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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.48% to 8327.78, DAX +0.76% to 18633.10, CAC40 +0.70% to 7577.04, STOXX 600 +0.46% to 518.13

Aug 23 ,2024

  • Synopsis:

    • European indices ended firmly in positive territory. Follows mixed to higher close Thursday. Retail a notable outperformer. Real Estate, Construction, banks and utilities also held up well. Tech the biggest decliner.

    • In central bank news, big focus on Chair Powell's remarks at Jackson Hole conference. Said Fed does not welcome further cooling in labor-market conditions and noted changes to the balance of risks. He argued "the time has come for policy to adjust," adding his confidence has grown that inflation is on a sustainable path to 2%. Market responded positively to perceived dovish tone to the speech with a bit of increase expectations for a 50bp September cut (though 25bp still the consensus). In EZ, based on recent statements from ECB officials and economic data, the bank appears poised to consider another interest rate cut at its Sept meeting. Governing Council member Kazaks, known for his hawkish stance, expressed openness to discussing a rate reduction, citing confidence in inflation returning to 2% target and concerns about economic growth. This sentiment aligns with market expectations of a second cut following June's initial decrease.

    • Quiet macro calendar in Europe: UK consumer confidence stable in August. Despite positive UK macro data, still doubts over the growth outlook. Big jump in French business confidence. ECB consumer expectations survey showed inflation expectations unchanged for next 12 months.

    • On the corporate front, SAS (SAS.SS) cabin crew go on strike today in Norway as wage talks collapse whilst - last night after the close - Nestle (NESN.SW) announced that CEO Mark Schneider was stepping down. On the reporting front, ALK-Abello (ALK.B.DC) posted Q2 and raised its FY24 revenue and earnings outlook, with other names from the Nordics also updating investors, including Duroc (DURC.B.SS), HusCompagniet (HUSCO.DC), Klaveness Combination Carriers (KCC.NO) and Hafnia (HAFNI.NO). In M&A news, Getinge (GETI.B.SS) acquired Paragonix Technologies for ~$477M. Ipsos (IPS.FP) launches voluntary public takeover offer for infas Holding (IFS.GR) at € 6.80/sh, valuing the company at € 61.2M. Evoke PLC (EVOK.LN) announces acquisition of Winner.ro. Sodexo (SW.FP) completes sale of Sofinsod for €918M and the payment of a special interim dividend.

    • Looking ahead to next week EU econ-calendar, notable releases on Monday will include, amongst others, Germany Aug Ifo survey and Spain Jul PPI. Of note, UK closed for holiday.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Retail +1.79%, Real Estate +1.30%, Construct & Mtls +1.03%, Banks +1.01%, Utilities +1.00%, Insurance +0.97%, Oil&Gas+0.87%, Autos & Parts +0.76%, Telecom +0.75%, Basic Resources +0.74%, Travel & Leisure +0.72%, Financial Svcs +0.57%, Ind Goods & Svcs +0.53%

      • Underperformers

        • Technology (0.63%), Health Care (0.03%), Media +0.26%, Food, Beverage and Tobacco +0.29%, Personal Care Drug and Grocery Stores +0.40%, Consumer Products and Services +0.41%

    • Macro:

      • Central Banks:

        • Reflecting on recent times - speech by Andrew Bailey -- BoE

      • EU:

        • Ursula von der Leyen's EU Commission sausage fest -- Politico

        • Is Thierry Breton the best candidate to replace himself as digital commissioner? -- euronews

        • Turkish foreign minister plans to attend EU meeting in Brussels, spokesperson says -- ekathimerini

      • UK:

        • Changes to energy price cap between 1 October to 31-Dec-24 - ofgem

      • Germany:

        • How Germany's mighty Mittelstand blew up its economy -- Telegraph

      • France:

        • Macron Meets France's Party Leaders Before Picking New Premier -- Bloomberg

      • Italy:

        • Italy is a land of beauty and death -- Spectator

      • Belgium:

        • Federal negotiations live | Maxime Prévot appointed mediator by the King -- L'Echo

    • Company news:

      • Notable Gainers

        • +19.8% DURC.B.SS (Duroc SEK19.05, +3.30) -- FY earnings

        • +15.5% WHATS.BB (What's Cooking Group €80.20, +11.00) -- H1 earnings

        • +9.0% BELYS.BB (Belysse Group €0.88, +0.07) -- H1 earnings

        • +5.8% REJL.B.SS (Rejlers SEK155.20, +8.80) -- new cooperation agreement with Stella Futura

        • +4.0% HMS.SS (HMS Networks SEK428.80, +16.60) -- ABG Sundal Collier upgrade

        • +3.9% HUFV.A.SS (Hufvudstaden SEK138.00, +5.20) -- Handelsbanken upgrade; DnB Markets upgrade

        • +3.9% GLPG.NA (Galapagos €23.10, +0.88) -- FDA clearance of IND application for Phase 1/2 ATALANTA-1 study of CD19 CAR-T, GLPG5101, in relapsed/refractory non-Hodgkin lymphoma

        • +3.3% SGG.SS (Sensys Gatso Group SEK72.60, +2.30) -- Q2 earnings

        • +3.0% ACSO.LN (accesso Technology Group £5.50, +0.16) -- £4M share buyback

        • +2.9% ALFEN.NA (Alfen €16.50, +0.45) -- Van Lanschot Kempen upgrade

        • +2.0% LDG.LN (Logistics Development Group £0.11, -0.00) -- H1 earnings

      • Notable Decliners

        • -5.9% GREEN.SS (Green Landscaping Group SEK84.30, -5.10) -- Q2 earnings

        • -5.6% AWNO (Awilco Drilling NOK22.10, -1.20) -- H1 earnings

        • -2.8% KCC.NO (Klaveness Combination Carriers NOK94.90, -2.80) -- Q2 earnings

        • -2.0% DLG.LN (Direct Line Insurance Group £1.86, -0.04) -- solvency capital ratio update

    • EU companies reporting tomorrow:

      • Earnings: Liechtensteinische Landesbank (LLBN.SW), Molecular Partners (MOLN.SW), NNIT (NNIT.DC), Luxor (LUXOR.B.DC), Awardit (AWRD.SS), AlzeCure Pharma (ALZCUR.SS)

  • Data:

    • Economics:

      • France Aug

        • Manufacturing Business Climate 99 vs consensus 96 and prior 95

        • Business Survey 96.6 vs consensus 94 and prior 93.9

      • Sweden Jul Unemployment Rate 7.7% vs consensus 9.4% and prior revised to 9.4% from 9.4%

    • Markets:

      • WTI Crude (24-Oct): +$1.68 or +2.30% to $74.69

      • €-$ +0.0080 or +0.72% to 1.1192

      • £-$ +0.0123 or +0.94% to 1.3216

      • €-£ (0.0018) to 0.8470

      • S&P 500 +1.09%

      • Performance year-to-date:

        • FTSE 100: +7.69%

        • DAX: +11.23%

        • CAC: +0.45%

        • MIB: +10.83%

        • Stoxx 600: +8.17%

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".

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