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StreetAccount Summary - EU Market Recap: FTSE 100 +0.15% to 8096.53, DAX (0.23%) to 19838.48, CAC40 (0.07%) to 7269.47, STOXX 600 +0.10% to 502.68

Dec 23 ,2024

  • Synopsis:

    • European equity closed mixed to lower with pan-European indices ending just off session lows. Denmark +3.1%, Switzerland +0.9%, Portugal +0.6% led outperformers whilst Finland (0.9%), followed by Netherlands and Spain both down (0.4%) led underperformers.

    • Macro-outlook developments in focus. Economists survey shows Eurozone economy to pick up less momentum next year than previously anticipated. Disappointing German and French growth to weigh, though Italy also seen struggling. ECB officials signalling continued policy easing in 2025, though debate persists over pace and extent of easing. ECB President Lagarde indicated the bank approaching 2% inflation target but stressed vigilance, particularly regarding services inflation which remains nearly double the target. Lagarde highlighted the need to monitor wage and corporate profit trends (FT).

    • In politics, French PM Bayrou is yet to name a new cabinet. Was expected to name team over weekend but has now been delayed. Geopolitical developments also in the spotlight. President-elect Trump on Friday threatened EU with tariffs unless member countries purchase more fossil fuels from the US (Bloomberg). Some thoughts threat may be void, as Europe may require increasing amounts of US LNG. On the one hand, there's geopolitical tension of relying on Russian gas (UBN). Russia remains one of EU's top gas providers, and tensions enhanced by expiry of key transit deal on 31-Dec (Bloomberg, Reuters).

    • Quiet on the macro data front. UK final Q3 GDP revised down from 0.1% q/q to 0.0%. Stagnation in Q3 activity came after 0.4% expansion in Q2, revised down from 0.5%. CBI survey showed UK private sector expects steep decline in activity in three months to March. LLoyds business barometer hit 2024 low but pay growth remains high. Business groups push UK PM Starmer to cut EU trade frictions. Also, UK housing portal Zoopla said the UK market finished the year on a high in a rush to beat the change in the stamp duty threshold in April, which boosted sales and activity.

    • In corporate news, Gurit Holding (GURN.SW) reaffirmed its FY sales guidance. Bafin initiated a special audit at DWS (DWS.GR) focusing on group's engaging process. Meanwhile, Volkswagen (VOW.GR) confirmed the conclusion of joint agreement with employee representatives. On M&A front, Aviva (AV.LN) formally agreed to acquire DLG (DLNG.LN) for 275p/sh. boohoo Group (BOO.LN) completed sale of London office for £49.5M to Global Holdings UK Limited. Succession German Bidco GmbH (part of Carlyle) announced €61.00 cash offer price for SNP Schneider-Neureither & Partner.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Health Care +1.36%, Oil & Gas +0.32%, Insurance +0.31%, Utilities +0.30%, Construct & Mtls +0.21%

      • Underperformers

        • Travel & Leisure (2.12%), Autos & Parts (1.07%), Retail (0.76%), Media (0.42%), Ind Goods & Svcs (0.31%), Chemicals (0.28%), Food & Beverage (0.25%), Financial Svcs (0.24%), Technology (0.23%), Real Estate(0.22%), Telecom +0.00%, Persnl & HHold Goods +0.02%, Basic Resources +0.06%, Banks +0.08%

    • Macro/Peripheral markets:

      • ECB

        • ECB nears 2% inflation target, remains cautious on services inflation - FT

        • ECB faces heightened uncertainty amid Trump's potential return - FT

      • EU

        • EU energy taxes eroding industrial competitiveness, says power lobby chief - Reuters

        • Von der Leyen's constant power play exasperates EU capitals - Politico

      • Geopolitics

        • NATO chief defends Scholz against Ukrainian criticism, supports Taurus missile delivery - Reuters

      • UK

        • UK property market sees significant sales surge ahead of stamp duty changes - FT

        • UK economy had zero growth between July and September - BBC

        • Britain on brink of recession after growth revised away - Telegraph

      • France

        • No French government before Monday evening, presidency says - Reuters

        • PM Bayrou expected to name France's new govt Monday evening after Mayotte mourning day ends - France24

      • Greece

    • Company news:

      • Notable Gainers

        • +12.7% GURN.SW (Gurit Holding) -- reaffirms FY sales guidance

        • +7.5% NOVO.B.DC (Novo Nordisk) -- short-term and long-term recommendation upgraded at Handelsbanken

        • +4.1% ODF.NO (Odfjell SE) -- updates on dispute with joint venture partner Northleaf relating to leverage in Odfjell Terminals US Holdings LLC

        • +3.9% DLG.LN (Direct Line Insurance Group) -- Aviva formally agreed to acquire DLG for 275p/shr

        • +2.2% SHF.GR (SNP Schneider-Neureither & Partner) -- Succession German Bidco GmbH (part of Carlyle) announces €61.00 cash offer price for SNP Schneider-Neureither & Partner

        • +1.0% HIK.LN (Hikma Pharmaceuticals) -- FDA approves first generic of once-daily GLP-1 injection to lower blood sugar in patients with type 2 diabetes

    • Notable Decliners

      • -2.5% VOW.GR (Volkswagen) -- confirms conclusion of joint agreement with employee representatives

Data:

  • Economics:

    • Finland Nov Unemployment Rate 8.1% vs consensus 8.1% and prior 8.1%

    • Norway Nov Unemployment Rate (sa) 3.7% vs consensus 4.1% and prior revised 4.0% from 4.1%

    • UK Q3 GDP +0.9% y/y vs preliminary +1.0%; 0.0% q/q vs preliminary +0.1%

    • Spain Q3 GDP +3.3% y/y vs preliminary +3.4%; +0.8% q/q vs preliminary +0.8%

  • Markets:

    • WTI Crude (Feb 25): ($0.66) or (0.95%) to $68.80

    • €-$ (0.0032) or (0.31%) to 1.0401

    • £-$ (0.0047) or (0.37%) to 1.2516

    • €-£ +0.0005 to 0.8310

    • S&P 500 +0.02%

    • Performance year-to-date

      • FTSE 100: +4.70%

      • DAX: +18.43%

      • CAC: (3.63%)

      • MIB: +11.15% Stoxx 600: +4.95%

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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