Mar 28 ,2025
Synopsis
European indices are set to open mostly lower as Asian equities trade mostly lower Friday. More losses for Japanese and South Korean car makers while chip stocks are also weighing, and in Taiwan where the Taiex is also sharply lower.
Fallout from Trump's auto tariffs continued after leaders from Japan, South Korea, and Europe all flagged a response. While their rhetoric was relatively muted, risk of tit-for-tat retaliation remains after Trump threatened "far larger" tariffs on EU and Canada if they collaborate on their response.
S&P futures +6.8 to 5,746.0, +0.12% vs settlement
US equities were lower in somewhat choppy Thursday trading. Stocks finished off worst levels, but unable to bounce off Wednesday's notable slides in the S&P, Nasdaq and Russell. However, major averages still on pace for modest weekly gains.
In Central banks ECB's de Guindos remarks at 9:30 CET at conf "VI Cumbre FEDEPE" organised by FEDEPE and ECB Consumer Expectations Survey results for March releases at 10:00CET.
Economic data expected today: Germany Mar unemployment rate, Apr consumer confidence - GfK, France Mar preliminary CPI, Feb consumer goods spending, PPI, Feb consumer goods spending, Italy Mar business/consumer confidence, Feb PPI, Spain Mar preliminary CPI, UK Q4 final GDP, Feb retail sales and Jan trade balance (delayed from 14-Mar), Eurozone Mar economic sentiment indicator, Switzerland Mar leading indicator - KOF, Belgium Mar CPI, Ireland Feb retail sales, Netherlands Feb PPI, Norway Feb retail sales, Sweden Feb retail sales, Denmark Feb unemployment rate
In Earnings: InPost (INPST.NA) reports FY EPS PLN2.48 vs FactSet PLN2.57. Holcim (HOLN.SW) presents new strategy: NextGen Growth 2030
Politics/Macro/World News
Top company news
Earnings/updates
HOLN.SW (Holcim) -- presents new strategy: NextGen Growth 2030
CMBT.BB (CMB.TECH) -- reports Q4 net income attributable $93.1M, in-line with preliminary report
INPST.NA (InPost) -- reports FY EPS PLN2.48 vs FactSet PLN2.57 [10 est, PLN2.04-2.78]
TNG.FP (Transgene) -- reports FY net income (€34M) vs FactSet (€30.0M) [3 est, (€32.5)-(27.9M)]
BSL.GR (Basler) -- reports FY EBT (€12.0M), in-line with preliminary report
CGM.FP (Cegedim) -- reports FY net income (€14.7M) vs FactSet €18.3M [2 est, €17.8-18.7M]
EXM.BB (Exmar NV) -- reports FY net income $181M, +151% vs year-ago $72M
M&A
UBI.FP (Ubisoft Entertainment) -- Tencent to invest €1.16B in new Ubisoft Entertainment unit - Bloomberg
UBI.FP (Ubisoft Entertainment) -- Ubisoft confirms creation of new subsidiary and €1.16B investment from Tencent; conference call today at 13:45 ET
GCO.SM (Grupo Catalana Occidente) -- Inoc, S.A. launches takeover bid for Grupo Catalana Occcidente, S.A. at 50 per share
GCO.SM (Grupo Catalana Occidente) -- board has held an extraordinary meeting this afternoon regarding the previously announced takeover offer by Inoc SA
PNE3.GR (PNE) -- majority holder Morgan Stanley Infrastructure reportedly weighing sale of its stake -- Reuters
KER.FP (Kering) -- and Ardian complete their investment transaction
ANIM.IM (Anima Holding SpA) -- Banco BPM announces waiver of the ECB Condition in acquisition of Anima
GREEN.BB (Greenyard) -- and Gelagri enter exclusive negotiations to join forces in Brittany
ALGIL.FP (Groupe Guillin) -- enters into exclusive negotiations for the acquisition of Cartonnerie Moderne, Alpes Emballages and Défi Imprimerie
MTRK.NA (MotorK) -- completes sale of remaining 20% stake in Auto XY to GEDI Digital
Healthcare
REGN (Regeneron) -- Japan approves Regeneron's Dupixent to treat COPD
DBV.FP (DBV Technologies) -- announces financing of up to $306.9M (€284.5M) to advance Viaskin Peanut Patch
NANO.FP (Nanobiotix) -- announces first data from the completed dose escalation part of a Phase 1 study evaluating NBTXR3 (JNJ-1900) as a 2L+ therapy for patients with locally advanced NSCLC
Other
DBK.GR (Deutsche Bank) -- announces Raja Akram to succeed James von Moltke as CFO, other management updates
GOGL.NO (Golden Ocean Group) -- SEC filing: SCHEDULE 13D/A (Filed by CMB.TECH NV)
SINCH.SS (Sinch) -- announces Chief Product Officer Sean O'Nea
NEL.NO (NEL ASA) -- receives purchase order from Collins Aerospace for U.S. Navy stacks
AKAST.NO (Akastor) -- releases sustainability report
Key rating changes
Upgrades
ADEN.SW (Adecco Group) -- to buy from neutral at Goldman Sachs
ANE.SM (Corporación Acciona Energías Renovables) -- to outperform from neutral at Oddo
ML.FP (Cie Generale des Etablissements Michelin SA) -- to buy from hold at HSBC
PRY.IM (Prysmian) -- to outperform from neutral at Intermonte
RACE.IM (Ferrari) -- to buy from hold at Kepler Cheuvreux
RACE.IM (Ferrari) -- to overweight from equal weight at Barclays
Downgrades
KNEBV.FH (Kone) -- to hold from buy at Jefferies
JEN.GR (Jenoptik) -- to hold from buy at Deutsche Bank
CBK.GR (Commerzbank) -- to neutral from outperform at Autonomous Research
POST.AV (Oesterreichische Post) -- to hold from accumulate at Erste Group
Data
Nikkei (1.95%) to 37061.20
Hang Seng (0.57%) to 23443.7
Shanghai Composite (0.45%) to 3358.44
S&P futures +5.0 vs prior close of 5739.3
€-$ (0.0018) or (0.17%) to 1.0786
$-¥ (0.40) or (0.26%) to 150.65
€-¥ (0.72) or (0.44%) to 162.46
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