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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.06%), DAX +0.03%, CAC40 +0.16%

Mar 26 ,2025

  • Synopsis

    • European equity markets are set for a mixed open. Asia equities trading higher Wednesday. Japan's main boards set to close higher while Australia also ended up. Small gains for Greater China, Taiwan and Singapore. South Korea and Indonesia's JSX best performers. US futures lower afterhours.

    • Focus in the UK on Chancellor Reeves delivering her spring statement in Parliament after PMQs at 12noon GMT providing an update on the Government's growth mission alongside the publication of an economic and fiscal forecast from the Office for Budget Responsibility (OBR). Institute for Government will provide analysis in advance and in response to the statement, whilst PwC will be among the raft of provider of commentary. Parliamentary committee topics include nitrogen at 10:00, Ukraine 10:30, workforce planning to deliver clean, secure energy 15:00 and industrial strategy 16:00.

    • In central banks, Riksbank publishing at 9:30CET the minutes from the last MPC meeting. Bank of France's Villeroy before the National Assembly's finance committee at 11:00CET. Bundesbank's Lienenkämper panellist at 12:30CET at Future Work Summit 2025, Theurer speech at 17:30 at event hosted by Bavarian Economic Advisory Council and Köhler-Geib speech at 18:00 at Economic Forum. SNB publishes its latest quarterly bulletin at 15:00CET. ECB's Cipollone speech at 19:00CET at Cryto Assets Conf.

    • On the macro front, UK Feb CPI/RPI, France Mar consumer confidence, Spain and Portugal Q4 final GDP as well as Sweden Feb trade balance are due to be released. Netherlands final Q4 GDP was revised up to +1.9% y/y from preliminary +1.8%

    • In earnings, DACHs region companies kicked off the session with United Internet (UTDI.GR) reporting FY EBITDA €1.29B vs FactSet €1.36B, Aroundtown (AT1.GR) out with FY FFO €0.29 per share vs FactSet €0.28 per share and Gam Holding (GAM.SW) reporting FY IFRS net income (CHF70.9M) vs year-ago (CHF82.1M). In Southern Europe, Prysmian (PRY.IM) released a CMD update targeting 2028 adjusted EBITDA between €2.95-3.15B and TERNA Rete Elettrica Nazionale (TRN.IM) reported FY net income attributable €1.06B vs FactSet €1.05B and approved an updated 2024-28 industrial plan.

    • Also due to report today are Porsche Automobil Holding (PAH3.GR), Hera (HER.IM), Technogym (TGYM.IM) and Pirelli & C. (PIRC.IM).

  • Politics/Macro/World News

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

    • Five economic factors that will govern Rachel Reeves's spring statement - Guardian

    • ECB rates could fall to 2% by end of summer, Villeroy says - Reuters

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

  • Top company news

    • Earnings/updates

      • DACHs:

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

        • 1U1.GR (1&1 AG) -- confirms preliminary result 2024 and publishes forecast 2025

        • WAC.GR (Wacker Neuson) -- reports FY EPS €1.03 vs FactSet €1.21 [4 est, €1.09-1.42]

        • WSU.GR (Washtec) -- reports FY EPS €2.32 vs FactSet €2.29 [4 est, €2.23-2.37]

        • AT1.GR (Aroundtown) -- reports FY FFO €0.29 per share vs FactSet €0.28 per share

        • ODHN.SW (Orascom Development Holding) -- reports FY net income CHF87.7M ex-items vs FactSet CHF37.0M [1 est]

        • GAM.SW (Gam Holding) -- reports FY IFRS net income (CHF70.9M) vs year-ago (CHF82.1M)

        • FACC.AV (FACC) -- reports FY EPS €0.14 vs FactSet €0.21 [3 est, €0.15-0.25]

        • VAHN.SW (Vaudoise Assurances Holding) -- reports FY net income CHF147M vs FactSet CHF152.5M [1 est]

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

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

        • HHFA.GR (Hamburger Hafen und Logistik) -- 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

        • BIKE.GR (Bike24 Holding) -- reports FY net income (€13.6M) vs FactSet (€8.4M) [2 est, (€13)-(11.8M)]

      • Nordics:

        • MOWI.NO (Mowi) -- repeats FY25 harvest volume guidance of 530Kt in annual report

      • Southern Europe:

        • PRY.IM (Prysmian) -- targets 2028 adjusted EBITDA between €2.95-3.15B - CMD

        • TRN.IM (TERNA Rete Elettrica Nazionale) -- reports FY net income attributable €1.06B vs FactSet €1.05B [12 est, €1.02-1.08B]; approves updated 2024-28 industrial plan

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

    • M&A

      • BWO.NO (BW Offshore) -- closes the sale of the FPSO BW Pioneer

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

      • BAKK.LN (Bakkavor Group) -- Greencore reportedly raises offer to acquire Bakkavor Group -- Bloomberg

      • SHEL.LN (Shell Plc) -- Shell to continue to look for potential acquisitions but warns of risks in pursuing major deal - Bloomberg

      • UBSG.SW (UBS Group) -- UBS offers to limit future size of investment bank and hold more capital to avert tougher Swiss regulations - Reuters

