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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.23% to 8026.69, DAX +0.09% to 17354.32, CAC40 (0.27%) to 7130.04, STOXX 600 +0.29% to 488.44

Aug 06 ,2024

  • Synopsis:

    • European equity markets ended mostly higher with pan-European indices reversing earlier losses. Italy (0.4%), Spain and France both down (0.3%) led the underperformers whilst Denmark +3.4%, Greece +2.0%, Austria +1.2% led the outperformers.

    • Initial risk-on session attributed to oversold conditions following Monday's historic drop on Asian markets. Better-than-expected US ISM services appeared to ease hard landing concerns fuelled by last weeks' soft ISM manufacturing and US payrolls data. Growth risks have risen, but economists do not consider recession as base case. Fed officials pushed back against recent ramp in hard-landing concerns, and there were supportive comments from Japanese officials. Dip-buying also being tabbed to cheaper valuations with Morgan Stanley bullish on TSMC following share price pullback.

    • From a macro calendar perspective in Europe, German industrial orders for June posted a surprise beat, coming in +3.9% m/m versus just 0.5% expected, first rise since December. Construction PMIs and Eurozone retail sales due. UK data showed retail sales remained weak in July due to poor weather. Reuters cited Barclaycard data, which showed spending on credit and debit cards fell 0.3% in annual terms in July, the second drop since February, though slightly better than June's 0.6% fall. Meanwhile, the BRC retail sales reading showed total sales increased 0.5% y/y versus growth of 1.5% in July 2023, and compared with a 0.2% fall in June, which was well below an average 1.4% increase over the past 12 months.

    • In political developments, UK's Chancellor Reeves hinted she will balance tax increases with debt rules to meet the challenge of closing a £22B financing gap revealed in the Treasury audit. Also, PM Keir Starmer is holding an emergency COBRA meeting tonight, Sky News reports.

    • In corporate news, notable gainers in the DACH region included Rational (RAA.GR), Adecco Group (ADEN.SW), Fraport (FRA.GR), OC Oerlikon Corp. (OERL.SW) and Carl Zeiss Meditec (AFX.GR). Trading on the downside, Zalando (ZAL.GR) and Bayer AG (BAYN.GR) both were down post Q2 earnings.

    • In the UK, abrdn Plc (ABDN.LN) reported H1 earnings and said transformation programme on track to deliver targets. InterContinental Hotels Group (IHG.LN) posted H1 Segment Operating profit $535M vs consensus $520.4M. Motork (ROR.LN) released H1 earnings with FY expectations unchanged. SIG (SHI.LN) and Travis Perkins (TPK.LN) were also out with H1 updates, whilst Rightmove plc (RMV.LN) announced its contract with OpenRent will terminate with effect from 1-Sep-24, as conditions for OpenRent's ongoing Rightmove membership could not be agreed.

    • On M&A front, media reports Cinven to acquire stake in Vitamin Well Group from Bridgepoint Group (BPT.LN) and become largest shareholder. In Spain, local press reported that Neinor Homes (HOME.SM) is finalizing an agreement with Bain Capital to acquire Habitat. Elsewhere, ArcelorMittal (MT.NA) completed previously-announced acquisition of 28.4% interest in Vallourec (VK.FP).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +1.74%, Health Care +0.68%, Energy+0.61%, Ind Goods & Svcs +0.40%

      • Underperformers

        • Autos & Parts (0.85%), Construct & Mtls (0.54%), Real Estate (0.50%), Chemicals (0.48%), Banks (0.39%), Consumer Products and Services (0.34%), Retail (0.20%), Telecom (0.12%), Media (0.10%), Insurance (0.10%), Basic Resources +0.07%, Utilities +0.10%, Personal Care Drug and Grocery Stores +0.17%, Financial Svcs +0.24%, Food, Beverage and Tobacco +0.25%

    • Macro/Peripheral markets:

      • EU

        • EU and Mercosur push to finalise long-delayed trade deal by year-end, despite French opposition - FT

        • EU inches closer to trade deal with South America - FT

      • Geopolitics

        • Some in Israeli leadership considering preemptive attack on Iran and Hezbollah - Bloomberg, FT

      • UK

        • UK retail sales experience modest growth in July as warm weather boosts consumer spending - Bloomberg

        • UK Jul retail sales monitor +0.3% y/y vs consensus +0.3% and prior (0.5%) - BRC

        • Chancellor Reeves leaves capital gains tax hike on the table to address £22B budget shortfall - Bloomberg, FT

