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StreetAccount Summary - Europe Pre-Open: FTSE +0.8%, DAX +1%, CAC +0.8%, IBEX +0.6%, MIB +0.7%

Feb 26 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, with outperformance in the German DAX

    • Asia equities trading mixed Wednesday. Hang Seng leading the gainers as its internet and IT names resume their rally; mainland China boards also higher. Markets continue to grapple with trade-related uncertainty following latest tariff developments. On Tuesday President Trump signed executive order directing Commerce Department to probe national security implications of copper imports, potentially paving way for tariffs and export restrictions.

    • Busy earnings newsflow in Europe this morning with some heavyweights on the tape already including DTE.GR, EOAN.GR, ABI.BB, BN.FP, ASM.NA while BP.LN is due to present a much awaited capital markets update. Also among those scheduled to report today are STLAM.IM, MUV2.GR, AML.LN and HMSO.LN.

    • European macro data releases include Germany Mar consumer confidence - GfK, France Feb consumer confidence, Spain Jan PPI, Sweden Jan PPI, Finland Jan PPI

    • In central banks, Estonia central bank's economist Taavi Raudsaar will introduce (at 10:00CET livestream) the newly completed Economic Financing Review. BOE's Dhingra speech at 16:30GMT at the Dow Lecture at NIESR. G20 finance and central bank deputies followed by finance ministers and central bank governors (through Thur); Bundesbank's Nagel, ECB's Lagarde and Cipollone, UK Chancellor Reeves, EU's Dombrovskis among the attendees. Bank of Italy's Perrazzelli at latest Asia-Pacific high-level meeting on banking supervision organized by the Basel Committee on Banking Supervision. EU's von der Leyen will present her plan to support the European Union's economy to industry leaders in Antwerp. Weekly PMQs resumes at 12noon GMT and there's an Opposition Day debate (topic tbc), whilst committees topics include GB Energy and the net zero transition (9:30 BP (BP.LN) and Harbour Energy (HBR.LN) execs), buses connecting communities (9:15 FirstGroup (FGP.LN) exec), reforming the water sector (9:30 United Utilities (UU.LN), Severn Trent (SVT.LN) execs), nitrogen (10:00) and industrial strategy for clean power (15:00 Siemens Energy (ENR.GR) exec). FT hosts business of football summit (through Thu).

  • Politics/Macro/World News

    • Rachel Reeves' private share trading plan criticised by executives - FT

    • European stocks vulnerable to pullback before reaching new heights: Reuters poll

    • Finland Jan PPI +0.4% y/y vs consensus (0.2%) and prior (0.8%)

  • Top company news

    • Earnings/updates out already:

      • Benelux

        • ASM.NA (ASM International) -- reports Q4 adj net income €231.5M vs consensus €181.9M; too early to provide a more specific forecast due to market uncertainty and as visibility for H2 of the year is still limited

        • JDEP.NA (JDE Peet's) -- reports FY underlying EPS €1.50 vs FactSet €1.55 [12 est, €1.46-1.60]; to launch multi-year share buyback of up to €1B; names Yang Xu CFO

      • DACH

        • DTE.GR (Deutsche Telekom) -- reports Q4 adj EPS €0.48 vs consensus €0.45; guides 2025 adj EPS of around €2.00 vs FactSet €2.07 [16 est, €1.89-2.28]

        • EOAN.GR E.ON SE reports FY adj net income €2.90B vs guidance €2.80B-€3.00B and consensus €2.92B; hikes divi by 4% and guides FY25; raises medium-term targets

        • FRE.GR (Fresenius) -- reports Q4 EPS €0.69 ex-items vs consensus €0.65

        • ADEN.SW (Adecco Group) -- reports Q4 EPS €0.63 ex-items vs consensus €0.56; announces immediate priority is for the group to delever, new dividend policy

        • EMMN.SW (Emmi) -- reports FY net income CHF220.3M vs FactSet CHF218.4M [5 est, CHF214.4-225.4M]

        • GXI.GR (Gerresheimer) -- reports Q4 EPS €1.60 ex-items vs consensus €1.58

        • WIE.AV (Wienerberger) -- reports FY Operating EBITDA €760.0M vs consensus €759M

        • GF.SW (Georg Fischer) -- reports FY net income CHF214M vs consensus CHF230M

        • TEG.GR (TAG Immobilien) -- reports preliminary adjusted net income from sales in Poland €66.2M vs guidance €46-52M

        • UBXN.SW (u-blox Holding) -- reports FY Adjusted net income (CHF43.7M) vs FactSet (CHF55.9M) [5 est, (CHF70.6)-(35.1M)]

        • MEDX.SW (medmix) -- reports FY adjusted net income CHF33.4M vs FactSet CHF12.8M [2 est, CHF8.7-16.8M]

      • France

        • BN.FP (Danone) -- reports FY recurring EPS €3.63 vs consensus €3.56; 2025 guidance in line with mid-term ambition

        • WLN.FP (Worldline) -- reports FY Normalized EPS €1.53 vs consensus €1.68

      • Spain

        • AENA.SM (Aena S.M.E.) -- provides passenger volume growth estimate in the Spanish airport network for 2025

