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StreetAccount Summary - EU Market Recap: FTSE 100 +0.70% to 8871.31, DAX +2.64% to 23147.02, CAC40 +1.09% to 8199.71, STOXX 600 +1.07% to 563.13

Mar 03 ,2025

  • Synopsis:

    • European equity markets broadly higher, near best levels. Industrial Goods/Services, Basic Resources and Energy lead; Utilities, Real Estate and Retail lag. European defense names sharply higher amid reports more European countries have committed to higher defense spending. Asian equity markets mostly higher overnight. US equity markets lower in midday trading. Bond yields mixed. Treasuries narrowly mixed after coming under pressure earlier in the session. Bund up 10 bps. Gilts 9 bps firmer. US Dollar softer across the board. Euro and Sterling both up over 1%. Oil down. Gold up over 1%. Industrial metals firmer. Bitcoin lower after seeing big rally on Sunday after Trump unveils plan for US crypto reserve.

    • Focus on Ukraine after European leaders spent the weekend trying to get Ukraine President Zelenskiy back to the negotiating table with Trump after a clash at the White House on Friday. Zelenskiy left without signing minerals deal. Meanwhile, UK PM Starmer announced plans of coalition of countries that could deploy peacekeeping troops in the wake of a Ukraine ceasefire. French President Macron said some nations want a one-month truce in Ukraine to negotiate peacekeeping agreement. European countries also indicated intention to boost defense spending. Germany considering $400B+ funds for both defense and infrastructure.

    • On macro data front, Eurozone flash CPI eases in February but came in ahead of consensus. Final Eurozone manufacturing PMI slightly softer versus flash, though at two-year high as contraction in sector eases. UK PMI revised up but at 14-month low. BoE mortgage approval data little changed, though ahead of consensus.

    • On the reporting front, Airbus (AIR.FP) reported Jan gross orders stats and Aryzta (ARYN.SW) issued FY earnings whilst - in the UK - Bunzl (BNZL.LN) and Senior (SNR.LN) released FY numbers. On the pharma sector, Gubra (GUBRA.DC) and AbbVie (ABBV) announced a license agreement to develop an amylin analog for the treatment of obesity, with Gubra set to receive $350M in total upfront payment and eligible to receive up to $1.875B in milestones; shares up ~18% at the open.

    • In M&A, Viavi Solutions (VAIV) to acquire Spirent Communications's (SPT.LLN) high speed ethernet and network security business for at least $410M. Sika (SIKA.SW) acquires Cromar Building Products in the UK. Banco Santander (SAN.SM) acquires Tresmares Capital. Claranova (CLA.FP) enters exclusive discussions regarding the potential sale of its PlanetArt division for $160M.

    • On the rumors mill, Shell (SHEL.LN) is exploring the sale of its chemicals assets in US and Europe whilst Elliott Management is reportedly pressing BP (BP.LN) to abandon all its renewable energy projects; also, the FT wrote that TUI Group (TUI1.GR) is seeking to expand 'flexibility deals' through partnerships with other airlines as it bets on "low risk" model to generate growth and - also on the same newspaper - Deutsche Bank (DBK.GR) CEO apparently clashed with the ECB throughout 2024 amid concerns about its credit risk management and risk models.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Ind Goods & Svcs +2.47%, Insurance +1.73%, Basic Resources +1.61%, Telecom +1.57%, Technology +1.51%, Financial Svcs +1.31%, Banks +1.23%

      • Underperformers:

        • Utilities (0.86%), Real Estate (0.86%), Retail (0.45%), Oil & Gas +0.18%, Media +0.19%, Construct & Mtls +0.26%, Travel & Leisure +0.36%, Persnl & HHold Goods +0.40%, Food & Beverage +0.54%, Health Care +0.70%, Autos & Parts +0.79%, Chemicals +0.89%

    • Macro:

      • Eurozone inflation cools as ECB enters final phase of cuts - Bloomberg

      • BoE may need to pause rate cuts, ex-officials warn - Bloomberg

      • EU Commission wants to relax 2025 climate targets for car manufacturers; will now need to achieve goals over three-year period rather than annually

      • Eurozone inflation eases to 2.4% in Feb, supporting ECB easing plans (Reuters)

      • Euro area manufacturing activity up in February (HCOB)

      • UK manufacturing activity drops in February (SPGlobal)

    • Geopolitics:

      • UK says several proposals for Ukraine ceasefire on table after France floats one-month truce - Reuters

      • Germany considering establishing two $400B+ special funds, one for defense and one for infrastructure (Reuters)

      • New defense bank plans to unlock funds for European rearmament - Bloomberg

      • Zelensky's resignation condition for peace to come - TASS

    • Peripheral markets:

      • Italy:

        • Italy's 2024 public accounts prove sweet and sour for PM Meloni - Reuters

      • Austria:

