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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +1.75% to 8166.88, DAX +1.50% to 17615.15, CAC40 +1.91% to 7266.01, STOXX 600 +1.54% to 495.96

Aug 07 ,2024

  • Synopsis:

    • European equity markets closed higher with Banks and Autos/Parts the best performers; Health Care, Travel/Leisure the main laggards. Switzerland and Austria +2.9% lead outperformers whilst Denmark (3.8%) bucks the higher trend and lead underperformers.

    • US equity futures also higher with S&P up ~1% after US markets finished higher on Tuesday with the S&P, Nasdaq and R2K all up over 1%. However, US indices have only pared some of Monday's sharp selloff. Several dynamics in focus, including Fed pushback against recent pickup in hard-landing concerns. Some thoughts also negative NFP takeaways overdone and still solid consumer balance sheets. Markets taking encouraging from speech by BOJ Deputy Governor Uchida overnight downplaying prospects of another rate hike amid financial instability. However, prior to comments, majority of economists still expecting BOJ to hike again by year-end though acknowledged risk of policy backtrack.

    • On macro front, mostly second tier data in Europe. German industrial production rebounds, while trade surplus narrower-than-expected on export drop. Halifax UK house price data shows bigger-than-forecast increase. UK ONS revised up 2022 GDP growth to 4.8% from prior 4.3%.

    • In earnings news, DACHs names kicking off the session with Commerzbank (CBK.GR), Siemens Energy (ENR.GR), Continental (CON.GR), Beiersdorf (BEI.GR), Puma (PUM.GR), and Voestalpine (VOE.AV) updating investors with their latest numbers. In Nordics, Ringkjøbing Landbobank (RILBA.DC), Novo Nordisk (NOVO.B.DC), Maersk (MAERSK.B.DC) and Sampo (SAMPO.FH) reported Q2 earnings. In the Netherlands, ABN AMRO Bank (ABN.NA), Koninklijke Ahold Delhaize (AD.NA) and Coca-Cola Europacific Partners (CCEP.NA) issued Q2/H1 earnings with the latter reaffirming its guidance for 2024. In the UK, WPP Group (WPP.LN), Coca-Cola HBC (CCH.LN), Glencore (GLEN.LN), Hiscox (HSX.LN) and Quilter (QLT.LN) are among other in the region to report earnings this morning.

    • In M&A, the FT reported that Roche (ROG.SW) is exploring sale of Flatiron Health. StreetAccount notes that Roche acquired Flatiron Health for $1.9B in 2018,

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 5-Aug to 9-Aug attached) CRH (CRH.LN), Spirax Group (SPX.LN), Persimmon (PSN.LN), Beazley (BEZ.LN), Hikma Pharmaceuticals (HIK.LN), Entain (ENT.LN), Deliveroo (ROO.LN), Zurich Insurance Group (ZURN.SW), Sandoz Group (SDZ.SW),BC Group (KBC.BB), Euronav (EURN.BB), Jensen-Group (JEN.BB), Genmab (GMAB.DC), D/S Norden (DNORD.DC), Siemens (SIE.GR), Deutsche Telekom (DTE.GR), Allianz (ALV.GR), Rheinmetall (RHM.GR), Knorr-Bremse (KBX.GR), ProSiebenSat.1 Media (PSM.GR), SpareBank 1 SR-Bank (SRBNK.NO), SpareBank 1 SMN (MING.NO), and Unipol Gruppo (UNI.IM) will be among other names to update investors, whilst the macro-calendar releases will includeFrance Jun trade balance, Ireland Jul CPI, UK Jul house price balance - RICS.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +2.95%, Energy+2.32%, Financial Svcs +2.29%, Construct & Mtls +2.21%, Ind Goods & Svcs +2.15%, Insurance +1.98%, Personal Care Drug and Grocery Stores +1.95%, Technology +1.75%, Autos & Parts +1.64%,

      • Underperformers:

        • Health Care (0.17%), Travel & Leisure +0.75%, Food, Beverage and Tobacco +1.20%, Basic Resources +1.26%, Consumer Products and Services +1.29%, Telecom +1.42%, Retail +1.45%, Chemicals +1.53%, Utilities +1.53%, Real Estate +1.54%,

    • Macro/Peripheral markets:

      • EU

        • Bonds Fall as Traders Pounce on Fragile Return of Risk Appetite - Bloomberg

      • Central Banks

        • ECB's Rehn Sees Recent Market Swings as an Overreaction - Bloomberg

        • SNB Must Act Quickly Against Strong Franc, Business Lobby Says - Bloomberg

      • UK

      • Germany

        • Measures against massively rising EEG costs fizzle out - Handelsblatt

      • Italy

        • Italy doubles tax for wealthy foreigners - FT

        • Italy's economy minister rules out additional bank taxes - Reuters

      • Spain

        • Catalan separatist Puigdemont says he is returning to Spain, faces likely arrest - Reuters

    • Company news:

      • Trading Higher:

        • +18.5% SIVE.SS (Sivers Semiconductors SEK5.29, +0.83) -- to merge Sivers Photonics Ltd with byNordic Acquisition Corporation (BYNO)

        • +18.0% POXEL.FP (Poxel €0.69, +0.11) -- topline clinical study results

        • +12.4% TKWY.NA (Just Eat Takeaway.com €12.22, +1.35) -- JPMorgan upgrade

        • +9.7% TCAP.LN (TP ICAP Group £2.30, +0.21) -- buyback launch

        • +9.7% TCAP.LN (TP ICAP Group £2.30, +0.21) -- reports H1 Adjusted EPS 16.2p vs year-ago 15.0p

        • +9.4% NTG.DC (NTG Nordic Transport Group DKK290.00, +25.00) -- reports Q2 EPS DKK4.93 vs FactSet DKK4.19 [2 est, DKK4.09-4.29]; reaffirms FY guidance

        • +8.4% SMHN.GR (SÜSS MicroTec €55.40, +4.30) -- earnings

        • +8.4% SMHN.GR (SÜSS MicroTec €55.40, +4.30) -- SUSS MicroTec confirms prelim Q2 earnings and FY24 outlook as per 18-Jul update

        • +8.3% XSPRAY.SS (Xspray Pharma SEK48.80, +3.75) -- earnings

        • +8.2% CLAS.B.SS (Clas Ohlson SEK169.10, +12.70) -- reports Jul sales (ex acquired Spares Group) +10% to SEK 852M, organic sales +12% y/y

        • +6.9% CON.GR (Continental €58.34, +3.76) -- reports Q2 net income €305M vs consensus €359.2M; adjusts FY24 sales guidance range downward but keeps EBIT margin unchanged

        • +6.7% SQN.SW (Swissquote Group Holding CHF278.40, +17.60) -- initiated buy at UBS

        • +6.2% RAIVV.FH (Raisio €2.14, +0.13) -- reports Q2 comparable EPS €0.04 vs FactSet €0.03 [3 est, €0.03-0.03]; confirms FY outlook:

        • +6.0% ABN.NA (ABN AMRO Bank €15.31, +0.86) -- reports Q2 net income €642M vs consensus €590M

        • +5.9% TIMA.GR (ZEAL Network €37.60, +2.10) -- reports Q2 EBITDA €10.7M vs FactSet €9.3M [2 est, €8.4-10.1M]

        • +5.9% HEALTH.FH (Nightingale Health €2.33, +0.13) -- research collaboration

        • +5.1% AD.NA (Koninklijke Ahold Delhaize €30.75, +1.50) -- reports Q2 EPS from cont. ops. €0.65 ex-items vs consensus €0.60; reaffirms FY guidance

        • +5.0% QLT.LN (Quilter £1.35, +0.06) -- reports H1 adjusted PBT £97M vs FactSet £84.7M

        • +4.5% LNZ.AV (Lenzing €31.70, +1.35) -- reports H1 EPS (€1.84) vs year-ago (€3.92); confirms its FY24 guidance of year-on-year higher EBITDA

        • +4.2% IBST.LN (Ibstock £1.80, +0.07) -- reports H1 Adjusted EBITDA £38M vs FactSet £35.0M [1 est]; expects H2 adjusted EBITDA to be broadly in line with comparative period in 2023

        • +3.9% UPG.BB (Unifiedpost Group €2.92, +0.11) -- successful closing of its previously announced divestment of the stand-alone products FitekIN and ONEA to Fitek Holding Oü

        • +3.7% SAMPO.FH (Sampo €39.97, +1.43) -- reports Q2 operating EPS €0.59 vs consensus €0.60; maintains its FY24 outlook

        • +3.2% G1A.GR (GEA Group €39.70, +1.24) -- reports Q2 net income €98.8M vs FactSet €105.0M [3 est, €98-110.7M]

        • +3.0% CALN.SW (Calida Holding CHF28.85, +0.85) -- announces decision of the Swiss Takeover board

        • +3.0% ALCLS.FP (Cellectis SA €1.84, +0.05) -- reports Q2 EPS ($0.27) ex-items vs FactSet ($0.29) [7 est, ($0.36)-(0.19)]

        • +3.0% BLV.FP (Believe €14.38, +0.42) -- acquires DMC

      • Trading Lower:

        • -35.5% EVT.GR (Evotec €5.31, -2.96) -- expects FY adjusted EBITDA €15-35M vs FactSet €85.0M

        • -11.4% PUM.GR (Puma €36.84, -4.71) -- earnings

        • -6.7% NOVO.B.DC (Novo Nordisk DKK828.40, -59.60) -- reports Q2 EPS DKK4.49 vs consensus DKK4.60; now guides FY Sales growth to be between +22-28% vs prior guidance +19-27% at CER

        • -5.5% ALATI.FP (Actia Group €3.29, -0.19) -- prelim sales

        • -5.1% NORSE.NO (Norse Atlantic NOK2.86, -0.16) -- Jul load factor

        • -3.7% KTN.GR (Kontron €16.93, -0.65) -- reports Q2 net income €21.6M vs FactSet €19.9M [1 est]

        • -3.6% CBK.GR (Commerzbank €12.71, -0.48) -- reports Q2 net income €538M vs consensus €539M; announces further share buyback with first tranche totalling €600M; confirms FY guidance

        • -3.2% ZIL2.GR (Elringklinger €4.36, -0.15) -- reports Q2 EPS €0.15 vs year-ago €0.04

        • -3.0% FOUR.LN (4imprint Group £55.20, -1.70) -- reports H1 EPS $1.94 vs year-ago $1.76

        • -2.5% WPP.LN (WPP Group £6.99, -0.18) -- reports H1 Headline EPS 30.9p vs consensus 29.4p; to sell majority stake in FGS Global to KKR for total cash proceeds to WPP of c.£604M after tax

        • -2.5% WPP.LN (WPP Group £6.99, -0.18) -- to sell ~ 50% stake in FGS Global for $775M (£611M) to KKR

        • -2.4% 293.HK (Cathay Pacific Airways HK$7.83, -0.19) -- reports H1 net income attributable HK$3.61B, (15%) vs year-ago HK$4.27B; to purchase 30 Airbus A330-900 aircraft

        • -2.3% MAERSK.B.DC (Maersk DKK10,360.00, -240.00) -- confirms prelim Q2 earnings and FY24 outlook as per 1-Aug update

        • -2.1% BEI.GR (Beiersdorf €128.25, -2.75) -- reports H1 EPS €2.57 vs FactSet €2.80 [2 est, €2.77-2.82]

        • -2.1% BIOBV.FH (Biohit €2.27, -0.05) -- earnings

        • -2.0% HSX.LN (Hiscox £11.43, -0.23) -- reports Q2 EPS $0.75 vs vs consensus $0.76; hikes interim divi by +5.6%

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: DO & CO (DOC.AV)

        • Benelux: KBC Group (KBC.BB), Euronav (EURN.BB), Jensen-Group (JEN.BB), CTP (CTPNV.NA), SBM Offshore (SBMO.NA), Corbion (CRBN.NA), ForFarmers (FFARM.NA)

        • Denmark: Genmab (GMAB.DC), D/S Norden (DNORD.DC), Solar (SOLAR.B.DC)

        • Finland: Orion (ORNBV.FH), Cargotec (CGCBV.FH), Outokumpu (OUT1V.FH), Qt Group (QTCOM.FH), CapMan (CAPMAN.FH), Lemonsoft (LEMON.FH), Etteplan (ETTE.FH), Revenio Group (REG1V.FH), Harvia (HARVIA.FH)

        • Germany: Siemens (SIE.GR), Deutsche Telekom (DTE.GR), Allianz (ALV.GR), Rheinmetall (RHM.GR), Knorr-Bremse (KBX.GR), ProSiebenSat.1 Media (PSM.GR), Duerr (DUE.GR), GRENKE (GLJ.GR), Scout24 (G24.GR), United Internet (UTDI.GR), Synlab (SYAB.GR), SGL Carbon (SGL.GR), SMA Solar Technology (S92.GR), SAF-HOLLAND (SFQ.GR), Ströer SE & Co. KGaA (SAX.GR), 1&1 (1U1.GR), IONOS Group (IOS.GR), PNE (PNE3.GR), OHB (OHB.GR), Rhoen-Klinikum (RHK.GR), DEUTZ (DEZ.GR), Knaus Tabbert (KTA.GR), SNP Schneider-Neureither & Partner (SHF.GR), GFT Technologies (GFT.GR), Hamborner REIT (HABA.GR), Deutsche Beteiligungs (DBAN.GR), Basler (BSL.GR), All for One Group (A1OS.GR), Leifheit (LEI.GR), R. Stahl (RSL2.GR), Bastei Lübbe (BST.GR), Westwing Group (WEW.GR), Munich Re (MUV2.GR)

        • Norway: SpareBank 1 SR-Bank (SRBNK.NO), SpareBank 1 SMN (MING.NO), SpareBank 1 Nord-Norge (NONG.NO), SpareBank 1 Sorost-Norge (SOON.NO), Nordic Semiconductor (NOD.NO), Kongsberg Automotive (KOA.NO), REC Silicon (RECSI.NO), Selvaag Bolig (SBO.NO)

        • Southern Europe: Unipol Gruppo (UNI.IM), Technoprobe (TPRO.IM), Openjobmetis (OJM.IM), Italian Exhibition Group (IEG.IM)

        • Sweden: Orrön Energy (ORRON.SS), Bredband2 i Skandinavien (BRE2.SS)

        • Switzerland: Zurich Insurance Group (ZURN.SW), Sandoz Group (SDZ.SW), Coltene Holding (CLTN.SW), lastminute.com (LMN.SW)

        • UK: CRH (CRH.LN), Spirax Group (SPX.LN), Persimmon (PSN.LN), Beazley (BEZ.LN), Hikma Pharmaceuticals (HIK.LN), Entain (ENT.LN), Deliveroo (ROO.LN), PageGroup (PAGE.LN), Derwent London (DLN.LN), Burford Capital (BUR.LN), Harbour Energy (HBR.LN), Hill & Smith (HILS.LN), Morgan Sindall Group (MGNS.LN), Helios Towers (HTWS.LN), Just Group (JUST.LN), TI Fluid Systems (TIFS.LN), Mears Group (MER.LN), Tt Electronics (TTG.LN), Hostelworld Group (HSW.LN), Lancashire Holdings (LRE.LN), Savills (SVS.LN)

      • Trading Update: Cie Financiere Tradition (CFT.SW), Viel & Cie (VIL.FP)

      • Traffic: Finnair (FIA1S.FH)

      • Economic: France Jun trade balance, Ireland Jul CPI, UK Jul house price balance - RICS

  • Data:

    • Economics:

      • Germany Jun Trade Balance €20.4B vs consensus €21.7B and prior revised €25.3B from €24.9B

      • UK Jul Halifax House Price Index +2.3% y/y vs consensus +1.2% and prior revised +1.9% from +1.6%; +0.8% m/m vs consensus +0.3% and prior revised 0.0% from (0.2%)

      • France Jun Trade Balance (€6.1B) vs consensus (€7.5B) and prior revised (€7.7B) from (€8.0B)

      • Norway Jun Manufacturing Production +1.4% m/m vs consensus (4.5%) and prior revised +1.8% from +1.3%

      • Portugal Q2 Unemployment Rate 6.1% vs prior 6.8%

    • Markets:

      • WTI Crude (Sep 24): +$2.57 or +3.51% to $75.77

      • €-$ +0.0001 or +0.01% to 1.0930

      • £-$ +0.0030 or +0.24% to 1.2721

      • €-£ (0.0022) to 0.8592

      • S&P 500 +1.42%

      • Performance year-to-date

        • FTSE 100: +5.61%

        • DAX: +5.15%

        • CAC: (3.67%)

        • MIB: +4.96%

        • Stoxx 600: +3.54%

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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