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StreetAccount Summary - EU Market Recap: FTSE 100 (0.92%) to 8600.22, DAX (1.69%) to 22620.95, CAC40 (0.90%) to 8047.60, STOXX 600 (1.29%) to 546.20

Mar 10 ,2025

  • Synopsis:

    • European markets closed lower. Tech, banks and Ind Goods & Svcs biggest decliners; defensives like real estate, utilities rise. Follows mostly negative performance last week with just Dax in the black.

    • Market resuming last week's caution with risk-off rotations in play. US growth/contraction concerns in focus after Trump acknowledged US economy facing transition period and demurred on likelihood of recession. Market volatility increased, corresponding with underperformance of US equities and dollar, and pullback in Treasury yields. Market shifts driving more talk about end of US 'exceptionalism' trade in contrast to Europe, where investors are positioning for a seismic shift from Germany's fiscal boost.

    • Focus in Europe today on Sentix investor sentiment, which beat expectations, confirming sentiment uplift. Eurogroup meets in Brussels, with participation of ECB's Lagarde. To note, over the weekend ECB Schnabel warned of persistent inflation risks, signalling potential rate cut pause. Kazimir and Kazaks also suggested flexibility into April.

    • Meeting between US and Ukrainian officials to come into play on Tuesday. Pres reports over the weekend noted Trump suggested imposing additional large-scale US sanctions and tariffs on Russia, aiming to push Putin to negotiating table with Ukraine. Italian PM Meloni suggested extending NATO's mutual defence umbrella to Ukraine without offering it alliance membership or sending peacekeeping troops.

    • On macro data front, passing German fiscal expansion plans appear complex as Green party opposing the bill, will prepare own proposal. In the UK, wage growth for new hires slowed to four-year low. German industrial output rose in January, signaling easing downturn.

    • On the reporting front, Porsche Automobil Holding SE (PAH3.GR) now expects FY24 group result after tax to reach (~€20.0B) due to non-cash effective impairments whilst - still in Germany - LEG Immobilien (LEG.GR) and Hypoport (HYQ.GR) posted FY numbers.

    • In M&A news, Mandatum (MANTA.FH) will divest its entire 19.83% stake in Saxo Bank A/S for ~€319M, Kantar is set to be split up and sold by WPP (WPP.LN) and Bain, Nordahl BidCo (Apax Funds) offered to acquire Norva24 Group (NORVA.SS) for SEK 36.5/sh in cash, BWGI confirms offer to acquires Verallia (VRLA.FP) by way of a tender offer, at a price of €30/sh and - in the UK - Alliance Pharma PLC (APH.LN) announced a final increased recommended cash offer of 64.75p in cash from prior 62.5p/sh and Assura (AGR.LN) received a 49.4p/sh offer from the KKR (KKR) consortium.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 10-Feb to 14-Feb attached) Volkswagen (VOW3.GR), Henkel (HEN3.GR), Mercedes-Benz Group (MBG.GR), Spirax Group (SPX.LN), Persimmon (PSN.LN),will be among other names to update investors, whilst the macro-calendar releases will include Netherlands Feb final CPI, Denmark Jan trade balance, UK Feb retail sales monitor - BRC.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.28%, Utilities +1.20%, Telecom +0.78%, Food & Beverage +0.46%, Chemicals +0.22%, Real Estate +0.15%, Insurance +0.04%, Oil & Gas (0.12%), Retail (0.18%), Persnl & HHold Goods (0.43%), Travel & Leisure (0.73%), Media (0.83%),

      • Underperformers:

        • Technology (3.25%), Banks (2.71%), Ind Goods & Svcs (2.16%), Construct & Mtls (2.05%), Financial Svcs (2.02%), Basic Resources (1.94%), Health Care (1.86%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Zelenskiy heads to Saudi Arabia ahead of crunch US talks - Reuters

        • Thirty-two casualties brought ashore and vessels ablaze after collision in North Sea - The Guardian, BBC

        • NATO committed to Bosnia's territorial integrity, Rutte says - Reuters

      • Central Banks

        • National Bank of Slovakia governor comments - press release

        • ECB resistance wavers as pressure mounts to seize Russian assets - Politico

        • ECB's Nagel Says Interest Rates Aren't Being Cut on Autopilot - Bloomberg

        • Bank of Russia Says Local Markets Lifted by Geopolitical Hopes - Bloomberg

      • EU

        • EU and the Republic of Korea have concluded negotiations for a landmark Digital Trade Agreement - press release

        • Trump team not engaging to avert tariff war, says EU trade chief - Politico

        • EU ministers to discuss joint borrowing for defence, use of existing funds - Reuters

      • UK

        • UK CMA's CEO speech at the techUK Tech Policy Conf - press release

        • Hiring slump deepens as bosses brace for Reeves tax raid - The Telegraph

        • UK to convene 'coalition of the willing' for fresh talks on Ukraine peace force - FT

      • France

        • France Warns of Soaring Insurance Costs From Climate Change - Bloomberg

        • France Weighs Lifting ESG Exclusion Rules on Defense Lending - Bloomberg

      • Germany

        • Greens do not want to agree to financial package of Union and SPD - Handelsblatt

        • Germany's leading index threatens a severe setback - Handelsblatt

        • Germany can spend almost €2tn without harming growth, economists say - FT

      • Ireland

        • Ireland urged to 'wake up' as Trump exposes economic reliance on the US - FT

    • Company news:

      • Trading Higher:

        • +14.1% AGR.LN (Assura £0.47, +0.06) -- 49.4p/share offer from KKR consortium

        • +8.0% HOCN.SW (HOCN Ltd. CHF1.21, +0.09) -- shareholder proposals to be discussed at 23-Apr AGM

        • +5.3% MIO.ID (Mincon Group €0.40, +0.02) -- FY earnings

        • +3.6% VRLA.FP (Verallia €29.24, +1.02) -- €30/share offer by BWGI

        • +2.8% WOSG.LN (Watches of Switzerland Group £4.64, +0.13) -- launches £25M share buyback programme

        • +2.4% APH.LN (Alliance Pharma £0.64, +0.02) -- increases cash final offer to 64.75p/share from prior 62.5p

        • +2.4% PAL.AV (Palfinger €26.00, +0.60) -- Hauck & Aufhäuser upgrade

        • +1.5% PNN.LN (Pennon Group £3.98, +0.06) -- Citi upgrade

      • Trading Lower:

        • -21.3% CAPD.LN (Capital £0.61, -0.16) -- prelim FY earnings

        • -20.4% CKN.LN (Clarkson £35.10, -9.00) -- FY earnings

        • -9.6% DATA.LN (GlobalData £1.66, -0.18) -- FY earnings

        • -9.2% SAVE.LN (Savannah Energy £0.09, -0.01) -- completes acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited

        • -8.3% GMAB.DC (Genmab DKK1,522.00, -137.50) -- J&J will not exercise option to receive worldwide license to develop, manufacture & commercialize HexaBody-CD38 and will not pursue further clinical development

        • -8.1% NOVO.B.DC (Novo Nordisk DKK549.40, -48.20) -- study update

        • -8.1% TPK.LN (Travis Perkins £5.82, -0.52) -- CEO to step down

        • -5.7% BIOVIC.B.SS (Biovica International SEK1.79, -0.11) -- SEK2.5M order

        • -4.6% ALO.FP (Alstom €23.14, -1.12) -- Citi downgrade

        • -4.0% AFX.GR (Carl Zeiss Meditec €58.35, -2.40) -- placed on Negative Catalyst Watch at JPMorgan

        • -3.0% 8TRA.GR (TRATON €37.05, -1.15) -- FY earnings

        • -2.1% AF.FP (Air France-KLM €11.32, -0.24) -- Bernstein downgrade

        • -2.0% LHN.SW (Holcim CHF98.94, -2.01) -- Citi downgrade

        • -1.8% JDC.GR (JDC Group €21.50, -0.40) -- prelim. FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Volkswagen (VOW3.GR), Henkel (HEN3.GR), GEA Group (G1A.GR), Redcare Pharmacy (RDC.GR), Partners Group Holding (PGHN.SW), Galenica (GALE.SW), HUBER+SUHNER (HUBN.SW), BKW (BKW.SW), Sensirion (SENS.SW), PolyPeptide (PPGN.SW), Komax (KOMN.SW)

        • France: Maisons du Monde (MDM.FP)

        • Nordics: Andfjord Salmon Group (ANDF.NO), LEGO (+LEGO.DC)

        • Southern Europe: ERG (ERG.IM), Safilo Group (SFL.IM), Esprinet (PRT.IM)

        • UK: Spirax Group (SPX.LN), Persimmon (PSN.LN), Domino's Pizza (DOM.LN), Rotork (ROR.LN), Kier Group (KIE.LN), Costain (COST.LN), Synthomer (SYNT.LN), Somero Enterprises (SOM.LN), STV Group (STVG.LN), Headlam (HEAD.LN)

      • CMD/events: Mercedes-Benz Group (MBG.GR)

  • Data:

    • Economics:

      • Eurozone Mar Sentix investor confidence (2.9) vs consensus (9.1) and prior (12.7)

      • Netherlands Jan manufacturing production +1.0% m/m vs consensus +0.3%, prior revised (0.9%) from (1.0%)

      • Germany Jan

        • Trade balance €16.0B vs consensus €21.0B and prior €20.7B

        • Industrial Production +2.0% m/m vs consensus +1.5%, prior revised (1.5%) from (2.4%)

      • Norway Feb

        • CPI +3.6% y/y vs consensus +2.8%, prior +2.3%

        • PPI +23.3% y/y vs consensus +20.5%, prior +18.1%

      • Sweden Jan industrial production (2.1%) y/y vs consensus +6.5%, prior +9.0%

      • Denmark Feb CPI +2.0% y/y vs consensus +1.6%, prior +1.5%

      • Switzerland Feb SECO Consumer Sentiment (33.6) vs consensus (28.0), prior (29.3)

      • Italy Jan PPI +4.4% y/y vs consensus +0.5%, prior +1.1%

      • Greece

        • Feb CPI due at 6ET: consensus +2.9% y/y, prior +2.7%

        • Jan industrial production due at 6ET: consensus +1.9% y/y, prior +5.8%

    • Markets:

      • WTI Crude (Apr 25): ($0.81) or (1.21%) to $66.23

      • €-$ +0.0001 or +0.01% to 1.0837

      • £-$ (0.0029) or (0.22%) to 1.2892

      • €-£ +0.0020 to 0.8405

      • S&P 500 (2.13%)

      • Performance year-to-date

        • FTSE 100: +5.23%

        • DAX: +13.62%

        • CAC: +9.04%

        • MIB: +11.82%

        • Stoxx 600: +7.60%

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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