Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.04%) to 8545.13, DAX +1.01% to 21254.27, CAC40 +0.86% to 7837.40, STOXX 600 +0.39% to 528.04

Jan 22 ,2025

  • Synopsis:

    • European equity markets finished mostly firmer, yet off the best levels with Stoxx Europe 600 and FTSE 100 pulling back from new record highs. Industrials, healthcare and insurance outperform, while telecom the big laggard.US equities mostly higher in midday trading. Treasuries weaker, particularly in the belly of the curve. Dollar index up 0.1%; greenback faring well vs yen. Gold up 0.4%. Bitcoin futures down 2.3%. WTI crude down 0.2%.

    • Quiet macro calendar in Europe. Focus remains on Trump policies as Trump took aim at Europe, saying they would be in for tariffs. Attention also on central bank policy in Europe with several ECB policymakers speaking. Lagarde continued to support gradual policy steps and said ECB not behind the curve on rates. Knot backed a rate cut and supported meeting-by-meeting approach. Analysts think ECB all but certain to cut rates by 25 bps next week. Market pricing in four rate cuts this year to 2%. In addition, BoE Feb rate cut expectations underpinned by recent soft UK macro data, though yesterday's elevated wage numbers highlight lingering inflation risk. German Chancellor Scholz and French President Macron to meet to chart a new course for Europe amid the threat of Trump tariffs. Trump also said in a press conference he may hit Russia with sanctions if Putin doesn't negotiate deal on ending Ukraine war.

    • Amidst notable earnings updates today, out of the DACHs region, Barry Callebaut (BARN.SW) reported Q1 revenue and lowered FY 2024/25 sales volume guidance, whilst Adidas (ADS.GR) reported preliminary Q4 earnings ahead of expectations. Porsche (P911.GR) traded lower post Q4 pre-close call; group expects 2025 sales to be lower vs 2024 due to end of Macan ICE and 718 in Europe. Schaeffler (SHA0.GR) released prelim FY numbers with EBIT margin before special items for FY24 below group guidance. In France, Alstom (ALO.FP) issued Q3 revenue and confirmed its outlook for FY24/25. In Italy, Snam (SRG.IM) unveiled its 2025-29 Strategic Plan targeting Total investments of €12.4B (€13.4B gross of grants), reaffirming the FY24 outlook and issuing guidance for 2025. In Nordics, Alm. Brand (ALMB.DC) reported preliminary FY earnings and announced a dividend of DKK 0.6/sh to be paid in respect of the 2024 financial year and a new DKK100M buyback corresponding to an adjusted payout ratio of 96% for 2024. In the UK, EasyJet (EZJ.LN), Intermediate Capital Group (ICG.LN) and Quilter (QLT.LN) updated investors with their latest numbers.

    • In other corporate developments, press reports suggest further delays in TotalEnergies' (TTE.FP) LNG project in Mozambique amid security concerns and political uncertainty.

    • In M&A, Commerzbank (CBK.GR) is reportedly looking at bolt-on deals to fend off UniCredit (UCG.IM) takeover. Petra Diamonds (PDL.LN) enters agreement with Pink Diamonds for sale of Petra's entire interest in Williamson Diamonds Limited for headline consideration of $16M. RELIEF THERAPEUTICS Holding (RLF.SW) announces sale of its intellectual property and commercialization rights for GOLIKE outside the United States to Nutrisens. Media reports that Volkswagen (VOW3.GR) plans to liberate itself from truck subsidiary Traton (8TRA.GR).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.32%, Insurance +1.17%, Ind Goods & Svcs +1.11%, Persnl & HHold Goods +1.06%, Financial Svcs +0.92%, Construct & Mtls +0.62%, Health Care +0.57%, Travel & Leisure +0.41%

      • Underperformers:

        • Utilities (1.58%), Real Estate (0.92%), Food & Beverage (0.81%), Basic Resources (0.81%), Telecom (0.68%), Banks (0.56%), Media (0.08%), Chemicals (0.05%), Autos & Parts (0.01%), Retail +0.07%, Oil & Gas +0.16%

    • Macro:

      • Central Banks:

        • ECB is confident on inflation stabilizing at target, Rehn says (Bloomberg)

        • ECB's Escriva says rate cut next week is 'most likely' scenario (Bloomberg)

        • ECB President Lagarde defends gradual policy approach (CNBC)

      • UK:

        • Cracks could be showing in UK's reserve currency status, rating agency warns (Reuters )

        • Chancellor Reeves maintains focus on growth measures (Telegraph); Reeves optimistic despite surprise rise in UK borrowing (BBC )

