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StreetAccount Summary - EU Market Recap: FTSE 100 +0.31% to 8690.69, DAX (1.14%) to 22847.42, CAC40 (1.00%) to 8027.83, STOXX 600 (0.70%) to 548.72

Mar 26 ,2025

  • Synopsis:

    • European equity markets ended mixed to lower with pan-European indices paring some earlier losses. Denmark (1.7%), Germany, Finland ~ (1.1%) led underperformers whilst Greece +1.2%, Portugal and Norway both up ~ +0.7% led outperformers.

    • In geopolitical developments, tariff headlines continued to dominate the narrative head of the 2-Apr deadline. Latest press reports indicated the possibility of US tariffs on copper coming within several weeks. Trump indications that many countries may be granted relief from reciprocal tariffs has been welcomed by markets, though auto levies still imminent and the 'dirty 15' list of targeted countries with the largest trade surpluses with the US. Spillover of Trump 2.0 policy uncertainty still a big theme in the press with the adverse sequencing. However, recent headlines out of Washington have suggested House and Senate moving closer to compromise on reconciliation, including via inclusion of debt ceiling raise. Meanwhile, mixed reports on Ukraine and Russian agreement on Black Sea ceasefire.

    • Elsewhere, focus on today's UK inflation data and Chancellor Reeves' fiscal statement. UK Feb inflation eased to 2.8% y/y vs consensus 3.0% and prior 3.0% and core reading at 3.5% vs 3.6% forecast and prior 3.7%. Meanwhile, UK Chancellor Reeves announced a £14B package to repair public finances in her Spring Statement after weak growth and higher borrowing costs wiped out fiscal space (FT, BBC, Bloomberg). Reeves confirmed that the new set of forecasts from fiscal watchdog OBR had put government finances £4.1B in the red against fiscal rule of balanced day-to-day spending. OBR confirmed measures announced would reinstate the £9.9B fiscal headroom seen in October. Said direct savings from welfare reforms and the reduction in day-to-day departmental spending, and indirect boost to receipts from planning reforms, to raise £14B in 2029-30. Elsewhere, French consumer confidence dipped in March and Spanish final Q4 GDP unchanged at 0.8%. Also, Germany's Merz facing criticism he is giving too many concessions in negotiations to form a government with the SPD.

    • In company news, in the DACH region, Aroundtown (AT1.GR), Gam Holding (GAM.SW), and Porsche Automobil Holding SE (PAH3.GR) released FY earnings. In Italy, Prysmian (PRY.IM) issued a presentation ahead of its CMD indicating a 2028 adjusted EBITDA target between €2.95-3.15B. TERNA Rete Elettrica Nazionale (TRN.IM) reported FY earnings and approved updated 2024-28 industrial plan yesterday after the market closed. Hera (HER.IM) and Technogym (TGYM.IM) were also out with FY earnings.

    • In the UK, Vistry Group (VTY.LN) issued FY numbers and continues to expect to make y/y progress in profit in FY25, with profits being more H2 weighted than in prior years. Evoke Plc (EVOK.LN) and Ithaca Energy (ITH.LN) also updated investors with their latest numbers. Imperial Brands (IMB.LN) on track to meet full-year expectations in FY25, announced 2030 Strategy to drive shareholder returns.

    • In other corporate developments, Reuters reported that UBS (UBSG.SW) offered to limit the future size of the investment bank and hold more capital to avert tougher Swiss regulations. On M&A front, Prysmian (PRY.IM) agreed to acquire Channell Commercial Corp. for a total consideration of $950M. Siemens Energy (ENG.GR) agreed to divest a majority stake of its Indian wind business for an undisclosed sum. MFE-MediaForEurope (MFEB.IM) reportedly calls board meeting to review possible bid for ProSiebenSat.1 (PSM.GR).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Oil & Gas +1.38%, Utilities +0.52%, Insurance +0.18%, Real Estate+0.15%, Retail +0.10%, Telecom +0.02%, Food & Beverage (0.12%), Media (0.35%), Construct & Mtls (0.37%), Banks (0.65%), Financial Svcs (0.66%), Persnl & HHold Goods (0.67%), Basic Resources (0.68%)

