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StreetAccount Summary - EU Market Recap: FTSE 100 (0.31%) to 8700.53, DAX (0.53%) to 21785.42, CAC40 (0.43%) to 7973.03, STOXX 600 (0.38%) to 542.75

Feb 07 ,2025

  • Synopsis:

    • European equity markets ended lower, with pan-European indices closing around session lows. Austria (1.0%), Norway (0.9%) and Germany (0.5%) led the underperformers whilst Greece +0.9% is the positive outlier.

    • Focus on German industrial production weaker-than-forecast, while trade data saw increase in exports, which analysts think was frontloading ahead of tariffs. UK Halifax house price data saw record high in January. Limited developments otherwise. BoE Governor Bailey played down dovish reaction to vote split after it revised up its inflation outlook and cut its growth forecast. Weak growth outlook increases scrutiny on UK's fiscal position.

    • Elsewhere, ECB published updated research on the neutral interest rate, suggesting two more cuts can take rates to neutral (Bloomberg). Note that President Lagarde has said it is between 1.75% and 2.25%.

    • Meanwhile, European Commission chief von der Leyen is planning to meet industry leaders later this month to assure local producers that the bloc will act to boost competitiveness in a green overhaul. Press reports Italian officials increasingly confident EU will relax fiscal rules to boost defence spending.

    • In corporate news, L'Oreal (OR.FP) traded lower after posting disappointing Q4 LFL sales with weak North America and Luxe the points of most concern. Also in France, VINCI SA (DG.FP) shares were up following solid FY earnings. In the DACH region, Porsche (P911.GR) raised its FY24 automotive net cash flow margin forecast to 10%+ (from 7-8.5%). ABB (ABBN.SW) launcheed a new share buyback program of up to $1.5B. Vontobel Holding (VONN.SW) reported FY net income CHF266.1M vs FactSet CHF270.5M. Out of the Nordics, Danske Bank (DANSKE.DC) reported Q4 net income DKK6.00B vs consensus DKK5.05B and announced new share buy-back programme of DKK 5B. Schibsted (SCHA.NO), Boozt Fashion (BOOZT.SS), Konecranes (KCR.FH), Skanska (SKA.B.SS), Saab (SAAB.B.SS) and Yara International (YAR.NO) were among few other Nordic names that updated the market. In the Benelux, Orange Belgium (OBEL.BB) and Aperam (APAM.NA) released their most recent earnings. In Southern Europe. Banco de Sabadell (SAB.SM) and BPER Banca (BPE.IM) reported their Q4/FY24 numbers, with the latter also announcing an all-share offer for Banca Popolare di Sondrio (BPSO.IM). Banca Popolare di Sondrio to consider BPER Banca's unsolicited offer to acquire the company on 11-Feb.

    • Further on M&A front, Henkel (HEN3.GR) to divest Retailer Brands business in North America to affiliate of First Quality Enterprises, LLC; terms not disclosed. L&G (LGEN.LN) announced sale of its US protection business to Meiji Yasuda and creation of long-term strategic partnership for a valuation of $2.3B (£1.8B). Wolters Kluwer (WKL.NA) agreed to acquire acquire Registered Agent Solutions, Inc. for ~$415M in cash. Gerresheimer (GXI.GR) confirmed discussions with private equity investors on potential takeover offer.

    • In IPOs, BioVersys (BIOV.SW) shares opened at CHF36.5 vs IPO price of CHF36/share, though closed below issue price at CHF35.15.

    • The week ahead sees OPEC/IEA monthly oil market reports, Munich Security conf, Q4 preliminary GDPs and Jan CPI's from across the region as well as earnings/updates from BP (BP.LN), EssilorLuxottica (EL.FP), Hermes International (RMS.FP), Kering (KER.FP), Nestle (NESN.SW), Safran (SAF.FP), Siemens (SIE.GR) and Unilever (ULVR.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Construct & Mtls +0.49%, Oil & Gas +0.41%, Telecom +0.34%, Banks +0.27%, Media +0.21%, Insurance +0.18%, Utilities +0.00%, Basic Resources (0.01%), Travel & Leisure (0.25%), Food & Beverage (0.26%)

      • Underperformers

        • Autos & Parts (1.63%), Chemicals (1.43%), Persnl & HHold Goods (1.13%), Technology (0.98%), Real Estate(0.94%), Health Care (0.79%), Retail (0.73%), Ind Goods & Svcs (0.48%), Financial Svcs (0.47%)

    • Macro/Peripheral markets:

      • EU

        • Can the EU tax global corporations despite Trump opposition? - FT

      • Central banks

        • Vujcic Sees ECB-Cut Bets Reasonable With More Clarity in Spring - Bloomberg

        • Czech central bank presents new economic forecasts - presentation

        • Natural rate estimates for the euro area: insights, uncertainties and shortcomings - ECB release

        • ECB still has several rate cuts to go before hitting 'neutral' level, paper finds - Reuters

      • UK

        • Britain goes soft on AI after Trump's bonfire of rules - Politico

        • Pressure mounts on Chancellor Reeves after BoE cut growth forecast - London Times

        • Starmer to seek digital trade deal with Trump - Telegraph

        • UK house prices hit new record high in January - Halifax

        • Bank of England Chief Economist: Job on inflation not done yet - City AM

      • Germany

        • German debt brake reform may rattle global bond markets - FT

        • German trade surplus widens on better export performance - Destatis

        • German industrial production at lowest level since May 2020 - Destatis

        • Putin's bot army tries to swing German election - Politico

      • Italy

        • Italy expects EU to relax fiscal rules to boost defense spending - FT

      • Norway

        • Government proposes several amendments to the Energy Act to speed up the licensing processes for new renewable power production and new grids - release

      • Ireland

        • Support for Irish unification growing in Northern Ireland, poll finds - Irish Times

    • Company news:

      • Notable Gainers

        • +14.4% LECN.SW (Leclanché CHF0.24, +0.03) -- Pinnacle International Capital Limited has completed legal, financial and technical due diligence of Leclanché group to its satisfaction

        • +11.1% NANO.FP (Nanobiotix €3.83, +0.38) -- initiated outperform at Oddo

        • +9.8% AFRY.SS (AFRY AB SEK198.00, +17.60) -- Q4 eanrings

        • +7.8% DANSKE.DC (Danske Bank DKK235.60, +17.10) -- to initiate new share buy-back programme of DKK 5B; Q4 eanrings

        • +7.7% SESG.FP (SES €3.76, +0.27) -- Investors growing increasingly concerned over Eutelsat and SES finances as Starlink threat looms -- FT

        • +6.5% SWEC.B.SS (Sweco SEK191.20, +11.70) -- Q4 eanrings

        • +6.3% TXGN.SW (TX Group CHF199.60, +11.80) -- Zürcher Kantonalbank upgrade

        • +6.3% KCO.GR (Kloeckner & Co. €5.93, +0.35) -- initiated buy at Kepler Cheuvreux

        • +5.9% SKA.B.SS (Skanska SEK255.40, +14.20) -- Q4 eanrings

        • +5.8% BPSO.IM (Banca Popolare di Sondrio €9.82, +0.54) -- BPER Banca announces all share offer for company with implied value of €9.527/share

        • +5.6% XXL.NO (XXL ASA NOK12.25, +0.65) -- Q4 eanrings

        • +5.4% KCR.FH (Konecranes €62.95, +3.25) -- Q4 eanrings

        • +5.4% NOLA.B.SS (Nolato SEK61.50, +3.15) -- Q4 eanrings

        • +4.7% RCDO.LN (Ricardo £2.23, +0.10) -- Shore Capital Stockbrokers upgrade

        • +4.0% CLAS.B.SS (Clas Ohlson SEK248.20, +9.60) -- Q4 eanrings

        • +3.6% IWG.LN (International Workplace Group £1.82, +0.06) -- Barclays upgrade

        • +2.6% DG.FP (VINCI SA €109.90, +2.75) -- FY earnings

        • +2.4% IBAB.BB (Ion Beam Applications €13.52, +0.32) -- signs MoU with Framatome

        • +2.3% SVED.B.SS (Svedbergs Group SEK44.90, +1.00) -- initiated buy at Nordea

        • +2.2% ELTEL.SS (Eltel SEK6.50, +0.14) -- contract

        • +2.2% DRX.LN (Drax Group £6.35, +0.14) -- Keir Starmer unveils plan for large nuclear expansion across England and Wales - The Guadian

        • +2.0% RHM.GR (Rheinmetall €720.60, +14.40) -- contract

        • +1.9% CE.IM (Credito Emiliano €12.08, +0.22) -- Q4 eanrings

        • +1.6% EQS.FP (Equasens Group €37.30, +0.60) -- Q4 revenue

        • +1.0% LGEN.LN (Legal & General Group £2.41, +0.03) -- announces sale of its US protection business to Meiji Yasuda and creation of long-term strategic partnership for a valuation of $2.3B; reiterates FY24 guidance and confirms it is on track to achieve targets set out at the CME

        • +1.0% THULE.SS (Thule Group SEK360.00, +3.40) -- Q4 earnings

      • Notable Decliners

        • -22.6% IOM.LN (iomart Group £0.46, -0.13) -- FY trading update

        • -19.7% CTT.SS (CTT Systems SEK224.00, -55.00) -- Q4 earnings

        • -19.6% HOFI.SS (Hoist Finance SEK78.70, -19.20) -- Q4 earnings

        • -15.9% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €55.70, -10.55) -- forecasts that FY EBITDA levels will be lower, within a range of between 10% and 15% y/y; Alantra Equities downgrade