        • PRS.SM (Promotora de Informaciones) -- reports FY net income (€11.6M) vs FactSet (€5.7M) [4 est, (€18)-5.6M]

      • Italy

        • SPM.IM (Saipem) -- reports Q4 adj. net income €100M vs StreetAccount €103.4M; announces update to Strategic Plan 2025-28

      • Nordics

        • EGTX.SS (Egetis Therapeutics) -- reports Q4 EPS (SEK0.30) vs FactSet (SEK0.26) [2 est, (SEK0.30)-(0.23)]

        • NYKD.NO (Nykode Therapeutics) -- reports Q4 net income ($6.8M) vs year-ago ($5.3M)

    • M&A

      • BPSO.IM (Banca Popolare di Sondrio) -- appoints BofA and Morgan Stanley as financial advisors in connection with offer announced by BPER Banca

      • RKT.LN (Reckitt Benckiser) -- shortlists bidders for homecare assets - Bloomberg (25-Feb, 9:55 ET/14:55 GMT)

      • BGBIO.NO (BerGenBio) -- announces discontinuation of 1L STK11M NSCLC study and exploration of strategic alternatives

      • EOLU.B.SS (Eolus Vind) -- completes previously announced sale of Pome battery energy storage project; receives ~$25M milestone payment

      • Speculation KKR looking at opportunities in outdoor advertising market in Australia - The Australian

      • Roark Capital in advanced talks to purchase Dave's Hot Chicken for ~$1B -- media report

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Tagrisso for adjuvant treatment of EGFR mutation-positive NSCLC after complete tumour resection

      • NOVN.SW (Novartis) -- holder Emasan AG files to offer ~26.5M ordinary shares in block trade -- Bloomberg

      • NOVN.SW (Novartis) -- Holder Emasan offering 26.5M Novartis shares at CHF98.25/share - Reuters, citing terms of offering

      • TEVA (Teva Pharmaceutical Industries) -- Teva and Medincell announce FDA acceptance of sNDA for UZEDY (risperidone) extended-release Injectable suspension as a treatment for patients with bipolar I disorder

      • GRF.SM (Grifols) -- Chairman Thomas Glanzmann will not seek re-election; Anne-Catherine Berner to succeed him

      • STMN.SW (Straumann Holding) -- Straumann Group CFO Yang Xu to leave

      • IDIA.SW (Idorsia) -- bondholders approve amendments to the terms of the 2025 convertible bond

      • IDIA.SW (Idorsia) -- Exclusivity agreement for global rights to Idorsia's aprocitentan concludes; no deal signed

      • IDIA.SW (Idorsia) -- Idorsia, Viatris alter terms of collaboration for selatogrel, cenerimod

    • Other

      • SAN.SM (Banco Santander) -- proposes a final cash dividend against 2024 results of €0.11/share (gross)

      • MUV2.GR (Munich Re) -- plans dividend of €20/sh for 2024 and resolves share buy-back with volume of up to €2.0B

      • P911.GR (Porsche) -- AG announces changes to its executive board; Jochen Breckner to succeed Lutz Meschke as CFO

      • WLN.FP (Worldline) -- announces appointment of Pierre-Antoine Vacheron as CEO

      • SCHA.NO (Schibsted) -- completes its previously announced NOK 2B share buyback program

      • MTG.B.SS (Modern Times Group MTG) -- appoints Nick Hopkins as new group CFO

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- announces appointment of Michael Mertin as new CEO

      • PRS.SM (Promotora de Informaciones) -- will not bid for the new television license in Spain when it's put out to tender

      • New Jersey governor Phil Murphy releases FY26 budget proposal including increase in iGaming, sports wagering tax rates

  • Key rating changes

    • Upgrades

      • NESTE.FH (Neste) -- to neutral from underperform at BNP Paribas Exane

      • NSKOG.NO Norske Skog upgraded to buy from hold at ABG Sundal Collier

      • VOLV.B.SS (Volvo) -- to buy from neutral at UBS

      • SRT3.GR (Sartorius) -- to market perform from underperform at Bernstein, to overweight from equal weight at Barclays

      • DIM.FP (Sartorius Stedim Biotech) -- to overweight from equal weight at Barclays

      • WIX.LN (Wickes Group) -- to buy from hold at Panmure Liberum

    • Downgrades

      • HM.B.SS (H&M Hennes & Mauritz) -- to hold from buy at Pareto

      • SUBC.NO (Subsea 7) -- to neutral from outperform at Oddo

      • BONEX.SS (BONESUPPORT HOLDING) -- to hold from buy at SEB

      • COV.FP (Covivio) -- to neutral from buy at Goldman Sachs

  • Data

    • Nikkei (0.25%) to 38142.37

    • Hang Seng +3.36% to 23808.47

    • Shanghai Composite +0.80% to 3372.90

    • S&P futures +23.5 vs prior close of 5970.0

    • €-$ (0.0019) or (0.18%) to 1.0495

    • $-¥ +0.55 or +0.37% to 149.58

    • €-¥ +0.29 or +0.19% to 156.98

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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