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StreetAccount Summary - EU Market Recap: FTSE 100 +0.64% to 7964.18, DAX (0.92%) to 20374.10, CAC40 (0.30%) to 7104.80, STOXX 600 (0.10%) to 486.80

Apr 11 ,2025

  • Synopsis:

    • European equity markets ended the day mixed to higher. Having opened higher (and at the day's best levels), pan-European indices soon pared, and then reversed gains, touching the worst levels of the session in late morning, before steadily paring losses. Shares recovered back to around little changed and became range-bound as Wall Street fluctuated either side of unchanged from the open.

    • Sentiment continues to be impacted by US tariff related headlines - China having increased additional tariffs on US imports to 125%, EU vowing unity ahead of Monday's tariff talks with US (Reuters), with the implications for next week's ECB interest rate decision in focus.

    • Regards the war in Ukraine, defence ministers from 50 countries held talks at NATO HQ, pledging £18B in aid. Also, as top US diplomat Steve Witkoff is reportedly in Russia to meet Vladimir Putin, President Trump tells Russia to 'get moving' in his latest Truth Social post, though doesn't threaten Russia with any additional measures or sanctions.

    • New economic data predominately revolved around the UK, where Feb manufacturing and industrial production data surprised on the upside, as did the GDP monthly estimate for the same month. Also, UK consumer confidence remained flat in Q1 of 2025 with a marginal 0.3 percentage point increase, according to the latest Deloitte Consumer Tracker, whilst the latest KPMG and REC survey suggested the UK labor market is easing rapidly. Elsewhere, Switzerland Mar SECO consumer sentiment disappointed.

    • Among smaller percentage movers on earnings/updates were Vår Energi (VAR.NO) Q1 total production 272 kboepd vs FactSet 282.6, expects to reach the mid-point of FY production guidance, Fraport (FRA.GR) Mar Frankfurt Airport traffic statistics: passengers 4.6M, +0.3% y/y, Tryg (TRYG.DC) Q1 net income DKK1.12B vs consensus DKK898M and UNIQA Insurance Group (UQA.AV) publishes Group Report for the first time with 2024 Sustainability Report and Solvency Capital Report

    • M&A news flow included KKR (KKR) completes the acquisition of an additional 5% stake in Enilive (ENI.IM) for ~€601M. Northwest Healthcare Properties Real Estate Investment Trust announces sale of its remaining stake in Assura (AGR.LN). Greenyard (GREEN.BB) share were halted on reports the founder Hein Deprez is in talks to take the company private. Also, reportedly, suitors for Reckitt Benckiser's (RKT.LN) homecare assets resist making binding offers amid tariff anxiety.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +2.04%, Health Care +1.12%, Utilities +1.08%, Basic Resources +1.02%, Food & Beverage +0.85%, Chemicals +0.49%, Construct & Mtls +0.48%, Persnl & HHold Goods +0.42%, Retail +0.35%, Media +0.10%

      • Underperformers:

        • Ind Goods & Svcs (1.25%), Oil & Gas (1.21%), Travel & Leisure (0.93%), Technology (0.90%), Insurance (0.74%), Telecom (0.62%), Financial Svcs (0.47%), Banks (0.28%), Autos & Parts (0.11%)

    • Macro/Peripheral markets:

      • EU:

        • Seeks trade deal in 90-day truce, plans coordinated response to US tariff threats (Reuters, Politico) though Macron highlights fragile truce (Reuters)

        • Threatens digital ad levies on US tech giants if Trump trade talks collapse (FT)

      • Eurogroup:

        • Remarks by Paschal Donohoe following meeting - release

      • Germany:

        • Friedrich Merz's cabinet: Who will lead Germany's key ministries? (Politico)

      • Portugal:

        • The lead in the general election opinion polls continues to fluctuate between AD - PSD/CDS coalition and PS - The Socialist Party, the latest two (Intercampus, Aximage) showing PS with a lead after a handful indicating AD having the largest share of the vote

      • UK:

        • Homes England completes strategic land acquisition to create the Agency's largest housing-led development site in the North of England - release

    • Company news:

      • Notable Gainers

        • +13.3% CRNA.NO (Circio Holding) -- signs research evaluation agreement with Lonza

        • +8.2% HLCL.LN (Helical) -- Helical and Orion Capital Managers exchange contracts with an undisclosed party for forward sale of100 New Bridge Street, London, net price £166.5M

        • +7.9% XLM.LN (XLMedia) -- proposed return of up to £11M to shareholders

        • +7.5% SDF.GR (K+S) -- hold from sell at Stifel

        • +7.3% FRES.LN (Fresnillo) -- add from hold at Peel Hunt

        • +7.6% RUI.FP (Rubis) -- notes Compagnie nationale de navigation holds 9.06% of ordinary shares and 8.87% of voting rights of company as of 8-Apr

        • +6.9% ENSU.NO (Ensurge Micropower) -- discloses NOK60M private placement successfully placed

        • +5.8% ITAB.SS (ITAB Shop Concept) -- obtains €8M contract for delivery of store solutions to DIY chain in Italy

        • +5.6% GMM.GR (Grammer) -- preliminary Q1 operating EBIT €23.9M vs year-ago €9.4M; reaffirms FY guidance

        • +5.1% HAVAS.NA (Havas) -- Q1 revenue €649M vs FactSet €641.0M [1 est]; confirms FY25 guidance

        • +4.8% ELI.BB (Elia Group) -- initiated outperform at Santander

        • +4.4% SHED.LN (Urban Logistics REIT) -- confirms received a preliminary, indicative proposal from LondonMetric Property (LMP.LN) regarding a possible offer for the company

          • +1.8% LMP.LN (LondonMetric Property)

