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StreetAccount Summary - EU Market Recap: FTSE 100 +0.34% to 8807.44, DAX +0.50% to 22148.03, CAC40 +0.17% to 8042.19, STOXX 600 +0.11% to 547.78

Feb 12 ,2025

  • Synopsis:

    • European equity markets ended mixed to higher. Belgium and Spain both up +1.0% followed by Greece +0.9% led the outperformers whilst Norway (1.7%) and Denmark (0.8%) led the laggards.

    • Afternoon weakness in Europe driven by hotter US January CPI print than expected, which adds more support for Fed pause and sparking latest rate and dollar headwinds. Also continues to wait for more colour on Trump's reciprocal tariffs (big issue for markets may revolve around whether Trump also focuses on non-tariff barriers to trade like VAT).

    • EU trade ministers hold a video conference today to discuss response to Trump steel and alumium tariffs, although impact seen limited. Meanwhile, survey by the British Chamber of Commerce showed 28% of manufacturing exporters thought the introduction of tariffs on goods entering the US would have a significant impact versus 34% who expected a slight effect and 31% who said no impact.

    • Quiet macro calendar in Europe, with Italy Dec Industrial Production at (3.1%) m/m vs consensus (0.2%) and prior +0.3%. In the UK, press reports said UK Chancellor Reeves' fiscal headroom was wiped out in preliminary OBR forecast ahead of 26-Mar fiscal update. Survey from EY-Parthenon showed firms upbeat on UK economy despite downbeat narrative. Also, Handelsblatt discussed increased appetite from German firms to buy US companies. Elsewhere, France is pushing EU to declare 15 key chemical compounds as strategic to halt decline in chemical industry.

    • A busy day for earnings, Benelux names releasing earnings updates included Ahold Delhaize (AD.NA), Randstad (RAND.NA) and Heineken (HEIA.NA) reporting final year numbers with the latter hiking dividend by +7.5%, announcing €1.5B buyback and issuing guidance for FY25. In DACHs region, Siemens Energy (ENR.GR), Deutsche Börse (DB1.GR), DKSH Holding (DKSH.SW), Schindler Holding (SCHN.SW) and Jenoptik (JEN.GR) issued Q4/FY earnings. In Nordics, Aker BP (AKRBP.NO), Mowi (MOWI.NO), Wallenius Wilhelmsen (WAWI.NO) and Storebrand (STB.NO) issued Q4 earnings. In Italy, Banco BPM (BAMI.IM) reported FY earnings and released its strategic plan to 2027. In the UK, EnQuest (ENQ.LN), TBC Bank Group (TBCG.LN), Barratt Redrow (BTRW.LN) are amongst other in the region that updated investors with their latest numbers.

    • On M&A front, Banco BPM (BAMI.IM) calls shareholder meeting on 28-Feb to approve increased offer for Anima Holding SpA (ANIM.IM) to €7.00/share. In Germany, Reuters reported that Commerzbank (CBK.IM) is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by UniCredit (UCG.IM). Elsewhere, Hon Hai Precision Industry is looking to acquire Renault's (RNO.FP) shares in Nissan.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Food & Beverage +1.09%, Retail +0.98%, Banks +0.89%, Chemicals +0.86%, Travel & Leisure +0.73%, Telecom +0.59%, Media +0.44%, Autos & Parts +0.36%, Insurance +0.29%, Persnl & HHold Goods +0.26%, Oil & Gas +0.21%, Basic Resources +0.20%, Technology +0.12%

      • Underperformers

        • Utilities (1.09%), Real Estate(0.79%), Financial Svcs (0.26%), Health Care (0.26%), Ind Goods & Svcs (0.22%), Construct & Mtls (0.18%)

    • Macro/Peripheral markets:

      • EU

        • EU 'completely overshooting' on green rules, Siemens Energy boss warns - FT

        • EU Commission sets out the road to the next EU long-term budget - release

        • EU Commission adopts its 2025 work program - release

        • Canada-European Union Leaders' Meeting - release; statement

      • Geopolitics

        • Zelenskiy seeks Trump's support with investment offers, warns of risks without US aid - Guardian

        • Zelenskiy proposes land swap with Russia in bid for peace amid US push for negotiations - LeMonde

        • EU-US tensions ease as von der Leyen and Vance signal openness to trade negotiations - FT

      • ECB

        • ECB's Holzmann says has to be careful on rate cuts due to inflation risk - CNBC

      • UK

        • NIESR published its outlook for the UK and expects growth to pick-up in the second half of the year after a subdued first two quarters

        • UK economic forecasts to force Chancellor Reeves into spending cuts - Bloomberg

        • Government welcomes multibillion-pound Heathrow investment expected to secure thousands of steel jobs - release