        • Borrowing jumps in Dec-24 as debt interest climbs (Reuters)

      • Germany:

        • Still struggling to exit stagnation, Bundesbank says (Bloomberg)

      • Geopolitics:

        • France, Germany leaders meet to discuss Trump tariff threats (Reuters )

        • Europe should welcome Trump's NATO spending call, says Poland's Tusk (Reuters )

        • Ukraine seeks up to $20B to raise weapons output (Bloomberg )

    • Peripheral markets:

      • Ireland:

        • Election of Taoiseach delayed as Dáil suspended amid disorder (BBC )

          • Micheál Martin set to become Taoiseach for second time

      • Italy:

        • Senate approves decree for more arms aid for Ukraine (ANSA )

      • Switzerland:

        • SNB Chairman Schlegel signals negative rates still possible (Bloomberg)

      • Norway:

        • Nearly ready for its first rate cut: decision guide (Bloomberg )

      • Greece:

        • National debt posted notable decline in July-Sept (Kathimerini )

      • Poland:

        • Industrial output and wage data boost case for rate cuts (Bloomberg )

      • Lithuania:

        • President mulls tapping currency reserves for defense (Bloomberg )

    • Company news:

      • Notable Gainers

        • +21.9% GGP.LN (Greatland Gold £0.07, +0.01) -- Dec update: 29,864 oz of gold produced at Telfer from 4-Dec to 31-Dec

        • +19.5% PANR.LN (Pantheon Resources £0.47, +0.08) -- Announces Preliminary Log, Core and Cuttings Analysis

        • +13.2% AMSC.NO (AMSC ASA NOK30.95, +3.60) -- Solstad Maritime Holding to apply for Euronext Oslo Børs listing during Q2 2025

          • +3.3% SOFF.NO (Solstad Offshore NOK40.96, +1.30)

        • +12.6% TEM1V.FH (Tecnotree €3.49, +0.39) -- landmark multi-year, multi-million dollar agreement with a Tier-1 US telecom operator

        • +11.0% ATORX.SS (Alligator Bioscience SEK0.14, +0.01) -- Q4 EPS (SEK0.07) vs year-ago (SEK0.11)

        • +7.7% PDL.LN (Petra Diamonds £0.28, +0.02) -- enters agreement with Pink Diamonds for sale of Petra's entire interest in Williamson Diamonds Limited for headline consideration of $16M

        • +6.6% ICG.LN (Intermediate Capital Group £22.58, +1.40) -- Q3 trading statement: AUM of $107B, +5.1% q/q

        • +6.4% ADS.GR (Adidas €258.90, +15.50) -- prelim Q4 EBIT €57M vs FactSet (€66.3M) [10 est, (€130)-(18M)]

        • +6.3% SBO.AV (Schoeller-Bleckmann Oilfield Equipment €37.00, +2.20) -- prelim FY EBIT €69M vs FactSet €72.4M [4 est, €67.9-82.7M]

        • +5.6% KIT.NO (Kitron NOK39.30, +2.08) -- order with value of NOK 300M from Kongsberg Defence & Aerospace

        • +3.4% ALMB.DC (Alm. Brand DKK15.01, +0.49) -- prelim FY24 insurance revenue DKK11.1B vs FactSet DKK11.11B [5 est, DKK11.03-11.35B]; announces dividend and new buyback

        • +3.2% ENQ.LN (EnQuest £0.14, -0.00) -- agrees to acquire Harbour Energy's business in Vietnam

          • -0.3% HBR.LN (Harbour Energy £2.89, -0.01)

        • +3.1% TRUE.B.SS (Truecaller SEK64.40, +1.95) -- year-end MAUs 435M

        • +2.4% GIMB.BB (Gimv €40.60, +0.95) -- trading update; capital increase

        • +2.1% QLT.LN (Quilter £1.62, +0.03) -- Q4 AuMA £119.4B vs year-ago £106.7B

        • +1.6% CICN.SW (Cicor Technologies CHF62.80, +1.00) -- responds to press reports regarding a potential acquisition of Éolane France businesses

        • +1.5% BKS.LN (Beeks Financial Cloud Group £2.68, +0.04) -- Exchange Cloud now live with Nasdaq

        • +1.3% ROG.SW (Roche Holding CHF273.80, +3.60) -- receives FDA clearance with CLIA waiver for cobas liat molecular tests to diagnose sexually transmitted infections at the point of care

        • +0.8% SEA1.NO (Sea1 Offshore NOK23.95, +0.20) -- prelim sales

        • +0.7% 8TRA.GR (TRATON €28.05, +0.20) -- Volkswagen plans to liberate itself from truck subsidiary Traton -- manager magazine

          • -0.4% VOW3.GR (Volkswagen €93.88, -0.38)

        • +0.4% SRG.IM (Snam €4.33, +0.02) -- unveils 2025-29 Strategic Plan; reaffirms 2024 guidance

      • Notable Decliners

        • -21.1% DFDS.DC (DFDS DKK104.40, -27.90) -- prelim FY EBIT DKK1.50B vs FactSet DKK1.48B [4 est, DKK1.08-1.64B]

        • -16.7% HOC.LN (Hochschild Mining £1.91, -0.38) -- Production Report for 3 months ended 31-Dec-2024: Silver production (koz) 2,855 vs year-ago 3,086

        • -12.8% SHA0.GR (Schaeffler €3.95, -0.58) -- prelim results; EBIT margin before special items for FY24 below group guidance

        • -12.3% SYNT.SS (SyntheticMR SEK4.91, -0.69) -- CEO Vedran Beglerbegovic resigning due to medical reasons

        • -10.2% 0TX.GR (VEF AB €0.14, -0.02) -- earnings

        • -9.2% MAGI.SS (MAG Interactive SEK9.94, -1.01) -- earnings

        • -8.4% TRN.LN (Trainline £3.59, -0.33) -- provides DFT statement in relation to future online retailing

        • -8.0% BARN.SW (Barry Callebaut CHF1,054.00, -92.00) -- Q1 revenue CHF3.45B vs consensus CHF2.88B; FY 2024/25 sales volume guidance lowered

        • -4.9% BWLPG.NO (BW LPG NOK132.90, -6.90) -- Q4 Product Services segment update: estimated Q4 net profit of ~$3M

        • -4.6% EZJ.LN (EasyJet £4.88, -0.24) -- Q1 trading update: revenue £2.04B vs consensus £2.05B; current booking trends are supportive of FY25 consensus

        • -4.5% ALO.FP (Alstom €19.78, -0.93) -- sales

        • -2.2% P911.GR (Porsche €59.92, -1.36) -- pre-close call

        • -1.5% GPE.LN (Great Portland Estates £2.71, -0.04) -- Q3 Leasing Update: 15 new leases and renewals signed in the quarter generating annual rent of £9.0M, with market lettings on average 16.3% ahead of March 2024 ERV

        • -1.1% RLF.SW (RELIEF THERAPEUTICS Holding CHF3.51, -0.04) -- announces sale of its intellectual property and commercialization rights for GOLIKE outside the United States to Nutrisens

        • -0.9% CBK.GR (Commerzbank €17.77, -0.16) -- evaluating smaller bolt-on acquisitions - Bloomberg (21-Jan, 15:44 CET)

        • -0.8% JDW.LN (JD Wetherspoon £6.07, -0.05) -- trading update; LFL sales for the last 12 weeks of the 25-week period (Q2 of the financial year) were +4.6% higher than the same period a year ago

    • EU companies reporting tomorrow:

      • Earnings: Investor (INVE.B.SS), EQT (EQT.SS), Swedbank (SWED.A.SS), Sandvik (SAND.SS), Essity (ESSITY.B.SS), Tryg (TRYG.DC), Pareto Bank (PARB.NO), Admicom (ADMCM.FH), Bankinter (BKT.SM), IG Group Holdings (IGG.LN)

      • Trading Update:

        • DACHs: HUBER+SUHNER (HUBN.SW), Autoneum Holding (AUTN.SW), Galenica (GALE.SW)

        • France: SEB (SK.FP), Interparfums (ITP.FP), STEF (STF.FP), Pierre & Vacances (VAC.FP), Gensight Biologics (SIGHT.FP)

        • Southern Europe: SergeFerrari (SEFER.IM)

        • UK: Associated British Foods (ABF.LN), MITIE Group (MTO.LN), CMC Markets (CMCX.LN), Zotefoams (ZTF.LN)

      • CMD/events: OHB (OHB.GR), Hera (HER.IM)

  • Data:

    • Economics:

      • Ireland Dec PPI +3.3% y/y vs consensus +2.4% and prior +2.1%

    • Markets:

      • WTI Crude (Mar 25): ($0.18) or (0.24%) to $75.65

      • €-$ (0.0007) or (0.07%) to 1.0423

      • £-$ (0.0033) or (0.27%) to 1.2322

      • €-£ +0.0015 to 0.8458

      • S&P 500 +0.81%

      • Performance year-to-date

        • FTSE 100: +4.55%

        • DAX: +6.76%

        • CAC: +6.19%

        • MIB: +4.88%

        • Stoxx 600: +4.02%

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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE