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StreetAccount Summary - EU Market Recap: FTSE 100 (0.03%) to 8660.10, DAX (0.12%) to 22287.56, CAC40 +0.39% to 8154.51, STOXX 600 +0.51% to 553.83

Feb 21 ,2025

  • Synopsis:

    • European equity markets closed mixed. Chemicals, Food & Beverage and Construction & Materials lead, Energy and Media lag. Comes after European bourses closed lower on Thursday, near worst levels, with STOXX600 on track for first negative weekly close since Dec-2024.

    • US exceptionalism narrative retreating following bellwether WMT results and weak retail sales data, alongside Trump's latest tariff warning on pharmaceuticals, semiconductor chips and wood on Wednesday. However, European equity outperformance now consensus, with solid macro data required for rally to continue. However, Eurozone Composite PMI unchanged. Technical dynamics also in focus with today's options expiry. Alibaba's (9988.HK) earnings in focus after Q3 revenue topped expectations. Results reinforced bullish sentiment towards China's tech platform following efforts to integrate DeepSeek's low-cost AI model. Xi's outreach to industry leaders this week also fed sense of a more cooperative government stance.

    • Focus in Europe turns to Flash PMIs. Eurozone Composite PMI unchanged after services posted three-month low. German composite PMI at 9-month high. France composite PMI at 17-month low. Sunday's German federal election also in focus. Key theme remains ailing economy, with outcome possibly delivering substantial implications for future growth. UK Composite PMI 50.5 versus 50.6 prior, with manufacturing at 14-month low. UK consumer confidence improved slightly. UK retail sales surged in January, led by food spending. No incremental news on geopolitical front, with press reports highlighting EU challenges if US pulls back support for Ukraine.

    • On the reporting front, Air Liquide (AI.FP) posted its FY reported before the open, with Renault (RNO.FP), Coface (COFA.FP) and Alten (ATE.FP) among other few French names updating investors. In the banking sector, Standard Chartered (STAN.LN) issued Q4 numbers whilst - in Austria - the conservative and social-democrat negotiators have agreed to a budget consolidation that includes raising windfall taxes on banks and energy companies; shares in Erste (EBS.AV) and Raiffeisen Bank (RBI.AV) little changed at the open. In the Nordics, DFDS (DFDS.DC), Elekta (EKTA.B.SS) and NKT A/S (NKT.DC) released their most recent earnings. Elsewhere, Leonardo (LDO.IM) shares up after its strong prelim FY update.

    • Looking ahead to next week's calendar (see - Europe Week Ahead: 24-Feb to 28-Feb attached) Retail Estates (RET.BB), PostNL (PNL.NA), BELIMO Holding (BEAN.SW), Clariane (CLARI.FP), DOF Group (DOFG.NO), Piraeus Financial (TPEIR.GA), Almirall (ALM.SM), Bank of Ireland (BIRG.ID), ME Group International (MEGP.LN), Georgia Capital (CGEO.LN), and Tristel (TSTL.LN) will be among other names to update investors, whilst the macro-calendar releases will include Germany Feb Ifo, Austria Jan final CPI, Eurozone Jan final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food & Beverage +2.32%, Chemicals +1.92%, Health Care +1.42%, Banks +1.04%, Telecom +0.92%, Utilities +0.53%,

      • Underperformers:

        • Oil & Gas (0.95%), Media (0.75%), Retail (0.47%), Ind Goods & Svcs (0.33%), Travel & Leisure (0.24%), Basic Resources +0.14%, Insurance +0.18%, Autos & Parts +0.19%, Technology +0.25%, Financial Svcs +0.26%, Real Estate +0.30%, Persnl & HHold Goods +0.38%, Construct & Mtls +0.44%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Vance floats US troop withdrawal from Germany over free-speech concerns - Politico

        • Trump envoy praises 'courageous war leader' Zelensky - The Telegraph

        • Farmers Overshadow Climate Push in Europe's New Vision for Food - Bloomberg

      • EU

        • EU to spend nearly a billion euros to protect undersea cables - Reuters

        • Eurozone activity stagnates as price pressures prove sticky - FT

      • UK

        • UK minister met Chinese turbine company amid security concerns - Politico

        • Reeves may use stealth taxes to fund defence, City warns - The Telegraph

        • Government finances in surplus but pressure builds on Reeves - BBC, Reuters

        • UK's Economic Dilemmas Reinforced by PMI, Borrowing Data - Bloomberg

      • France

        • Macron beats Starmer to be first European leader to visit White House in new Trump era - Politico

        • Wealth Tax Backed by French Lawmakers Is Panned by Government - Bloomberg

      • Germany

        • Germany set for tricky coalition building, poll shows ahead of election - Reuters

        • Germany's Private-Sector Activity Improves Ahead of Election - Bloomberg

      • Poland

        • Poland's political rift deepens as 'coup' allegations fly - FT

      • Denmark

        • Squeezed by Trump and Putin, Denmark Spends Big on Defense - Bloomberg

      • Estonia

        • Estonia's Leading Party Plummets in Polls as Economy Falters - Bloomberg

    • Company news:

      • Trading Higher:

        • +15.5% HBC.NO (Hofseth BioCare NOK3.06, +0.41) -- to construct a second enzymatic hydrolysis plant in Norway; signs a strategic partnership with Symrise

        • +15.0% GTT.FP (Gaztransport & Technigaz €154.00, +20.10) -- FY eanrnings; order

        • +13.3% HEIJM.NA (Heijmans €37.50, +4.45) -- FY earnings

        • +12.6% KRX.ID (Kingspan Group €75.10, +8.40) -- FY earnings

        • +11.6% FXPO.LN (Ferrexpo £0.77, +0.08) -- comments on Ukrainian media regarding a potential claim

        • +9.3% ATE.FP (Alten €96.15, +8.15) -- FY earnings; Gilbert Dupont upgrade

        • +7.2% BRNL.NA (Brunel International €10.20, +0.68) -- FY earnings

        • +6.0% GARO.SS (GARO SEK23.10, +1.30) -- Q4 eanrings

        • +5.7% SCANFL.FH (Scanfil €8.76, +0.47) -- Q4 earnings

        • +4.0% CICN.SW (Cicor Technologies CHF72.60, +2.80) -- OEP 80B.V. publishes provisional final result of offer for company

        • +3.8% DBAN.GR (Deutsche Beteiligungs €24.75, +0.90) -- resolves on share buyback program with a volume of up to €20M

        • +3.7% NK.FP (Imerys €31.02, +1.10) -- FY earnings; Groupe Bruxelles Lambert responds to press rumours regarding buying out minority shareholders of company

        • +3.5% COFB.BB (Cofinimmo €56.60, +1.90) -- FY earrnings

        • +3.5% ISS.DC (ISS A/S DKK169.50, +5.80) -- Kepler Cheuvreux upgrade

        • +3.4% STAN.LN (Standard Chartered £11.79, +0.39) -- Q4 earnings

        • +3.3% AI.FP (Air Liquide €178.46, +5.78) -- FY earnings

        • +1.6% BUCN.SW (Bucher Industries CHF379.00, +6.00) -- Kepler Cheuvreux upgrade

      • Trading Lower:

        • -25.6% VID.LN (Videndum £0.44, -0.16) -- FY trading update

        • -9.8% RAY.B.SS (RaySearch Laboratories SEK240.00, -26.00) -- Q4 earnings

        • -9.2% EKTA.B.SS (Elekta SEK59.90, -6.10) -- Q3 earnings

        • -3.5% NDA.GR (Aurubis €83.05, -3.05) -- UBS downgrade

        • -3.3% REP.SM (Repsol €12.70, -0.44) -- UBS downgrade

        • -2.2% BORG.SS (Bjorn Borg SEK58.27, -1.33) -- Q4 earnings

    • EU companies reporting monday:

      • Earnings:

        • Benelux: Retail Estates (RET.BB), PostNL (PNL.NA)

        • DACHs: BELIMO Holding (BEAN.SW)

        • France: Clariane (CLARI.FP)

        • Nordics: DOF Group (DOFG.NO)

        • Southern Europe: Piraeus Financial (TPEIR.GA), Almirall (ALM.SM)

        • UK/Ireland: Bank of Ireland (BIRG.ID), ME Group International (MEGP.LN), Georgia Capital (CGEO.LN), Tristel (TSTL.LN)

      • Trading Update: Freelance.com (ALFRE.FP)

  • Data:

    • Economics:

      • Flash Manufacturing PMI Feb

        • France 45.5 vs consensus 45.3 and prior 45.0

        • Germany 46.1 vs consensus 45.4 and prior 45.0

        • Eurozone 47.3 vs consensus 46.9 and prior 46.6

        • UK 46.4 vs consensus 48.5 and prior 48.3

      • Flash Services PMI Feb

        • France Feb Flash Services PMI 44.5 vs consensus 48.8 and prior 48.2

        • Germany 52.2 vs consensus 52.4 and prior 52.5

        • Eurozone 50.7 vs consensus 51.5 and prior 51.3

        • UK 51.1 vs consensus 50.8 and prior 50.8

      • UK

        • Jan Retail Sales +1.0% y/y vs consensus +0.6% and prior revised +2.8% from +3.6%

        • Jan Public Sector Net Borrowing £15.44B vs consensus £20.1B and prior revised £18.12B from £17.81B

      • France Feb Business Survey 97 vs consensus 96 and prior revised 96 from 95

      • Italy Jan CPI +1.5% y/y vs preliminary +1.5%; +0.6% m/m vs preliminary +0.6%

      • Ireland Jan PPI +2.1% y/y vs consensus +3.0% and prior +3.3%

    • Markets:

      • WTI Crude (25-Apr): ($1.53) or (2.11%) to $70.95

      • €-$ (0.0047) or (0.45%) to 1.0456

      • £-$ (0.0026) or (0.21%) to 1.2644

      • €-£ (0.0023) to 0.8268

      • S&P 500 (0.53%)

      • Performance year-to-date:

        • FTSE: 100 +6.0%

        • DAX: +11.9%

        • CAC: +10.5%

        • Stoxx 600: +9.1%

        • FTSEMIB: +12.4%

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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