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StreetAccount Summary - EU Market Recap: FTSE 100 (1.21%) to 8495.99, DAX (1.29%) to 22328.77, CAC40 (1.31%) to 7941.91, STOXX 600 (1.70%) to 536.89

Mar 11 ,2025

  • Synopsis:

    • European equity markets closed lower and around session lows. After pan-European indices quickly clawed back much of the initial slight falls, shares found the path of least resistance to be lower, and steadily fell during the session, closing just above the day's lows.

    • Greece, Portugal both (0.2%), Norway (0.6%) and Austria, Finland (0.7%) led outperformers, with Switzerland (2.5%) and Denmark (2.1%) leading underperformers.

    • In central banks, Riksbank's Thedéen, others, at Riksdag Committee on Finance. Says inflation situation calls for vigilance (Reuters). Bank of Finland published its latest economic forecast, Rehn press conf. BOE's Foulger panellist at the Alternative Investment Management Assn. Global Policy and Regulatory Forum and BOE's Mills panellist at the International Futures Industry BOCA50 Conf. Also, ECOFIN meeting with ECB's de Guindos among the participants.

    • OMFIF hosted event title The European and international monetary and financial landscape, speakers include Bundesbank's Köhler-Geib.

    • A meeting of the military chiefs of countries willing to send troops to Ukraine to ensure peace took place in Paris as the Paris Defense and Strategy Forum (through Thu) got underway. The meetings come on the day Ukraine begins peace talks with US in Saudi Arabia and there was what appeared to be the largest drone attack against Russia in three years.

    • EU's von der Leyen speech during the EU Parliament (EP) plenary (session Mon-Thu final draft agenda) debate on the outcome of the 6-Mar Special European Council and outline its priorities for the 20/21-Mar summit. Also EP assessed and MEPs and Council and Commission representatives will discuss the deteriorating situation in Gaza, with MEPs and the Commission also discussing new proposals for a Clean Industrial Deal.

    • EU's Kallas in New York and participates in the United Nations Security Council briefing session on European Union-United Nations cooperation.

    • Greenland parliamentary election; result expected tomorrow. Will elect the 31 members of Inatsisartut, determining what a new coalition will look like, and there will certainly be a focus on how the new government will handle the American overtures.

    • In Norway, PM Støre and other ministers will start the budget work for 2026 with a budget conf (through Wed). In UK, parliamentary committee topics included reforming the water sector, new members of Prudential Regulation Committee (David Soanes and Andrea Enria) appeared in front of MPs in pre-appointment hearing, the energy grid and grid connections and later, Ukraine 100 year partnership agreement. The committee's discussions on the energy grid and grid connections comes on the same day as the UK government introduced legislation laying the groundwork for a new approach to prioritise new transmission infrastructure.

    • With limited economic data, and ahead of expected US tariffs on steel and aluminum imports by tomorrow, focus was on release that showed EU recorded a surplus in traded goods with the US of €198.2B in 2024 - Eurostat. Also published was Eurostat's 2025 edition of Shedding light on energy in Europe. In UK, BRC stated in conjunction with its Feb retail sales monitor, that the weak performance makes many retailers uneasy, especially as they brace for £7B of new costs from the Budget and packaging levy in 2025, as well as the potential impact of the Employment Rights Bill.

    • M&A news flow included Italy's AGCM authorizes acquisition of 2i Rete Gas by Italgas (IG.IM), Entra (ENTRA.NO) board recommends shareholders to reject mandatory offer by Castellum (CAST.SS) and Deceuninck Group (DECB.BB) completes acquisition of the remaining 50% of the shares in the joint-venture with So Easy Holding BV.

    • Earnings results/updates included VOW.GR (Volkswagen) -- Q4 net income €3.48B vs FactSet €3.46B [4 est, €2.85-3.95B], cuts dividend (30%) y/y, guides 2025, HelloFresh (HFG.GR), Redcare Pharmacy (RDC.GR), Henkel (HEN.GR), Galenica (GALE.SW) FY net income CHF183.2M vs FactSet CHF170.9M [6 est, CHF169-172.6M], Partners Group Holding (PGHN.SW) and Leonardo (LDO.IM). Also, Costain Group (COST.LN), Persimmon (PSN.LN) and Kier Group (KIE.GR), TP ICAP Group (TCAP.LN) FY EPS 31.8p vs FactSet 29.8p [5 est, 29.1-30.8p], launches £30M share buyback, whilst Ferrexpo (FXPO.LN) says more time is needed to finalise its full year financial results.

