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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.80% to 8347.35, DAX +1.66% to 18183.24, CAC40 +1.23% to 7423.37, STOXX 600 +1.15% to 509.88

Aug 15 ,2024

  • Synopsis:

    • European equity markets closed higher and near the session's best levels. Italy was closed for public holiday. Several other countries have public holiday, though markets remained open in the likes of Germany, France, and Spain. Tech, banks and retail advanced, while utilities, real estate and food&bev were the main laggards.

    • The London Times reported business leaders have warned the UK government that it risks doing real damage to the economy if it pushes ahead too quickly with biggest overhaul of workers' rights in a generation. Labour reforms to include the right to switch off, ban zero-hours contracts and the introduction of rights such as sick pay and protection against unfair dismissal from the first day after the expiry of a probation period. New legislation will be tabled when parliament returns in September. However, businesses are warning about the cost and the increased regulatory burden of the new measures.

    • In central banks, Norges Bank left policy unchanged as expected. Highlighted concern over currency impact on inflation after weakening ~5% since June.

    • On data front, UK Q2 GDP expanded inline with forecasts with 0.6% expansion. Recall that BoE rate cut expectations increased on Wednesday after softer-than-expected inflation data. ECB labor productivity update was softer than staff projections, which might challenges policymakers' thinking on inflation outlook. The Swiss economy is performing better than expected with Q2 GDP expanding +0.5% versus consensus +0.4% and prior +0.3%. Industry was the main contributor to the slightly above-average growth in the April-June period. In addition, strong services sector output offset export challenges, suggesting that the recent Swiss franc strength has not had a major impact on the overall health of the economy

    • On the earnings front, Geberit (GEBN.SW) reports Q2 net income CHF159.8M vs consensus CHF161M and reaffirms a new share buyback program is to be launched in Q3 of 2024. Also in the DACH region, METRO (B4B.GR) reports Q3 EPS €0.04 vs year-ago €0.48. In the Netherlands, NN Group (NN.NA) H1 operating capital generation €959M vs consensus €899M. Out of the Nordics, Prosafe (PRS.NO) reports Q2 EPS ($0.58) vs FactSet ($0.53) and said it is investigating potential measures to strengthen liquidity and balance sheet. Embracer Group (EMBRAC.B.SS) is out with Q1 numbers and said the process to separate into three standalone publicly listed entities is progressing according to plan. Zealand Pharma (ZEAL.DC) reports Q2 EPS (DKK4.67) vs FactSet (DKK3.19) and guides net operating expenses between DKK1.25-1.35B vs prior guidance DKK1.10-1.20B. From the UK today, ITM Power (ITM.LN), Evoke (EVOK.LN), Rank Group (RNK.LN), Gooch & Housego (GHH.LN), C&C Group (CCR.LN) ,Admiral Group (ADM.LN) ,Capital (CAPD.LN) ,Redcentric (RCN.LN) updated investors.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +2.63%, Banks +1.72%, Retail +1.45%, Ind Goods & Svcs +1.40%, Insurance +1.32%, Consumer Products and Services +1.32%, Autos & Parts +1.23%

      • Underperformers:

        • Utilities (0.15%), Real Estate +0.06%, Food, Beverage and Tobacco +0.17%, Telecom +0.18%, Basic Resources +0.38%, Financial Svcs +0.69%, Construct & Mtls +0.81%, Personal Care Drug and Grocery Stores +0.87%, Media +0.89%, Energy+1.00%, Health Care +1.04%, Chemicals +1.08%

    • Macro:

      • ECB:

        • Disappointing Euro-Area Productivity Complicates ECB's Challenge - Bloomberg

      • France:

        • Macron protégé Gabriel Attal turns into biggest threat to president - politico

      • Germany:

        • Recession risk in Germany rises to almost 50 percent, according to study - Handelsblatt

      • Switzerland:

        • Swiss Growth Accelerates as Services Support Ailing Industry - Bloomberg

      • UK:

        • UK economy continues to expand at healthy rate in Q2 - Bloomberg, Reuters

        • Sterling and gilts edge up on slowdown in UK growth - FT

        • Train drivers offered bumper pay rise from Starmer to end strikes - The Telegraph, The Times

    • Company news:

      • Notable Gainers

        • +14.5% NORBT.NO (Norbit NOK93.00, +11.80) -- Q2 earnings

        • +14.5% ACE.SS (Ascelia Pharma SEK2.55, +0.32) -- Q2 earnings

        • +12.0% ADYEN.NA (Adyen €1,275.00, +136.80) -- H1 earnings

        • +8.8% DNO.NO (DNO ASA NOK11.74, +0.95) -- Q2 earnings

        • +7.8% BAVA.DC (Bavarian Nordic A/S DKK240.60, +17.50) -- Biotech firms working to contain MPOX outbreak trading higher following WHO invitation to mpox vaccine manufacturers to submit dossiers for emergency evaluation

        • +6.6% RELAIS.FH (Relais Group €14.45, +0.90) -- Q2 earnings

        • +6.6% RNK.LN (Rank Group £0.75, +0.05) -- FY earnings

        • +6.5% ADM.LN (Admiral Group £29.93, +1.83) -- H1 earnings

        • +5.3% CHAR.LN (Chariot £0.07, -0.00) -- resumed buy at Stifel

        • +3.3% MVV1.GR (MVV Energie €31.60, +1.00) -- 9M earnings

        • +3.3% NESTE.FH (Neste €19.84, +0.63) -- Redburn Atlantic upgrade

        • +3.3% VWS.DC (Vestas Wind Systems DKK160.10, +5.05) -- Carnegie Securities and ABG Sundal Collier upgrades

