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StreetAccount Summary - EU Market Recap: FTSE 100 (0.26%) to 8084.61, DAX (0.27%) to 19916.56, CAC40 (0.27%) to 7274.48, STOXX 600 (0.88%) to 502.19

Dec 20 ,2024

  • Synopsis:

    • European equity markets finished weaker, off worst levels. Stoxx Europe 600 recorded its biggest 5-day drop since the beginning of September. Healthcare, Banks, Telecom the worst performers, while Real Estate, Travel/Leisure and Retail outperformed. US equity markets are higher in midday trading, near best levels. Bonds mixed. Treasuries firmer with the curve bull steepening, though rates still higher for the week. Bund down 2 bp at 2.28%. Gilts 2 bps higher. Dollar softer with biggest move versus yen after rallying sharply after Fed meeting. Oil down. Gold up. Industrial metals mostly higher.

    • On macro front, UK retail sales data for Nov weaker-than-forecast at +0.2% m/m vs cons +0.5%; follows poor data in Oct. German Nov PPI firmer-than-expected at +0.5% m/m vs cons +0.3% and French Nov PPI at +3.2% m/m vs prior +0.9%. Dec business confidence for Italy just a notch weaker at 85.8 vs cons 86.0, follows weak readings from Germany and France this week. Eurozone Dec Flash Consumer Confidence came in at (14.5) vs cons (14.0) and prior (13.7)

    • In other news, French PM Bayrou said he is aiming to name a government this weekend and wants a budget by mid-February. Has held consultations with part leaders and under pressure to move quickly and pass a spending bill. Elsewhere, Trump threatened the EU with tariffs unless it buys more US oil and gas. EU's top economic official Dombrovskis said the EU should consider confiscating frozen Russian central bank assets to compensate Ukraine.

    • In corporate news flow, Novo Nordisk (NOVO.B.DC) shares came under pressure in the afternoon after group reported lower-than-expected weight loss results in a late stage trial for obesity drug CagriSema. Further in healthcare, Idorsia (IDIA.SW) announced delays in exclusive talks for hypertension drug Tryvio; company faces urgent liquidity challenges, needing to address convertible bonds due in 2025 and 2028, complete the Tryvio deal, and implement restructuring measures to extend its financial runway beyond early 2025. GSK Plc (GSK.LN) announced FIRST trial met its primary endpoint of progression free survival in first line advanced ovarian cancer. In banking, Santander (SAN.SM) (1.7%) has entered into an agreement with Crédit Agricole S.A. (ACA.FP) for the sale of its 30.5% stake in CACEIS; terms not disclosed. Following the envisaged transaction, Crédit Agricole S.A. will control 100% of the share capital of CACEIS. Deutsche Bank (DBK.GR) expects to incur €300M loss in Q4 2024 due to litigation over foreign currency loans at Polish subsidiary. Light in earnings with Hornbach Holding (HBH.GR) Q3 sales missed at €1.51B and adjusted EBIT missed at €34M; company lowered full-year sales guidance. In M&A, Milano Finanza reports Rai Way (RWAY.IM), Ei Towers sign MoU to start preliminary talks regarding a potential merger. Sanofi (SAF.FP) to acquire Greater China rights to aficamten from Corxel Pharmaceuticals; terms undisclosed. Vantiva (VANTI.FP) announces plan to sell its supply chain solutions division to funds managed by Variant Equity. Knorr-Bremse (KBX.GR) divests R.H. Sheppard Co., Inc. in North America and writes down remaining purchase price receivable.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +1.43%, Travel & Leisure +0.47%, Retail +0.46%, Autos & Parts +0.43%, Utilities +0.14%, Consumer Products and Services +0.04%, Chemicals (0.00%), Ind Goods & Svcs (0.23%), Media (0.32%), Oil & Gas(0.36%), Financial Svcs (0.39%), Basic Resources (0.40%), Food, Beverage and Tobacco (0.47%), Personal Care Drug and Grocery Stores (0.55%), Construct & Mtls (0.56%), Insurance (0.64%), Telecom (0.69%)

      • Underperformers:

        • Health Care (4.03%), Banks (0.91%)

    • Macro:

      • Central Banks:

      • France:

        • PM Bayrou aims to avoid government collapse with mid-February budget plan: France24 and Bloomberg

        • French central bank chief urges deficit cuts despite political risks: Bloomberg

      • UK:

        • UK Chancellor Reeves to revive regular economic talks with China: Reuters

        • Peter Mandelson picked by Starmer as UK's ambassador to the US: The London Times

        • UK retail sales missed expectations in November (Baha)

        • UK car manufacturing at 44-year low in November (Reuters)

        • UK Tories warn of "January of discontent" as Labour policies threaten recession (FT)

      • Germany:

        • Germany tax revenue surges 9% in November amid ongoing economic challenges (Reuters)

    • Peripheral markets:

      • Italy:

        • Italy's political stability wins over investors Bloomberg

      • Switzerland:

        • EU Commission and Switzerland complete negotiations to bring the EU-Switzerland bilateral relationship to a new level

