28.60, -2.45) -- Pareto downgrade

        • -6.8% ELAN.B.SS (Elanders SEK88.10, -6.40) -- to discontinue large part of its road transport operations in Germany with expected one-off costs in Q4 of ~ SEK45M

        • -6.8% WAWI.NO (Wallenius Wilhelmsen NOK96.15, -7.05) -- FY guidance

        • -6.4% ENT.LN (Entain £7.63, -0.52) -- Australian anti-money laundering and counter-terrorist financing regulator commences civil penalty proceedings against group's subsidiary in Australia

        • -5.8% SFZN.SW (Siegfried Holding CHF974.00, -60.00) -- Stifel downgrade

        • -5.5% LSG.NO (Lerøy Seafood Group NOK50.30, -2.90) -- Barclays downgrade

        • -4.5% KESKOB.FH (Kesko €18.30, -0.86) -- Nov sales

        • -3.5% DWNI.GR (Deutsche Wohnen €23.55, -0.85) -- Kepler Cheuvreux downgrade

        • -3.3% CCC.LN (Computacenter £21.64, -0.74) -- CFO steps down with immediate effect

        • -3.3% MDG1.GR (Medigene €1.11, -0.04) -- submits clinical trial application in Europe for MDG1015 for multiple solid Tumor indications

        • -3.2% TSTL.LN (Tristel £3.78, -0.13) -- trading update

        • -2.7% GET.FP (Getlink €15.21, -0.41) -- suspension of activity until 31-Dec-24 will have an additional commercial impact estimated at ~€11M

        • -2.4% PAH3.GR (Porsche Automobil Holding SE €35.14, -0.87) -- expects impairment of at-equity carrying amounts of Volkswagen AG and Porsche AG investments; withdraws earnings guidance

        • -2.1% RBW.LN (Rainbow Rare Earths £0.12, -0.00) -- Interim Study confirms Phalaborwa viability

        • -2.1% PHARM.NA (Pharming Group €0.85, -0.02) -- announces ~$66.1M public cash offer to the shareholders of Abliva

        • -1.5% DCC.LN (DCC £53.75, -0.80) -- RBC Capital Markets downgrade

        • -1.4% MILDEF.SS (MilDef Group NT$115.80, -1.60) -- to fully integrate the subsidiary Handheld's portfolio for the defense industry, cease subsidiary's other businesses; to record related charge in Q4

    • EU companies reporting tomorrow:

      • Earnings:

        • Douglas (DOU.GR), Per Aarsleff Holding (PAAL.B.DC), SkiStar (SKIS.B.SS), EXEL Industries (EXE.FP), Roblon (RBLN.B.DC)

  • Data:

    • Economics:

      • Dec Flash Manufacturing PMI

        • France 41.9 vs consensus 43.0 and prior 43.1

        • Germany 42.5 vs consensus 43.8 and prior 43.0

        • Eurozone 45.2 vs consensus 45.8 and prior 45.2

        • UK 47.3 vs consensus 48.1 and prior 48.0

      • Dec Flash Services PMI

        • France 41.9 vs consensus 43.0 and prior 43.1

        • Germany 51.0 vs consensus 49.2 and prior 49.3

        • Eurozone 51.4 vs consensus 49.5 and prior 49.5

        • UK 51.4 vs consensus 51.0 and prior 50.8

      • Norway Nov Trade Balance NOK74.2B vs consensus NOK59.0B and prior NOK63.7B

      • Switzerland Nov PPI (1.5%) y/y vs consensus (0.4%) and prior (1.8%)

    • Markets:

      • WTI Crude (Jan 25): ($0.62) or (0.87%) to $70.67

      • €-$ +0.0015 or +0.15% to 1.0506

      • £-$ +0.0078 or +0.62% to 1.2695

      • €-£ (0.0039) to 0.8277

      • S&P 500 +0.36%

      • Performance year-to-date

        • FTSE 100: +6.81%

        • DAX: +21.26%

        • CAC: (2.50%)

        • MIB: +14.54%

        • Stoxx 600: +7.68%

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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