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StreetAccount Summary - European Market Recap: FTSE 100 +0.00% to 8658.98, DAX +0.62% to 22425.93, CAC40 (0.78%) to 8090.99, STOXX 600 (0.08%) to 553.39

Feb 24 ,2025

  • Synopsis:

    • European equity markets ended mixed to lower, with pan-European indices spending the session in a relatively narrow range either side of unchanged through the session

    • With shares ending around the middle of the day's range, Portugal +1.6%, Denmark +0.8% and Austria +0.7% are the outliers to the upside and lead outperformers. Greece (0.9%) and Finland, Netherlands both (0.3%) join the CAC in leading underperformers.

    • Germany's Federal election saw the conservative opposition win the largest share of the votes whilst the far-right AfD party saw a historic surge in support, coming in as the second largest party. Friedrich Merz's first priority appears to be trying to form a coalition made up of his CDU/CSU and Scholz's centre left, despite the SDP' worst-ever showing of 16.4%.

    • On the 3rd anniversary of Russia's full-scale invasion of Ukraine, EU foreign ministers meet (through Tue). Joint statement by the President of the EU Commission, the President of the EU Council, and the President of the EU Parliament. EU's von der Leyen in Ukraine and met with President Zelenskyy, makes statement at the International summit on the support of Ukraine, with President of the EU Council Costa also making remarks. Also, EU Commission announced the stepping up of support for Ukraine's energy security and paves the way for full market integration.

    • As EU seeks more involvement in the ceasefire process for Ukraine, US President Trump hosts French President Macron today, with tariffs also a subject in the agenda.

    • A number of central bank governors were in interviews over the weekend, whilst through the day the BOE's 2025 BEAR Conf got underway (through Tue), speakers included BOE's Lombardelli and Pill chaired a panel and Ramsden/Saporta chaired panel/panellist. Bundesbank's Balz spoke at one of bank's regional offices. BOE's Dhingra, the government announcing today her reappointment as an external member to the BOE's MPC, to deliver a speech at 18:00GMT at Birkbeck Centre for Applied Macroeconomics on the state of the UK monetary policies.

    • The handful of economic data releases included Germany's Ifo survey, which showed sentiment among companies in Germany continues to be skeptical, the headline figure unchanged m/m, and whilst companies were slightly less satisfied with current business, expectations brightened somewhat.

    • M&A news flow included Subsea7 and Saipem agreeing to a possible merger, Prosus agreeing to acquire Just Eat Takeaway.com for €20.30/share in cash, or €4.1B in total, XPS Pensions Group (XPS.LN) acquires Polaris Actuaries and Consultants Ltd for up to ~£58M and reportedly, Chemring Group seeing bid interest from Bain Capital and John Wood Group enters takeover talks with UAE's Sidara, the latter subsequently confirmed by the UAE-based company as having made a preliminary approach.

    • Earnings included Piraeus Financial Holdings (TPEIR.GA) reports Q4 attributable net income €184M vs FactSet €174.6M [6 est, €131.3-233M], provides 2025-28 business plan, as well as DOF Group (DOFG.NO) Q4 net income $96M vs year-ago $250M, guides 2025 EBITDA $720-800M vs FactSet $771.8M.

    • Elsewhere, GSK (GSK.LN) completes acquisition of IDRx, Inc., commences initial tranche of £0.7B of previously disclosed share buyback program, and BP (BP.LN) is reportedly to ditch renewables goals and return focus to fossil fuels at this week's capital markets day investor update. Swiss Prime Site (SPSN.SW) launches an accelerated bookbuild offering of up to ~CHF300M.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +2.03%, Food & Beverage +1.77%, Autos & Parts +0.90%, Telecom +0.78%, Insurance +0.65%, Real Estate +0.56%, Health Care +0.26%, Media (0.06%)

      • Underperformers:

        • Basic Resources (1.39%), Financial Svcs (1.25%), Ind Goods & Svcs (0.95%), Technology (0.83%), Construct & Mtls (0.80%), Retail (0.56%), Travel & Leisure (0.54%), Oil & Gas (0.49%), Persnl & HHold Goods (0.28%), Chemicals (0.19%), Banks (0.13%)

    • Macro/Peripheral markets:

      • EU:

        • Seeks ways to seize part of Russia's frozen $280B - Bloomberg

        • Plans extraordinary summit on defence, Ukraine on 6-Mar - Reuters

        • Adopts 16th sanctions package against Russia - release

        • To work towards an agreement at COP16 on international biodiversity - release

      • ECB:

