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StreetAccount Summary - EU Market Recap: FTSE 100 +0.09% to 8667.00, DAX (0.13%) to 22395.99, CAC40 (0.53%) to 8048.04, STOXX 600 +0.11% to 554.02

Feb 25 ,2025

  • Synopsis:

    • European equity markets ended mixed with pan-European indices reversing earlier gains. Denmark +2.0%, followed by Spain +0.9% and Finland +0.8% led outperformers whilst Netherlands, France and Greece all down ~ (0.5%) led underperformers.

    • Limited fresh catalysts for markets. Growth and inflation risks have dampened sentiment and there is still a lot of uncertainty on potential trade tariffs and geopolitical risk in Europe. French President Macron's visit to Washington revealed deepening rift between US and European approaches to Ukraine (Politico, Reuters). Despite Macron's efforts to sway Trump towards supporting Ukraine's sovereignty and providing security guarantees, US President remained focused on economic deals and swift end to the war without addressing long-term security concerns.

    • Meanwhile in political developments, focus on coalition talks following German elections. CDU leader Merz hinted that Germany's main parties could reach a deal to reform debt brake with outgoing parliament to get round blocking minority in new make-up of parliament. Press reported Merz has also open talked with SPD to approve up to €200B in special defense spending.

    • From a macroeconomic calendar perspective, German final Q4 GDP unchanged from flash estimate at -0.2% q/q. UK CBI Distributive Trade survey also due. Meanwhile, property portal Rightmove warned of delays in completion of UK house purchases ahead of key tax deadline on 31-Mar. Fresh survey showing impact of April tax increase on UK hospitality sector.

    • In corporate news, Heidelberg Materials (HEI.GR), SIG Combibloc Group (SIGN.SW) and Fresenius Medical Care (FME.GR) reported FY/Q4 numbers with the latter hiking dividend by 21%. Still in the DACH region, Uniper (IN0.GR) confirmed preliminary FY results and issued FY25 guidance. In France, Bureau Veritas (BVI.FP) shares traded lower despite strong FY results. In the UK, Croda International (CRDA.LN) posted better-than-expected FY numbers. Smith & Nephew (SN.LN) shares were higher post strong end to 2024 and reassuring guidance for 2025. Unilever PLC (ULVR.LN) announced CEO Hein Schumacher was to step down on 1-Mar and current CFO Fernando Fernandez is appointed as new CEO; group also reaffirmed its 2025 outlook and medium-term guidance.

    • On M&A front, Telia Co. (TELIA.SS) to sell its TV & Media business to Schibsted Media at an enterprise value of SEK6.55B on a cash and debt-free basis. Dassault Systemes (DSY.FP) agrees to acquire Contentserv for an enterprise value of €220M. Argentina to evaluate whether Telecom Argentina's acquisition of Telefónica Móviles Argentina (TEF.SM) would constitute formation of monopoly. Also, ThyssenKrupp (TKA.GR) plans extraordinary general meeting for Thyssenkrupp Marine Systems spin-off.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Banks +1.56%, Telecom +1.09%, Health Care +0.93%, Insurance +0.78%, Food & Beverage +0.51%, Autos & Parts +0.44%, Construct & Mtls +0.41%, Utilities +0.38%, Real Estate+0.25%, Retail +0.23%

      • Underperformers

        • Basic Resources (1.82%), Technology (1.55%), Oil & Gas (1.14%), Media (0.74%), Financial Svcs (0.56%), Ind Goods & Svcs (0.55%), Persnl & HHold Goods (0.24%), Travel & Leisure (0.24%), Chemicals (0.21%)

    • Macro/Peripheral markets:

      • Geopolitics

        • EU and UK in talks about Europe-wide defence funding amid fear of US pullback - FT

        • Trump wants Europe to buy more US farm goods. It can't. - Politico

        • US refuses to blame Russia for Ukraine war in extraordinary break with allies- Bloomberg

        • EU eyes €200B secret weapon as Trump dominates Ukraine peace talks - Politico

      • EU

        • Why Germany's debt rules are a bellwether for EU defence spending - FT

        • Bulgaria to ask for EU assessment on its readiness to adopt euro next year - Reuters

      • Central Banks

        • Norges Bank's annual report and financial statements for 2024 - release

        • BoE's Dhingra defends call for deeper rate cuts amid economic concerns - Bloomberg

