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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.32%), DAX (0.17%), CAC40 +0.00%

Apr 02 ,2025

  • Synopsis

    • European equity markets are set for a lower open amidst mixed Asian equities Wednesday as markets await Trump's tariff announcement. Mainland China logging mild gain while Hong Kong flat. Japan, Australia and Taiwan managing small advance. S&P 500 futures slightly lower afterhours.

    • Trade continues to dominate headlines into Wednesday's tariff announcement, which Trump is expected to deliver at 16 ET. While Trump said he has settled on a tariff plan, sources say Trump being presented with multiple options, including the already discussed 20% universal tariff rate, across-the-board tariffs that only apply to certain nations and are not as high as 20% universal tariff. Another involves different tariff rates for each country (10% or 20%) based on trade and non-trade barriers against US. White House said Wednesday's announcement would feature "country-based" tariffs, which fits with the widely discussed reciprocal tariff approach and provides hope that they will open door to country-specific negotiations that can provide some relief. Whatever is proposed, White House said tariffs will take immediate effect (Bloomberg). Guardian reports UK PM Starmer is willing to reduce tax on big US technology companies in return for lower tariffs.

    • In UK, following MP's questions on Northern Ireland there's weekly PMQs at 12noon BST. Committee topics include Heathrow Airport power outage (9:15) and Spring Statement (14:30 Chancellor Reeves). Amongst events are King's College London event at 13:30BST title roundtable with African ambassadors on critical raw materials, Institute for Government event at 13:30BST keynote speech by Andy Burnham, Mayor of Greater Manchester and FT event at 14:00BST title Trump's Energy Policies and the Green Transition.

    • In central banks, ECB's Schnabel speech at 12:30CET at Masterclass of SciencesPo. Bank of Spain's Escriva speech at 12noonCET at event organized by the Confederación de Empresarios de Galicia in Santiago de Compostela. Poland central bank interest rate decision, expected to leave benchmark interest rate unchanged at 5.75%. Minutes of last Bank of Russia's MPC meeting. In politics, Informal meeting of EU defence ministers (through Thu).

    • Light macro front with Spain Mar unemployment change and Ireland Mar unemployment rate due for release.

    • On the corporate front, BMW of North America (BMW.GR) reported Q1 2025 U.S. BMW brand sales 87,615 vehicles, +3.7% y/y and FCA US (STLAM.IM) announced Q1 sales of 293,225 vehicles, (12%) y/y. In Germany, technotrans (TTR1.GR) reported final FY earnings in line with prelim. release; EPS €1.06 vs FactSet €1.10. Overnight, L'Oreal (OR.FP) announced a buyback program of maximum €500M or 2M shares.

    • Amongst CMDs/events, FACC (FACC.AV) whilst Nokia (NOKIA.FH) hosts executive briefing at OFC 2025.

  • Politics/Macro/World News

    • Trump still weighing different tariff options ahead of 'Liberation Day'

    • Starmer offers big US tech firms tax cuts in return for lower Trump tariffs - Guardian

    • Speaker of Ireland's parliament survives unprecedented confidence vote - politico

  • Top company news

    • Earnings/updates

      • DACHs:

        • BMW.GR (Bayerische Motoren Werke) -- BMW of North America reports Q1 2025 U.S. BMW brand sales 87,615 vehicles, +3.7% y/y

        • TTR1.GR (technotrans) -- reports final FY earnings in line with prelim. release; EPS €1.06 vs FactSet €1.10 [2 est, €1.09-1.10]

      • Nordics:

        • SVITZR.DC (Svitzer Group) -- issues 2M trading update; reaffirms financial outlook for 2025

      • Southern Europe:

        • STLAM.IM (Stellantis) -- FCA US reports Q1 sales of 293,225 vehicles, (12%) y/y

    • M&A

      • GRF.SM (Grifols) -- Brookfield resumes talks with Grifols to launch another takeover bid for the company - El Confidencial

      • CLNX.SM (Cellnex Telecom) -- launches sale of majority stake in Swiss business - Bloomberg (10:11 ET/16:11 CET)

      • CS.FP (AXA) -- completes the acquisition of Nobis Group for €423M plus earnout

      • IGG.LN (IG Group Holdings) -- completes the acquisition of Freetrade

      • LUN.CN (Lundin Mining) -- EU clears Boliden's acquisition of Neves-Corvo and Zinkgruvan

      • 1COV.GR (Covestro) -- EU sets a provisional deadline of 12-May to rule on ADNOC's acquisition of Covestro

      • LXS.GR (Lanxess) -- completes sale of Urethane Systems business to UBE Corp

      • COLR.BB (Colruyt Group) -- increases its stake in Smartmat NV to 100%

      • NWH.UT.CN (Northwest Healthcare Properties REIT) -- announces sale of 33% of its investment in Assura PLC

      • ONTEX.BB (Ontex Group) -- completes divestment of Brazilian business to Softys

      • KEMIRA.FH (Kemira) -- completes acquisition of Thatcher Group's iron sulfate coagulant business in the United States; terms undisclosed

      • AGFB.BB (Agfa-Gevaert) -- Aurelius Group to pay Agfa €5.9M by 4-Apr in relation to sale of Agfa's Offset Solutions division to Aurelius Group

      • SHUR.BB (Shurgard Self Storage) -- acquires a new self-storage facility in Cologne for €16.2M

      • GURN.SW (Gurit Holding) -- completes divestment of PET recycling site in Carmignano di Brenta, Italy, as part of ongoing strategic realignment

      • BRKN.SW (Burkhalter Holding) -- will acquire Mathieu Ingenieure AG in Visp (VS) with effect from 1-Apr; terms undisclosed

      • TXT.IM (TXT e-Solutions) -- completes the acquisition of IT Values

      • Color Wow founder Gail Federici reportedly considering sale of its haircare brand in a deal that could be worth around $1B - Reuters

    • Healthcare

      • LLY (Eli Lilly) --

        • trading lower after Hims & Hers expands access to weight loss drugs

        • has no affiliation with Hims & Hers (roughly 17:00 ET)

      • SAN.FP (Sanofi) -- FDA grants orphan drug designation to rilzabrutinib for IgG4-RD

      • UCB.BB (UCB) -- UCB's RYSTIGGO now approved for adults with Generalized myasthenia Gravis (gMG) in Canada

      • VLA.FP (Valneva) -- announces European Commission has granted marketing authorization in Europe for IXCHIQ for prevention of disease caused by chikungunya virus in individuals 12 years of age and older

      • IVA.FP (Inventiva) -- announces completion of enrollment in the Phase 3 NATiV3 clinical trial of lanifibranor in patients with MASH and advanced fibrosis

      • IBAB.BB (Ion Beam Applications) -- IBA signs contract for a ProteusONE solution to be installed at the Tri-Service General Hospital in Taiwan

    • Other

      • PLSV.NO (Paratus Energy Services) -- intends to repurchase up to 1.6M shares ($5M)

      • ALSEN.FP (Sensorion) -- appoints Amit Munshi as Chairman of the board

      • YIT.FH (Yit) -- signs ~ €47M contract for renovation of shopping centre in Vilnius, Lithuania

      • NDX1.GR (Nordex Group) -- receives two orders totalling 750 MW in Türkiye; name of the customer and of the wind farms not yet disclosed

      • BWE.NO (BW Energy) -- granted extension to the Golfinho licence production phase to 2042 by ANP

      • ACKB.BB (Ackermans & Van Haaren) -- announces Delen Private Bank completes acquisition of Dierickx Leys Private Bank

      • MBG.GR (Mercedes-Benz Group) -- reportedly considering withdrawing entry-level models from the US due to auto tariffs - Bloomberg

      • MBG.GR (Mercedes-Benz Group) -- spokesperson denies earlier report of withdrawing entry-level models from the US in response to potential auto tariffs - wires

      • OR.FP (L'Oreal) -- announces buyback program of maximum €500M or 2M shares

      • SPM.IM (Saipem) -- awarded new contracts in Middle East and Guyana for total amount of ~$720M

      • G.IM (Assicurazioni Generali) -- IVASS needs additional details about internal control and governance systems as it reviews Generali's proposed asset management tie-up with BPCE - Reuters

      • DAE.SW (Dätwyler Holding) -- Datwyler commences serial component supply for GLP-1 therapy

      • CMA reaches settlement with car manufacturers and industry bodies in relation to vehicle recycling, related advertising claims

      • European Commission fines 15 major car manufacturers and ACEA €458M over end-of-life vehicles recycling cartel

      • Hotels led following Q1 declines

      • Italy Mar new passenger car registrations 172,223 units, +6.2% y/y -- UNRAE

      • Manhattan Q1 leasing volume highest since 4Q19; San Fran highest since 2015 - Savills

      • MasOrange exploring 2026 IPO in Spain - FT

      • WNS (Holdings) reportedly exploring sale following interest from potential buyers including CapGemini - Reuters

  • Key rating changes

    • Upgrades

      • BAR.BB (Barco) -- to buy from hold at ING

      • CS.FP (AXA) -- to buy from neutral at Goldman Sachs

      • RAT.LN (Rathbones Group) -- outperform from sector perform at RBC Capital Markets

      • Deutsche Bank upgrades IPN.FP; downgrades HLUN.B.DC

      • ABB.SS (ABB Limited) -- to buy from hold at DnB Markets

      • CEVI.SS (CellaVision) -- to buy from hold at Pareto

      • ENGI.FP (ENGIE) -- to buy from hold at Jefferies

    • Downgrades

      • Kepler Cheuvreux downgrades BNP.FP, GLE.FP

      • ASML.NA (ASML Holding) -- to neutral from buy at Mizuho Securities

      • EPI.A.SS (Epiroc) -- to hold from buy at DnB Markets

      • EDPR.PL (EDP Renovaveis) -- to hold from buy at Jefferies

      • DNO.NO (DNO ASA) -- to hold from buy at DnB Markets

      • AED.BB (Aedifica) -- to neutral from overweight at JPMorgan

    • Initiations

      • YOU.LN (YouGov) -- neutral at JPMorgan

      • SQZ.LN (Serica Energy) -- buy at Panmure Liberum

      • DIE.BB (D'Ieteren Group) -- outperform at BNP Paribas Exane

      • Berenberg initiates ABI.BB, BF.B, CARL.B.DC, others

  • Data

    • Nikkei +0.31% to 35734.85

    • Hang Seng (0.18%) to 23165.04

    • Shanghai Composite +0.01% to 3348.73

    • S&P futures (7.3) vs prior close of 5674.5

    • €-$ (0.0003) or (0.03%) to 1.0789

    • $-¥ +0.23 or +0.15% to 149.85

    • €-¥ +0.21 or +0.13% to 161.67

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