        • Three-party government takes office, shutting out far right - Reuters

    • Company news:

      • Notable Gainers

        • +30.4% CLA.FP (Claranova €2.40, +0.56) -- exclusive discussions regarding potential sale of its PlanetArt division for $160M

        • +21.7% EXENS.FP (Exosens €31.61, +5.63) -- FY net income €30.7M vs FactSet €34.9M [5 est, €17-63.2M]; guides FY25

        • +19.4% QTX.LN (Quartix Technologies £1.88, +0.31) -- FY earnings

        • +17.4% LDO.IM (Leonardo €45.26, +6.70) -- Europe defence spending

        • +16.7% HO.FP (Thales €223.70, +32.05) -- Europe defence spending

        • +15.2% AM.FP (Dassault Aviation €283.80, +37.40) -- Europe defence spending

        • +15.1% RHM.GR (Rheinmetall €1,158.00, +151.50) -- Europe defence spending

        • +14.3% BA.LN (BAE Systems £16.08, +2.01) -- Europe defence spending

        • +13.1% QQ.LN (QinetiQ Group £4.57, +0.53) -- Europe defence spending

        • +11.2% SAAB.B.SS (Saab SEK354.80, +35.90) -- Europe defence spending

        • +8.3% SNR.LN (Senior £1.75, +0.13) -- FY EPS 7.2p ex-items vs FactSet 6.0p [3 est, 5.8-6.2p]; anticipates good growth for the group in 2025 in line with its expectations

        • +7.1% HTG.LN (Hunting £3.32, +0.22) -- completes sale of its 23% equity investment in Rival Downhole Tools L.C.

        • +7.0% ORY.SM (Oryzon Genomics €2.67, +0.18) -- defines Phase III Trial endpoints for its Phase III clinical trial evaluating vafidemstat

        • +6.8% PANR.LN (Pantheon Resources £0.63, +0.04) -- announces further details of its planned flow testing programme for the Megrez-1 well

        • +6.2% VLK.NA (Van Lanschot Kempen €48.65, +2.85) -- ING acquires 17.6% stake in Van Lanschot Kempen

        • +5.9% NOKIA.FH (Nokia €4.90, +0.27) -- 5G.MIL collaboration

        • +5.8% AIR.FP (Airbus SE €175.36, +9.66) -- Jan gross orders of 55 aircraft; deliveries 25

        • +5.5% FII.FP (Lisi €28.05, +1.45) -- LISI AUTOMOTIVE - subsidiary of the LISI Group - announces disposal of its subsidiary LISI AUTOMOTIVE NOMEL SAS to ZB Invest

        • +4.3% RR.LN (Rolls-Royce Holdings £7.76, +0.32) -- Europe defence spending

        • +4.0% ARYN.SW (Aryzta CHF1.93, +0.08) -- FY net income €129.6M, unclear if comparable to underlying net income consensus of €105.5M

        • +3.9% AVON.LN (Avon Technologies £14.88, +0.56) -- delivery order worth $17.6M

        • +3.7% IR5B.ID (Irish Continental Group €5.10, +0.18) -- FY EPS €0.36 vs FactSet €0.36 [2 est, €0.34-0.38]

        • +3.3% SHLF.NO (Shelf Drilling NOK8.45, +0.27) -- Q4 revenue $225.4M ex-items vs FactSet $224.6M [2 est, $219.1-230M]; issues March fleet status report

        • +2.5% HICL.LN (HICL Infrastructure £1.13, +0.03) -- interim update: operational performance across the portfolio was in line with expectations, launches further £100M share buyback

        • +2.3% FLU.AV (Flughafen Wien €53.80, +1.20) -- FY EPS €2.58 vs FactSet €2.49 [3 est, €2.38-2.59]

        • +1.9% AI.FP (Air Liquide €180.02, +3.40) -- looking at acquiring DIG Airgas - Maeil

        • +1.9% AF.FP (Air France-KLM €8.97, +0.17) -- ready to submit offer related to TAP's privatisation - Reuters

        • +1.7% SPT.LN (Spirent Communications £1.89, +0.03) -- sale of high speed ethernet and network security business for at least $410M

        • +1.5% ALMB.DC (Alm. Brand DKK16.41, +0.24) -- completes divestment of Energy & Marine business

        • +1.5% MEKO.SS (MEKO AB SEK122.80, +1.80) -- enters strategic partnership with Goodyear (GT); aims to achieve sales of 1M tires valued at SEK1.0B by the end of 2026

        • +1.4% SIKA.SW (Sika Group CHF232.70, +3.10) -- Sika acquires Cromar Building Products in the UK; price not disclosed

      • Notable Decliners

        • -45.7% SFR.LN (Severfield £0.26, -0.22) -- FY trading update; cancels share buyback programme

