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
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
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE