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StreetAccount Summary - European Market Recap: FTSE 100 +0.30% to 8663.80, DAX +1.13% to 23109.79, CAC40 +1.08% to 8108.59, STOXX 600 +0.67% to 552.59

Mar 25 ,2025

  • Synopsis:

    • European equity markets generally opened higher and quickly extended gains to around mid-session. Shares failed to hold onto all of their morning gains, drifting lower through the afternoon, not helped as Wall Street began giving up initial gains.

    • Bucking an otherwise firmer trend and ending the day lower are Austria (1.0%), Denmark (0.4%) and Stockholm (0.1%), whilst Spain +1.1% led outperformers.

    • Markets in Greece and Cyprus closed for Independence Day holiday

    • Ukraine has held its own talks with the US today following yesterday's discussions between US and Russia on a Ukraine peace deal that concluded with no joint statement being adopted.

    • In the Middle East, mediators continued efforts to salvage Gaza's ceasefire deal, and Israeli ministers continued recent aggressive rhetoric as to country's actions unless Humas free remaining hostages

    • Among central bankers speaking today were Bank of Estonia Governor Müller (ERR) and Slovak central bank Governor Kažimír, saying ECB open to discuss a rate cut or pause in Apr.

    • Economic data included Ifo survey showing sentiment among companies in Germany has brightened in Mar. In UK, CBI survey showed retail sales volumes fell at an accelerated rate in the year to March, though are expected to fall at a slower pace next month. Also, European Automobile Manufacturers' Association (ACEA) Feb new passenger car registrations for EU + EFTA + UK (3.1%) y/y

    • Among companies releasing earnings/updates were Bellway (BWY.LN), Baloise (BALN.SW), Ashtead Technology Holdings (AH.LN), Fevertree Drinks (FEVR.LN), Jenoptik (JEN.GR), Kingfisher (KGF.LN), Smiths Group (SMIN.LN) and Tullow Oil (TLW.LN).

    • CMD/events included Shell (SHEL.LN), Kuhne + Nagel International (KNIN.SW), TUI (TUI1.GR), DSM-Firmenich (DSFIR.NA) sustainability, Legrand (LR.FP) Corporate Social Responsibility, Laboratorios Farmaceuticos Rovi (ROVI.SM) and Holcim (HOLN.SW) for Amrize (AMRZ) spinoff, on track for U.S. listing by end of H1 of 2025.

    • M&A news flow included, Drax Group (DRX.LN) agreed to acquire Harmony Energy Income Trust and Smiths Group (SMIN.LN) acquires US-based metal duct manufacturer Duc-Pac Corporation for $40.5M. Also, reportedly, Banco BPM (BANI.IM) €7.00/share offer for Anima Holding (ANIM.IM) already crossed 50% threshold, Pirelli & C. (PIRC.IM) to ask Sinochem to reduce its stake amidst recent US regulations and AEDAS Homes (AEDAS.SM) main potential buyer fails expectations, the Starwood fund, has failed to secure the approval of its parent company, delaying the entire process by another two months.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +1.77%, Insurance +1.27%, Media +1.23%, Basic Resources +1.17%, Travel & Leisure +1.13%, Financial Svcs +1.12%, Oil & Gas +1.02%, Ind Goods & Svcs +0.76%

      • Underperformers:

        • Retail (0.89%), Food & Beverage (0.40%), Health Care (0.03%), Chemicals +0.06%, Persnl & HHold Goods +0.17%, Telecom +0.38%, Construct & Mtls +0.47%, Real Estate +0.52%, Utilities +0.62%, Technology +0.65%, Autos & Parts +0.66%

    • Macro/Peripheral markets:

      • Central banks:

        • Bank of Spain's Escriva warns of downside risks to Eurozone growth forecasts - Bloomberg

        • BoE's Bailey says AI has transformative potential which could lift growth rates and lower costs - Reuters; but co-operation remains essential amid tariff war - PA

        • Estonia central bank publishes the bank's latest economic forecast - release

        • Austria central bank says price stability has been largely restored - Annual Report

        • Slovak central bank publishes its latest quarterly report assessing current economic developments and outlook, governor Kažimír press conf

        • BOE's Vine was a panellist and Cleland spoke at pay360 (through Wed). Bundesbank's Nagel was a panellist at the opening of the Europavillon

        • Hungary central bank left its benchmark interest rate unchanged at 6.5%, as expected - release; press conf. presentation

      • EU:

        • EU trade chief Sefcovic heads to Washington amid escalating tariff tensions with the US - Politico

        • Commission selects 47 strategic projects to secure and diversify access to raw materials in the EU - List

      • Finland:

        • EU strategic project status for six projects located in Finland - press release

      • Germany:

        • Far-right AfD takes center stage as new German Bundestag convenes amid economic and diplomatic challenges - Reuters

      • Greece:

        • Unity and economic strength the focus of PM's Independence Fat speech - ekathimerini

