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StreetAccount Summary - European Market Recap: FTSE 100 +0.16% to 8149.78, DAX +0.68% to 19984.32, CAC40 +1.00% to 7355.37, STOXX 600 +0.67% to 507.18

Dec 27 ,2024

  • Synopsis:

    • European equity markets closed higher, in thin trading. Following a marginally lower open by pan-European indices, shares quickly pushed higher, become range-bound from late morning, before extending gains in the afternoon and touching session highs, paring gains ahead of the close.

    • Ireland (0.1%) is the only country benchmark that remained lower on the day, and along with FTSE100 and Belgium, Netherlands both +0.3%, led underperformers. Denmark +1.9%, Finland +1.5% and Italy, Norway both +1.3% led outperformers.

    • The handful of economic data releases saw Nov retail sales for Norway and Spain, along with Sweden Nov trade balance.

    • UK retailers generally lower following yesterday's downbeat footfall data, though there was a bounce back this morning, as of 12noon GMT footfall across all UK retail destinations having risen +8% vs 27-Dec-23, according to data from MRI Software.

    • In Italy, Assogestioni reports Italy Nov total net inflows €4.17B vs prior inflow €4.47B, and some of the country's banks traded higher on the day

    • Corporate new flow remained light and included Brookfield completing the acquisition of a majority stake in Neoen (NEOEN.FP), Aalberts N.V. (AALB.NA) acquired Paulo Products Company and RELIEF THERAPEUTICS Holding (RLF.SW) and Renexxion, Inc now anticipate signing a definitive merger agreement in Q1 of 2025. Also, Truecaller (TRUE.B.SS) announced total user base has surpassed 433M and Wallenius Wilhelmsen (WAWI.NO) EUKOR strengthened its long-term partnership with Hyundai and Kia.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.38%, Banks +1.03%, Financial Svcs +1.02%, Health Care +0.95%, Oil & Gas +0.92%, Chemicals +0.74%, Food & Beverage +0.71%, Persnl & HHold Goods +0.69%

      • Underperformers:

        • Retail (0.29%), Travel & Leisure +0.19%, Technology +0.21%, Basic Resources +0.27%, Insurance +0.31%, Real Estate +0.32%, Utilities +0.40%, Construct & Mtls +0.46%, Media +0.49%, Ind Goods & Svcs +0.55%, Telecom +0.66%

    • Macro/Peripheral markets:

      • NATO:

        • NATO stands in solidarity with Allies and condemns any attacks on critical infrastructure. We are following investigations by Estonia & Finland, and we stand ready to provide further support says Rutte - X

        • Finland considers it important to increase NATO's maritime presence in the Baltic Sea in order to secure the underwater infrastructure - Government press release

        • Norway's Minister of Foreign Affairs Eide statement on the cable breaks in the Baltic Sea - release

      • Belgium:

        • Successful outcome to Bart De Wever's latest attempt to form a new federal government does not seem imminent - De Tijd

      • France:

        • President Macron's opinion poll rating languishes at 8 year-low - Elabe barometer for Les Echos

      • Germany:

        • Merkel nemesis Friedrich Merz aims to be German chancellor - DW

        • German President Steinmeier dissolves Bundestag setting the stage for general election on 23-Feb - DW

      • Greece:

        • Parliamentary Budget Office report finds significant malfunctions in the labor market - ekathimerini

      • Ireland:

        • Government formation talks to resume in New Year, though finalizing deal not expected till after Dáil returns on 22-Jan - Irish Times

      • UK:

        • Boxing Day footfall (7.6%) y/y as some retailers including B&Q (KGF.LN), John Lewis, Marks & Spencer (MKS.LN) and Next (NXT.LN) keep shops closed for the bank holiday with focus on online sales - Retail Gazette citing data from MRI Software

        • PM Starmer told by Red Wall MPs to get tough on immigration or they'll lose their seats to Reform - Telegraph

        • Government may sign the UK back up to various European schemes as part of Brexit 'reset' - Express

    • Company news:

      • Notable Gainers

        • +8.5% RLF.SW (RELIEF THERAPEUTICS Holding) -- RELIEF THERAPEUTICS Holding and Renexxion, Inc now anticipate signing a definitive merger agreement in Q1 of 2025

        • +3.1% TRUE.B.SS (Truecaller) -- total user base has surpassed 433M

        • +2.7% EQT.SS (EQT AB) -- and Temasek to sell off O2 Power to JSW Neo Energy for $1.5B

        • +2.4% WAWI.NO (Wallenius Wilhelmsen) -- EUKOR strengthens long-term partnership with Hyundai and Kia

        • +2.1% KLARA.B.SS (KlaraBo) -- announces preliminary outcome of rights issue; rights issue substantially oversubscribed

        • +1.9% NKT.DC (NKT A/S) -- awarded two high-voltage projects under existing framework agreement with TenneT

        • +1.2% ENGI.FP (ENGIE) -- awarded a 250 MW floating offshore wind project in the French Mediterranean Sea

        • +0.8% XXL.NO (XXL) -- gives notice that an EGM will be held on 17-Jan; Follows Frasers Group's (FRAS.LN) request

        • +0.6% NEOEN.FP (Neoen) -- Brookfield completes acquisition of majority stake in Neoen

        • +0.4% AALB.NA (Aalberts N.V.) -- to acquire Paulo Products Company (Paulo); price not disclosed

        • +0.4% PVN.IM (Piovan) -- notes closing of pending acquisition by Automation Systems currently forecasted to take place in the first months of 2025; shares reverse initial declines

        • +0.2% VWS.DC (Vestas) -- wins 315 MW offshore order in Japan; announces three new orders for a total of 198 MW

      • Notable Decliners

        • -2.1% KMR.LN (Kenmare Resources) -- Moma's operations update

        • -1.1% FUTR.LN (Future) -- 6.2% holder Peter Wood wants Future chairman Richard Huntingford to stand down "soon" - London Times

        • -0.1% WIIT.IM (WIIT) -- renews contracts with a major listed company, a leading global player in the luxury sector; shares reversed initial gains

    • EU companies reporting on Monday:

      • No earnings/updates scheduled

  • Data:

    • Economics:

      • Nov retail sales

        • Norway +0.3% m/m vs prior +0.2%

        • Spain +1.0% y/y vs consensus +2.8%, prior revised +3.4% from +3.5%

      • Sweden Nov trade balance SEK7.2B vs consensus SEK0.5B, prior revised SEK1.1B from SEK0.6B

    • Markets:

      • WTI Crude (Feb 25): +$0.76 or +1.09% to $70.38

      • €-$ +0.0008 or +0.07% to 1.0431

      • £-$ +0.0062 or +0.50% to 1.2588

      • €-£ (0.0035) to 0.8287

      • S&P 500 (1.13%)

      • Performance year-to-date:

        • FTSE 100: +5.25%

        • DAX: +19.14%

        • CAC: (2.65%)

        • MIB: +12.33%

        • Stoxx 600: +5.79%

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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