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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.28% to 8168.10, DAX +0.24% to 17722.88, CAC40 +0.31% to 7269.71, STOXX 600 +0.57% to 499.19

Aug 09 ,2024

  • Synopsis:

    • European equity markets closed higher. Denmark +4.2%, Norway, Belgium and Spain all +0.8% lead outperformers, whilst Portugal (0.3%) and The Netherlands (0.1%) lead underperformers.

    • Sentiment improved after lower-than-expected US jobless claims allayed hard landing fears that had fueled recent sell-down. Dip buying has been highlighted amid valuation pullback. Japan stocks well up from this week's lows with dovish BOJ pushback contributing to yen stabilization. At same time, still some concerns about US recession (deteriorating consumer health), continued yen carry unwind, AI capex ramp/ROI and negative seasonality.

    • Quiet macro calendar in Europe. Early attention on French unemployment unexpectedly declining in Q2 update. An update from MRI Software said UK riots contributed to 4.8% decline in footfall in UK high streets between Sunday and Wednesday with the biggest impact in north of the country. Germany and Italy final inflation data in line with preliminary.

    • In corporate news, DACHs names kicked off the session with Lanxess (LXS.GR), Bechtle (BC8.GR), Jungheinrich (JUN3.GR) and RTL Group (RRTL.GR) reporting Q2/H1 earnings. In France, Eutelsat Communications (ETL.FP) reported FY earnings and indicated that it expects revenue for FY25 at the same level as FY24 and adjusted EBITDA margin slightly below FY24 level. In Italy, Unipol Gruppo (UNI.IM) and Assicurazioni Generali (G.IM) issued H1 earnings. In the UK, Bellway (BMY.LN), Hargreaves Lansdown (HL.LN) and Hummingbird Resources (HUM.LN) are among others in the region to update investors with their latest numbers.

    • In M&A, Infineon Technologies (IFX.GR) CEO Jochen Hanebeck said in an interview with Sueddeutsche Zeitung that acquisition prospects are especially interesting in the US and Europe, adding that the company could afford takeovers worth a few billion euros. Hargreaves Lansdown (HL.LN) and Bidco consortium reach agreement on final cash offer of 1,140p/sh for Hargreaves Lansdown.

    • Looking ahead to monday's calendar (see - Europe Week Ahead: 12-Aug to 16-Aug attached) Salzgitter (SZG.GR), Hannover Re (HNR1.GR), Energiekontor (EKT.GR), Varta (VAR1.GR), Hypoport (HYQ.GR), q.beyond (QBY.GR), Addex Therapeutics (ADXN.SW), Aryzta (ARYN.SW), Team Internet Group (TIG.LN), Stelrad Group (SRAD.LN), Marshalls (MSLH.LN) will be among other names to update investors, whilst the macro-calendar releases will include Portugal Jul final CPI, Denmark Jul CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +1.75%, Health Care +1.71%, Travel & Leisure +1.59%, Retail +1.14%, Banks +0.74%, Financial Svcs +0.73%, Basic Resources +0.58%,

      • Underperformers:

        • Personal Care Drug and Grocery Stores (0.49%), Technology (0.23%), Autos & Parts (0.16%), Utilities (0.04%), Food, Beverage and Tobacco +0.00%, Consumer Products and Services +0.14%, Chemicals +0.20%, Media +0.24%, Ind Goods & Svcs +0.31%, Energy+0.37%, Insurance +0.46%, Construct & Mtls +0.47%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Ukraine Strikes Russian Airfield as Military Incursion Goes On - Bloomberg

        • US, Qatar and Egypt push urgent talks with Israel and Hamas on Aug 15 - Reuters

      • EU

        • China challenges Brussels' electric car tariffs with WTO complaint - FT

      • UK

        • FTSE 100 poised to be 'winner' in stocks turmoil, says JP Morgan - The Telegraph

        • UK shortage of drug used to prevent brain damage in alcoholics - The Guardian

        • Landlord sales rise as financial pressures grow - FT

      • France

        • French 2024 wine production seen falling after wet weather - Reuters

      • Germany

        • A new party landscape is emerging in the east - Handelsblatt

        • Germany's Company Insolvencies Seen Heading Toward 2017 High - Bloomberg

      • Spain

        • Catalan separatist Puigdemont heads for Belgium after dodging arrest in Spain, party says - Reuters

      • Norway

      • Finland

        • Ministry of Finance publishes its draft budget for 2025 - release

      • Ireland

    • Company news:

      • Trading Higher:

        • +10.2% JEN.GR (Jenoptik €27.54, +2.54) -- Q2 earnings

        • +7.6% LXS.GR (Lanxess €23.31, +1.66) -- Q2 earnings

        • +5.8% LOTB.BB (Lotus Bakeries €10,600.00, +580.00) -- H1 earnings

        • +5.2% LEG.GR (LEG Immobilien €85.34, +4.24) -- Q2 earnings

        • +4.2% SBS.GR (Stratec €39.90, +1.60) -- Q2 earnings

        • +3.9% JUN3.GR (Jungheinrich €28.38, +1.06) -- Q2 earnings

        • +3.8% NOBI.SS (Nobia SEK5.10, +0.19) -- transferred hold at Handelsbanken

        • +3.7% TKWY.NA (Just Eat Takeaway.com €12.69, +0.46) -- Morgan Stanley upgrade

        • +3.6% PWO.GR (PWO AG €28.40, +1.00) -- H1 earnings

        • +3.5% BWY.LN (Bellway £27.52, +0.94) -- FY trading update

        • +3.4% RYA.ID (Ryanair Holdings €15.10, +0.50) -- decided to announce a follow-on buyback of up to €800M

        • +3.1% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik €41.78, +1.26) -- confirms Q2 earnings

        • +2.5% XPP.LN (XP Power £13.94, +0.34) -- Deutsche Numis downgrade

        • +2.3% HL.LN (Hargreaves Lansdown £11.03, +0.25) -- FY earnings, reaches agreement on final cash offer of 1,140p/sh

        • +1.9% NHY.NO (Norsk Hydro NOK56.86, +1.04) -- Norne Securities upgrade

        • +1.7% HIK.LN (Hikma Pharmaceuticals £20.26, +0.34) -- H1 earnings; raises FY guidance

        • +1.6% EBK.GR (EnBW Energie Baden-Wuerttemberg €64.60, +1.00) -- H1 earnings

      • Trading Lower:

        • -25.9% HUM.LN (Hummingbird Resources £0.06, -0.02) -- Q2 operational and trading update and TVR

        • -10.5% ACE.SS (Ascelia Pharma SEK3.40, -0.40) -- confirms right issue subscription price

        • -10.0% BLVN.LN (Bowleven £0.00, -0.00) -- proposes the cancellation of the admission of its shares from trading on AIM

        • -8.1% BITTI.FH (Bittium €6.84, -0.60) -- Q2 earnings

        • -4.8% OPTOMED.FH (Optomed €4.86, -0.24) -- Kepler Cheuvreux and inderes downgrades

        • -3.6% PON1V.FH (Ponsse €23.80, -0.90) -- lowers FY guidance

        • -3.0% FUTR.LN (Future Plc £10.34, -0.32) -- Canaccord Genuity downgrade

        • -2.4% ETL.FP (Eutelsat Communications €4.13, -0.10) -- FY earnings

        • -2.2% G.IM (Assicurazioni Generali €22.09, -0.49) -- H1 earnings

    • EU companies reporting Monday:

      • Earnings: Salzgitter (SZG.GR), Hannover Re (HNR1.GR), Energiekontor (EKT.GR), Varta (VAR1.GR), Hypoport (HYQ.GR), q.beyond (QBY.GR), Addex Therapeutics (ADXN.SW), Aryzta (ARYN.SW), Team Internet Group (TIG.LN), Stelrad Group (SRAD.LN), Marshalls (MSLH.LN)

  • Data:

    • Economics:

      • France Q2 Unemployment Rate 7.3% vs consensus 7.5% and prior 7.5%

      • Denmark Jun Trade Balance DKK23.6B vs consensus DKK28.9B and prior revised DKK19.7B from DKK20.1B

      • Netherlands Jun Manufacturing Production +0.8% m/m vs consensus +0.2% and prior revised (0.5%) from (0.4%)

      • Germany Jul Final CPI +2.3% y/y vs preliminary +2.3%; +0.3% m/m vs preliminary +0.3%

      • Norway Jul

        • PPI +6.5% y/y vs consensus +10.3% and prior +3.4%

        • CPI +2.8% y/y vs consensus +2.8% and prior +2.6%; +0.5% m/m vs consensus +0.6% and prior +0.2%

      • Italy

        • Jul Final CPI +1.3% y/y vs preliminary +1.3%; +0.4% m/m vs preliminary +0.5%

        • Jun Trade Balance €5.07B vs consensus €5.6B and prior revised €6.38B from €6.43B

      • Greece

        • Jul CPI +2.7% y/y vs consensus +2.7% and prior +2.3%

        • Jun Industrial Production +9.5% y/y vs consensus +3.6% and prior revised +6.8% from +6.7%

      • Sweden Jun Industrial Production +0.9% y/y vs consensus +0.5% and prior revised to (3.1%) from (2.9%)

      • Switzerland Jul Consumer Sentiment (32.4) vs consensus (36) and prior (36.6)

    • Markets:

      • WTI Crude (Sep 24): +$0.46 or +0.60% to $76.65

      • €-$ +0.0005 or +0.04% to 1.0923

      • £-$ +0.0021 or +0.16% to 1.2770

      • €-£ (0.0010) to 0.8555

      • S&P 500 +0.08%

      • Performance year-to-date

        • FTSE 100: +5.62%

        • DAX: +5.80%

        • CAC: (3.63%)

        • MIB: +4.71%

        • Stoxx 600: +4.22%

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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