        • Heathrow clears for take-off a multi-billion-pound plan to upgrade and expand UK's Gateway to Growth - release

        • Heathrow sees third runway by 2035 with no public money needed - Sky

      • France

        • French economy set to return to growth in Q1 as service sector activity rebounds - Reuters

      • Austria

        • Austria's coalition talks collapse as far right gives up - Politico

      • Greece

      • Norway

        • Ministry of Climate and Environment commissions the Norwegian Maritime Authority and the Norwegian Environment Agency to work out climate requirements for offshore vessels in petroleum operations - release

    • Company news:

      • Notable Gainers

        • +26.5% TRAD.SS (Tradedoubler SEK4.68, +0.98) -- earnings

        • +18.8% KEMPOWR.FH (Kempower €11.58, +1.84) -- reports Q4 EPS €0.01 vs FactSet €0.02 [4 est, (€0.01)-0.06]

        • +15.7% EXA.FP (Exail Technologies €22.85, +3.10) -- awarded contract worth several hundred million euros by a navy for the supply of several autonomous drone systems for underwater mine warfare

        • +14.3% HEIA.NA (Heineken €77.70, +9.74) -- reports FY EPS (beia) €4.89 vs consensus €4.62; hikes divi by +7.5%, announces €1.5B buyback and guides FY25

        • +13.6% ANORA.FH (Anora Group €3.10, +0.37) -- earnings

        • +13.0% LIME.SS (Lime Technologies SEK366.00, +42.00) -- earnings

        • +12.5% STORY.B.SS (Storytel SEK93.05, +10.35) -- reports FY net income SEK196.7M vs FactSet SEK144.1M

        • +8.8% WITH.FH (WithSecure €0.89, +0.07) -- reports Q4 EPS (€0.08) vs FactSet (€0.02) [5 est, (€0.07)-0.01]

        • +8.7% CAT.B.SS (Catella SEK28.75, +2.30) -- earnings

        • +8.3% ABN.NA (ABN AMRO Bank €17.88, +1.37) -- reports Q4 net income €397M vs consensus €433M

        • +8.3% TBCG.LN (TBC Bank Group £40.00, +3.05) -- earnings

        • +7.8% NOHO.FH (NoHo Partners €8.80, +0.64) -- earnings

        • +7.6% REMEDY.FH (Remedy Entertainment €13.92, +0.98) -- earnings

        • +7.4% PIHLIS.FH (Pihlajalinna €11.60, +0.80) -- reports Q4 EPS €0.38 vs FactSet €0.33 [5 est, €0.28-0.36]

        • +6.0% VBK.GR (Verbio €9.82, +0.56) -- reports Q2 EBITDA €20.8M vs FactSet €7.2M [1 est]

        • +5.4% AMBEA.SS (Ambea AB SEK107.30, +5.50) -- buyback up to 2M own shares

          • reports Q4 EPS SEK1.75 vs FactSet SEK1.83 [2 est, SEK1.55-2.11]

      • +5.1% INDV.LN (Indivior £8.03, +0.39) -- delayed FDA approval of SUBLOCADE label changes

      • +5.0% PRFO.SS (Profoto Holding SEK41.90, +2.00) -- earnings

      • +4.9% BTRW.LN (Barratt Redrow £4.59, +0.22) -- launches share buyback programme of up to £50M

        • reports H1 EPS 12.0p ex-items vs year-ago 11.8p; hikes divi by 25%; solid start to H2; FY adj. PBT, before impact of PPA now expected to be at the upper end of market expectations

      • +4.9% ENR.GR (Siemens Energy €60.08, +2.82) -- reports Q1 EPS €0.23 vs FactSet €0.18 [6 est, €0.05-0.27]

      • +4.8% SATS.NO (SATS ASA NOK29.60, +1.35) -- Q4 EPS NOK0.37 vs FactSet NOK0.31 [3 est, NOK0.30-0.32]; to initiate the first share buyback program in 2025 with a maximum consideration of NOK 100M

      • +4.4% TMV.GR (TeamViewer €12.36, +0.52) -- reports Q4 adjusted EBITDA €83.0M vs FactSet €81.6M [3 est, €80-82.5M]

      • +4.1% TOM2.NA (TomTom €4.16, +0.16) -- co-founders Harold Goddijn CEO and Corinne Vigreux CMO to acquire €10M worth of shares

      • +3.9% TLGO.SM (Talgo €4.30, +0.16) -- Polish Development Fund's offer for Talgo may exceed €5/share - Dziennik Gazeta Prawna, citing sources

      • +3.7% ENQ.LN (EnQuest £0.12, -0.00) -- February Operations Update: 2024 average production of 40,736 Boepd vs prior guidance slightly below 41,000-45,000 Kboepd range

