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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.05%) to 8701.99, DAX (1.24%) to 22999.15, CAC40 (0.95%) to 8094.20, STOXX 600 (0.43%) to 552.98

Mar 20 ,2025

  • Synopsis:

    • European equity markets closed lower. Real estate, utilities and food & beverage gain, while banks, autos and travel & leisure amidst the biggest decliners. US equities are mixed in midday trading. Treasuries firmer across the curve, though off best levels. Dollar index up 0.4%. Gold up 0.2%. Bitcoin futures down 1.5%. WTI crude up 1.5%, near best levels after new round of US sanctions on Iran-linked buyers.

    • Focus in Europe in the morning was on key central bank policy decision. BoE left key rate unchanged at 4.5%, as expected. Only one policymaker (Dhingra) voted for 25 bp cut versus expectations for 7-2 vote. SNB cut rates by 25 bps to 0.25%, as expected, and reiterated willingness to intervene in FX market. Riksbank left policy on hold after 175 bps worth of easing and signals rates to stay at this level going forward. ECB President Lagarde says in appearance to lawmakers it will remain vigilant in light of trade uncertainty. Highlighted ECB analysis estimating 0.3% growth hit from US tariff of 25% on imports from Europe.

    • On the macro data front, UK labor market data showed pickup in jobless claims, wages eased slightly but still at relatively high levels. German PPI softer-than-forecast. Swiss exports fell sharply in February on weak demand in China and the US.

    • On the earnings front, Prudential (PRU.LN) reported FY IFRS profit after tax of $2.42B, +41% increase y/y. Sodexo (SW.FP) posted H1 2025 results below expectations, with organic growth at 3.5% versus 4.5% expected. Hapag-Lloyd (HLAG.GR) FY25 outlook projects EBITDA at €3.15B, above estimates, but EBIT guidance of €750M is below consensus. Lanxess (LXS.GR) posted lower-than-expected 2025 adjusted EBITDA of €600-650M. RWE (RWE.GR) posted strong 2024 earnings, however, muted 2025 outlook. Wickes Group (WIX.LN) FY numbers beat estimates.

    • In M&A, press reports suggest US investment fund TPG (TPG) has offered NEXI (NEXI.IM) ~€850M for its digital banking solutions division (DBS). Also in M&A market rumors, Munich Re (MUV2.GR) close to sealing deal to acquire Next Insurance. Shaftesbury Capital (SHC.LN) sells a 25% stake in its Covent Garden estate to Norges Bank Investment Management for approximately £570M. Sanofi (SAN.FP) to acquire Dren Bio's DR-0201 a bispecific myeloid cell engager for upfront payment of $600M and potential future payments totaling $1.3B. Unilever (ULVR.LN) to sell The Vegetarian Butcher to Vivera.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +0.96%, Utilities +0.89%, Food & Beverage +0.87%, Retail +0.47%, Oil & Gas +0.17%, Media +0.15%, Financial Svcs +0.12%, Health Care +0.10%, Telecom +0.05%, Insurance (0.20%), Persnl & HHold Goods (0.30%)

      • Underperformers:

        • Autos & Parts (2.16%), Banks (1.73%), Travel & Leisure (1.33%), Chemicals (1.12%), Basic Resources (1.09%), Ind Goods & Svcs (1.06%), Technology (0.80%), Construct & Mtls (0.51%)

    • Macro:

      • Central Banks:

        • BoE leaves key Bank Rate at 4.5%, in line with expectations

        • Sweden's Riksbank maintains rates steady at 2.25% as expected

        • SNB cuts its key policy rate by 25bps to 0.25%

        • BoE tries to dampen talk of quick rate cuts in face of uncertainty (Reuters )

        • Sweden's Riksbank says easing is over (Bloomberg )

        • ECB has room to cut interest rates further, Villeroy says (Bloomberg )

        • EU's necessary defence spending boost makes inflation harder to predict, ECB's Knot says (Reuters )

      • Trade:

        • EU delays 50% tariffs on US whiskey, allowing for more talks (Bloomberg )

        • Ireland turns St. Patrick's Day into chance to toast trade with US (Bloomberg )

      • Geopolitics:

        • All EU leaders except Hungary's Orbán vote to continue support for Ukraine (BBC )

        • EU shuts out key allies from €150B arms fund (FT)

      • UK:

        • UK wage growth steady at nine-month high signaling still tight labour market (Bloomberg)

        • UK consumer confidence flatlines as Gen Z plans spending spree (GuernseyPress)

        • UK finance minister set to announce restored £9.9B fiscal buffer (Reuters)

      • Germany:

        • German tax revenue jumps again in February (Reuters)

    • Peripheral markets:

      • Italy:

        • Tariffs would have considerable impact on Italy, says Istat (ANSA )

      • Spain:

        • PM Sanchez sees defence technology upgrade as EU's priority (Reuters )

    • Company news:

      • Notable Gainers

        • +42.4% XBRANE.SS (Xbrane Biopharma SEK0.22, +0.06) -- to sell XB003 and parts of its organization to Alvotech for SEK 275M

        • +15.1% HCO.FP (HighCo €3.12, +0.41) -- to sell High Connexion; terms not disclosed

        • +13.7% 4C.SS (4C Group SEK18.00, +2.15) -- new CFO

        • +12.1% ENVI.NA (Envipco Holding €6.00, +0.65) -- Q4 earnings

        • +11.9% HOCN.SW (HOCN Ltd. CHF1.42, +0.15) -- board supports shareholder proposals

        • +9.8% MOL.IM (Moltiply Group €39.75, +3.55) -- ProSiebenSat.1 Media's expected to sign sale of Verivox to Moltiply tomorrow in a deal worth ~€192M -- Messaggero

        • +7.4% OCN.LN (Ocean Wilsons Holdings £14.45, +1.00) -- FY earnings; updates on sale of Wilson Sons S.A.

        • +6.9% CRST.LN (Crest Nicholson Holdings £1.63, +0.11) -- CMD update

        • +6.9% CAML.LN (Central Asia Metals £1.71, +0.11) -- FY earnings

        • +6.7% DEC.LN (Diversified Energy Co. £10.63, +0.67) -- updates on parameters of share buyback program; to commence offering of four-year senior secured notes

        • +6.3% SHC.LN (Shaftesbury Capital £1.25, +0.07) -- sells 25% stake of its Covent Garden estate to Norges Bank Investment Management for ~£570M

        • +6.1% WIX.LN (Wickes Group £1.82, +0.10) -- FY earnings

        • +5.9% DAL.IM (Datalogic €4.91, +0.28) -- FY earnings

        • +5.8% VLA.FP (Valneva €3.37, +0.19) -- FY earnings

        • +5.4% ALMRB.FP (Mr Bricolage €7.86, +0.40) -- FY earnings

        • +4.3% CVC.NA (CVC Capital Partners €20.07, +0.82) -- FY earnings; CVC Capital Partners reportedly interested in acquiring Fortress Investment Group - Bloomberg

        • +4.3% NEXI.IM (Nexi SpA €5.46, +0.22) -- TPG set to offer ~ €850M for Nexi Digital Banking Solution division - Corriere della Sera

        • +3.2% LAT.FP (Latecoere €0.02, -0.00) -- FY earnings

        • +3.1% BMY.LN (Bloomsbury Publishing £5.98, +0.18) -- trading update

        • +2.2% BIOPOR.DC (BioPorto DKK1.48, +0.03) -- FY earnings

        • +2.0% DOFG.NO (DOF Group NOK90.00, +1.80) -- contract

        • +1.8% CWK.LN (Cranswick £49.80, +0.90) -- CMD update

        • +1.8% GKP.LN (Gulf Keystone Petroleum £2.03, +0.03) -- FY earnings

        • +1.5% EWIND.NO (Edda Wind NOK17.30, +0.25) -- sale and purchase agreement regarding sale of all outstanding shares in Puerto de Llafranc S.L.

