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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 closed, DAX (0.09%) to 18617.02, CAC40 +0.18% to 7590.37, STOXX 600 (0.02%) to 518.05

Aug 26 ,2024

  • Synopsis:

    • European equity markets ended the day mixed. Pan-European indices spent the morning in a relative narrow range, either side of unchanged on the day, before moving to new session highs around the time that Wall Street opened. Shares pulled back from the day's best levels as US's NASDAQ and S&P500 reversed initial gains, pan-European indices again in negative territory on the day, and touching session lows, before paring losses into the close

    • Ireland +0.7% and Norway +0.5% led outperformers, with Denmark (0.7%) and Netherlands (0.2%) leading underperformers.

    • UK markets are closed for a bank holiday.

    • Over the weekend, Gaza ceasefire talks had yet to reach an agreement, though discussions continue, and Ukraine saw increased drone attacks over the weekend in which it celebrated its Independence Day(and it's third at war), and also called on Belarus to pull back 'significant' levels of Belarusian forces and equipment deployed at their common border

    • In the UK, PM Starmer's speech tomorrow (Tue), heavily trailed in the media, is to warn UK life will 'get worse' before it gets 'better' and that fixing UK problems will take time.

    • In Germany, Chancellor Scholz vowed to step up deportations during a visit to the site of a deadly mass stabbing linked to Islamic State and is due to give a press statement in the afternoon following visit to Evonik Industries plant at the chemical park in Marl. Top candidates from the seven main parties in Thuringian state election (being held on 1-Sep, along with Saxony state election) answer questions in tv debate on ARD at 20:15CET, with migration now front and center of the issues.

    • In France, President Macron met with leaders from far right National Rally party (RN) for discussions over forming a new government (France24) as the country moves into uncharted territory regards the period of time it's been under a caretaker government. Following these talks, Macron will also consult with the president of the National Assembly and the president of the Senate, with a new PM not expected to be appointed before tomorrow. Macron also due to host EU's von der Leyen

    • Elsewhere, EU's Vestager is delivering a keynote speech and Q&A at the Danish Ambassadors' meeting Forum whilst EU's Simson participates in the ONS 2024 conf. (through Thur). EU Commission proposed fishing opportunities for 2025 in the Baltic Sea.

    • The limited number of economic data releases included Germany's latest ifo business survey which showed sentiment among companies in Germany is on a downward trend, ifo commenting the German economy is increasingly falling into crisis (release)

    • Corporate news flow was at a premium, with Bjorn Borg (BORG.SS) updating its long-term financial targets, including raises annual sales growth target, and reportedly, investor group exploring acquisition of Vivendi's (VIV.FP) stake in Telecom Italia (TIT.IM).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +1.18%, Oil & Gas +0.74%, Telecom +0.38%, Financial Svcs +0.28%, Basic Resources +0.27%, Food & Beverage +0.25%, Utilities +0.23%, Travel & Leisure +0.18%, Chemicals +0.15%, Autos & Parts +0.14%, Media +0.14%, Construct & Mtls +0.11%, Persnl & HHold Goods +0.05%, Retail +0.02%

      • Underperformers:

        • Technology (1.04%), Ind Goods & Svcs (0.11%), Banks (0.09%), Insurance (0.05%), Health Care (0.03%)

    • Macro/Peripheral markets:

      • ECB:

        • Inflation target is not yet secure cautions Lane - FT, Reuters, Jackson Hole panel contribution - release

      • EU:

        • von der Leyen is set to miss her target of an equal number of male and female EU Commissioners - Irish Times

      • France:

        • Enters longest period under caretaker government - Le Monde

        • Le Pen rejects left-wing PM - Bloomberg

      • Germany:

        • Killings on Fri night linked to Islamic State group causes migration to climb up the list of issues ahead of two State elections this weekend - Politico

      • Norway:

        • Government consults on new EU regulations for hydrogen, natural gas and decarbonised gas - release

        • Minister of Business and Industry is asking for input into a new report on looking after and development of Norwegian industry - release

      • UK:

    • Company news:

      • Notable Gainers

        • +17.2% IDEX.NO (IDEX Biometrics) -- IDEX Pay biometric card solution certificated by Visa

        • +10.2% GLPG.BB (Galapagos) -- holder EcoR1 Capital changes filing type from 13G (passive) to 13D (active); discloses 9.9% stake - 13D

        • +5.7% BORG.SS (Bjorn Borg) -- announces updated its long-term financial targets; raises annual sales growth target

        • +5.6% OPTOMED.FH (Optomed) -- accumulate from reduce at Inderes

        • +5.3% MPCC.NO (MPC Container Ships) -- buy from hold at Arctic Securities

        • +4.5% PNE3.GR (PNE) -- comments on share price decline over last few trading days; argues move is incomprehensible and driven by speculation; company confirms 2024 EBITDA guidance

