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StreetAccount Summary - EU Market Recap: FTSE 100 +1.41% to 8249.12, DAX +1.43% to 21253.70, CAC40 +0.86% to 7335.40, STOXX 600 +1.63% to 508.06

Apr 15 ,2025

  • Synopsis:

    • European equity markets higher. Autos & Parts, Real Estate and Media lead; Personal/Household goods, Food/Beverage lag. Asian equity markets mostly higher. US equity markets firmer in midday trading. Bonds mostly weaker. Treasuries a bit weaker after rallying on Monday. Bund up 3 bps to 2.54%. Benchmark Gilt unchanged at 4.67%. Dollar weaker versus Pound, Aussie and Kiwi, but stronger elsewhere. Oil lower. Gold firmer. Industrial metals mostly lower.

    • Tariffs remain in the spotlight. Trump administration formally launched national security probes into pharmaceuticals and semis before potential tariffs. At same time Trump flagged temporary tariff exemption for automakers, which follows Friday's move to exempt electronics from 10% baseline tariffs and 125% China tariffs. Press reports detailing White House demands in trade talks also being viewed as de-escalatory signal. However, reports said EU expecting US tariffs to remain as talks made little progress so far. EU Trade Chief Šefcovic left Washington meetings with US Commerce Secretary Lutnick and USTR Greer unclear on US objectives, citing disjointed priorities and resistance to EU proposals like a "zero-for-zero" industrial goods tariff deal. US reportedly insists on maintaining sectoral levies while pushing for EU concessions on non-tariff barriers (food standards, digital regulations) and increased US pharmaceutical production. Meanwhile, EU delayed €21B counter-tariffs but warned of escalation if negotiations fail, as markets reacted with volatility. Both sides currently remain divided, with EU pursuing global trade diversification amid strained transatlantic ties.

    • In macro developments, attention in Europe on UK labor market data, which was slightly softer than expected. Latest official ONS update showed March claimant count +18.7K versus consensus +30.3K and prior +16.5K revised from +44.2K initially reported. Big revision reflects ongoing volatility in ONS Labour Force Survey, which is impacted by smaller sample size. UK BRC retail sales update sees underlying resilience in March, but UK business confidence weak. Big fall in ZEW investor sentiment for Eurozone and Germany. German ZEW sentiment index fell sharply in April to -14.0 versus consensus 9.3 and prior 51.6; sharpest decline in expectations since the start of Russia's invasion of Ukraine in 2022. The Eurozone indicator also dropped sharply to -18.5 versus prior 39.8 and the current conditions indicator registered 50.9 versus prior 56.6. ZEW said the erratic upheaval in US policy and the dynamic nature of these changes has led to massive global uncertainty. Eurozone industrial production surged 1.1% m/m in Feb, marking the second consecutive monthly increase and significantly exceeding expectations of 0.1%. Growth unevenly distributed across the region, with Spain, France, and Ireland posting gains, while Germany and Italy both experienced declines. Additionally, Jan figures were revised downward from 0.8% to 0.6%, and production remains below pre-energy crisis levels. ECB bank lending survey sees tightening in corporate credit access due to increase in perceived risk.

    • In corporate news flow, in notable earnings updates, LVMH (MC.FP) missed Q1 numbers across the board; Fugro (FUR.NA) expects to report lower Q1 revenue and EBIT y/y. Ericsson (ERIC.B.SS) notable outperformer on the back of strong Q1; TomTom (TOM2.NA), Publicis Groupe (PUB.FP) and Halfords Group (HFD.LN) also reported this morning.