    • Updates for peers across the Atlantic weighed on several European airlines with Air France-KLM (AF.FP) (9.3%) seeing the largest percentage change

    • Röko (ROKO.B.SS) shares open at a premium to their IPO price of SEK2,048/share on Nasdaq Stockholm and closed just below the best levels of the day at SEK2,187.5/share.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +0.07%, Oil & Gas (0.47%), Real Estate (0.79%), Ind Goods & Svcs (0.95%), Financial Svcs (1.05%), Media (1.07%), Insurance (1.30%), Basic Resources (1.36%), Persnl & HHold Goods (1.64%), Technology (1.69%)

      • Underperformers:

        • Travel & Leisure (3.51%), Health Care (3.34%), Retail (3.04%), Chemicals (2.45%), Food & Beverage (2.28%), Autos & Parts (1.91%), Telecom (1.84%), Construct & Mtls (1.76%), Banks (1.71%)

    • Macro/Peripheral markets:

      • Finland:

        • Momentous shift under way in global politics - Uncertainty casts shadow over growth in Finland and Europe - Bank of Finland release

      • Germany:

        • Greens counter Merz's defense spending plan with tighter restrictions - Bloomberg, also challenge €500B infrastructure plan and propose climate-focused alternatives - Reuters, Politico

      • Greece:

        • Cabinet reshuffle could come as early as the end of this week - ekathimerini

      • Greenland:

        • US President's control pledge dominates as country holds general election - Reuters

        • Eligible voters flock to the polling stations - Sermitsiaq

      • Italy:

        • Proposes €200B defense investment plan backed by EU guarantees - Reuters

        • Meloni seeking balance between Italy's debt fears and defense and economic ambitions - Bloomberg

      • Norway:

        • Projections in the material for the government's budget conf. indicate that growth in the Norwegian economy will increase from +0.6% last year, to ~ +2% both this year and next year - press release

      • Portugal:

        • Government faces collapse amid scandal and confidence vote - FT

      • Sweden:

        • Riksbank Governor Thedéen comments before Riksdag's Committee on Finance's - release, slides

      • UK:

        • Retailers face billions in equal pay claims as momentum builds after landmark rulings- FT

        • Planning and Infrastructure Bill - press release

      • Ukraine:

        • Will present the United States on Tuesday with a plan for a partial ceasefire with Russia - France24

    • Company news:

      • Notable Gainers

        • +33.6% CRT.LN (Impact Healthcare REIT) -- CareTrust REIT to acquire CARE REIT for 108p/share in cash

        • +20.6% SENS.SW (Sensirion Holding) -- FY net income CHF4.5M ex-items vs FactSet (CHF31.1M) [5 est, (CHF36.3)-(22.8M)]

        • +10.0% RDC.GR (Redcare Pharmacy) -- FY net income (€46.4M) vs FactSet (€37.7M) [12 est, (€47.4)-(25M)]

        • +7.2% COST.LN (Costain Group) -- FY Adj EPS 14.6p vs FactSet 12.3p [5 est, 11.9-12.7p]; on track to deliver margin target for FY 25

        • +5.8% ROR.LN (Rotork)

          • FY EPS 15.9p ex-items vs consensus 15.7p

          • acquires South Korean electric actuator manufacturer Noah Actuation for an EV of £44M

        • +5.3% PSN.LN (Persimmon) -- FY EPS 92.1p vs FactSet 85.7p [16 est, 79.8-89.2p]

        • +4.0% UBXN.SW (u-blox Holding) -- buy from hold at Stifel

        • +3.3% KURN.SW (Kuros Biosciences) -- FY EPS (CHF0.12) vs FactSet (CHF0.01) [1 est]

        • +3.2% LSEG.LN (London Stock Exchange Group) -- outperform from neutral at Oddo

        • +3.0% BRBY.LN (Burberry Group) -- outperform from neutral at BNP Paribas Exane

        • +2.5% EGLA.IM (EuroGroup Laminations) -- agrees to acquire the minority interests in two JVs from Marubeni-Itochu Steel Inc

        • +2.3% LDO.IM (Leonardo) -- FY net income €786M before extraordinary transactions, FactSet €966.6M; issues FY25 guidance

