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StreetAccount Summary - EU Market Recap: FTSE 100 (0.03%) to 8679.88, DAX (1.75%) to 23008.94, CAC40 (0.94%) to 8120.80, STOXX 600 (0.46%) to 553.35

Mar 07 ,2025

  • Synopsis:

    • European equity markets ended mostly lower Friday. Germany, France underperform. UK hold up better. Follows mostly firmer close on Thursday. Among EU sectors, Industrials Goods/Services, Basic Resources and Auto/Parts the biggest decliners. Telecom, Utilities, Media, Real Estate and Food/Beverage the best performers.

    • In latest geopolitical developments, media reports suggest Putin ready to agree Ukraine temporary truce with conditions, provided there is progress toward a final peace settlement, Bloomberg writes, citing people familiar with the matter in Moscow.

    • 25% tariff reprieve on Canadian and Mexican goods covered by USMCA until 2-Apr provided no support for markets given policy uncertainty dynamic and Trump showing little inclination to back down from his broader strategy of remaking trade relationships.

    • In EZ, monetary policy in focus with ECB signalling rate cut cycle nearing its end. As expected, bank cut rates by 25 bps, yet also said policy was becoming meaningfully less restrictive and forecast inflation back at target by early 2026. Also, Europe still focusing somewhat on fiscal push to support defense spending. EU leaders gave political backing to new initiatives to boost defense spending. Elsewhere, Greek Parliament expected to start voting on no confidence motion ay ~21:00 (local time).

    • In macro-data, German factory orders fell sharply in January, down (7.0%) vs consensus (2.8%) and prior revised +5.9% from +6.9%. Eurozone third estimate of Q4 GDP revised upwards +1.2% y/y vs 2nd estimate +0.9%. UK Halifax house price slowed in February with a (0.1%) m/m dip in prices versus consensus for a +0.3% gain and prior +0.7% increase, leaving the y/y rise at +2.9% versus +3.1% forecast and prior +3.0%. Elsewhere, France trade balance deficit wider than forecast while Spain January Industrial Production contracts unexpectedly y/y.

    • On the reporting front, Vivendi (VIV.FP), bioMerieux (BIM.FP) and Spie (SPIE.FP) updated investors, with the latter presenting its new 2025-2028 financial objectives during Investor Day; also in France, Atos (ATO.FP) launched a 10,000:1 reverse stock split. In the DACH region, SFS Group (SFSN.SW), Flughafen Zuerich (FHZN.SW) and Oesterreichische Post (POST.AV) issued their latest numbers whilst - in Italy - Enel (ENEL.IM), Salvatore Ferragamo (SFER.IM) and Monte Paschi (BMPS.IM) reported after the close last night; also, following rumours circulating yesterday, SUEZ confirmed it has no plans to divest its stake in ACEA (ACE.IM). Elsewhere, Universal Music Group (UMG.NA) released Q4 numbers and - still in the Benelux region - Elia Group (ELI.BB) reported FY and also announced a €2.2B equity package including a secured €850M via private placement to fund infrastructure investments.

    • Looking ahead to next week EU econ-calendar, notable releases on Monday will include, amongst others, Germany Jan trade balance, industrial production, Italy Jan PPI, Switzerland Feb consumer confidence - SECO, and Eurozone Mar Sentix investor confidence. Of note, in the United States, clocks move forward an hour on Sunday, 9-Mar at 2 AM.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom +2.10%, Utilities +1.45%, Media +1.32%, Real Estate +1.13%, Food & Beverage +1.10%, Retail +0.54%, Oil & Gas +0.24%, Insurance +0.01%, Financial Svcs (0.12%), Health Care (0.14%), Chemicals (0.41%)

      • Underperformers:

        • Ind Goods & Svcs (1.76%), Basic Resources (1.56%), Autos & Parts (1.53%), Technology (1.28%), Travel & Leisure (1.28%), Persnl & HHold Goods (1.27%), Construct & Mtls (0.84%), Banks (0.64%)

    • Macro:

      • Central banks:

        • Market awaits ECB's next move amid uncertainty -- funds europe

        • ECB's Centeno says euro zone inflation 'almost out of the woods' -- Reuters

        • ECB Needs Open Mind on April Cut Due to Uncertainty, Kazaks Says -- Bloomberg

      • EU/Russia/Ukraine:

        • Putin Said to Be Ready to Agree to Ukraine Truce -- Bloomberg

        • Press statement by President von der Leyen on the defence package -- EC

        • EU's defense plans are a threat, says Kremlin, warning of retaliatory measures -- Politico

        • EU preparing to give Ukraine access to Single Market in peace deal -- Telegraph

      • UK:

        • UK-Japan Economic 2+2 -- Gov.UK

        • Japan, Britain stress free trade in Tokyo talks -- France24

        • The Ukraine crisis has accelerated a reset of UK-EU relations - but will it last? -- Guardian

      • Germany:

        • Germany's new fiscal frontier -- Politico

        • German manufacturing plunges as country risks deep recession -- Telegraph

      • France:

        • Europe's nuclear delusion Macron would never risk Paris for Vilnius -- Unherd

      • Italy:

        • Atlanticism's last stand: Meloni's bid to keep EU engaged with US -- euronews

        • Meloni balances defence ambitions and fiscal prudence -- Decode39

      • Greece:

    • Company news:

      • Notable Gainers

        • +27.5% BELYS.BB (Belysse Group €0.63, +0.14) -- FY earnings

        • +17.1% ELI.BB (Elia Group SA/NV €75.40, +11.05) -- FY earnings; announces €2.2B equity package including a secured €850M via private placement