      • Underperformers

        • Autos & Parts (2.54%), Technology (1.97%), Health Care (1.49%), Ind Goods & Svcs (1.05%), Travel & Leisure (1.02%), Chemicals (0.75%)

    • Macro/Peripheral markets:

      • Geopolitics

        • Russia and Ukraine agree to conditional Black Sea ceasefire (BBC)

        • US proposes new critical minerals deal to Ukraine (FT)

        • Russia and US discuss restarting Nord Stream pipeline, Kremlin says (Politico)

        • EU rejects Russian ceasefire demand for sanctions relief (FT)

      • Central Banks

        • France's Villeroy says ECB rates could fall to 2% by the end of summer (Reuters)

        • Economists question accuracy of UK pay data watched by BoE (Bloomberg)

        • Bank of Italy's Panetta opinion piece in FT (release )

      • UK

        • UK February inflation eased to 2.8% y/y versus consensus 3.0% and prior 3.0% and core reading at 3.5% versus 3.6% forecast and prior 3.7% (ONS)

        • Reeves to make further benefit cuts after OBR downgrade estimate of savings announced (Guardian)

        • Rising debt and spending demands squeeze Britain's finances (FT)

        • Investors unwind sterling long positions ahead of Chancellor's spring statement (London Times)

        • UK Chancellors Spring Statement (press release)

        • OBR forecasts 0.2% to be added to GDP by 2029/30 because of planning reforms (release)

        • OBR latest economic and fiscal outlook (release)

        • Rachel Reeves sets out £14bn package to repair UK public finances (FT)

        • Inflation eases but will stay above target through 2025 (NIESR release)

      • Germany

        • Draghi says Germany's spending plan is a game changer, but warns of implementation risks (Bloomberg)

        • Merz facing criticism from conservatives over too many concessions to SPD (Bloomberg)

      • Greece

      • Sweden

        • Sweden to increase defence spending sharply to 3.5% of GDP (FT)

    • Company news:

      • Notable Gainers

        • +19.3% BIKE.GR (Bike24 Holding €1.70, +0.28) -- earnings

        • +16.7% BGBIO.NO (BerGenBio NOK1.83, +0.26) -- BerGenBio announces Nature Communications Publication of BGBC003 Ph2 data in relapsed/refractory Acute Myeloid Leukemia patients

        • +15.0% EVPL.LN (Everplay £2.60, +0.34) -- reports FY adjusted EPS 24.1p vs FactSet 22.5p [8 est, 21.8-23.0p]

        • +10.2% FAE.SM (FAES Farma €3.90, +0.36) -- Faes Farma signs contract for acquisition of Laboratorios Edol

        • +9.9% AVON.LN (Avon Technologies £15.06, +1.36) -- Q2 trading update; strong trading momentum has continued through Q2; upgrade to full-year expectations

        • +9.0% ITH.LN (Ithaca Energy £1.55, +0.13) -- reports FY EPS $0.13 vs FactSet $0.11 [6 est, $0.08-0.16]; announces third interim dividend for 2024 of $200M

        • +7.7% TESB.BB (Tessenderlo Group €25.20, +1.80) -- reports FY net income €44M vs FactSet €60.7M [2 est, €54-67.3M]

        • +7.7% DAN.IM (Danieli & C. Officine Meccaniche €31.55, +2.25) -- reports H1 net income €125.1M, +27% vs year-ago €98.8M

        • +5.3% DNO.NO (DNO ASA NOK14.19, +0.72) -- oil&gas discovery in Northern North Sea license PL1182 S

        • +5.0% JST.GR (JOST Werke €54.80, +2.60) -- final earnings

        • +4.1% BWO.NO (BW Offshore NOK30.25, +1.20) -- closes the sale of the FPSO BW Pioneer

        • +3.6% TIMA.GR (ZEAL Network €43.00, +1.50) -- reports FY EBITDA €61.9M vs FactSet €57.5M [6 est, €57-59M]

        • +3.4% AT1.GR (Aroundtown €2.42, +0.08) -- reports FY FFO €0.29 per share vs FactSet €0.28 per share