        • +2.2% AFX.GR (Carl Zeiss Meditec) -- buy from neutral at Goldman Sachs

        • +1.5% ABBN.SW (ABB Limited) -- buy from hold at ABG Sundal Collier

          • On earnings/updates GALE.SW (Galenica), CEM.IM (Cementir Holding), BELA.GA (Jumbo) and reversing initial falls NICL.LN (Nichols)

      • Notable Decliners

        • -57.5% IDEX.NO (IDEX Biometrics) -- revises business strategy to focus on the Access market; Catharina Eklòf steps down immediately as CEO

        • -18.3% HFG.GR (HelloFresh) -- preliminary FY adjusted EBITDA €399.0M vs guidance €360-400M vs FactSet €363.0M [15 est, €239-393.6M]

        • -17.7% PPGN.SW (PolyPeptide Group) -- FY EPS (€0.59) vs FactSet (€0.36) [5 est, (€0.50)-(0.28)]; issues FY25 and mid-term outlook

        • -13.8% KOMN.SW (Komax Holding) -- FY EPS (CHF0.63) vs FactSet (CHF0.11) [5 est, (CHF0.80)-0.64]

        • -10.4% KIE.LN (Kier Group) -- H1 Adj. EPS 8.7p vs FactSet 9.3p [1 est]; H2 has started well and is trading in-line with the board's expectations

        • -10.3% HEN.GR (Henkel) -- FY adj EPS €5.36 vs consensus €5.35; hikes divi by ~10% and guides FY25

        • -9.7% M7U.GR (Nynomic) -- prelim FY EBIT €7.5M vs prior guidance €15.4M; guides 2025 EBIT between €8.5-10.0M

        • -8.0% BKW.SW (BKW) -- FY operating net profit CHF550.4M vs FactSet CHF555.6M [4 est, CHF498.7-634.9M]

        • -8.0% 8TRA.GR (TRATON) -- reduce from hold at Kepler Cheuvreux; sell from hold at mwb research

        • -7.1% HUBN.SW (HUBER+SUHNER) -- FY net income CHF72.3M vs FactSet CHF70.3M [5 est, CHF66.9-73.5M]

        • -6.7% STVG.LN (STV Group) -- FY adj EPS 29.0p vs FactSet 26.0p [3 est, 24.2-27.4p]; keeps divi unchanged and comments on Q1

        • -6.6% SL.IM (Sanlorenzo) -- reports final FY earnings, guides 2025; shares reversed initial gains

        • -6.4% NTG.GR (Nabaltec) -- prelim. FY EBIT €22.3M vs FactSet €18.9M [3 est, €18.2-19.4M], guides 2025

        • -4.8% BOO.LN (boohoo Group) -- shares reverse initial gains

          • FY Trading Update: revenue £1.22B vs FactSet £1.29B [4 est, £1.27-1.33B]

          • appoints Phil Ellis as new CFO; current CFO Stephen Morana to oversee finalisation of FY25 results

          • completes Debenhams turnaround; will go forward as Debenhams Group with immediate effect

        • -4.6% HEAD.LN (Headlam Group) -- FY EPS (35.0p) ex-items vs FactSet (36.7p) [2 est, (42.4)-(31.0p)]

        • -4.2% SPX.LN (Spirax Group) -- FY Adj. EPS 286.3p vs consensus 285.0p

        • -4.1% BNOR.NO (BlueNord) -- announces update on Tyra Redevelopment Project and revision of Tyra production guidance for Q1 2025

        • -4.1% GEN.LN (Genuit Group) -- FY EPS 24.6p vs FactSet 23.9p [8 est, 22.6-25.0p]; shares reversed initial gains

        • -3.5% DOM.LN (Domino's Pizza Group) -- FY underlying EPS 20.4p vs FactSet 20.1p [10 est, 19.6-20.7p]; hikes divi by ~5% and guides FY25

        • -3.2% DIE.BB (D'Ieteren Group) -- Q4 adj. net income €773.5M, +5% vs year-ago €733.3M; provides FY25 outlook; shares reversed initial gains

        • -2.9% HNSA.SS (Hansa Biopharma) -- completes enrolment in European Phase 3 20-HMedIdeS-19 post authorization efficacy and safety study in highly sensitized kidney transplant patients

        • -2.8% LLOY.LN (Lloyds Banking Group)

          • market perform from outperform at Keefe, Bruyette & Woods

          • UK's FCA files its submission with the Supreme Court ahead of Court's hearing of an appeal on motor finance DCAs

