Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.56% to 8281.05, DAX +0.41% to 17885.60, CAC40 +0.79% to 7333.36, STOXX 600 +0.49% to 504.10

Aug 14 ,2024

  • Synopsis:

    • European equity markets finished higher. Travel/leisure, auto, financial services the best performers, while basic resources, oil & gas and utilities weaker. Bonds mixed. US 10Y off 4 bps at 3.81%. Gilts down 7 bps at 3.81%. Bund 1 bps lower at 2.18%. Dollar lower against euro but steady-to-firmer versus other FX majors. Oil lower. Gold down. Industrial metals mixed. US equity markets mixed in midday trading.

    • Macro focus in Europe on UK inflation data, which came in softer than expected and included notable easing in services prices; headline CPI at 2.2% y/y vs consensus 2.3% and prior 2.0%, while core eased to 3.3% vs 3.4% forecast and prior 3.5% and services prices at 5.2% vs 5.5% estimate and compared with 5.7% in June. A rise in headline rate has been widely expected amid a pickup in household gas and electricity prices, yet was offset by fall in restaurant and hotel prices. Eurozone's second estimate of Q2 GDP growth unchanged from flash at 0.3% while Jun industrial production was worse than expected at (0.1%) m/m vs consensus +0.5%. France July CPI came in line with expectations, while Sweden and Finland July CPI reading were both below consensus.

    • A busy day for earnings, with DACHs names kicking off the session with UBS Group (UBS.SW), CECONOMY (CEC.GR), E.ON SE (EOAN.GR), ThyssenKrupp (TKA.GR), RWE (RWE.GR), Hapag-Lloyd (HLAG.GR), Straumann Holding (STMN.SW) and TUI Group (TUI1.GR) updating investors with their latest numbers. In Denmark, Carlsberg (CARL.B.DC) reported H1 earnings yesterday after the close and raised the FY outlook for organic growth in operating profit, but analysts point out that consensus already sits above the guided range. Also in Denmark this morning, Vestas Wind Systems (VWS.DC) and DFDS (DFDS.DC) reported Q2 earnings, with the latter confirming its previously updated outlook. In the UK, Aviva (AV.LN), Glanbia (GL9.ID), Flutter Entertainment (FLTR.LN) and Balfour Beatty (BBY.LN) are among others in the region to update investors with their latest numbers.

    • In M&A, The London Times reported that Flutter Entertainment (FLTR.LN) is expected to pay $1B to acquire Betnacional; further, Sky News has learnt that Flutter Entertainment in discussion regarding £2B offer for Playtech's (PTEC.LN) Snaitech. Capital (CAPD.LN) announces the sale of its entire shareholding in Predictive Discovery Limited (PDI.AU) (225.4M shares) to Perseus Mining Limited (PRU.AU) for total cash consideration of A$47.3M (A$0.21/sh).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +2.98%, Autos & Parts +1.53%, Financial Svcs +1.41%, Consumer Products and Services +1.17%, Insurance +0.95%, Ind Goods & Svcs +0.78%, Real Estate +0.73%, Construct & Mtls +0.59%

      • Underperformers:

        • Basic Resources (1.10%), Utilities (0.47%), Oil & Gas(0.04%), Food, Beverage and Tobacco +0.04%, Chemicals +0.06%, Health Care +0.15%, Media +0.24%, Technology +0.36%, Banks +0.43%, Personal Care Drug and Grocery Stores +0.45%, Retail +0.47%

    • Macro:

      • UK:

        • BoE rate cut bets rise after UK data: Bloomberg

        • UK inflation rises to 2.2%, posing early challenge for Starmer's Labour government (Telegraph)

        • Cheapflation hits UK's poorest as budget food prices surge (Bloomberg)

      • Germany:

        • German wage surge raises questions about ECB's planned rate cut (FT)

        • German authorities issue arrest warrant in Nord Stream pipeline sabotage case: Handelsblatt

      • France:

        • Politico discussed names in the running to lead the next French government

    • Peripheral markets:

      • Poland:

        • GDP Growth Tops Forecasts, Reducing Rate Cut Pressure (Bloomberg)

      • Sweden:

        • Inflation Print Keeps Riksbank on Course for Rate Cut (Bloomberg)

      • Finland:

        • Early signs of a more sustained recovery as economu expanded +0.4% last quarter (Bloomberg)

      • Turkey:

        • Central Bank Has New Way to Drain Excess Lira Liquidity (Bloomberg)