      • +3.5% OVS.IM (OVS €3.64, +0.12) -- reports preliminary Q4 revenue growth ~+4% y/y vs FactSet +2.6%

      • +3.5% TKA.AV (Telekom Austria €8.50, +0.29) -- reports Q4 net income €185M vs consensus €135M; proposes 11% dividend increase

      • +3.4% TPE.GR (PVA TePla €13.82, +0.45) -- reports preliminary FY adjusted EBITDA €48M vs FactSet €46.7M [11 est, €44.5-48M] and within forecast range of €47-51M

      • +3.2% XSPRAY.SS (Xspray Pharma SEK32.10, +1.00) -- earnings

    • Notable Decliners

      • -18.9% C3RY.GR (Cherry €0.77, -0.18) -- announces preliminary figures for FY 2024, figures below last forecast

        • to discontinue quarterly forecasts

      • -14.7% NWL.IM (Newlat Food €11.66, -2.02) -- holder Newlat Group places 3M shares at €12.00/share through Equita SIM

      • -12.2% AFX.GR (Carl Zeiss Meditec €51.35, -7.15) -- reports Q1 EPS €0.36 ex-items vs FactSet €0.29 [6 est, €0.22-0.42]

      • -11.1% NNIT.DC (NNIT DKK78.30, -9.80) -- prelim earnings; ABG Sundal Collier downgrade

      • -9.3% STB.NO (Storebrand NOK124.40, -12.70) -- reports Q4 cash EPS NOK1.66 vs consensus NOK2.05; hikes divi by 15%

      • -8.5% SITOWS.FH (Sitowise Group €2.47, -0.23) -- earnings

      • -8.3% HDD.GR (Heidelberger Druckmaschinen €1.09, -0.10) -- reports Q3 Net income (€7M) vs FactSet (€7.6M) [2 est, (€8.2)-(6.9M)]; FY forecast confirmed

      • -7.6% AGAS.NO (Avance Gas Holding NOK80.50, -6.60) -- reports Q4 adjusted EPS $0.18 vs FactSet $0.22 [3 est, $0.21-0.23]

      • -7.3% NAVA.NO (Navamedic NOK23.00, -1.80) -- earnings

      • -6.9% ENTRA.NO (Entra ASA NOK110.00, -8.20) -- reports Q4 EPRA NTA NOK160 vs year-ago NOK165; no divi for FY24

      • -6.8% ORRON.SS (Orrön Energy SEK5.97, -0.43) -- reports Q4 EPS (€0.02) vs FactSet (€0.01) [1 est]

      • -6.4% BIOBV.FH (Biohit €3.09, -0.21) -- earnings

      • -6.1% RAND.NA (Randstad €38.89, -2.52) -- reports Q4 underlying EPS €0.23 vs consensus €0.73

      • -5.8% ELK.NO (Elkem NOK21.24, -1.30) -- reports Q4 EPS (NOK0.03) vs FactSet NOK0.27 [5 est, NOK0.16-0.47]

      • -5.8% AD.NA (Koninklijke Ahold Delhaize €33.62, -2.06) -- reports Q4 EPS €0.69 vs consensus €0.68; introduces outlook for 2025: expects to see diluted underlying earnings per share growth in mid- to high-single digits

      • -5.6% CGCBV.FH (Cargotec €47.81, -2.83) -- board amends long-term financial targets set for Hiab to reflect the business' standalone future

        • reports Q4 Comparable operating profit €41.0M vs consensus €51.0M; proposes an additional €1.57/share dividend conditional on closing of MacGregor transaction

      • -5.5% NIL.B.SS (Nilörngruppen SEK68.60, -4.00) -- earnings

      • -4.8% CBG.LN (Close Brothers Group £3.47, -0.18) -- Follow-up x2: Close Brothers Group updates on sale of Close Brothers Asset Management

      • -4.8% CBG.LN (Close Brothers Group £3.47, -0.18) -- H1 Trading Update: expects group EBIT of ~£75M

      • -4.5% SOFF.NO (Solstad Offshore NOK40.40, -1.90) -- reports Q4 net income NOK732M vs FactSet NOK804.8M [3 est, NOK660-1.03B]

      • -4.4% IRLAB.A.SS (IRLAB Therapeutics SEK13.00, -0.60) -- reports FY EPS (SEK1.60) vs FactSet (SEK1.35) [2 est, (SEK2.33)-(0.37)]

  • EU companies reporting tomorrow:

    • Earnings:

      • Belgium: KBC Group (KBC.BB), SIPEF (SIP.BB), Econocom Group (ECONB.BB)

