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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +5.28%, DAX +7.80%, CAC +8.72%

Apr 10 ,2025

  • Synopsis

    • European equity markets are set to open higher following 90-day tariff pause Trump's announcement. Asian equities rebounding Thursday. Japan, Australia, Korea and Taiwan seeing the biggest gains. Greater China markets rallying despite latest Trump tariff hike though off best levels. S&P 500 and Nasdaq futures peeling lower afterhours. Bonds reversing recent moves with Treasury, JGB and Aussie curves flattening. Dollar weakening against majors, while yuan down to lowest since 2007. Gold and copper adding to earlier gains while crude pulling back. Bitcoin retreating modestly.

    • Focus on US President Trump announcement yesterday tariff rate imposed on China will be lifted to 125% from 104% effective immediately. In contrast, noted that more than 75 countries have lined up for trade negotiations and have refrained from retaliation, granting a 90-day pause, lowering the tariff rate to the baseline 10% also effective immediately.

    • In political developments in Europe, Friedrich Merz's conservatives and the leaders of Germany's center-left Social Democratic Party (SPD) reached a swift coalition agreement on Wednesday (Politico). The deal caps weeks of haggling between chancellor-in-waiting Merzand the SPD after he topped elections in February but fell well short of a majority, with the far-right Alternative for Germany surging into second place (Reuters ).

    • On today's agenda, Portugal general election tv debates on RTP1 at 21:00 CET (Santos (PS) x Rocha (IL)) and 22:00 on CNN Portugal (Mortágua (BE) x Real (PAN)). EU's Kadis participates in the Delphi Economic Forum. In central banks, ECB's Montagner, panellist at 8:15CET and 9:15, and ECB's Tuominen panellist at 11:15 at Eurofi event in Warsaw. Riksbank's Seim will discuss at 9:05CET current monetary policy and the economic situation at DI Risk & Return. Bundesbank's Köhler-Geib press conf 9:30CET in connection with results of the study on the economic situation of private households. Bundesbank monthly report pre-release at 12noon CET. ECB's Buch lecture at 14:00CET at the SGH Warsaw School of Economics. BOE's Breeden speech at 14:00BST at event hosted by MNI Connect. SNB's Tschudin and Moser speak at 18:00CET, the same time as ECB's Donnery speaks at Delphi Economic Forum.

    • Macro data due today include: Italy Feb industrial production, Sweden Feb industrial production, Norway Mar CPI, Denmark Mar CPI, Netherlands Feb manufacturing production, UK Mar house price balance - RICS, Greece Mar CPI, Feb industrial production, Ireland Mar CPI, Portugal Mar final CPI

    • In corporate news, Volkswagen (VOW3.GR) reported yesterday after the close preliminary Q1 numbers including EBIT ~€2.8B vs FactSet €4.04B. Still in the DACH region, this morning Givaudan (GIVN.SW) reports Q1 revenue CHF1.98B vs consensus CHF1.93B. Company also said the group is highly likely to exceed the upper end of its average five-year sales growth target of 4-5% on a like-for-like basis for the period 2021-2025. DocMorris (DOCM.SW) reports Q1 external revenue CHF296.5M vs FactSet CHF276.1M. R. Stahl (RSL2.GR) reports final FY earnings inline with prelim. release. Barry Callebaut (BARN.SW) reports H1 recurring net income CHF63.5M vs consensus CHF166M and reiterates a double-digit increase in EBIT recurring growth in constant currency. In the Benelux, Fagron (FAGR.BB) reports Q1 revenue €238.7M vs FactSet €227.7M and reiterates FY guidance. In the UK, Tesco (TSCO.LN) is expected to update investors with latest figures.

    • In market debuts, Nodica Group (+NODICA.SS) first day of trading on Nasdaq Stockholm.

  • Politics/Macro/World News

    • Markets Turn From Fear to Euphoria as Trump Backpedals on Tariffs - Bloomberg

    • Trump's New Tariffs on China Take Effect, Lifting Rate to 125% - Bloomberg

    • Australia turns down China's offer to 'join hands' to fight US tariffs - Reuters

    • EU weighs buying more US gas due to Trump tariff pressure - FT

    • Germany's Merz seals coalition deal under pressure to face challenges posed by Trump - Politico

    • Netherlands Feb Manufacturing Production +1.2% m/m vs consensus (0.2%) and prior revised +0.9% from +1.0%

  • Top company news

    • Earnings/updates

      • France

        • AIR.FP (Airbus SE) -- reports March gross orders 211; deliveries 71 to 37 customers

      • DACHs

        • VOW3.GR (Volkswagen) -- reports preliminary Q1 EBIT ~€2.8B vs FactSet €4.04B [3 est, €3.35-4.58B]

        • GIVN.SW (Givaudan) -- reports Q1 revenue CHF1.98B vs consensus CHF1.93B

        • PAH3.GR (Porsche Automobil Holding SE) -- Porsche Cars North America reports Q1 retail deliveries in the US totaled 18,884 vehicles, +40.6% y/y

        • COTN.SW (COMET Holding) -- trading update: Q1 net sales CHF111.2M vs year-ago CHF80.9M

        • DOCM.SW (DocMorris) -- reports Q1 external revenue CHF296.5M vs FactSet CHF276.1M [3 est, CHF267-282M]; secures CHF 200M capital increase through firm underwriting

        • RSL2.GR (R. Stahl) -- reports final FY earnings inline with prelim. release: EPS €0.90 vs FactSet €1.36 [3 est, €1.12-1.82]

        • BARN.SW (Barry Callebaut) -- reports H1 recurring net income CHF63.5M vs consensus CHF166M

      • Benelux

        • FAGR.BB (Fagron) -- reports Q1 revenue €238.7M vs FactSet €227.7M [2 est, €225.8-229.6M]; reiterates FY guidance

      • Southern Europe

        • BCP.PL (Banco Comercial Portugues) -- Banco Comercial Português informs about estimated provisions against legal risk related to FX mortgage loans portfolio booked by Bank Millennium in Q1

      • Nordics

        • EPR.NO (Europris) -- reports Q1 EPS (NOK0.49) vs FactSet (NOK0.04) [3 est, (NOK0.10)-0.04]

        • KCC.NO Klaveness Combination Carriers issues Q1 business update

    • M&A

      • TKA.GR (ThyssenKrupp) -- ThyssenKrupp considering exit options for materials trading business - Bloomberg

      • PTEC.LN (Playtech) -- receives all relevant antitrust, gaming and other regulatory authority approvals for sale of Snaitech; deal expected to close by the end of Apr-25

      • AGR.LN (Assura) -- Primary Health Properties considering its options regards proposed combination with Assura

      • FRE.GR (Fresenius) -- signs agreement to transfer ownership of production site in Anápolis, Brazil, to EMS

      • BAMI.IM (Banco BPM) -- announces final results of the offer reaching 89.949% of Anima share capital

      • WAWI.NO (Wallenius Wilhelmsen) -- ACCC not opposed to Qube Holdings' proposed acquisition of MIRRAT, subject to enforceable undertaking

      • NORVA.SS (Norva24 Group AB) -- acquires Multi Marine AS; terms not mentioned

      • FDE.FP (La Française de l'Energie) -- FDE announces strategic acquisition of Alltec AS in Norway for total of €9.0M

    • Healthcare

      • SN.LN (Smith & Nephew) -- awarded $37.5M Defense Logistics Agency contract

    • Other

      • DTE.GR (Deutsche Telekom) -- to begin second tranche of up-to-€2B 2025 buyback program today

      • NESTE.FH (Neste) -- announces €1.3B multi-currency revolving credit facility

      • GLE.FP (Societe Generale) -- completes €872M share buyback program for cancellation purpose

      • ORSTED.DC (Ørsted) -- implores Europe to do more to support wind energy sector; says new tariffs will have meaningful impact on its US projects - FT, citing CEO

      • AGS.BB (Ageas) -- releases its 2024 Annual Reporting

      • RCO.FP (Remy Cointreau) -- Rémy Cointreau notes resignation of Eric Vallat from his position as CEO, effective this summer

  • Key rating changes

    • Upgrades

      • THULE.SS (Thule Group) -- upgraded to buy from hold at Pareto

      • TIT.IM (Telecom Italia) -- upgraded to outperform from neutral at BNP Paribas Exane

      • BT.A.LN (BT Group) -- upgraded to neutral from underperform at BNP Paribas Exane

      • ELISA.FH (Elisa Oyj) -- upgraded to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • PSM.GR (ProSiebenSat.1 Media) -- downgraded to neutral from overweight at JPMorgan

      • AF.GP (Air France-KLM) -- downgraded to neutral from overweight at JPMorgan

  • Data

    • Nikkei +8.27% to 34335.55

    • Hang Seng +2.79% to 20830.30

    • Shanghai Composite +1.19% to 3224.58

    • S&P futures (36.0) vs prior close of 5491.0

    • €-$ +0.0042 or +0.38% to 1.0993

    • $-¥ (1.13) or (0.76%) to 146.64

    • €-¥ (0.61) or (0.38%) to 161.21

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".

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