      • Germany

        • Merz warns of "five minutes to midnight" for Europe, urges defense independence from US - Reuters

        • Merz explores debt brake reform with outgoing parliament, sparking controversy - FT

        • German politics froze out the far right for years - is this about to change? - BBC

        • The Iron Curtain casts a long shadow over Germany's election - NYTimes

        • Wary of Trump, Germany's Merz warns it's 'five minutes to midnight for Europe' - Reuters

      • UK

        • UK to raise defence spending to 2.5% of GDP by 2027 - FT

      • Italy

        • Sending Italian troops to Ukraine 'not on the agenda' - Ansa

      • Greece

    • Company news:

      • Notable Gainers

        • +17.1% ONCO.SS (Oncopeptides SEK1.83, +0.27) -- new real-world study on melflufen

        • +14.2% STAF.LN (Staffline Group £0.27, +0.03) -- sells PeoplePlus Group Limited for £12M; launches £7.5M share buy-back

        • +13.1% BONEX.SS (BONESUPPORT HOLDING SEK382.80, +44.40) -- Q4 earnings

        • +10.1% TKA.GR (ThyssenKrupp €6.97, +0.64) -- plans EGM ahead of Thyssenkrupp Marine Systems spin-off -- Reuters; Citi increases PT to €8.50 from €5.50

        • +7.0% UPR.ID (Uniphar €2.64, +0.17) -- FY earnings

        • +6.8% GALP.PL (Galp Energia SGPS €15.95, +1.02) -- new discovery at Mopane-3X well in PEL83, offshore Namibia

        • +6.5% SN.LN (Smith & Nephew £11.09, +0.67) -- FY earnings

        • +5.3% FCT.IM (Fincantieri €9.50, +0.48) -- extends its underwater tech collaboration with EDGE in UAE

        • +5.0% EVS.BB (EVS Broadcast Equipment €36.70, +1.75) -- Kepler Cheuvreux upgrade

        • +4.8% PEN.NO (Panoro Energy NOK29.35, +1.35) -- Q4 earnings

        • +3.4% WG.LN (John Wood Group £0.39, +0.01) -- possible cash offer by Sidara; response to media speculation

        • +3.2% ALM.SM (Almirall €9.76, +0.31) -- Oddo upgrade

        • +2.8% NOVO.B.DC (Novo Nordisk DKK657.00, +17.80)

        • +2.4% BGEO.LN (Lion Finance Group £54.40, +1.30) -- FY earnings

        • +2.2% GLE.FP (Societe Generale €38.66, +0.84) -- JPMorgan upgrade

        • +0.7% VBSN.SW (IVF Hartmann Holding CHF136.00, +1.00) -- FY earnings

        • +0.6% EBRO.SM (Ebro Foods €16.66, +0.10) -- FY earnings

        • +0.4% FYB.GR (Formycon €27.40, +0.10) -- FYB203 approved in the UK

      • Notable Decliners

        • -13.4% SIGN.SW (SIG Combibloc Group CHF17.92, -2.78) -- FY earnings

        • -8.1% PCIB.NO (PCI Biotech Holding NOK1.56, -0.14)

        • -5.9% CMCX.LN (CMC Markets £1.99, -0.13) -- CFO steps down

        • -5.2% WAWI.NO (Wallenius Wilhelmsen NOK87.80, -4.80) -- Fearnley downgrade

        • -5.0% ALNG.NO (Awilco LNG NOK3.30, -0.18) -- Q4 earnings

        • -4.6% DOTD.LN (dotDigital Group £0.83, -0.04) -- H1 earnings

        • -4.0% TPEIR.GA (Piraeus Financial Holdings €4.54, -0.19) -- holder Paulson & Co. places 35M shares at €4.58/hare

        • -3.7% AML.LN (Aston Martin Lagonda Global Holdings £1.11, -0.04) -- Aston Martin to pursue cost cutting measures as part of efficiency drive - Bloomberg

        • -3.6% BBN.SW (Bellevue Group CHF13.45, -0.50) -- FY earnings

        • -3.6% TTG.LN (TT Electronics £0.82, -0.03) -- FY24 final results delayed

        • -3.3% RIO.LN (Rio Tinto $48.44, -1.65) -- holder Palliser Capital publishes letter/presentation further disputing dual listing structure

