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StreetAccount Summary - EU Market Recap: FTSE +0.77% to 8319.50, DAX (0.06%) to 20317.51, CAC40 +0.54% to 7492.73, STOXX 600 +0.43% to 515.89

Jan 09 ,2025

  • Synopsis:

    • European equity markets ended mostly firmer with the exception on the DAX. Follows firmer close on Wednesday. Retail and Autos biggest laggards. Miners and energy best performers. Asian markets mostly lower, with Nikkei underperforming. Hang Seng choppy, moving positive to negative. China Shenzhen gains. Shanghai Composite lower. US equity futures softer with S&P off 0.2% after mixed close in prior session. US market closed today due to official state funeral for former President Carter. Bonds weaker in Europe, with Gilts leading the move. Benchmark 10-year yield 1 bps wider above 4.80%. Bund steady at 2.52%. OAT adds 2 bps. Dollar softer versus yen, firmer elsewhere. Sterling underperforms. Oil gains. Gold firmer. Industrial metals higher.

    • Limited fresh developments. Some caution attributed to event risk ahead of Friday's US employment data. Attention gravitated to FOMC minutes, which confirmed a less dovish policy stance, though comments from Fed's Waller leaned more dovish. European markets cautious after report Wednesday that Trump considering declaring national economic emergency to provide legal cover to implement universal tariffs. Press added to indications President Biden planning more restrictions on AI chip exports.

    • In central bank developments, ECB Economic Bulletin said the disinflation process is well on track and highlighted most measures of underlying inflation suggest inflation to settle at 2% medium-term target on a sustained basis. ECB's Cipollone said it would be counterproductive to keep demand low to safeguard against future inflation shocks and Villeroy backs further easing. Meanwhile, the BoE's monthly survey of CFOs showed a pickup in inflation expectations. Expectations for CPI year ahead rose from 2.7% to 2.8% in three months to December and three-years ahead also 0.1% higher at 2.7%. Also in the UK, the Treasury has tried to calm markets after a sharp selloff in Gilts and sterling in recent sessions (Telegraph). UK Chancellor Reeves signaled she is ready to cut public spending, but there is also speculation she will be forced to raise taxes again (Bloomberg).

    • On macro data front, Eurozone retail sales slightly softer than forecast, German industrial production beat, trade surplus wider than expected. Follows weak data on Wednesday. UK retail lobby group BRC said food prices will top 4% this year despite reporting overall shop prices falling 1% last month. Warned increase in input costs to drive up prices. Survey from KPMG/REC showed businesses laid off workers and stopped hiring over the Christmas period ahead of looming tax increases.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Basic Resources +1.50%, Financial Svcs +1.17%, Health Care +1.05%, Energy +0.78%, Consumer Products and Services +0.77%,

      • Underperformers: Retail (0.83%), Autos & Parts (0.64%), Insurance (0.52%), Personal Care Drug and Grocery Stores (0.23%), Travel & Leisure (0.19%), Utilities (0.05%), Real Estate +0.16%, Construct & Mtls +0.25%, Ind Goods & Svcs +0.26%, Technology +0.28%, Telecom +0.31%, Food, Beverage and Tobacco +0.32%, Banks +0.36%, Media +0.37%,

    • Macro/Peripheral markets:

      • EU

        • Von der Leyen's illness forces delay to key initiative - Politico

      • Central Banks

        • ECB's Villeroy says could reach neutral rate by the summer - Reuters

        Geopolitics

        • China paves way for possible EU retaliation as probe concludes - Bloomberg

        • France urges EU Commission to stand firm against Musk's interference - Le Monde

        • Outgoing Pentagon chief Austin says Russia doesn't hold all the cards in Ukraine - Bloomberg

      • UK

        • Market trouble threatens Labour's economic plans - BBC

        • Echoes of Truss fiasco as UK markets reel from stagflation fears - Politico

        • Rachel Reeves intervention ruled out as pound slides further - Sky News

        • BRC forecasts rebound in shop prices due to cost increases - London Times

        • English counties weigh election delay to pursue devolution plan - FT

      • Germany

        • German industrial rises more than expected - Destasis

        • German trade surplus widen amid a rebound in exports - Destasis

        • CDU wants growth of at least 2% in the medium term - Handelsblatt

      • France

        • Bank of France's Villeroy urges big budget cuts to cure fiscal sickness - Bloomberg

      • Italy

        • Meloni: 'Sala's release made my day - and I didn't talk to Musk about Starlink' - Euronews

      • Ireland

        • Fianna Fáil and Fine Gael to meet Independents as Government formation talks step up a gear - Irish Times

    • Company news:

      • Notable Gainers

        • +208.3% IMM.LN (ImmuPharma) -- advancements in its preclinical research program focused on P140

        • +13.2% MAAT.FP (Maat Pharma) -- trial results

        • +12.2% CRTA.LN (Cirata) -- trading update

        • +5.9% SEAPT.NO (Seacrest Petroleo Bermuda) -- extension of injunction against Petrobras

        • +4.4% PRY.IM (Prysmian) -- Prysmian exploring dual listing in New York and additional US acquisitions, as it hopes to insulate itself from tariffs - FT, citing CEO

      • Notable Decliners

        • -14.9% GRG.LN (Greggs) -- FY sales

        • -8.6% BME.LN (B&M European Value Retail) -- Q3 revenue

        • -7.8% MKS.LN (Marks & Spencer Group) -- Q3 revenue

        • -6.5% SMHN.GR (SÜSS MicroTec) -- Jefferies downgrade

  • Data:

    • Economics:

      • Germany

        • Nov Trade Balance € 19.7B vs consensus € 14.8B and prior € 13.4B

        • Nov Industrial Production +1.5% m/m vs consensus +0.5% and prior revised to (0.4%) from (1.0%)

      • Norway Dec PPI +9.3% y/y vs consensus +2.9% and prior 0.0%

      • Eurozone Nov Retail Sales +1.2% y/y vs consensus +1.7% and prior revised to +2.1% from +1.9%; +0.1% m/m vs consensus +0.3% and prior revised to (0.3%) from (0.5%)

    • Markets:

      • WTI Crude (Feb 25): +$0.78 or +1.06% to $74.10

      • €-$ (0.0024) or (0.23%) to 1.0295 £-$ (0.0065) or (0.53%) to 1.2296

      • €-£ +0.0024 to 0.8373 S&P 500 +0.00%

      • Performance year-to-date

        • FTSE 100: +1.74%

        • DAX: +2.04%

        • CAC: +1.49%

        • MIB: +3.35%

        • Stoxx 600: +1.61%

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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