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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.12% to 8283.43, DAX +0.50% to 18448.95, CAC40 +0.52% to 7524.72, STOXX 600 +0.33% to 513.95

Aug 21 ,2024

  • Synopsis:

    • European equity markets closed mostly higher. Basic Resources, Auto & Parts, Technology and Retail the best performing sectors, while Telecom, Oil & Gas, Utilities and Health Care underperform. Asia markets closed mostly lower and US equities are mostly higher in midday trading, off best levels. Treasuries mostly firmer with yield curve steepening following Tuesday's rally. Dollar index flat. Gold down 0.4%. Bitcoin futures down 0.2%. WTI crude down 0.1%.

    • Quiet macro calendar in Europe. Survey by UK's Brightmine showed UK pay awards fell during three months to June. UK press said Chancellor Reeves will cut spending and raise taxes in October with Treasury sources dismissing positive economic data and argued it can't make up for long period of mismanagement. A Reuters poll of economists expects BoE to cut rates just once more this year, in November. After cutting rates by 25 bps in August, 57 out of 60 economists polled see a steady hand in September. Dovish ECB Council member Panetta suggested further interest rate cuts may be on the horizon. ECB will publish an account of its 18-Jul policy meeting on Thursday.

    • Light on the corporate front. Vår Energi (VAR.NO) to delay Balder X production start to Q2 2025; hence capital spend guidance for 2024 revised down from $2.7-2.9B to ~$2.6B. BerGenBio (BGBIO.NO) Q2 EPS miss while Sydbank (SYDB.DC) Q2 net income beat and reaffirms FY guidance. SoftwareONE Holding (SWON.SW) H1 revenue, adj EBITDA missed; lowered FY revenue guidance; also confirmed several parties have approached it regarding a potential going-private transaction and has established a transaction committee to ensure an orderly follow-up. ASR Nederland (ASRNL.NA) H1 organic capital creation beat and increases dividend to €1.16/sh vs year-ago €1.08/sh and consensus €1.16. In M&A, Nova Ljubljanska Banka (NLBR.SV) announces voluntary public takeover offer to acquire control over Addiko Bank (ADKO.AV) was not successful; NLB did not reach the minimum acceptance threshold of 75%. Kinnevik (KINV.B.SS) completes third and final step of the divestment of its shareholding in Tele2 (TEL2.B.SS). CMA to consider undertakings offered for Barratt (BDEV.LN)/ Redrow (RDW.LN) merger.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.35%, Retail +0.91%, Basic Resources +0.88%, Technology +0.82%, Chemicals +0.81%, Food, Beverage and Tobacco +0.79%, Consumer Products and Services +0.77%, Ind Goods & Svcs +0.40%, Media +0.36%, Travel & Leisure +0.34%

      • Underperformers:

        • Telecom (0.24%), Health Care (0.18%), Oil & Gas(0.09%), Utilities (0.04%), Financial Svcs +0.09%, Real Estate +0.17%, Construct & Mtls +0.24%, Banks +0.25%, Insurance +0.26%

    • Macro:

      • Central Banks:

        • ECB's Panetta signals potential rate cuts, addresses Italy's economic challenges (Bloomberg)

        • Poll of economists expects one more BoE rate cut this year: Reuters poll

      • UK:

        • UK Treasury defends fiscal plans despite stronger growth (Guardian)

        • UK government borrowing hits higher than expected £3.1B in July (The Guardian)

        • Indications UK retail spending gained some momentum in August (Reuters)

      • France:

        • France's caretaker government plans stable budget to meet EU deficit target (Bloomberg, Reuters)

      • Geopolitics:

        • China Auto Group slams EU's revised EV tariff plan, warns of enormous risks (Reuters)

      • Corporate:

        • German utilities delay billion-euro grid sales as Tennet deal collapses (Bloomberg)

    • Peripheral markets:

      • Italy:

        • Budget measures to be confirmed and we'll do more, says Deputy Premier and Transport Minister Salvini (ANSA)

      • Hungary:

