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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.6%), DAX (0.9%), CAC (0.9%)

Mar 31 ,2025

  • Synopsis

    • European equity markets set to open broadly lower, extending last week's losses. Gold prices hit fresh record high; currently trading at above $3,146/oz.

    • European equity market performance was above all driven by EU-US trade tensions last week, after US President Trump announced a 25% tariff increase on imports of foreign-made vehicles as well as car parts. The EU is expected to retaliate with markets starting to discount a a tit-for-tat trade war. Hence, after a couple of positive weeks, the STOXX 600, heavily exposed to export-driven sectors, posted a weekly decline of (1.4%). Conversely, the FTSE100, less tied to EU-US trade and bolstered by commodity exposure, was able to post a +0.17% gain.

    • Markets remain captive to trade headlines ahead of Wednesday's reciprocal tariff announcement. Trump said reciprocal tariffs would apply to all countries, seemingly contradicting press reports suggesting some would receive exemptions. Latest press reports note Trump privately pushing more aggressive approach and recently revived idea of universal tariffs. Trump's hardline approach fueling concerns about downside risks to economic growth with Goldman Sachs now predicting three Fed rate cuts in 2025 vs two previously.

    • Asian equities broadly lower Monday with tariff uncertainty weighing on sentiment. Busy day on economic calendar. China official manufacturing PMI firmed in March with output and new orders strengthening while export declines narrowed. Non-manufacturing PMI also rose with construction and services logging moderate improvements.

    • European macro data releases out today include Germany Mar preliminary CPI, Feb retail sales, Italy Mar preliminary CPI, UK Feb mortgage approvals, M3 money supply, Denmark Q4 final GDP, Greece Jan retail sales, Ireland Mar preliminary HICP, Portugal Mar preliminary CPI, Belgium Feb PPI

    • In central banks, Norges Bank's Longva and Børsum speech at bank's Regional Network, region South-West whilst Bache speech at 10:30CET at Regional Network, region North. Riksbank's Breman speech at 17:30CET at Unga aktiesparare on current and future challenges in monetary policy, digital currencies and payment preparedness. Bank of France's Villeroy speech in Paris. Bank of Italy's annual meeting, governor Panetta speech, and Bank of Spain releases latest Annual Accounts.

    • In politics, EU's Kubilius attends the G5+ Ministerial Meeting on 'Strengthening European security and supporting Ukraine'. Other events on Mon include Nordic Council theme session 2025, LSE event at 10:00BST in conversation with Alexander Stubb, 13th President of the Republic of Finland and Americas 2025: Agency, Energy & Infrastructure Finance (through Wed). Elsewhere, Hannover Messe industrial trade fair (through Fri) and French-Norwegian Green Industry Forum 2025. Also, SOS Ocean summit (through Tue) includes the release of OECD's report on "The Ocean Economy to 2050". In Belgium, there's a nationwide strike over budget cuts, pension reforms. Lufthansa (LHA.GR) management to discuss collective bargaining issues at the invitation of pilots' union VC Cockpit.

    • On the corporate front, Fortnox (FNOX.SS) unanimously recommends the shareholders to accept the SEK 90/share cash offer from EQT X and First Kraft announced on 31-Mar-25; Poste Italiana (PST.IM) acquires Vivendi's (VIV.FP) 15% stake in Telecom Italia (TIT.IM) for €684M, or €0.2975/sh, in cash; ING Groep (INGA.NA), Banca Popolare di Sondrio (BPSO.IM) have met about potential merger

  • Politics/Macro/World News

    • Trump 'very angry' with Putin over ceasefire negotiations -- BBC

    • Cabinet Office to scrutinise failings of UK's official data provider ONS -- FT

    • Starmer Holds 'Productive' Talks With Trump Ahead of Tariff Hit -- Bloomberg

    • Germany's spending push drives up borrowing costs across Eurozone -- FT

  • Top company news

    • Earnings/updates

      • WOLF (Wolfspeed) -- Follow-up: Wolfspeed provides update on steps to strengthen capital structure; reaffirms FQ3 outlook