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

        • Bank of Spain's Escriva believes that the ECB's 2% interest target is relatively close - La Vanguardia

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

      • Germany:

        • Economy still stuck in stagnation - Bundesbank Monthly Report

        • CDU's Merz aims for coalition by Easter - euronews

        • What next in new government formation - Bloomberg

        • Greens' Robert Habeck says he's stepping down from a leadership role - Politico

        • SDP looking to revamp leadership - Bloomberg

      • Ireland:

        • 2024 advertised rents +5.7% y/y vs year-ago +6.8% - Daft.ie Report

      • Sweden:

        • Swedish Centre Party leader Muharrem Demirok to step down - The Local

      • UK:

        • UK-India free trade talks are being relaunched - UK government press release

        • Swati Dhingra reappointed as an external member to the BOE's Monetary Policy Committee - government press release

    • Company news:

      • Notable Gainers

        • +140.9% HOCN.SW (HOCN Ltd.) -- motion to convene an EGM to elect a new board

        • +54.1% TKWY.NA (Just Eat Takeaway.com) -- cash takeover offer by Prosus at €20.30/share

          • -8.8% PRX.NA (Prosus)

          • (1.0%) DHER.GR (Delivery Hero)

        • +41.4% WG.LN (John Wood Group) -- enters takeover talks with UAE's Sidara - FT; confirmed by the UAE-based company

        • +8.0% AIA.GA (Athens International Airport) -- FY net income €235.9M vs FactSet €227.3M [8 est, €211.9-243.5M]

        • +7.2% BOR.LN (Borders & Southern Petroleum) -- result of retail offer

        • +6.2% ELIOR.FP (Elior Group) -- resumed buy at Citi

        • +6.2% RHM.GR (Rheinmetall) -- buy from neutral at UBS

        • +6.0% CGEO.LN (Georgia Capital) -- FY NAVPS 27.1p vs year-ago 24.2p

        • +5.2% GHH.LN (Gooch & Housego) -- expectations for FY25 trading remain unchanged

        • +4.7% ROO.LN (Deliveroo) -- buy from neutral at Bryan Garnier

        • +4.5% TEG.GR (TAG Immobilien) -- Less strict rent controls or restrictions on rent adjustments seen following the election result - Der Aktionaer

          • +3.7% LEG.GR (LEG Immobilien), +3.4% AT1.GR (Aroundtown), +3.3% VNA.GR (Vonovia)

        • +4.3% ACTI.SS (Active Biotech) -- first patient has been included in phase Ib/II clinical study of tasquinimod in patients with myelofibrosis refractory or ineligible to JAK2 inhibitor treatment

        • +4.3% CHG.LN (Chemring Group) -- reported bid interest from Bain Capital - Sky News

        • +3.9% BIRG.ID (Bank of Ireland Group) -- FY underlying PBT €2.13B vs FactSet €2.02B, raises dividend +5% y/y, announces share buyback

        • +3.6% CAPSL.NO (Capsol Technologies) -- Q4 EPS NOK0.05 vs FactSet NOK0.08 [3 est, NOK0.01-0.15]

        • +3.5% ALM.SM (Almirall) -- FY normalized net income €25.6M vs FactSet €15.5M [11 est, €4-29M]; guides 2025 EBITDA between €220-240M vs FactSet €223.0M

        • +3.5% GTT.FP (Gaztransport & Technigaz) -- add from hold at Portzamparc

        • +3.4% EBUS.NA (Ebusco Holding) -- considerable progress on its working capital measures and provides a business update; shares reverse initial falls

        • +3.1% EKTA.B.SS (Elekta) -- upgraded to buy from hold at Nordea; downgraded to hold from buy at Carnegie Securities

        • +3.0% SUBC.NO (Subsea 7) -- merger with Saipem

          • (0.4%) SPM.IM (Saipem)

        • +2.8% KAMBI.SS (Kambi Group) -- selected by FDJ Group to take over the role as OLG's multi-channel sportsbook partner

        • +2.6% PNL.NA (PostNL) -- final Q4/ FY numbers in line with preliminary; provides FY25 outlook

          • On earnings/updates: RET.BB (Retail Estates), XPS.LN (XPS Pensions Group), CLI.LN (CLS Holdings), DOFG.NO (DOF Group) and reversing initial falls ONC.LN (Oncimmune Holdings)

      • Notable Decliners

        • -7.7% BEAN.SW (BELIMO Holding) -- FY net income CHF146.7M vs FactSet CHF144.3M [11 est, CHF137.4-149.6M]

