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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.24%), DAX (0.81%), CAC40 (0.47%)

Mar 27 ,2025

  • Synopsis

    • European equity markets are set to open in negative territory amidst Asia equities trading mixed Thursday. Some gains in Greater China but benchmarks here off their highs; India and several Southeast Asia boards also higher. Elsewhere, stocks dipping leading to losses on the Nikkei, Topix, Kospi and Taiex. Australia's ASX also closed lower. US futures higher for now, Europe eying another weak open to follow Wednesday's steep declines. US dollar lower, small gains for AUD and yen but quiet elsewhere. Treasury yields higher, JGB yields also edging up again. Crude oil futures unchanged, precious metals regaining momentum, copper off highs while iron ore up sharply.

    • Focus on President Trump announcement of permanent tariffs on autos not produced in US, which will take effect on 2-Apr. Said rate will begin at 2.5% before increasing to 25%, and there will be no exceptions. Trump repeated reciprocal tariffs coming on 2-Apr, but that they will be very lenient. Lumber and pharmaceutical tariffs also coming. Trump did float possibility of giving China a tariff cut in return for Beijing agreeing to a deal on TikTok. Separately, FT sources noted EU bracing for US tariffs of ~20%.

    • On today's agenda, Norges Bank expected to keep its benchmark interest rate unchanged at 4.5% when it announces the outcome of MPC meeting at 10:00CET. ECB's Buch at hearing before EP committee at 10:00CET (livestream). IIF European summit includes speeches by Bank of France's Villeroy at 10:45CET, ECB's de Guindos at 14:00, Belgium central bank's Wunsch 17:15 and Bank of Spain's Escriva at 17:45.

    • Further on today's agenda, several leaders from European countries will discuss peace and security in Ukraine at Paris peace summit. EU's Jørgensen participates in the Solar Power Summit 2025 (Wed/Thu, speakers include EU's Ribera) whilst EU's Tzitzikostas delivers a speech at the Airlines4Europe Aviation Summit, and panellists include senior execs of Aegean Airlines (AEGN.GA), Jet2 (JET2.LN), TAP (+TAP.PL) and TUI Airlines (TUI1.GR). Webinar 13:00GMT (exclusively for FT subscribers) title Russia vs Ukraine: the final reckoning?.

    • Macro updates include: Spain Feb retail sales, Eurozone Feb M3 money supply, Denmark Feb retail sales, Switzerland Mar investors sentiment index. Also, UK Feb car manufacturing data.

    • In corporate news, adesso SE (ADN1.GR) confirms prelim FY24 results and hikes divi by ~7%. Rational (RAA.GR) reports Q4 earnings and considers 2025 sales revenue growth in the mid single-digit percentage range achievable. Symrise (SY1.GR) releases annual report; proposes a dividend of €1.20/share vs year-ago €1.10/share, confirms growth and profitability targets for 2025. Also in the DACH region, Arbonia (ARBN.SW) presents 2029 mid-term targets; EBITDA margin will be between 14%-15% in 2029, ahead of its Capital Markets Day 2025 taking place today. Kontron (KTN.GR), lastminute.com (LMN.SW), Takkt (TTK.GR) are also out with their respective updates. Out of the Nordics, Bonava (BONAV.B.SS) sees FY25 operating EBIT margin at 5-6%; guides FY26 and introduces percentage of completion method. Cloetta (CLA.B.SS) announces updated long-term financial targets; strategic priorities ahead of its Investor Day.

    • In market debuts, first day of trading of Asker Healthcare Group (ASKER.SS) and Fais Group (FAIS.GA).

  • Politics/Macro/World News

    • Trump announces 25% tariffs on autos not produced in US - Bloomberg, Reuters, FT

    • Russia and US discuss restarting Nord Stream pipelines, Kremlin says - Politico

    • Macron and Starmer aim for scaled-back Ukraine peacekeeping plan - FT

  • Top company news

    • Earnings/updates

      • DACHs

        • S92.GR (SMA Solar Technology) -- SMA Group confirms prelim FY24 results and FY24 guidance as per 5-Mar update

        • FYB.GR (Formycon) -- reports FY adjusted EBITDA (€1.6M) vs guidance (€5M)-€5M and FactSet (€15.6M) [7 est, (€26.5)-3.9M]

        • ARBN.SW (Arbonia) -- presents 2029 mid-term targets; EBITDA margin will be between 14%-15% in 2029 -- Next25 Congress

        • CAI.AV (CA Immobilien Anlagen) -- reports FY FFO €120.00M, +5% y/y

        • RAA.GR (Rational) -- reports Q4 EPS €6.23 vs FactSet €5.62 [8 est, €5.40-6.00]; considers 2025 sales revenue growth in the mid single-digit percentage range achievable

        • TTK.GR (Takkt) -- present new strategy "Takkt Forward"; EBITDA margin to be improved to over 10% by 2028 and around 12% in the long term; issues 2025 forecast

        • LMN.SW (lastminute.com) -- reports FY net income €15.7M vs FactSet €14.2M [2 est, €13.5-14.9M]; issues outlook for 2025

        • KTN.GR (Kontron) -- reports FY EPS €1.47 vs FactSet €1.47 [6 est, €1.39-1.57]; reaffirms 2025 guidance

        • ADN1.GR (adesso SE) -- confirms prelim FY24 results as per 21-Feb update; hikes divi by ~7%

        • SY1.GR (Symrise) -- releases annual report; proposes a dividend of €1.20/share vs year-ago €1.10/share, confirms growth and profitability targets for 2025

        • IOS.GR (IONOS Group) -- reports FY Adjusted EBITDA €452.2M vs FactSet €443.4M [9 est, €433.8-452.8M]

        • G24.GR (Scout24) -- confirms prelim. FY results; hikes dividend by 10%; 2025 guidance reiterated

        • EVD.GR (CTS Eventim) -- confirms Q4 revenue €781.1M vs FactSet €744.1M [7 est, €648.2-782M]

        • JUN3.GR (Jungheinrich) -- reports FY net income €289M vs FactSet €291.3M [12 est, €280.5-299M]; hikes divi and guides FY25

        • VOS.GR (Vossloh) -- reports FY EPS €3.56 vs FactSet €3.14 [7 est, €2.85-3.47]

      • France

        • IPH.FP (Innate Pharma) -- reports FY net loss from cont ops (€49.5M) vs FactSet (€21.5M) [3 est, (€42)-17.3M]; pleased to extend cash runway to mid-2026

        • IVA.FP (Inventiva) -- reports FY revenue €9.2M vs FactSet €8.5M [7 est, €2.8-13.3M]

        • QDT.FP (Quadient) -- reports FY net income €66M vs FactSet €80.0M [6 est, €69.5-90.7M]

        • TRI.FP (Trigano) -- reports Q2 revenue €905.4M, (7%) vs year-ago €974.2M

        • OSE.FP (OSE Immunotherapeutics) -- reports FY net income €37.5M vs FactSet €58.3M [4 est, €45.8-76M]

        • GBT.FP (Guerbet) -- reports FY net income €13.5M vs FactSet €28.3M [5 est, €26.7-29.8M]

        • LNA.FP (LNA Santé) -- reports FY net income €29.7M vs FactSet €26.3M [4 est, €22.9-29.5M]

        • AMPLI.FP (Amplitude Surgical) -- reports H1 net income (€0.6M) vs year-ago (€0.2M)

        • ALICA.FP (ICAPE Holding) -- reports FY net income €3.6M vs FactSet €2.8M [2 est, €2.5-3M]

      • Benelux

        • EXO.NA (EXOR) -- reports FY net income €14.67B vs FactSet €14.37B [2 est, €14.11-14.63B]

        • FLOW.NA (Flow Traders) -- reports February market statistics

        • SOF.BB (Sofina) -- reports FY EPS €40.89 vs year-ago (€3.12)

      • Nordics

        • BONAV.B.SS (Bonava) -- sees FY25 operating EBIT margin at 5-6%; guides FY26 and introduces percentage of completion method

        • PUUILO.FH (Puuilo) -- reports FY EPS €0.57 vs FactSet €0.57 [5 est, €0.56-0.58]; announces special divi and guides FY25

        • CLA.B.SS (Cloetta) -- announces updated long-term financial targets; strategic priorities - Investor Day

    • M&A

      • NESN.SW (Nestle) -- PAI and Bain reportedly considering bids for Nestle's water unit valued at ~€5B - Bloomberg

      • PSM.GR (ProSiebenSat.1 Media) -- MFE-MediaForEurope confirms voluntary public takeover offer to acquire ProSiebenSat.1 Media

      • BP.LN (BP) -- reportedly examines selling up to 50% stakes in Kaskida and Tiber projects -- Reuters

    • Healthcare

      • PFE (Pfizer) -- US prosecutors reportedly investigating claim from GSK scientist that Pfizer allegedly delayed COVID vaccine results until after the 2020 election - media report

      • BAYN.GR (Bayer AG) -- Elliott Management reportedly held talks in recent months with private equity to evaluate interest in buying Bayer AG's consumer health business as it considers rekindling activist campaign - FT

      • SVRA (Savara) -- completes submission of the BLA to the FDA for MOLBREEVI as a treatment for autoimmune pulmonary alveolar Proteinosis (aPAP)

      • VLA.FP (Valneva) -- Renews its Sales agreement in connection with its Existing At-the-Market (ATM) Program

      • IRLAB.A.SS (IRLAB Therapeutics) -- to initiate a study of IRL757 in Parkinsons's disease with full financial backing from its development partner MSRD

    • Other

      • EDR.SM (eDreams ODIGEO) -- holder Permira placing ~7M shares via accelerated bookbuild through Goldman

      • KEMIRA.FH (Kemira) -- and IFF have taken the final investment decision and move forward in forming a joint venture manufacturing company to produce renewable biobased products on a commercial scale

      • VOW3.GR (Volkswagen) -- Explores strategic moves for MAN Energy Solutions, Including potential listing - Bloomberg

      • NWG.LN (NatWest Group) -- releases presentation material in connection with spotlight on the Commercial & Institutional business event

      • RWE.GR (RWE) -- Elliott Advisors welcome RWE's decision to reduce its 2025-2030 investment programme by €10B, or 25%

      • AKE.FP (Arkema) -- signs new, eight-year contract with ENGIE for the supply of biomethane for several Bostik sites in France

      • ELE.SM (Endesa) -- approves share buy-back framework

      • EXO.NA (EXOR) -- announces launch of tender offer to purchase ordinary shares via reverse "Dutch auction" for aggregate consideration up to €1B

  • Key rating changes

    • Upgrades

      • Deutsche Bank upgrades RYA.ID; downgrades AF.FP, EZJ.LN

      • Goldman Sachs upgrades INGA.NA; reinstates CBK.GR, UCG.IM

      • ALFA.SS (Alfa Laval) -- to neutral from sell at Goldman Sachs

      • QTCOM.FH (Qt Group) -- to hold from sell at Danske Bank

    • Downgrades

      • BMW.GR (Bayerische Motoren Werke) -- to underweight from equal weight at Barclays

      • SW.FP (Sodexo) -- to hold from buy at HSBC

      • R3NK.GR (Renk Group) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • PETS.LN (Pets At Home Group) -- equal weight at Barclays

      • RBREW.DC (Royal Unibrew) -- buy at Goldman Sachs

  • Data

    • Nikkei (0.60%) to 37799.97

    • Hang Seng +0.91% to 23698.04

    • Shanghai Composite +0.24% to 3376.89

    • S&P futures +10.5 vs prior close of 5759.5

    • €-$ +0.0020 or +0.19% to 1.0774

    • $-¥ (0.20) or (0.13%) to 150.39

    • €-¥ +0.07 or +0.04% to 162.01

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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