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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.64%, DAX +0.56%, CAC40 +0.92%

Mar 06 ,2025

  • Synopsis

    • European equity markets are set to open higher whilst Asian equities trading mostly higher Thursday. Hang Seng building on its week's gains as its technology and internet stocks surged again, and mainland China markets also trading higher.

    • Market bounce attempt comes after White House gave one month tariff exemption for autos, while Commerce Secretary Lutnick also said specific products compliant with USMCA could receive relief. Agriculture Secretary Rollins later noted administration considering tariff exemptions and carveouts for farm products. Still a lot of uncertainty with Trump not backing down on his tariff strategy after he dismissed Canadian efforts on fentanyl and told Americans to brace for short-term economic pain in his Congress speech.

    • German bond sell-off reverberating globally with Treasuries, JGBs and Australian yields seeing sharp increases. Bund yields registered biggest daily rise since early 1990s after German lawmakers agreed to release fiscal handbrake in bid to ramp up defense spending. Bond selloff contrasts with Treasury-led fall in yields over recent weeks as pickup in concerns about a tariff-related US growth slowdown swung markets back to pricing in three Fed rate cuts in 2025 vs 1-2 previously.

    • On today's agenda, Special European Council meeting, EU's von der Leyen among the participants, and EU's Kos and Jørgensen among the panellists at European Investment Bank Group Forum (Wed-Fri). Also, Di Energy-intensive industry 2025, includes speech by Kristian Gustavsson, Senior Advisor Regulatory Affairs at Vattenfall, Friedrich Ebert Stiftung hosts agricultural policy conf on the topic "Europe's agricultural policy at the crossroads - what's next for MV?" (through Fri) and FT hosts CFO Summit, speakers include Ireland's minister of finance Donohoe at 9:40GMT. Germany Feb new car registrations due to be released.

    • In central banks, ECB interest rate decision at 14:15CET, with press conf at 14:45. The central bank is expected to cut its benchmark interest rate by (25bps) to 2.50%, with the latest ECB staff projections also due to be release at 15:45. Also, Turkey's central bank interest rate decision at 12:00CET. Expectations appear to be for a cut of (2.50%) to the benchmark interest rate to 42.50%. BOE's John speech at 8:30GMT at Intergraf conf. ECB's Lagarde video message at 16:35CET at Women's Forum event organised by Austria's central bank.

    • Macro data due include Switzerland Feb unemployment rate, Germany Feb construction PMI, Sweden Feb preliminary CPI, Denmark Jan manufacturing production, Eurozone Jan retail sales, Feb construction PMI.

    • Busy morning for earnings with DACHs names kicking off the session with Galderma Group (GALD.SW), Merck KGaA (MRK.GR), Duerr (DUE.GR), ProSiebenSat.1 Media (PSM.GR) and Deutsche Lufthansa (LHA.GR) reporting end of year numbers, whilst yesterday after the close Logitech International (LOGN.SW) confirmed revenue guidance at its investors day. In France, Elis (ELIS.FP), Air France-KLM (AF.FP), JCDecaux (DEC.FP), Bouygues (BN.FP) and Getlink (GET.FP) reported FY/Q4 earnings.

    • Elsewhere, Solvay (SOLB.BB) issued Q4 earnings with results ahead of consensus and a proposed gross dividend of €2.43 per share. Also due to report today includes, Vivendi (VIV.FP), Deutsche Post (DHL.GR), Salvatore Ferragamo (SFER,IM), Reckitt Benckiser Group (RKT.LN), Entain (ENT.LN), Admiral Group (ADM.LN) and Schroders (SDR.LN).

  • Politics/Macro/World News

    • Germany's spending bazooka propels euro and borrowing costs higher - Politico

    • European investors dump US equity ETFs in February - FT

    • ECB Set to Cut Again But Tensions Cloud Path Beyond - Bloomberg

    • Trump issues 'last warning' to Hamas as US confirms direct hostage talks - BBC

    • France to Open Talks to Extend Nuclear Shield for Europe - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • LOGN.SW (Logitech International) -- confirms FY revenue guidance $4.45-4.57B vs FactSet $4.60B [15 est, $4.54-4.94B] at investor day

        • GALD.SW (Galderma Group) -- reports FY core net income $496M vs FactSet $391.2M; guides FY25

        • COPN.SW (Cosmo Pharmaceuticals) -- reports FY operating profit €148.9M vs year-ago (€1.9M)

        • COTN.SW (COMET Holding) -- reports FY net income CHF35.1M vs FactSet CHF33.0M [9 est, CHF26.9-36.7M]

        • KARN.SW (Kardex Holding) -- reports FY net income attributable €80.7M vs FactSet €75.6M [4 est, €73.9-76.4M]

        • GFT.GR (GFT Technologies) -- Follow-up: GFT Technologies reports FY24 EPS €1.77 vs FactSet €1.83 [5 est, €1.73-1.98]