    • Company news:

      • Notable Gainers

        • +8.4% ARBN.SW (Arbonia CHF11.12, +0.86) -- updates on closing of sale of Climate Division

        • +6.1% HEAD.LN (Headlam Group £1.40, +0.08) -- updates on transformation plan

        • +4.8% SANN1.SW (Santhera Pharmaceuticals Holding CHF10.46, +0.48) -- AGAMREE (Vamorolone) approved in Hong Kong as a treatment for Duchenne Muscular Dystrophy

        • +4.0% ITM.LN (ITM Power £0.35, +0.01) -- contract

        • +3.7% RWAY.IM (Rai Way €5.36, +0.19) -- Rai Way, Ei Towers sign MoU to start preliminary talks regarding a potential merger -- Milano Finanza

        • +3.5% VANTI.FP (Vantiva €0.13, -0.00) -- announces plan to sell its supply chain solutions division to funds managed by variant equity

        • +2.9% IPO.LN (IP Group £0.53, +0.02) -- expects to receive total of ~ £13.8M in cash proceeds from sale of two of its life sciences portfolio companies

        • +1.9% VOW3.GR (Volkswagen €89.00, +1.68) -- VW board and representatives of works council have reached basic agreement on restructuring -- Handelsblatt

      • Notable Decliners

        • -50.4% IDIA.SW (Idorsia CHF0.63, -0.64) -- delay to the targeted timeline for signing a binding agreement regarding the global rights to aprocitentan

        • -34.3% SNG.LN (Synairgen £0.02, -0.01) -- raises £18.0M through the conditional subscription of 900.0M new shares by TFG Asset Management UK LLP at an issue price of 2p/sh

        • -20.7% NOVO.B.DC (Novo Nordisk DKK589.20, -154.00) -- CagriSema demonstrates weight loss of 22.7% after 68 weeks vs prior prediction 25%

        • -12.0% HBH.GR (Hornbach Holding €72.80, -9.90) -- Q3 earnings

        • -11.1% INDI.LN (Indus Gas £0.07, -0.01) -- H1 earnings

        • -11.0% PDL.LN (Petra Diamonds £0.26, -0.03) -- third tender cycle yielded $71M from sale of 700,803 carats

        • -3.8% ZEAL.DC (Zealand Pharma DKK728.00, -28.50) -- FDA issues CRL for company's glepaglutide

        • -2.3% DBK.GR (Deutsche Bank €16.20, -0.38) -- expects to incur €300M loss in Q4 2024 due to litigation over foreign currency loans at Polish subsidiary - Reuters

        • -1.5% EDPR.PL (EDP Renovaveis €9.50, -0.15) -- not to proceed with the investments in its 0.5 GW wind projects in La Guajira region in Colombia

        • -1.0% SAN.SM (Banco Santander €4.36, -0.04) -- Santander exits CACEIS on strategic shift in custody services (Bloomberg)

    • EU companies reporting 23-Dec:

      • There are no earnings releases scheduled

  • Data:

    • Economics:

      • Eurozone Dec Flash Consumer Confidence (14.5) vs cons (14.0) and prior (13.7)

      • UK Nov Retail Sales +0.5% y/y vs cons +0.8% and prior revised +2.4% from +2.0%; +0.2% m/m vs cons +0.5% and prior (0.7%)

      • Germany Nov PPI +0.1% y/y vs cons (0.3%) and prior (1.1%); +0.5% m/m vs cons +0.3% and prior +0.2%

      • Italy Dec

        • Business Confidence 85.8 vs cons 86.0 and prior 86.5

        • Consumer Confidence 96.3 vs cons 97.0 and prior 96.6

      • France Nov PPI (5.2%) y/y vs cons (8.0%) and prior revised (6.0%) from (5.7%); +3.2% m/m vs prior +0.9%

      • Denmark Nov Retail Sales +3.4% y/y vs cons +3.5% and prior revised +3.0% from +3.3%; (0.2%) m/m vs cons +0.6% and prior +0.3%

      • Sweden Nov

        • PPI +0.3% vs cons (0.8%) and prior (1.3%); +3.1% m/m vs consensus +0.3% and prior +0.5%

        • Retail Sales 1.6% y/y vs cons +1.4% and prior revised +1.6% from +0.9%; (0.2%) m/m vs cons +0.3% and prior revised +0.9% from +0.4%

        • PPI +0.3% vs cons (0.8%) and prior (1.3%); +3.1% m/m vs cons +0.3% and prior +0.5%

    • Markets:

      • WTI Crude (Feb 25): ($0.05) or (0.07%) to $69.33

      • €-$ +0.0065 or +0.63% to 1.0429

      • £-$ +0.0085 or +0.68% to 1.2587

      • €-£ (0.0002) to 0.8286

      • S&P 500 +1.68%

      • Performance year-to-date

        • FTSE 100: +4.54%

        • DAX: +18.89%

        • CAC: (3.56%)

        • MIB: +11.23%

        • Stoxx 600: +4.84%

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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