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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +2.14% to 8134.34, DAX +2.85% to 20954.83, CAC40 +2.37% to 7273.12, STOXX 600 +2.69% to 499.89

Apr 14 ,2025

  • Synopsis:

    • European equity markets broadly higher, near best levels. Banks, Ind Goods & Svcs, Retail and Energy lead; Persnl & HHold Goods, Utilities lag.

    • Tariff exemption for electronics seen as the big tailwind for global risk assets today. Commerce Secretary Lutnick said they would receive temporary exemption from 10% baseline tariff and 125% China tariffs. Yet, Trump warned electronics tariffs still in the pipeline, flagging national security probe into whole electronics supply chain. Trump previously threatened tariffs on semiconductors and Lutnick estimated they could be in place in 1-2 months. White House also said chips would be subject to different tariff rate. Also some talk about how last Wednesday's tariff pause likely moved the market past peak volatility, a dynamic that could pave the way for near-term support from systematic strategies.

    • US electronics tariff exemption a positive driver. Multiple press reports highlighted AAPL and NVDA winners from the exemption, with secondary benefits for Asian semiconductor companies. EU chipmakers also seeing positive response. Some hope reprieve marks small de-escalatory step in US-China trade war after Beijing welcomed development. However, uncertainty remain elevated due to conflicting headlines. Additionally, US-China decoupling narrative remains a prominent talking point.

    • French finance minister Lombard said in weekend interview government needs to find €40B in savings to reach its 2026 budget deficit target. S&P upgraded Italy's credit rating after Friday's close. UK suspended import tariffs on 89 products and announced loan facility for exporters. In addition, government passed emergency law on Saturday to take control of Lincolnshire steel plant to stop Chinese owners from shutting it down. Latest survey by property portal Rightmove showed increase in UK property prices in April.

    • Quiet macro calendar in Europe at start of the week, though focus to turn to Thursday's ECB policy decision, with rate cut anticipated. UK inflation update due Wednesday. BoE MPC member Greene reiterated growth hit from trade war but unclear on inflation.

    • M&A news dominate the headlines, Greenyard (GREEN.BB) confirmed that the Deprez family intends to launch a voluntary and conditional takeover bid in cash on all shares in Greenyard at €7.40/sh whilst - still in Belgium - Ageas (AGS.BB) acquired the digital personal lines insurer esure 1 from Bain Capital for ~£1.30B. In the UK, John Wood Group (WG.LN) received a proposal from Sidara regarding a possible offer of 35p/share in cash and according to the FT, Fortum (FORTUM.FH) is considering acquiring Uniper's Swedish assets. In France, AXA (CS.FP) and BNP Paribas Cardif (BNP.FP) signed a Share Purchase agreement for AXA Investment Managers and Vallourec (VK.FP) is in exclusive negotiations to sell Serimax for an enterprise value of €79M, including earn-out.

    • Elsewhere, Holcim (HOLN.SW) proposed a dividend-in-kind to effect the spin-off of Amrize, whilst Fabege (FABG.SS), TF Bank (TFBANK.SS) and Burkhalter Holding (BRKN.SW) issued their most recent earnings.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 14-Mar to 18-Apr attached) R&S Group Holding (RSGN.SW), Pentixapharm Holding (PTP.GR), Telefonaktiebolaget LM Ericsson (ERIC.B.SS), Avanza Bank Holding (AZA.SS), Scandic Hotels Group (SHOT.SS), Next 15 Group (NFG.LN), S&U (SUS.LN), accesso Technology Group (ACSO.LN), LVMH Moet Hennessy Louis Vuitton (MC.FP), Christian Dior (CDI.FP), Publicis Groupe (PUB.FP), La Francaise des Jeux (FDJU.FP), Beiersdorf (BEI.GR), PharmaSGP Holding (PSG.GR), Sika Group (SIKA.SW) will be among other names to update investors, whilst the macro-calendar releases will include Germany Apr ZEW survey, France Mar final CPI, UK Feb unemployment rate, Mar claimant count change, retail sales monitor - BRC, Norway Mar trade balance, Eurozone Feb industrial production.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +3.88%, Ind Goods & Svcs +3.33%, Retail +3.20%, Oil & Gas +3.16%, Basic Resources +2.85%, Health Care +2.88%, Insurance +2.80%, Telecom +2.79%,

