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

Mar 03 ,2025

  • Synopsis

    • European equity markets are set to extend gains as a new month of trading gets under way.

    • Over the weekend, UK PM Keir Starmer and other European leaders used a security summit in London to demonstrate broad support for Ukraine. Starmer said on Sunday European leaders had agreed to draw up a Ukraine peace plan to present to the United States. Starmer has also announced a £1.6bn missile deal for Ukraine. France and Britain are reportedly proposing a partial one-month truce between Russia and Ukraine that would not cover ground fighting. (Reuters , Le Monde, BBC)

    • Last week, most European equity markets ended higher for the 10th consecutive week, with another record high for the benchmark Stoxx Europe 600, a record high close for FTSE100, while CAC40 ended down 0.67%. Also of note, European equities continued their outperformance over US stocks in February, turbocharged by strong earnings revisions coming out of a solid Q4 reporting season, a fade in US exceptionalism leading to inflows into Europe, hopes that Trump tariffs can be negotiated before they start, ramping up ECB rate cut expectations and a potential Ukraine peace deal.

    • The week ahead in Europe sees ECB interest rate decision, EU automotive action plan, Feb manufacturing/services PMIs and Feb preliminary CPIs from across the region as well as earnings from Bayer (BAYN.GR), Kuhne + Nagel International (KNIN.SW), Reckitt Benckiser Group (RKT.LN), Sandoz Group (SDZ.SW) and Vivendi (VIV.FP). Of note overseas, Tue sees US President Trump address a Joint Session of Congress, whilst in China, the People's Political Consultative Conf (CPPCC) is set to open, and Wed sees the opening of National People's Congress (NPC) (through Mon) Bloomberg.

    • European macro data releases out today include Italy, Norway, Spain, Sweden, Switzerland Feb manufacturing PMI and final reads for Eurozone, France, Germany, UK, Eurozone Feb preliminary CPI, Italy 2024 GDP, UK Jan mortgage approvals, M4 money supply, Netherlands Feb preliminary CPI, Finland preliminary CPI, Austria Q4 final GDP, Feb preliminary CPI, unemployment rate, Portugal Jan unemployment rate

    • In central banks today, SNB annual results for 2024 at 7:15CET, Riksbank's latest business survey released at 9:30CET and Bundesbank Monthly Report pre-release at 12:00CET. Latvia central bank's Kazāks meets with the President of Latvia. President of Italy, Sergio Mattarella, will visit Japan (through Fri).

    • The European Commission will this week (Wednesday) present measures to boost demand for electric vehicles (EVs)in the EU, , according to a draft of the proposals cited by Reuters and MLex.

    • The EU executive will publish its automotive action plan on March 5 to help ensure EU car producers can electrify their fleets and compete with more advanced Chinese and U.S. rivals.

    • EU's von der Leyen participates in the Strategic Dialogue on the Future of the European Automotive Industry. There's House of Finance Days - TRUMP 2.0 How will Trump's re-election impact European BFIs?. Also, Mobile World Congress (through Thu) and Börsen-Zeitung hosts Financial Center Day, speakers include Federal Finance Minister Kukies (SPD), ECB's Buch at 16:00CET and Commerzbank's (CBK.GR) CEO Orlopp. Due to be released are France, Italy, Spain Feb new car registrations

    • Holidays: Greece (Ash Monday), Cyprus (Green Monday)

  • Politics/Macro/World News

    • Geopolitics

      • UK and France aim for new Ukraine peace deal involving initial 1-month truce - FT

      • Starmer announces 'coalition of the willing' to guarantee Ukraine peace - BBC

      • Europe must urgently rearm, EU's Von der Leyen says - Reuters

    • UK

      • Bank of England May Need to Pause Rate Cuts, Ex-Officials Warn - Bloomberg

    • Portugal

      • S&P upgrades Portugal To 'A' On Ongoing External And Government Deleveraging; Outlook Positive - link

    • Autos

      • EU carmakers to see measures to boost demand for electric vehicles - MLex , Reuters

  • Top company news

    • Earnings/updates

      • ARYN.SW (Aryzta) -- reports FY net income €129.6M, unclear if comparable to underlying net income consensus of €105.5M

      • SHLF.NO (Shelf Drilling) -- reports Q4 revenue $225.4M ex-items vs FactSet $224.6M [2 est, $219.1-230M]

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

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

      • Also reporting today

        • Earnings:

          • DACHs: HIAG Immobilien Holding (HIAG.SW), Flughafen Wien (FLU.AV)

          • France: Exosens (EXENS.FP), Euroapi (EAPI.FP)

          • Nordics: Integrum (INTEG.B.SS)

          • Southern Europe: Lottomatica Group (LTMC.IM)

          • UK: Bunzl (BNZL.LN), Quartix Technologies (QTX.LN), Senior (SNR.LN), Burford Capital (BUR.LN)

        • Trading Update: C&C Group (CCR.LN)

    • M&A

      • SHEL.LN (Shell Plc) -- Shell exploring sale of chemicals assets in US and Europe - Bloomberg

