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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE +0.22% to 8241.00, DAX +1.53% to 20197.42, CAC40 +2.17% to 7440.52, STOXX 600 +0.89% to 512.71

Jan 06 ,2025

  • Synopsis:

    • European equity markets were higher today, Cyclicals leading with autos and tech the best performers, while defensives like utilities and telecom lag. US equities higher in Monday morning trading, though off best pre-market levels. Comes after stocks rallied on Friday with the S&P (which snapped a five-day losing streak), Nasdaq and R2K all up over 1%. Treasuries little changed to a touch weaker at the long end; follows last week's curve bull steepening. Dollar index down 0.5% though off worst levels after Trump tariff report denial; also comes after a nearly 1% gain in prior week. Gilts add 3 bps. Bund 3 bps firmer. Gold down 1%. Bitcoin futures up 0.4%. WTI crude up 0.7%.

    • Markets responding positively to report Trump tariff plan could be dialed back. However, Trump responded by saying tariff policy will not be pared back. European macro picture remains uncertain ahead of Trump presidency. Sentiment also underpinned by AI developments on Microsoft's Friday blog post about ~$80B investment in FY25 for AI-enabled datacenters. Central banks on course for further easing, though pace to be determined by inflation risks, which has increased somewhat in the last month or so. ECB officials favor gradual approach to easing. Meanwhile, latest Fedspeak leaned hawkish with Daly and Kugler stressing inflation remains above target and more work needs to be done.

    • In macro updates, German inflation surprised on the upside in December, accelerating for the third consecutive month to 2.9% vs consensus 2.6%. Data signals that Eurozone reading due tomorrow might come in on the firmer side. Consensus is for headline CPI to print 2.4% y/y versus prior 2.2%, while core seen at 2.7%. Follows PMI updates showing input costs rising at the fastest rate since July and prices charged accelerating to four-month high.

  • Digest:

    • Macro/Peripheral markets:

      • Geopolitics

        • Putin plus Trump spell trouble for European security - FT

      • Germany

        • Allianz CEO says Germany must become more productive - Handelsblatt

      • France

        • French government aims for budget deficit of 5.4% of GDP in 2025 - Le Monde

        • France signals fewer spending cuts and tax rises ahead of budget talks - FT

      • UK

        • Firms to raise prices due to tax and wage increases - BBC

        • Sir Keir Starmer reveals new private healthcare partnership to help cut NHS waiting times - Sky News

        • UK high-speed rail line told to cut charges - FT

      • Italy

        • Italy plans $1.6B SpaceX telecom security services deal - Bloomberg

      • Austria

        • Austria's far-right Freedom Party asked to form government - DW

    • Company news:

      • Notable Gainers

        • +11.0% NK.FP (Imerys) - updates on the ongoing Chapter 11 process of the North American talc entities

        • +6.5% ASML.NA (ASML Holding) - sympathy to Microsoft stating that it will spend $80B on construction of AI data centers in FY2

        • +4.3% ALO.FP (Alstom) - provides preview to its Q3 2024/25 orders and sales results

        • +4.0% RMS.FM (Hermes) -- Stifel upgrade

        • +3.9% BESI.NA (BE Semiconductor Industries) - sympathy to Microsoft (MSFT) stating that it will spend $80B on construction of AI data centers in FY2

        • +3.1% ONT.NO (Oxford Nanopore Technologies) -- Stifel upgrade

        • +2.8% ANTO.LN (Antofagasta) -- Canaccord Genuity upgrade

      • Notable Decliners

        • -5.3% SEAPT.NO (Seacrest Petroleo Bermuda) -- announces commencement of arbitration proceeding against Petrobras

        • -2.7% RR.LN (Rolls-Royce Holdings) -- City downgrade

        • -2.6% ULNR.LN (Unilever) -- RBC Capital Markets downgrade

        • -2.4% DEC.LN (Diversified Energy Co.) -- acquisition

        • -2.2% RBREW.DC (Royal Unibrew) - Barclays downgrade

    • EU companies reporting tomorrow:

      • Earnings: Shoe Zone (SHOE.LN)

  • Data:

    • Economics:

      • Services PMI Dec

        • Sweden 52.4 vs consensus 51.5 and prior 50.9

        • Spain 57.3 vs consensus 54.1 and prior 53.1

        • Italy 50.7 vs consensus 50.0 and prior 49.2

        • France 49.3 vs preliminary 48.2

        • Germany 51.2 vs preliminary 51.0

        • Eurozone 51.6 vs preliminary 51.4

        • UK 51.1 vs preliminary 51.4

      • Switzerland Nov Retail Sales +0.8% y/y vs consensus +1.2% and prior revised to +1.5% from +1.4%

      • UK Dec new car registrations (0.2%) to 140,786 units -- SMMT

      • Eurozone Jan Sentix Economic Index (17.7) vs consensus (17.7) and prior (17.5)

      • Germany Dec Preliminary CPI +2.6% y/y vs consensus +2.4% and prior +2.2%; +0.4% m/m vs consensus +0.3% and prior (0.2%)

    • Markets:

      • WTI Crude (Feb 25): +$0.27 or +0.37% to $74.23

      • €-$ +0.0084 or +0.82% to 1.0390

      • £-$ +0.0096 or +0.77% to 1.2515

      • €-£ +0.0003 to 0.8303 S&P 500 +1.22%

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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