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StreetAccount Summary - EU Market Recap: FTSE 100 (0.49%) to 8764.72, DAX +2.09% to 22612.02, CAC40 +1.52% to 8164.11, STOXX 600 +1.09% to 553.75

Feb 13 ,2025

  • Synopsis:

    • European market recap closed mostly higher. UK stock market underperforming with consumer staples dragging on downbeat earnings. Autos & Parts, Food & Beverage and Industrial Goods & Services the biggest gainers. Oil & Gas, Banks and Personal & Household Goods the main laggards.

    • Risk on mode as market waiting for details on reciprocal tariffs, particularly in terms of potential carveouts/concessions and whether there is any attempt to equalize non-tariff barriers. Fits with broader Trump 2.0 policy uncertainty. Some hope Trump will exempt major imports with House Speaker Johnson saying he believed president is weighing carve-outs for autos and pharmaceuticals.

    • Also a lot of attention surrounding potential Trump-Putin meeting as Ukraine ceasefire hopes ramp up. Comes after Trump announcement that he has ordered US officials to begin peace talks with Russia and Ukraine after holding a call with Putin and Zelenskyy. Said both leaders wanted peace. Trump told reporters it was unlikely Ukraine would return to its pre-2014 borders and his Defence Secretary Hegseth told a NATO summit there was no likelihood of Ukraine joining the military alliance. Press reports discussed cost to Europe on postwar security and reconstruction.

    • Meanwhile, hotter-than-expected US January CPI added to signs disinflation momentum has stalled with core holding above 3%. This pushed probability of a June Fed rate cut well below 50% and left the market pricing in just over 25 bp of easing for the entire year. Fed Chair Powell said data shows more work to do on inflation, necessitating need to keep policy settings restrictive.

    • On the EU macro data front, UK Q4 GDP shows 0.1% expansion, better than expected. German final CPI in line with flash. Swiss CPI eased as expected. No surprises in ECB Economic Bulletin, which reiterated confidence in disinflation process and data-dependency. UK press reports UK Chancellor Reeves to launch investigation after leak of OBR forecast, which shows government to break its fiscal rules. Government to publish industrial strategy in June, a bit later than expected, and around the time of its 11-Jun spending review. Handelsblatt cited IW study, which showed Germany could generate hundreds of billions of euros through AI.

    • A busy day for earnings, DACHs names releasing updates included Nestle (NESN.SW), Commerzbank (CBK.GR), thyssenkrupp (TKA.GR), Siemens (SIE.GR). In the Benelux, Galapagos (GLPG.NA), KBC Group (KBC.BB) and ARCADI (ARCA.NA) released FY/Q4 earnings, with the latter saying it is positioned well to deliver on 2024-2026 strategic targets. Still in the Benelux, DSM-Firmenich (DSFIR.NA) reported Q4 Adjusted EBITDA €601M vs consensus €511M and announced €1B share buyback program. In France, Orange (ORA.FP) reports Q4 adjusted EBITDAaL €3.25B vs FactSet €3.21B. Legrand (LR.FP) reports Q4 net income €332.7M vs FactSet €276.3M and guides FY25 Sales growth (organic and acquisitions) +6-10%. EssilorLuxottica (EL.FP) reported yesterday after the close FY adjusted net income €3.12B ex-items vs StreetAccount €2.81B. Unibail-Rodamco-Westfield (URW.FP) posted FY earnings and hikes divi by 40%. In the UK, Unilever (ULVR.LN), British American Tobacco (BATS.LN), Barclays (BARC.LN) reported FY numbers.

    • First day of trading of HBX Group (HBX.SM) on Spanish Stock Exchanges and Ferrari Group (FERGR.NA) on Euronext Amsterdam.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 10-Feb to 14-Feb attached) NIBE Industrier (NIBE.B.SS), Momentum Group (MMGR.B.SS), NatWest Group (NWG.LN), Norsk Hydro (NHY.NO), Tomra Systems (TOM.NO), Aker (AKER.NO), Borussia Dortmund (BVB.GR), Hermes International (RMS.FP), Safran (SAF.FP), Umicore (UMI.BB) will be among other names to update investors, whilst the macro-calendar releases will include Spain Jan final CPI, Switzerland Jan PPI, Finland Q4 preliminary GDP, Netherlands Q4 preliminary GDP, Eurozone Q4 GDP (2nd estimate), Greece Jan CPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +4.40%, Food & Beverage +3.26%, Chemicals +2.90%, Ind Goods & Svcs +2.64%, Basic Resources +1.87%, Construct & Mtls +1.84%, Technology +1.54%, Real Estate +1.14%,

      • Underperformers:

        • Oil & Gas (0.94%), Banks (0.56%), Telecom (0.38%), Persnl & HHold Goods (0.08%), Media +0.04%, Travel & Leisure +0.49%, Insurance +0.65%, Health Care +0.75%, Financial Svcs +0.84%, Utilities +0.90%, Retail +0.90%,

    • Macro/Peripheral markets:

      • Geopolitics

        • NATO ministers plead for Ukraine to be involved in Trump-Putin peace talks - Politico

        • Ukraine says it will not accept US-Russia peace deal reached without Kyiv - Reuters, BBC

        • Ukraine hits ex-president Poroshenko and other oligarchs with sanctions - FT

        • Hamas 'must release three live hostages on Saturday', says Israel, or war will resume - The Guardian

      • EU

        • Von der Leyen aide held secret talks with Trump team amid trade war - Politico

        • EU Trade Chief Talks to Trump Team to Find Tariff Solution - Bloomberg

      • UK

        • Britain to demand exemptions from Trump's steel tariffs - The Telegraph

        • UK Mulls Merging Financial Regulators to Ease Barriers to Growth - Bloomberg

        • Surprise growth in UK economy at end of 2024 - BBC

      • France

        • The Court of Auditors denounces public spending "out of control" and sees France "with its back to the wall" - Les Echos

      • Germany

        • Horrified by alleged attack in Munich - Scholz: "Perpetrator must leave the country" - Handelsblatt

        • Munich car attack jolts German election as politicians amp up migration rhetoric - Politico

        • Germany Requests Exemptions From Gas Storage Filling Target - Bloomberg

      • Denmark

        • Denmark's housing dispersal policy is discriminatory, EU court adviser says - Reuters

      • Austria

        • Austria goes back to the drawing board after far right fails to form government - Reuters

    • Company news:

      • Trading Higher:

        • +18.7% FIA1S.FH (Finnair €3.02, +0.48) -- Q4 earnings

        • +17.5% HAYPP.SS (Haypp Group SEK89.00, +13.40) -- Q4 earnings

        • +17.1% SINCH.SS (Sinch SEK27.95, +4.21) -- Q4 earnings; SEK 700M one-time provision

        • +14.6% STOR.B.SS (Storskogen Group SEK14.08, +1.78) -- Q4 earnings

        • +14.5% SIILI.FH (Siili Solutions €5.68, +0.74) -- FY earnings

        • +14.3% ACC.NO (Aker Carbon Capture NOK7.46, +0.93) -- Q4 earnings; extraordinary cash dividend of NOK5.80/share

        • +14.0% ADYEN.NA (Adyen €1,786.40, +221.20) -- FY earnings

        • +13.3% DHER.GR (Delivery Hero €29.60, +3.50) -- FY earnings; to buy back €1.0B of convertible bonds

        • +13.2% PCELL.SS (PowerCell Sweden SEK34.10, +4.02) -- Q4 earnings

        • +12.6% QTCOM.FH (Qt Group €89.20, +9.90) -- Q4 earnings

        • +12.4% VIMIAN.SS (Vimian Group SEK45.00, +4.90) -- Q4 earnings

        • +12.3% LSS.FP (Lectra €28.60, +3.20) -- FY earnings

        • +11.0% INSTAL.SS (Instalco SEK36.36, +3.64) -- FY earnings

        • +10.6% FLOW.NA (Flow Traders €26.98, +2.56) -- FY earnings

        • +9.3% RELAIS.FH (Relais Group €14.30, +1.20) -- Q4 earnings

        • +9.3% SANN1.SW (Santhera Pharmaceuticals Holding CHF17.16, +1.46) -- agreement with German GKV-SV- on reimbursement amount for AGAMREE (vamorolone)

