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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.34%, DAX +0.89%, CAC40 +0.49%

Mar 12 ,2025

  • Synopsis

    • European equity markets are set for a positive open. Asia equities mixed Wednesday. Some solid gains in South Korea, Taiwan and Japan as semis and batter-related stocks rally. Greater China mixed with Hang Seng lower and mainland benchmarks mostly higher. Heavy losses on ASX after Trump imposed tariffs on Australian steel imports. India lower, Southeast Asia mixed. US futures higher.

    • More tariff-induced turbulence overnight. President Trump threatened to double levies on Canada to 50% though later backed off that stance. Tariffs of 25% on steel/aluminum products went into effect at midnight US time with no exemptions as indicated by the White House Tuesday. S&P 500 fell 10% from its prior peak. The European Commission has launched swift and proportionate countermeasures on US steel and aluminum imports into the EU. In total, the EU countermeasures could apply to US goods exports worth up to €26B, matching the economic scope of the US tariffs.

    • In central banks, ECB and Its Watchers conf, speakers include ECB's Lagarde at 9:45CET, whilst panels are chaired by Bank of France's Villeroy 10:15, Bank of Spain's Escrivá 13:00 and Bundesbank's Nagel 14:45, with ECB's Lane delivers closing remarks at 16:15. Poland interest rate decision. Bank of Lithuania releases its latest economic forecast, governor Simkus speech. Bank of Portugal's Centeno speaks at a conf. on banking. Bank of Italy's Panetta speech in Rome.

    • Chancellor Scholz hosts President of the European Council, António Costa, at 12noon CET, joint press conf scheduled, and then speaks at event hosted by Friedrich Ebert Foundation in the afternoon. OPEC Monthly Report is due for release. In UK, after MPs questions on Wales there's weekly PMQs at 12noon GMT and the Employment Rights Bill continues its passage through parliament. Committee topics include reforming the water sector (9:30, execs from Wessex Water (4677.MK)), Nitrogen (10:00), the UK's future relationship with the US (10:30) and unlocking community energy at scale (15:00). US President Trump will host Ireland's Taoiseach Micheál Martin. EU's Competitiveness Council (Internal market and industry) meeting. EU's Kubilius attends the ministerial meeting of E5 format and participates at the Paris Forum on Strategy and Defence. There's the Circular Valley Convention 2025.

    • On the macro front, Spain Jan retail sales and Portugal Feb final CPI are due.

    • In earnings, DACHs region names kicked off the session with Porsche (P911.GR) reporting final FY EPS €3.94 vs FactSet €4.30 and confirms FY25 outlook. Puma (PUM.GR) guides Q1 adjusted EBIT around €70M vs FactSet €212.7M and Rheinmetall (RHM.GR) reports FY operating result €1.48B vs FactSet €1.43B. Avolta (AVOL.SW) and Tecan Group (TECN.SW) also out with reports. Elsewhere, Inditex (ITX.SM) is out with FY net income attributable €5.87B vs FactSet €5.86B, raised dividend +9% y/y, guides 2025. Basic-Fit (BFIT.NA) reported FY results and Leonardo (LDO.IM) issued FY shortly before the close yesterday and provided Industrial Plan update for the period 2025-29

    • Also due to report today are Legal & General (LGEN.LN), Balfour Beatty (BBY.LN) and Hill & Smith (HILS.LN).

  • Politics/Macro/World News

    • EU retaliates after Donald Trump's steel and aluminium tariffs take effect - FT

    • Trump tariffs on steel and aluminum come into effect amid US-Canada trade war - Guardian

    • Ukraine agrees to 30-day ceasefire as US prepares to lift military aid restrictions - Guardian

  • Top company news

    • Earnings/updates

      • Benelux:

        • AGFB.BB (Agfa-Gevaert) -- reports Q4 net income (€63M) vs FactSet (€42.8M) [1 est]

        • BFIT.NA (Basic-Fit) -- reports FY Underlying net profit €43.6M vs FactSet €29.9M [7 est, €8-53.8M]

      • DACHs:

        • P911.GR (Porsche) -- reports final FY EPS €3.94 vs FactSet €4.30 [21 est, €3.58-4.67]; repeats FY25 outlook

        • PUM.GR (Puma) -- guides Q1 adjusted EBIT around €70M vs FactSet €212.7M [3 est, €171-295.0M]

        • RHM.GR (Rheinmetall) -- reports FY operating result €1.48B vs FactSet €1.43B [15 est, €1.30-1.51B]

        • BNR.GR (Brenntag) -- reports FY EPS €3.71 vs consensus €3.96

        • AVOL.SW (Avolta) -- reports FY CORE net income CHF550M vs consensus CHF393M

        • PGHN.SW (Partners Group Holding) -- expects its AuM growth to outpace broader private markets industry, increasing threefold over current cycle to more than $450B by 2033 -- CMD

        • TECN.SW (Tecan Group) -- reports FY adjusted net income CHF103.1M vs year-ago CHF164.4M

        • GYC.GR (Grand City Properties) -- reports preliminary FY adjusted EBITDA €335M vs FactSet €323.6M [10 est, €287-336M]

        • KCO.GR (Kloeckner & Co.) -- reports FY EBITDA €136M vs FactSet €126.5M [4 est, €122-130M]

        • WCH.GR (Wacker Chemie) -- reports FY net income €260.7M vs preliminary €265M; issues Q1 and FY25 guidance

        • AUTN.SW (Autoneum Holding) -- reports FY net income attributable CHF52.1M vs FactSet CHF54.0M [5 est, CHF47.3-60M]

        • BRNK.GR (Branicks Group) -- reports FY FFO €0.63 vs FactSet €0.57

        • VIG.AV (Vienna Insurance Group) -- reports FY EPS €4.98 vs FactSet €5.00 [4 est, €4.87-5.12]

      • Nordics:

        • CLAS.B.SS (Clas Ohlson) -- reports Q3 EPS SEK6.72 vs FactSet SEK5.98 [2 est, SEK5.92-6.03]

      • Southern Europe:

        • ITX.SM (Inditex) -- reports FY net income attributable €5.87B vs FactSet €5.86B [21 est, €5.78-5.94B], raises dividend +9% y/y, guides 2025

        • BPSO.IM (Banca Popolare di Sondrio) --

          • confirms preliminary FY earnings; proposes a dividend of €0.80/share (gross), +43% y/y

          • approves new business plan 2025-27; targets 2027 net income €0.58B

        • LDO.IM (Leonardo) -- provides Industrial Plan update for the period 2025-29

        • SFL.IM (Safilo Group) -- reports final FY earnings: adj. net income €34.2M vs FactSet €24.8M; proposes up to 15M share buyback program

    • M&A

      • AMBEA.SS (Ambea AB) -- to acquire Validia and enter the Finnish care market for purchase price of SEK 1,382M

      • BVI.FP (Bureau Veritas) -- Wendel announces the entry into a prepaid 3-year forward sale of Bureau Veritas shares representing 6.7% of share capital

      • URW.FP (Unibail-Rodamco-Westfield) -- sells Bonaire shopping centre to Castellana for €305M

      • ANIM.IM (Anima Holding SpA) -- Banco BPM receives clearance from IVASS and the EU Commission in respect of FSR regulations regards tender offer for Anima Holding (post EU close 11-Mar)

      • DHER.GR (Delivery Hero) -- confirms Uber Technologies has terminated the acquisition agreement for its foodpanda business in Taiwan

      • THEP.FP (Thermador Groupe) -- enters acquisition negotiations with shareholders of Quilinox

      • Brookfield seeking to sell Healthscope - The Australian

      • Ageas, Allianz exploring bids for esure - Reuters

    • Healthcare

      • ROG.SW (Roche Holding) -- NICE unable to make recommendation on Genentech's Tecentriq for untreated advanced or recurrent non-small-cell lung cancer when platinum-doublet chemotherapy is unsuitable

      • BAYN.GR (Bayer AG) --

        • FDA grants orphan drug designation to BAY 2927088 for NSCLC with HER2/mEGFR

        • BaFin launches initial probe to consider whether Bayer fairly disclosed plans to obtain shareholder approval for capital increase - Reuters

      • EMEIS.FP (Emeis SA) -- enters partnership partnership with NLV for affordable care facilities in the Netherlands

      • CANTA.SS (Cantargia) -- announces First patient enrolled in leukemia study with nadunolimab

      • OSE.FP (OSE Immunotherapeutics) -- Phase 2 clinical trial of OSE2101 (Tedopi) in the TEDOPaM Clinical Trial in Advanced Pancreatic Cancer meets primary end point.

      • IRLAB.A.SS (IRLAB Therapeutics) -- IRLAB publishes preclinical data on mesdopetam in the esteemed European Journal of Neuroscience

    • Other

      • THEON.NA (Theon International) -- Holder Venetus Limited places ~3.2M shares in Theon International at €17.7/each

      • GOGL.NO (Golden Ocean Group) -- SEC filing: SCHEDULE 13D (Filed by CMB.TECH NV)

      • NEL.NO (NEL ASA) -- SAMSUNG E&A will purchase 10% of newly issued Nel ASA shares through a direct placement. Both companies also sign an EPC collaboration agreement

      • VAR1.GR (VARTA) -- share trading suspended

      • ALFEN.NA (Alfen) -- Chief Commercial Officer Michelle Lesh steps down, effective 31-Mar-25

      • AIR.FP (Airbus SE) --

        • Global Medical Response and Airbus sign agreement for up to 15 H140 helicopters

        • ADAC Luftrettung and ÖAMTC Flugrettung sign agreement with Airbus for ten H140 helicopters

        • STAT MedEvac and Airbus sign agreement for up to three H140 helicopters

        • Air Methods orders 21 Airbus helicopters in fleet expansion; includes H140, H125s and H135s helicopters

        • Metro Aviation, Airbus Helicopters sign agreement for up to 36 H140 helicopters; terms undisclosed

      • MBG.GR (Mercedes-Benz Group) -- appoints Jason Hoff to newly created position of North America CEO as company elevates importance of the US in its global business plan

      • DSY.FP (Dassault Systemes) -- proposes FY24 dividend of €0.26/sh

      • ADEN.SW (Adecco Group) -- publishes 2024 Non-Financial Report

      • SPM.IM (Saipem) -- shareholders to vote on mandatory conversion of saving shares into ordinary shares at shareholder meeting on 8-May (post EU close 11-Mar)

      • EQT.SS (EQT AB) -- EQT AB's board resolves to repurchase a maximum of 4.9M own ordinary shares

      • CMS issues proposed decision memo for NIPPV in home for the treatment of COPD

      • February Komtrax North America data (4.9%) y/y

  • Key rating changes

    • Upgrades

      • BARN.SW (Barry Callebaut) -- to buy from hold at Kepler Cheuvreux

      • CLARI.FP (Clariane) -- outperform from neutral at BNP Paribas Exane

      • Deutsche Bank upgrades ARGX.BB, SDZ.SW

      • SPX.LN (Spirax Group) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • PUM.GR (Puma) -- neutral from outperform at Oddo

      • LDO.IM (Leonardo) -- hold from buy at Kepler Cheuvreux

      • NICL.LN (Nichols) -- hold from buy at Peel Hunt

      • HBR.LN (Harbour Energy) -- downgraded to hold from buy at Berenberg

      • GF.SW (Georg Fischer) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • NKT.DC (NKT) -- hold at Kepler Cheuvreux

      • BC.IM (Brunello Cucinelli) -- overweight at Morgan Stanley

  • Data

    • Nikkei +0.07% to 36819.09

    • Hang Seng (0.65%) to 23626.88

    • Shanghai Composite (0.07%) to 3377.56

    • S&P futures +13.0 vs prior close of 5577.0

    • €-$ (0.0022) or (0.20%) to 1.0897

    • $-¥ +0.49 or +0.33% to 148.27

    • €-¥ +0.21 or +0.13% to 161.58

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".

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