      • NOEJ.GR (Norma Group) -- reports FY EPS €1.28 ex-items vs FactSet €1.13 [8 est, €0.79-1.35], cuts dividend (11%) y/y, reaffirms 2025 guidance

      • STB.NO (Storebrand) -- publishes Q1 2025 pre-silent newsletter

      • MDG1.GR (Medigene) -- reports loss of half of share capital and cash runway amendment

      • BIO3.GR (Biotest) -- reports FY net income €26.4M vs year-ago €127.0M; guides 2025 Operating result (EBIT) in the range of (€55M) to (€75M)

      • CPI.AV (CPI Europe) -- reports FY FFO 1 after tax €274.50 vs year-ago €228.40

      • JUVE.IM (Juventus Football Club) -- Juventus Football Club considering capital increase following 2025/26 forecast review

      • Also reporting today

        • Earnings:

          • DACHs: CANCOM (COK.GR), Knaus Tabbert (KTA.GR), BioHarvest Sciences (8MV0.GR), Nynomic (M7U.GR), Softing (SYT.GR), Friedrich Vorwerk Group (VH2.GR), MBB (MBB.GR), Aumann (AAG.GR), Dragerwerk (DRW3.GR)

          • France: Vranken-Pommery Monopole (VRAP.FP), Solutions 30 (S30.FP), McPhy Energy (ALMCP.FP), Delfingen Industry (ALDEL.FP)

          • Nordics: SP Group (SPG.DC), Atlantic Petroleum (ALTA.DC)

          • Southern Europe: ENAV (ENAV.IM), Piraeus Port Authority (PPA.GA), Hellenic Exchanges-Athens Stock Exchange (EXAE.GA)

          • UK: Petershill Partners (PHLL.LN), RTW Biotech Opportunities (RTW.LN), Inspired (INSE.LN), Solidcore Resources (POLYP.LN), YouGov (YOU.LN), Bioventix (BVXP.LN)

    • M&A

      • FNOX.SS (Fortnox) -- unanimously recommends the shareholders to accept the SEK 90/share cash offer from EQT X and First Kraft announced on 31-Mar-25

      • AIR.FP (Airbus SE) -- Airbus, Thales, and Leonardo said to have submitted preliminary plan to European Commission regarding potential space JV - La Tribune (earlier, intraday EU)

      • TIT.IM (Telecom Italia) -- Poste Italiana acquires Vivendi's 15% stake in Telecom Italia for €684M, or €0.2975/sh, in cash

      • UCG.IM (UniCredit) -- receives ECB and Bank of Italy permission to to acquire Banco BPM

      • BAER.SW (Julius Baer Group) -- completes sale of domestic Brazilian business

      • CO.FP (Casino Guichard-Perrachon)

        • Casino Group finalizes sale of €71M of real estate assets

        • Icade makes first acquisition of 9 sites from Casino Group for a total of €32M

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- ISS recommends Monte dei Paschi shareholders vote against proposed share issue to fund bid for Mediobanca - Reuters

      • SWON.SW (SoftwareONE Holding) -- ISS and Glass Lewis support all SoftwareOne's EGM proposals for the combination with Crayon

      • LAGR.B.SS (Lagercrantz Group) -- acquires He-Man in the UK; terms undisclosed

      • BWLPG.NO (BW LPG) -- signs MOA to sell two VLGCs to India

      • BPSO.IM (Banca Popolare di Sondrio) -- ING Groep, Banca Popolare di Sondrio have met about potential merger - Reuters

      • AX1.AU (Accent Group) -- Frasers Group to increase shareholding in Accent Group to 19.99% vs prior 14.65% as two sides sign JV agreement - Australian Financial Review

        • AX1.AU (Accent Group) -- re-confirms ongoing discussions with Frasers Group

      • SBX.NO (Seabird Exploration) -- and Energy Drilling finalize transaction agreement to form Energy Holdings

      • CLOUD.NO (Cloudberry Clean Energy) -- completes the Skovgaard agreement, final purchase price for the shares is DKK 654M

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA approves AstraZeneca's Imfinzi as neoadjuvant treatment in MIBC

      • NOVN.SW (Novartis) -- FDA approves Novartis radioligand therapy Pluvicto for earlier use before chemotherapy in PSMA-positive metastatic castration-resistant prostate cancer

      • NOVO.B.DC (Novo Nordisk) -- presents full results from STRIDE, a phase 3B PAD outcomes trial investigating the effects of once-weekly injectable Ozempic in adults with type 2 diabetes and PAD

      • NOVO.B.DC (Novo Nordisk) -- announces results from SOUL cardiovascular outcomes trial at ACC 2025; Rybelsus (oral semaglutide 14 mg) demonstrates superior reduction in cardiovascular events

      • NOVO.B.DC (Novo Nordisk) -- announces semaglutide 2.4 mg demonstrated reduction in cardiovascular events in a real-world setting

      • SAN.FP (Sanofi) -- issues press release on FDA approval of Qfitlia (fitusiran) treat hemophilia A or B with or without inhibitors

      • ALNY (Alnylam Pharmaceuticals) -- FDA approved Qfitlia (fitusiran) for Hemophilia A or B, with or without Factor Inhibitors

      • VLA.FP (Valneva) -- Submits Adolescent Label Extension Application for its Chikungunya Vaccine, IXCHIQ, to UK MHRA

      • GUBRA.DC (Gubra A/S) -- US FTC grants early termination of the waiting period under the HSR Act for license agreement between Gubra and AbbVie

      • IBT.B.SS (Infant Bacterial Therapeutics) -- announces FDA has granted Breakthrough Therapy designation for IBP-9414's potential to reduce gastrointestinal-related mortality

    • Other

      • MB.IM (Mediobanca) -- reports top shareholders Delfin and Caltagirone to ECB over concerns they are set to gain control of three big financial institutions without approval - FT

      • ARCAD.NA (ARCADIS) -- and AtkinsRéalis JV appointed as one of four suppliers to UK's Northern Powerhouse Rail design framework

      • VOLCAR.B.SS (Volvo Car) -- CEO Jim Rowan to step down, leave company 31-Mar; no reason given

      • BOC Aviation to purchase 70 Airbus A320NEO family aircraft

      • Estimated weekend box office revenues in US, Canada $75.4M, (45.1%) y/y - Box Office Mojo

      • US notifies foreign partners of PDVSA of imminent cancellation of authorizations that allow them to export Venezuelan oil and byproducts - Reuters, citing sources

  • Key rating changes

    • Upgrades

      • BNZL.LN (Bunzl) -- to overweight from equal weight at Barclays

      • ENOG.LN (Energean) -- to hold from underperform at Jefferies

      • SZG.GR (Salzgitter) -- to buy from hold at Kepler Cheuvreux

      • TKA.GR (ThyssenKrupp) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • GXI.GR (Gerresheimer) -- to sector weight from overweight at KeyBanc

      • S92.GR (SMA Solar Technology) -- to hold from buy at Jefferies

      • HOT.GR (Hochtief) -- to hold from buy at Jefferies

      • EAPI.FP (Euroapi) -- to market perform from outperform at Bernstein

    • Initiations

      • WISE.LN (Wise Plc) -- overweight at JPMorgan

    • Other Actions

      • UBI.FP (Ubisoft Entertainment) -- resumed reduce at Kepler Cheuvreux; prior rating was reduce

  • Data

    • Nikkei (3.90%) to 35671.07

    • Hang Seng (1.65%) to 23040.03

    • Shanghai Composite (0.78%) to 3325.00

    • S&P futures (37.3) vs prior close of 5623.0

    • €-$ +0.0005 or +0.05% to 1.0835

    • $-¥ (0.80) or (0.53%) to 149.04

    • €-¥ (0.75) or (0.46%) to 161.49

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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