        • +1.1% BINV.SS (BioInvent International SEK31.95, +0.35) -- FDA orphan drug designation for BI-1808

        • +0.7% ULVR.LN (Unilever £45.59, +0.33) -- confirms to sell The Vegetarian Butcher to Vivera; Financial terms not disclosed

      • Notable Decliners

        • -17.1% SW.FP (Sodexo €60.15, -12.45) -- H1 earnings; lowers FY guidance

        • -12.3% SGL.GR (SGL Carbon €4.01, -0.56) -- FY earnings

        • -9.1% DEZ.GR (Deutz AG €6.18, -0.62) -- FY earnings

        • -8.3% IBAB.BB (Ion Beam Applications €12.00, -1.08) -- FY earnings

        • -7.7% ARB.LN (Argo Blockchain £0.03, -0.00) -- hosting and miner updates

        • -7.4% OHB.GR (OHB SE €77.20, -6.20) -- FY earnings

        • -6.8% HLAG.GR (Hapag-Lloyd €136.00, -10.00) -- FY earnings

        • -5.3% LXS.GR (Lanxess €29.19, -1.63) -- Q4 earnings

        • -5.1% INVP.LN (Investec £4.90, -0.26) -- trading update

        • -4.9% ELG.GR (Elmos Semiconductor €66.30, -3.40) -- FY earnings

        • -4.6% SBO.AV (Schoeller-Bleckmann Oilfield Equipment €35.10, -1.70) -- FY earnings

        • -4.3% SQN.SW (Swissquote Group Holding CHF371.40, -16.80) -- FY earnings

        • -3.6% RRTL.GR (RTL Group €34.45, -1.30) -- FY earnings

        • -3.4% RWE.GR (RWE €31.91, -1.14) -- FY earnings; to invest less in the coming years than previously planned

        • -3.4% PSM.GR (ProSiebenSat.1 Media €6.51, -0.23) -- ProSiebenSat.1 Media's expected to sign sale of Verivox to Moltiply tomorrow in a deal worth ~€192M -- Messaggero

        • -3.2% III.LN (3i Group £36.94, -1.21) -- CMD for Action

        • -1.4% TUNE.LN (Focusrite £1.70, -0.03) -- trading update

        • -1.3% KRN.GR (Krones €135.00, -1.80) -- FY earnings

        • -0.9% MUV2.GR (Munich Re €574.40, -5.40) -- close to sealing deal to acquire Next Insurance in transaction that would value the start-up's equity at roughly €2.5B -- FT, citing sources

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: FUCHS (FPE3.GR), Salzgitter (SZG.GR), PWO (PWO.GR), Data Modul (DAM.GR), Heidelberg Pharma (HPHA.GR), Compagnie Financiere Tradition (CFT.SW)

        • France: Parrot (PARRO.FP)

        • Nordics: Tivoli (TIV.DC)

        • Southern Europe: FILA - Fabbrica Italiana Lapis ed Affini (FILA.IM)

        • UK: JD Wetherspoon (JDW.LN), Partners Group Private Equity (PEY.LN), Ceres Power Holdings (CWR.LN), X5 Retail Group (FIVE.LN)

  • Data:

    • Economics:

      • Eurozone Jan Construction Output 0.0% y/y vs consensus +0.2% and prior revised +0.8% from (0.1%)

      • Germany Feb PPI +0.7% y/y vs consensus +1.0% and prior +0.5%; (0.2%) m/m vs consensus +0.2% and prior (0.1%)

      • Switzerland Jan Trade Balance CHF4.80B vs consensus CHF5.0B and prior revised CHF6.15B from CHF6.12B

        • Feb Swiss Watch Exports (8.2%) to CHF1.98B

      • UK

        • Feb Claimant Count Change +44.2K vs consensus +7.9K and prior revised +2.8K from +22.0K

        • Jan Unemployment Rate 4.4% vs consensus 4.4% and prior 4.4%

      • Netherlands Feb Unemployment Rate 3.8% vs consensus 3.8% and prior 3.8%

    • Markets:

      • WTI Crude (Apr 25): +$1.08 or +1.61% to $68.24

      • €-$ (0.0058) or (0.53%) to 1.0847

      • £-$ (0.0040) or (0.31%) to 1.2964

      • €-£ (0.0018) to 0.8367

      • S&P 500 (0.01%)

      • Performance year-to-date

        • FTSE 100: +6.47%

        • DAX: +15.52%

        • CAC: +9.67%

        • MIB: +14.63%

        • Stoxx 600: +8.94%

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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