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StreetAccount Summary - European Market Recap: FTSE 100 +0.61% to 8623.29, DAX +0.37% to 21585.93, CAC40 (0.19%) to 7891.68, STOXX 600 +0.47% to 538.56

Feb 05 ,2025

  • Synopsis:

    • European equity markets ended the session mixed, with pan-European indices closing at their best levels of the day. US tariff uncertainties, French government no confidence vote, Germany election campaigning and a busy earnings calendar provided the backdrop.

    • Denmark +2.9% and Spain +1.2% led outperformers, whilst Italy (0.6%) and Norway (0.5%) led underperformers.

    • Jan Services PMIs from across the region were generally weaker than expected, with the unrevised reading in Germany vs the preliminary release, perhaps the only constructive figure amongst all the announced updates. Elsewhere, France Dec industrial production also disappointed.

    • Interest rate decisions by central banks in Iceland and Poland were in line with expectations

    • Also, Jan new car registration data was released in Germany - KBA (2.8%) y/y, the UK - SMMT (2.5%) and Russia - AEB +9%. In the UK, the SMMT also released monthly data for light commercial vehicles, as well as forecasts for the new car and light commercial vehicles markets in 2025 and 2026.

    • M&A news flow included UPM Raflatac (UPM.FH) acquires Metamark for ~£146M (Enterprise Value) and Fevertree Drinks (FEVR.LN) completes issuance of 10.9M shares to Molson Coors (TAP) as part pf previously disclosed strategic partnership. Reportedly, CECONOMY (CEC.GR) sees renewed acquisition interest from JD.com (JD).

    • Earnings/updates included Pandora (PNDORA.DC) Q4 EPS DKK35.5 vs consensus DKK35.70, raises dividend +11% y/y, announces new share buyback, guides 2025, Swedish Orphan Biovitrum (SOBI.SS) Q4 EPS SEK4.03 vs FactSet SEK3.59 [9 est, SEK2.87-5.07], guides 2025, H. Lundbeck (HLYN.B.DC) Q4 EPS DKK1.36 ex-items vs StreetAccount DKK0.96, raises dividend +36% y/y, guides 2025 as well as DNB Bank (DNB.NO) Q4 net income attributable NOK12.18B vs consensus NOK9.51B. Also, Credit Agricole (ACA.FP) Q4 underlying net income €1.73B vs StreetAccount €1.37B, hikes divi by 5% and TotalEnergies (TTE.FP) Q4 adj net income $4.41B vs consensus $4.20B, hikes divi by 7% and announces $2B buybacks per quarter. In UK, SSE.LN (SSE) expects FY EPS between 154-163p ex-items vs FactSet 162.5p.

    • A couple of company's that saw share price declines as market participants began to dive deeper into updates provided yesterday were Kion Group (KGX.GR) down (4.3%) and TomTom (TOM2.NA) extended yesterday's sharp falls, declining a further (6.3%)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +2.20%, Real Estate +2.05%, Telecom +1.13%, Media +0.94%, Utilities +0.56%, Financial Svcs +0.47%

      • Underperformers:

        • Autos & Parts (1.12%), Food & Beverage (0.86%), Ind Goods & Svcs (0.28%), Chemicals (0.22%), Basic Resources (0.20%), Persnl & HHold Goods +0.04%, Construct & Mtls +0.08%, Insurance +0.10%, Retail +0.11%, Technology +0.15%, Travel & Leisure +0.19%, Banks +0.46%, Oil & Gas +0.47%

    • Macro/Peripheral markets:

      • ECB:

        • Lane speech at the Peterson Institute for International Economics (PIIE): A middle path for ECB monetary policy - release

        • de Guindos interview with Hospodárske Noviny - release

      • Geopolitics:

        • EU considers targeting US tech giants in response to Trump's tariff threats - FT

        • EU prepares tough response to Trump's tariff threats, but unity challenges loom - FT

        • Greenland calls 11-Mar elections as Arctic island fields US interest - Reuters

        • Ukraine ready for talks on war, but U.S., Europe must be there - Reuters

      • France:

        • PM Bayrou set to survive no-confidence votes, paving way for 2025 budget Bloomberg

      • Germany:

        • Merz's risky migration gambit threatens his path to German chancellorship - FT

      • Iceland:

        • Central bank cut its benchmark interest rate by (50bps) to 8.0% - Statement; economic forecasts

      • Poland:

        • Central bank kept its benchmark interest rate at 5.75%, as expected - release

      • UK:

        • OBR set to cut growth forecast, pressuring Reeves on budget choices - Telegraph; London Times

        • UK braces for ripple effect of Trump's global trade war - Telegraph

        • PM Starmer distances himself from US President's Gaza 'Riviera' plan - Politico

        • Some Labour MPs demand party has firmer stance on migration to counter Reform's Farage - i

    • Company news:

      • Notable Gainers

        • +32.5% QLINEA.SS (Q-linea) -- Ghent University publishes ASTar study results

        • +26.9% IKA.LN (Ilika) -- collaboration with UKBIC has successfully demonstrated its ability to scale key steps in the manufacturing of its Goliath battery

        • +21.1% NOD.NO (Nordic Semiconductor) -- Q4 net income ($3.9M) vs FactSet ($4.4M) [7 est, ($7.4)-(2.0M)], guides Q1 revenue $140-160M vs FactSet $121.6M [8 est, $110.8-132M]

        • +17.6% VLA.FP (Valneva) -- Receives Marketing Authorization in the UK for the World's First Chikungunya Vaccine

        • +17.5% STX.LN (Shield Therapeutics) -- preliminary FY revenue $29.3M vs FactSet $29.7M [3 est, $28-30.6M]

        • +14.1% ALIF.B.SS (AddLife) -- Q4 EPS SEK0.76 vs FactSet SEK1.38 [2 est, SEK1.25-1.50]

        • +12.8% BILI.A.SS (Bilia) -- Q4 EPS SEK2.10 vs FactSet SEK2.23 [3 est, SEK1.95-2.56]

        • +11.5% LOOMIS.SS (Loomis) -- Q4 EPS SEK5.88 vs FactSet SEK7.49 [4 est, SEK6.94-7.99]

        • +11.4% NORION.SS (Norion Bank) -- Q4 EPS SEK1.46 vs FactSet SEK1.32 [3 est, SEK1.29-1.35]; no divi and announces SEK500M buyback

        • +10.0% OBD.LN (Oxford BioDynamics) -- compelling results involving OBD's technology in a multi-centre study using blood to detect colorectal cancer published in journal Cancers

        • +8.8% FSJ.LN (James Fisher & Sons) -- guides FY underlying operating profit £26.9M vs FactSet £25.3M [4 est, £24.9-26.1M]

        • +8.4% VWS.DC (Vestas Wind Systems) -- Q4 net income €598M vs FactSet €474.5M [14 est, €429-532M], guides 2025 revenue between €18-20B, EBIT margin b.s.i. between 4-7%

        • +7.9% SAN.SM (Banco Santander) -- Q4 net income attributable €3.27B ex-items vs consensus €2.89B, announces a new share buyback program, provides 2025 targets

        • +7.5% GSK.LN (GSK) -- Q4 core EPS 23.2p vs consensus 20.5p; announces £2B buyback and guides FY25

        • +7.3% IOT.IM (SECO SpA) -- preliminary FY revenue €183.5M vs prior guidance > €180M and FactSet €183.3M [5 est, €180.5-185M]

        • +7.0% WRT1V.FH (Wartsila) -- Q4 EPS €0.27 vs consensus €0.23, provides outlook

        • +5.9% DOKA.SW (dormakaba Holding) -- expects to report a significant increase in H1 reported operating profit and net profit y/y

        • +5.0% ALTA.FP (Altarea) -- Paris Economic Activities Court rules Altarea did not proceed with any wrongful resolution regarding Primonial's claims for compensation

        • +4.6% GRI.LN (Grainger) -- Trading Update: for 4M to end of Jan-25 total net rental income +15%

        • +4.5% NOVO.B.DC (Novo Nordisk) -- Q4 EPS DKK6.34 vs consensus DKK5.96; hikes total div by 21% and guides FY25

        • +4.3% VATN.SW (Valiant Holding) -- FY net income CHF150.4M vs FactSet CHF146.5M [3 est, CHF145.1-148.3M] and expects consolidated profit to be slightly higher in the current year