        • +3.5% INLOT.GA (Intralot) -- extension of contracts in Netherlands and Ireland

        • +2.7% MDG1.GR (Medigene) -- implements previously announced 2:1 share capital reduction and consolidation, effective 29-Aug

        • +2.6% ELI.BB (Elia Group) -- outperform from neutral at Oddo

        • +2.3% TIT.IM (Telecom Italia) -- Investor group exploring acquisition of Vivendi's stake in Telecom Italia - Corriere della Sera

          • +0.9% VIV.FP (Vivendi)

        • +1.7% CAST.SS (Castellum) -- buy from hold at DnB Markets

        • +1.7% SHLTN.SW (SHL Telemedicine) -- Chairman announces he is stepping down effective as of today

        • +1.5% ST5.GR (STEICO) -- appoints Georg Faller as CFO with effect from 1-Oct

        • +1.4% RIEN.SW (Rieter Holding) -- add from reduce at Baader Helvea

        • +1.2% TTE.FP (TotalEnergies) -- appoints Bernard Pinatel as President Downstream and President Marketing & Services effective 1-Sep

        • +0.8% TIGO.SS (Millicom International Cellular) -- Atlas Luxco S.à r.l. raises stake to 40.42% following completion of offers

        • +0.8% STERV.FH (Stora Enso) -- suspends harvesting in all areas throughout Finland where there are restrictions under three Acts following the previously disclosed environmental incident in Hukkajoki

        • +0.5% UPM.FH (UPM-Kymmene) -- to end its biocomposite business by the end of 2024, decision affects a total of 59 jobs; downgraded to hold from buy at Carnegie Securities

        • +0.5% UCB.BB (UCB) -- to sell mature business in China to CBC Group, Mubadala for $680M (€608.1M)

      • Notable Decliners

        • -45.2% MBTN.SW (Meyer Burger Technology) -- to focus on module production in Arizona; initiates comprehensive restructuring measures

        • -9.4% ALZCUR.SS (AlzeCure Pharma) -- Q2 EPS (SEK0.12) vs year-ago (SEK0.16)

        • -4.0% INSTAL.SS (Instalco) -- hold from buy at Kepler Cheuvreux

        • -1.7% NYKD.NO (Nykode Therapeutics) -- neutral from buy at Van Lanschot Kempen

        • -1.5% DOCM.SW (DocMorris) -- hold from buy at Warburg Research

        • -1.3% SENS.SW (Sensirion Holding) -- hold from buy at Stifel

        • -0.6% METSO.FH (Metso Corp.) -- to start change negotiations on possible temporary layoffs of up to 90 days in the Aggregates business area in Finland

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Unifiedpost Group (UPG.BB)

        • DACHs: Flughafen Zurich (FHZN.SW), Accelleron Industries (ACLN.SW), TX Group (TXGN.SW), Vaudoise Assurances (VAHN.SW), Arbonia (ARBN.SW), PIERER Mobility (PKTM.SW), Branicks (BRNK.GR)

        • Nordics: LE Lundbergforetagen (LUND.B.SS), SyntheticMR (SYNT.SS), Concejo (CNCJO.B.SS), Cadeler (CADLR.NO), Bouvet (BOUV.NO), SmartCraft (SMCRT.NO), MasOval (MAS.NO), Rana Gruber (RANA.NO), Nordic Mining (NOM.NO), Capsol Technologies (CAPSL.NO), Webstep (WSTEP.NO), Green Hydrogen Systems (GREENH.DC)

        • UK: Bunzl (BNZL.LN), Faron Pharmaceuticals (FARN.LN)

      • Trading Update: Greenyard (GREEN.BB)

      • Traffic: VINCI (DG.FP)

      • CMD/events: Sonova Holding (SOON.SW), MLP (MLP.GR)

  • Data:

    • Economics:

      • Finland Jul PPI +0.2% y/y vs consensus +0.4%, prior (0.3%)

      • Norway Jul unemployment rate 3.9% vs consensus 4.1%, prior 4.1%

      • Spain Jul PPI (1.4%) y/y vs consensus (3.2%), prior revised (3.2%) from (3.5%)

      • Germany Aug IFO survey

        • Business climate 86.6 vs consensus 86.0, prior 87.0

        • Current conditions 86.5 vs consensus 86.5, prior 87.1

        • Expectations 86.8 vs consensus 86.5, prior revised 87.0 from 86.9

    • Markets:

      • WTI Crude (Oct 24): +$2.39 or +3.19% to $77.22

      • €-$ (0.0024) or (0.22%) to 1.1168

      • £-$ (0.0026) or (0.20%) to 1.3190

      • €-£ (0.0003) to 0.8468

      • S&P 500 (0.30%)

      • Performance year-to-date:

        • FTSE 100: +7.69%

        • DAX: +11.16%

        • CAC: +0.68%

        • MIB: +10.76%

        • 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.
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