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StreetAccount Summary - EU Market Recap: FTSE 100 +0.00% to 8768.20, DAX +0.29% to 22863.25, CAC40 +0.40% to 8221.86, STOXX 600 +0.37% to 557.48

Feb 18 ,2025

  • Synopsis:

    • European equity markets ended mostly in positive territory with pan-European indices just below session highs. Austria +1.1%. Spain +1.0%, Portugal and Denmark both ~ +0.8% led outperformers whilst Finland and Netherlands (0.1%) were the negative outliers.

    • Focus on geopolitical developments. US and Russia agreed to appoint teams to end Ukraine conflict although conditions not yet ripe for Trump-Putin meeting. Ukraine elections would be part of deal. UK PM Starmer said he was willing to send peacekeeping troops to Ukraine, but other European leaders are split on the issue. Starmer has urged Trump to offer security guarantees alongside Europe as part of a potential peace deal. Trump's Ukraine peace envoy Kellog said US president has not ruled out sending US troops to Ukraine and all options are on the table. EU leaders have also discussed use of joint funds to finance defense needs.

    • In politics, Germany's Scholz and Merz ruled out governing together after election. Meanwhile in France, focus back to pension reform with public audit office to publish assessment on size of pension deficit (Reuters). PM Bayrou requested a definitive judgement after he offered to renegotiate reforms to win support from Socialist lawmakers. Unions, parties on the left and the right want reforms to be scrapped that raised retirement age to 64. Bayrou offered a three-month consultation between trade unions and employers to come up with a better solution.

    • From a macroeconomic calendar perspective, notable upturn in German ZEW sentiment ahead of 23-Feb federal election. Headline index at 26.0 versus consensus 19.9 and prior 10.3, which was the strongest monthly increase in past two years and best reading since October. Current conditions indicators still reflecting underlying weakness in economic backdrop at -88.5, though better than -90.0 consensus and improvement on prior -90.4 reading. ZEW put the jump in sentiment on hopes that new federal government will be capable of taking action to improve economy.

    • In corporate news, Basilea Pharmaceutica (BSLN.SW) posted strong FY 2024 results, with total revenue increasing 32% to CHF 209M and EBITDA reaching CHF 61M. Also in the DACH region, ALSO Holding (ALSN.SW), OC Oerlikon Corp (OERL.SW), CTS Eventim (EVD.GR) and Elmos Semiconductor (ELG.GR) released FY/Q4 earnings. In France, Capgemini (CAP.FP), Edenred (EDEN.FP) and Valneva (VLA.FP) posted their most recent earnings. In the UK, Antofagasta (ANTO.LN) posted FY2024 results largely in line with expectations, with EBITDA of $3.4b and final dividend of US ~31.40/sh. Plus500 (PLUS.LN) was out with FY earnings including FY EPS $3.57 vs FactSet $3.48 and announced $110M buyback. InterContinental Hotels Group (IHG.LN) reported FY Segment Operating profit $1.12B vs consensus $1.12B, announced new $900M share buyback and acquires the Ruby brand and related intellectual property for initial purchase consideration of €110.5M. Anglo American (AAL.LN) reported FY earnings and announced sale of nickel business for up to $500M to MMG Limited. Elsewhere, Assura (AGR.LN) rejects KKR's possible cash acquisition offer at 48.0p per share whilst Worley reportedly could look to acquire parts of rival John Wood Group (WG.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Banks +1.75%, Ind Goods & Svcs +0.91%, Health Care +0.65%, Insurance +0.56%, Telecom +0.56%, Construct & Mtls +0.47%, Financial Svcs +0.45%

      • Underperformers

        • Travel & Leisure (1.37%), Technology (0.94%), Retail (0.53%), Utilities (0.49%), Food & Beverage (0.21%), Persnl & HHold Goods (0.18%), Chemicals (0.17%), Real Estate(0.12%), Basic Resources (0.05%), Autos & Parts +0.08%, Media +0.10%, Oil & Gas +0.34%

    • Macro/Peripheral markets:

      • Geopolitics

        • Trump-Putin meeting not imminent, as first US-Russia talks on Ukraine finish in Riyadh - Politico

        • Russia-linked propaganda campaign pushes to undercut German support for Ukraine - Reuters

      • EU

        • EU Commission to propose help to de-risk power deals, document shows - Reuters

        • EU plans to restrict imported crops treated with banned pesticides, draft shows - Reuters

        • The EU's masterplan for competing in industrial manufacturing - Euractiv

      • ECB

        • Striking the right balance: the ECB's balance sheet and its implications for monetary policy - release

      • UK

        • Starmer offers Ukraine a defense check it can't cash - Bloomberg

        • Starmer pledges to boost UK defence spending amid treasury calls for budget cuts - FT

        • Q2 default tariff cap (energy price cap) forecast to increase +4.9% - Cornwall Insight

        • Chancellor to receive growth ideas from investment bankers and asset managers at meeting tomorrow - Sky News

      • Italy

        • Meloni hails 'record' revenue from war on tax evasion - Ansa

      • Germany

        • Germany election: what are the policies of the CDU conservatives - Reuters

    • Company news:

      • Notable Gainers

        • +14.5% WG.LN (John Wood Group £0.30, +0.04) -- Speculation Worley could look to acquire parts of rival John Wood Group - The Australian

        • +8.7% BSLN.SW (Basilea Pharmaceutica CHF44.40, +3.55) -- Q4 earnings

        • +5.9% ELIX.LN (Elixirr International £8.20, +0.46) -- FY Trading Update

        • +5.4% VLA.FP (Valneva €3.58, +0.18) -- prelim FY earnings

        • +5.4% SGL.GR (SGL Carbon €4.17, +0.22) -- prelim FY earnings

          • decides to restructure its Carbon Fibers business unit

        • +2.8% METSO.FH (Metso Corp. €11.16, +0.30) -- upgraded to buy at Goldman Sachs

        • +2.6% BOWL.LN (Hollywood Bowl Group £2.80, +0.07) -- to launch up to 17.2M-share buyback for up to £10M

        • +2.3% AGR.LN (Assura £0.43, +0.01) -- rejects KKR's possible cash acquisition offer at 48.0p per share

          • to pay next quarterly dividend of 0.84p per share on 9-Apr-25

        • +1.3% GLEN.LN (Glencore £3.55, +0.05) -- upgraded to overweight at Morgan Stanley

        • +1.2% STJ.LN (St. James's Place £11.47, +0.14) -- upgraded to hold from reduce at HSBC

        • +1.1% SLP.LN (Sylvania Platinum £0.47, +0.01) -- H1 earnings

      • Notable Decliners

        • -13.2% CGS.LN (Castings £2.50, -0.38) -- trading update

        • -11.2% SQZ.LN (Serica Energy £1.28, -0.16) -- reports suspension of production from Triton FPSO; 2025 production under review

        • -9.7% CAP.FP (Capgemini €167.10, -18.05) -- FY earnings

        • -5.2% PLUS.LN (Plus500 £27.14, -1.50) -- FY earnings; announces $110M buyback

        • -5.0% IHG.LN (InterContinental Hotels Group £101.55, -5.40) -- FY earnings; announces new $900M share buyback

          • acquires from Ruby SARL the Ruby brand and related intellectual property for initial purchase consideration of €110.5M (~$116M)

        • -4.8% EDEN.FP (Edenred €32.16, -1.62) -- FY earnings

        • -2.9% AAF.LN (Airtel Africa £1.39, -0.04) -- downgraded to neutral from buy at Citi

        • -2.6% PNN.LN (Pennon Group £4.59, -0.12) -- announces results of 13 for 20 Rights Issue

        • -1.2% BAS.GR (BASF SE €50.25, -0.61) -- downgraded to hold at Berenberg

        • -1.0% AAL.LN (Anglo American £24.49, -0.24) -- agrees sale of nickel business for up to $500M to MMG Limited

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Philips (PHIA.NA), ASR Nederland (ASRNL.NA), Royal Vopak (VPK.NA), Aedifica (AED.BB), Ontex Group (ONTEX.BB)

        • Denmark: ALK-Abello (ALK.B.DC), Mons Bank (MNBA.DC)

        • Finland: Marimekko (MEKKO.FH)

        • France: Aeroports de Paris ADP (ADP.FP), Carrefour (CA.FP), Covivio (COV.FP), Nexans (NEX.FP), Verallia (VRLA.FP), Eramet (ERA.FP)

        • DACHs: Straumann (STMN.SW), EFG International (EFGN.SW), SoftwareONE Holding (SWON.SW), MTU Aero Engines (MTX.GR), Hochtief (HOT.GR), Schloss Wachenheim (SWA.GR), Kapsch TrafficCom (KTCG.AV)

        • Norway: Okeanis Eco Tankers Corp. (OET.NO), Petronor E&P (PNOR.NO), Photocure (PHO.NO), Zaptec (ZAP.NO), Ensurge Micropower (ENSU.NO), Next Biometrics (NEXT.NO)

        • Sweden: Castellum (CAST.SS), Scandic Hotels Group (SHOT.SS), OEM International (OEM.B.SS), Cibus Nordic Real Estate (CIBUS.SS), Samhallsbyggnadsbolaget I Norden (SBB.B.SS), Biotage (BIOT.SS), Fagerhult (FAG.SS), Humble (HUMBLE.SS), Norva24 (NORVA.SS), BICO (BICO.SS), Net Insight (NETI.B.SS), Cint (CINT.SS), Surgical Science Sweden (SUS.SS), VBG (VBG.B.SS), Sveafastigheter (SVEAF.SS), Better Collective (BETCO.SS), Softronic (SOF.B.SS), Arla Plast (ARPL.SS), SinterCast (SINT.SS)

        • UK: HSBC (HSBA.LN), BAE Systems (BA.LN), Glencore (GLEN.LN), Rio Tinto (RIO.LN)

  • Data:

    • Economics:

      • Sweden Jan CPI +0.9% y/y vs preliminary +1.0%; 0.0% m/m vs preliminary 0.0%

      • France Jan CPI +1.7% m/m vs preliminary +1.4%; +0.1% m/m vs preliminary (0.1%)

      • UK Jan Claimant Count Change +22.0K vs consensus +10.0K and prior (15.1K) from +0.7K

        • Dec Unemployment Rate 4.4% vs consensus 4.5% and prior 4.4%

      • Germany Feb ZEW Economic Sentiment Indicator 26.0 vs consensus 19.9 and prior 10.3

        • Feb ZEW Current Situation (88.5) vs consensus (90.0) and prior (90.4)

      • Portugal Jan PPI (0.3%) y/y vs consensus +1.5% and prior +1.6%

    • Markets:

      • WTI Crude (Mar 25): +$0.82 or +1.16% to $71.56

      • €-$ (0.0019) or (0.18%) to 1.0465

      • £-$ (0.0008) or (0.07%) to 1.2617

      • €-£ (0.0011) to 0.8294

      • S&P 500 +0.03%

        • Performance year-to-date

        • FTSE 100: +7.28%

        • DAX: +14.84%

        • CAC: +11.40%

        • MIB: +12.81%

        • Stoxx 600: +9.82%

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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