        • +3.3% R3NK.GR (Renk Group €45.39, +1.47) -- confirms preliminary FY numbers with adj EBIT €189M, +26% vs year-ago €150M; anticipates adj EBIT of €210-235M for 2025

        • +3.3% UTDI.GR (United Internet €19.38, +0.62) -- reports FY EBITDA €1.29B vs FactSet €1.36B [11 est, €1.29-1.40B]; provides FY25 guidance & proposed dividends

        • +3.2% LEI.GR (Leifheit €17.95, +0.55) -- proposes increased ordinary dividend and special dividend for financial year 2024

        • +2.6% BIOVIC.B.SS (Biovica International SEK0.99, +0.03) -- Biovica International's DiviTum TKa data in combination with inflammation proteins presented at the AACR meeting enhance precision to predict efficacy of immunotherapy

        • +2.4% SHEL.LN (Shell Plc £28.32, +0.67) -- Shell to continue to look for potential acquisitions but warns of risks in pursuing major deal - Bloomberg

        • +2.2% REP.SM (Repsol €12.42, +0.27) -- Repsol partners with Schroders Greencoat in a 400 MW Spanish renewable portfolio valued at €580M

        • +1.9% 1U1.GR (1&1 AG €14.78, +0.28) -- confirms preliminary result 2024 and publishes forecast 2025

        • +1.7% HHFA.GR (Hamburger Hafen und Logistik €17.56, +0.30) -- confirms prelim FY results; declares € 0.16 dividend per class A share; guides FY25 EBIT in the range of € 195M to € 235M vs year-ago €134M

        • +1.7% EKT.GR (EnergieKontor €59.40, +1.00) -- contract awards

        • +1.7% ENR.GR (Siemens Energy €60.64, +1.00) -- agrees to divest a majority stake of its Indian wind business for an undisclosed sum

        • +1.5% BAKK.LN (Bakkavor Group £1.71, +0.02) -- Greencore (GELN.LN) reportedly raises offer to acquire Bakkavor Group -- Bloomberg

      • Notable Decliners

        • -25.3% ALBPS.FP (Biophytis €0.23, -0.08) -- private placement

        • -18.7% EVOK.LN (Evoke Plc £0.58, -0.13) -- reports FY adj net income (£28.8M) vs FactSet (£9.2M) [6 est, (£61.1)-32.6M]; Q1 2025 revenue growth expected to be low single digit y/y

        • -16.8% NYXH.BB (Nyxoah €8.78, -1.77) -- FDA letter

        • -8.3% GAM.SW (Gam Holding CHF0.10, -0.01) -- reports FY IFRS net income (CHF70.9M) vs year-ago (CHF82.1M)

        • -6.5% PRY.IM (Prysmian €53.08, -3.68) -- agrees to acquire Channell Commercial Corp. for a total consideration of $950M (post EU close 25-Mar)

        • -6.5% PRY.IM (Prysmian €53.08, -3.68) -- targets 2028 adjusted EBITDA between €2.95-3.15B - CMD

        • -6.3% VTY.LN (Vistry Group £6.08, -0.41) -- reports FY Adjusted EPS 55.9p vs FactSet 51.0p [15 est, 42.6-62.9p]; continues to expect to make y/y progress in profit in FY25, with profits being more H2 weighted than in prior years

        • -6.2% ANP.LN (Anpario £3.80, -0.25) -- earnings

        • -5.4% CRNA.NO (Circio Holding NOK0.53, -0.03) -- R&D and corporate update

        • -5.2% APTD.LN (Aptitude Software Group £2.57, -0.14) -- reports FY adjusted EPS 13.6p vs FactSet 14.4p [2 est, 13.1-15.7p]

        • -4.3% BAMI.IM (Banco BPM €9.82, -0.45) -- investor group support plan which envisages standalone growth of the bank - Reuters

        • -2.0% EBK.GR (EnBW Energie Baden-Wuerttemberg €67.40, -1.40) -- reports FY adj. net income €1.50B, (46%) vs year-ago €2.78B, raises dividend ~ +7% y/y, guides 2025

        • -2.0% AREC.LN (Arecor Therapeutics £0.48, -0.01) -- collaboration

        • -2.0% VINO.LN (Virgin Wines UK £0.48, -0.01) -- earnings; strategic growth plan annoucnement; buyback

