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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.05%, DAX (0.22%), CAC40 (0.03%)

Mar 19 ,2025

  • Synopsis

    • European equity markets are set for a mixed open. Asia equities trending lower over the day Wednesday: Hang Seng now in the red after a bright start, mainland China equities also lower. Japan's Nikkei flat but its Topix remains higher. Losses in Australia, Taiwan; gains for much of Southeast Asia and India as well as South Korea. US futures higher.

    • Yesterday afternoon, Germany's parliament approved a significant spending increase as expected, reinforcing positive sentiment. Also overnight, Russia President Putin declined terms for a 30-day full ceasefire, only agreeing to stop attacking Ukrainian energy facilities.

    • EU due to present action plan for steel sector whilst EU Tripartite Social Summit takes place, EU's von der Leyen and UN's Guterres among the participants. EU's Hoekstra participates at 14:10CET in The European Climate Pact flagship event 2025: Together in action. EU's Jørgensen delivers the closing speech at the Berlin Energy Transition Dialogue (Tue/Wed). In UK, after weekly PMQs at 12noon GMT, there's an opposition day debate (topic tbc), committee topics include GB Energy and the net zero transition at 9:30, Nitrogen 10:00, UK's future relationship with the US 10:30, back-billing by energy companies 15:30 (execs from Ofgem and government minister).

    • In central banks, Bank of France's Villeroy speech at 11:45CET at the release of the bank's Annual Report. Portugal central bank's Centeno speech at 12:30CET at financial education event in Lisbon. ECB's de Guidos remarks at V Observatorio Finanzas at 13:00CET and ECB's Elderson keynote speech at 14:00CET at annual European financials conf. organised by Morgan Stanley in London. Iceland central bank's interest rate decision at 9:30CET with expectations of a (50bps) cut in the benchmark interest rate to 7.5%.

    • Other events, SUERF event at 14:00CET, Key takeaways from the EC's 2025 Alert Mechanism Report. Fitch hosts event at 15:00GMT title Global Economic Outlook Mar-25: US Tariff Hikes - Far, Fast and Wide. Nordic Co-operation's Nordic Day in Sweden: A sustainable energy transition - for a secure Nordic region.

    • In macro, Eurozone and Austria Feb final CPI as well as Portugal Feb PPI are due for release.

    • In earnings, DACHs region names kicked off the session with Vonovia (VNA.GR) reporting FY EPRA NTA per share €45.2 vs year-ago €46.8, hiking its divi by ~36% and guiding FY25 adj EBITDA to be between €2.7-2.8B vs FactSet €2.86B. Also issued 2028+ growth strategy including for 2028 Adjusted EBITDA to be at a level of €3.2-3.5B. Stadler Rail (SRAIL.SW) is out with FY net income attributable CHF38.4M vs FactSet CHF82.5M. Overnight, Suedzucker (SZU.GR) released prelim FY consolidated operating result €340M vs guidance at upper area of €175-275M guidance range vs FactSet €226.5M and Vinci (DG.FP) reported Feb airport passenger traffic +4.2%.

    • Also due to report today are Prudential (PRU.LN), M&G (MNG.LN), Softcat (SCT.LN), Judges Scientific (JDG.LN), Essentra (ESNT.LN), Snam (SRG.IM), Rai Way (RWAY.IM), Jeronimo Martins (JMT.PL) and Talanx (TLX.GR).

  • Politics/Macro/World News

    • Putin agrees to 30-day halt on energy facility strikes but no full Ukraine ceasefire - Reuters

    • Starmer says cost of sickness benefits 'devastating' - BBC

  • Top company news

    • Earnings/updates

      • Benelux:

        • AVTX.NA (Avantium) -- reports FY net income (€32.6M) vs FactSet (€34.2M)

        • SIFG.NA (Sif Holding) -- reports Q4 EPS (€0.04) vs year-ago €0.32; lowers adjusted EBITDA outlook for 2025

        • ACKB.BB (Ackermans & Van Haaren) -- notes portfolio company Biotalys released FY results

      • France:

        • DG.FP (VINCI SA) -- Vinci reports Feb airport passenger traffic +4.2%

        • PIG.FP (Haulotte Group) -- reports FY net income €15M vs FactSet €14.0M [3 est, €11.6-17.6M]

      • DACHs:

        • SZU.GR (Suedzucker) -- reports prelim FY consolidated operating result €340M vs guidance at upper area of €175M to €275M guidance range; FactSet €226.5M [5 est, €171-265.2M]

        • TPE.GR (PVA TePla) -- reports final FY earnings; confirms FY EBITDA of €47.8M, +15% vs year-ago €41.5M and within forecast corridor of €47-51M

        • VNA.GR (Vonovia) -- reports FY EPRA NTA per share €45.2 vs year-ago €46.8; hikes divi by ~36% and guides FY25; issues 2028+ growth strategy

        • SRAIL.SW (Stadler Rail) -- reports FY net income attributable CHF38.4M vs FactSet CHF82.5M [4 est, CHF60.5-108.3M]