    • Company news:

      • Notable Gainers

        • +14.15 PTEC.LN (Playtech PLC £6.14, +0.76) -- confirms it is in discussions with Flutter FLTR.LN) and has granted Flutter a period of exclusivity to complete due diligence and finalise the necessary Snaitech transaction documentation

        • +13.6% TTR1.GR (technotrans €16.70, +2.00) -- earnings

        • +13.3% STMN.SW (Straumann Holding CHF125.60, +14.80) -- H1 core net income CHF282.1M vs consensus CHF246.7M; adjusts FY24 outlook upward

        • +13.0% TPE.GR (PVA TePla €14.51, +1.67) -- H1 EBITDA €21.9M vs year-ago €17.4M; confirms FY guidance

        • +12.4% BAVA.DC (Bavarian Nordic A/S DKK223.10, +24.55) -- FDA acceptance and priority review of BLA for its Chikungunya vaccine; new order from HERA for MVA-BN vaccine

        • +10.9% FACC.AV (FACC €7.60, +0.75) -- earnings

        • +10.1% FLTR.LN (Flutter Entertainment £161.40, +14.85)

          • Q2 EPS $2.61 ex-items vs FactSet $1.57 [6 est, $1.11-2.04]

          • confirms that it is in discussions to acquire Snaitech

          • Flutter Entertainment expected to pay $1B to acquire Betnacional - London Times

        • +9.0% BKS.LN (Beeks Financial Cloud Group £2.41, +0.20) -- approval of Exchange Cloud Contract

        • +8.6% VH2.GR (Friedrich Vorwerk Group €20.50, +1.62) -- earnings

        • +7.3% NETC.DC (Netcompany Group DKK300.00, +20.40) -- Q2 net income DKK118.8M vs FactSet DKK121.8M [8 est, DKK103.2-138.3M]; initiates new share buyback programme of DKK150M

        • +6.9% MATAS.DC (Matas DKK127.80, +8.20) -- earnings

        • +6.8% HAUTO.NO (Höegh Autoliners NOK127.90, +8.10) -- Q2 EPS $0.91 vs FactSet $0.66 [4 est, $0.65-0.67]

        • +6.4% TLX.GR (Talanx €71.15, +4.25) -- H1 net income €1.09B, +32% vs year-ago €827M

        • +5.4% MBB.GR (MBB €103.40, +5.30) -- earnings

        • +5.3% UBSG.SW (UBS Group CHF26.54, +1.33) -- Q2 EPS $0.34 vs consensus $0.15

        • +5.2% STLN.SW (Swiss Steel Holding CHF4.95, +0.25) -- earnings

        • +5.0% SVITZR.DC (Svitzer Group DKK269.05, +12.85) -- H1 EPS DKK4.09 vs year-ago DKK5.55

        • +4.4% CAPD.LN (Capital £0.89, +0.04) -- confirms sale of its entire shareholding in Predictive Discovery Limited to Perseus Mining Limited (PDI.AU)

        • +4.4% NYKD.NO (Nykode Therapeutics NOK12.68, +0.54) -- issuance of US patent covering Individualized neoantigen based vaccines

        • +4.2% CVC.NA (CVC Capital Partners €17.93, +0.72) -- provides H1 activity update

        • +3.1% ASPO.FH (Aspo €5.96, +0.18) -- earnings

        • +3.1% LINK.NO (LINK Mobility Group Holding NOK21.40, +0.65) -- earnings

        • +3.1% WIHN.SW (WISeKey International Holding CHF4.04, +0.13) -- SEALCOIN secures a $50M token investment commitment from GEM Digital Limited

        • +3.0% CTM.SS (Catena Media SEK6.18, +0.18) -- Q2 EPS (€0.04) vs year-ago (€0.02)

        • +2.9% KESKOB.FH (Kesko €17.81, +0.51)

          • Jul sales €975.7M, +4.1% in comparable terms

          • agrees to acquire three builders' merchants in Denmark from XL Byg chain for an undisclosed sum

        • +2.9% EG7.SS (Enad Global 7 SEK14.10, +0.40) -- Q2 Adjusted EPS (SEK0.35) vs year-ago SEK0.33

        • +2.4% KMR.LN (Kenmare Resources £3.35, +0.08) -- H1 EPS $0.23 vs FactSet $0.21 [1 est]

