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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.55%), DAX (0.48%), CAC (0.30%)

Mar 04 ,2025

  • Synopsis

    • European equity markets are set to open in negative territory amidst Asia equities lower everywhere ex several China benchmarks although most boards off their lows. Steep losses in Japan and Taiwan, with more modest declines in South Korea, Australia and India. China markets opened deeply in the red but Shenzhen and Shanghai are no positive while the Hang Seng is hovering near the flatline. Southeast Asia is mixed. US futures slightly higher for now, Europe seen opening unchanged for now. US dollar consolidating overnight losses but is volatile; yen and offshore yuan slightly stronger, AUD and NZD weaker. Treasury mixed, JGB yields higher. Crude prices lower, precious metals flat; copper and iron ore lower.

    • Geopolitical developments in focus. Trump said 25% tariffs on Canada and Mexico to proceed today. Trump also signed order doubling China tariff to 20%. Decision to proceed with tariffs appeared to dash slim hopes of last-minute reprieve with Trump saying no room left to negotiate. Canada, Mexico and China have already flagged response, fuelling concerns of tit-for-tat escalation after Trump's executive order in early February gave him room to raise tariffs if those countries retaliate.

    • In the EU agenda, EU's von der Leyen will hold Strategic Dialogue on Steel, and announces Steel and Metals Action Plan. In UK, there are MPs questions on Treasury and Committee topics include capacity of the construction sector (10:00GMT), energy grid and grid connections (10:30), industrial strategy (14:30) and UK-EU reset (16:00). Elsewhere, EU's Roswall gives an address at event hosted by the CER and Kreab title 'How to make the EU a truly circular economy?' and there's an informal meeting of EU telecommunications ministers (through Wed). Intergraf conf (through Fri). In Austria, ATX Committee decision of index adjustments

    • Macroeconomic updates include: Spain Feb unemployment change, Italy Jan unemployment rate, Eurozone Jan unemployment rate, Greece Jan unemployment rate. In addition, Kantar's latest UK grocery market share figures for the 12 weeks ending 23-Feb-25.

    • In corporate news, Thales (HO.FP) reports FY adj EPS €9.24 vs consensus €8.47, hikes divi by ~8.8% and provides FY25 guidance. In the DACH region, Continental (CON.GR) reports FY net income €1.17B vs FactSet €1.28B. Bilfinger (GBF.GR) reports FY net income €179.5M vs FactSet €165.6M with a proposed dividend of €2.40/sh. Fielmann Group (FIE.GR) is out with preliminary figures and hikes divi by 15%. Chocoladefabriken Lindt & Sprungli (LISN.SW) and VAT Group (VACN.SW) also released FY results. In the UK, abrdn (ABDN.LN), Greggs (GRG.LN), Intertek Group (ITRK.LN) are due to update investors with their latest numbers. In other developments, John Wood Group (WG.LN) taps advisers to help manage parallel debt refinancing discussions and takeover talks with Sidara, FT reported.

    • CMD/events: BAWAG Group (BG.AV)

  • Politics/Macro/World News

    • Trump orders all military aid to Ukraine be paused until he sees commitment to peace - Bloomberg; FT

    • EU to propose new common fundraising to fuel defence splurge - FT

    • Trump's tariffs on Canada and Mexico come into effect - Times

    • OPEC+ to proceed with planned April output hike - wires

  • Top company news

    • Earnings/updates

      • DACHs

        • KNIN.SW (Kuehne & Nagel) -- reports FY EPS CHF9.95 vs consensus CHF10.00

        • VACN.SW (VAT Group) -- reports FY EPS CHF7.06 vs FactSet CHF6.76 [19 est, CHF6.28-7.28]

        • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- reports FY net income CHF672.3M vs FactSet CHF654.1M [16 est, CHF643.4-663M]

        • SANN.SW (Santhera Pharmaceuticals Holding) -- reports preliminary FY total revenue from contracts with customers CHF39.1M

        • ARBN.SW (Arbonia) -- reports FY net income ex-items (CHF14.1M) vs year-ago CHF2.7M

        • FORN.SW (Forbo Holding) -- reports FY EPS CHF67.45 vs FactSet CHF71.97 [3 est, CHF69.22-74.50]

        • AOX.GR (Alstria) -- reports FY net income (€104.5M) vs year-ago (€653.4M)

        • GBF.GR (Bilfinger) -- reports FY net income €179.5M vs FactSet €165.6M [5 est, €158-175M]

        • AEVS.SW (EVIS VICTORIA) -- reports preliminary FY revenue CHF1.06B vs year-ago CHF953.0M; guides FY EBITDA

        • BG.AV (BAWAG Group) -- reports Q4 EPS €3.03 vs FactSet €2.40 [4 est, €2.31-2.59]

        • FIE.GR (Fielmann Group) -- reports prelim FY adj EBITDA €491M vs year-ago €399M; hikes divi by 15%

        • CON.GR (Continental) -- reports FY net income €1.17B vs FactSet €1.28B

      • France

        • EAPI.FP (Euroapi) -- reports FY EPS (€1.38) vs FactSet (€0.56) [3 est, (€0.92)-(0.24)]

        • HO.FP (Thales) -- reports FY adj EPS €9.24 vs consensus €8.47; hikes divi by ~8.8% and guides FY25

      • Benelux

        • RECT.BB (Recticel) -- reports FY financial result €3.4M vs year-ago (€4.1M)

        • ALLFG.NA (Allfunds Group) -- reports FY EPS €0.41 vs FactSet €0.39 [13 est, €0.37-0.41]

      • Southern Europe

        • LTMC.IM (Lottomatica Group) --reports FY adjusted net income €254.3M vs FactSet €260.4M

      • Nordics

        • OKDBV.FH (Oriola) -- reports FY adjusted EBIT €21.7M vs FactSet €19.7M [4 est, €14-21.8M]

    • M&A

      • OMV.AV (OMV) -- reaches agreement with ADNOC on terms for combination of polyolefins businesses

      • SIKA.SW (Sika Group) -- Sika has fully acquired HPS North America, Inc. Terms were not disclosed

      • MOWI.NO (Mowi) -- is initiating a strategic review of its integrated Feed division; will assess all available options, including a sale

      • WG.LN (John Wood Group) -- taps advisers to help manage parallel debt refinancing discussions and takeover talks with Sidara - FT

      • TPT.LN (Topps Tiles) -- CMA to consider undertakings offered in relation to acquisition by Topps Tiles Plc of certain assets of Tildist Realisations Limited (formerly CTD Tiles Limited)

      • TPT.LN (Topps Tiles) -- PLC announces CMA has approved in principle its proposed remedies, as previously announced, in lieu of a Phase II investigation

      • OFN.SW (Orell Füssli) -- acquires Verlag SKV AG; terms undisclosed

    • Healthcare

      • AZN.LN (AstraZeneca) -- Follow-up: FDA approves efficacy supplement for AstraZeneca's Imfinzi; updates label for companion diagnostic

      • ROG.SW (Roche Holding) -- Roche's Genentech issues press release for FDA approval of TNKase for treatment of acute ischemic stroke in adults

      • FME.GR (Fresenius Medical Care) -- Fresenius announces intention to reduce stake in Fresenius Medical Care AG from currently ~ 32.2% to no less than 25% plus one share

    • Other

      • BP.LN (BP) -- to hire two additional directors to help with shift back to oil and gas - FT

      • LOGN.SW (Logitech International) -- updates organizational structure/COO transition

      • PHIA.NA (Koninklijke Philips) -- FDA identifies Philips' Tack Endovascular System as Class 1 recall

      • EQNR.NO (Equinor) -- and Orlen partner to develop carbon capture and storage projects

      • PRU.LN (Prudential) -- set to use proceeds of India asset sale to buy back and cancel London-traded shares worth over $1B - London Times

      • OCI.NA (OCI NV) -- provides update on Natgasoline JV dispute

      • INPST.NA (InPost) -- completes refinancing; total financing increased from PLN 2.75B to PLN 4.20B

  • Key rating changes

    • Upgrades

      • HSBC upgrades HLMA.LN, SXS.LN

      • Oddo upgrades HAG.GR; downgrades BA.LN

      • HSBA.LN (HSBC Holdings) -- to overweight from equal weight at Barclays

      • IMCD.NA (IMCD) -- to buy from hold at HSBC

      • LLOY.LN (Lloyds Banking Group) -- to overweight from equal-weight at Morgan Stanley

      • NKT.DC (NKT A/S) -- to hold from underperform at Jefferies

      • SUBC.NO (Subsea 7) -- to overweight from equal weight at Barclays

      • VAR.NO (Vår Energi) -- to buy from neutral at Sparebank 1 Markets

    • Downgrades

      • AMS.SM (Amadeus IT Group) -- to neutral from buy at Alantra Equities

      • AENA.SM (Aena S.M.E.) -- to hold from buy at Equita (timing uncertain)

  • Data

    • Nikkei (1.20%) to 37331.18

    • Hang Seng (0.14%) to 22975.09

    • Shanghai Composite +0.21% to 3324.02

    • S&P futures +13.8 vs prior close of 5860.8

    • €-$ (0.0002) or (0.02%) to 1.0486

    • $-¥ (0.01) or (0.01%) to 149.49

    • €-¥ (0.07) or (0.04%) to 156.72

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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