        • -15.1% YIT.FH (Yit €2.14, -0.38) -- Q4 earnings

        • -12.3% NSKOG.NO (Norske Skog NOK20.50, -2.88) -- Q4 eanrings; to sell the Boyer mill to Boyer Capital Pty Ltd for ~NOK190M

        • -11.7% DEDI.SS (Dedicare SEK55.60, -7.40) -- Q4 earnings

        • -8.3% ITAB.SS (ITAB Shop Concept SEK20.10, -1.80) -- Q4 earnings

        • -7.5% BPE.IM (BPER Banca €6.38, -0.52) -- Q4 earnings; announces all share offer for Banca Popolare di Sondrio with implied value of €9.527/share

        • -7.1% YAR.NO (Yara International NOK310.30, -23.70) -- Q4 earnings

        • -6.6% SCHA.NO (Schibsted NOK325.20, -23.00) -- Q4 earnings

        • -6.4% DOCM.SW (DocMorris CHF19.01, -1.29) -- price target lowered at UBS

        • -6.1% KOG.NO (Kongsberg Gruppen NOK1,208.00, -78.00) -- Q4 earnings; proposes a five-for-one stock split

        • -5.7% PEAB.B.SS (Peab SEK81.00, -4.90) -- Handelsbanken downgrade

        • -5.6% DURC.B.SS (Duroc SEK15.95, -0.95) -- Q2 earnings

        • -5.6% SAAB.B.SS (Saab SEK214.35, -12.75) -- Q4 earnings

        • -5.1% GBT.FP (Guerbet €25.95, -1.40) -- Q4 revenue

        • -4.5% RI.FP (Pernod Ricard €100.70, -4.80) -- Inbrew Beverages and TPG may team up to acquire Imperial Blue - Economic Times

        • -3.9% OR.FP (L'Oreal €339.00, -13.75) -- FY earnings

        • -3.5% XFAB.FP (X-FAB Silicon Foundries €4.46, -0.16) -- Q4 earnings

        • -3.3% GMM.GR (Grammer €5.85, -0.20) -- prelim Q4 earnings

        • -1.8% REC.IM (Recordati €58.65, -1.05) -- Deutsche Bank downgrade

        • -1.8% LEHN.SW (LEM Holding CHF856.00, -16.00) -- 9M earnings

        • -1.7% SRT3.GR (Sartorius €251.50, -4.40) -- proposes dividend of €0.74 per preference share

        • -1.5% PDX.SS (Paradox Interactive SEK215.60, -3.20) -- Kepler Cheuvreux downgrade

        • -1.5% BOOZT.SS (Boozt Fashion SEK132.20, -2.00) -- CFO to step down; Q4 earnings

    • EU companies reporting on Monday:

      • Earnings:

        • Benelux: NX Filtration (NXFIL.NA)

        • DACHs: All for One Group (A1OS.GR)

        • Nordics: Studsvik (SVIK.SS), Industrivarden (INDU.A.SS), NCC (NCC.B.SS), Balco Group (BALCO.SS), Oma Saastopankki (OMASP.FH)

        • Southern Europe: Mediobanca Banca di Credito Finanziario (MB.IM), Banca Generali (BGN.IM), Banca IFIS (IF.IM), illimity Bank (ILTY.IM)

        • UK: Porvair (PRV.LN)

  • Data:

    • Economics:

      • Denmark Dec Manufacturing Production +4.0% m/m vs consensus +1.9% and prior revised (4.6%) from (3.6%)

      • Germany Dec Trade Balance €20.7B vs consensus €17.0B and prior €19.7B

      • Norway Dec Manufacturing Production +3.2% m/m vs consensus (1.4%) and prior revised +1.2% from +1.1%

      • UK Jan Halifax House Price Index +3.0% y/y vs consensus +2.7% and prior revised to +3.4% from +3.3% - release

      • France Dec Trade Balance (€3.9B) vs consensus (€5.3B) and prior revised (€6.3B) from (€7.1B)

      • Spain Dec Industrial Production +2.1% y/y vs consensus +0.5% and prior revised (0.1%) from (0.4%)

      • Switzerland Q1 SECO Consumer Sentiment (21) vs consensus (31) and prior (27)

    • Markets:

      • WTI Crude (Mar 25): +$0.24 or +0.34% to $70.85

      • €-$ (0.0053) or (0.51%) to 1.0332

      • £-$ (0.0034) or (0.27%) to 1.2400

      • €-£ (0.0017) to 0.8332 S&P 500 (0.72%)

        • Performance year-to-date

        • FTSE 100: +6.45%

        • DAX: +9.42%

        • CAC: +8.02%

        • MIB: +8.29%

        • Stoxx 600: +6.92%

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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