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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.63%) to 8646.79, DAX (0.47%) to 22891.68, CAC40 (0.63%) to 8042.95, STOXX 600 (0.60%) to 549.67

Mar 21 ,2025

  • Synopsis:

    • European equity markets finished lower, off session's worst levels. Basic Resources, Industrial Goods/Services, Travel/Leisure leading weakness. Telecomm, Food/Beverage the only sectors in positive territory. US markets also lower in midday trading. Treasuries mostly stronger with yield curve steepening. Yields down for the week. Dollar index up 0.3%. Gold off 0.8%. Bitcoin futures down 0.9%. WTI crude up 0.2%.

    • Trade-related uncertainty a common theme from this week's monetary policy developments with central bankers balancing growth headwinds against upside inflation risks. Several policy announcements this week highlighted lack of visibility and opted for wait-and-see approach. Was in part blamed for limited upside in European markets on Thursday. Trade war headlines expected to continue overhanging sentiment ahead of early April announcements on reciprocal and sectoral tariffs.

    • Of note, Germany's Bundesrat (upper house) passes debt reform and €500B infrastructure fund, as expected. Meanwhile, EU leaders were unable to agree on a plan to deliver €5B to secure ammunition for Ukraine due to opposition from France and Italy. Elsewhere, Bloomberg report said NATO plans to ask European allies and Canada to weaponry and equipment by ~30% in the next few years.

    • On macro data front, Eurozone consumer confidence deteriorates in March. UK consumer confidence improves for second consecutive month to highest level in three months, but little evidence of a recovery. UK public borrowing numbers came in higher-than-expected ahead of next week's fiscal statement with sizable spending cuts anticipated. French business sentiment weakened.

    • In notable corporate news flow today, FUCHS SE (FPE3.GR) and Salzgitter (SZG.GR) issued FY numbers. In the UK, Asos (ASC.LN) shares ended higher after a strong H1 trading update; while Beneteau (BEN.FP) shares closed down (11%) after FY results. In M&A headlines, Munich Re (MUV2.GR) acquired Next Insurance for $2.6B; ProSiebenSat.1 (PSM.GR) sold Verivox to Moltiply (MOL.IM) for an EV of ~€232M and overnight approved the agreement with General Atlantic on acquisition of its minority stakes in NuCom Group and acquired minority stakes in NuCom Group and ParshipMeet Group (+PARM.GR) from General Atlantic. In the Nordics, Alfa Laval (ALFA.SS) acquired the cryogenics business from Fives Group for €800M on a cash and debt-free basis and - in the UK - Energean PLC (ENOG.LN) terminated the strategic sale of its assets in Egypt, Italy & Croatia to Carlyle (CG). Apollo (APO) -managed funds to purchase 25% non-controlling stake in BP Pipelines (TANAP) Ltd for consideration of ~$1.0B; media reports that Elliott meets other BP (BP.LN) shareholders to try to build consensus for more changes; could include cost cuts and potential leadership reshuffle. Latest update from Heathrow airport, following shutdown this morning, is that some flights will be resumed later today and hopes to be fully operating tomorrow; Heathrow CEO to issue statement at 17:00 GMT.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom +0.81%, Food & Beverage +0.19%, Real Estate (0.06%), Utilities +0.09%, Media (0.14%), Insurance (0.19%), Banks (0.32%), Financial Svcs (0.35%), Oil & Gas (0.34%), Persnl & HHold Goods (0.40%)

      • Underperformers:

        • Basic Resources (2.57%), Travel & Leisure (1.65%), Ind Goods & Svcs (1.49%), Chemicals (1.18%), Retail (1.07%), Autos & Parts (1.13%), Construct & Mtls (1.06%), Technology (0.83%), Health Care (0.67%)

    • Macro:

      • Central Banks:

        • ECB's Stournaras says "everything points to April rate cut" (Econostream Media )

        • BoE rate cut expectations below 50 bps by year-end

      • UK:

        • GfK UK consumer confidence improves for second month; UK public borrowing higher than forecast ahead of spring statement

        • UK government borrowing overshoots expectations (FT )

        • UK is to pause the publication of PPI due to data quality issues (ONS )

        • Unclear when Heathrow will re-open as closure causes global turmoil (Reuters)

        • UK National Grid says North Hyde substation in west London has been reconfigured to restore power to the parts of Heathrow Airport connected to it on an interim basis - RTE

      • Germany:

        • Germany's Bundesrat passes debt reform and €500B infrastructure fund, as expected (Reuters )

      • Geopolitics:

        • Ukraine still in talks with US about minerals deal, spokesman says (Reuters )

        • Greenland sees tourism boost following Trump's attention and new airport (Reuters )

        • Turkey's Erdogan warns opposition over calls for mass protests (Bloomberg )

    • Peripheral markets:

      • Switzerland:

        • Swiss government rejects population cap, fighting largest party (Bloomberg )

      • Ireland:

        • US-EU trade war could cost Ireland more than €18bn, says report (TheGuardian )

    • Company news:

      • Notable Gainers

        • +21.4% ASC.LN (Asos £3.10, +0.55) -- H1 trading update

        • +10.6% VETO.FP (Vetoquinol €82.30, +7.90) -- FY earnings

        • +5.1% CIE.SM (CIE Automotive €23.60, +1.15) -- board announces voluntary partial offer to repurchase up to ~11.6M shares (~9.7% of share capital) at €24/sh

        • +4.2% ENOG.LN (Energean £8.77, +0.36) -- terminates strategic sale of assets in Egypt, Italy & Croatia to Carlyle (CG)

        • +1.9% HPHA.GR (Heidelberg Pharma €2.67, +0.05) -- FY earnings

        • +1.5% GNFT.FP (GENFIT €3.37, +0.05) -- announces completion of royalty financing agreement with HCRx and results of repurchase offer to 2025 OCEANEs holders

        • +1.2% ALTR.PL (Altri SGPS €6.23, +0.08) -- FY earnings

        • +1.1% SOF.B.SS (Softronic SEK23.00, +0.25) -- appoints new acting CEO

        • +1.0% MHPC.LN (MHP £6.16, +0.06) -- to buy more than 41% stake in UVESA at €225/sh fixed price

      • Notable Decliners

        • -11.9% AAD.GR (Amadeus FiRe €80.30, -10.80) -- issues FY guidance

        • -11.2% BEN.FP (Beneteau €8.99, -1.13) -- FY earnings; Bernstein downgrade

        • -8.9% PARRO.FP (Parrot €8.02, -0.78) -- FY earnings

        • -8.6% FXPO.LN (Ferrexpo £0.65, -0.06) -- faces VAT refund suspension in Ukraine amid personal sanctions on Kostiantyn Zhevago

        • -8.5% RROS.SS (Rottneros SEK7.14, -0.66) -- Q1 trading update

        • -7.8% JDW.LN (JD Wetherspoon £5.51, -0.47) -- H1 earnings

        • -6.6% FPE3.GR (FUCHS SE €46.12, -3.26) -- FY earnings

        • -6.3% PWO.GR (PWO AG €29.80, -2.00) -- prelim FY earnings

        • -6.1% CWR.LN (Ceres Power Holdings £0.67, -0.04) -- FY earnings

        • -3.7% SWON.SW (SoftwareONE Holding CHF5.80, -0.22) -- Crayon transaction cleared by Federal Cartel Office for Germany

        • -2.8% NOVO.B.DC (Novo Nordisk DKK528.80, -15.50) -- Eli Lilly's Mounjaro reportedly launches in India with a price of $50 per 5 mg vial - Reuters

        • -2.6% SZG.GR (Salzgitter €25.46, -0.68) -- FY earnings

        • -2.5% EOLU.B.SS (Eolus Vind SEK54.50, -1.40) -- Chairman of the board resigns at his own request

    • EU companies reporting 24-Mar:

      • Earnings:

        • DACHs: Patrizia (PAT.GR), INDUS Holding (INH.GR), Metall Zug (METN.SW)

        • France: Visiativ (ALVIV.FP), Abivax (ABVX.FP)

        • Southern Europe: Fincantieri (FCT.IM), Iren (IRE.IM), FNM (FNM.IM), EuroGroup Laminations (EGLA.IM)

        • UK: Science Group (SAG.LN), S4 Capital (SFOR.LN), Team Internet Group (TIG.LN)

      • CMD/events: Santhera Pharmaceuticals Holding (SANN.SW), Fortum (FORTUM.FH) call on new nuclear power feasibility study results, Huhtamaki (HUH1V.FH)

  • Data:

    • Economics:

      • Eurozone Mar Flash Consumer Confidence (14.5) vs consensus (13.0) and prior (13.6)

      • UK Mar CBI Industrial Trends Orders (29) vs consensus (30) and prior (28)

      • UK Feb Public Sector Net Borrowing (£10.71B) vs consensus (£6.6B) and prior revised £13.32B from £15.44B

      • France Mar Business Survey 96 vs consensus 97 and prior 97

      • Ireland Feb PPI (0.5%) y/y vs consensus +1.2% and prior +2.1%

    • Markets:

      • WTI Crude (May 25): +$0.20 or +0.29% to $68.27

      • €-$ (0.0032) or (0.30%) to 1.0821

      • £-$ (0.0053) or (0.41%) to 1.2914

      • €-£ +0.0010 to 0.8380

      • S&P 500 (0.38%)

      • Performance year-to-date

        • FTSE 100: +5.80%

        • DAX: +14.98%

        • CAC: +8.97%

        • MIB: +14.19%

        • Stoxx 600: +8.28%

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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