            • +1.2% CBG.LN (Close Brothers Group)

        • -2.5% SYNT.LN (Synthomer) -- FY EPS from cont. ops. (3.5p) vs FactSet (4.7p) [9 est, (12.0)-0.0p]

        • -2.4% FRE.GR (Fresenius) --STRABAG (STR.AV)-PORR (POS.AV) consortium continue further negotiations with Fresenius regarding the purchase of Vamed

          • +3.5% STR.AV (STRABAG)

          • +0.4% POS.AV (PORR)

        • -2.3% ELLAKTOR.GA (Ellaktor) -- has received a non-binding offer for its stake in Aktor Concessions SA; shares reversed initial gains

        • -2.3% CWR.LN (Ceres Power Holdings) -- reverts to original revenue guidance of £50-60M vs prior £55-60M, FactSet £56.3M [10 est, £51.5-62.1M], due to uncertainty over one single item recognition period; shares reversed initial gains

        • -2.0% EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik) -- prelim. FY EBIT ~€66M ex-items vs FactSet €65.7M [1 est], shares reversed initial gains

        • -1.8% EQNR.NO (Equinor) -- granted drilling permit for wells 34/6-8 S and 34/6-8 A in PL 554 - NOD

        • -1.7% PGHN.SW (Partners Group Holding) -- FY net income CHF1.13B vs consensus CHF1.08B; shares reversed initial gains

        • -1.4% LISN.SW (Chocoladefabriken Lindt & Spruengli) -- hold from buy at Stifel

          • On earnings/updates: FXPO.LN (Ferrexpo), TCAP.LN (TP ICAP Group), MDM.FP (Maisons du Monde), G1A.GR (GEA Group), 2020.NO (2020 Bulkers), TIFS.LN (TI Fluid Systems) and reversing initial gains AZM.IM (Azimut Holding), CAPMAN.FH (CapMan), VOW.GR (Volkswagen), CRW.LN (Craneware)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Basic-Fit (BFIT.NA), Agfa-Gevaert (AGFB.BB)

        • DACHs: Rheinmetall (RHM.GR), Porsche (P911.GR), Brenntag (BNR.GR), PUMA (PUM.GR), Wacker Chemie (WCH.GR), Kloeckner & Co. (KCO.GR), Branicks Group (BRNK.GR), Grand City Properties (GYC.GR), Vienna Insurance (VIG.AV), Avolta (AVOL.SW), Tecan Group (TECN.SW), Ascom Holding (ASCN.SW), Autoneum Holding (AUTN.SW)

        • France: ID Logistics Group (IDL.FP), Sword Group (SWP.FP), Lumibird (LBIRD.FP)

        • Nordics: Clas Ohlson (CLAS.B.SS), Kobenhavns Lufthavne (KBHL.DC), North Media (NORTHM.DC), Orthex (ORTHEX.FH)

        • Southern Europe: Inditex (ITX.SM), Arnoldo Mondadori Editore (MN.IM), Fiera Milano (FM.IM), Arnoldo Mondadori Editore (MN.IM), Autohellas (OTOEL.GA), GR Sarantis (SAR.GA),

        • UK: Legal & General (LGEN.LN), Balfour Beatty (BBY.LN), Hill & Smith (HILS.LN), 4imprint (FOUR.LN), Hochschild Mining (HOC.LN), PensionBee (PBEE.LN), Ferrexpo (FXPO.LN), Forterra (FORT.LN), The Gym Group (GYM.LN)

      • Trading Update: DFDS (DFDS.DC)

  • Data:

    • Economics:

      • Netherlands Feb CPI +3.8% y/y vs preliminary +3.8%

      • Denmark Jan trade balance DKK28.6B vs consensus DKK40.1B, prior revised DKK29.9B from DKK45.8B

      • UK Feb LFL retail sales monitor +0.9% y/y vs consensus +1.9%, prior +2.5% - BRC

    • Markets:

      • WTI Crude (Apr 25): +$0.56 or +0.85% to $66.59

      • €-$ +0.0091 or +0.84% to 1.0925

      • £-$ +0.0066 or +0.51% to 1.2942

      • €-£ +0.0027 to 0.8440

      • S&P 500 (0.84%)

      • Performance year-to-date:

        • FTSE 100: +3.95%

        • DAX: +12.15%

        • CAC: +7.60%

        • MIB: +10.27%

        • Stoxx 600: +5.77%

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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