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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.23%), DAX30 (0.30%), CAC40 (0.14%)

Apr 04 ,2025

  • Synopsis

    • European indices are set to open lower again today as Asian equities also remain under pressure. Japan extending bank-led selloff amid double-digit decline in JGB yields. Korea swinging lower with semis/tech down sharply amid looming chip tariffs.

    • US equities finished sharply lower in Thursday trading. S&P and Nasdaq logged their their worst sessions since 2020;

    • Trump's new tariffs on the EU sparked global concern. EU leaders like von der Leyen decried dire economic consequences. EU ready to negotiate but is also ready to retaliate. Nations, including UK and Italy, to seek deals to mitigate impact

    • European interest rate markets reacting to Trump tariff announcement by adding to rate cut bets. There is now ~90% chance for further ECB easing in April versus approximately 65% probability earlier in the week

    • In central banks, ECB's de Guindos lecture at 10:00CET at Academia Europea Leadership.

    • Eco data published so far today: Switzerland Mar Unemployment Rate (sa) 2.8% vs consensus 2.7% and prior 2.7%

    • Later today: Germany Feb factory orders, Mar construction PMI, France Feb industrial production, Spain Feb industrial production, Italy Feb retail sales, Sweden Mar preliminary CPI, Eurozone Mar construction PMI.

    • Germany, Russia, UK Mar new car registrations are due for release.

    • In corporate earnings: Alstom (ALO.FP) reports Q4 2024/25 orders. Sodexo (SW.FP) reports full H1 results in line with 20-Mar prelim announcement.

  • Politics/Macro/World News

    • E.U. Prepares Major Penalties Against Elon Musk's X (NYT )

    • How to make sense of Donald Trump's tariffs (FT )

    • EU Calculates Cost of Trump's Tariff Bazooka (BBG )

    • Italy defence drive could derail debt, hit ratings (Reuters )

  • Top company news

    • Earnings/updates

      • IBAB.BB (Ion Beam Applications) -- IBA to share long-term growth strategy at upcoming 2025 Capital Markets Day; no new material financial information will be provided

      • BOI.FP (Boiron) -- reports FY net income €11.3M vs FactSet €29.9M [1 est]

    • M&A

      • GXI.GR (Gerresheimer) -- KKR backs out of consortium looking to acquire Gerresheimer - Bloomberg

      • BSGR.NA (B&S Group) -- Sarabel to make recommended full public offer for all outstanding shares in the share capital of B&S; all-cash offer of €6.15 per share

      • BX (Blackstone) -- Life Sciences and Anthos Therapeutics announce Novartis (NOVN.SW) has completed the previously announced acquisition of Anthos Therapeutics

      • SHEL.LN (Shell Plc) -- Shell to sell its 16.125% stake in Colonial Enterprises to Brookfield Infrastructure Partners for $1.45B

      • BAMI.IM (Banco BPM) -- Italy leaning towards approving Unicredit's bid to acquire Banco BPM with some unspecified prescriptions - Reuters

      • SPSN.SW (Swiss Prime Site) -- acquires iconic office property at Place des Alpes in the centre of Geneva for an undisclosed sum

      • LIN.FP (Linedata Services) -- announced the acquisition of NROAD, a proven specialist in AI-enabled automated unstructured financial data processing based in Boston and Pune, India.

      • FCG.NZ (Fonterra Co-operative Group) -- Fonterra holding firm on selling Mainland Group business as a whole - The Australian

      • CICN.SW (Cicor Technologies) -- to acquire 100% of shares of Spanish electronics company Malaga Aerospace, Defense & Electronics Systems S.A.U.

      • CDA.FP (Compagnie des Alpes) -- announces the acquisition of BELANTIS, one of the largest amusement Parks in Eastern Germany

    • Other

      • VACN.SW (VAT Group) -- publishes Sustainability Report 2024

      • EN.FP (Bouygues) -- subsidiary Colas secures €380M contract to operate and maintain the On-Track Machines in Britain

      • SOLB.BB (Solvay) -- releases 2024 integrated report

      • GOGL.NO (Golden Ocean Group) -- SEC filing: SCHEDULE 13D/A (Filed by CMB.TECH NV)

      • Fincantieri starts works on the first of the previously disclosed FREMM frigates for the Italian Navy

  • Key rating changes

    • Upgrades

      • ABN.NA (ABN AMRO Bank) -- to outperform from sector perform at RBC Capital Markets

      • SKF.B.SS (SKF) -- to hold from underperform at Jefferies

  • Data

    • Nikkei (2.94%) to 33714.98

    • Hang Seng +0.00% to 22849.81

    • Shanghai Composite +0.00% to 3342.01

    • S&P futures (25.0) vs prior close of 5432.8

    • €-$ +0.0027 or +0.24% to 1.1082

    • $-¥ (0.20) or (0.14%) to 145.86

    • €-¥ +0.17 or +0.11% to 161.61

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