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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.56%), DAX (1.34%), CAC40 (0.49%)

Mar 07 ,2025

  • Synopsis

    • European equity markets are set to open lower mirroring sentiment in Asia. US equities finished lower overnight, ending not far from worst levels; futures slightly higher at this time. US dollar DXY index breaking below 104, yen strengthening again but other Asia currencies not taking advantage of the dollar's weakness. Treasuries mixed, CGB and JGB yields higher. Crude prices flat, precious metals lower, no firm direction in base metals.

    • Trump agreed to delay 25% tariffs on Canadian and Mexican goods covered by USMCA until 2-Apr, as flagged earlier this week by Commerce Secretary Lutnick. Still, tariff reprieve 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 related developments, Mexican President Sheinbaum said government will review its China tariffs, coming after Treasury Secretary Bessent this week urged Mexico to match Washington.

    • On the agenda in Europe today, in central banks, ECB International Women's Day speakers include ECB's Lagarde 10:30CET, who is also in conversation at 10:40 along with ECB's Buch, Bundesbank's Nagel, Netherland central bank's Knot and Bank of Italy's Panetta. Riksbank's Breman speech at 12:15CET at event hosted by Dagens Industri. Conf. organised by Portugal's central bank, speakers include governor Centeno at 15:45CET, Latvia central bank's Kazāks 16:45, with both central bankers panellists (with others) at 18:00 and BOE's Mann speech at 15:00GMT at Reserve Bank of New Zealand research conf 'holding anchor in turbulent waters'.

    • Economic data releases today include Germany Jan factory orders and UK Feb house price index - Halifax both at 7:00 GMT, followed by France Jan trade balance at 7:45 GMT, Eurozone Q4 final GDP at 10:00 GMT.

  • Politics/Macro/World News

    • Zelenskyy says 'Ukraine most interested in peace' as he confirms US talks next week - SkyNews

    • Trump signs executive order pushing back 25% tariffs on USMCA-compliant goods from Canada and Mexico until 2-Apr - FT

    • Trump administration weighs closure of nearly a dozen diplomatic missions abroad - Reuters

  • Top company news

    • Earnings/updates

      • UMG.NA (Universal Music Group) -- Q4 adj EBITDA €799M vs consensus €723.0M; discloses proposed dividend

      • VIV.FP (Vivendi) -- FY EPS €0.11 ex-items vs FactSet (€0.02) [5 est, (€0.29)-0.14]

      • ENEL.IM (Enel) -- FY operational data: total installed capacity 90,087 MW vs year-ago 89,230 MW

      • POST.AV (Oesterreichische Post) -- Q4 EPS €0.56 vs FactSet €0.63 [1 est]; goal for 2025 is to achieve modest revenue growth

      • BIM.FP (bioMerieux) -- FY net income €432M vs FactSet €488.6M; hikes divi by 6% and guides FY25

      • SFER.IM (Salvatore Ferragamo) -- FY revenue €1.04B vs FactSet €1.03B [13 est, €1.03-1.04B]

      • MOLN.SW (Molecular Partners) -- FY EPS (CHF1.59) vs FactSet (CHF1.77) [4 est, (CHF2.14)-(1.53)]

      • FHZN.SW (Flughafen Zuerich) -- FY net income attributable CHF326.7M vs FactSet CHF333.4M [15 est, CHF316.5-351.2M]; announce new future dividend policy

      • SPIE.FP (SPIE) -- presents new 2025-2028 financial objectives at today's Investor Day; targets EBITA over €1B by the end of the period

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- confirms FY preliminary results and proposed dividend of €0.86/sh (gross)

      • TOKMAN.FH (Tokmanni Group) -- Q4 EPS €0.50 vs FactSet €0.54 [6 est, €0.52-0.58]

      • RENE.PL (Redes Energeticas Nacionais SGPS) -- FY net income €152.5M vs FactSet €116.0M [5 est, €106-149M]

      • ITM.IM (Italmobiliare) -- FY EPS €2.22 vs FactSet €1.35 [2 est, €0.91-1.78]

      • ECMPA.NA (Eurocommercial Properties) -- FY direct investment result per share €2.39 vs FactSet €2.39

      • SFSN.SW (SFS Group) -- FY net income CHF242.7M vs FactSet CHF270.2M [7 est, CHF250.0-293.4M]

      • CLTN.SW (Coltene Holding) -- FY net income CHF20.5M vs FactSet CHF20.5M [2 est, CHF20.4-20.6M]

    • M&A

      • YOU.GR (ABOUT YOU) -- Zalando (ZAL.GR) secures more than 90% of ABOUT YOU's share capital; announces squeeze-out

      • DNO.NO (DNO) -- to acquire Sval Energi from HitecVision fora cash consideration of $450M based on an enterprise value of $1.6B