        • +9.9% ACOMO.NA (ACOMO NV €21.05, +1.90) -- FY earnings

        • +9.6% PEN.NO (Panoro Energy NOK26.20, +2.30) -- significant oil discovery at Bourdon prospect, Offshore Gabon

        • +8.7% DNO.NO (DNO ASA NOK12.10, +0.98) -- to acquire Sval Energi from HitecVision for a cash consideration of $450M

        • +7.1% BWE.NO (BW Energy NOK27.35, +1.80) -- announces substantial oil discovery with good reservoir quality

        • +5.6% RENE.PL (Redes Energeticas Nacionais SGPS €2.58, +0.14) -- FY earnings

        • +3.9% VIV.FP (Vivendi €2.95, +0.11) -- FY earnings

        • +3.6% EDPR.PL (EDP Renovaveis €8.11, +0.29) -- EDP Renovaveis thinking of selling at least part of its 50% stake in Ocean Winds JV with Engie - Bloomberg

        • +3.1% HTG.LN (Hunting £2.94, +0.09) -- acquires organic oil recovery technology from its founding shareholders, for $17.5M

        • +2.3% JEN.BB (Jensen-Group €48.00, +1.10) -- FY earnings

        • +2.0% ECEL.LN (Eurocell £1.50, +0.03) -- completes acquisition of Alunet for £29M

        • +1.8% MAERSK.B.DC (Maersk DKK12,085.00, +225.00) -- price target cut at JPMorgan

        • +1.2% FRES.LN (Fresnillo £8.65, +0.10) -- Berenberg upgrade

      • Notable Decliners

        • -15.9% SFER.IM (Salvatore Ferragamo €6.38, -1.20) -- FY earnings

        • -15.6% ETL.FP (Eutelsat Communications €5.72, -1.08)

        • -11.5% NORTHM.DC (North Media DKK42.30, -5.40) -- prelim FY earnings

        • -11.4% TOKMAN.FH (Tokmanni Group €13.11, -1.63) -- Q4 earnings

        • -10.3% MVIR.SS (Medivir SEK1.50, -0.18) -- Medivir CEO Jens Lindberg says local partnerships with local development efforts will positively impact the likelihood of success for future commercial success of MET-X - BioStock

        • -10.3% INDI.LN (Indus Gas £0.07, -0.01) -- corporate and operational update

        • -9.6% JUST.LN (Just Group £1.39, -0.16) -- FY earnings

        • -8.9% CLAS.B.SS (Clas Ohlson SEK235.20, -22.80) -- Seb downgrade

        • -6.1% ATO.FP (ATOS SE €0.00, -0.00) -- launches 10,000:1 reverse stock split

        • -5.4% ITM.IM (Italmobiliare €25.55, -1.45) -- FY earnings

        • -3.9% ARGX.BB (argenx €564.20, -22.80) -- to present new data for VYVGART, VYVGART Hytrulo at AAN Annual Meeting

        • -3.3% TNXT.IM (Tinexta €9.20, -0.31) -- FY earnings

        • -3.2% EUROB.GA (Eurobank Ergasias Services & Holdings €2.54, -0.08) -- Morgan Stanley downgrade

        • -2.8% DHL.GR (DHL Group €42.70, -1.22) -- HSBC downgrade

        • -2.6% FPE3.GR (FUCHS SE €49.70, -1.31) -- CFO steps down; appoints new CFO

        • -2.5% SFSN.SW (SFS Group CHF114.40, -3.00) -- FY earnings

        • -1.7% POST.AV (Oesterreichische Post €32.40, -0.55) -- Q4 earnings

        • -1.6% FHZN.SW (Flughafen Zuerich CHF209.00, -3.40) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: D'Ieteren Group (DIE.BB)

        • DACHs: TRATON (8TRA.GR), LEG Immobilien (LEG.GR), ATOSS Software (AOF.GR), Hypoport (HYQ.GR), JDC Group (JDC.GR), Viemed Healthcare (VIJ.GR)

        • UK: GlobalData (DATA.LN), Clarkson (CKN.LN)

  • Data:

    • Economics:

      • Eurozone Q4 GDP +1.2% y/y vs 2nd estimate +0.9%

        • Eurozone Q4 GDP +0.2% q/q vs 2nd estimate +0.1%

      • France January Trade Balance (€6.5B) vs prior revised to (€3.9B) from (€3.9B)

      • Spain Jan Industrial Production (1.0%) y/y vs prior revised +2.0% from +2.1%

      • UK February Halifax House Prices y/y +2.9% vs consensus +3.1% and prior revised to +3.0% from +3.0%

      • Germany January

        • Factory Orders m/m (7.0%) vs consensus (2.8%) and prior revised to +5.9% from +6.9%

        • Manufacturing Turnover (sa) m/m +0.4% vs prior +0.5%

      • Norway January Manufacturing Production (s.a.) m/m (1.5%) vs prior +3.2%

      • Denmark January Industrial Production m/m (5.008%) vs prior revised to +4.0% from +4.0%

    • Markets:

      • WTI Crude (25-Apr): +$1.06 or +1.60% to $67.42

      • €-$ +0.0061 or +0.56% to 1.0847

      • £-$ +0.0027 or +0.21% to 1.2909

      • €-£ +0.0030 to 0.8402

      • S&P 500 (1.13%)

      • Performance year-to-date:

        • FTSE 100: +6.20%

        • DAX: +15.57%

        • CAC: +10.03%

        • MIB: +12.89%

        • Stoxx 600: +9.01%

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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