        • +3.0% APTD.LN (Aptitude Software Group) -- FY revenue ~£70M vs year-ago £74.7M, CFO Mike Johns to step down

          • On earnings/updates: DNB.NO (DNB Bank), SHB.A.SS (Svenska Handelsbanken), ACA.FP (Credit Agricole), TTE.FP (TotalEnergies), SSE.LN (SSE), BC8.GR (Bechtle), FUTR.LN (Future), RYA.ID (Ryanair Holdings) and reversing initial declines VIT.B.SS (Vitec Software Group), ALHRG.FP (HERIGE), AZA.SS (Avanza Bank Holding), ALMB.DC (Alm. Brand), SF.SS (Stillfront Group)

      • Notable Decliners

        • -12.3% MELE.BB (Melexis) -- Q4 EPS €0.45 vs FactSet €0.73 [4 est, €0.69-0.79], guides Q1, H1 and H2 of 2025

        • -11.5% TOBII.SS (Tobii) -- to sell from hold at Handelsbanken

        • -10.2% MTRS.SS (Munters Group) -- Q4 EPS SEK0.89 vs FactSet SEK1.58 [4 est, SEK1.43-1.79]

        • -8.9% TYRES.FH (Nokian Renkaat) -- to accumulate from buy at OP Corporate Bank and at Inderes

        • -7.3% CLCO.NO (Cool Co.) -- to sell from hold at Pareto

        • -6.9% AAK.SS (AarhusKarlshamn) -- Q4 EPS SEK3.57 vs FactSet SEK3.52 [7 est, SEK3.38-3.62], raises dividend +35% y/y

        • -6.9% HUSQ.B.SS (Husqvarna)

          • Q4 EPS (SEK1.15) vs FactSet (SEK1.38) [6 est, (SEK2.08)-(1.09)]

          • announces strategic partnership with Flex, Ltd, divests South Carolina manufacturing operations; expects ~SEK350M 5 year cost savings

        • -6.7% DEMANT.DC (Demant) -- FY net income from cont. ops DKK2.89B vs FactSet DKK2.68B, guides 2025 organic growth +3-7%, EBIT DKK 4.50-4.90B vs FactSet DKK 4.42B, sees more than DKK 1.5B in share buy-backs

        • -5.6% RILBA.DC (Ringkjøbing Landbobank) -- Q4 net income DKK531M vs FactSet DKK554M [3 est, DKK553-555M]

        • -5.1% KESKOB.FH (Kesko) -- Q4 EPS €0.31 vs FactSet €0.30 [7 est, €0.29-0.31]

        • -4.7% GNC.LN (Greencore Group) -- new mid-term targets

        • -4.1% EQNR.NO (Equinor) -- Q4 adjusted net income $1.73B vs consensus $2.06B

        • -3.5% BERG.B.SS (Bergman & Beving) -- Q3 EPS SEK1.95 vs FactSet SEK2.50 [3 est, SEK2.09-3.27]

        • -3.3% ALFA.SS (Alfa Laval)

          • Q4 EPS SEK4.96 vs StreetAccount SEK5.55; hikes divi by 13% and guides Q1

          • to acquire NRG Marine to advance innovative anti-fouling technology; price not disclosed

        • -3.3% DCC.LN (DCC) -- Q3 adjusted operating profit broadly in line with prior year

          • On earnings/updates: ASSA.B.SS (Assa Abloy), BON.FP (Bonduelle), UPM.FH (UPM-Kymmene), EMBLA.DC (Embla Medical), PNDORA.DC (Pandora), SOBI.SS (Swedish Orphan Biovitrum), HLUN.B.DC (H. Lundbeck), JTC.LN (JTC), SAVE.SS (Nordnet), SPNO.DC (Spar Nord Bank) and reversing initial gains CTEK.SS (CTEK), AOM.LN (Activeops)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ING Groep (INGA.NA), ArcelorMittal (MT.NA)

        • DACHs: Siemens Healthineers (SHL.GR), Novem Group (NVM.GR), Aurubis (NDA.GR), Bastei Lubbe (BST.GR), Leonteq (LEON.SW), Swiss Prime Site (SPSN.SW)