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

      • MOVE.SW (Medacta Group) -- acquires Parcus Medical; both parties have agreed not to disclose any further details

      • NOS.PL (NOS SGPS) -- Portuguese Competition Authority clears NOS' acquisition of Claranet Portugal

      • ENTRA.NO (Entra ASA) -- Acceptances received under the mandatory offer by Castellum to acquire all shares in Entra ASA

    • Healthcare

      • FME.GR (Fresenius Medical Care) -- SEC filing: SCHEDULE 13D/A (Filed by Fresenius SE & Co. KGaA)

      • STMN.SW (Straumann Holding) -- appoints FUCHS (FPE3.GR) CFO Isabelle Adelt as CFO effective 1-Jul

      • BAVA.DC (Bavarian Nordic A/S) -- announces acceptance of marketing authorization application for Chikungunya vaccine in the UK for persons aged 12 and olde

      • ALSEN.FP (Sensorion) -- announces end of patient inclusion in NOTOXIS phase 2a clinical trial of SENS-401 for the prevention of cisplatin-induced Ototoxicity

      • NANO.FP (Nanobiotix) -- files $200M mixed shelf; registers up to 5.6M ordinary shares for selling shareholder - F-3

      • PHXM.FP (Phaxiam Therapeutics) -- announces opening of receivership proceedings; postpones publication of 2024 annual results

    • Other

      • NDA.SE.SS (Nordea Bank) -- to launch share buy-back program of up to €250M

      • ELI.BB (Elia Group) -- announces €2.2B equity package including a secured €850M via private placement to fund infrastructure investments, ensuring grid reliability and advancing clean energy competitiveness

      • ATO.FP (Atos) -- launches 10,000:1 reverse stock split

      • HO.FP Thales) -- MBDA and Thales JV Eurosam set to receive order for 220 Aster 15 and 30 missiles from France, Italy, and the UK -- La Tribune

      • GOGL.NO (Golden Ocean Group) -- SEC filing: SCHEDULE 13D/A (Filed by HEMEN HOLDING LTD)

      • MBTN.SW (Meyer Burger Technology) -- extends bridge facility to 10-Mar

      • BATS.LN (British American Tobacco) -- subsidiary Imperial Tobacco Canada comments on court's sanction of plan of arrangement in CCAA proceedings

      • BWE.NO (BW Energy) -- announces substantial oil discovery with good reservoir quality on the Bourdon prospect in the Dussafu Licence offshore Gabon

      • VIE.FP (Veolia Environnement) -- announces 5 year operations and maintenance contract of the Metro Vancouver Waste-to-Energy Facility

      • NEX.FP (Nexans) -- comments on recent rumors regarding the Great Sea Interconnect project

  • Key rating changes

    • Upgrades

      • DHL.GR (DHL Group) -- to buy from hold at Deutsche Bank

      • FRES.LN (Fresnillo) -- to buy from hold at Berenberg

      • KMR.LN (Kenmare Resources) -- to buy from hold at Berenberg

      • TPEIR.GA (Piraeus Financial Holdings) --- to overweight from equal-weight at Morgan Stanley

      • AKZA.NA (Akzo Nobel) -- to buy from sell at Goldman Sachs

      • CVC.NA (CVC Capital Partners) -- to buy from hold at Deutsche Bank

      • ETL.FP (Eutelsat Communications) -- to neutral from sell at Goldman Sachs

      • SYSR.SS (Systemair) -- Systemair short-term recommendation upgraded to buy from hold at Handelsbanken

    • Downgrade

      • DHL.GR (DHL Group) -- to hold from buy at HSBC

      • MTU.FP (Manitou BF) -- to hold from buy at Kepler Cheuvreux

      • WTB.LN (Whitbread) -- to neutral from overweight at JPMorgan

      • HAG.GR (HENSOLDT) -- to reduce from hold at Kepler Cheuvreux

      • NESTE.FH (Neste) -- to hold from buy at Berenberg

      • EUROB.GA (Eurobank Ergasias Services & Holdings) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • BCP.PL (Banco Comercial Portugues) -- overweight at Barclays

    • Other Actions

      • EMG.LN (Man Group) -- transferred add at Peel Hunt; prior rating was add

  • Data

    • Nikkei (2.17%) to 36887.17

    • Hang Seng (0.87%) to 24157.72

    • Shanghai Composite (0.51%) to 3363.95

    • S&P futures +6.0 vs prior close of 5746.3

    • €-$ +0.0040 or +0.37% to 1.0825

    • $-¥ (0.54) or (0.36%) to 147.45

    • €-¥ +0.01 or +0.01% to 159.62

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".

DEPOSITARY RECEIPTS:
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