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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX +0.4%, CAC +0.4%

Mar 24 ,2025

  • Synopsis

    • European equity markets set to open broadly higher. Bloomberg sources noted Trump's reciprocal tariff announcement may be less severe than thought with certain countries exempted. Trump also set to forego same day announcement on sectoral tariffs while officials flagged prospect of permanent reprieve from 25% tariffs on Canada and Mexico.

    • After some volatile weeks, markets were relatively calm last week, with no big surprises. Even US stocks found support after the Federal Reserve held interest rates steady while still anticipating rate cuts of half a percentage point by year-end despite slowing economic growth. European equities were little changed, with just the Dax posting a drop of (0.69%) in what seemed a sell-the-news reaction to the passage of Germany's fiscal reform. STOXX600 ended up 0.54%, FTSE up 0.23% and CAC up 0.17%.

    • This week sees the next round of Russia-US talks on peace deal in Ukraine, UK Chancellor's spring statement, Eurozone, France, Germany, UK preliminary Mar manufacturing/services PMIs, Germany Mar Ifo survey as well as earnings/updates from GAM Holding (GAM.SW), H&M Hennes & Mauritz (HM.B.SS), Kingfisher (KGF.LN), Next (NXT.LN), Playtech (PTEC.LN) and Smiths Group (SMIN.LN).

    • European macro data releases out today include Eurozone, France, Germany, UK preliminary Mar manufacturing/services PMIs

    • Stocks in focus this morning include RWE (RWE.GR) as Elliott issues statement saying it shares market's disappointment with lack of clarity regarding RWE's commitment to enhance shareholder return. Bayer (BAYN.GR) reportedly ordered to pay ~$2.1B in Roundup weedkiller case. Vivendi (VIV.FP) lowers stake in Telecom Italia (TIT.IM)

    • Today's agenda also sees, in central banks, Austria central bank's Holzmann speech at 10:00CET at event bank co-hosted with EIB. BOE's Bailey speech at 18:00GMT at Univ. of Leicester. Bank of Spain's Escrivá lecture ay 19:30CET on the situation and prospects of the Spanish and European economies at event organised by "la Caixa" Foundation. Next round of Russia-US talks on peace deal in Ukraine due to be held in Saudi Arabia. Also, in Paris, there's a high level political parliamentary summit on Ukraine. EU's Agriculture and Fisheries Council meets and EU health ministers begin a 2-day informal meeting. EU's Virkkunen speech at the European Government Business Relations Council whilst EU's Albuquerque delivers speech at the conf 'Shaping the Future of European Finance' organised by Think Tank Europe, others and EU's Jørgensen participates in the EU-ASEAN (Association of Southeast Asian Nations) Business Council. Germany's Network Agency (regulatory office for electricity, gas, telecommunications, post and railway markets) holds advisory board meeting on mobile network requirements. FT hosts its Commodities Global Summit (through Wed)

  • Politics/Macro/World News

    • UK Considers Cutting Tech Tax for Carve-Out From Trump Tariffs -- Bloomberg

    • EU watchdogs warn that weakening rules risks another financial crash -- FT

    • The rise of Eurozone bond yields outside Germany is unwarranted -- FT

    • France Gets Budget Warning as DBRS Turns Negative on Rating -- Bloomberg

    • Some European officials weigh if they can rely on Fed for dollars under Trump -- Reuters

  • Top company news

    • Earnings/updates

      • METN.SW (Metall Zug) -- reports FY net income CHF52.8M vs FactSet CHF60.2M [1 est]

      • PAT.GR (Patrizia) -- reports FY preliminary net income €12.6M vs FactSet €11.8M [7 est, (€8)-17M]

      • Also reporting today

        • 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)

    • M&A

      • TEF.SM (Telefonica) -- Argentina's government issues preventive measure to suspend Telecom Argentina's acquisition of Telefónica Móviles Argentina