        • Denmark: A.P. Moller-Maersk (MAERSK.B.DC), Orsted (ORSTED.DC), Carlsberg (CARL.B.DC), ROCKWOOL (ROCK.B.DC), Spar Nord Bank (SPNO.DC), GN Store Nord (GN.DC), Solar (SOLAR.B.DC),

        • Finland: Sampo (SAMPO.FH), Metsa (METSB.FH), Fiskars (FSKRS.FH), Nokian Renkaat (TYRES.FH), F-Secure (FSECURE.FH), Detection Technology (DETEC.FH), Verkkokauppa.com (VERK.FH)

        • France: L'Oreal (OR.FP), VINCI (DG.FP), Societe Generale (GLE.FP), Ayvens (AYV.FP), X-FAB Silicon Foundries (XFAB.FP)

        • Norway: Telenor (TEL.NO), Atea (ATEA.NO), DNO (DNO.NO), Odfjell (ODF.NO)

        • Southern Europe: Banca Popolare di Sondrio (BPSO.IM), Credito Emiliano (CE.IM), Logista (LOG.SM)

        • Sweden: Securitas (SECU.B.SS), Boliden (BOL.SS), Volvo Car (VOLCAR.B.SS), Mycronic (MYCR.SS), Pandox (PNDX.B.SS), Wallenstam (WALL.B.SS), Fabege (FABG.SS), Peab (PEAB.B.SS), Paradox Interactive (PDX.SS), Bufab (BUFAB.SS), New Wave (NEWA.B.SS), Mips (MIPS.SS), Modern Times Group MTG (MTG.B.SS), Beijer Alma (BEIA.B.SS), Attendo (ATT.SS), AcadeMedia (ACAD.SS), MilDef Group (MILDEF.SS), Scandi Standard (SCST.SS), CellaVision (CEVI.SS), Rejlers (REJL.B.SS), XANO Industri (XANO.B.SS), Coor Service Management Holding (COOR.SS), Hansa Biopharma (HNSA.SS), Bredband2 i Skandinavien (BRE2.SS), Humana (HUM.SS), Rottneros (RROS.SS), Bactiguard (BACTI.B.SS), Pricer (PRIC.B.SS), Nelly Group (NELLY.SS), Fractal Gaming (FRATCL.SS), RugVista (RUG.SS)

        • UK: AstraZeneca (AZN.LN)

      • Trading Update: Compass Group (CPG.LN), Anglo American (AAL.LN), KION GROUP (KGX.GR), Equasens (EQS.FP), Guerbet (GBT.FP), Wallix Group (ALLIX.FP)

      • Traffic: Norwegian Air Shuttle (NAS.NO), Finnair (FIA1S.FH)

  • Data:

    • Economics:

      • Jan Services PMI

        • Sweden 50.1 vs consensus 51.2, prior revised 51.2 from 51.4

        • Spain 54.9 vs consensus 56.8, prior 57.3

        • Italy 50.4 vs consensus 50.5, prior 50.7

        • France 48.2 vs preliminary 48.9

        • Germany 52.5 vs preliminary 52.5

        • Eurozone 51.3 vs preliminary 51.4

        • UK 50.8 vs preliminary 51.2

      • Italy Dec retail sales +0.6% y/y vs consensus +1.4%, prior +1.1%; +0.6% m/m vs consensus +0.1%, prior (0.4%)

      • France Dec industrial production (0.4%) m/m vs consensus (0.1%), prior revised +0.1% from +0.2%

      • Eurozone Dec PPI 0.0% y/y vs consensus +0.1%, prior (1.2%); +0.4% m/m vs consensus +0.4%, prior +1.6%

    • Markets:

      • WTI Crude (Mar 25): ($1.54) or (2.12%) to $71.16

      • €-$ +0.0042 or +0.41% to 1.0422

      • £-$ +0.0037 or +0.29% to 1.2517

      • €-£ +0.0008 to 0.8325

      • S&P 500 (0.05%)

      • Performance year-to-date:

        • FTSE 100: +5.51%

        • DAX: +8.42%

        • CAC: +6.92%

        • MIB: +7.01%

        • Stoxx 600: +6.10%

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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