    • In M&A, Atlas Holdings LLC confirmed earlier media reports and announced agreement for recommended 130p/sh all cash acquisition offer for De La Rue (DLAR.LN), although Sky News reported that financier Edi Truell has tabled a fresh offer for De La Rue at a small premium to a recommended 130p-a-share bid from Atlas Holdings. Applied Materials (AMAT) purchased 9% Strategic Investment in BE Semiconductor Industries (BESI.NA) and Telecom Italia (TIT.IM) signed an agreement with Italian Treasury-led consortium for the sale of Sparkle. Barclays (BARC.LN) reportedly close to reaching agreement on sale of stake in payments business to Brookfield (BAM).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +3.12%, Banks +2.82%, Media +2.79%, Construct & Mtls +2.56%, Retail +2.56%, Technology +2.51%, Autos & Parts +2.31%, Financial Svcs +2.24%, Ind Goods & Svcs +2.17%, Utilities +2.16%, Insurance +1.72%

      • Underperformers:

        • Persnl & HHold Goods (1.03%), Food & Beverage +0.55%, Basic Resources +0.71%, Health Care +0.84%, Chemicals +1.08%, Oil & Gas +1.45%, Travel & Leisure +1.46%, Telecom +1.62%

    • Macro:

      • Tariffs:

        • EU reportedly expecting US tariffs to be maintained as talks make little progress (Bloomberg )

      • Eurozone:

        • Industrial production surged 1.1% m/m in Feb, marking the second consecutive monthly increase and significantly exceeding expectations of 0.1% (EuroStat)

      • ECB:

        • ECB survey sees tightening in corporate credit standards: Reuters

      • Germany:

        • German ZEW highlights collapse in sentiment index: Reuters

      • UK:

        • Signs of easing in UK labor market (FT)

        • Starmer's growth agenda tested by Trump tariffs as UK braces for 0.8% GDP hit while fiscal headroom shrinks (FT)

      • Geopolitics:

        • Netanyahu, Macron spar over recognition of Palestinian state (Bloomberg )

        • EU Plans Workaround to Sideline Hungary in Russia Sanctions (Bloomberg )

        • Nato chief in surprise Ukraine visit (The Guardian )

        • EU mulls plan to let importers break Russian gas contracts without penalties (The Guardian )

    • Peripheral markets:

      • Italy:

        • Italy says Britain is not sharing technology on fighter project (Reuters )

      • The Netherlands:

        • Dutch government faces 'difficult' defence spending talks, minister says (Euronews )

      • Greece:

        • IOBE lowers Greek growth projection to 2.2% in 2025, due to US tariffs (Kathimerini )

    • Company news:

      • Notable Gainers

        • +24.1% TOM2.NA (TomTom €5.30, +1.03) -- Q1 earnings

        • +17.6% KURN.SW (Kuros Biosciences CHF22.16, +3.32) -- Q1 earnings

        • +14.7% DLAR.LN (De La Rue £1.29, +0.17) -- Atlas Holdings LLC confirms recommended 130p/share all cash acquisition offer for company

        • +13.3% BESI.NA (BE Semiconductor Industries €97.38, +11.44) -- Applied Materials purchases 9% Strategic Investment in company

        • +11.0% HFD.LN (Halfords Group £1.38, +0.14) -- FY trading update; appoints new CEO

        • +10.1% ATYM.LN (Atalaya Mining £3.67, +0.34) -- Q1 operations update

        • +10.0% NANO.LN (Nanoco Group £0.08, +0.01) -- H1 earnings

        • +9.3% BIOPOR.DC (BioPorto DKK1.51, +0.13) -- places 25M new shares at DKK1.3402/share

        • +9.3% DSV.DC (DSV A/S DKK1,257.50, +106.50) -- expects to complete acquisition of Schenker 30-Apr

        • +7.9% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK79.40, +5.80) -- Q1 earnings

        • +7.7% FUM.LN (Futura Medical £0.10, +0.01) -- FY earnings

        • +7.3% RNO.LN (Renold £0.47, +0.03) -- FY trading update

        • +6.5% STLAM.IM (Stellantis €8.32, +0.51) -- Select automakers trading higher after Trump indicates he wants to help car companies, referencing how he "recently helped Tim Cook"

        • +4.7% BME.LN (B&M European Value Retail £3.13, +0.14) -- FY trading update

        • +4.0% SHOT.SS (Scandic Hotels Group SEK71.50, +2.75) -- Q1 earnings

        • +3.8% RHM.GR (Rheinmetall €1,494.00, +54.00) -- acquires Stascheit ammunition recovery company

