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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.01%), DAX +1.01%, CAC40 (0.50%)

Feb 24 ,2025

  • Synopsis

    • European equity markets set to open mixed. Asian equities trading mostly lower Monday. US futures higher. US dollar lower again, strength in AUD, NZD and yuan but quiet elsewhere. Crude oil, precious metals lower, some support for industrials.

    • Attention in Europe on Germany following yesterday's election. Exit polls from Germany's federal election show CDU/CSU bloc winning with ~28.6% of the vote, right-wing AfD with 20.8%, SPD 16.4%, Greens 11.6% (Handelsblatt, DW). Data from broadcaster ARD showed turnout the highest since reunification in 1990 at 84%. CDU leader Merz wants to form a government as quickly as possible. Bloomberg highlighted if exit polls are replicated in actual vote, might be possible for the CDU/CSU to form a coalition with SPD to command a slim majority of 11 seats for a so-called grand coalition. For SPD it was the worst election performance in its post-war history.

    • On the agenda for this week, of note, EU Parliament (EP) sees various delegations going on visits including from Internal Market and Consumer Protection Committee to Washington DC to discuss EU-US relations (Mon-Fri) and Economic and Monetary Affairs Committee to London to discuss EU-UK relations (Mon-Wed). EP President Metsola will address Ukraine's Defence and Security Strategy of Unity - Action Plan Summit (reportedly, acting President of Romania Ilie Bolojan also among the participants) and meet with Minister of Foreign Affairs of Israel, Gideon Sa'ar (Mon).

    • Today sees, in central banks, BOE's 2025 BEAR Conf (through Tue), speakers include BOE's Lombardelli at 9:00GMT and 18:30, Pill chairs panel at 11:15, Ramsden/Saporta chairs/panellist panel at 13:15. Bundesbank's Balz speech at 11:00CET at one of bank's regional offices whilst latest Bundesbank monthly report released at 12noon CET. BOE's Dhingra speech at 18:00GMT at Birkbeck Centre for Applied Macroeconomics on the state of the UK monetary policies. US President Trump hosts French President Macron. Note, US President Trump hosts UK PM Starmer on Thursday.

    • In the UK, MPs return from Feb Recess. On the 3rd anniversary of Russia's full-scale invasion of Ukraine, EU foreign ministers meet (through Tue). EU's von der Leyen in Ukraine and meets with President Zelenskyy. Meeting of EU agriculture and fisheries ministers. EU-Israel Assn Council. Event at 14:00CET hosted by OMFIF title EU competition policy and priorities in 2025.

    • Earnings releases for today light; on the macro front, Germany Feb Ifo due at 9:30 GMT, followed by Eurozone Jan final CPI at 10:00 GMT.

  • Politics/Macro/World News

    • Exit polls show Germany's center-right leader Merz to become next chancellor

      • German election results explained in graphics - DW

      • International reaction to German election - Reuters

      • Germany's conservatives celebrate, but far right enjoy record result -- BBC

    • ECB's Escriva Calls for 'Cautious' Policy Decisions, Vanguardia Reports - Bloomberg

    • ECB can cut interest rates to 2% this summer according to Villeroy - Alternatives Economiques

    • Belgium central bank's Wunsch says risk ECB 'sleepwalking' into too many rate cuts - FT

    • EU Seeks Ways to Seize Part of Russia's Frozen $280B - Bloomberg

    • US officials see prospect of Ukraine minerals deal this week, but sticking points remain - Reuters

    • EU plans extraordinary summit on defence, Ukraine on 6-Mar - Reuters

    • Zelensky willing to give up presidency in exchange for Nato membership -- BBC

  • Top company news

    • Earnings/updates

      • PNL.NA (PostNL) -- final Q4/ FY numbers in line with preliminary; provides FY25 outlook

      • ALM.SM (Almirall) -- FY normalized net income €25.6M vs FactSet €15.5M [11 est, €4-29M]

      • BEAN.SW (BELIMO Holding) -- FY net income CHF146.7M vs FactSet CHF144.3M [11 est, CHF137.4-149.6M]

      • DOFG.NO (DOF Group) -- Q4 net income $96M vs year-ago $250M

    • M&A

      • SHEL.LN( (Shell) -- ConocoPhillips (COP) to sell interest in Ursa and Europa Fields to Shell for $735M

      • TKWY.NA (Just Eat Takeaway.com) -- Prosus to buy Just Eat Takeaway.com for €20.30/sh in cash, or €4.1B in total

      • SUBC.NO (Subsea 7) -- Subsea7, Saipem reach agreement in principle on key terms of possible merger; Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held

      • CVC.NA (CVC Capital Partners) -- KKR (KKR) acquires controlling stake in Indian healthcare provider Healthcare Global Enterprises for $400M

      • TPEIR.GA (Piraeus Financial Holdings) -- and Piraeus Bank commence merger process

      • BYW6.GR (BayWa) -- reaches agreement to carry out capital increase at r.e. AG; to transfer majority stake in r.e. AG to EIP

      • CK Infrastructure submits preliminary £7B (HK$68.83B) bid to take majority stake in Thames Water - FT (21-Feb, timing uncertain)

    • Healthcare

      • SAN.FP (Sanofi) -- Teva (TEVA) and Sanofi present new phase 2B study results at ECCO 2025 reinforcing best-in-class potential of Duvakitug (Anti-TL1A) in ulcerative colitis and crohn's disease

      • SDZ.SW (Sandoz Group) -- Sandoz launches biosimilar Pyzchiva (ustekinumab-ttwe) in the US, offering new treatment for around 12M patients

    • Other

      • RIO.LN (Rio Tinto) -- considering issuing new shares to improve liquidity and relieve tensions within dual listing share structure - Australian Financial Review

      • OLTH.GA (Thessaloniki Port Authority) -- announces tender for the Port of Volos was cancelled

      • OSE.FP (OSE Immunotherapeutics) -- reports Full Phase 2 Induction Results for Anti-IL-7R mAb Lusvertikimab in Ulcerative Colitis at the 20th Congress of ECCO

  • Key rating changes

    • Upgrades:

      • EKTA.B.SS (Elekta) -- to buy from hold at Nordea

      • SAN.SM (Banco Santander) -- to outperform from market perform at Keefe, Bruyette & Woods

      • SAGA.B.SS (Sagax) -- to buy from hold at Kepler Cheuvreux

      • LR.FP (Legrand) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • CABK.SM (CaixaBank) -- to market perform from outperform at Keefe, Bruyette & Woods

      • TKA.AV (Telekom Austria) -- to hold from buy at Kepler Cheuvreux

      • VEI.NO (Veidekke) -- to underperform from market perform at Handelsbanken

      • FLS.DC (FLSmidth & Co.) -- to hold from buy at ABG Sundal Collier

    • Other:

      • STX.LN (Shield Therapeutics) -- reinstated buy at Peel Hunt

      • PST.IM (Poste Italiane) -- resumed outperform at Mediobanca

      • STB.NO (Storebrand) -- reinstated underweight at JPMorgan

  • Data

    • Nikkei closed

    • Hang Seng (0.37%) to 23391.86

    • Shanghai Composite (0.21%) to 3372.01

    • S&P futures +29.5 vs prior close of 6029.0

    • €-$ +0.0046 or +0.44% to 1.0509

    • $-¥ +0.22 or +0.15% to 149.46

    • €-¥ +0.90 or +0.58% to 157.05

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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