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StreetAccount Summary - Europe Pre-Open: FTSE (1.8%), DAX (4.9%), CAC (3.6%), IBEX (3.2%), MIB (3.4%)

Apr 07 ,2025

  • Synopsis

    • European equity markets indicated to open lower, extending last week's heavy losses that saw STOXX Europe 600 slump (8.4%) as markets reacted negatively to US President Trump's "Liberation Day" reciprocal tariffs. In the US, it was also the worst week for the S&P 500, Nasdaq, and Russell 2000 since Mar-20. S&P 500 and Nasdaq futures down another 3-4%.

    • Asian equities seeing steep losses Monday. Hang Seng (11.8%) leading heavy declines across China markets with tech sector down (16%). Taiwan also in bear market with TSMC limit down. Nikkei circuit breaker triggered before open, though off worst levels. ASX and Kospi also down sharply. Recall there was a flurry of China announcements in response to last week's reciprocal tariffs. Main headline was a 34% tariff on US imports effective 10-Apr with no exemptions. China stimulus expectations rise with tariffs weighing on growth and earnings outlook.

    • Trade war fears continue to overhang markets. No signs of de-escalation from weekend tariff headlines with Trump and White House officials dismissing market volatility. Multiple countries voicing willingness to talk with some offering trade concessions. However, unclear whether it will be enough with Trump again talking about tariffs as structural measure to rebalance trade and provide new source of government funding.

    • European macro data releases out today include Germany Feb trade balance, Norway Feb manufacturing production, UK Mar house price index - Halifax, Eurozone Apr investor confidence - Sentix, Feb retail sales

    • In central banks, Bank of Italy's Scotti speech at 9:50CET at the conf (through Tue) on "The interplay between tax and financial regulations in a new digital environment", panellists include ECB's Cipollone at 11:45. In politics, meeting of EU Foreign Council on Trade. Polish President Duda pays 3-day visit to Estonia (through Wed). Norway's minister of defense Sandvik has a bilateral meeting with Iceland's minister of foreign affairs Gunnarsdóttir. In UK, MPs hold a general debate on road maintenance, whilst committee topics include work of the Dept. for Business and Trade at 15:00BST. EU's Kallas begins a 2-day trip in Montenegro, then too Albania, Bosnia and Herzegovina on Tue. With six weeks to go until Portugal's general election, tv debates kick-off on TVI at 21:00CET (Montenegro (AD) x Raimundo (CDU)) and RTP3 at 22:00 (Ventura (Chega) x Real (PAN)).

  • Politics/Macro/World News

    • Trump tariffs risk large euro-area 'demand shock', central banker warns -- FT

    • France suggests targeting Big Tech's data use in response to US tariffs -- POLITICO

    • Starmer Vows Steps to Bolster UK Business Against Tariff Threat -- Bloomberg

    • ECB's Schnabel Says Trump's Onslaught May Mark End of Free Trade -- Bloomberg

    • China Discusses Accelerating Stimulus to Counter Trump Tariffs -- Bloomberg

    • Bill Ackman warns Trump is losing business leaders' confidence -- Reuters

    • EV targets watered down to help tariff-hit UK car industry -- FT

  • Top company news

    • Earnings/updates

      • AKRBP.NO (Aker BP) -- reports Q1 net production 441.4 mboepd vs quarter-ago 449.2

      • LSG.NO (Lerøy Seafood Group) -- issues Q1 trading update; total harvest volume of salmon and trout (ex-Scottish Seafarm, GWT) 38.2K vs year-ago 26.4K

      • HAUTO.NO (Höegh Autoliners) -- March trading update: transported 1.3M cbm of cargo on prorated basis

      • CLAS.B.SS (Clas Ohlson) -- reports Mar sales +17% to SEK814M; +19% organic

      • AV.IM (Antares Vision) -- presents 2025-27 business plan; targets adj. EBITDA margin between 20-21% in 2027

      • Also reporting today

        • Trading Update: Repsol (REP.SM), Shell (SHEL.LN)

        • CMD/events: ACOMO (ACOMO.NA), Ion Beam Applications (IBAB.BB)

    • M&A

      • SRT3.GR (Sartorius) -- Sartorius to acquire microtissue business MatTek from BICO AB for $80M (~€72M)

      • ENGI.FP (ENGIE) -- EVSE to acquire Engie's EV fast-charging business in Australia and New Zealand - Australian Financial PSM.GR (ProSiebenSat.1 Media) -- ProSiebenSat.1 lines up defence advisers amid takeover bid from MFE-MediaForEurope - Reuters

      • AZE.BB (Azelis Group) -- acquires 100% of shares of Solchem Nature S.L. in Spain; terms undisclosed

      • BSGR.NA (B&S Group) -- divests Lagaay Medical Group and non-strategic liquor activities (

      • ANIM.IM (Anima Holding SpA) -- Banco BPM offer for Anima Holding SpA reaches 89.94%

      • DEZ.GR (Deutz AG) -- to acquire UMS; terms not disclosed

      • DLAR.LN (De La Rue) -- close to concluding £300M sale of authentication arm to Crane NXT - Sky News

      • BICO.SS (BICO Group) -- BICO to divest MatTek to Sartorius for $80M

      • Multiple factors behind negative sentiment in data centre space - The Australian

    • Healthcare

      • BAYN.GR (Bayer AG) -- announces filing of petition to US Supreme Court for review of Durnell Roundup case

      • RYTM (Rhythm Pharmaceuticals) -- to host call on 7-Mon at 8:00 ET; announce topline results from pivotal Phase 3 TRANSCEND trial evaluating setmelanotide in patients with acquired hypothalamic obesity

      • BIM.FP (bioMerieux) -- obtains CE-marking of LUMED APSS, an advanced clinical decision support system designed to enhance antimicrobial stewardship programs and improve patient outcomes

      • YPSN.SW (Ypsomed Holding) -- Ypsomed and Sidekick Health launch a collaborative digital health solution for obesity management

    • Other

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- SEC filing: SCHEDULE 13D/A (Filed by INVESTOR AB)

      • AIR.FP (Airbus SE) -- EVA Airways places firm order for six A350-1000s, three A321neos

      • RWE.GR (RWE) -- won government development consent for 1.2GW Rampion 2 wind project off UK coast

      • TKA.GR (ThyssenKrupp) -- s to terminate the supply contract with Hüttenwerke Krupp Mannesmann

      • ABF.LN (Associated British Foods) -- Issues at Primark could lead to spinoff from Associated British Foods - Mail on Sunday

      • SREN.SW (Swiss Re) -- to be appointed as co-investment manager of GAM's catastrophe bond and ILS fund range

      • G.IM (Assicurazioni Generali) -- ISS recommends Generali investors vote to give CEO Philippe Donnet another term at 24-Apr general meeting - Reuters

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- secures OBN 3D contract offshore Trinidad

      • Estimated weekend box office revenues in US, Canada $195.8M, +128.9% y/y - Box Office Mojo

      • Executive compensation and living wages at UK retailers targets of recent shareholder resolutions (4-Apr)

      • Howmet Aerospace declares force majeure; may halt shipments due to Trump tariffs - Reuters

      • Large institutional investors evaluating options to discard stakes in illiquid private equity funds following market rout - FT

  • Key rating changes

    • Upgrades

      • SAVE.SS (Nordnet) -- to buy from hold at Pareto

    • Downgrades

      • AUTO.NO (AutoStore Holdings) -- to neutral from buy at Citi

      • NOD.NO (Nordic Semiconductor) -- to hold from buy at Pareto

      • TEL.NO (Telenor) -- to hold from buy at Pareto

      • BNP Paribas Exane downgrades ACX.SM, APAM.NA

    • Both

      • Barclays upgrades MNDI.LN; downgrades HOLM.B.SS, STERV.FH

  • Data

    • Nikkei (6.76%) to 31497.98

    • Hang Seng (11.83%) to 20147.15

    • Shanghai Composite (7.08%) to 3105.47

    • S&P futures (178.0) vs prior close of 5110.3

    • €-$ +0.0124 or +1.14% to 1.1010

    • $-¥ +0.25 or +0.17% to 145.73

    • €-¥ +2.11 or +1.33% to 160.44

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