        • Hungarian Minister Says Central Bank in 'Cyclops' Mode With Eye on Inflation (Bloomberg)

    • Company news:

      • Notable Gainers

        • +20.3% ZAP.NO (Zaptec NOK12.70, +2.14) -- earnings

        • +18.2% MCG.LN (Mobico Group £0.69, +0.11) -- earnings

        • +16.2% SEA1.NO (Sea1 Offshore NOK33.75, +4.70) -- earnings

        • +15.5% EGTX.SS (Egetis Therapeutics SEK5.95, +0.80) -- new data shows tiratricol (Emcitate) treatment in patients with MCT8 deficiency is associated with survival benefits

        • +8.7% MULTI.NO (Multiconsult NOK175.00, +14.00) -- earnings

        • +7.9% AFISH.NO (Arctic Fish Holding NOK52.00, +3.80) -- earnings

        • +7.5% IMP.A.SS (Implantica SEK47.30, +3.30) -- earnings

        • +6.2% COST.LN (Costain Group £1.01, +0.06) -- earnings; buyback

        • +4.6% LSG.NO (Lerøy Seafood Group NOK51.25, +2.25) -- Q2 EPS NOK0.77 vs FactSet NOK1.03 [8 est, NOK0.90-1.14]

        • +3.3% AUSS.NO (Austevoll Seafood NOK92.95, +2.95) -- Q2 Adj EPS NOK5.10 vs FactSet NOK2.49 [6 est, NOK2.35-2.70]

        • +3.1% PAX.SS (Paxman SEK52.40, +1.60) -- earnings

        • +2.8% IMPN.SW (Implenia CHF32.80, +0.90) -- H1 net income attributable CHF26.2M vs FactSet CHF24.4M [1 est]; Reaffirms FY guidance; announces CEO transition in 2025

        • +2.4% MTG.SW (Meier Tobler Group CHF26.10, +0.60) -- launches second 2024 tranche of fixed price buyback at CHF27.00/sh

        • +1.6% ODF.NO (Odfjell NOK156.40, +2.40) -- Q2 EPS $1.12 vs FactSet $0.95 [3 est, $0.93-0.96]

      • Notable Decliners

        • -79.5% ASA.NO (Atlantic Sapphire NOK0.84, -3.26) -- earnings; rights issue

        • -47.0% NYKD.NO (Nykode Therapeutics NOK5.56, -4.94) -- strategic repositioning of VB10.16; earnings

        • -32.8% WJG.LN (Watkin Jones £0.34, -0.17) -- trading update; downgraded to hold from buy at Peel Hunt

        • -16.5% GSF.NO (Grieg Seafood NOK50.50, -10.00) -- Q2 EPS (NOK6.20) vs FactSet NOK0.46 [7 est, NOK0.10-1.05]

        • -14.1% CBRAIN.DC (cBrain DKK214.00, -35.00) -- earnings

        • -13.3% SEYE.SS (Smart Eye SEK90.40, -13.90) -- Q2 EPS (SEK1.46) vs year-ago (SEK1.94)

        • -12.2% AVTX.NA (Avantium €2.41, -0.34) -- earnings

        • -11.4% ULTI.NO (Ultimovacs NOK3.03, -0.39) -- earnings

        • -11.2% WAB0.GR (Articore Group €0.19, -0.02) -- FY NPAT (A$11.6M) vs year-ago (A$54.2M)

        • -8.7% ISOFOL.SS (Isofol Medical SEK2.63, -0.25) -- Q2 EPS (SEK0.07) vs year-ago (SEK0.05)

        • -7.7% BAVA.DC (Bavarian Nordic A/S DKK247.00, -20.70) -- will decide this week on mpox vaccine ramp up, CEO says - Reuters (20-Aug, 16:00 GMT); earnings tomorrow

        • -6.2% HEX.NO (Hexagon Composites NOK36.80, -2.45) -- placement

        • -5.7% KAR.SS (Karnov Group SEK75.50, -4.50) -- Q2 net income SEK0.8M vs year-ago (SEK26.2M)

