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StreetAccount Summary - EU Market Recap: FTSE 100 (0.86%) to 8248.49, DAX (0.50%) to 20214.79, CAC40 (0.79%) to 7431.04, STOXX 600 (0.84%) to 511.50

Jan 10 ,2025

  • Synopsis:

    • European equity markets closed lower Friday. Follows mostly firmer close on Thursday. Food&bev, utilities and retail top decliners. Autos and media relative best performers.

    • Focus in Europe remains on recent volatility in UK assets amid fiscal concerns. Treasury has been forced to defend government policy several times in recent days after a sharp selloff in Gilts and sterling. BoE deputy Breeden played down market moves in comments late Thursday. UK press said Chancellor Reeves has asked ministers to draft alternative plans to boost growth amid concerns market turmoil is derailing government's economic strategy.

    • On a light macro calendar, French industrial production beat, Spanish reading missed. Italian retail sales weaker-than-forecast in November. Elsewhere, Destatis reported a jump on German company insolvencies last year.

    • On the reporting front, Ambu (AMBU.B.DC), J Sainsbury (SBRY.LN) and Bang & Olufsen (BO.DC) were among few other companies updating investors, whilst Airbus SE (AIR.FP) reported 2024 deliveries stats. In France, after the close yesterday, Ubisoft Entertainment (UBI.FP) appointed leading advisors to review and pursue various transformational strategic and capitalistic options, with Q3 net bookings lower than expected. In M&A news, Prada (1913.HK) and other parties are interested in buying Capri's Versace whilst - still in Italy - Del Vecchio holding's Delfin increased its stake in Monte Paschi (BMPS.IM) to 9.78% from 3.51%; also, Warehouses de Pauw (WDP.BB) acquired Renault site in Vilvoorde for €100M and Unibail-Rodamco-Westfield (URW.F) sold its 25% stake in Centrum Černý Most in Prague to Upvest and RSJ Investments; in the UK, DBAY Advisors and Alliance Pharma plc (APH.LN) announced a recommended 62.5p/share in cash offer in deal worth ~£350M.

    • Looking ahead, Monday's EU econ-calendar is light with Portugal/Greece December CPI amongst the notable releases.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Autos & Parts +0.47%, Media +0.07%, Travel & Leisure (0.20%), Telecom (0.26%), Health Care (0.30%), Oil & Gas (0.35%), Banks (0.52%), Persnl & HHold Goods (0.73%), Technology (0.74%), Basic Resources (0.82%)

      • Underperformers

        • Food & Beverage (2.36%), Utilities (2.32%), Retail (1.99%), Insurance (1.57%), Construct & Mtls (1.35%), Financial Svcs (1.32%), Chemicals (1.29%), Real Estate (1.07%), Ind Goods & Svcs (0.87%)

    • Macro:

      • UK:

        • Reeves faces 'difficult decisions' on tax and spending -- BBC

        • UK economy could rebound by 1.7% in 2025 but geopolitical issues loom large -- KPMG

      • France:

        • Macron's Spider-Man Minister Weaves Budget Web -- Bloomberg

      • Germany:

        • German federal election poll tracker: who will take over from Scholz? -- Telegraph

        • Why I'm voting for the AfD -- Spectator

      • Italy:

        • Italy will fully control data in any Starlink deal, Musk adviser says -- Reuters

    • Company news:

      • Notable Gainers

        • +37.8% APH.LN (Alliance Pharma £0.61, +0.17) -- recommended 62.5p/share in cash offer by Aegros Bidco

        • +17.1% AMBU.B.DC (Ambu DKK130.75, +19.90) -- prelim. Q1 revenue

        • +11.6% ANP.LN (Anpario £4.05, +0.43) -- FY trading statement

        • +9.9% CKN.LN (Clarkson £41.90, +3.85) -- FY trading statement

        • +6.6% ORX.SS (Orexo SEK19.54, +1.20) -- topline results from the clinical study OX640-002

        • +5.5% LDG.LN (Logistics Development Group £0.15, +0.01) -- notes agreement between Aegros Bidco and Alliance Pharma as ~13.2% holder of Alliance's share capital

        • +5.3% SIGN.SW (SIG Combibloc Group CHF18.87, +0.95) -- initiated overweight at Morgan Stanley

        • +2.2% ABVX.FP (Abivax €6.63, +0.14) -- achieves key milestone in Phase 3 ABTECT trial enrollment

        • +2.1% IPH.FP (Innate Pharma €1.99, +0.04) -- presents transformatives strategy

        • +2.1% BO.DC (Bang & Olufsen DKK9.99, +0.22) -- Q2 earnings

      • Notable Decliners

        • -12.2% TIG.LN (Team Internet Group £1.03, -0.14) -- not to make an offer for Team Internet Group

        • -6.3% WCH.GR (Wacker Chemie €63.76, -4.26) -- Stifel downgrade

        • -4.8% EDP.PL (EDP-Energias de Portugal €3.04, -0.15) -- Barclays downgrade

        • -4.5% EOAN.GR (E.ON SE €10.84, -0.50) -- BofA downgrade

        • -4.3% SBRY.LN (J Sainsbury £2.57, -0.11) -- Q3 trading statement

        • -4.3% BYS.SW (Bystronic CHF319.00, -14.50) -- initiated sell at UBS

        • -2.8% TEL2.B.SS (Tele2 SEK106.45, -3.05) -- UBS downgrade

        • -2.7% D6H.GR (Datagroup €43.60, -1.20) -- not to pursue the spin-off of subsidiary Almato AG

        • -2.3% ENG.SM (Enagas €11.67, -0.28) -- BofA downgrade

    • EU companies reporting tomorrow:

      • Trading Update:

        • Brunello Cucinelli (BC.IM), Oxford Nanopore Technologies (ONT.LN), DFDS (DFDS.DC), Ekinops (EKI.FP)

  • Data:

    • Economics:

      • Spain Nov Industrial Production (0.4%) y/y vs prior revised +1.5% from +1.9%

      • France Nov

        • Consumer Goods Spending m/m +0.3% vs consensus +0.2% and prior revised to (0.4%) from (0.4%)

        • Industrial Production m/m +0.2% vs consensus 0.0% and prior revised to (0.3%) from (0.1%)

      • Greece Nov Industrial Production +4.9% y/y vs consensus +0.2% and prior revised (2.5%) from (2.9%)

      • Italy Nov Retail Sales y/y +1.1% vs consensus +2.3% and prior +2.6%

      • Sweden Nov Industrial Production +2.6% y/y vs consensus (2.1%) and prior (2.0%) (2:00ET)

      • Norway Dec CPI +2.2% y/y vs consensus +2.5% and prior +2.4%

      • Denmark Dec CPI +1.9% y/y vs consensus +1.8% and prior +1.6%

      • Switzerland Dec Unemployment rate (sa) 2.6% vs consensus 2.7% and prior revised to 2.6% from 2.6%

    • Markets:

      • WTI Crude (Feb 25): +$2.45 or +3.34% to $75.77

      • €-$ (0.0068) or (0.66%) to 1.0233

      • £-$ (0.0108) or (0.88%) to 1.2198

      • €-£ +0.0018 to 0.8389

      • S&P 500 (1.78%)

      • Performance year-to-date:

        • FTSE 100: +0.92%

        • DAX: +1.54%

        • CAC: +0.68%

        • MIB: +2.64%

        • Stoxx 600: +0.76%

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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