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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.05%), DAX +0.14%, CAC40 +0.09%

Feb 18 ,2025

  • Synopsis

    • European equity markets are set to open mostly higher amidst Asian equities also mostly higher Tuesday. Tech leading gains in Hong Kong as mainland China erases earlier declines. Banks weighed on ASX amid earnings fallout. Gains picking up in Japan and Korea. US contracts nudging higher with markets resuming trade Tuesday following Presidents Day holiday.

    • Focus in Europe remains on geopolitical developments with US officials holding talks with Russian officials in Saudi Arabia on ending the Ukraine war. 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.

    • Also on today's agenda, Verian hosts webinar at 11:30CET title Election Talk: 2025 German Federal Election. Institute for Government event at 9:30GMT In conversation with John Healey MP, Secretary of State for Defence. Mayors of UK's Greater Manchester and Liverpool speak at 13:00GMT at event hosted by The Institute of International and European Affairs.

    • In central banks, Austria central bank's Holzmann speech at 10:00CET, BOE's Bailey speech at 10:30CET at event hosted by Bruegel. Currency Research Central Bank Payments summit sees Bank of France's Beau speech at 9:10CET and Bundesbank's Balz speech at 16:20CET. ECB's Cipollone participates at 15:00CET in livestreamed MNI Connect video conf. Elsewhere on Tue, ECOFIN meeting with ECB's de Guindos among the participants. In US, FOMC minutes published after EU market close. EU's Albuquerque meets with BOE's Bailey whilst EU's Virkkunen gives speech at the NATO Parliamentary Assembly Joint Committee Meeting.

    • Economic data due today includes: Germany Feb ZEW survey, UK Jan claimant count change, Dec unemployment rate, France Jan final CPI, Sweden Jan final CPI and Switzerland Q4 industrial production

    • In earnings news, DACHs names kicked off the session with Siegfried Holding (SFZN.SW), OC Oerlikon Corp. (OREL.SW), CTS Eventim (EVD.GR) and ALSO Holding (ALSN.SW) reported end of year numbers. In France, Capgemini (CAP.FP) and Edenred (EDEN.FP) released their FY earnings report and issued guidance for 2025. In Nordics, Salmar (SALM.NO) and Truecaller (TRUE.B.SS) are amongst other in the region to update investors with their latest numbers. Other notable companies due to report today includes HSBC Holdings (HSBA.LN), Antofagasta (ANTO.LN), InterContinental Hotels Group (IHG.LN), Societe BIC (BB.FP) and Temenos (TEMN.SW).

  • Politics/Macro/World News

    • US and Russia prepare to hold talks on ending war in Ukraine - FT, BBC

    • Rachel Reeves to order audit of UK's 130 regulators in bid to cut red tape - FT

    • Europe is on the brink of another financial crisis, German frontrunner Merz warns - Politico

    • Scholz, Merz Rule Out Governing Together After German Election - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • SFZN.SW (Siegfried Holding) -- reports FY core net income CHF158.9M vs FactSet CHF151.0M [7 est, CHF142.6-162.3M]

        • OERL.SW (OC Oerlikon Corp.) -- reports FY net income CHF72M vs FactSet CHF75.9M [8 est, CHF55.3-83.6M]

        • ELG.GR (Elmos Semiconductor) -- reports preliminary Q4 basic EPS €3.17 vs year-ago €1.62 and FactSet €1.38 [1 est]

        • ALSN.SW (ALSO Holding) -- reports FY net income attributable €115.1M vs FactSet €130.1M [5 est, €118.3-138.9M], guides 2025 and medium-term

        • BSLN.SW (Basilea Pharmaceutica) -- reports Q4 net income CHF77.6M vs year-ago CHF10.5M; expects to maintain high operating profit level in 2025

        • EVD.GR (CTS Eventim) -- reports prelim FY adj EBITDA €542.2M vs FactSet €524.8M [13 est, €494-562M]

        • HHFA.GR (Hamburger Hafen und Logistik) -- reports FY net income €33M vs year-ago €20M

        • RSL2.GR (R. Stahl) -- reports preliminary FY revenue €344.1M vs FactSet €345.7M [2 est, €344.4-347.1M]

      • France

        • CAP.FP (Capgemini) -- reports FY Normalized EPS €12.44 vs FactSet €11.46

        • VLA.FP (Valneva) -- reports prelim FY revenue €169.6M vs FactSet €185.7M [6 est, €164.1-264.3M]; guides FY25

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport Janvier traffic 7.57M, +4.6% y/y

        • EDEN.FP (Edenred) -- reports FY net income €507M vs FactSet €511.1M [14 est, €488.8-551M]

      • Southern Europe

        • G.IM (Assicurazioni Generali) -- Generali reports FY24 pre-close commentary

        • ENG.SM (Enagas) -- reports FY adjusted net income €310.1M vs FactSet €293.3M

      • Nordics

        • SALM.NO (Salmar) -- reports Q4 adjusted EPS NOK7.31 vs FactSet NOK6.13 [10 est, NOK3.81-12.46]

        • BOUV.NO (Bouvet) -- reports Q4 EPS NOK0.94 vs FactSet NOK1.05 [3 est, NOK1.00-1.11]

        • KARNEL.B.SS (Karnell Group) -- reports Q4 EPS SEK0.56 vs year-ago SEK0.25

        • CS.SS (Coinshares International) -- reports Q4 net income £31.9M vs FactSet £19.4M [3 est, £14.3-23M]

        • NORCO.NO (Norconsult) -- reports Q4 EPS NOK0.68 vs FactSet NOK0.62 [4 est, NOK0.61-0.65]

        • BAHN.B.SS (Bahnhof) -- reports FY EPS SEK2.05 vs year-ago SEK2.00

        • STAR.B.SS (Starbreeze) -- reports Q4 EPS (SEK0.03) vs FactSet (SEK0.04) [1 est]

        • ISLAX.NO (Icelandic Salmon) -- reports Q4 operational EBIT €1.4M vs FactSet €1.1M [3 est, (€2.5)-3.7M]

        • SYNACT.SS (SynAct Pharma) -- reports FY EPS (SEK2.08) vs FactSet (SEK7.48) [1 est]

        • TRUE.B.SS (Truecaller) -- reports Q4 EPS SEK0.44 vs FactSet SEK0.38 [4 est, SEK0.37-0.38]

      • Benelux

        • GREEN.BB (Greenyard) -- reports 9M like-for-like net sales €3.95B vs year-ago €3.74B (

      • Also due to report today includes:

        • Earnings:

          • Benelux: EVS Broadcast Equipment (EVS.BB)

          • France: Societe BIC (BB.FP), Vicat (VCT.FP), Icade (ICAD.FP)

          • DACHs: Temenos (TEMN.SW),

          • Nordics: Andfjord Salmon (ANDF.NO), Karnov (KAR.SS), Smart Eye (SEYE.SS), Embellence (EMBELL.SS), Vaisala (VAIAS.FH), Ponsse (PON1V.FH), NNIT (NNIT.DC), Bittium (BITTI.FH)

          • UK/Ireland: HSBC Holdings (HSBA.LN), Antofagasta (ANTO.LN), InterContinental Hotels Group (IHG.LN), Petra Diamonds Ltd. (PDL.LN), Kerry Group (KRZ.ID)

        • CMD/events: Vivoryon Therapeutics

    • M&A

      • WG.LN (John Wood Group) -- Speculation Worley could look to acquire parts of rival John Wood Group - The Australian

      • OpenAI exploring granting special voting rights to non-profit board to preserve control and fend off potential bidders such as as Elon Musk - FT

    • Healthcare

      • REGN (Regeneron) -- FDA accepts sBLA for Regeneron's Dupixent to treat BP for Priority Review

      • GALD.SW (Galderma Group) -- Galderma's Nemluvio (Nemolizumab) Granted Marketing Authorization in the United Kingdom and Switzerland for Moderate-to-Severe Atopic Dermatitis and Prurigo Nodularis

      • CYAD.BB (Celyad Oncology) -- announces publication in the International Journal of Molecular Science (IJMS) of preclinical and clinical data of CYAD-211 in relapsed or refractory (r/r) multiple myeloma (MM)

      • IRLAB.A.SS (IRLAB Therapeutics) -- reports duration of existing loan from Fenja Capital of SEK 55M extended to 30-Jun-26 from 22-May-25

    • Other

      • AIR.FP (Airbus SE) -- Airbus to delay arrival of freighter version of A350 jet by up to a year as it struggles to increase output of wider A350 aircraft family in coming months - Reuters

      • TTE.FP (TotalEnergies) -- TotalEnergies, Masdar and EPointZero sign framework agreement to drive access to clean energy in emerging markets in Africa and Asia

      • RNO.FP (Renault) -- Group and Geely Holding Group sign a framework agreement for a new strategic cooperation in Brazil

      • VIE.FP (Veolia Environnement) -- and ADNOC sign framework agreement to explore opportunities to reduce and optimize ADNOC's water consumption and carbon footprints

      • SGSN.SW (SGS) -- awarded major EU contract to advance soil quality

      • Anglo American executes right to transfer the Dannemora royalty to Sydvaranger

      • Fonterra Co-operative Group launches new incentives for farmers to reduce emissions

  • Key rating changes

    • Upgrades

      • GLEN.LN (Glencore) -- to overweight from equal-weight at Morgan Stanley

      • DEZ.GR (Deutz AG) -- to buy from hold at HSBC

      • STJ.LN (St. James's Place) -- to hold from reduce at HSBC

    • Downgrades

      • DLG.LN (Direct Line Insurance Group) -- to hold from add at Peel Hunt

      • BAS.GR (BASF SE) -- to hold from buy at Berenberg

      • METSO.FH (Metso Corp.) -- downgraded to reduce from buy at Inderes

    • Initiations

      • THEON.NA (Theon International) -- buy at Berenberg

    • Others

      • 1COV.GR (Covestro) -- rated hold at Kepler Cheuvreux; prior rating was accept offer

      • EMBRAC.B.SS (Embracer Group) -- reinitiated hold at Kepler Cheuvreux

  • Data

    • Nikkei +0.25% to 39270.40

    • Hang Seng +0.53% to 22737.19

    • Shanghai Composite (1.10%) to 3318.77

    • S&P futures +21.5 vs prior close of 6132.0

    • €-$ (0.0020) or (0.19%) to 1.0464

    • $-¥ +0.40 or +0.26% to 151.90

    • €-¥ +0.08 or +0.05% to 158.92

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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