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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.34%), DAX (0.23%), CAC40 flat

Mar 25 ,2025

  • Synopsis

    • European indices are set to open mixed amid Asian equities mixed Tuesday. Hang Seng leading China market declines while shares in Japan, Australia and Taiwan all trading higher. US contracts seeing slight decline afterhours.

    • President Trump confirmed his 2-Apr tariff announcement will include "breaks" for many countries, which follows press reports noting reciprocal tariffs will be more than targeted and include carveouts. Trump foreshadowed product-specific tariff announcements in next few days, targeting areas like autos, chips and pharma. Trump's announcement of secondary tariffs on countries purchasing oil from Venezuela also being seen as an extension of his sanctions toolkit after recently targeting a China refiner buying Iranian crude.

    • On today's agenda, EU's Virkkunen among the speakers at the event 'Enabling Europe's AI Ambitions', organised by the Financial Times and Google. UK parliamentary committee topics include work of the FCA at 10:00GMT, the energy grid and grid connections 10:30 and the UK-EU reset 15:30. Amongst events/conferences on Tue, Institute for Fiscal Studies event at 9:30GMT title How can policy boost productivity growth? and 16th Petersberg Climate Dialogue (PCD) (through Wed) participants includes Norway's minister for climate and environment Eriksen. This is the first ministerial meeting of the year in the run-up to the climate negotiations in Brazil in Nov. Barents Sea conf (through Thu) with Norway's minister for fisheries and the oceans Næss among the participants. European Robotics and AI industry meeting 'European Robotics Forum 2025' (through Thu). Other confs. getting underway in Germany include 109th data protection conf. of the Federal and State governments, mobility innovation summit VDA and the 18th Security Conf. FT hosts event title Enabling Europe's AI Ambitions, speakers include several execs from EP and EU Commission, Google's VP, Government Affairs and Public Policy for Europe and Renault Group's Lead AI Expert.

    • In central banks, Estonia central bank's Müller speaks at press conf. at 10:00CET in conjunction with the publication of the bank's latest economic forecast. Austria central bank's Holzmann speaks at 11:00CET as the bank releases its 2024 annual report. Croatia central bank's Vujcic panellist at 11:50CET in Warsaw. Slovak central bank publishes its latest quarterly report assessing current economic developments and outlook, governor Kažimír press conf. BOE's Taylor panellist at 15:05GMT and Cleland speech at 15:50 at pay360 (through Wed). Bundesbank's Nagel panellist at 17:00CET at the opening of the Europavillon. Hungary central bank interest rate decision, with benchmark interest rate expected to be left unchanged.

    • European macro data releases out today include, Germany Mar business climate - Ifo, Spain Feb PPI, Sweden Feb PPI, UK Mar distributive trades - CBI, Finland Feb unemployment rate

    • In earnings news, DACHs names kicked off the session with Baloise (BALN.SW) and Hornbach Holding (HBH.GR) reporting end of year numbers, whilst Kuehne & Nagel (KNIN.SW) issued a presentation updating strategy and outlook ahead of its Capital Markets Day today. In Italy, FNM (FNM.IM), Technoprobe (TPRO.IM) and GVS SpA (GVS.IM) reported FY earnings yesterday after markets closed. Also due to report earnings today includes, Sabaf (SAB.IM), Kingfisher (KGF.LN), Smiths Group (SMIN.LN), Bellway (BWY.LN), and Tullow Oil (TLW.LN).

    • In other corporate developments, Bloomberg reported that HSBC (HSBA.LN) is considering outsourcing parts of fixed income trading business to firms like Citadel and Jane Street. In M&A, TPG-led consortium to acquire Indian wind-asset portfolio from Siemens Energy (ENR.GR) for $500-550M (~€463-509M), The Economic Times reports.

  • Politics/Macro/World News

    • Central banks

      • BoE's Bailey says AI could jolt UK and world out of slow growth - Reuters

      • ECB's Escriva Says Downside Risks Are Outweighing Upside Risks - Bloomberg

    • UK

      • 'Boost' of £2bn for affordable homes marks a reduction, industry says - FT

      • Reeves braces for her Spring Statement to be only the start of bad fiscal news - FT

      • Britons cutting back on spending as confidence in economy falls, survey shows - The Guardian

    • EU

      • EU trade chief flies to Washington again in bid to defuse transatlantic trade fight - Politico

      • Europe Car Sales Drop as Economic Uncertainty Weighs on Buyers - Bloomberg

    • Cars

      • European Automobile Manufacturers' Association (ACEA) Feb new passenger car registrations for EU + EFTA + UK (3.1%) y/y

  • Top company news

    • Earnings/updates

      • DAHCs

        • KNIN.SW (Kuehne & Nagel) -- guides 2025 EBIT (recurring) between CHF1.50-1.75B vs FactSet CHF1.68B - CMD

        • MOVE.SW (Medacta Group) -- reports FY net income €72.9M vs FactSet €72.7M [5 est, €68-80.7M]; hikes divi by ~25% and guides FY25

        • PFV.GR (Pfeiffer Vacuum Technology) -- announces preliminary FY24 EBIT of €57.9M vs year-ago €108.7M

        • HBH.GR (Hornbach Holding) -- reports preliminary FY adj EBIT €270M vs FactSet €260.0M [7 est, €254-268.1M]

        • TEG.GR (TAG Immobilien) -- reports Q4 FFO I €1.00 vs FactSet €0.26; confirms 2025 guidance

        • BALN.SW(Baloise) -- reports FY net income attributable CHF384.8M vs FactSet CHF341.1M [9 est, CHF309.6-373M], raises dividend +5% y/y

        • BVHN.SW (SKAN Group) -- reports FY EPS CHF1.73 vs FactSet CHF1.60 [4 est, CHF1.55-1.65]

        • MCHN.SW (MCH Group) -- reports FY net income CHF3.0M vs year-ago (CHF12.8M)

        • JEN.GR (Jenoptik) -- reports Q4 EPS €0.47 vs FactSet €0.42 [3 est, €0.33-0.49]; expects 2025 Revenue to remain roughly at the prior-year level

      • France

        • ABCA.FP (ABC arbitrage) -- reports FY net income €26.8M vs year-ago €16.5M

      • Southern Europe

        • FNM.IM (FNM) -- reports FY net income attributable €59.3M vs FactSet €75M [2 est, €69-81M] (post EU close 24-Mar)

        • GVS.IM (GVS SpA) -- reports FY adjusted net income €47.7M vs FactSet €46.8M (post EU close 24-Mar)

        • TPRO.IM (Technoprobe) -- reports FY adjusted EBITDA €136.5M vs FactSet €133.9M [7 est, €132.2-137M] (post EU close 24-Mar)

      • UK

        • THG.LN (THG Plc) -- announces a proposed refinancing

      • Also due to report today includes:

        • Earnings:

          • DACHs: Vetropack Holding (VETN.SW), Deutsche Wohnen (DWNI.GR), Viscom (V6C.GR), Medios (ILM1.GR)

          • France: Groupe Crit (CEN.FP), Exclusive Networks (EXN.FP), HERIGE (ALHGR.FP),

          • Nordics: Cadeler (CADLR.NO), Constellation Oil Services Holding (COSH.NO)

          • Southern Europe: Sabaf (SAB.IM), TERNA Rete Elettrica Nazionale (TRN.IM), Cairo Communication (CAI.IM), Equita Group (EQUI.IM)

          • UK: Kingfisher (KGF.LN), Smiths Group (SMIN.LN), Bellway (BWY.LN), Tullow Oil (TLW.LN), A.G. BARR (BAG.LN), Ashtead Technology Holdings (AT.LN), IP Group (IPO.LN), Michelmersh Brick Holdings (MBH.LN), Ultimate Products (ULTP.LN), Xaar (XAR.LN), W.A.G. Payment Solutions (WPS.LN), M.P. Evans Group (MPE.LN), EKF Diagnostics Holdings (EKF.LN), Personal Group Holdings (PGH.LN), Henry Boot (BOOT.LN)

        • CMD/events: Shell (SHEL.LN), TUI (TUI1.GR), DSM-Firmenich (DSFIR.NA) sustainability, Legrand (LR.FP) Corporate Social Responsibility, Laboratorios Farmaceuticos Rovi (ROVI.SM), Holcim (HOLN.SW) for Amrize spinoff

    • M&A

      • ENR.GR (Siemens Energy) -- TPG-led consortium to acquire Indian wind-asset portfolio from Siemens Energy for $500-550M (~€463-509M) - Economic Times

      • ELE.SM (Endesa) -- enters agreement with Masdar for the sale of a 49.99% minority stake in Enel Green Power España Solar 2, S.L.U.

      • NTGY.SM (Naturgy Energy Group) -- Taqa reaches out to CriteriaCaixa to revive offer for stake in Naturgy Energy - Bloomberg

      • SHLTN.SW (SHL Telemedicine) -- completes acquisition of remaining 30% stake of Mediton

      • CALN.SW (Calida Holding) -- Calida receives claim for damages from the purchaser of Lafuma Mobilier in the amount of €39M

      • PVN.IM (Piovan) -- notes final results in relation to Automation Systems' offer; 98.91% of share capital reached

      • 1662.JP (Japan Petroleum Exploration) -- to sell JAPEX UK E&P to Ithaca Energy (UK) for $223M (¥33.55B)

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's tolebrutinib regulatory submission accepted for priority review in the US for patients with multiple sclerosis

      • NWRN.SW (Newron Pharmaceuticals) -- proposes appointment of Chris Martin as Independent Chairman

      • IBAB.BB (Ion Beam Applications) -- announces launch of a share buyback program, effective as of 25-Mar

    • Other

      • HSBA.LN (HSBC Holdings) -- HSBC considers outsourcing parts of fixed income trading business to firms like Citadel and Jane Street - Bloomberg

      • HLN.LN (Haleon) -- SEC filing: SCHEDULE 13D/A (Filed by PFIZER INC)

      • HEI.GR (Heidelberg Materials) -- plans to increase dividend by 10% to €3.30 per share

      • BALD.B.SS (Fastighets Balder) -- proposes distributing holding of ~90.5M Norion Bank shares to Balder shareholders

      • TIGO.SS (Millicom International Cellular) -- completes previously announced delisting from Nasdaq Stockholm

      • European Automobile Manufacturers' Association (ACEA) Feb new passenger car registrations for EU + EFTA + UK (3.1%) y/y

  • Key rating changes

    • Upgrades

      • RPI.LN (Raspberry Pi Holdings) -- to hold from reduce at HSBC

    • Downgrades

      • NESTE.FH (Neste) -- to neutral from buy at UBS

      • AF.FP (Air France-KLM) -- to neutral from buy at UBS

      • SGL.GR (SGL Carbon) -- to hold from buy at Kepler Cheuvreux

      • 8TRA.GR (TRATON) -- to equal weight from overweight at Barclays

      • DTG.GR (Daimler Truck Holding) -- to equal weight from overweight at Barclays

      • VOLV.B.SS (Volvo) -- to underweight from equal weight at Barclays

      • YAR.NO (Yara International) -- downgraded to hold from buy at SEB

      • OR.FP (L'Oreal) -- to hold from buy at Berenberg

      • ALC.SW (Alcon AG) -- to hold from buy at HSBC

      • AFX.GR (Carl Zeiss Meditec) -- to reduce from buy at HSBC

    • Initiations

      • COTY.FP (Coty) -- buy at Berenberg

      • PUIG.SM (Puig Brands) -- hold at Berenberg

      • NCAB.SS (NCAB Group) -- hold at SEB

      • OMV.AV (OMV) -- outperform at Santander

    • Other Actions

      • NEXI.IM (Nexi SpA) -- long-term issuer credit rating and issue rating upgraded to 'BBB-' from 'BB+', outlook stable at Standard & Poor's

  • Data

    • Nikkei +0.46% to 37780.54

    • Hang Seng (2.07%) to 23411.52

    • Shanghai Composite (0.01%) to 3369.83

    • S&P futures (9.3) vs prior close of 5815.5

    • €-$ (0.0008) or (0.08%) to 1.0794

    • $-¥ (0.25) or (0.17%) to 150.45

    • €-¥ (0.38) or (0.23%) to 162.40

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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