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StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX +0.1%, CAC +0.2%, IBEX +0.1%, MIB +0.1%

Feb 10 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, extending last week's gains. European equity markets ended higher for the seventh consecutive week with fresh record highs for the Stoxx Europe 600, the UK's FTSE 100, the German DAX, Italy's FTSE MIB and Spain's IBEX. Banks, Basic Resources and Construction/Materials were among the best performing sectors. Last week's main headlines included the BoE cutting rates for the third time in its cycle by 25 bps to 4.5% (surprise was a dovish vote split), French PM Bayrou successfully pushing through his 2025 budget using Article 49 and survived a no-confidence vote after support from the far right and also details of Trump's Ukraine peace plan circulated with speculation it could include a ceasefire by Easter.

    • Asia equities trading mixed Monday. 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.

    • China inflation data were mixed with CPI accelerating marginally above consensus while PPI lagged. CPI strength attributed mainly to LNY effects and did not dispel deflation concerns. Impact was largely muted.

    • The week ahead in Europe sees OPEC/IEA monthly oil market reports, Munich Security conf, Q4 preliminary GDPs and Jan CPI's from across the region as well as earnings/updates from the likes of EssilorLuxottica (EL.FP), Hermes International (RMS.FP), Kering (KER.FP), Nestle (NESN.SW), Safran (SAF.FP), Siemens (SIE.GR) and Unilever (ULVR.LN)

    • Focus on BP (BP.LN) this morning 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.

    • European macro data releases out today include Norway Jan CPI, Sweden Dec industrial production, Denmark Jan CPI, Dec trade balance, Netherlands Dec manufacturing production, Eurozone Feb investor confidence - Sentix

    • In German politics, CDU's Friedrich Merz and the SPD's Olaf Scholz faced off on Sunday evening in the first major debate two weeks ahead of the German Bundestag election (Reuters , POLITICO, DW ). POLITICO writes that Scholz and Merz tore into each other over migration, the economy and how to handle U.S. President Donald Trump. ING Think writes that the first and only live tv debate between Scholz and Merz is unlikely to significantly have moved the needle in the election campaign. Tone and content leave the door open for another grand coalition after the elections, even though coalition talks are likely to be complicated.

    • In central banks, BOE's Mills speech at 9:30GMT at Chair/CEO/INEDs Roundtable for UK Financial Market Infrastructure firms. ECB's Lagarde in EP plenary debate at 17:00CET on ECB Annual Report 2024. Bundesbank's Balz speech at 17:00CET at bank's regional office in Baden-Württemberg.

    • Also on today's agenda: Artificial Intelligence (AI) Action Summit (through Tue), EU's von der Leyen, Séjourné and Virkkunen among the speakers/participants. Also, Chancellor Scholz attends summit as well as participates in a dinner for the heads of state and government of the EU. Informal meeting of EU ministers for development (through Tue)

  • Politics/Macro/World News

    • Trump says he'll impose 25 percent tariffs on steel, aluminum -- POLITICO

    • EU will offer to cut tariffs on US car imports as part of a deal to avoid a trade war -- FT

    • UK recruiters say toughest conditions in jobs market since Covid -- FT

    • France to Announce €109 Billion in Fresh AI Investments -- BBG

  • Top company news

    • Earnings/updates

      • BNOR.NO (BlueNord) -- reports Jan preliminary production 29.4 mboepd net to BlueNord

      • HAUTO.NO (Höegh Autoliners) -- Jan trading update: transported 1.1M cbm of cargo on prorated basis

      • NCC.B.SS (NCC) -- reports Q4 EPS SEK7.37 vs FactSet SEK7.62 [5 est, SEK5.49-8.61], to undertake a strategic review of NCC Industry business area

      • Also reporting today

        • Earnings:

          • Benelux: NX Filtration (NXFIL.NA)

          • DACHs: All for One Group (A1OS.GR)

          • Nordics: Studsvik (SVIK.SS), Industrivarden (INDU.A.SS), Balco Group (BALCO.SS), Oma Saastopankki (OMASP.FH)

          • Southern Europe: Mediobanca (MB.IM), Banca Generali (BGN.IM), Banca IFIS (IF.IM), illimity Bank (ILTY.IM)

          • UK: Porvair (PRV.LN)

        • Trading Update: Waga Energy (WAGA.FP)

    • M&A

      • RI.FP (Pernod Ricard) -- exploring sale of G.H. Mumm brand - Reuters

      • BP.LN (BP)

        • BP.LN (BP) -- Elliott takes "significant" stake in BP - Bloomberg

        • Lightsource bp's A$800M (£403.9M) sale of portfolio of renewable assets to Beijing Energy close to collapse - Australian Financial Review

      • BAS.GR (BASF SE) -- BASF launches two-stage plan to sell paints business - FAZ

      • ITV.LN (ITV) -- shareholders support management plans to explore deal for production arm amid talks with Redbird IMI - FT

