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StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +0.7%, CAC +0.8%, IBEX +0.3%, MIB +0.6%

Mar 10 ,2025

  • Synopsis

    • European equity markets set to open broadly higher. Recall that European equity markets continued to outperform US peers last week, boosted by German and EU spending plans, but nominal performance was mostly negative (Stoxx Europe 600 ended down ~(0.7%)). Only the Dax was able to post modest gains (closing up 2%), while other EU bourses ended on the red. FTSE100 posted the largest weekly decline since December 2024, ending the week down (1.5%).s

    • US and Ukraine officials to meet in Saudi Arabia on Tuesday in bid to move forward peace talks stalled by last month's acrimonious Oval Office meeting (Reuters). Speaking to Fox Business, Trump anticipates good progress this week with Ukraine expected to sign minerals deal. US will gauge Ukraine's willingness to compromise in bid to progress talks with Trump yet to be convinced on its commitment to peace. FT sources noted Kiev set to propose partial ceasefire in bid to revive US intelligence sharing and weapons deliveries and Trump said on Fox he has "just about" resumed US intelligence sharing. Comes as Russia has stepped up bombing of Ukraine and its soldiers push to repel Ukraine forces from captured parts of Kursk region (FT), prompting Trump to threaten sanctions on Moscow last week. At same time, Bloomberg sources noted administration is weighing ending Russian oil price cap as part of sanctions relief if peace talks progress. Separate Bloomberg article also cited sources saying Russia may be open a ceasefire if there is movement on final pace deal.

    • European macro data releases out today include Germany Jan trade balance, industrial production, Italy Jan PPI, Switzerland Feb consumer confidence - SECO, Norway Feb CPI, PPI, Sweden Jan industrial production, Denmark Feb CPI, Netherlands Jan manufacturing production, Greece Feb CPI, Jan industrial production, Eurozone Mar Sentix investor confidence

    • Today also sees, in central banks, Eurogroup meeting, ECB's Lagarde and Cipollone among the participants, there's the publication at 10:00CET of the ECB's latest survey of monetary analysts, Riksbank's Thedéen at a press conf at 13:00CET on the Payments Report 2025 and Bundesbank's Nagel speech at 14:00CET at event hosted by Berlin School of Economics. Also, Financing Growth and Innovation in Europe: Economic and Policy Challenges hosted by Bank of Italy and FBF (through Tue). Elsewhere, PM Starmer addresses the weekly meeting of the Parliamentary Labour Party with defence spending and welfare cuts headline topics to be discussed. EU's von der Leyen in Strasbourg, meets with EP President Metsola, others. EU's Šefčovič co-chairs the 12th EU-Korea Trade Committee. India and the EU are scheduled to begin the next round of talks for a proposed free trade agreement (through Thu). EU's Roswall gives an address at the Nordic Forum on Raw Materials - The Oslo Summit 2025, hosted by Nordic Innovation. EU's Jørgensen in Houston, Texas (through Tue) and participates in the CERAWeek. In Norway, Minister of Fisheries and the Oceans holds dialogue meeting at 14:00CET with the seafood industry on seafood trade and the USA Money Live Summit gets underway

    • Of note, US clocks went forward on Sun (9th)

    • Politics/Macro/World News

      • Germany

        • Merz and SPD clear first hurdle to forming coalition -- Reuters

        • Germany can spend almost €2tn without harming growth -- FT poll

      • UK

        • UK seeks to scale back reviews that delay new housing projects -- Reuters

        • UK wage growth for new hires slows to four-year low amid looming employment cost hike -- Bloomberg

      • Canada

      • Trade

        • EU-US rift triggers call for made-in-Europe tech -- POLITICO

        • Lutnick expects 25% steel and aluminum tariffs to take effect Wednesday - NBC

        • India-EU trade deal talks set to begin Monday amid major unresolved issues -- mint

        • France and Germany clash over €150B EU defense fund -- FT

        • Von der Leyen faces "Buy European" dilemma in crafting €150B defense fund rules -- FT

      • Markets

        • Executive group discuss revival for Britain's smallcap AIM market; would be rebranded and relaunched as the Global Growth Exchange-- Reuters