      • BAS.GR (BASF SE) -- BASF hires banks to advise it on potential sale of coating business - Bloomberg (25-Mar, 15:48 CET)

      • AAL.LN (Anglo American) -- said to start initial talks regarding potential IPO of De Beers -- Bloomberg

      • PSM.GR (ProSiebenSat.1 Media) -- MFE-MediaForEurope calls board meeting to review possible bid for ProSiebenSat.1 - Reuters

      • BAMI.IM (Banco BPM) -- investor group support plan which envisages standalone growth of the bank - Reuters

      • DKSH.SW (DKSH Holding) -- DKSH Technology acquires MDxK in Korea; terms undisclosed

      • FAE.SM (FAES Farma) -- signs contract for acquisition of Laboratorios Edol

      • 533148.IN (JSW Energy) -- reports transaction to acquire O2 Power has become unconditional

    • Healthcare

      • ONWD.BB (Onward Medical) -- announces First-in-Human Use of ARC-IM Lumbar Lead Designed to Restore Standing, Stepping, and Lower Limb Mobility

      • GSK.LN (GSK Plc) -- GSK plans US commercial launch of Blujepa in 2H'25

      • SAN.FP (Sanofi) -- FDA grants fast track designation to Sanofi's mRNA vaccine candidate for the prevention of chlamydia infection

      • GMAB.DC (Genmab) -- announces initiation of share buy-back program for up to 2.2M shares

      • FRE.GR (Fresenius) -- FDA approves Fresenius Kabi's biosimilars of Prolia and Xgeva; launch expected in H2 2025

      • IPH.FP (Innate Pharma) -- announces abstract regarding IPH4502 selected for AACR Annual Meeting 2025; CEO Dickinson to give an update on Innate's pipeline and strategy

      • BGBIO.NO (BerGenBio) -- announces Nature Communications Publication of BGBC003 Ph2 data in relapsed/refractory Acute Myeloid Leukemia patients

      • CANTA.SS (Cantargia) --

        • to present preclinical results on a novel IL1RAP-targeting antibody-drug conjugate at AACR 2025

        • publishes abstract on parallel anti-tumor activity and reduction of chemotherapy-induced neuropathy with nadunolimab

    • Other

      • ALBPS.FP (Biophytis) -- completes €2.6M private placement

      • DNO.NO (DNO) -- announces an important oil and gas discovery in Northern North Sea license PL1182 S

      • ALLFG.NA (Allfunds Group) -- announce that Ares Management Corp has joined the Allfunds Private Partners (APP) program

      • ELI.BB (Elia Group) -- launches public offering of max €1.35B, through issuance of max 21.8M new ordinary shares at issue price of €61.88 per share

      • IBE.SM (Iberdrola) -- resolves to carry out a buy-back program

      • MOWI.NO (Mowi) -- releases sustainability report

      • TIETO.FH (Tietoevry) -- announces distribution of €0.75 per share dividend

      • PRS.SM (Promotora de Informaciones) -- announces €20.8M capital increase through accelerated bookbuild offering

      • Alibaba, BMW expand strategic partnership in China with integration of Alibaba's Qwen LLM into BMW's Neue Klasse models

      • TechnipFMC awarded "major" iEPCI contract for Shell's Gato do Mato development offshore Brazil

  • Key rating changes

    • Upgrades

      • Erste Group upgrades MOL.HB, OMV.AV; downgrades SNG.RO

      • MIPS.SS (MIPS) -- buy from hold at SEB

      • Goldman Sachs upgrades GYC.GR, HMSO.LN; downgrades COL.SM, SUPR.LN

      • EXO.NA (EXOR) -- to outperform from neutral at BNP Paribas Exane

      • ISP.IM (Intesa Sanpaolo) -- to outperform from neutral at BNP Paribas Exane

      • LAGR.B.SS (Lagercrantz Group) -- short-term recommendation upgraded to buy from hold at Handelsbanken

      • OCDO.LN (Ocado Group) -- to overweight from neutral at JPMorgan

      • XVIVO.SS (Xvivo Perfusion) -- to buy from hold at Pareto

    • Downgrades

      • SWED.A.SS (Swedbank) -- underperform from neutral at Autonomous Research

      • JDW.LN (JD Wetherspoon) -- sell from hold at Deutsche Numis

      • DOU.GR (Douglas) -- neutral from buy at UBS

      • MT.NA (ArcelorMittal) -- to hold from buy at Jefferies

      • SW.FP (Sodexo) -- to neutral from buy at Goldman Sachs

      • WRT1V.FH (Wartsila) -- to hold from buy at Pareto

      • AGS.BB (Ageas) -- to hold from buy at HSBC

      • TIETO.FH (Tietoevry) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • FERGR.NA (Ferrari Group) - outperform at Oddo

      • ADDT.B.SS (Addtech) -- hold at Kepler Cheuvreux

  • Data

    • Nikkei +0.65% to 38027.29

    • Hang Seng +0.29% to 23410.89

    • Shanghai Composite +0.01% to 3370.40

    • S&P futures (7.0) vs prior close of 5826.5

    • €-$ (0.0005) or (0.05%) to 1.0787

    • $-¥ +0.57 or +0.38% to 150.48

    • €-¥ +0.53 or +0.33% to 162.30

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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