        • MRK.GR (Merck KGaA) -- reports FY EPS pre €8.63 vs FactSet €8.72 [16 est, €8.35-9.27]; guides 2025 Net sales €21.5-22.9B vs FactSet €22.18B

        • ZAL.GR (Zalando) -- confirms prelim FY earnings as per 15-Jan update; issues FY25 outlook

        • HELN.SW (Helvetia Holding) -- reports FY Underlying EPS CHF9.50 vs FactSet CHF9.23 [8 est, CHF7.56-10.46]

        • GEBN.SW (Geberit) -- reports FY EPS CHF18.06 vs FactSet CHF18.10 [20 est, CHF17.06-19.04]

        • WAF.GR (Siltronic) -- confirms prelim. FY results; reports Q4 EPS (€0.08) vs FactSet €0.19 [4 est, €0.05-0.37]

        • LHA.GR (Deutsche Lufthansa) -- reports Q4 EPS €0.46 vs FactSet €0.20 [5 est, €0.13-0.34]; expects FY25 adjusted EBIT to be significantly higher than previous financial year

        • DUE.GR (Duerr) -- reports preliminary FY net income €102.1M vs FactSet €123.5M [12 est, €110-153.5M]

        • CICN.SW (Cicor Technologies) reports FY net income CHF27.3M vs FactSet CHF22.4M [4 est, CHF21.7-23.0M]

        • SAX.GR (Stroeer SE & Co. KGaA) -- reports FY EBIT €320M vs FactSet €299.8M [9 est, €276.2-334.9M]

        • ZAG.AV (Zumtobel Group) -- reports 9M net income €13.0M vs year-ago €21.4M

        • PSM.GR (ProSiebenSat.1 Media) -- reports FY adjusted net income €229M vs FactSet €204.5M

        • ANDR.AV (Andritz) -- reports Q4 net income (incl. non-controlling interests) €154.3M vs consensus €149.6M

      • France

        • SPIE.FP (SPIE) -- reports FY adjusted net income €419.8M vs FactSet €424.2M, raises dividend +20.5% y/y

        • MTU.FP (Manitou BF) -- reports FY net income €121.9M vs FactSet €120.5M [6 est, €107.7-126.2M]

        • SCHP.FP (Seche Environnement) -- reports FY net income €35.5M vs FactSet €42.2M [4 est, €38.1-48.3M]

        • ELIS.FP (Elis) -- reports FY net income €337.8M vs FactSet €453.6M [11 est, €441-471.2M]; starts €150M share buyback program

        • FDJ.FP (La Francaise des Jeux) -- reports final FY earnings in line with prelim. release: adj. net income €490M vs FactSet €462.0M

        • DEC.FP (JCDecaux) -- reports FY net income €258.9M vs FactSet €250.7M; expects around +5% organic revenue growth in Q1

        • RF.FP (Eurazeo) -- reports FY net income (€420M) ex-items vs year-ago (€89M); accelrates buyback and hikes divi by 10%

        • GET.FP (Getlink) -- reports FY net income €317M vs FactSet €258.2M [15 est, €196-335.0M]

        • MAU.FP (Maurel et Prom) -- reports FY net income €233M vs FactSet €186.7M [4 est, €166.2-203.3M]; hikes divi by 10%

        • EN.FP (Bouygues) -- reports FY net income €1.03B vs FactSet €1.08B [8 est, €944.6-1.30B]

        • AF.FP (Air France-KLM) -- reports Q4 net income (€21M) vs FactSet (€74.4M) [4 est, (€195.9)-71.1M]; guides FY25

      • Benelux

        • SOLB.BB (Solvay) -- reports Q4 net income €101M vs consensus €79M

        • HAVAS.NA (Havas NV) -- reports FY net income €189M vs FactSet €182.0M [4 est, €169.9-195.2M]

      • Nordics

        • NTG.DC (NTG Nordic Transport Group) -- reports Q4 EBIT DKK131M ex-items vs FactSet DKK128.7M [3 est, DKK116-135M]

        • SYSR.SS (Systemair) -- reports Q3 EPS SEK0.62 vs FactSet SEK0.73 [4 est, SEK0.62-0.80]

        • KCC.NO (Klaveness Combination Carriers) -- guides / actual spot Q1 TCE earnings between $21.0-22.5K/day; Upside potential after a seasonally weak Q1 - slides

        • BNOR.NO (BlueNord) -- reports Feb preliminary production 35.5 mboepd net

        • MPCC.NO (MPC Container Ships) -- announces robust backlog provides earnings visibility - slides

      • Southern Europe

        • GEO.IM (Geox) -- reports FY adjusted net income (€17.3M) vs FactSet (€15.9M) (post EU close 5-Mar)

      • Also due to report today includes:

        • Earnings:

          • Benelux: Jensen-Group (JEN.BB), Viohalco (VIO.BB), Universal Music Group (UMG.NA), FL Entertainment (BNJ.NA)

          • France: Vivendi (VIV.FP), Savencia (SAVE.FP), Societe de la Tour Eiffel (EIFF.FP), Prodware (ALPRO.FP), GFT Technologies (GFT.FP)

          • Germany: Deutsche Post (DHL.GR), CompuGroup Medical SE & Co. (COP.GR),

          • Nordics: Cambi (CAMBI.NO), Schouw & Co (SCHO.DC), TORM (TRMD.A.DC), Scandinavian Tobacco Group (STG.DC), Lamor Corporation (LAMOR.FH),

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

          • Southern Europe: Salvatore Ferragamo (SFER,IM), Amplifon (AMP.IM), Azimut Holding (AZM.IM), Italmobiliare (ITM.IM), IGD SIIQ (IGD.IM), Tinexta (TNXT.IM), Ascopiave (ASC.IM)

          • Switzerland: Molecular Partners (MOLN.SW),

          • UK/Ireland: Reckitt Benckiser Group (RKT.LN), Entain (ENT.LN), Admiral Group (ADM.LN), Schroders (SDR.LN), Melrose Industries (MRO.LN), Informa (INF.LN), Grafton Group (GFTU.LN), ITV (ITV.LN), Elementis (ELM.LN), Harbour Energy (HBR.LN), Vistry Group (VTY.LN), Rentokil Initial (RTO.LN), Coats Group (COA.LN), Hunting (HTG.LN), PageGroup (PAGE.LN), Robert Walters (RWA.LN), Funding Circle Holdings (FCH.LN), Hansard Global (HSD.LN), Dalata Hotel Group (DHG.ID)

        • Trading Update: R&S Group Holding (RSGN.SW)

        • Traffic: Norwegian Air Shuttle (NAS.NO), Finnair (FIA1S.FH)

        • CMD/events: ROCKWOOL (ROCK.B.DC) ESG

    • M&A

      • RIO.AU (Rio Tinto) -- completes Arcadium Lithium acquisition; deal announced 9-Oct-24

      • WPP.LN (WPP Group) -- announces strategic partnership and investment in Stability AI

      • PSM.GR (ProSiebenSat.1 Media) -- discloses discussions with General Atlantic regarding potential acquisition of minority shareholdings in NuCom Group and ParshipMeet Group

      • TXT.IM (TXT e-Solutions) -- to acquire IT Values for initial €15.0M in cash and shares (post EU close 5-Mar)

      • APPH.GR (APONTIS PHARMA) -- Zentiva AG submits formal request to carry out a merger squeeze-out of the minority shareholders of APONTIS PHARMA AG

      • (GSA removes list of "non-core" properties set to be divested from its website -- Bloomberg

    • Healthcare

      • VITR.SS (Vitrolife) -- comments on class action lawsuit filings in a court in Florida

    • Other

      • VOW3.GR (Volkswagen) -- previews entry-level electric model EVERY1

      • IVG.IM (Iveco Group) -- releases sustainability report

      • CCEP.NA (Coca-Cola Europacific Partners) -- confirms admission to FTSE 100 Index

      • MBTN.SW (Meyer Burger Technology) -- extends bridge facility to 7-Mar

      • BAR.BB (Barco) -- announces launch of share buyback program

      • Universal Music Group in talks with Vornado Realty Trust for NYC office space - Bloomberg

  • Key rating changes

    • Upgrades

      • ABDN.LN (abrdn Plc) -- to buy from hold at Jefferies

      • HAVAS.NA (Havas NV) -- to overweight from neutral at JPMorgan

      • PST.IM (Poste Italiane) -- to overweight from neutral at JPMorgan

      • SSAB.B.SS (SSAB) - to hold from sell at ABG Sundal Collier

    • Downgrades

      • VZN.SW (VZ Holding) -- to hold from buy at Vontobel (earlier, timing uncertain)

      • EXENS.FP (Exosens) -- to hold from buy at Kepler Cheuvreux

      • HH.DC (H+H International) --to hold from buy at Nordea

      • NWG.LN (NatWest Group) -- to add from buy at Peel Hunt

      • ALLEI.SS (Alleima) -- to hold from buy at ABG Sundal Collier

      • RYA.ID (Ryanair Holdings) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • DNB.NO (DNB Bank) -- buy at HSBC

  • Data

    • Nikkei +0.77% to 37704.93

    • Hang Seng +2.92% to 24283.53

    • Shanghai Composite +1.15% to 3380.46

    • S&P futures (1.8) vs prior close of 5851.3

    • €-$ +0.0012 or +0.11% to 1.0803

    • $-¥ (0.06) or (0.04%) to 148.83

    • €-¥ +0.14 or +0.09% to 160.78

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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