      • Finland: Neste Corp. (NESTE.FH), Metso Outotec (METSO.FH), Valmet Corp. (VALMT.FH), Kojamo (KOJAMO.FH), Mandatum (MANTA.FH), Qt Group (QTCOM.FH), Kalmar Corp. (KALMAR.FH), Outokumpu (OUT1V.FH), Finnair (FIA1S.FH), Harvia (HARVIA.FH), Revenio Group (REG1V.FH), Raisio (RAIVV.FH), Atria (ATRAV.FH), Lassila & Tikanoja (LAT1V.FH), CapMan (CAPMAN.FH), Relais Group (RELAIS.FH)

      • France: Orange (ORA.FP), Legrand (LR.FP), Euronext (ENX.FP), Unibail-Rodamco-Westfield (URW.FP), Ipsen SA (IPN.FP), Gecina (GFC.FP), Television Francaise 1 (TFI.FP), Chargeurs (CRI.FP)

      • Germany: Siemens (SIE.GR), Commerzbank (CBK.GR), thyssenkrupp (TKA.GR), SCHOTT Pharma (1SXP.GR), thyssenkrupp nucera (NCH2.GR), Douglas (DOU.GR), MVV Energie (MVV1.GR), KWS SAAT (KWS.GR), TAKKT (TTK.GR)

      • Italy: Moncler (MONC.IM), Recordati (REC.IM), Unipol Assicurazioni (UNI.IM), Sanlorenzo (SF.IM)

      • Netherlands: Adyen (ADYEN.NA), DSM-Firmenich (DSFIR.NA), Arcadis (ARCAD.NA), Flow Traders (FLOW.NA), Koninklijke BAM Groep (BAMNB.NA), CM.com NV (CMCOM.NA)

      • Norway: Orkla (ORK.NO), Veidekke (VEI.NO), Odfjell Drilling (ODL.NO), SpareBank 1 Nord-Norge (NONG.NO), Norwegian Air Shuttle (NAS.NO), Kitron (KIT.NO), Hexagon Composites (HEX.NO), LINK Mobility Group Holding (LINK.NO), Norbit (NORBT.NO), Kid (KID.NO), Pexip Holding (PEXIP.NO), SmartCraft (SMCRT.NO), B2 Impact (B2I.NO), Aker Carbon Capture (ACC.NO), Akastor (AKAST.NO), ABG Sundal Collier Holding (ABG.NO), Cloudberry Clean Energy (CLOUD.NO), Elmera Group (ELMRA.NO), Rana Gruber (RANA.NO), Smartoptics Group (SMOP.NO), Morrow Bank (MOBA.NO), Komplett (KOMPL.NO)

      • Spain: Minor Hotels Europe & Americas (NHH.SM)

      • Sweden: Fortnox (FNOX.SS), Embracer Group (EMBRAC.B.SS), Camurus (CAMX.SS), Hufvudstaden (HUFV.A.SS), Yubico (YUBICO.SS), Vimian Group (VIMIAN.SS), Storskogen Group (STOR.B.SS), Sinch (SINCH.SS), BioArctic (BIOA.B.SS), FastPartner (FPAR.A.SS), INVISIO (IVSO.SS), AQ Group (AQ.SS), NCAB Group (NCAB.SS), Alimak Group (ALIG.SS), Instalco (INSTAL.SS), Logistea (LOGI.A.SS), Corem Property Group (CORE.A.SS), MEKO (MEKO.SS), Nederman Holding (NMAN.SS), Swedencare (SECARE.SS), Traction (TRAC.B.SS), Haypp Group (HAYPP.SS), Devyser Diagnostics (DVYSR.SS), PowerCell Sweden (PCELL.SS), Sedana Medical (SEDANA.SS), Q-linea (QLINEA.SS), Carasent (CARA.SS), Eolus Vind (EOLU.B.SS)

      • Switzerland: Nestle (NESN.SW), Swisscom (SCMN.SW), Banque Cantonale Vaudoise (BCVN.SW),

      • UK: Unilever (ULVR.LN), British American Tobacco (BATS.LN), Barclays (BARC.LN), RELX (REL.LN), Coca-Cola HBC (CCH.LN), Renishaw (RSW.LN) .

Data:

  • Economics:

    • Italy Dec Industrial Production (7.1%) y/y vs cons (1.2%) and prior revised (1.65) from (1.5%); (3.1%) m/m vs cons (0.2%) and prior +0.3%

  • Markets:

    • WTI Crude (Mar 25): ($1.11) or (1.51%) to $72.21

    • €-$ +0.0003 or +0.03% to 1.0366

    • £-$ (0.0031) or (0.25%) to 1.2417

    • €-£ +0.0023 to 0.8347

    • S&P 500 (0.67%)

      • Performance year-to-date

      • FTSE 100: +7.76%

      • DAX: +11.25%

      • CAC: +8.96%

      • MIB: +9.80%

      • Stoxx 600: +7.91%

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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