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StreetAccount Summary - EU Market Recap: FTSE 100 (0.81%) to 8195.20, DAX (0.33%) to 20246.37, CAC40 +0.12% to 7365.70, STOXX 600 (0.42%) to 513.66

Dec 17 ,2024

  • Synopsis:

    • European equity markets closed mostly lower, though France +0.1%, Denmark +0.1% and Switzerland +0.3% bucked the negative trend. FTSE posted one-month low. Technology, Consumer Products and Health Care led outperforming sectors. Banks, Energy and Telecom lagged. Follows softer close on Monday.

    • German parliament accepted Chancellor Scholz's invitation to withdraw confidence in government to trigger 23-Feb snap election late Monday. As expected, France adopted a stopgap budget bill to keep the state functioning from January after recent ousting of French PM Barnier. Elsewhere, ECB raised capital requirements for banks slightly for 2025, warns on geopolitical risk.

    • Market awaits central bank policy meetings. Fed widely expected to cut by 25 bp on Wednesday, though SEP and dot plot likely to get more attention with markets having wound back projected 2025 rate cuts. Other policy decisions include BoE update Thursday and BoJ decision Friday; both tipped to keep policy unchanged. ECB-speak over the last 24 hours supports further easing, though range of views on whether it will remain at a gradual pace.

    • In macro, German Ifo business climate survey missed. ZEW survey sees jump in sentiment for Germany and Eurozone on rate cut expectations. UK labor market showed jump in wage growth reducing BoE rate cut expectations.

    • On the corporate front, out of DACHs, Thyssenkrupp nucera (NCH2.GR) reported Q4 and provided guidance for FY24/2025. Volkswagen (VOW3.GR) remains locked in negotiations with unions over cost cuts and job security. Sandoz (SDZ.SW) takes further steps to resolve legacy US generic drug antitrust class action litigation and has now also entered into a settlement agreement with the end payer plaintiffs' class for a total of $275M, which is expected to be paid before 31-Dec-24. In the UK, Bunzl (BNZL.LN) issued a pre close statement; Chemring Group (CHG.LN) reported FY EPS a touch softer vs consensus, says FY25 performance remains in line with market expectations. Capita (CPI.LN) issued trading update with adjusted revenue c.8% lower in 11M ended 30-Nov. Shein (+SHEIN) reportedly considering asking UK regulators to waive listing rules that require at least 10% of shares to be sold in planned London IPO as means to facilitate its IPO.

    • On a busy M&A newsflow, Il Messaggero reports Bain Capital also mentioned as potential bidder for Vivendi's (VIV.FP) Telecom Italia (TIT.IM) stake along with CVC (CVC.NA) also reportedly interested. Land Securities Group (LAND.LN) acquired a 92% stake in Liverpool ONE from a wholly owned subsidiary of the Abu Dhabi Investment Authority (69%) and Grosvenor (23%) for an overall consideration of £490M. UK government approved Bharti Global's acquisition of 24.5% stake in BT Group (BT.A.LN) while UK's CMA and EU clear Carlsberg's acquisition of Britvic (BVIC.LN). Elsewhere, Koninklijke BAM Groep (BAMNB.NA) to divest its remaining 50% share in Invesis to joint venture partner PGGM

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +0.60%, Consumer Products and Services +0.57%, Health Care (0.00%), Autos & Parts (0.14%), Real Estate (0.19%), Travel & Leisure (0.23%), Personal Care Drug and Grocery Stores (0.30%), Media (0.39%)

      • Underperformers:

        • Banks (1.49%), Energy(1.33%), Telecom (1.10%), Retail (0.84%), Construct & Mtls (0.75%), Food, Beverage and Tobacco (0.71%), Financial Svcs (0.69%), Insurance (0.68%), Basic Resources (0.63%), Utilities (0.48%), Chemicals (0.48%)

    • Peripheral markets:

      • ECB:

        • ECB's Schnabel prefers gradual approach in lowering rates as inflation stabilizes - Bloomberg

        • ECB's Escriva says risks to inflation slightly to the upside - Econostream

      • France:

        • France's growth outlook dims amid political turmoil and fiscal challenges - Reuters

        • France adopts emergency budget bill amid political turmoil and leadership transition - Bloomberg

        • Centrist leader Bayrou faces challenges in restoring France's finances - Politico

      • Germany:

        • Scholz loses confidence vote as expected, paving way for early election - Politico

        • Merz advances towards becoming German Chancellor (Politico), but faces scrutiny over economic plans - FT

      • UK:

        • UK average weekly earnings top estimates at 5.2% in October - Baha

        • Top UK business leaders join Starmer's council to shape new industrial strategy Bloomberg

    • Company news:

      • Notable Gainers

        • +39.4% HUM.LN (Hummingbird Resources £0.02, +0.01) -- company and Niko Resources reach agreement on offer

        • +6.8% GDWN.LN (Goodwin £72.20, +4.60) -- H1 earnings

        • +5.4% WISE.LN (Wise Plc £9.93, +0.51) -- selected by Morgan Stanley to facilitate foreign exchange international payment settlement for its corporate customers

        • +5.3% BAMNB.NA (Koninklijke BAM Groep €4.20, +0.21) -- announces that the Dutch Public Prosecutions Office has closed its pending investigation into BAM International bv; to divest its remaining 50% share in Invesis to joint venture partner PGGM