      • Greece

      • ECB

        • ECB's Schnabel warns of persistent inflation risks, signalling potential rate cut pause -- Bloomberg

        • ECB's Kazaks urges open-minded approach to April rate decision amid geopolitical uncertainty -- Bloomberg

  • Top company news

    • Earnings/updates

      • PAH3.GR (Porsche Automobil Holding SE) -- Porsche Automobil Holding expects FY24 group result after tax to reach (~€20.0B) due to non-cash effective impairments

      • LEG.GR (LEG Immobilien) -- reports FY AFFO per share €2.70 vs year-ago €2.44; confirms FY25 guidance

      • HAUTO.NO (Höegh Autoliners) -- Feb trading update: transported 1.1M cbm of cargo on prorated basis

      • Also reporting today

        • Earnings:

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

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

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

    • M&A

      • WPP.LN (WPP Group)

        • Kantar's owners exploring £5B+ sale of Worldpanel division - Sky News

        • Kantar set to be split up and sold by WPP and Bain - FT

      • ALV.GR (Allianz) -- in exclusive talks to acquire Viridium - media report

      • NWG.SS (Nordic Waterproofing Holding) -- Nordic Waterproofing Holding's board decide to apply for delisting of the company's shares from Nasdaq Stockholm

      • Sumitomo Mitsui Finance and Leasing to acquire Macquarie Rotocraft for over $1B (¥150B) - Nikkei

      • EG Group exploring sale of some European business as it seeks ways to reduce debt burden ahead of US IPO - FT

      • +SAXO.DC Mandatum plc to divest its entire 19.83% stake in Saxo Bank A/S for ~€319M

    • Healthcare

      • REGN (Regeneron) -- and Sanofi announce results from ADEPT Phase 2/3 trial evaluating the investigational use of Dupixent (dupilumab) in adults with moderate to severe BP

      • UCB.BB (UCB) -- launches share buy-back program for up to 700K shares; effective 10-Mar-25

      • HIK.LN (Hikma Pharmaceuticals) -- in talks to sell generic version of Ozempic and Wegovy to partners as they begin to go off patent next year - FT

      • 068270.KS (Celltrion) -- FDA approves Celltrion's OMLYCLO injection to treat moderate to severe persistent asthma in adults and pediatric patients 6 and older; first FDA approved biosimilar to Xolair

    • Other

      • BP.LN (BP) -- says move to increase fossil fuel production and abandon green energy targets is resonating with investors - London Times

      • RIO.LN (Rio Tinto) -- said to reverse plans for $5B share offering following feedback from holders -- Bloomberg

      • Cobalt Holdings could go public in London as early as May - London Times

      • Estimated weekend box office revenues in US, Canada $55.1M, (59.5%) y/y - Box Office Mojo

      • Palliser Capital sends Rio Tinto board independent appraisal on unification of dual-listed structure

  • Key rating changes

    • Upgrades

      • PNN.LN (Pennon) -- to buy from neutral at Citi; opens 30-day positive catalyst watch ahead of the upcoming CMD

      • GNC.LN (Greencore Group) -- to buy from hold at HSBC

      • FLTR.LN (Flutter Entertainment) -- to add from hold at Peel Hunt

      • ECMPA.NA (Eurocommercial Properties) -- to buy from hold at Berenberg

      • BAB.LN (Babcock International) -- to buy from hold at Berenberg

    • Downgrades

      • GALD.SW (Galderma Group) -- to sector perform from outperform at RBC Capital Markets

      • HOLN.SW (Holcim) -- to neutral from buy at Citi

      • ALO.FP (Alstom) -- to neutral from buy at Citi

      • BA.LN (BAE Systems) -- to hold from buy at Berenberg

      • CHG.LN (Chemring Group) -- to hold from buy at Berenberg

      • BT.A.LN (BT Group) -- to underweight from equal weight at Barclays

  • Data

    • Nikkei +0.38% to 37028.27

    • Hang Seng (1.66%) to 23828.45

    • Shanghai Composite (0.20%) to 3365.69

    • S&P futures (27.3) vs prior close of 5776.0

    • €-$ +0.0001 or +0.01% to 1.0837

    • $-¥ (0.21) or (0.14%) to 147.72

    • €-¥ (0.22) or (0.14%) to 160.07

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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