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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.55% to 8356.94, DAX +0.54% to 18421.69, CAC40 +0.70% to 7502.01, STOXX 600 +0.61% to 514.59

Aug 19 ,2024

  • Synopsis:

    • European equity markets closed higher. Portugal and Finland +1.0% lead outperformers, whilst Denmark and Greece slightly higher (0.02% and 0.03%, respectively) lead underperformers.

    • Quiet as market waits for Powell on Friday and NVDA earnings next week. Path of least resistance has been higher over the last week or so (S&P up nearly 7% in just the last 7 days) on the back of renewed support for the soft-landing narrative, disinflation traction and much cleaner positioning following NFP/BoJ drawdown. Vol retreat, corporate buybacks, passive inflows, dovish Fedspeak, spread tightening and big M&A some of the other tailwinds for risk sentiment.

    • Latest geopolitical developments see Ukraine consolidate position in Kursk. Reports circulated on weekend that Ukraine's Kursk attack derailed indirect talks with Kyiv on halting strikes on energy and power targets, which was denied by Russia. Elsewhere, Germany will reject new aid requests from Ukraine due to cuts in spending. Coalition government reached 2025 budget deal late Friday.

    • Quiet start to the the week for European macro developments. UK property portal Rightmove said property buyers returning to market after BoE rate cut. Similarly, some upbeat commentary on UK commercial real estate, which is showing signs of recovery. Data from Adzuna shows UK job vacancies have increased for the first time this year as economic activity picks up.

    • On the corporate front, light in earnings releases; out of the UK, Plus500 (PLUS.LN) reported final H1 and expects annual revenue and core profit to be above consensus. Out of DACHs, Branicks Group (BRNK.GR) reported prelim H1 and announced bridge financing reduced by a further €80M and targets full repayment by end of year. Gurit Holding (GURN.SW) also released H1 and now expects FY revenue at lower end of CHF435-485M.

    • In M&A, Ericsson (ERIC.B.SS) announces sale of iconectiv to Koch Equity Development for ~SEK 10.6B ($1.0B). Porsche AG (P911.GR) and Varta AG (VAR1.GR) are planning a comprehensive deepening of their existing strategic partnership. In this context, it is planned that Porsche will acquire a majority stake in V4Drive Battery GmbH via a capital increase mainly through a contribution in kind. Dagens Industri reported Metso was working on a merger with Sandvik's (SAND.SS) long-standing mining equipment business; company issued a statement commenting on the rumors and said it had no information related to the speculations and no related insider project exists. Sky News reports CVC Capital Partners (CVC.NA) is among buyout firms preparing to submit bids for controlling stake in Grant Thornton UK.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 19-Aug to 23-Aug attached) Antofagasta (ANTO.LN), John Wood Group (WG.LN), Coloplast (COLO.B.DC), Jyske Bank (JYSK.DC), PSP Swiss Property (PSPN.SW), HUBER+SUHNER (HUBN.SW) will be among other names to update investors, whilst the macro-calendar releases will include Germany Jul PPI, Switzerland Jul trade balance (and month watch export data), Finland Jul unemployment rate, Denmark Q2 preliminary GDP, Eurozone Jul final CPI, Jun construction output, Austria Jul final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +1.98%, Retail +1.56%, Consumer Products and Services +1.51%, Autos & Parts +1.25%, Real Estate +1.20%, Construct & Mtls +1.08%, Banks +0.94%, Utilities +0.87%, Financial Svcs +0.75%, Telecom +0.69%,

      • Underperformers:

        • Technology +0.17%, Food, Beverage and Tobacco +0.22%, Health Care +0.23%, Travel & Leisure +0.32%, Personal Care Drug and Grocery Stores +0.32%, Chemicals +0.39%, Media +0.45%, Insurance +0.54%, Ind Goods & Svcs +0.58%,

    • Macro/Peripheral markets:

      • Geopolitics

        • German finance minister under fire for Ukraine aid veto - FT

        • UK support for Ukraine remains unwavering, says PM Starmer's spokesperson - Reuters

        • Netanyahu's office says meeting with Blinken was 'positive' - The Guardian

        • Iran-Backed Militant Groups Claim Suicide Operation in Tel Aviv - Bloomberg

      • EU

        • European Bond Sales Start to Pick Up as Summer Slowdown Ends - Bloomberg

      • UK

        • Energy bills to surge by £150 as Reeves prepares to scrap winter fuel payments - The Telegraph, BBC

      • Germany

        • German industry's order backlog continues to decline - Handelsblatt

        • German industrial orders fall amid sluggish foreign trade - DW

      • Switzerland

        • SNB Cuts Limit for Banks to Get Full Interest on Parked Cash - Bloomberg

      • Greece

    • Company news:

      • Trading Higher:

        • +15.4% HUM.LN (Hummingbird Resources £0.08, +0.01) -- secures new refinancing package

        • +10.4% IGP.LN (Intercede Group £1.89, +0.18) -- agreement with Microsoft

        • +7.2% HYL.BB (Hyloris Pharmaceuticals €6.96, +0.46) -- secures a development partner for HY-095

        • +6.9% DXRX.LN (Diaceutics £1.33, +0.09) -- promotional partnership worth up to £4.3M over first 18 months and launches PMx

        • +5.6% FFARM.NA (ForFarmers €3.01, +0.16) -- Kepler Cheuvreux upgrade

        • +4.9% GURN.SW (Gurit Holding CHF42.90, +2.00) -- H1 earnings

        • +4.6% PLUS.LN (Plus500 £25.38, +1.12) -- H1 earnings

        • +4.5% RDW.LN (Redrow £7.95, +0.35) -- Barratt Developments intends to complete the acquisition of Redrow later this week

        • +3.4% METSO.FH (Metso Corp. €9.34, +0.31) -- has no information related to the speculation of merger with Sandvik's mining equipment business and no related insider project exists

        • +3.2% NIBE.B.SS (NIBE Industrier SEK49.49, +1.54) -- ABG Sundal Collier and Inderes upgrade

        • +2.9% WWI.NO (Wilh. Wilhelmsen Holding NOK404.00, +11.50) -- launches a tender offer to purchase up to 875,000 shares in the company

        • +2.5% MT.NA (ArcelorMittal €20.73, +0.51) -- Barclays upgrade

        • +2.3% LHN.SW (Holcim CHF79.44, +1.82) -- Deutsche Bank upgrade

        • +2.2% SAND.SS (Sandvik SEK212.60, +4.70) -- Metso Corp. exploring merger with Sandvik's mining equipment business - DI

        • +1.9% BIOT.SS (Biotage SEK195.40, +3.70) -- Dagens Industri out with buy recommendation

        • +1.9% VIT.B.SS (Vitec Software Group SEK543.00, +10.00) -- initiated buy at Pareto

        • +1.8% BSGR.NA (B&S Group €4.81, +0.09) -- H1 earnings

      • Trading Lower:

        • -45.7% VAR1.GR (VARTA €2.03, -1.77) -- VARTA reaches agreement with financial creditors and strategic investors on a restructuring plan; Porsche and Varta deepen strategic partnership

        • -6.0% DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate €0.87, -0.06) -- receives backstop commitments totalling around €194M

        • -4.6% BAVA.DC (Bavarian Nordic A/S DKK270.60, -13.00) -- provides statement on Mpox vaccine supply and collaboration with African and global stakeholders

        • -3.6% BVC.LN (BATM Advanced Communications £0.20, -0.01) -- H1 earnings

        • -3.4% KARNEL.B.SS (Karnell Group SEK50.22, -1.74) -- SEB downgrade

        • -3.2% BWB.GR (Baader Bank €3.93, -0.13) -- extends cooperation agreement in place with its B2B partner sino AG for several year

        • -3.2% HSHP.NO (Himalaya Shipping NOK77.50, -2.60) -- DnB Markets downgrade

        • -2.7% IDEX.NO (IDEX Biometrics NOK0.77, -0.02) -- new CEO

        • -2.5% NEX.FP (Nexans €117.00, -3.00) -- Goldman Sachs downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: PSP Swiss Property (PSPN.SW), HUBER+SUHNER (HUBN.SW), Medartis (MED.SW), DocMorris Ltd. (DOCM.SW), VP Bank (VPBN.SW), alstria office REIT (AOX.GR), SFC Energy (F3C.GR), Flughafen Wien (FLU.AV)

        • Nordics: Trifork (TRIFOR.DC), Investment AB Latour (LATO.B.SS), BICO Group (BICO.SS), Idun Industrier (IDUN.B.SS), Genovis (GENO.SS), Viking Supply Ships (VSSAB.B.SS), SalMar (SALM.NO), Odfjell (ODF.NO), Nordhealth (NORDH.NO), Gigante Salmon (GIGA.NO), Norcod (NCOD.NO), Next Biometrics (NEXT.NO), Anora (ANORA.FH), Taaleri (TAALA.FH),

        • UK: Antofagasta (ANTO.LN), John Wood Group (WG.LN), Tribal (TRB.LN), Anexo (ANX.LN)

      • Traffic: Aeroports de Paris ADP (ADP.FP), Flughafen Wien (FLU.AV)

  • Data:

    • Economics:

      • Spain Jun trade balance (€0.7B) vs consensus (€3.5B) and prior (€2.3B)

    • Markets:

      • WTI Crude (Sep 24): ($0.18) or (0.23%) to $76.47

      • €-$ +0.0037 or +0.33% to 1.1064

      • £-$ +0.0046 or +0.36% to 1.2985

      • €-£ (0.0000) to 0.8522

      • S&P 500 +0.43%

      • Performance year-to-date

        • FTSE 100: +8.07%

        • DAX: +9.97%

        • CAC: (0.55%)

        • MIB: +9.60%

        • Stoxx 600: +7.43%

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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