        • +2.4% SHUR.BB (Shurgard Self Storage €38.50, +0.90) -- Q2 adj EPRA EPS €0.45 vs year-ago €0.47; improves FY24 revenue guidance

        • +1.0% TUI1.GR (TUI Group €5.60, +0.06) -- Q3 EPS €0.10 vs consensus €0.11; reconfirms FY24 guidance

      • Notable Decliners

        • -45.3% MARI.AV (Marinomed Biotech €5.50, -4.55) -- restructuring proceedings without self-administration

        • -11.4% ONCO.SS (Oncopeptides SEK2.10, -0.27) -- Q2 EPS (SEK0.48) vs year-ago (SEK0.62)

        • -8.0% GL9.ID (Glanbia €16.60, -1.44) -- H1 Adj EPS $0.68 vs FactSet $0.67 [1 est]; confirms FY guidance

        • -7.4% GFG.GR (Global Fashion Group €0.21, -0.02) -- Q2 adj EBITDA (€3.0M) vs FactSet (€15.0M) [1 est]

        • -7.3% AAG.GR (Aumann €12.92, -1.02) -- H1 net income €9.2M vs year-ago €3.8M

        • -6.5% CEC.GR (CECONOMY €2.54, -0.18) -- Q3 adjusted EPS (€0.31) vs year-ago (€0.32)

        • -6.3% TKA.GR (ThyssenKrupp €3.09, -0.21) -- Q3 EPS (€0.09) vs FactSet €0.20 [2 est, €0.16-0.25]; confirms FY guidance

        • -5.5% RWE.GR (RWE €30.50, -1.79) -- H1 adjusted net income €1.36B vs consensus €1.28B; reaffirms FY guidance

        • -5.4% NORB.B.SS (Nordisk Bergteknik $16.46, -0.94) -- earnings

        • -4.5% NA9.GR (Nagarro €73.85, -3.45) -- Q2 net income €12M vs year-ago €11.5M

        • -4.4% PBB.GR (Deutsche Pfandbriefbank €4.77, -0.22) -- Q2 net income €11M vs year-ago €42M; strategy review is on track

        • -4.0% CARL.B.DC (Carlsberg DKK772.00, -32.40) -- H1 EPS DKK28.60 vs consensus DKK29.30; raises FY outlook for organic growth in operating profit to 4-6% vs prior guidance of 1-5% (April guidance)

        • -4.0% STB.LN (Secure Trust Bank £8.20, -0.34) -- H1 EPS from continuing ops 65.1p

        • -4.0% HLAG.GR (Hapag-Lloyd €153.10, -6.40) -- H1 net profit €0.7B vs year-ago €2.90B; EBITDA, EBIT and outlook in line with 9-Jul prelims

        • -2.7% OKDBV.FH (Oriola €0.95, -0.03) -- CFO, CSCO to leave

        • -2.6% PCZ.GR (ProCredit Holding €8.16, -0.22) -- earnings

        • -2.6% RIO.AU (Rio Tinto $112.43, -2.99) -- seeking potential buyers or joint venture partners for Winu copper-gold project - West Australian (13-Aug, 15:51 AEST/06:51 BST)

        • -2.5% EOAN.GR (E.ON SE €12.07, -0.32) -- H1 adjusted net income €1.80B vs FactSet €1.71B

        • -2.2% BBY.LN (Balfour Beatty £4.01, -0.09) -- H1 EPS 15.3p ex-items vs year-ago 13.0p

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Adyen (ADYEN.NA), NN Group (NN.NA)

        • Denmark: FLSmidth & Co. (FLS.DC), Orsted (ORSTED.DC), Zealand Pharma (ZEAL.DC), Alm. Brand (ALM.DC), Tivoli (TIV.DC), North Media (NORTHM.DC), Schouw & Co (SCHO.DC), Skjern Bank (SKJE.DC), Lollands Bank (LOLB.DC), Bioporto (BIOPOR.DC), TORM (TRMD.A.DC), Spar Nord Bank (SPNO.DC), Nilfisk Holding (NLFSK.DC)

        • Finland: Fortum (FORTUM.FH), Marimekko (MEKKO.FH), Kojamo (KOJAMO.FH), Apetit (APETIT.FH), Gofore (GOFORE.FH), Relais Group (RELAIS.FH)

        • Germany: MVV Energie AG (MVV1.GR), H&R GmbH & Co. KGaA (2HRA.GR), Allgeier (AEIN.GR), First Sensor (SIS.GR), CEWE Stiftung & Co. (CWC.GR)