      • Ireland:

        • Q1 average list price for house nationally +3.7% q/q, +11.6% y/y - Daft.ie Q1 market report

      • Sweden:

        • Government announced 5 Swedish projects receive status as strategic projects - important for the EU's material supply - release

        • PM Kristersson among several leaders from European countries that'll discuss peace and security in Ukraine ay Paris peace summit on Thu - release

      • UK:

        • Chancellor Reeves braces for gloomy Spring Statement amid economic headwinds - FT

        • Labour pledges £2B boost for social and affordable housing in UK - press release

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

    • Company news:

      • Notable Gainers

        • +14.6% EKF.LN (EKF Diagnostics Holdings) -- FY EPS 1.4p vs FactSet 1.1p [3 est, 1.0-1.3p]

        • +11.9% FDP.LN (FD Technologies) -- FY trading update: Cash EBITDA of (£14.6M), ahead of guidance and above top end of consensus expectations

        • +11.7% HEIT.LN (Harmony Energy Income Trust) -- Drax Group (DRX.LN) agrees to acquire the company for 88.0p/share in cash

          • -0.5% DRX.LN (Drax Group)

        • +9.9% PGH.LN (Personal Group Holdings) -- FY EPS cont. ops 17.0p vs year-ago 13.1p

        • +8.6% MGNS.LN (Morgan Sindall Group) -- now anticipates that its FY25 results will be slightly ahead of market consensus

        • +8.3% XAR.LN (Xaar) -- FY adj profit before tax £0.3M vs FactSet £0.2M

        • +8.0% MPE.LN (M.P. Evans Group) -- FY EPS from cont ops $1.65 vs FactSet $1.44 [3 est, $1.37-1.53]

        • +7.0% TLW.LN (Tullow Oil) -- FY EPS $0.04 vs FactSet $0.15 [9 est, ($0.02)-0.28]; confirms 2025 production guidance

        • +6.0% MOVE.SW (Medacta Group) -- FY net income €72.9M vs FactSet €72.7M [5 est, €68-80.7M]; hikes divi by ~25% and guides FY25

        • +5.9% BHG.SS (Lightshop) -- buy from hold at Danske Bank

        • +5.7% GVS.IM (GVS) -- FY adj net income €47.7M vs FactSet €46.8M

        • +5.3% THG.LN (THG) -- places ~91.9M new shares at 32.3p/each

        • +5.2% HBH.GR (Hornbach Holding) -- prelim FY adj EBIT €270M vs FactSet €260.0M [7 est, €254-268.1M]

        • +4.6% TPRO.IM (Technoprobe) -- FY adj EBITDA €136.5M vs FactSet €133.9M [7 est, €132.2-137M]

        • +4.4% FEVR.LN (Fevertree Drinks £7.90, +0.46) -- FY Normalised EPS 28.0p vs FactSet 25.3p [15 est, 22.9-29.2p]; extends buyback program by an additional £29M

        • +4.2% GAMA.LN (Gamma Communications) -- FY Adj EPS 85.1p vs FactSet 85.3p [9 est, 84.2-86.0p]; expects satisfactory 2025 Group organic growth; launches £50M share buyback program

        • +4.1% BALN.SW (Baloise) -- FY net income attributable CHF384.8M vs FactSet CHF341.1M [9 est, CHF309.6-373M], raises dividend +5% y/y

        • +3.9% AF.FP (Air France-KLM) -- buy from neutral at Redburn Atlantic; neutral from buy at UBS

        • +2.4% AO.LN (AO World) -- Adj. PBT expected to be around top end of previously upgraded guidance range of £39M to £44M

        • +2.4% WPS.LN (W.A.G. Payment Solutions) -- FY EPS €0.05 vs FactSet €0.05 [8 est, €0.04-0.06]; proposes special dividend of 3.0p/share

        • +1.6% BWY.LN (Bellway) -- H1 underlying EPS 90.3p vs year-ago 80.6p; on track to deliver volume output of at least 8,500 homes in the full financial year

        • +1.5% SHEL.LN (Shell) -- to enhance shareholder distributions from 30-40% to 40-50% of CFFO; increases structural cost reduction target from $2-3B by end of 2025 to cumulative $5-7B -- CMD25

        • +1.4% SMIN.LN (Smiths Group) -- H1 EPS 48.7p vs FactSet 54.7p [3 est, 53.3-57.0p]; acquires Duc-Pac Corp; to commence next tranche of buyback program

          • On earnings/updates: MCHN.SW (MCH Group), CADLR.NO (Cadeler), AHT.LN (Ashtead Technology Holdings) and reversing initial falls PFV.GR (Pfeiffer Vacuum Technology)

      • Notable Decliners

        • -13.8% KGF.LN (Kingfisher) -- FY Adj EPS 20.7p vs consensus 20.6p; announces further £300M share buyback program

