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StreetAccount Summary - Europe Pre-Open: Futures FTSE (3.35%), DAX (4.34%), CAC40 (3.05%)

Apr 09 ,2025

  • Synopsis

    • European equity markets are set for a negative open with Asian equities also under pressure Wednesday. Japan underperforming with chipmakers seeing heavy falls. Greater China mixed with Hang Seng lower but mainland turning positive. Taiwan falling further into bear market amid an ongoing semi selloff. Korea also nearing bear market. S&P 500 futures down (2.5%) afterhours.

    • Markets remain sensitive to tariff headlines with US-China trade tensions contributing to latest down leg after White House said 104% tariffs to go into effect on 9-Apr. US also sharply raising tariffs on small Chinese parcels. With China vowing to fight until the end, concerns now that Beijing will respond by launching further retaliatory action. However, Trump giving positive signals on trade talks with Japan and South Korea. Trump also foreshadowed announcement of product-specific tariffs, noting pharmaceuticals will be hit with 'major' levy.

    • EU expected to vote this afternoon on plans to impose tariffs on U.S. imports as retaliation for U.S.' previously disclosed steel and aluminum levies. Politico reports the EU is also considering tariffs of up to 25% on a broad range of exports from the U.S. worth around €22.1B based on the EU's 2024 imports.

    • EU-Ukraine Assn Council. EU's Kos participates in the EU-Ukraine Business Summit. In UK, MPs rise for the Easter recess, return on 22-Apr. In Germany, seven leading organizations and assns. press conf at 10:30CET analyzing the coalition government's housing plans. Portugal general election tv debates on SIC at 18:00CET (Raimundo (CDU) x Tavares (Livre)).

    • In central banks, Bundesbank's Balz panellist at 11:25CET at FIBE conf (through Thu), other speakers at the conf include former EU Commissioner for Competition Vestager 17:55. Conf. hosted by Netherlands central bank, Bruegel sees governor Knot speak at 9:35CET, Bundesbank's Köhler-Geib panellist 11:45CET, ECB's Cipollone, Denmark central bank's Krogstrup 14:30. Latvia central bank's Rutkaste participates in the Latvian Radio programs "Krustpunktā" and "Žodienas jautājums" whilst Hungary central bank's publishes at 14:00CET MPC minutes from last meeting. BOE Financial Policy Committee minutes released at 10:30BST. Minutes from last FOMC meeting released after EU close.

    • A light macro front sees Norway Mar PPI and Denmark Feb trade balance.

    • Also due to out today are Volkswagen (VOW.GR) Q1 deliveries, Porsche (P911.GR) pre-close event and earnings from Bang & Olufsen (BO.DC).

  • Macro

    • Trump tariffs will hit UK economic growth, BoE official warns - FT

    • UK growth forecasts hit by Trump's tariffs - FT

    • EU slaps tariffs on US trucks, cigarettes and ice cream to target Trump's red states - politico

  • Top company news

    • Earnings/updates

      • LEI.GR (Leifheit) -- reports final FY earnings inline with prelim. release: EPS €0.85 vs FactSet €0.83 [2 est, €0.81-0.84]

      • GSF.NO (Grieg Seafood) -- Norway's FSA concludes Grieg Seafood's Q4 report contains errors and omissions relating to disclosure requirements in IAS 36 impairment of assets

      • ADMCM.FH (Admicom) -- reports Q1 EPS €0.14 vs FactSet €0.28 [4 est, €0.21-0.46]

      • ASA.NO (Atlantic Sapphire) -- provides Q1 2025 trading update

    • M&A

      • DEME.BB (DEME) -- to acquire Norwegian offshore wind infrastructure company Havfram; agreement represents aggregated transaction value of ~€900M

      • SBMO.NA (SBM Offshore) -- signs $400M sale and 8-year leaseback agreement for FPSO Cidade de Paraty

      • SAGA.NO (Saga Pure) -- Tycoon launches mandatory offer for all remaining shares in Saga Pure at NOK 1.2822 in cash per share

      • KKR (KKR & Co.) -- noted to be near €2.5B deal for EQT's (EQT.SS) Karo Healthcare - Bloomberg

      • BTU (Peabody Energy) -- issues statement following Moranbah North event; reviewing all options related to Anglo American transaction

      • OCI.NA (OCI NV) -- announces agreement with bondholders

    • Healthcare

      • IDIA.SW (Idorsia) --

        • FDA approves updated label removing REMS requirement for Idorsia's TRYVIO

        • announces publication of "Aprocitentan for Blood Pressure Reduction in Black Patients" in April edition of Hypertension

      • VLA.FP (Valneva) -- and LimmaTech Announce First Vaccination in Phase 2 Infant Study of Tetravalent Shigella Vaccine Candidate S4V2

      • POXEL.FP (Poxel) -- announces regulatory approval in Japan to expand TWYMEEG package insert to include type 2 diabetes patients with renal impairment

      • ALBPS.FP (Biophytis) -- confirms the launch of the Phase 2 OBA clinical trial in obesity

    • Other

      • CAST.SS (Castellum) -- announces CEO Joacim Sjöberg wishes to step down in 2026

      • PRU.LN (Prudential) -- releases sustainability report

      • UPM.FH (UPM-Kymmene) -- completes €160M share buy-back program

      • RDC.GR (Redcare Pharmacy) -- completes placement of 7-year senior unsecured convertible bonds amounting to €300M

      • TE.FP (Technip Energies) -- awarded contract for Blue Point Number One ATR project in Donaldsonville, Louisiana

      • WDP.BB (Warehouses de Pauw) -- launches over €100M of new pre-let development projects

      • BCP.PL (Banco Comercial Portugues) -- announces approval of a €200M share buyback program

      • MBTN.SW (Meyer Burger Technology) -- announces convertible bondholders approve amendments as part of corporate restructuring

      • AMG.NA (AMG Critical Materials) -- announces capital investment of $15M to establish aluminothermic production facility to manufacture chrome metal in the United States

      • US revokes licenses for BP and Shell gas projects in Venezuelan waters - Reuters

  • Key rating changes

    • Upgrades

      • Morgan Stanley upgrades FMG.AU, IGO.AU, NST.AU; downgrades EVN.AU, NIC.AU, RIO.AU; Industry view downgrade

    • Downgrades

      • Morgan Stanley downgrades CVC.NA, EQT.SS, JUP.LN

  • Data

    • Nikkei (4.33%) to 31584.01

    • Hang Seng (1.23%) to 19880.19

    • Shanghai Composite +0.69% to 3167.38

    • S&P futures (136.0) vs prior close of 5020.3

    • €-$ +0.0098 or +0.89% to 1.1056

    • $-¥ (1.17) or (0.80%) to 145.11

    • €-¥ +0.13 or +0.08% to 160.43

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