        • +8.9% LR.FP (Legrand €105.75, +8.70) -- Q4 earnings

        • +8.8% MANTA.FH (Mandatum €5.26, +0.43) -- Q4 earnings

        • +8.5% CRI.FP (Compagnie Chargeurs Invest €11.54, +0.92) -- FY earnings

        • +8.2% AQ.SS (AQ Group SEK169.58, +12.94) -- Q4 earnings

        • +8.0% METSO.FH (Metso Corp. €10.44, +0.78) -- Q4 earnings

        • +7.4% SIE.GR (Siemens AG €223.95, +15.75) -- Q4 earnings

        • +7.2% CCH.LN (Coca-Cola HBC £31.78, +2.14) -- FY earnings

        • +6.4% CAPMAN.FH (Capman €1.87, +0.11) -- FY earnings

        • +6.2% NESN.SW (Nestle CHF83.62, +4.90) -- FY earnings

        • +6.1% SEDANA.SS (Sedana Medical SEK18.26, +1.06) -- Q4 earnings; US trial INSPiRE-ICU 2 has met its primary endpoint

        • +5.0% NORBT.NO (Norbit NOK106.40, +5.00) -- Q4 earnings

        • +4.5% ML.FP (Cie Generale des Etablissements Michelin SA €33.81, +1.47) -- FY earnings

        • +4.5% NAS.NO (Norwegian Air Shuttle NOK11.39, +0.48) -- Q4 earnings

        • +4.5% TKA.GR (ThyssenKrupp €4.79, +0.20) -- Q1 earnings

        • +3.6% CAMX.SS (Camurus SEK611.50, +21.00) -- FY earnings

        • +3.6% PUBLI.NO (PUBLIC PROPERTY INVEST NOK18.87, +0.65) -- Q4 earnings

        • +2.5% KALMAR.FH (Kalmar €34.73, +0.86) -- Q4 earnings

      • Trading Lower:

        • -33.3% THRU.LN (Thruvision Group £0.03, -0.02) -- trading update

        • -22.5% CINIS.SS (Cinis Fertilizer SEK4.00, -1.15) -- Q4 earnings

        • -15.4% DOU.GR (Douglas €17.45, -3.15) -- Q1 earnings

        • -11.8% HEX.NO (Hexagon Composites NOK31.55, -4.20) -- Q4 earnings

        • -11.7% IMM.LN (ImmuPharma £0.04, -0.01) -- equity fundraise of c.£2.91M

        • -11.3% EMBRAC.B.SS (Embracer Group SEK129.70, -16.85) -- Q3 earnings

        • -10.4% NESTE.FH (Neste €10.09, -1.18) -- Q4 earnings; performance improvement program; updates financial targets and dividend policy

        • -10.1% PREC.SS (Precise Biometrics SEK3.93, -0.46) -- Q4 earnings

        • -10.1% NCAB.SS (NCAB Group SEK59.30, -6.65) -- Q4 earnings

        • -9.8% RSW.LN (Renishaw £32.15, -3.50) -- H1 earnings

        • -9.4% ALFEN.NA (Alfen €11.42, -1.21) -- FY earnings; Bryan Garnier downgrade

        • -8.9% ACTI.SS (Active Biotech SEK0.09, -0.01) -- Q4 earnings

        • -8.9% BATS.LN (British American Tobacco £30.95, -3.02) -- FY earnings

        • -8.8% KWS.GR (KWS SAAT SE & Co. KGaA €53.20, -5.20) -- H1 earnings

        • -8.3% AKH.NO (Aker Horizons NOK1.65, -0.15) -- Q4 earnings

        • -7.4% REG1V.FH (Revenio Group €27.26, -2.20) -- Q4 earnings

        • -7.1% SMCRT.NO (SmartCraft NOK26.40, -2.00) -- Q4 earnings

        • -7.0% LBG.LN (LBG Media £1.07, -0.08) -- CFO steps down

        • -6.9% TATE.LN (Tate & Lyle £5.83, -0.44) -- trading update

        • -6.4% NCH2.GR (thyssenkrupp nucera €8.68, -0.59) -- Q1 earnings

        • -6.4% CMCOM.NA (CM.com €6.65, -0.45) -- FY earnings; places upsized 3.0M new shares at €6.70/share

        • -6.3% IBT.B.SS (Infant Bacterial Therapeutics SEK41.00, -2.70) -- Q4 earnings

        • -5.7% ULVR.LN (Unilever £44.50, -2.69) -- FY earnings; updates on Ice Cream separation; new share buyback of up to €1.5B

        • -5.3% BARC.LN (Barclays £2.93, -0.16) -- FY earnings

        • -4.4% HARVIA.FH (Harvia €46.90, -2.15) -- Q4 earnings

        • -4.3% LRE.LN (Lancashire Holdings £6.02, -0.27) -- estimates aggregate net ultimate losses relating to the wildfires in California

        • -4.1% ATRAV.FH (Atria €11.60, -0.50) -- Q4 earnings

        • -2.9% SCMN.SW (Swisscom CHF511.50, -15.00) -- Q4 earnings

        • -2.9% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik €59.30, -1.75) -- cyber attack on parts of its IT systems

    • EU companies reporting tomorrow:

      • Earnings:

        • Belgium: Umicore (UMI.BB)

        • Finland: TietoEVRY (TIETO.FH), Huhtamaki (HUH1V.FH), Terveystalo (TTALO.FH), Enento Group (ENENTO.FH)

        • France: Hermes International (RMS.FP), Safran (SAF.FP), Eutelsat Communications (ETL.FP)

        • Germany: Borussia Dortmund (BVB.GR), Fabasoft (FAA.GR)

        • Italy: Interpump Group (IP.IM)

        • Norway: Norsk Hydro (NHY.NO), Tomra Systems (TOM.NO), Aker (AKER.NO), Hoegh Autoliners (HAUTO.NO), AF Gruppen (AFG.NO), Klaveness Combination Carriers (KCC.NO), AKVA Group (AKVA.NO), Hofseth Biocare (HBC.NO)

        • Sweden: NIBE Industrier (NIBE.B.SS), Momentum Group (MMGR.B.SS), Alligo (ALLIGO.B.SS), KlaraBo Sverige (KLARA.B.SS), Implantica (IMP.A.SS), Genovis (GENO.SS), Arise (ARISE.SS), FormPipe Software (FPIP.SS)

        • UK: NatWest Group (NWG.LN), SEGRO (SGRO.LN)

      • Trading Update: CVC Capital Partners (CVC.NA)

  • Data:

    • Economics:

      • Eurozone Dec Industrial Production (2.0%) y/y vs consensus (3.1%) and prior revised (1.8%) from (1.9%)

      • Jan CPI

        • Germany Final +2.3% y/y vs preliminary +2.3%

        • Netherlands +3.3% y/y vs preliminary +3.3%

        • Switzerland +0.4% y/y vs consensus +0.4% and prior +0.6%

      • UK

        • Q4 Preliminary GDP +1.4% y/y vs consensus +1.1% and prior revised +1.0% from +0.9%

        • Dec

          • Construction Output +1.5% y/y vs consensus +1.1% and prior revised +1.0% from +0.2%

          • Visible Trade Balance (£17.45B) vs consensus (£18.4B) and prior revised (£18.90B) from (£19.31B)

          • Industrial Production (1.9%) y/y vs consensus (2.1%) and prior revised (2.0%) from (1.8%)

    • Markets:

      • WTI Crude (Mar 25): ($0.07) or (0.10%) to $71.30

      • €-$ +0.0045 or +0.44% to 1.0429

      • £-$ +0.0084 or +0.68% to 1.2528

      • €-£ (0.0020) to 0.8325

      • S&P 500 +0.55%

      • Performance year-to-date

        • FTSE 100: +7.24%

        • DAX: +13.58%

        • CAC: +10.61%

        • MIB: +10.69%

        • Stoxx 600: +9.08%

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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