        • -5.5% JLP.LN (Jubilee Metals Group £0.06, -0.00) -- operational update

        • -5.1% BGBIO.NO (BerGenBio NOK11.04, -0.59) -- earnings

        • -5.1% ADKO.AV (Addiko Bank €18.50, -1.00) -- Nova Ljubljanska Banka announces voluntary public takeover offer to acquire control over Addiko Bank was not successful

        • -5.1% BGBIO.NO (BerGenBio NOK11.04, -0.59) -- Q2 EPS (NOK1.39) vs FactSet (NOK1.25) [1 est]

        • -4.5% SINT.SS (SinterCast SEK115.00, -5.50) -- earnings

        • -4.3% TRIN.LN (Trinity Exploration & Production £0.56, -0.02) --Touchstone Exploration board declares offer for Trinity Exploration & Production final

        • -4.0% SWON.SW (SoftwareONE Holding CHF16.40, -0.68) -- H1 EPS CHF0.39 vs FactSet CHF0.35 [1 est]; lowers FY revenue guidance to 7-9% ccy growth

        • -3.1% ALNG.NO (Awilco LNG NOK7.90, -0.25) -- earnings

        • -2.9% TESB.BB (Tessenderlo Group €23.60, -0.70) -- earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Van Lanschot Kempen (VLK.NA), Alfen (ALFEN.NA), Deceuninck (DECB.BB), Biotalys (BTLS.BB),

        • DACHs: Swiss Re (SREN.SW), Banque Cantonale Vaudoise (BCVN.SW), Siegfried (SFZN.SW), Swiss Prime Site (SPSN.SW), Kudelski (KUD.SW), CTS Eventim & Co. (EVD.GR), tonies (TNIE.GR), Nabaltec (NTG.GR), Multitude (E41.GR), NFON (NFN.GR), UNIQA Insurance (UQA.AV), Mayr-Melnhof Karton (MMK.AV), Oberbank (OBS.AV), PORR (POS.AV), Schoeller-Bleckmann Oilfield Equipment (SBO.AV)

        • Nordics: ROCKWOOL (ROCK.B.DC), GN Store Nord (GN.DC), Royal Unibrew (RBREW.DC), Bavarian Nordic (BAVA.DC), Gubra (GUBRA.DC), Scandinavian Tobacco Group (STG.DC), MT Hojgaard Holding (MTHH.DC), Columbus (COLUM.DC), Hufvudstaden (HUFV.A.SS), Instalco (INSTAL.SS), Surgical Science Sweden (SUS.SS), MEKO (MEKO.SS), Scandinavian Enviro Systems (SES.SS), Vicore Pharma (VICO.SS), ByggPartner Gruppen (BYGGP.SS), Minesto (MINEST.SS), Malmbergs Elektriska (MEAB.B.SS), Grieg Seafood (GSF.NO), Kid (KID.NO), Sea1 Offshore, Inc. (SEA1.NO), ECIT (ECIT.NO), Panoro Energy (PEN.NO), SATS (SATS.NO), B2 Impact (B21.NO), Odfjell Technology Ltd. (OTL.NO), Zalaris (ZAL.NO), ArcticZymes Technologies (AZT.NO), Nekkar (NKR.NO), Keskisuomalainen (KSL.FH), Orthex (ORTHEX.FH), Spinnova (SPINN.FH)

        • UK: Hays (HAS.LN), Benchmark (BMK.LN), Macfarlane (MACF.LN)

  • Data:

    • Economics:

      • UK Jul Public Sector Net Borrowing £2.18B vs consensus £0.5B and prior revised £12.55B from £13.59B

    • Markets:

      • WTI Crude (Oct 24): ($0.12) or (0.16%) to $73.05

      • €-$ +0.0010 or +0.09% to 1.1142

      • £-$ +0.0042 or +0.32% to 1.3075

      • €-£ (0.0018) to 0.8522

      • S&P 500 +0.25%

      • Performance year-to-date

        • FTSE 100: +7.11%

        • DAX: +10.13%

        • CAC: (0.24%)

        • MIB: +9.75%

        • Stoxx 600: +7.30%

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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