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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +2.71% to 7910.53, DAX +2.48% to 20280.26, CAC40 +2.50% to 7100.42, STOXX 600 +2.72% to 486.91

Apr 08 ,2025

  • Synopsis:

    • Equity markets broadly finished higher after Monday's big losses. Industrials, financials services and travel & leisure the best performers; autos/parts, telecom, oil & gas the biggest laggards. Note that Europe's leading benchmark index was down nearly 12% over three days. US equity markets are seeing big gains following extremely volatile trading on Monday. Treasuries weaker across the curve with some curve flattening; yields up 4-8 bp, off worst levels but adding a bit to Monday's big backup. Dollar index flat. Gold up 1.5%. Bitcoin futures up 0.5%. WTI crude down 0.4%.

    • Global markets attempting to bounce on some combination of oversold conditions and Trump repeated he is open to negotiations though unclear to what extent. EU offered "zero-for-zero" industrial tariff deal while remaining divided over deploying Anti-Coercion Instrument (ACI) to target US services; Trump rejected the proposal, demanding the bloc commit to purchasing $350B in US energy to address trade deficit. EU now faces escalating tensions as retaliatory measures loom. Bloc plans initial 25% tariffs on €22.1B of US goods (e.g., soybeans, textiles) starting 15-Apr, scaled back after exemptions for bourbon, but internal cohesion remains fragile as leaders weigh proportional responses against the risk of full trade war.

    • In political developments out of the region, Bild reports that CDU/CSU and SPD coalition agreement could be announced by Wednesday. Media reports European central banks have increased monitoring of banks in the wake of market turmoil following Trump tariffs; have found no reason for alarm yet. Sell-side economists think the ECB could cut rates up to four times by the end of the year in response to a global economic slowdown; markets and analysts expect a rate cut in April and June in response to trade tariffs and market volatility.

    • Light on the macro data calendar today with France Feb trade balance coming in at (€7.9B) vs consensus (€5.4B) and prior (€6.5B); Denmark Feb Manufacturing Production was +5.1% m/m vs consensus +7.5% and prior revised (11.4%) from (11.9%) and Netherlands Mar final CPI came in line with prelim at +3.7% y/y.

    • In corporate news flow, of note in M&A, Infineon Technologies (IFX.GR) entered agreement to buy Marvell Technology's (MRVL) automotive ethernet business for $2.5B cash. Further out of DACHs, u-blox Holding (UBXN.SW) divested dual mode cellular-satellite communications business to Trident IoT. 3i Group (III.LN) reportedly put MPM sale process on hold due to impact of tariffs. Further in the UK, Science Group (SAG.LN) raised stake in Ricardo (RCDO.LN) to over 20% while Tissue Regenix Group (TRX.LN) terminated Strategic Review, citing low company valuation. In media reports, Stellantis (STLAM.IM) has hired McKinsey for strategic advice and is exploring options for Maserati and Alfa Romeo brands. Banco Santander (SAN.SM) reportedly engaging with advisors to explore the sale of its majority stake in Santander Bank Polska SA (SPL.PW). Continental (CON.GR) decides in principle to make the ContiTech group sector independent during 2026; sale of the group sector is seen as the most probable strategic option.

    • In other corporate updates, OMV (OMV.AV) shares are higher post Q1 trading update; Porsche (P911.GR) posted Q1 Worldwide deliveries (8%) y/y. In the UK, JTC (JTC.LN), UNITE Group (UTG.LN), Hilton Food Group (HFG.LN), Staffline Group (STAF.LN) updated investors. In Spain, Repsol (REP.SM) provided Q1 trading statement while in France, VINCI (DG.FP) signed public-private partnership contract for electricity transmission in Australia and Getlink (GET.FP) reported Mar Eurotunnel Freight Shuttle traffic.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Insurance +4.08%, Financial Svcs +3.89%, Travel & Leisure +3.85%, Ind Goods & Svcs +3.59%, Construct & Mtls +3.29%, Persnl & HHold Goods +3.07%, Technology +3.06%, Retail +2.87%