      • Southern Europe:

        • DNR.IM (Industrie De Nora) -- reports final FY earnings inline with prelim. release: Adj. net income €88.8M vs FactSet €79.7M [6 est, €67.0-91M]

      • Nordics:

        • SKIS.B.SS (SkiStar) -- reports Q2 EPS SEK11.84 vs FactSet SEK11.24 [4 est, SEK11.00-11.40]

    • M&A

      • RATO.B.SS (Ratos) -- to divest airteam to Nalka Invest for ~SEK 1,700M corresponding to a 10x EV/EBITDA multiple

      • DSY.FP (Dassault Systemes) -- Dassault Systèmes announces investment in Click Therapeutics; financial details not provided

      • OXUR.BB (Oxurion) -- announces LOI for acquisition of majority stake in CRO specializing in clinical data management and biometric analysis

      • Device Technologies sale process not set to be launched until at least June - The Australian (6:00 ET/11:00 CET)

    • Healthcare

      • BIOV.SW (BioVersys) -- announces the first patient has been dosed in a pulmonary TB Phase 2 clinical trial

      • UCB.BB (UCB) -- announced positive data from studies involving its investigational pyrimidine nucleoside therapy, doxecitine (dC) and doxribtimine (dT), in people living with thymidine kinase 2 deficiency (TK2d)

      • AMPH (Amphastar Pharmaceuticals) -- Follow-up x2: FDA approves Baqsimi sNDA; adds pediatric patients 1-4 years of age

      • RAY.B.SS (RaySearch Laboratories) -- completes placing of 2.0M class B shares (for CEO Johan Löf) at SEK250/share through SEB

    • Other

      • ADMCM.FH (Admicom) -- announces changes in organization and leadership model

      • PHIA.NA (Koninklijke Philips) -- SEC filing: SCHEDULE 13D/A (Filed by Exor N.V.)

      • HLN.LN (Haleon) --

        • agrees to make an off-market purchase of ~£170M worth of ordinary shares from Pfizer

        • holder Pfizer placing ~662M shares via an accelerated bookbuilding process through BofA, Citi and Goldman

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Feb

      • HL.LN (Hargreaves Lansdown) -- PLC CFO Amy Stirling to step down as part of acquisition

      • 8TRA.GR (TRATON) -- Volkswagen to sell up to 11M shares in Traton via private placement in accelerated bookbuild offering

      • HFG.GR (HelloFresh) -- CEO and co-founder Dominik Richter acquired shares worth €4.1M on 17-Mar - filing

      • TRMD.A.DC (TORM Plc) -- SEC filing: SCHEDULE 13D/A (Filed by Oaktree Capital Group Holdings GP, LLC)

      • HHS announces Operation Stork Speed; steps to enhance supply of infant formula

      • ISS recommends shareholders vote FOR Palliser's proposal at Rio Tinto's AGM in relation to its DLC structure

      • Regional Gaming Revenues - Pennsylvania February 2025

      • Rio Tinto board recommends shareholders vote against Palliser's DLC resolution

  • Key rating changes

    • Upgrades

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- buy from hold at Deutsche Bank

      • CGCBV.FH (Cargotec) -- buy from hold at Danske Bank

      • CMCOM.NA (CM.com) -- hold from reduce at Kepler Cheuvreux

      • REC.IM (Recordati) -- hold from sell at Deutsche Bank

      • ECNL.IM (Aquafil) -- buy from hold at Kepler Cheuvreux

      • VIRI.FP (Viridien) -- buy from hold at Kepler Cheuvreux

      • SVS.LN (Savills) -- buy from add at Peel Hunt

      • JDEP.NA (JDE Peet's) -- outperform from neutral at BNP Paribas Exane

      • RBC Capital Markets upgrades SU.FP; downgrades SIE.GR

      • Van Lanschot Kempen upgrades BYG.LN; downgrades SAFE.LN

      • RED.SM (Redeia Corporacion) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • SAAB.B.SS (Saab) -- sell from buy at Danske Bank

      • FIA1S.FH (Finnair) -- hold from buy at Nordea

      • CPG.LN (Compass Group) -- underperform from outperform at BNP Paribas Exane

      • CNA.LN (Centrica) -- to equal weight from overweight at Barclays

    • Initiations

      • PEXIP.NO (Pexip Holding) -- buy at SEB

      • FER.SM (Ferrovial) -- buy at Deutsche Bank

      • TUI1.GR (TUI Group) -- overweight at JPMorgan

      • MYCR.SS (Mycronic) -- buy at DnB Markets

  • Data

    • Nikkei (0.25%) to 37751.88

    • Hang Seng (0.05%) to 24728.81

    • Shanghai Composite (0.32%) to 3418.82

    • S&P futures +6.8 vs prior close of 5669.3

    • €-$ (0.0022) or (0.20%) to 1.0922

    • $-¥ +0.40 or +0.27% to 149.68

    • €-¥ +0.14 or +0.09% to 163.51

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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