        • -1.2% DKSH.SW (DKSH Holding CHF72.30, -0.90) -- DKSH Technology acquires MDxK in Korea; terms undisclosed

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: PORR (POS.AV)

        • Benelux: Fastned (FAST.NA), Sligro Food Group (SLIGR.NA), Titan Cement International (TITC.BB), EXMAR (EXM.BB)

        • Germany: CTS Eventim (EVD.GR), Rational (RAA.GR), IONOS Group (IOS.GR), Jungheinrich (JUN3.GR), Kontron (KTN.GR), Vossloh (VOS.GR), Rhoen-Klinikum (RHK.GR), SÜSS MicroTec (SMHN.GR), KSB (KSB.GR), CEWE Stiftung & Co (CWC.GR), ProCredit Holding (PCZ.GR), PSI Software (PSAN.GR), HomeToGo (HTG.GR), Elringklinger (ZIL2.GR), LPKF Laser & Electronics (LPK.GR), EDAG Engineering Group (ED4.GR), KBayWa (BYW6.GR), SNP Schneider-Neureither & Partner (SHF.GR), SMA Solar Technology (S92.GR), PNE (PNE3.GR), Baader Bank (BWB.GR), Cherry (C3RY.GR), Mister Spex (MRX.GR), IONOS Group (IOS.GR), adesso (ADN1.GR), Symrise (SY1.GR), United Internet (UTDI.GR), 1&1 (1U1.GR), Delticom (DEX.GR)

        • France: Lhyfe (LHYFE.FP), Transgene (TNG.FP), Advicenne (ALFVI.FP), Cegedim (CGM.FP), Netgem (ALNTG.FP), Xilam Animation (XIL.FP), Viel & Cie (VIL.FP), PHAXIAM Therapeutics (PHXM.FP), Afyren (ALAFY.FP), Innate Pharma (IPH.FP), Claranova (CLA.FP)

        • Nordics: H&M Hennes & Mauritz (HM.B.SS), Puuilo (PUUILO.FH)

        • Southern Europe: Philogen (PHIL.IM), Italian Exhibition Group (IEG.IM), Trevi-Finanziaria Industriale (TFIN.IM)

        • Switzerland: lastminute.com (LMN.SW)

        • UK: Playtech (PTEC.LN), Next (NXT.LN), Chesnara (CSN.LN), Franchise Brands (FRAN.LN), M&C Saatchi (SAA.LN), Capital (CAPD.LN), CLS Holdings (CLI.LN), Tribal Group (TRB.LN), Capricorn Energy (CNE.LN), International Public Partnerships (INPP.LN), Arbuthnot Banking Group (ARBB.LN), James Halstead (JHD.LN)

  • Data:

    • Economics:

      • UK Feb

        • CPI +2.8% y/y vs consensus +3.0% and prior +3.0%; +0.4% m/m vs consensus +0.5% and prior (0.1%)

          • Core +3.5% y/y vs consensus +3.6% and prior +3.7%

        • RPI +3.4% y/y vs consensus +3.5% and prior +3.6%; +0.6% m/m vs consensus +0.8% and prior (0.1%)

      • France Mar Consumer Confidence 92 vs consensus 94 and prior 93

      • Spain Q4 GDP +3.4% y/y vs preliminary +3.5%; +0.8% q/q vs preliminary +0.8%

      • Netherlands Q4 GDP +1.9% y/y vs preliminary 1.8%; +0.4% q/q vs preliminary +0.4%

      • Sweden Feb Trade Balance SEK14.4B vs consensus SEK12.6B and prior revised SEK14.5B from SEK15.1B

    • Markets:

      • WTI Crude (May 25): +$0.83 or +1.20% to $69.83

      • €-$ +0.0001 or +0.01% to 1.0793

      • £-$ (0.0047) or (0.36%) to 1.2899

      • €-£ +0.0028 to 0.8366

      • S&P 500 (0.78%)

        • Performance year-to-date

        • FTSE 100: +6.33%

        • DAX: +14.76%

        • CAC: +8.77%

        • MIB: +14.33%

        • Stoxx 600: +8.10%

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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