        • -12.6% XVIVO.SS (Xvivo Perfusion) -- sell from buy at Danske Bank

        • -11.7% BIOA.B.SS (BioArctic) -- notes partner Eisai presentation of Leqembi sales forecast at its annual press conf

        • -7.3% STO3.GR (Sto SE & Co. KGaA) -- reduces dividend distribution; no further medium-term forecast beyond a period of one year will be issued until further notice

        • -4.4% IPO.LN (IP Group) -- FY EPS (20.0p) vs FactSet (11.0p) [2 est, (18.3)-(3.6p)]; Intends to allocate 50% of 2025 exits to buyback program

        • -4.4% KNIN.SW (Kuehne & Nagel) -- guides 2025 EBIT (recurring) between CHF1.50-1.75B vs FactSet CHF1.68B - CMD

        • -3.9% MBH.LN (Michelmersh Brick Holdings) -- prelim FY adj. EPS 8.2p vs year-ago 11.9p

        • -3.3% BOOT.LN (Henry Boot) -- FY EPS 17.0p vs FactSet 14.9p [3 est, 14.7-15.0p]

        • -2.0% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- reaffirms 2025 revenue guidance - CMD; shares reverse initial gains

        • -1.8% TEG.GR (TAG Immobilien) -- Q4 FFO I €1.00 vs FactSet €0.26; confirms 2025 guidance

        • -1.7% JEN.GR (Jenoptik) -- 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

        • -1.5% BAG.LN (A.G. BARR)

          • On earnings/updates: reversing initial gains EGLA.IM (EuroGroup Laminations)

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: FACC (FACC.AV), CA Immobilien Anlagen (CAI.AV)

        • Benelux: Tessenderlo Group (TESB.BB), Sofina (SOF.BB), EXOR (EXO.NA)

        • France: Esker (ALESK.FP), Quadient (QDT.FP), Inventiva (IVA.FP), HighCo (HCO.FP), SergeFerrari Group (SEFER.FP), Sidetrade (ALBGR.FP), Guillemot Corp. (GUI.FP), Bilendi (ALBLD.FP), LNA Sante (LNA.FP), Esker (ALESK.FP), OSE Immunotherapeutics (OSE.FP), Guerbet (GBT.FP), HighCo (HCO.FP), Inventiva (IVA.FP)

        • Germany: EnBW Energie Baden-Wuerttemberg (EBK.GR), Porsche Automobil Holding (PAH3.GR), Aroundtown (AT1.GR), Wacker Neuson (WAC.GR), ZEAL Network (TIMA.GR), JOST Werke (JST.GR), Washtec (WSU.GR), Amadeus FiRe (AAD.GR), Koenig & Bauer (SKB.GR), RENK Group (R3NK.GR), WashTec (WSU.GR), Hamburger Hafen und Logistik (HHFA.GR)

        • Southern Europe: Hera (HER.IM), Technogym (TGYM.IM), Pirelli & C. (PIRC.IM), Vocento (VOC.SM), Public Power Corp. (PPC.GA), Autohellas (OTOEL.GA)

        • Switzerland: GAM Holding (GAM.SW), Orascom Development Holding (ODHN.SW), BioVersys (BIOV.SW)

        • UK: Aptitude Software Group (APTD.LN), Kenmare Resources (KMR.LN), Ithaca Energy (ITH.LN), Luceco (LUCE.LN), Vistry Group (VTY.LN), Pharos Energy (PHAR.LN), Evoke (EVOK.LN)

      • Trading Update: Harboes Bryggeri (HARB.B.DC), Trigano (TRI.FP)

      • CMD/events: Prysmian (PRY.IM), NatWest Group (NWG.LN) commercial & institutional, Imperial Brands (IMB.LN)

  • Data:

    • Economics:

      • Sweden Feb PPI +3.4% vs consensus +3.9%, prior +3.5%

      • Spain Feb PPI +6.6% y/y vs consensus +2.9%, prior +2.6%

      • Finland Feb unemployment rate 9.4% vs consensus 8.9%, prior 9.5%

      • Germany Mar IFO survey

        • Business climate 86.7 vs consensus 86.8, prior revised 85.3 from 85.2

        • Current conditions 85.7 vs consensus 85.5, prior 85.0

        • Expectations 87.7 vs consensus 87.9, prior revised 85.6 from 85.4

      • UK Mar distributive trades (41) vs consensus (28), prior (23) - CBI

    • Markets:

      • WTI Crude (May 25): ($0.37) or (0.54%) to $68.74

      • €-$ +0.0011 or +0.10% to 1.0814

      • £-$ +0.0034 or +0.26% to 1.2958

      • €-£ (0.0013) to 0.8345

      • S&P 500 (0.04%)

      • Performance year-to-date:

        • FTSE 100: +6.15%

        • DAX: +16.05%

        • CAC: +9.89%

        • MIB: +15.27%

        • Stoxx 600: +8.91%

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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