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StreetAccount Summary - EU Market Recap: FTSE 100 +0.56% to 8680.29, DAX +0.73% to 23154.57, CAC40 +0.57% to 8073.98, STOXX 600 +0.79% to 550.94

Mar 17 ,2025

  • Synopsis:

    • European indices ended higher Monday. Follows last week's downbeat performance, although markets closed higher on Friday. Among EU sectors, Energy and Health Care the best performers. Chemicals and Personal & Household Goods main laggards.

    • Markets supported by Friday's news of German lawmakers close to agreeing on reforming debt brake rule. Bundestag expected to vote on the constitutional change on Thursday. Press said CDU leader Merz won support from Greens to allow increase in defense spending.

    • No major macro data in Europe. UK think tank Resolution Foundation said slowdown in hiring suggests economy heading for recession. UK manufacturing industry group Make UK said UK output fell in Q1 Chancellor Reeves continues to focus on boosting growth measures ahead of next week's fiscal statement. Government to outlook changes to welfare benefits on Tuesday to save £6B a year.

    • In M&A news, General Atlantic is nearing deal to take up-to-10% stake in ProSiebenSat.1 Media (PSM.GR); still in Germany, following some speculation, Porsche Automobil Holding (PAH3.GR) has denied selling any Volkswagen (VOW3.GR) shares. In France, Bpifrance, the public investment bank, and its French sovereign wealth fund Lac1 announced that they are acquiring a €800M stake in Veolia (VIE.FP) and Bureau Veritas (BVI.FP) acquired GeoAssay in Chile; other deals include, AstraZeneca (AZN.LN) acquired Belgium's EsoBiotec for up to $1B, talks to combine ITV (ITV.LN) and All3Media (A3M.SM) are progressing and Blackstone made a non-binding $1.2B offer for Akzo Nobel India's (AKZA.NA) paints business.

    • Elsewhere, LVMH (MC.FP)'s Loewe creative director Jonathan Anderson has reportedly stepped down and - in the UK - shares in Tesco (TSCO.LN) and Sainsbury (SBRY.LN) are continuing to slide after Asda announced 5-10% price investments on Friday.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany ZEW survey, Italy Jan trade balance and Eurozone Jan trade balance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.58%, Health Care +1.36%, Travel & Leisure +0.98%, Food & Beverage +0.96%, Insurance +0.95%, Real Estate +0.91%, Basic Resources +0.91%, Banks +0.85%, Utilities +0.78%

      • Underperformers:

        • Chemicals +0.03%, Persnl & HHold Goods +0.05%, Construct & Mtls +0.21%, Telecom +0.47%, Retail +0.70%, Autos & Parts +0.59%, Ind Goods & Svcs +0.57%, Financial Svcs +0.70%, Technology +0.76%, Utilities +0.75%

    • Macro:

      • Central banks:

        • ECB's Guindos Sees Services Inflation Moving Toward Lower Levels -- Bloomberg

      • UK:

        • UK's Reeves says financial regulators responding to her cull of red tape -- Reuters

        • Work and pensions secretary confirms welfare reforms are coming 'imminently' -- Skynews

      • Germany:

        • Merz's borrowing plans face last-ditch challenge in German court -- Reuters

    • Company news:

      • Notable Gainers

        • +28.6% BGBIO.NO (BerGenBio NOK1.94, +0.43) -- strategic review update

        • +10.7% PHNX.LN (Phoenix Group Holdings £5.76, +0.56) -- FY earnings

        • +10.6% VCP.LN (Victoria £0.96, +0.09) -- new CFO

        • +9.0% VIRP.FP (Virbac €322.00, +26.50) -- Stifel upgrade

        • +8.6% CVSG.LN (CVS Group £10.64, +0.84) -- RBC Capital Markets upgrade

        • +8.5% PSM.GR (ProSiebenSat.1 Media €6.80, +0.54) -- General Atlantic near deal to take up-to-10% stake in ProSiebenSat.1 Media - Bloomberg

        • +8.5% DEC.LN (Diversified Energy Co. £9.96, +0.78) -- FY earnings

        • +8.0% XXL.NO (XXL ASA NOK10.95, +0.81) -- oversubsrcibed right issue

        • +7.6% SESG.FP (SES €5.90, +0.42) -- sharheolder Appaloosa statement

        • +6.8% UBXN.SW (u-blox Holding CHF85.00, +5.40) -- divests its Cellular business to Trasna

        • +5.0% NRC.NO (NRC Group NOK5.48, +0.26) -- contract

        • +5.0% BAHN.B.SS (Bahnhof SEK51.70, +2.45) -- initiated buy at Pareto

        • +4.8% BNOR.NO (BlueNord NOK649.00, +30.00) -- annual Statement of Reserve

        • +4.6% IDIA.SW (Idorsia CHF1.18, +0.05) -- TRYVIO released from FDA's REMS

        • +4.4% EYE.LN (Eagle Eye Solutions Group £3.76, +0.16) -- H1 earnings

        • +4.3% NDX1.GR (Nordex €16.91, +0.70) -- 94 MW order

        • +2.7% BVC.LN (BATM Advanced Communications £0.15, -0.00) -- FY earnings

        • +2.5% ALHGR.FP (Hoffmann Green Cement Technologies €4.99, +0.12) -- FY earnings

        • +2.1% PRS.SM (Promotora de Informaciones €0.40, +0.01) -- Spain pressure Vivendi to sell its stake in Prisa -- Le Point

        • +2.0% VIE.FP (Veolia Environnement €31.20, +0.60) -- Bpifrance to acquire €800M stake

        • +1.4% KOG.NO (Kongsberg Gruppen NOK1,674.00, +23.00) -- starts operating its first satellite

        • +1.3% FORT.LN (Forterra Plc £1.62, +0.02) -- Peel Hunt upgrade

        • +1.0% ALBPS.FP (Biophytis €0.33, -0.00) -- SARA-INT Phase II results publication

        • +0.4% LEG.GR (LEG Immobilien €67.90, +0.28) -- Deutsche Bank downgrade

      • Notable Decliners

        • -20.6% QQ.LN (QinetiQ Group £4.17, -1.08) -- Q4 trading Update

        • -8.0% ENOG.LN (Energean £8.70, -0.75) -- risk of termination for sale of assets in Egypt, Italy & Croatia to Carlyle

        • -4.4% TSCO.LN (Tesco plc £3.23, -0.15) -- Asda price investments reaction

        • -4.0% ASC.LN (Asos £2.39, -0.10) -- BNP Paribas Exane downgrade

        • -3.1% IVSO.SS (INVISIO SEK431.50, -14.00) -- Carnegie Securities downgrade

        • -2.7% MSLH.LN (Marshalls £2.35, -0.06) -- FY earnings

        • -2.2% ASSA.B.SS (Assa Abloy SEK309.60, -7.10) -- acquires Gesellschaft für Sicherheitstechnik; DnB Markets downgrade

        • -1.2% ZEAL.DC (Zealand Pharma DKK578.50, -7.00) -- completes enrollment for Phase 2B ZUPREME-1 trial of petrelintide in people with overweight or obesity

        • -1.1% SBRY.LN (J Sainsbury £2.32, -0.03) -- Asda price investments reaction

        • -0.4% WAF.GR (Siltronic €46.74, -0.20) -- Jefferies downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: B&S Group (BSGR.NA)

        • DACHs: Fraport AG Frankfurt Airport Services Worldwide (FRA.GR), Springer Nature (SPG.GR), Medartis Holding (MED.SW), Mayr-Melnhof Karton (MMK.AV)

        • France: Assystem (ASY.FP), Deezer (DEEZR.FP)

        • Southern Europe: Brembo (BRE.IM), Aquafil (ECNL.IM)

        • UK: National Atomic Company Kazatomprom (KAP.LN), Close Brothers Group (CBG.LN), Midwich Group (MIDW.LN), Trustpilot Group (TRST.LN), Mortgage Advice Bureau (MAB1.LN), Sabre Insurance Group (SBRE.LN), Genel Energy (GENL.LN), H&T Group (HAT.LN), RM (RM.LN), The Pebble Group (PEBB.LN), Renalytix (RENX.LN), Fintel (FNTL.LN), Atalaya Mining (ATYM.LN)

  • Data:

    • Economics:

      • Italy Feb CPI +1.6% y/y vs preliminary +1.7%

      • Norway Feb trade balance NOK84.7B vs consensus NOK74.6B, prior NOK94.8B

    • Markets:

      • WTI Crude (25-Apr): +$0.41 or +0.61% to $67.59

      • €-$ +0.0040 or +0.36% to 1.0922

      • £-$ +0.0057 or +0.44% to 1.2988

      • €-£ (0.0007) to 0.8409

      • S&P 500 +0.25%

      • Performance year-to-date:

        • FTSE 100: +6.21%

        • DAX: +16.30%

        • CAC: +9.39%

        • MIB: +14.15%

        • Stoxx 600: +8.53%

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