        • +3.4% DFDS.DC (DFDS) -- Mar Freight volume +4.1%; timing of Easter impacted vs year-ago

        • +3.0% SINCH.SS (Sinch) -- buy from hold at Handelsbanken

        • +2.8% GNC.LN (Greencore) -- Bakkavor Group (BAKK.LN) in continuing discussions with Greencore; PUSU deadline extended until 17:00BST on 9-May

          • +0.5% BAKK.LN (Bakkavor Group)

        • +2.4% OPT.LN (Optima Health) -- to buy Cognate Health for up to €9M in cash

        • +2.4% FLOW.NA (Flow Traders) -- Mar market statistics

        • +2.3% RIO.LN (Rio Tinto) -- commences compulsory acquisition of all remaining shares in ERA for A$0.002/share; share reverse initial falls

        • +1.8% NOVN.SW (Novartis) -- announces $23B investment in US-based infrastructure over 5 years; affirms confidence in FY25 guidance and sales growth outlook

        • +1.8% ORK.NO (Orkla) -- completes sale of hydro power portfolio in two separate transactions

        • +1.5% HFG.LN (Hilton Food Group) -- buy from hold at Investec

          • On earnings/updates: VAR.NO (Vår Energi), FRA.GR (Fraport), TRYG.DC (Tryg) and reversing initial falls MOWI.NO (Mowi)

      • Notable Decliners

        • -21.0% NIOX.LN (NIOX Group)

          • Keensight confirms that, in light of the current macro-economic backdrop, it does not intend to make a firm offer for NIOX

          • NIOX notes announcement by Keensight Capital; discontinues sales process; announces Q1 revenue +18%

        • -11.2% MBTN.SW (Meyer Burger Technology) -- prelim. EBITDA (CHF210.4M) vs FactSet (CHF117.4M) [2 est, (CHF204.5)-(30.4M)]

        • -10.5% S92.GR (SMA Solar Technology) -- CFO, Barbara Gregor, resigns effective 30-Apr

        • -9.4% HEXA.B.SS (Hexagon) -- prelim. adj. EBIT €345M vs FactSet €377.4M [13 est, €307-430.4M]; records weaker than expected financial performance in key month of Mar

        • -6.2% CCT.LN (Character Group) -- withdraws market guidance for FY ending 31-Aug-25 due to tariffs impact

        • -5.9% HFG.GR (HelloFresh) -- neutral from overweight at JPMorgan

        • -4.2% ETL.FP ( Intelsat) -- UK's CMA launched a phase 1 merger inquiry into SES's (SESG.FP) planned acquisition of Intelsat

          • +0.5% SESG.FP (SES)

        • -3.9% EOLU.B.SS (Eolus Vind) -- initiated reduce at Kepler Cheuvreux

        • -3.4% STLAM.IM (Stellantis) -- Q1 consolidated shipment estimates of ~1.2M units, (9%) y/y

        • -3.2% TREL.B.SS (Trelleborg) -- completes acquisition of Aero-Plastics Inc

        • -3.0% BP.LN (BP) -- Q1 reported upstream production is expected to be lower compared to prior quarter

        • -2.0% LOGN.SW (Logitech International) -- reaffirms FY25 (ending Mar 2025) guidance; withdraws FY26 outlook citing tariff environment

        • -1.7% CLA.B.SS (Cloetta) -- Michiel Havermans, SVP Cloetta International, to leave company at the beginning of Jun-25

        • -1.5% GXI.GR (Gerresheimer) -- Q1 EPS €0.46 ex-items vs consensus €0.51, adj. EBITDA €91.5M vs consensus €90.8M; reaffirms guidance; shares reversed initial gains

        • -1.5% LXS.GR (Lanxess) -- sell from buy at Goldman Sachs

          • On earnings/updates: UQA.AV (UNIQA Insurance Group), FHZN.SW (Flughafen Zuerich), BOSN.SW (Bossard Holding) and reversing initial gains PZS.GR (Scherzer & Co.)

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Burkhalter Holding (BRKN.SW)

        • France: Robertet (RBT.FP)

        • Nordics: TF Bank (TFBANK.SS)

      • Trading Update:

        • Southern Europe: Galp Energia (GALP.PL)

        • UK: Ashmore Group (ASHM.LN)

      • CMD/events: Technoprobe (TPRO.IM)

  • Data:

    • Economics:

      • UK Feb

        • Visible trade balance (£20.81B) vs consensus (£17.3B), prior revised (£18.22B) from (£17.85B)

        • Industrial production +0.1% y/y vs consensus (2.3%), prior revised (0.5%) from (1.5%)

        • Manufacturing production +0.3% y/y vs consensus (2.4%), prior revised (0.9%) from (1.5%)

        • Construction output +1.6% y/y vs consensus +1.6%, prior revised 0.0% from +0.2%

      • Mar final CPI

        • Spain +2.3% y/y vs preliminary +2.3%; +0.1% m/m vs preliminary +0.1%

        • Germany +2.2% y/y vs preliminary +2.2%; +0.3% m/m vs preliminary +0.3%

        • Sweden +0.5% y/y vs preliminary +0.5%; (0.7%) m/m vs preliminary (0.7%)

      • Switzerland Mar SECO consumer sentiment (34.8) vs consensus (32.0), prior (33.6)

    • Markets:

      • WTI Crude (May 25): +$0.24 or +0.40% to $60.31

      • €-$ +0.0127 or +1.13% to 1.1328

      • £-$ +0.0081 or +0.62% to 1.3051

      • €-£ +0.0043 to 0.8680

      • S&P 500 +0.10%

      • Performance year-to-date:

        • FTSE 100: (2.56%)

        • DAX: +2.34%

        • CAC: (3.74%)

        • MIB: (0.46%)

        • Stoxx 600: (4.10%)

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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