        • -8.8% BIOA.B.SS (BioArctic SEK223.00, -21.60) -- Therapeutic Goods Administration of Australia declines approval of of lecanemab as treatment for early Alzheimer's disease

        • -7.6% BNZL.LN (Bunzl £31.12, -2.56) -- FY adj EPS 194.3p vs FactSet 194.0p [17 est, 191.3-198.7p]; hikes divi by 8.2% and reiterates FY25 guidance

        • -2.9% ADVN.SW (Adval Tech Holding CHF66.00, -2.00) -- cyber attack

        • -2.8% TLGO.SM (Talgo €3.50, -0.10) -- FY net income (€107.9M) vs FactSet €16.4M [6 est, €6.0-36.2M]

        • -2.8% GURN.SW (Gurit Holding CHF15.90, -0.46) -- FY revenue CHF431.7M, in-line with preliminary, vs FactSet CHF432.6M [4 est, CHF431.7-435.1M]

        • -1.9% SU.FP (Schneider Electric €229.55, -4.40) -- completes transaction to acquire Motivair Corporation

        • -1.9% SBRY.LN (J Sainsbury £2.54, -0.05) -- updates on previously announced sale of Argos Financial Services card portfolio to NewDay Group

        • -1.8% AGR.LN (Assura £0.41, -0.01) -- announces it has exchanged on the disposal of seven assets for a gross consideration of £64M

    • EU companies reporting tomorrow:

      • Earnings

        • Austria: BAWAG Group (BG.AV)

        • Benelux: Allfunds Group (ALLFG.NA), TKH Group (TWEKA.NA), Nedap (NEDAP.NA)

        • France: Thales (HO.FP), Implanet (ALIMP.FP)

        • Germany: Continental (CON.GR), Bilfinger (GBF.GR), freenet (FNTN.GR),

        • Nordics: EAM Solar (EAM.NO), Nordhealth (NORDH.NO), H+H International (HH.DC), Oriola Corp. (OKDBV.FH)

        • Southern Europe: Davide Campari-Milano (CPR.IM), Infrastrutture Wireless Italiane (INW.IM), Piaggio & C (PIA.IM), ElvalHalcor Hellenic Copper & Aluminium Industry (ELHA.GA), Cox ABG Group (COXG.SM)

        • Switzerland: Chocoladefabriken Lindt & Sprungli (LISN.SW), Kuhne + Nagel International (KNIN.SW), VAT Group (VACN.SW), Arbonia (ARBN.SW), Forbo Holding (FORN.SW),

        • UK: abrdn (ABDN.LN), Greggs (GRG.LN), Intertek Group (ITRK.LN), Bakkavor Group (BAKK.LN), Ashtead Group (AHT.LN), The Weir Group (WG.LN), Travis Perkins (TPK.LN), Beazley (BEZ.LN), Johnson Service Group (JSG.LN), Keller Group (KLR.LN), Inchcape (INCH.LN), International Workplace Group (IWG.LN), Reach (RCH.LN), Oxford Nanopore Technologies (ONT.LN), Kitwave Group (KITW.LN), SEPLAT Energy (SEPL.LN)

      • Trading Update: Moscow Exchange MICEX-RTS (MOEX.RU)

      • CMD/events: BAWAG Group (BG.AV)

  • Data:

    • Economics:

      • Feb Manufacturing PMI

        • Eurozone 47.6 vs prelim 47.3

        • UK 46.9 vs prelim 46.4

        • Germany 46.5 vs prelim 46.1

        • France 45.8 vs prelim 45.5

        • Italy 47.4 vs cons 46.6 and prior 46.3

        • Spain 49.7 vs cons 51.3 and prior 50.9

        • Switzerland SVME 49.6 vs cons 48.3 and prior 47.5

        • Sweden 53.5 vs cons 52.5 and prior 52.9

      • Eurozone Feb Prelim CPI +2.4% y/y vs cons +2.3% and prior +2.5%; +0.5% m/m vs cons +0.5% and prior (0.3%)

        • Feb core CPI +2.6% y/y vs cons +2.5% and prior +2.7%

      • UK Jan

        • Mortgage Approvals 66.19K vs cons 66.00K and prior revised 66.51K from 66.53K

        • M4 Money Supply +1.3% m/m vs cons +0.2% and prior +0.1%

      • Austria Q4 GDP (0.5%) y/y vs prelim (0.2%); (0.4%) q/q vs prelim 0.0%

    • Markets:

      • WTI Crude (Apr 25): ($0.41) or (0.59%) to $69.35

      • €-$ +0.0094 or +0.90% to 1.0497

      • £-$ +0.0123 or +0.98% to 1.2706

      • €-£ (0.0006) to 0.8260

      • S&P 500 (0.45%)

      • Performance year-to-date

        • FTSE 100: +8.54%

        • DAX: +16.26%

        • CAC: +11.10%

        • MIB: +14.28%

        • Stoxx 600: +10.94%

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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