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StreetAccount Summary - EU Market Recap: FTSE 100 +0.77% to 8767.80, DAX +0.57% to 21911.74, CAC40 +0.42% to 8006.22, STOXX 600 +0.58% to 545.92

Feb 10 ,2025

  • Synopsis:

    • European equity markets ended broadly higher Monday with several of the region's indices at or near record highs. Follows seventh week of gains for Stoxx Europe 600 last week. Gold (Apr 25) +1.58% to $2933.30, a fresh record high driven by tariff uncertainty, China's institutional demand. In oil markets, WTI (March) was up 1.6% to $72.15 and Brent (April) was up 1.4% to $75.69. Crude was higher after registering its third consecutive weekly loss on Friday, its longest losing streak since September. Energy super sector best performer today. BP (BP.LN) shares jumped over 7% following reports over the weekend that Elliott has taken a "significant" stake in the company, and that that the activist is trying to get BP to consider transformative measures. News comes ahead of bp's results tomorrow and the much awaited key strategic update on 26-Feb.

    • Tariffs returned as the dominant theme after Trump's latest rhetoric. Flagged that he will announce 25% tariffs on all aluminum and steel imports on Monday with separate reciprocal duties on countries that tax US to come in the next couple of days though did not specify which countries would be targeted. Followed German Chancellor Scholz remarks in a pre-election debate that Europe is prepared to respond "within an hour" if US imposes tariffs against EU. Earlier, Trump suspended the revocation of de-minimis exemptions. While 10% incremental tariffs on China have been implemented, an administration official said they could be paused if meaningful headway on fentanyl is seen before Trump and Chinese President Xi speak, which is expected soon.

    • In European macro developments, survey from KPMG/REC said UK vacancies the weakest since August 2020 and pay growth weakened. Eurozone Sentix investor confidence survey improved in February to -12.7 versus consensus -16.3 and prior 17.7. Reading at highest level since July. While it is still in negative territory, investor morale has improved on expectations of ECB rate cut, more encouraging inflation outlook, optimism over German political outlook and better global picture. Current conditions indicator improved by four points, though remained deep in negative territory at -25.5, while expectations index rose six points to +1.0, which was the highest since July 2024. Germany had first of two televised election debates ahead of 23-Feb election. Press said it was unlikely to change outcome of election. French President Macron is set to announce €109B in investment in AI by companies, funds and other sources over coming years on two-day summit. Elsewhere, Trump said he spoke with Putin about ending Ukraine war. On macro data front overseas, China inflation data were mixed with CPI accelerating marginally above consensus while PPI lagged.

    • Among stocks in focus, Nokia (NOKIA.FH) strategic shift towards network infrastructure is expected to gain some momentum with the announcement of Justin Hotard's appointment as CEO, succeeding Pekka Lundmark after (almost) five years. Hotard currently leads the Data Center & AI Group at Intel. This move, anticipated by several media updates, might signal a departure from mobile networks. Hotard's US nationality is also viewed favourably, likely opening doors to new partnerships and market presence in North America. Telecom Italia (TIT.IM ) back under the M&A spotlight; Sources told Sole24Ore that Iliad is studying a consolidation operation looking at the whole of Tim, but it has no intention of breaking the company up and has no layoffs in sight. Separatley, Reuters cited sources saying Poste Italiane was studying potential investment in Telecom Italia. In Germany, local press reported that BASF (BAS.GR) launched a two-stage plan to sell paints business.

    • Looking ahead to tomorrow, a busier session for earnings/updates with the likes of Unicredit (UCG.IM), SGS (SGSN.SW), Stora Enso (STERV.FH), and Kering (KER.FP) among those reporting.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.41%, Technology +1.24%, Real Estate +1.19%, Retail +1.17%, Ind Goods & Svcs +1.10%, Autos & Parts +1.02%, Media +0.93%, Consumer Products and Services +0.76%, Insurance +0.65%

      • Underperformers:

        • Travel & Leisure (0.10%), Banks (0.05%), Health Care +0.14%, Food, Beverage and Tobacco +0.15%, Construct & Mtls +0.23%, Chemicals +0.31%, Utilities +0.39%, Basic Resources +0.40%, Personal Care Drug and Grocery Stores +0.40%, Financial Svcs +0.50%

    • Macro:

      • ECB

        • Speech by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament - link

      • Geopolitics & Trade

        • Trump's Russia-Ukraine envoy preparing options to end Ukraine war -- Semafor

        • Trump's tariffs spur economic uncertainty, impact on inflation less clear, ECB's de Guindos says -- Reuters

        • EU companies brace for impact as Trump's tariff threats loom - FT

        • Statement by the European Commission on potential imposition of US tariffs on EU steel and aluminium - release

      • UK

        • ​​Justin Trudeau's not the only Canadian pushing for a UK trade deal - POLITICO

        • UK job market faces toughest conditions since pandemic as budget impact lingers - FT

        • KPMG and REC, UK Report on Jobs - S&P Global

        • Budget tax hikes and financial gloom 'acting as brakes' on employment - Sky News

      • France

        • French PM François Bayrou survives another no-confidence vote over social security budget - France24

        • Macron unveils €109B AI investment plan, rivalling global competitors - EurActiv

    • Company news:

      • Notable Gainers

        • +10.7% ALCAR.FP (Carmat €0.89, +0.09) -- milestone of 100 implants of its Aeson Total Artificial Heart

        • +7.7% TLGO.SM (Talgo €4.19, +0.30) -- potential acquisition offer by PFR

        • +7.4% BP.LN (BP £4.63, +0.32) -- reports of Elliott taking "significant" stake

        • +5.7% CCC.SS (Cavotec SEK19.45, +1.05) -- multi-million euro order

        • +4.7% ITV.LN (ITV £0.77, +0.03) -- ITV shareholders support management plans to explore deal for production arm amid talks with Redbird IMI - FT

        • +3.8% DRX.LN (Drax Group £6.54, +0.24) -- UK Gov. 4-year low-carbon dispatchable CfD agreement

        • +3.1% BGN.IM (Banca Generali €0.00, +1.54) -- Q4 earnings

        • +2.9% CLA.B.SS (Cloetta SEK28.58, +0.80) -- not to proceed with greenfield plant project

        • +2.6% MEKKO.FH (Marimekko €11.90, +0.30) -- Nordea upgrade

        • +2.3% CAST.SS (Castellum AB SEK122.65, +2.70) -- Dagens Industri buy recommendation

        • +2.3% SDIP.B.SS (Sdiptech SEK227.40, +5.20) -- acquires Phase 3 Connectors Ltd

        • +2.1% SKIS.B.SS (SkiStar SEK177.00, +3.60) -- initiated buy at ABG Sundal Collier

        • +2.1% BALD.B.SS (Fastighets Balder SEK81.56, +1.66) -- Pareto upgrade

        • +2.0% SVIK.SS (Studsvik SEK134.00, +2.60) -- Q4 earnings; completes acquisition of BlackStarTech product line from Constellation

        • +1.5% TIT.IM (Telecom Italia €0.00, -0.00) -- Poste Italiane studying potential investment in Telecom Italia -- Reuters, citing sources

        • +1.1% VCT.LN (Victrex £9.80, +0.11) -- Deutsche Numis upgrade

        • +0.2% BOOZT.SS (Boozt Fashion SEK134.00, +0.30) -- SEB downgrade

        • +0.2% ULVR.LN (Unilever £0.00, +0.10) -- nearing GBP230M deal for cosmetics brand Wild - Sky News

      • Notable Decliners

        • -6.9% NRC.NO (NRC Group NOK4.12, -0.31) -- initiates legal proceedings against Bane NOR regarding the Electrification of Trønder and Meråkerbanen

        • -6.1% OMASP.FH (Oma Savings Bank €10.54, -0.68) -- FY earnings

        • -5.7% ECR.SM (Ercros €3.30, -0.20) -- Spain CNMC to commence phase 2 investigation in relation to Esseco Industrial S.p.A. tender offer

        • -4.0% GTT.FP (Gaztransport & Technigaz €138.80, -5.80) -- CEO resignation and Elogen's strategic review result; Portzamparc downgrade

        • -3.7% MRK.GR (Merck KGaA €0.00, -5.20) -- Springworks Therapeutics trading higher; in advanced discussions for possible acquisition by Merck KGaA (MRK.GR) - Reuters citing sources