        • Norway: DNO (DNO.NO), AutoStore Holdings (AUTO.NO), Prosafe (PRS.NO), Veidekke (VEI.NO), Elopak (ELO.NO), Hexagon Composites (HEX.NO), Axactor (ACR.NO), Airthings (AIRX.NO), Elmera Group (ELMRA.NO), Norbit (NORBT.NO), Pexip Holding (PEXIP.NO), Salmon Evolution (SALME.NO), Volue (VOLUE.NO), Lumi Gruppen (LUMI.NO), IDEX Biometrics (IDEX.NO), Western Bulk Chartering (WEST.NO)

        • Sweden: Holmen (HOLM.B.SS), Vimian Group (VIMIAN.SS), New Wave Group (NEWA.B.SS), BTS Group (BTS.B.SS), Starbreeze (STAR.B.SS), Ascelia Pharma (ACE.SS), Yubico (YUBICO.SS), Embracer Group (EMBRAC.B.SS), Fingerprint Cards (FING.B.SS), Storskogen Group (STOR.B.SS), Ferronordic (FNM.SS), Fasadgruppen Group (FG.SS), RugVista Group (RUG.SS), Fractal Gaming Group (FRACTL.SS), Norva24 Group (NORVA.SS), I.A.R. Systems Group (IAR.B.SS)

        • Switzerland: Geberit (GEBN.SW), Elma Electronic (ELMN.SW)

        • UK: Admiral Group (ADM.LN), OSB Group (OSB.LN), Rank Group (RNK.LN), ITM Power (ITM.LN), X5 Retail Group NV (FIVE.LN)

      • Trading Update: Fastned BV (FAST.NA)

  • Data:

    • Economics:

      • Eurozone

        • Jun Industrial Production (3.9%) y/y vs cons (2.9%) and prior revised to (3.3%) from (2.9%); (0.1%) m/m vs cons +0.5% and prior revised to (0.9%) from (0.6%)

        • Q2 GDP +0.6% y/y vs prelim +0.6%; +0.3% q/q vs prelim +0.3%

      • UK Jul

        • CPI +2.2% y/y vs cons +2.3% and prior +2.0%; (0.2%) m/m vs cons +0.1% and prior +0.1%

          • Core +3.3% y/y vs cons +3.4% and prior +3.5%

        • RPI +3.6% y/y vs cons +3.3% and prior +2.9%; +0.1% m/m vs cons (0.3%) and prior +0.2%

        • Output PPI +0.8% y/y vs cons +1.2% and prior revised +1.0% from +1.4%; 0.0% m/m vs cons +0.2% and prior revised (0.7%) from (0.3%)

        • Input PPI +0.4% y/y vs cons (0.1%) and prior (0.4%); (0.1%) m/m vs cons (0.4%) and prior revised (0.4%) from (0.8%)

      • France

        • Jul CPI +2.3% y/y vs prelim +2.3%; +0.2% m/m vs prelim +0.1%

          • EU Harmonised: +2.7% y/y vs prelim +2.6%; +0.2% m/m vs prelim +0.1%

      • Finland

        • Q2 prelim GDP (0.7%) y/y vs cons (0.3%) and prior revised (1.2%) from (1.1%); +0.4% q/q vs cons +0.4% and prior +0.2%

        • Jul CPI +1.0% y/y vs cons +1.2% and prior +1.3%; +0.2% m/m vs cons +0.1% and prior 0.0%

      • Sweden

        • Jul CPI +2.6% y/y vs cons +2.7% and prior +2.6%; +0.1% m/m vs cons +0.2% and prior (0.1%)

      • Netherlands

        • Q2 prelim GDP +0.8% y/y vs cons +0.1% and prior revised (0.6%) from (0.7%); +1.0% q/q vs cons +0.2% and prior revised (0.3%) from (0.1%)

    • Markets:

      • WTI Crude (Sep 24): ($0.79) or (1.01%) to $77.56

      • €-$ +0.0030 or +0.27% to 1.1023

      • £-$ (0.0015) or (0.12%) to 1.2848

      • €-£ +0.0035 to 0.8583

      • S&P 500 +0.36%

      • Performance year-to-date

        • FTSE 100: +7.08%

        • DAX: +6.77%

        • CAC: (2.78%)

        • MIB: +6.43%

        • Stoxx 600: +5.24%

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.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE