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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.27%) to 8144.97, DAX +0.37% to 17680.40, CAC40 (0.26%) to 7247.45, STOXX 600 +0.08% to 496.37

Aug 08 ,2024

  • Synopsis:

    • European equity markets closed mixed after moving off lows. Media, chemicals, retail the big decliners; travel/leisure, healthcare and telecom holding up better. Dollar index up 0.1%. Gold up 0.9%. Bitcoin futures up 7.6%. WTI crude up 1.2% after jumping nearly 3% on Wednesday. European gas prices hit 2024 highs on reports Ukraine seized major gas-transit point Gold gains. US equities higher in midday trading, just off best levels.

    • Quiet macro calendar in Europe today. Update from KPMG/REC showing slower wage growth supportive for more BoE rate cuts. RICS update positive about outlook for UK housing market amid softer rates. Tomorrow's macro releases feature Germany Jul final CPI, France Q2 unemployment rate, Italy Jul final CPI and Jun trade balance.

    • Amidst a busy day for earnings, notable releases from DACHs regionfeatured Siemens AG (SIE.GR), Allianz (ALV.GR), Knorr-Bremse (KBX.GR), Sandoz Group (SDZ.SW), Rheinmetall (RHM.GR). Out of Benelux, KBC Group (KBC.BB), Corbion (CRBN.NA), SBM Offshore (SBMO.NA) updated investors. In the UK, CRH (CRH.LN), Spirax Group (SPX.LN), Persimmon (PSN.LN), Beazley (BEZ.LN), Delivery (ROO.LN), PageGroup (PAGE.LN), Entain (ENT.LN) reported latest numbers. In the Nordics, Nordic Semiconductor (NOD.NO) reported Q2 numbers.

    • Some focus on banks as analysts broadly maintain cautiously optimistic outlook for European banks despite recent market fluctuations. Sector's recent sell-off seen as a buying opportunity, as banks are currently undervalued, with EuroStoxx Banks index trading at a low multiple of forward earnings. Although recent interest rate declines and weaker macroeconomic data have raised concerns about future NII and credit costs, these are expected to have a modest impact on earnings forecasts.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.23%, Health Care +1.02%, Telecom +0.46%, Insurance +0.43%

      • Underperformers:

        • Personal Care Drug and Grocery Stores (0.79%), Media (0.63%), Chemicals (0.50%), Retail (0.48%), Real Estate (0.48%), Autos & Parts (0.37%), Construct & Mtls (0.30%), Banks (0.24%), Technology (0.22%), Financial Svcs (0.20%), Utilities (0.11%), Ind Goods & Svcs (0.09%), Oil & Gas(0.02%), Consumer Products and Services +0.02%, Basic Resources +0.05%

    • Macro:

      • Eurozone:

        • Economic recovery in danger of running out of steam before it even takes hold: FAZ

        • European gas prices surge amid reports of Ukrainian seizure of key transit point: Bloomberg

        • EU Commission publishes CSRD FAQ for companies to navigate new sustainability reporting rules

      • UK:

        • UK jobs market cools as wage growth slows, with BoE likely taking note - Reuters, London Times

        • UK Jul house price balance (19%) vs consensus (10%) and prior (17%) - RICS

        • There are tentative signs of a UK house price recovery - Bloomberg

        • Riots halted by police, communities but country remains on alert - Reuters

        • Britain to propose law next year to regulate ESG raters - Reuters

      • Germany:

        • United States will become Germany's main trading partner in the first half of the year - Handelsblatt

    • Peripheral markets:

      • Switzerland:

        • Swiss franc appreciation could prompt SNB to act with third rate cut, analysts say - Bloomberg

        • SNB's US stock portfolio is increasing at a slower pace - Bloomberg

      • Italy:

        • The Senate approves the raw materials bill, it is law - Ansa

        • EU OKs Italy incentives for renewable energy in agriculture - ANSA

      • Spain:

        • Catalan separatist leader Puigdemont appears at Barcelona event despite arrest warrant - Reuters

      • Finland:

        • Budget efforts face headwinds in Finance Ministry plan - Bloomberg

      • Hungary:

        • Hungary Inflation Accelerates, Narrowing Room for More Rate Cuts - Bloomberg

      • Turkey:

        • Rules out early rate cuts, keeps focus on monthly prices - Bloomberg

      • Serbia:

        • Pauses easing after two cuts to weigh price pressures - Bloomberg

    • Company news:

      • Notable Gainers

        • +17.0% SBMO.NA (SBM Offshore €16.58, +2.41) -- H1 earnings

        • +16.5% QTCOM.FH (Qt Group €89.50, +12.70) -- Q2 earnings

        • +11.4% TIFS.LN (TI Fluid Systems £1.25, +0.13) -- H1 earnings

        • +10.8% BEZ.LN (Beazley £7.06, +0.69) -- H1 earnings

        • +8.9% DUE.GR (Duerr €21.00, +1.72) -- Q2 earnings

        • +7.8% HIK.LN (Hikma Pharmaceuticals £19.84, +1.44) -- H1 earnings

        • +7.1% BSL.GR (Basler €9.75, +0.65) -- H1 earnings

        • +6.6% HARVIA.FH (Harvia €40.15, +2.50) -- Q2 earnings

        • +6.6% GAM.SW (Gam Holding CHF0.23, +0.01) -- H1 earnings

        • +6.6% NOD.NO (Nordic Semiconductor NOK139.00, +8.60) -- Q2 earnings

        • +5.9% ENT.LN (Entain £5.54, +0.31) -- H1 earnings

        • +5.6% LEI.GR (Leifheit €17.00, +0.90) -- Q2 earnings

        • +4.4% CGCBV.FH (Cargotec €45.54, +1.92) -- Q2 earnings

        • +4.1% MER.LN (Mears Group £3.54, +0.14) -- Peel Hunt upgrade; H1 earnings

        • +3.8% CRH.LN (CRH plc £63.76, +2.34) -- H1 earnings; to commence up to $0.3B buyback

        • +3.5% HBR.LN (Harbour Energy £2.94, +0.10) -- H1 earnings

        • +3.4% CRBN.NA (Corbion €21.08, +0.70) -- H1 earnings

        • +3.2% TTG.LN (TT Electronics £1.44, +0.05) -- H1 earnings

        • +3.0% RHM.GR (Rheinmetall €509.60, +15.00) -- Q2 earnings; Federal government mulls state involvement in defense companies - Handelsblatt

        • +2.8% SOLAR.B.DC (Solar DKK326.00, +9.00) -- Q2 earnings

        • +2.8% V6C.GR (Viscom €3.72, +0.10) -- H1 earnings

        • +2.7% PSN.LN (Persimmon £15.80, +0.42) -- H1 earnings

        • +2.0% DTE.GR (Deutsche Telekom €24.40, +0.48) -- Q2 earnings

      • Notable Decliners

        • -12.2% G5EN.SS (G5 Entertainment SEK105.20, -14.60) -- Q2 earnings

        • -11.5% RECSI.NO (REC Silicon NOK7.87, -1.02) -- Q2 earnings

        • -10.3% KOA.NO (Kongsberg Automotive NOK1.43, -0.16) -- Q2 earnings

        • -10.3% OPTOMED.FH (Optomed €5.14, -0.59) -- Q2 earnings

        • -8.5% VSCA.GR (4SC €4.30, -0.40) -- Q2/H1 update

        • -7.5% S92.GR (SMA Solar Technology €22.60, -1.82) -- Q2 earnings

        • -6.9% SPX.LN (Spirax Group £79.50, -5.85) -- H1 earnings

        • -6.5% DOV.IM (doValue €1.71, -0.12) -- H1 earnings

        • -5.8% SBO.NO (Selvaag Bolig NOK35.60, -2.20) -- Q2 earnings

        • -4.6% HTWS.LN (Helios Towers £1.17, -0.06) -- Q2 earnings

        • -4.3% SAFH00.GR (SAF-HOLLAND €17.32, -0.78) -- H1 earnings

        • -3.7% SRBNK.NO (Sparebank 1 SR-Bank NOK131.00, -5.00) -- Q2 earnings

        • -3.0% FFARM.NA (ForFarmers €2.87, -0.09) -- Q2 earnings

        • -2.7% DNORD.DC (D/S Norden DKK272.80, -7.60) -- Q2 earnings

        • -1.7% PAGE.LN (PageGroup £4.00, -0.07) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Lotus Bakeries (LOTB.BB)

        • DACHs: EnBW Energie Baden-Wuerttemberg (EBK.GR), LEG Immobilien (LEG.GR), Bechtle (BC8.GR), Jungheinrich (JUN3.GR), RTL Group (RRTL.GR), LANXESS (LXS.GR), Jenoptik (JEN.GR), Eckert & Ziegler (EUZ.GR), STRATEC (SBS.GR), Hawesko Holding (HAW.GR), Fabasoft (FAA.GR), Data Modul (DAM.GR), PWO (PWO.GR), Rosenbauer International (ROS.AV)

        • France: Eutelsat Communications (ETL.FP)

        • Nordics: Okeanis Eco Tankers Corp. (OET.NO), Haypp Group (HAYPP.SS), CTEK (CTEK.SS), Remedy Entertainment (REMEDY.FH), Pihlajalinna (PIHLIS.FH), Suominen (SUY1V.FH), Digia (DIGIA.FH)

        • Southern Europe: Assicurazioni Generali (G.IM)

        • UK/Ireland: Hargreaves Lansdown (HL.LN), TBC Bank Group (TBCG.LN), FBD Holdings Plc (EG7.ID)

      • Trading Update: Bellway (BWY.LN)

  • Data:

    • Economics:

      • Ireland Jul CPI +2.2% y/y vs consensus +2.3% and prior +2.2%; +0.2% m/m vs consensus +0.2% and prior +0.4%

        • EU Harmonised: +1.5% y/y vs preliminary +1.5%; +0.2% vs m/m preliminary +0.2%

    • Markets:

      • WTI Crude (Sep 24): +$0.91 or +1.21% to $76.14

      • €-$ (0.0015) or (0.14%) to 1.0907

      • £-$ +0.0037 or +0.29% to 1.2730

      • €-£ (0.0039) to 0.8568

      • S&P 500 +1.80%

      • Performance year-to-date

        • FTSE 100: +5.32%

        • DAX: +5.54%

        • CAC: (3.92%)

        • MIB: +4.49%

        • Stoxx 600: +3.63%

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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