      • TKWY.NA (Just Eat Takeaway.com) -- Prosus and Just Eat Takeaway.com issue update on the offer

      • WPP.LN (WPP Group) -- exploring sale of in flight media service Spafax, could be valued between £50M and £75M -- Sky News

      • TIT.IM (Telecom Italia) -- Vivendi crosses downwards the 20% threshold of TIM's ordinary shares and voting rights

      • WG.LN (John Wood Group) -- John Wood Group, Sidara set to extend deadline for takeover talks beyond Monday 24-Mar - FT

      • TIETO.FH (Tietoevry) -- to sell its Tech Services business to funds advised by Agilitas for €300M; strategic review of the business concluded

      • FCC chair Carr threatens to challenge M&A deals of companies with DEI policies -- Bloomberg

      • Trump administration evaluating executive order on housing that may push for privatization of Fannie Mae and Freddie Mac - Bloomberg

    • Healthcare

      • BAYN.GR (Bayer AG) -- Bayer ordered to pay ~$2.1B in Roundup weedkiller case - Bloomberg

      • VLA.FP (Valneva) -- responds to French Government's call for vaccine supply of IXCHIQ against Chikungunya outbreak in La Reunion

      • SANN.SW (Santhera Pharmaceuticals Holding) -- CMD update: will discuss commercial progress with global roll-out of AGAMREE for the treatment of Duchenne Muscular Dystropy

      • ATORX.SS (Alligator Bioscience) -- announces CMO Dr. Sumeet Ambarkhane MD will be leaving Alligator by end of Mar-25

    • Other

      • RWE.GR (RWE) -- Elliott shares market's disappointment with lack of clarity regarding RWE's commitment to enhance shareholder returns -- Statement

      • PTEC.LN (Playtech) -- receives antitrust approval in Mexico for revised arrangements related to its strategic agreement with Caliplay

      • ELE.SM (Endesa) -- CNMC preparing disciplinary proceedings against Endesa over alleged violations of Electricity Sector Law - El Mundo

      • ELI.BB (Elia Group SA/NV) -- announces a €2.2B equity raising

      • Ebury's London IPO could be derailed by market volatility - London Times

      • Estimated weekend box office revenues in US, Canada $75.5M, (27.1%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • CPI.LN (Capita) -- to outperform from sector perform at RBC Capital Markets

      • ELI.BB (Elia Group SA/NV) -- to buy from hold at ING

      • EQT.SS (EQT AB) -- to buy from hold at ABG Sundal Collier

      • HO.FP (Thales) -- to buy from neutral at UBS

      • SAAB.B.SS (Saab) -- to buy from neutral at UBS

      • BNZL.LN (Bunzl) -- to buy from hold at Deutsche Numis

      • VIRI.FP (Viridien) -- to equal weight from underweight at Barclays

    • Downgrades

      • THULE.SS (Thule Group) -- to hold from buy at SEB

      • LDO.IM (Leonardo) -- to neutral from buy at UBS

      • SBMO.NA (SBM Offshore) -- to equal weight from overweight at Barclays

      • MAIRE.IM (MAIRE) -- to underweight from equal weight at Barclays

      • SIE.GR (Siemens) -- to hold from buy at Deutsche Bank

    • Initiations

      • BMED.IM (Banca Mediolanum) -- overweight at JPMorgan

      • WALL.B.SS (Wallenstam) -- re hold at SEB

      • ISP.IM (Intesa Sanpaolo) -- hold at Kepler Cheuvreux

  • Data

    • Nikkei (0.18%) to 37608.49

    • Hang Seng +0.10% to 23714.29

    • Shanghai Composite (0.07%) to 3362.51

    • S&P futures +42.8 vs prior close of 5718.3

    • €-$ +0.0025 or +0.23% to 1.0841

    • $-¥ +0.25 or +0.17% to 149.62

    • €-¥ +0.66 or +0.41% to 162.19

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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