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

Feb 19 ,2025

  • Synopsis

    • European equity markets set to open mixed. Asian equities also mixed Wednesday. Tariffs remain a headline focus after Trump flagged at least 25% rate on auto, pharma and chip imports with formal announcement coming 2-Apr. Warned tariff rate could rise substantially over the year, though did not say whether auto tariffs will apply globally or only to certain countries. However, Trump also flagged grace period for companies to move their operations to US to avoid the tariffs. Trump has said previously these would be on top of reciprocal tariffs that are planned to go into effect in April. In New Zealand, RBNZ cut OCR by 50 bp to 3.75% as expected. Statement flagged further easing through 2025.

    • European macro data releases include UK inflation data (Jan CPI/RPI/PPI input/output), as well as Finland Jan final CPI. In central banks, Currency Research Central Bank Payments summit sees, among panellists, Turkey central bank's Karahan at 9:35CET, BOE's Cleland at 15:25GMT. In Germany, Scholz and Merz in tv debate at 19:15CET on Welt tv, followed by an hour's analysis from 20:15. Join Sweden Summit, PM Kristersson and several other ministers participate together over 600 international and Swedish companies, investors and decision-makers. EU's Kallas co-chairs the EU-South Africa Ministerial Political Dialogue whilst EU's Jørgensen meets with NATO's Rutte and addresses the North Atlantic Council.

    • On the corporate front, focus on earnings with HSBC (HSBA.LN) reporting FY EPS $1.24 vs consensus $1.23; intends to initiate share buyback of up to $2B. HSBC targets $0.3B of cost reductions in 2025,with a commitment to an annualised reduction of $1.5B in its cost base expected by the end of 2026. Philips (PHIA.NA) reports Q4 results with adj EPS €0.51 vs consensus €0.53; Revenue Comparable growth +1% vs consensus +1.7%. Also guides FY25. Straumann (STMN.SW) reports mixed FY results. Also due to report today are the likes of BAE Systems (BA.LN), Glencore (GLEN.LN), Rio Tinto (RIO.LN). In M&A, BP (BP.LN) is reportedly weighing sale of its lubricants unit valued at ~$10B, amid reports of activist Elliott stake.

  • Politics/Macro/World News

    • Trump signals Ukraine should hold elections as part of Russia peace talks -- FT

    • Trump says tariffs on auto, chip and pharma imports will be in vicinity of 25% and higher -- Bloomberg, Reuters

    • Latest UK inflation figures to be announced -- BBC

    • Germany's far-right AfD is shut out from power for now, but waiting in the wings -- Reuters

    • UK pay growth holds at lowest level since 2021, Brightmine says -- Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • PHIA.NA (Koninklijke Philips) -- reports Q4 adj EPS €0.51 vs consensus €0.53; keeps divi unchanged and guides FY25

        • ASRNL.NA (ASR Nederland) -- reports FY net income €946M vs FactSet €806.9M; hikes divi by 8% and announces €125M buyback

        • ONTEX.BB (Ontex Group) -- reports Q4 operating income €36.3M vs year-ago €23.5M

        • EVS.BB (EVS Broadcast Equipment) -- reports FY EPS €3.02 vs FactSet €3.04 [3 est, €2.79-3.17]

        • VPK.NA (Royal Vopak) -- reports Q4 EPS €0.67 ex-items vs FactSet €0.76 [1 est], raises dividend +6.7% y/y, guides 2025

        • AED.BB (Aedifica) -- reports FY EPRA EPS €4.93 vs FactSet €4.87 [13 est, €4.60-4.94]

      • UK

        • HSBA.LN (HSBC Holdings) -- reports FY EPS $1.24 vs consensus $1.23; intends to initiate share buyback of up to $2B. HSBC targets $0.3B of cost reductions in 2025,with a commitment to an annualised reduction of $1.5B in its cost base expected by the end of 2026

      • France

        • DG.FP (VINCI SA) -- VINCI Airports Jan airport passenger traffic +9.2%

        • SESG.FP (SES) -- guides FY24 adj. EBITDA above €950-€1.0B outlook range vs FactSet €1.02B

        • NEX.FP (Nexans) -- reports FY net income €283M vs FactSet €309.8M [13 est, €265.4-361.2M]

        • BB.FP (Bic) -- reports Q4 adj EBIT €70.7M vs consensus €67.0M; hikes divi by 8%, announces €40M buyback and guides FY25

        • VCT.FP (Vicat) -- reports FY net income €273M vs FactSet €254.7M [5 est, €237.8-284M]; guides FY25

        • ICAD.FP (Icade) -- reports FY net profit/loss attributable to group (€275.9M) vs year-ago ($1.25B)

        • LOCAL.FP (Solocal Group) -- reports FY net income €119.9M vs year-ago (€33.5M)

      • DACH

        • TEMN.SW (Temenos) -- confirms prelim Q4 and FY24 results as per 13-Jan update; hikes divi by +8%; guides FY25 & FY28

        • STMN.SW (Straumann Holding) --reports FY Core EPS CHF3.14 vs FactSet CHF3.15 [20 est, CHF2.88-3.41]

        • SFQ.GR (SAF-HOLLAND) -- reports preliminary FY adjusted EBIT €190M vs FactSet €163.2M [6 est, €154-186.4M]

        • EFGN.SW (EFG International) -- reports FY net income CHF321.6M vs FactSet CHF303.5M [5 est, CHF264.7-316M] (CHF 14.34)

        • SWON.SW (SoftwareONE) -- reports FY adjusted EPS CHF0.47 vs FactSet CHF0.58 [9 est, CHF0.38-0.69]

      • Nordics

        • ALK.B.DC (ALK-Abello) -- reports FY EPS DKK3.70 vs FactSet DKK3.93 [6 est, DKK3.75-4.14]; no divi and guides FY25

        • SHOT.SS (Scandic Hotels Group) -- reports Q4 EPS SEK0.60 vs FactSet SEK0.67 [3 est, SEK0.26-0.90]; intends to launch a new share buyback program of SEK 500M in 2025

      • Also reporting today

        • Earnings:

          • Denmark: Mons Bank (MNBA.DC)

          • Finland: Marimekko (MEKKO.FH)

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

          • DACHs: 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), 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: BAE Systems (BA.LN), Glencore (GLEN.LN), Rio Tinto (RIO.LN)

        • Trading Update: Poxel (POXEL.FP), Jet2 (JET2.LN)

        • CMD/events: Cohort (CHRT.LN) live presentation on the Engage Investor platform

    • M&A

      • HHH (Howard Hughes Holdings) -- Pershing Square announces revised proposal to Howard Hughes Holdings

      • HHH (Howard Hughes Holdings) -- notes special committee has not engaged in any negotiations with Pershing square regarding any of its proposals

      • 8031.JP (Mitsui & Co.) -- to acquire 40% interest in Rhodes Ridge iron ore project in Australia for $5.34B (about ¥800B)

      • BP.LN (BP) -- Follow-up: BP considering sale of lubricants unit valued at ~$10B - Bloomberg

      • ENGI.FP (ENGIE) -- to exit Kuwait, Bahrain via sale of assets to ACWA Power; terms undisclosed

      • TIT.IM (Telecom Italia) -- Poste Italiane prepared to increase stake in Telecom Italia above 10% - Reuters

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- Colonial and Société Foncière Lyonnaise set merger exchange ratio

      • New FTC chair announces 2023 FTC/DOJ joint merger guidelines to remain in effect

      • Moelis & Co. tapped by Logistics firm Forto to explore sale - The Information

    • Healthcare

      • MRK (Merck) -- and plaintiff reportedly agree to delay HPV vaccine trial in Los Angeles Superior Court until Sep 2025 with new jury - wires

      • REC.IM (Recordati) -- Rossini to sell ~10.5M ordinary shares in Recordati

      • MEDCL.FP (MedinCell) -- launches offering for ~10% of its share capital

      • BICO.SS (BICO Group) -- repurchases convertible bonds with total nominal amount of SEK 276M

    • Other

      • PHIA.NA (Koninklijke Philips) -- Philips updates on Respironics Recall

      • DG.FP (VINCI SA) -- VINCI to implement €300M share buyback programme

      • DG.FP (VINCI SA) -- VINCI announces initial conversion price and initial conversion ratio of €400M cash-settled synthetic convertible bonds

      • NESTE.FH (Neste) -- still sees valid case for decarbonisation, but expects journey to be non-linear, as it pledges dramatic cost reduction - FT, citing CEO

      • ADP.FP (Aeroport de Paris) -- appoints Philippe Pascal as Chairman & CEO and Justine Coutard Deputy CEO, effective today

      • REC.IM (Recordati) -- Rossini to sell ~10.5M ordinary shares in Recordati

      • IDR.SM (Indra Sistemas) -- Indra signs MoU with Katim Cybersecurity to market mobile communications solutions to NATO countries

  • Key rating changes

    • Upgrades

      • ANOD.B.SS (Addnode Group) -- to buy from hold at ABG Sundal Collier

      • ZEHN.SW (Zehnder Group) -- to buy from hold at Kepler Cheuvreux

      • ANTO.LN (Antofagasta) -- to overweight from underweight at JPMorgan

      • STMPA.FP (STMicroelectronics) - to buy from hold at Jefferies

    • Downgrades

      • DHER.GR (Delivery Hero) -- to sell from neutral at Citi

      • EVK.GR (Evonik Industries) -- to hold from buy at Kepler Cheuvreux

      • TRN.LN (Trainline) -- to neutral from overweight at JPMorgan

      • TATE.LN (Tate & Lyle) -- to hold from buy at Berenberg

      • BAER.SW (Julius Baer Group) -- to hold from buy at Jefferies

    • Initiations

      • REY.IM (Reply) -- hold at Deutsche Bank

      • ADEN.SW (Adecco Group) -- buy at Kepler Cheuvreux

      • RAND.NA (Randstad) -- buy at Kepler Cheuvreux

  • Data

    • Nikkei (0.27%) to 39164.61

    • Hang Seng (0.60%) to 22839.45

    • Shanghai Composite +0.69% to 3347.42

    • S&P futures +7.5 vs prior close of 6146.8

    • €-$ +0.0013 or +0.12% to 1.0459

    • $-¥ (0.45) or (0.29%) to 151.62

    • €-¥ (0.31) or (0.20%) to 158.54

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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