        • +2.9% BRNK.GR (Branicks Group €2.01, +0.06) -- Q1 update

        • +2.6% ASML.NA (ASML Holding €605.40, +15.40) -- EU tech equipment manufacturers seen more resilient amidst Trump tariff policies

        • +1.8% AFX.GR (Carl Zeiss Meditec €57.60, +1.00) -- prelim Q2 earnings

        • +1.5% ALCAR.FP (Carmat €0.89, +0.01) -- receives FDA conditional approval to initiate the second cohort of the EFS study in the united states

      • Notable Decliners

        • -14.8% FUR.NA (Fugro €11.03, -1.92) -- Q1 trading update

        • -7.8% MC.FP (LVMH Moet Hennessy Louis Vuitton €488.65, -41.45) -- Q1 revenue

        • -6.6% XXL.NO (XXL ASA NOK11.40, -0.80) -- offer document approved in connection with previously announced mandatory offer from Frasers Group

        • -3.1% RWA.LN (Robert Walters £2.20, -0.07) -- Q1 trading update

        • -2.5% AGS.BB (Ageas €51.70, -1.30) -- places upsized 11M new shares at EUR 50.15/share raising €550M

        • -0.1% VLA.FP (Valneva €3.19, -0.00) -- receives FDA conditional approval to initiate the second cohort of the EFS study in the united states

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASML Holding (ASML.NA)

        • DACHs: Sartorius (SRT3.GR), VEF AB (0TX.GR), Marinomed Biotech (MARI.AV)

        • France: Sartorius Stedim Biotech (DIM.FP), Icade (ICAD.FP)

        • Nordics: Nordea Bank (NDA.SE.SS), EQT AB (EQT.SS), Sandvik (SAND.SS), Fabege (FABG.SS), Byggmax Group (BMAX.SS), Nilörngruppen (NIL.B.SS)

        • Southern Europe: MFE-MEDIAFOREUROPE (MFEB.IM)

        • UK: WH Smith (SMWH.LN)

      • Trading Update:

        • Benelux: Barco (BAR.BB)

        • France: Ipsen (IPN.FP), Edenred (EDEN.FP), Covivio (COV.FP), Exail Technologies (EXA.FP), Thermador Groupe (THEP.FP), GL Events (GLO.FP), Catering International Services (ALCIS.FP)

        • Southern Europe: Moncler (MONC.IM), Brunello Cucinelli (BC.IM)

        • UK: Barratt Redrow (BTRW.LN), Hays (HAS.LN), Hunting (HTG.LN), Brooks MacDonald Group (BRK.LN)

  • Data:

    • Economics:

      • Eurozone Feb Industrial Production +1.2% y/y vs cons (0.8%) and prior revised to (0.5%) from 0.0%; +1.1% m/m vs cons +0.2% and prior revised to +0.6% from +0.8%

      • Germany Apr ZEW Economic Sentiment Indicator (14.0) vs cons 9.3 and prior 51.6

        • Current Situation (81.2) vs cons (86.0) and prior (87.6)

      • France Mar CPI +0.8% m/m vs prelim +0.8%; +0.2% m/m vs prelim +0.2%

        • EU Harmonised: +0.9% y/y vs prelim +0.9%; +0.2% m/m vs prelim +0.2%

      • UK

        • Mar Claimant Count Change +18.7K vs cons +30.3K and prior revised +16.5K from +44.2K

        • Feb Unemployment Rate 4.4% vs cons 4.4% and prior 4.4%

      • Norway Mar Trade Balance NOK 60.2B vs cons NOK62.8B and prior NOK84.7B

    • Markets:

      • WTI Crude (May 25): ($0.55) or (0.89%) to $60.98

      • €-$ (0.0060) or (0.53%) to 1.1292

      • £-$ +0.0034 or +0.26% to 1.3225

      • €-£ (0.0067) to 0.8539

      • S&P 500 +0.41%

      • Performance year-to-date

        • FTSE 100: +0.93%

        • DAX: +6.75%

        • CAC: (0.61%)

        • MIB: +4.85%

        • Stoxx 600: +0.09%

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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