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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.12%), DAX (0.21%), CAC (0.46%)

Feb 25 ,2025

  • Synopsis

    • European equity markets are set to open in negative territory amidst Asia equities firmly lower Tuesday. Another sharp decline for New Zealand stocks with Australia also down this time. Heavy declines on the Nikkei but wider Topix supported by trading houses. Greater China lower but Hong Kong tech stocks rallying mid-morning on dip buying. South Korea and Taiwan lower, Southeast Asia all lower while India is a few points higher in early trades. US futures trading higher for now. US dollar flat, little movement of note in Asia currencies. Treasury yields mixed. Crude contracts higher, precious metals mixed, base metals under pressure.

    • On today's agenda, in central banks, Norges Bank Annual Report released at 10:00CET. Bundesbank press conf at 11:00CET presenting the Annual Report 2024; speakers include Nagel and Mauderer. BOE's BEAR Conf sees BOE's Benjamin chair a keynote address by ECB's Schnabel at 13:00GMT, with closing remarks for BOE's Pill at 14:00. Latvia central bank's Kazāks interview on Delfi TV. Hungary central bank interest rate decision, where benchmark interest rate is expected to be unchanged.

    • Elsewhere, UK parliamentary committees topics include reforming the water sector (10:00GMT includes Pennon (PNN.LN) exec) and energy grid and grid connections (10:30), export led growth (14:30) and UK-EU reset (16:00). In Germany, Expert Commission for Research and Innovation (EFI) submits its Annual Report 2025 to Chancellor Scholz. EBA Open Forum on Digital Transformation. International Investment Forum. bruegel hosts event at 13:00CET title Public support for climate action: can governments deliver on citizens' expectations?. Conf on cybersecurity (CPT2025). ECJ ruling on the lack of compatibility of Google Apps (GOOG).

    • Macroeconomic data today include: Germany Q4 final GDP, UK Feb/quarterly distributive trades - CBI, Finland Jan unemployment rate. Elsewhere, European Automobile Manufacturers' Association (ACEA) January released new passenger car registrations for EU + EFTA + UK (2.6%) y/y.

    • In corporate news, Heidelberg Materials (HEI.GR), SIG Combibloc Group (SIGN.SW) and Fresenius Medical Care (FME.GR) reported FY/Q4 numbers with the later 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) is out with FY results.

    • 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.

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

  • Politics/Macro/World News

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

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

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

  • Top company news

    • Earnings/updates

      • FME.GR (Fresenius Medical Care) -- reports Q4 EPS "outlook base" €0.91 vs consensus €0.63; hikes divi by 21% and guides FY25

      • DOKA.SW (dormakaba Holding) -- reports H1 net income CHF96.7M vs FactSet CHF73.0M [2 est, CHF63-82.9M]

      • PSPN.SW (PSP Swiss Property) -- reports FY EPRA EPS CHF5.03 ex-items vs FactSet CHF5.42 [11 est, CHF4.89-6.82], raises dividend +1.3% y/y, guides 2025

      • CLARI.FP (Clariane) -- reports FY net income (€20M) ex-items vs FactSet (€13.8M) [4 est, (€53.1)-46.8M]

      • FTK.GR (flatexDEGIRO) -- reports preliminary FY24 adjusted net income €112M vs FactSet €118.7M

      • KOA.NO (Kongsberg Automotive) -- reports FY net income (€18.2M) vs year-ago (€59.1M)

      • HEI.GR (Heidelberg Materials) -- reports Q4 result from current operations (RCO) €877M vs consensus €863M

      • SIGN.SW (SIG Combibloc Group) -- reports FY adjusted net income €308.1M vs FactSet €297.7M, raises dividend +2% y/y, guides 2025

      • HABA.GR (Hamborner REIT) -- reports FY FFO per share €0.63 vs FactSet €0.63

      • BVI.FP (Bureau Veritas) -- reports FY Adj EPS €1.38 vs consensus €1.36

    • M&A

      • DSY.FP (Dassault Systemes) -- agrees to acquire Contentserv for an enterprise value of €220M

      • TEF.SM (Telefonica) -- Telecom Argentina to acquire Telefónica Móviles Argentina for $1.245B

      • AKZA.NA (Akzo Nobel) -- proposes to separate Powder Coatings business from Indian subsidiary

      • ELUX.B.SS (Electrolux) -- to retain business in Egypt

      • (TECO2.AR (Telecom Argentina) -- Argentina to evaluate whether Telecom Argentina's acquisition of Telefónica Móviles Argentina would constitute formation of monopoly

      • TKTT.FP (Tarkett) -- Participation confirms €16/sh public buyout offer for all outstanding shares, to be followed by squeeze-out

      • EFGN.SW (EFG International) -- announces the divestment of its synthetic life insurance portfolio

      • AMP.SM (Amper) -- completes sale of industrial service business to Mutares

      • TELIA.SS (Telia Co.) -- to sell its TV & Media business to Schibsted Media at an enterprise value of SEK6.55B on a cash and debt-free basis

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's Sarclisa approved in Japan for patients with newly diagnosed multiple myeloma

      • FYB.GR (Formycon) -- receives regulatory approval in the UK for FYB203 (aflibercept), a biosimilar to Eylea

      • HYL.BB (Hyloris Pharmaceuticals) -- enters exclusive licensing, development and commercialisation agreement with RedHill Biopharma (RDHL) for once-daily, proprietary, bimodal extended-release oral tablet formulation of ondansetron

    • Other

      • HSBA.LN (HSBC Holdings) -- to isseu $1.50B 6.950% perpetual subordinated contingent convertible securities

      • TEMN.SW (Temenos) -- publishes its 2024 Sustainability Report

      • SIKA.SW (Sika Group) -- proposes to streamline the compensation cap for the variable compensation of the Group Management and amend the Articles of Association

      • GTT.FP (Gaztransport & Technigaz) -- creates a Group Transformation division and appoints a new Group Innovation VP

      • AML.LN (Aston Martin Lagonda Global Holdings) -- Aston Martin to pursue cost cutting measures as part of efficiency drive - Bloomberg

      • GALP.PL (Galp) -- announces Mopane-3X well confirming new exploration discovery

  • Key rating changes

    • Upgrades

      • BME.LN (B&M European Value Retail) -- to equal-weight from underweight at Morgan Stanley

      • GLE.FP (Societe Generale) -- to overweight from neutral at JPMorgan

    • Downgrades

      • TKWY.NA (Just Eat Takeaway.com) -- to hold from buy at Jefferies

      • CCEP.NA (Coca-Cola Europacific Partners) -- to reduce from hold at Kepler Cheuvreux

      • HM.B.SS (H&M Hennes & Mauritz) -- to equal weight from overweight at Barclays

      • MONC.IM (Moncler) -- to market perform from outperform at Bernstein

      • RNO.FP (Renault) -- to hold from buy at Jefferies

    • Initiations

      • VOLCAR.B.SS (Volvo Car) -- hold at Deutsche Bank

      • ARYN.SW (Aryzta) -- outperform at Oddo

  • Data

    • Nikkei (1.39%) to 38237.79

    • Hang Seng (1.25%) to 23049.62

    • Shanghai Composite (0.84%) to 3344.77

    • S&P futures +5.3 vs prior close of 6000.8

    • €-$ +0.0006 or +0.06% to 1.0475

    • $-¥ +0.11 or +0.07% to 149.82

    • €-¥ +0.21 or +0.13% to 156.93

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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