      • Underperformers:

        • Persnl & HHold Goods +1.55%, Utilities +1.54%, Food & Beverage +1.56%, Chemicals +1.89%, Real Estate +1.91%, Travel & Leisure +2.14%, Autos & Parts +2.42%, Financial Svcs +2.30%, Technology +2.56%, Media +2.67%, Construct & Mtls +2.68%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Zelenskyy urges Trump to view devastation in Ukraine caused by Russia's invasion - The Guardian

        • Trade tensions can lead to stock market crashes, IMF says - Reuters

        • OPEC Cuts Oil Demand Forecast for 2025 and 2026 on Trade War - Bloomberg

        • US, Iran Set to Meet in Rome for Next Round of Nuclear Talks - Bloomberg

      • EU

        • The Euro Is Emerging as Alternative Safe Haven Along With Bunds - Bloomberg

      • UK

        • Government 'confident' it can secure materials to keep British Steel furnaces burning - BBC, The Telegraph

        • UK lenders fret over risk-transfer market after BoE warning - FT

        • Ex-Tory MP charged over bets on UK election timing - Politico

      • France

        • French far-right, far-left parties threaten no-confidence motions over budget - Reuters

      • Germany

        • Concern of "state crisis" if the SPD rejects the coalition agreement - Handelsblatt

        • Merz and Macron are working intensively on a German-French new beginning - Handelsblatt

    • Company news:

      • Trading Higher:

        • +60.0% SEQUA.BB (Sequana Medical €1.19, +0.51) -- CMS recommends approval of additional payment for alfapump system in hospital inpatient cases

        • +28.5% GREEN.BB (Greenyard €7.08, +1.54) -- confirms Deprez family intends to launch cash takeover bid of €7.40 per share

        • +11.0% DOV.IM (doValue €1.62, +0.17) -- €500M new research mandate in Greece

        • +7.6% AMS.SW (ams-OSRAM CHF6.01, +0.44) -- potential US tariff exemptions on tech/semis

        • +7.0% LOGN.SW (Logitech International CHF60.26, +3.98) -- potential US tariff exemptions on tech/semis

        • +6.2% SHLF.NO (Shelf Drilling NOK6.02, +0.36) -- publishes its 2024 annual report

        • +5.5% ITV.LN (ITV £0.69, +0.04) -- Estimated weekend box office revenues in US, Canada $149.1M, +98.2% y/y - Box Office Mojo

        • +5.1% KNOS.LN (Kainos Group £7.06, +0.32) -- year-end trading update

        • +4.9% ENOG.LN (Energean £8.05, +0.39) -- new Gas Sale and Purchase agreement with Kesem Energy Ltd. worth $2B i

        • +4.9% MB.IM (Mediobanca €15.04, +0.71) -- Banca Monte dei Paschi di Siena obtains Golden Power authorisation in connection with its acquisition of Mediobanca

        • +4.8% CTEC.LN (ConvaTec Group £2.56, +0.12) -- responds to LCDs postponement in US; raises FY25 InnovaMatrix revenues; Peel Hunt upgrade

        • +4.8% VK.FP (Vallourec €15.22, +0.70) -- exclusive negotiations to sell Serimax for an EV of €79M

        • +4.6% OUT1V.FH (Outokumpu €3.10, +0.14) -- Deutsche Bank upgrade

        • +4.6% WG.LN (John Wood Group £0.29, +0.01) -- possible cash offer of 35p/sh from Sidara

        • +4.5% BNP.FP (BNP Paribas €68.39, +2.94) -- signs Share Purchase agreement with AXA for AXA Investment Managers

        • +4.0% SEA1.NO (Sea1 Offshore NOK17.60, +0.68) -- sale of 2014-built OSCV Sea1 Spearfish

        • +3.7% SWON.SW (SoftwareONE Holding CHF5.16, +0.18) -- updates on Crayon cash offer acceptance; amendments to existing Crayon total return swap agreement

        • +3.4% BOCH.CY (Bank of Cyprus Holdings €5.32, +0.18) -- acquires Ethniki Insurance Cyprus Ltd from Ethniki Hellenic General Insurance Company S.A for €29.5M