        • UK Jul consumer credit card spending (0.3%) y/y vs prior (0.6%) - Barclaycard press release

      • Ireland

        • Ireland and Northern Ireland's goals of generating 80% of their electricity from renewable sources by the end of this decade, will be delayed until at least 2032 - Cornwall Insight forecast press release

      • Germany

        • German factory orders increase in June - Baha

      • Greece

        • Supermarket sales show price hikes slowing down - ekathimerini

    • Company news:

      • Notable Gainers

        • +19.0% BMN.LN (Bushveld Minerals £0.01, -0.00) -- AGM statement; the outlook remains positive for the remainder of 2024 into 2025

        • +18.0% YOU.LN (YouGov £5.12, +0.79) -- FY trading update; acquires Yabble

        • +11.3% KLR.LN (Keller Group £15.24, +1.56) -- H1 earnings

        • +11.3% DETEC.FH (Detection Technology €16.30, +1.70) -- Q2 earnings

        • +9.9% CLARI.FP (Clariane €1.79, +0.16) -- H1 earnings; resumed neutral at Oddo

        • +9.2% BMPS.IM (Banca Monte dei Paschi di Siena €4.66, +0.40) -- H1 earnings; announces Business Plan 2024-2028

        • +7.8% OERL.SW (OC Oerlikon Corp. CHF5.10, +0.36) -- Q2 earnings

        • +7.5% RAA.GR (Rational €805.50, +57.00) -- Q2 earnings

        • +6.0% SOON.SW (Sonova Holding CHF0.00, +15.50) -- major new product launch integrating real-time AI sound processing; Zürcher Kantonalbank upgrade

        • +5.6% EQV1V.FH (eQ €13.85, +0.75) -- Q2 earnings

        • +5.6% IWG.LN (International Workplace Group £1.71, +0.09) -- H1 earnings

        • +5.0% COFA.FP (Coface €13.46, +0.64) -- H1 earnings

        • +4.4% INDV.LN (Indivior £10.19, +0.44) -- completes Nov-23 share repurchase program; commences new $100M buyback

        • +4.0% EPWN.LN (Epwin Group £0.90, +0.04) -- H1 trading update

        • +3.8% CWR.LN (Ceres Power Holdings £2.05, +0.07) -- confirms Denso as long-term licence agreement for manufacture of proprietary solid oxide electrolyser cells

        • +2.8% RWI.LN (Renewi £6.58, +0.18) -- Q1 trading update

        • +2.5% MT.NA (ArcelorMittal €19.62, +0.47) -- completes previously-announced acquisition of 28.4% interest in Vallourec

        • +2.4% ICG.LN (Intermediate Capital Group £19.68, +0.46) -- Deutsche Numis upgrade

        • +1.2% ARGX.BB (argenx €453.20, +5.40) -- Barclays upgrade

        • +1.2% LLOY.LN (Lloyds Banking Group £0.56, +0.01) -- Bank of England publishes second assessment for each of the eight major UK banks under the Resolvability Assessment Framework

      • Notable Decliners

        • -31.1% IMMNOV.SS (Immunovia SEK1.67, -0.75) -- announces final terms of rights issue

        • -8.8% ASCN.SW (Ascom Holding CHF5.69, -0.53) -- H1 earnings

        • -6.4% POLR.LN (Polar Capital Holdings £5.23, -0.35) -- Deutsche Numis downgrade

        • -6.1% DOM.LN (Domino's Pizza Group £2.88, -0.19) -- H1 earnings; to commence £20M share repurchase programme

        • -4.9% RMV.LN (Rightmove £5.23, -0.27) -- contract with OpenRent will terminate with effect from 1-Sep-24

        • -4.1% COK.GR (CANCOM €28.80, -1.26) -- Kepler Cheuvreux downgrade

        • -3.9% GALE.SW (Galenica CHF71.85, -2.90) -- H1 earnings; appoints new CFO

        • -3.5% TNXT.IM (Tinexta €11.79, -0.42) -- completes acquisition of 40.09% stake of Defence Tech Holding

        • -2.4% ZAL.GR (Zalando €21.63, -0.52) -- Q2 earnings; CFO not to renew contract

        • -2.4% GENL.LN (Genel Energy £0.79, -0.02) -- H1 earnings

        • -1.7% MGAM.LN (Morgan Advanced Materials £3.05, -0.05) -- H1 earnings

        • -1.4% ZTF.LN (Zotefoams £5.10, -0.07) -- H1 eanrings

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: OMV (OMV.AV)