        • +3.2% ZEAL.DC (Zealand Pharma DKK938.50, +29.00) -- Q2 earnings

        • +3.1% HOLM.B.SS (Holmen SEK412.00, +12.40) -- Q2 earnings

        • +3.0% JDG.LN (Judges Scientific £104.50, +3.00) -- acquires Magsputter for initial consideration of £12.3M

        • +2.1% B4B.GR (METRO €4.46, +0.09) -- Q3 earnings

        • +1.9% DEX.GR (Delticom €2.14, +0.04) -- H1 earnings

        • +1.6% FLNG.NO (Flex LNG NOK283.20, +4.40) -- Pareto upgrade

        • +1.6% FORTUM.FH (Fortum €14.52, +0.24) -- Q2 earnings

      • Notable Decliners

        • -27.4% ACSO.LN (accesso Technology Group £5.08, -1.92) -- interim trading update

        • -20.2% IDEX.NO (IDEX Biometrics NOK0.95, -0.24) -- Q2 earnings; cancellation of subsequent offering

        • -18.8% OSB.LN (OSB Group £3.93, -0.91) -- H1 earnings

        • -7.2% EMBRAC.B.SS (Embracer Group SEK21.70, -1.69) -- Q1 earnings

        • -7.2% ORSTED.DC (Ørsted DKK392.00, -30.50) -- Q2 earnings

        • -6.4% ITM.LN (ITM Power £0.54, -0.04) -- FY earnings

        • -6.4% SHLF.NO (Shelf Drilling NOK19.00, -1.30) -- Q2 earnings

        • -6.0% ACR.NO (Axactor NOK3.99, -0.26) -- Q2 earnings

        • -5.8% WDL1.GR (NAKIKI €2.60, -0.16) -- signs Letter of Intent for acquisition of Casino Lawsuit Portfolio

        • -5.6% CAPD.LN (Capital £0.84, -0.05) -- H1 earnings

        • -5.2% ALMB.DC (Alm. Brand DKK12.10, -0.67) -- Q2 earnings; share buyback program up to DKK 150M

        • -5.2% DEC.LN (Diversified Energy Co. £10.12, -0.56) -- H1 earnings

        • -5.0% FING.B.SS (Fingerprint Cards SEK0.07, -0.00) -- Q2 earnings

        • -4.3% MEKKO.FH (Marimekko €12.44, -0.56) -- Q2 earnings

        • -4.3% BIOPOR.DC (BioPorto DKK2.32, -0.11) -- Q2 earnings

        • -4.1% BTS.B.SS (BTS Group SEK284.00, -12.00) -- Q2 earnings

        • -3.3% ISS.DC (ISS A/S DKK122.90, -4.20) -- BofA downgrade

        • -3.0% SPNO.DC (Spar Nord Bank DKK131.40, -4.00) -- H1 earnings

        • -3.0% TTR1.GR (technotrans €16.20, -0.50) -- Warburg Research upgrade

        • -2.7% TROAX.SS (Troax Group SEK220.00, -6.00) -- Danske Bank upgrade

        • -2.2% NN.NA (NN Group €44.60, -1.00) -- H1 earnings; new CRO

        • -2.0% NETC.DC (Netcompany Group DKK294.00, -6.00) -- ABG Sundal Collier downgrade

        • -1.8% GEBN.SW (Geberit CHF518.60, -9.60) -- Q2 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Varta (VAR1.GR), Lang & Schwarz (LUS1.GR), mobilezone holding (MOZN.SW), VZ Holding (VZN.SW)

        • Nordics: AKVA Group (AKVA.NO), Navamedic (NAVA.NO), Archer (ARCH.NO), Medistim (MEDI.NO), Scatec (SCATC.NO), Novotek (NTEK.B.SS), RaySearch Laboratories (RAY.B.SS), Ambea (AMBEA.SS), Bjorn Borg (BORG.SS), Boozt (BOOZT.SS), NIBE Industrier (NIBE.B.SS), Bure Equity (BURE.SS), GARO (GARO.SS), Oneflow (ONEF.SS), Precise Biometrics (PREC.SS), Arla Plast (ARPL.SS), Karnell Group (KARNEL.B.SS), Afarak Group (AFAGR.FH), Kamux (KAMUX.FH), Modulight (MODU.FH), Tokmanni Group (TOKMAN.FH), NKT (NKT.DC)

        • UK/Ireland: Kingspan Group (KRX.ID)

  • Data:

    • Economics:

      • Netherlands Jul Unemployment Rate 3.6% vs consensus 3.5% and prior 3.6%

      • Norway Jul Trade Balance NOK 59.3B vs consensus NOK54.2B and prior NOK61.7B

      • UK

        • Q2 Preliminary GDP +0.9% y/y vs consensus +0.9% and prior +0.3%

        • Jun Visible Trade Balance (£18.89B) vs consensus (£16.0B) and prior revised (£18.59B) from (£17.92B)

        • Jun Industrial Production (1.4%) y/y vs consensus (2.1%) and prior +0.4%

        • Jun Construction Output (1.7%) vs consensus (1.9%) and prior revised to +0.6% from +0.8%

      • Switzerland Jul PPI (1.7%) y/y vs consensus (1.7%) and prior (1.9%)

    • Markets:

      • WTI Crude (Sep 24): +$1.57 or +2.04% to $78.55

      • €-$ (0.0026) or (0.24%) to 1.0987

      • £-$ +0.0036 or +0.28% to 1.2863

      • €-£ (0.0044) to 0.8542

      • S&P 500 +1.35%

      • Performance year-to-date

        • FTSE 100: +7.94%

        • DAX: +8.55%

        • CAC: (1.59%)

        • MIB: +6.51%

        • Stoxx 600: +6.45%

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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