        • -5.9% INDV.LN (Indivior) -- SUBLOCADE injection label changes approved by FDA

        • -5.6% OTOVO.NO (Otovo) -- Q4 net income (NOK56.7M) vs FactSet (NOK113M) [1 est]; shares reversed initial gains

        • -4.9% ABBN.SW (ABB) -- CEO call reveals Microsoft currently pausing a DC equipment order, RBC comments

        • -3.5% PFC.LN (Petrofac) -- reaffirms financial restructuring effective date; existing shareholders expected to be allocated 2.2% of the company's total share capital

        • -3.5% OSE.FP (OSE Immunotherapeutics) -- reports full Phase 2 induction results for Anti-IL-7R mAb Lusvertikimab in Ulcerative Colitis at ECCO

        • -3.5% LR.FP (Legrand) -- sector perform from underperform at RBC Capital Markets

        • -3.1% ARB.LN (Argo Blockchain) -- hashrate is expected to steadily increase during the months of Feb and Mar

        • -3.1% FLS.DC (FLSmidth & Co.) -- hold from buy at ABG Sundal Collier

        • -3.1% BRK.LN (Brooks MacDonald Group) -- completes previously announced sale of BMI to Canaccord Genuity

        • -2.5% BME.LN (B&M European Value Retail) -- cuts FY25 adj EBITDA guidance to £605-625M from £620- 650M; CEO Alex Russo to retire with effect from 30-Apr

        • -2.5% MEGP.LN (ME Group International) -- FY pretax income £73.4M vs guidance of not less than £73M and FactSet £73M, guides 2025 profit before tax between £76-80M vs FactSet £78.3M

        • -2.4% -- SPSN.SW (Swiss Prime Site) -- launches an accelerated bookbuild offering of up to ~CHF300M

          • On earnings/updates: TPEIR.GA (Piraeus Financial Holdings) and reversing initial gains TSTL.LN (Tristel)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASM International (ASM.NA)

        • Denmark: Royal Unibrew (RBREW.DC)

        • Finland: Orion (ORNBV.FH)

        • France: Bureau Veritas (BVI.FP), Digia (DIGIA.FH)

        • Germany: Fresenius Medical Care (FME.GR), Hamborner REIT (HABA.GR)

        • Italy: Saipem (SPM.IM)

        • Norway: Kongsberg Automotive (KOA.NO), MPC Container Ships (MPCC.NO), Masoval (MAS.NO), Panoro Energy (PEN.NO)

        • Spain: Laboratorios Farmaceuticos Rovi (ROVI.SM), Neinor Homes (HOME.SM)

        • Sweden: BONESUPPORT HOLDING (BONEX.SS)

        • Switzerland: SIG Group (SIGN.SW), PSP Swiss Property (PSPN.SW), dormakaba Holding (DOKA.SW), CPH Group (CPHN.SW), Bellevue Group (BBN.SW)

        • UK/Ireland: Smith & Nephew (SN.LN), Croda International (CRDA.LN), The UNITE Group (UTG.LN), Dotdigital Group (DOTD.LN), McBride (MCB.LN), City of London Investment Group (CLIG.LN), Bank of Georgia Group (BGEO.LN), Uniphar (UPR.ID)

      • Trading Update: SFC Energy (F3C.GR), Adocia (ADOC.FP)

      • CMD/events: Pennon Group (PNN.LN), Ten Lifestyle Group (TENG.LN)

  • Data:

    • Economics:

      • Austria Jan CPI +3.2% y/y vs preliminary +3.3%

      • Germany Feb IFO survey

        • Business Climate 85.2 vs consensus 85.8, prior revised 85.2 from 85.1

        • Current Conditions 85.0 vs consensus 86.5, prior revised 86.0 from 86.1

        • Expectations 85.4 vs consensus 85.2, prior revised 84.3 from 84.2

      • Eurozone Jan CPI +2.5% y/y vs preliminary +2.5%; core CPI +2.7% y/y vs preliminary +2.7%

    • Markets:

      • WTI Crude (Apr 25): +$0.43 or +0.61% to $70.83

      • €-$ +0.0009 or +0.09% to 1.0472

      • £-$ (0.0015) or (0.12%) to 1.2635

      • €-£ +0.0007 to 0.8289

      • S&P 500 +0.02%

      • Performance year-to-date:

        • FTSE 100: +5.95%

        • DAX: +12.64%

        • CAC: +9.62%

        • MIB: +12.54%

        • Stoxx 600: +9.02%

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.
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