        • +3.3% IFX.GR (Infineon Technologies €26.38, +0.85) -- potential US tariff exemptions on tech/semis

        • +3.2% ELLAKTOR.GA (Ellaktor €1.35, +0.04) -- divests real estate properties to Dimand Real Estate Development for €85.6M

        • +3.2% BRKN.SW (Burkhalter Holding CHF107.60, +3.40) -- FY earnings

        • +3.2% WAF.GR (Siltronic €33.84, +1.04) -- exclusive negotiations to sell Serimax for an EV of €79M

        • +2.9% HEI.GR (Heidelberg Materials €158.50, +4.45) -- HySpeed project to raise green hydrogen production capacity in the UK

        • +2.9% CS.FP (AXA €38.14, +1.06) -- signs Share Purchase agreement with AXA for AXA Investment Managers

        • +2.6% ITM.LN (ITM Power £0.29, +0.01) -- HySpeed project

        • +2.4% ASML.NA (ASML Holding €595.90, +14.00) -- potential US tariff exemptions on tech/semis

        • +1.7% CRAYN.NO (Crayon Group Holding NOK115.00, +1.90) -- updates on Crayon cash offer acceptance; amendments to existing Crayon total return swap agreement

      • Trading Lower:

        • -41.0% PANR.LN (Pantheon Resources £0.30, -0.21) -- Megrez 1 flow testing update

        • -24.1% ALMCP.FP (McPhy Energy €0.44, -0.12) -- conciliation proceedings

        • -10.0% QLINEA.SS (Q-linea SEK0.04, -0.00) -- Q1 earnings

        • -6.8% ASHM.LN (Ashmore Group £1.30, -0.09) -- Q3 AuM

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: TomTom (TOM2.NA)

        • DACHs: R&S Group Holding (RSGN.SW), Pentixapharm Holding (PTP.GR)

        • France: Waga Energy (WAGA.FP)

        • Nordics: Telefonaktiebolaget LM Ericsson (ERIC.B.SS), Avanza Bank Holding (AZA.SS), Scandic Hotels Group (SHOT.SS)

        • Southern Europe: OVS (OVS.IM), Thessaloniki Port Authority (OLTH.GA)

        • UK: Next 15 Group (NFG.LN), S&U (SUS.LN), accesso Technology Group (ACSO.LN), Everyman Media Group (EMAN.LN), Futura Medical (FUM.LN), tinyBuild (TBLD.LN), Nanoco Group (NANO.LN)

      • Trading Update:

        • DACHs: Beiersdorf (BEI.GR), PharmaSGP Holding (PSG.GR), Sika Group (SIKA.SW), Cicor Technologies (CICN.SW), Gurit Holding (GURN.SW), Sulzer (SUN.SW)

        • France: LVMH Moet Hennessy Louis Vuitton (MC.FP), Christian Dior (CDI.FP), Publicis Groupe (PUB.FP), La Francaise des Jeux (FDJU.FP), Virbac (VIRP.FP), CATANA Group (CATG.FP)

        • UK: Wise (WISE.LN), B&M European Value Retail (BME.LN), Integrafin Holdings (IHP.LN), Atalaya Mining (ATYM.LN), Liontrust Asset Management (LIO.LN)

      • CMD/events: Evotec (EVT.GR) Cell & Gene Meeting

  • Data:

    • Economics:

      • Finland Mar CPI +0.5% y/y vs consensus +0.8% and prior +0.5%; 0.0% m/m vs consensus +0.2% and prior +0.3%

      • Switzerland Mar PPI (0.1%) y/y vs consensus +0.1% and prior (0.1%); +0.1% m/m vs consensus +0.2% and prior +0.3%

      • UK Apr house price index +1.3% y/y vs prior +1.0%, +1.4% m/m vs prior +1.1% - Rightmove report

    • Markets:

      • WTI Crude (May 25): ($0.18) or (0.29%) to $61.32

      • €-$ +0.0049 or +0.43% to 1.1369

      • £-$ +0.0089 or +0.68% to 1.3179

      • €-£ (0.0020) to 0.8626

      • S&P 500 +0.72%

      • Performance year-to-date

        • FTSE 100: (0.47%)

        • DAX: +5.25%

        • CAC: (1.46%)

        • MIB: +2.40%

        • Stoxx 600: (1.52%)

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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