        • -3.1% BVI.FP (Bureau Veritas €30.38, -0.96) -- FY earnings

        • -3.0% WLN.FP (Worldline €7.41, -0.23) -- Intesa Sanpaolo downgrade

        • -2.6% SUBC.NO (Subsea 7 NOK182.20, -4.80) -- DnB Markets downgrade

        • -2.6% CPHN.SW (CPH Group AG CHF74.00, -2.00) -- FY earnings

        • -2.4% STMPA.FP (STMicroelectronics €25.82, -0.63) -- Italian government wants to replace STMicroelectronics CEO Jean-Marc Chéry -- Les Echos

        • -2.2% CLIG.LN (City of London Investment Group £3.52, -0.08) -- H1 earnings

        • -2.1% SPSN.SW (Swiss Prime Site CHF103.80, -2.20) -- places ~2.93M new shares at CHF102.50/each

        • -2.0% FTK.GR (flatexDEGIRO €18.63, -0.38) -- prelim. FY earnings

        • -1.2% FME.GR (Fresenius Medical Care €44.13, -0.53) -- Q4 earnings

        • -0.9% UTG.LN (UNITE Group £8.46, -0.08) -- FY earnings

        • -0.8% RNO.FP (Renault €48.59, -0.38) -- ACEA Jan new passenger car registrations

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Wienerberger (WIE.AV), EVN (EVN.AV), FACC (FACC.AV), Auto1 Group (AG1.AV)

        • Benelux: Anheuser-Busch InBev (ABI.BB), DEME Group (DEME.BB), Deceuninck (DECB.BB), Just Eat Takeaway.com (TKWY.NA), JDE Peet's (JDEP.NA), AMG Critical Materials (AMG.NA)

        • Denmark: Jyske Bank (JYSK.DC), Sydbank (SYDB.DC)

        • Finland: Citycon (CTY1S.FH)

        • France: Danone (BN.FP), Wendel (MF.FP), Eiffage (FGR.FP), Worldline (WLN.FP), Fnac Darty (FNAC.FP), Interparfums (ITP.FP), Ipsos (IPS.FP), SES (SESG.FP), LISI (FII.FP)

        • Germany: Deutsche Telekom (DTE.GR), Munich Re (MUV2.GR), E.ON (EOAN.GR), Covestro (1COV.GR), Uniper (UN0.GR), Gerresheimer (GXI.GR)

        • Greece: Hellenic Telecommunications Organization (HTO.GA)

        • Italy: Stellantis (STLAM.IM), Pirelli (PIRC.IM)

        • Norway: NEL (NEL.NO)

        • Portugal: EDP Renovaveis (EDPR.PL), Banco Comercial Portugues (BCP.PL)

        • Spain: Aena (AENA.SM), Cellnex Telecom (CLNX.SM), Acciona (ANA.SM), Grifols (GRF.SM), Redeia Corporacion (RED.SM), Indra Sistemas (IDR.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM)

        • Sweden: Novonesis (NSIS.B.SS), BTS Group (BTS.B.SS)

        • Switzerland: Adecco Group (ADEN.SW), Emmi (EMMN.SW), Georg Fischer (GF.SW), naturenergie holding (NEAG.SW), Implenia (IMPN.SW), Zehnder Group (ZEHN.SW), medmix (MEDX.SW), u-blox Holding (UBXN.SW)

        • UK/Ireland: Hammerson (HMSO.LN), Aston Martin Lagonda Global Holdings (AML.LN), Hikma Pharmaceuticals (HIK.LN), Convatec Group (CTEC.LN), International Personal Finance (IPF.LN), Rathbones Group (RAT.LN), Morgan Sindall Group (MGNS.LN), Glanbia (GL9.ID)

  • Data:

    • Economics:

      • Finland Jan Unemployment Rate 9.5% vs consensus 8.4% and prior 8.1%

      • Germany Q4 GDP (0.2%) y/y vs preliminary (0.2%); (0.2%) q/q vs preliminary (0.2%)

    • Markets:

      • WTI Crude (Apr 25): ($1.76) or (2.49%) to $68.94

      • €-$ +0.0034 or +0.32% to 1.0503

      • £-$ +0.0027 or +0.21% to 1.2654

      • €-£ +0.0008 to 0.8299

      • S&P 500 (1.04%)

        • Performance year-to-date

        • FTSE 100: +6.04%

        • DAX: +12.49%

        • CAC: +9.04%

        • MIB: +13.23% Stoxx 600: +9.14%

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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