        • +4.5% ORX.SS (Orexo SEK21.95, +0.95) -- to collaborate with Abera Bioscience to develop mucosal vaccines

        • +4.0% JEN.GR (Jenoptik €22.40, +0.86) -- initiated buy at UBS

        • +3.8% DXRX.LN (Diaceutics £1.24, +0.04) -- contract

        • +3.0% GMS.LN (Gulf Marine Services £0.16, -0.00) -- updates FY guidance

        • +2.7% 247.SS (24SevenOffice Group SEK23.20, +0.60) -- closing conditions satisfied for completion of agreement on sale of certain subsidiaries and assets

        • +2.3% ELMRA.NO (Elmera Group NOK39.50, +0.90) -- to sell its shares in the group's associate Metzum AS to Rieber & Søn for NOK160M

        • +1.2% LAT.FP (Latecoere €0.01, -0.00) -- appoints new CO

      • Notable Decliners

        • -14.3% CPI.LN (Capita £0.15, -0.03) -- trading update

        • -12.4% INTRUM.SS (Intrum SEK28.08, -3.98) -- in settlement discussions with certain 2025-maturity bondholders who had objected to chapter 11 restructuring

        • -12.4% INTRUM.SS (Intrum SEK28.08, -3.98) -- will proceed with seeking confirmation of its pre-packaged Chapter 11 Plan and has not reached settlement with the 2025 Ad Hoc Group

        • -12.2% CHG.LN (Chemring Group £3.18, -0.44) -- FY earnings

        • -11.6% TLW.LN (Tullow Oil £0.21, -0.03) -- notes Kosmos Energy's announcement regards termination of preliminary discussions on possible offer for Tullow

        • -10.8% BOWL.LN (Hollywood Bowl Group £2.98, -0.36) -- FY earnings

        • -9.4% SYNT.SS (SyntheticMR SEK4.53, -0.47) -- shareholders approve previously disclosed rights issue to raise SEK65M

        • -8.2% EVN.AV (EVN AG €21.40, -1.90) -- FY earnings

        • -6.9% AB.FP (AB Science €0.87, -0.06) -- releases presentation material in connection with webinar update on both masitinib and AB8939 platforms

        • -5.7% BNZL.LN (Bunzl £33.56, -2.02) -- pre close statement

        • -4.3% INSTAL.SS (Instalco SEK33.50, -1.50) -- initiates cost-saving measures including additional layoffs and closures of underperforming subsidiaries; one-off costs of SEK65M, to impact EBITA in Q4

        • -4.0% OKEA.NO (Okea NOK18.93, -0.79) -- drilling operation in PL 1014 (Arkenstone) has been temporarily suspended

        • -3.2% VIV.FP (Vivendi €2.53, -0.08) -- Deutsche Bank downgrade; CVC reportedly considering buying Vivendi's Telecom Italia stake - Bloomberg; Bain Capital also mentioned as potential bidder for Vivendi's Telecom Italia stake -- Il Messaggero

        • -3.2% FRP.LN (FRP Advisory Group £1.50, -0.05) -- H1 earnings

        • -3.0% A5G.ID (AIB Group €5.29, -0.16) -- holder Irish government lowers stake to 18.99% as at 13-Dec - Filing

        • -3.0% SYNACT.SS (SynAct Pharma SEK9.65, -0.30) -- completes directed share issues totaling 5.2M shares, corresponding to ~SEK45M

        • -3.0% KAMUX.FH (Kamux €3.20, -0.10) -- signs €50M secured long-term debt facility agreement with Nordea Bank Abp

        • -2.6% SSAB.A.SS (SSAB SEK46.12, -1.22) -- appoints new head of SSAB Europe

        • -2.4% LINDEX.FH (Lindex Group €2.61, -0.06) -- continues investigating strategic alternatives for Stockmann department stores business

        • -2.2% DNO.NO (DNO ASA NOK9.82, -0.23) -- oil and gas discovery on the Ringand prospect in the Norwegian North Sea license PL923/923B

        • -2.0% PRY.IM (Prysmian €61.14, -1.26) -- secures a framework agreement with RTE for strategic offshore wind farm connections in France

        • -1.5% INDV.LN (Indivior £9.36, -0.14) -- CFO to step down

    • EU companies reporting tomorrow:

      • Earnings: Integrafin Holdings (IHP.LN), CECONOMY (CEC.GR), SeSa (SES.IM)

      • CMD/events: Egetis Therapeutics (EGTX.SS)

  • Data:

    • Economics:

      • UK Nov Claimant Count Change +0.3K vs consensus +28.2K and prior revised (10.9K) from +26.7K

      • Italy Oct Trade Balance €5.15B vs consensus €3.2B and prior €2.58B

      • Germany Dec IFO Business Climate 84.7 vs consensus 85.5 and prior revised 85.6 from 85.7

    • Markets:

      • WTI Crude (Jan 25): ($1.19) or (1.68%) to $69.52

      • €-$ (0.0012) or (0.11%) to 1.0501

      • £-$ +0.0029 or +0.23% to 1.2713

      • €-£ (0.0029) to 0.8260

      • S&P 500 (0.32%)

      • Performance year-to-date

        • FTSE 100: +5.97%

        • DAX: +20.91%

        • CAC: (2.35%)

        • MIB: +13.10%

        • Stoxx 600: +7.24%

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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