        • -3.5% IAG.LN (International Consolidated Airlines Group £3.56, -0.13) -- Goldman Sachs downgrade

        • -3.4% FAG.SS (Fagerhult Group SEK51.50, -1.80) -- Nordea downgrade

        • -2.7% SWEC.B.SS (Sweco SEK186.50, -5.10) -- Carnegie Securities downgrade

        • -2.6% ROCK.B.DC (Rockwool DKK2,660.00, -72.00) -- UBS downgrade

        • -2.5% NCC.B.SS (NCC SEK178.80, -4.60) -- Q4 earnings; strategic review of NCC Industry business area

        • -1.3% FEVR.LN (Fevertree Drinks £7.08, -0.09) -- Deutsche Numis downgrade

        • -0.7% IF.IM (Banca Ifis €0.00, -0.14) -- FY earnings

        • -0.2% SANN1.SW (Santhera Pharmaceuticals Holding CHF16.48, -0.04) -- CFO resignation

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Telekom Austria (TKA.AV), EuroTeleSites (ETS.AV)

        • Belgium: Barco (BAR.BB)

        • Finland: Fortum (FORTUM.FH), Stora Enso (STERV.FH), Kemira (KEMIRA.FH), Sanoma (SANOMA.FH), Musti Group (MUSTI.FH), Olvi (OLVAS.FH)

        • France: Kering (KER.FP), Metropole Television (MMT.FP), EUROAPI (EAPI.FP)

        • Germany: Deutsche Borse (DB1.GR), CECONOMY (CEC.GR)

        • Italy: UniCredit (UCG.IM), Cementir Holding (CEM.IM)

        • Netherlands: Wereldhave (WHA.NA)

        • Norway: Var Energi (VAR.NO), Aker Solutions (AKSO.NO), Elopak (ELO.NO), Multiconsult (MULTI.NO), Salmon Evolution (SALME.NO), Nordic Mining (NOM.NO), Hexagon Purus (HPUR.NO)

        • Sweden: Investment AB Latour (LATO.B.SS), Wihlborgs Fastigheter (WIHL.SS), Bravida Holding (BRAV.SS), Fenix Outdoor International (FOI.B.SS), Sdiptech (SDIP.B.SS), Duni (DUNI.SS), HANZA (HANZA.SS), Proact IT Group (PACT.SS),Svedbergs Group (SVED.B.SS), Fasadgruppen Group (FG.SS), I.A.R. Systems Group (IAR.B.SS), Prevas (PREV.B.SS)

        • Switzerland: SGS (SGSN.SW), ams-OSRAM (AMS.SW)

        • UK: BP (BP.LN), TUI (TUI.LN), Dunelm Group (DNLM.LN), MJ Gleeson (GLE.LN)

      • Trading Update: Assystem (ASY.FP), Claranova (CLA.FP), Haulotte Group (PIG.FP), S&U (SUS.LN)

      • CMD/events: Pershing Square Holdings (PSH.LN), Var Energi (VAR.NO)

  • Data:

    • Economics:

      • Netherlands Dec Manufacturing Production (1.0%) m/m vs consensus +0.5% and prior revised +1.2% from +1.3%

      • Denmark

        • Jan CPI +1.5% y/y vs consensus +1.5% and prior +1.9%

        • Dec Trade Balance DKK45.8B vs consensus DKK36.4B and prior revised DKK33.5M from DDK39.6B

      • Norway

        • Jan CPI +2.3% y/y vs consensus +2.0% and prior +2.2%

        • Jan PPI +18.1% y/y vs consensus +7.0% and prior +9.3%

      • Sweden Dec Industrial Production +9.0% y/y vs consensus +1.8% and prior +2.6%

      • Eurozone Feb Sentix Economic Index (12.7) vs consensus (16.4) and prior (17.7)

    • Markets:

      • WTI Crude (Mar 25): +$1.21 or +1.70% to $72.21

      • €-$ +0.0014 or +0.14% to 1.0312

      • £-$ +0.0009 or +0.07% to 1.2385

      • €-£ +0.0005 to 0.8327

      • S&P 500 +0.56%

      • Performance year-to-date

        • FTSE 100: +7.28%

        • DAX: +10.06%

        • CAC: +8.47%

        • MIB: +8.94%

        • Stoxx 600: +7.55%

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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