        • Benelux: Just Eat Takeaway.com (TKWY.NA), JDE Peet's (JDEP.NA), Wolters Kluwer (WKL.NA), Ebusco Holding (EBUS.NA), Tetragon Financial Group (TFG.NA), Solvay (SOLB.BB), Titan Cement International (TITC.BB), Groupe Bruxelles Lambert (GBLB.BB), Melexis (MELE.BB), Ontex Group (ONTEX.BB), Aedifica (AED.BB)

        • France: Danone (BN.FP), Schneider Electric (SU.FP), Wendel (MF.FP), Legrand (LR.FP), Klepierre (LI.FP), Safran (SAF.FP), BIC (BB.FP), Netgem (ALNTG.FP)

        • Germany: Deutsche Lufthansa (LGA.GR), Siemens Healthineers (SHL.GR), Fresenius SE & Co. (FME.GR), KION (KGX.GR), adidas (ADS.GR), Auto1 Group (AG1.GR), Krones (KRN.GR), PSI Software (PSAN.GR), bet-at-home.com (ACX.GR), MediClin (MED.GR), DMG MORI (GIL.GR), KSB (KSB.GR), Logwin (TGHN.GR), TeamViewer (TMV.GR), Nemetschek (NEM.GR), Surteco Group (SUR.GR), QIAGEN (QIA.GR)

        • Ireland: Bank of Ireland Group (BIRG.ID), Kerry Group (KRZ.ID)

        • Italy: Telecom Italia (TIT.IM), Geox (GEO.IM), De'Longhi (DLG.IM), Anima Holding (ANIM.IM), MAIRE (MAIRE.IM), Nexi (NEXI.IM), Banca Sistema (BST.IM), Tenaris (TEN.IM), SNAM (SRG.IM), Arnoldo Mondadori Editore (MN.IM), Infrastrutture Wireless Italiane (IWT.IM), Hera (HER.IM), BasicNet (BAN.IM), RCS MediaGroup (RCS.IM), Saras (SRS.IM)

        • Nordics: Concentric (COIC.SS)

        • Southern Europe (other): Eurobank Ergasias Services & Holdings (EUROB.GA), Piraeus Financial Holdings (TPEIR.GA), Novabase (NBA.PL), Banco Comercial Portugul (BCP.PL)

        • Spain: Telefonica (TEF.SM), Banco Bilbao Vizcaya Argentaria (BBVA.SM), Aena (AENA.SM), CaixaBank (CABK.SM), Redeia Corporacion (RED.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Melia Hotels International (MEL.SM), Amadeus IT Group (AMS.SM)

        • Switzerland: Swisscom (SCMN.SW), COMET Holding (COTN.SW), Inficon Holding (IFCN.SW),

        • UK: HSBC Holdings (HSBA.LN), GSK (GSK.LN), Smurfit Kappa Group (SKG.LN), Taylor Wimpey (TW.LN), Hargreaves Services (HL.LN), Rathbones Group (RAT.LN), Shaftesbury Capital (SHC.LN), International Personal Finance (IPF.LN), Reach (RCH.LN), FDM Group (FDM.LN), Restore (RST.LN), Metro Bank Holdings (MTRO.LN)

  • Data:

    • Economics:

      • Eurozone Jun Retail Sales (0.3%) y/y vs consensus +0.1% and prior revised to +0.5% from +0.3%

      • Switzerland

        • Jun Retail sales y/y (2.2%) vs consensus +0.5% and prior revised to (0.2%) from +0.4%

        • Jul Unemployment rate (sa) 2.5% vs prior 2.4%

      • Germany

        • Jun

          • Factory Orders m/m +3.9% vs consensus +1% and prior revised to (1.7%) from (1.6%)

          • Manufacturing Turnover (sa) m/m (0.9%) vs consensus n/a and prior (0.3%)

        • Jul Construction PMI 40.0 vs prior 39.7

      • Ireland Jul Unemployment Rate 4.7% vs consensus 4.2% and prior revised 4.5% from 4.2%

    • Markets:

      • WTI Crude (Sep 24): +$0.67 or +0.92% to $73.61

      • €-$ (0.0026) or (0.23%) to 1.0928

      • £-$ (0.0090) or (0.70%) to 1.2687

      • €-£ +0.0042 to 0.8615

      • S&P 500 +1.32%

        • Performance year-to-date

        • FTSE 100: +3.79%

        • DAX: +3.60%

        • CAC: (5.48%)

        • MIB: +2.49%

        • Stoxx 600: +1.97%

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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