      • VLK.NA (Van Lanschot Kempen) -- ING acquires 17.6% stake in Van Lanschot Kempen

      • AI.FP (Air Liquide) -- looking at acquiring DIG Airgas - Maeil

      • DG.FP (VINCI SA) -- VINCI Energies announces acquisition of X-Rail Signalisation; terms undisclosed

      • SIKA.SW (Sika Group) -- Sika acquires Cromar Building Products in the UK; price not disclosed

      • AF.FP (Air France-KLM) -- ready to submit offer related to TAP's privatisation - Reuters

      • SMWH.LN (WH Smith) -- Sale of WH Smith's high street operation likely to mean end of "WH Smith" shops - Sunday Times

      • Prada (1913.HK) close to €1.5B Versace deal - Bloomberg

      • FII.FP (Lisi) -- announces disposal of its subsidiary AUTOMOTIVE NOMEL SAS to ZB Invest

      • 8473.JP (SBI Holdings) -- completes 9.8M Solaris SE shares acquisition for €70.0M

      • AUTN.SW (Autoneum Holding) -- Autoneum completes acquisition of majority shareholding in Jiangsu Huanyu Group

      • FCG.NZ (Fonterra Co-operative Group) -- Bega keen to acquire the Australia and New Zealand business from Fonterra Oceania - The Australian

    • Healthcare

      • GUBRA.DC (Gubra) -- AbbVie and Gubra announce license agreement to develop an amylin analog for the treatment of obesity; Gubra to receive $350M in total upfront payment and eligible to receive up to $1.875B in milestones

      • AMGN (Amgen) -- Amgen, AstraZeneca present, publish full results from Phase III WAYPOINT trial of TEZSPIRE

      • GSK.LN (GSK Plc) -- announces full results from ANCHOR-1 and ANCHOR-2 phase III clinical trials assessing the efficacy/safety of depemokimab versus placebo in adults with CRSwNP

      • ROG.SW (Roche Holding) -- Genentech reports new positive data from Stage 2 and Stage 3 of Phase III OUtMATCH study; Stage 2 met primary endpoint

      • ROG.SW (Roche Holding) -- FDA approves efficacy supplement for TNKase

      • ROG.SW (Roche Holding) -- Follow-up: FDA approves TNKase for the treatment of ischemic stroke in adults

      • GALD.SW (Galderma Group) -- to present updates from its broad dermatology portfolio at the 2025 AAD Annual Meeting including new data on Nemluvio (nemolizumab)

    • Other

      • BP.LN (BP) -- Elliott Management pressing BP to abandon all its renewable energy projects - Sunday Times

      • BARC.LN (Barclays) -- UK tax authority to replace Barclays with Lloyds as government bank - FT

      • DBK.GR (Deutsche Bank) -- clashed with ECB throughout 2024 amid concerns about its credit risk management and risk models - FT

      • CS.FP (AXA) -- executes share repurchase agreement with an investment services provider to repurchase up to €1.2B, in line with its capital management policy announced on 27-Feb-25

      • BAER.SW (Julius Baer Group) -- confirms board to proposes Noel Quinn as Chairman

      • TUI1.GR (TUI Group) -- seeking to expand 'flexibility deals' through partnerships with other airlines as it bets on "low risk" model to generate growth - FT, citing CEO

      • EQT.SS (EQT AB) -- completes sale of 20M shares in Azelis Group NV

      • MBTN.SW (Meyer Burger Technology) -- extends maturity date of bridge facility agreement to 5-Mar-25

      • Estimated weekend box office revenues in US, Canada $51.1M, (55.4%) y/y - Box Office Mojo

      • Lockheed Martin, Nokia, and Verizon announce 5G.MIL collaboration

      • Rio Tinto's East Intercourse Island facility at Dampier Port resumes operations after being impacted by Tropical Cyclone Sean

      • Vodafone, AST SpaceMobile to create jointly-owned SatCo; terms undisclosed

  • Key rating changes

    • Upgrades

      • ABI.BB (Anheuser-Busch InBev) -- to buy from hold at Deutsche Bank

      • DGE.LN (Diageo) -- to hold from sell at Deutsche Numis

      • DSY.FP (Dassault Systemes) -- to buy from hold at Berenberg

      • PGHN.SW (Partners Group Holding) -- to overweight from neutral at JPMorgan

      • RAT.LN (Rathbones Group) -- to equal weight from underweight at Barclays

    • Downgrades

      • BCP.PL (Banco Comercial Portugues) -- to equal-weight from overweight at Morgan Stanley

      • NOVO.B.DC (Novo Nordisk) -- to hold from buy at Stifel

    • Other Actions

      • CLN.SW (Clariant) -- resumed hold at Berenberg

  • Data

    • Nikkei +1.70% to 37785.47

    • Hang Seng (0.03%) to 22934.19

    • Shanghai Composite (0.22%) to 3313.55

    • S&P futures +16.0 vs prior close of 5963.3

    • €-$ +0.0005 or +0.05% to 1.0407

    • $-¥ (0.27) or (0.18%) to 150.45

    • €-¥ +0.30 or +0.19% to 156.58

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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