      • TIT.IM (Telecom Italia) -- Iliad interested in Telecom Italia; no intention of breaking up and and layoffs -- Sole24Ore (post-close 7-Oct)

      • NETC.DC (Netcompany Group) --- Netcompany Group, SDC A/S to merge into combined company fully owned by Netcompany; deal cash consideration at closing of DKK 1B

      • RNO.FP (Renault) -- again speaking about selling its Nissan Motor stake to Foxconn - FT

      • MTRS.SS (Munters Group) -- to sell FoodTech Equipment offering to GPT for €97.5M (SEK1.1B)

      • EU clears EQT and GIC's acquisition of a majority stake in Calisen

      • Four parties put in first-round bids for Zenith Energy - Australian Financial Review

      • Elon Musk said he was not interested in buying TikTok at a conference last month - Bloomberg

      • Honda Motor also intends to terminate merger talks with Nissan Motor - Mainichi

    • Healthcare

      • ABBV (AbbVie) -- U.S. FDA approves EMBLAVEO (aztreonam and avibactam) for the treatment of adults with complicated intra-abdominal infections with limited or no treatment options

      • REGN (Regeneron) -- announces three-year (156-week) results for EYLEA HD (aflibercept) Injection 8 mg in patients with wAMD

      • REGN (Regeneron) -- presents results from Phase 3 QUASAR trial of ELYEA HD

      • SANN.SW (Santhera Pharmaceuticals Holding) -- CFO Andrew Smith to step down; appoints Catherine Isted as CFO effective 24-Feb

      • COPN.SW (Cosmo Pharmaceuticals) -- and Glenmark announces UK MHRA approval of Winlevi for treatment of acne

      • 532296.IN (Glenmark Pharmaceuticals) -- receives UK MHRA approval of Winlevi for treatment of acne

    • Other

      • NOKIA.FH (Nokia) -- President and CEO Pekka Lundmark to step down; appoints Justin Hotard as next President and CEO

      • ABI.BB (Anheuser-Busch InBev) -- SEC filing: SCHEDULE 13D/A (Filed by ALTRIA GROUP, INC.)

      • AIR.FP (Airbus SE) -- Airbus to delay plans to develop hydrogen-powered commercial aircraft by 2035 - AFP (7-Feb)

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce awarded $167.4M US Navy contract

      • BMW.GR (Bayerische Motoren Werke) -- BMW to continue to invest in combustion engine and hybrid technology parallel to EVs - FT, citing board member

      • TTE.FP (TotalEnergies) -- urges EU to seek long-term LNG deal with US, but says the company is prepared to help sell more US LNG to Europe - FT, citing CEO

      • LGEN.LN (Legal & General Group) -- John Kingman likely to retire as Legal & General Group chairman at 2026 annual meeting - Sky News

      • WIE.AV (Wienerberger) -- completes 1.1M share buyback

      • PROX.BB (Proximus) -- CEO Guillaume Boutin to leave Proximus by mid-May to join Vodafone as CEO Vodafone Investments & Strategy

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- secures two 4D streamer contracts offshore Norway

      • Estimated weekend box office revenues in US, Canada $53.0M, +43.1% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • BALD.B.SS (Fastighets Balder) -- to buy from hold at Pareto

      • VCT.LN (Victrex) -- to buy from hold at Deutsche Numis

      • SAAB.B.SS (Saab) -- to buy from hold at SEB, to hold from sell at ABG Sundal Collier

      • SXS.LN (Spectris) -- to overweight from neutral at JPMorgan

    • Downgrades

      • IAG.LN (International Consolidated Airlines Group) -- to neutral from buy at Goldman Sachs

      • P911.GR (Porsche) -- to hold from buy at Kepler Cheuvreux

      • FEVR.LN (Fevertree Drinks) -- to hold from buy at Deutsche Numis

      • ROCK.B.DC (Rockwool) -- to sell from neutral at UBS

      • ADEN.SW (Adecco Group) -- to hold from buy at Deutsche Bank

      • ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- to neutral from outperform at Santander

      • PNN.LN (Pennon Group) -- to neutral from overweight at JPMorgan

      • OMV.AV (OMV) -- to hold from buy at HSBC

      • OUT1V.FH (Outokumpu) -- to hold from buy at Carnegie Securities

      • P911.GR (Porsche) -- to hold from buy at Berenberg, to neutral from outperform at Santander

      • SWEC.B.SS (Sweco) -- to hold from buy at Carnegie Securities

      • KOG.NO (Kongsberg Gruppen) -- to hold from buy at Pareto

      • BOOZT.SS (Boozt Fashion) -- to hold from buy at SEB

  • Data

    • Nikkei +0.04% to 38801.17

    • Hang Seng +1.67% to 21485.76

    • Shanghai Composite +0.55% to 3321.72

    • S&P futures +14.5 vs prior close of 6049.5

    • €-$ +0.0021 or +0.20% to 1.0318

    • $-¥ +0.61 or +0.40% to 151.90

    • €-¥ +0.96 or +0.62% to 156.75

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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