      • Underperformers:

        • Autos & Parts +0.79%, Telecom +1.27%, Oil & Gas +1.30%, Basic Resources +1.41%, Utilities +1.67%, Real Estate +1.72%, Chemicals +2.07%, Banks +2.31%, Health Care +2.48%, Media +2.52%, Food & Beverage +2.60%

    • Macro:

      • Tariffs:

        • UK's Starmer vows to cut trade barriers with key partners (Reuters)

        • EU proposes counter-tariffs to US alongside Zero-for-Zero offer, Trump demands EU buy $350B of US energy

        • Meloni bridges EU-US divide in Trump talks, aims for 10% reciprocal tariffs amid EU skepticism (Corriere)

        • BoE probes market liquidity and hedge fund risks amid post-Trump tariff volatility (FT)

        • ECB's Stournaras says higher inflation due to tariffs could delay monetary policy normalisation (Reuters )

      • Germany:

        • Coalition deal close to agreement (Bild)

        • German economic institutes cut forecast for 2025 to 0.1% growth, sources say (Reuters )

      • ECB's Simkus favors 25bps rate cut on 17-Apr citing tariff offensive: Bloomberg

      • Watchdogs scrutinize bank liquidity amid tariff turmoil (Bloomberg )

    • Peripheral markets:

      • Switzerland:

        • Supercharged Swiss Franc Is Piling Pressure on the Central Bank (Bloomberg )

      • Greece:

        • EU border agency reviewing 12 cases of potential rights violations by Greece (Reuters )

    • Company news:

      • Notable Gainers

        • +20.6% SERI.IM (Seri Industrial €1.96, +0.34) -- finalizes €150M financing agreement

        • +14.4% QLINEA.SS (Q-linea SEK0.04, -0.00) -- to bring forward date for publication of Interim Report for Q1 to 14-Apr

        • +14.3% AAG.GR (Aumann €13.20, +1.66) -- increases price of share buyback offer

        • +12.9% SIGHT.FP (GenSight Biologics €0.23, +0.03) -- business update

        • +11.4% INTRUM.SS (Intrum SEK25.19, +2.60) -- US Bankruptcy Court approves company's settlement agreement with minority creditor group

        • +10.1% TRX.LN (Tissue Regenix Group £0.38, +0.04) -- terminates Strategic Review, cites low company valuation

        • +8.7% FRACTL.SS (Fractal Gaming Group SEK34.50, +2.75) -- new financial targets; proposes dividend of SEK1.25/sh

        • +8.1% GHH.LN (Gooch & Housego £3.99, +0.30) -- H1 trading updae

        • +7.6% BINV.SS (BioInvent International SEK26.85, +1.90) -- $1M milestone payment as Takeda moves mezagitamab into phase 3

        • +6.1% RCDO.LN (Ricardo £2.46, +0.14) -- Science Group raises stake in company to over 20%

        • +6.0% RELAIS.FH (Relais Group €13.90, +0.78) -- enters agreement to acquire 70% of shares in Matro Group for a preliminary purchase price of €19.9M

        • +5.1% BWLPG.NO (BW LPG NOK97.20, +4.75) -- to initiate an up to 3M share (up to $20M) buyback program

        • +4.7% FIA1S.FH (Finnair €2.78, +0.12) -- Mar traffic

        • +4.7% SAN.SM (Banco Santander €5.50, +0.25) -- Banco Santander reportedly engaging with advisors to explore the sale of its majority stake in Santander Bank Polska SA - Bloomberg

        • +4.4% ARGX.BB (argenx €522.00, +22.00) -- presents 15 abstracts at AAN 2025

        • +4.2% CON.GR (Continental €61.50, +2.48) -- decides in principle to make the ContiTech group sector independent; ContiTech could become independent during 2026

        • +4.0% GMS.LN (Gulf Marine Services £0.16, +0.01) -- contract

        • +3.7% LHN.SW (Holcim CHF84.04, +2.98) -- completes $3.4B bond offering ahead of planned spin-off

        • +3.3% AZM.IM (Azimut Holding €21.24, +0.67) -- March net inflows

        • +3.2% SIE.GR (Siemens AG €182.74, +5.70) -- acquires DownStream Technologies in US

        • +3.1% FOXT.LN (Foxtons Group £0.56, +0.02) -- launches up to £3M share buyback program

        • +2.9% KBHL.DC (Copenhagen Airports DKK6,460.00, +180.00) -- Arbejdsmarkedets Tillægspension exempted from the obligation to make an offer to acquire 100% of Copenhagen Airports

        • +1.7% BIJ.GR (Bijou Brigitte modische Accessoires €35.60, +0.60) -- prelim Q1 sales

        • +1.5% DFCH.LN (Distribution Finance Capital Holdings £0.33, +0.01) -- Q1 trading update

        • +1.5% SALM.NO (Salmar NOK477.00, +7.20) -- Q1 harvest volumes

        • +1.4% UMI.BB (Umicore €7.82, +0.11) -- Umicore seeking deals and partnerships to boost batteries business - FT

        • +1.0% BP.LN (BP £3.54, +0.04) -- BP reportedly puts hold on plans to expand biofuels production at Castellón refinery - Bloomberg

      • Notable Decliners

        • -18.6% IPX.LN (Impax Asset Management Group £1.21, -0.28) -- Q2 AuM update

        • -15.2% PRTC.LN (PureTech Health £1.18, -0.21) -- confirms discussions regarding a possible cash offer by Nordic Capital Epsilon SCA, SICAV-RAIF for the entire share capital of the company

        • -2.1% DYVOX.SS (Dynavox Group SEK54.65, -1.20) -- agrees to acquire Cenomy for an initial €5M

        • -1.7% 2020.NO (2020 Bulkers NOK101.80, -1.80) -- March update

        • -1.3% BALCO.SS (Balco Group SEK29.90, -0.40) -- acquires additional 20% of shares in Suomen ohutlevyasennus Oy and now owns 80% of shares

        • -1.2% DTG.GR (Daimler Truck Holding $32.56, -0.39) -- Q1 unit sales

        • -1.0% LAND.SW (Landis+Gyr Group CHF44.80, -0.45) -- Landis+Gyr Group sees its future in the USA; sees little impact from Trump's new tariff regime -- FuW, citing CEO interview

        • -1.0% P911.GR (Porsche €42.69, -0.43) -- Q1 worldwide deliveries

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Leifheit (LEI.GR)

        • France: Forsee Power (FORSE.FP)

        • Nordics: Bang & Olufsen (BO.DC), Diamyd Medical (DMYD.B.SS)

        • Southern Europe: Gas Plus (GSP.IM)

        • UK: Oxford Biomedica (OXB.LN), Churchill China (CHH.LN), Saga (SAGA.LN), Epwin Group (EPWN.LN), Audioboom Group (BOOM.LN), Franchise Brands (FRAN.LN)

      • Trading Update: Volkswagen (VOW.GR) Q1 deliveries

      • CMD/events: Porsche (P911.GR) pre-close, Cosmo Pharmaceuticals (COPN.SW), Carmat (ALCAR.FP)

  • Data:

    • Economics:

      • France Feb Trade Balance (€7.9B) vs consensus (€5.4B) and prior (€6.5B)

      • EU agri-food exports reached €235.4B in 2024, +3% y/y

      • Denmark Feb Manufacturing Production +5.1% m/m vs consensus +7.5% and prior revised (11.4%) from (11.9%)

      • Netherlands Mar CPI +3.7% y/y vs preliminary +3.7%

    • Markets:

      • WTI Crude (May 25): ($0.23) or (0.38%) to $60.47

      • €-$ +0.0011 or +0.10% to 1.0916

      • £-$ +0.0051 or +0.40% to 1.2773

      • €-£ (0.0026) to 0.8546

      • S&P 500 +2.55%

      • Performance year-to-date

        • FTSE 100: (3.21%)

        • DAX: +1.86%

        • CAC: (3.80%)

        • MIB: (1.55%)

        • Stoxx 600: (4.08%)

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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