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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.14%, DAX +0.15%, CAC40 (0.67%)

Apr 15 ,2025

  • Synopsis

    • European equity markets set to open slightly higher whilst Asian equities are mixed Tuesday. Greater China markets underperforming with tech stocks weighing on Hang Seng. Japan, Korea and Taiwan extending gains with semis strengthening further. S&P 500 futures flat afterhours.

    • Trump administration formally launched national security probes into pharmaceuticals and semis before potential tariffs. Trump himself foreshadowed new tariff rate on semiconductors to be announced soon and he has previously threatened tariffs on pharmaceuticals. 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.

    • Rate reprieve helping sentiment following big backup in Treasury yields that was seen to have dented their haven status. White House playing down systemic implications with Treasury Secretary Bessent rejecting notion of foreign government selling and attributing volatility to deleveraging. Bessent also noted readiness to address dislocations if appropriate, for example with buybacks. At same time, Street remains cautious about potential for ongoing volatility amid heightened tariff uncertainty with term premium continuing to push higher.

    • In central banks, ECB releases at 10:00CET its latest euro area bank lending survey. The IEA publishes its latest oil market report. In Portugal, general election tv debates on TVI at 21:00CET (Pedro Nuno Santos (PS) x André Ventura (Chega)) and on SIC Notícias at 22:00 (Rui Rocha (IL) x Inês Sousa Real (PAN)).

    • Elsewhere, Assogestioni holds the 15th edition of the largest international event dedicated to the managed savings industry. Chairman of Commerzbank (CBK.GR) Jens Weidmann speaks at 17:30BST at event title 'Geography is back: A German view on Europe's perspectives in times of global uncertainty' hosted by the LSE European Institute and OMFIF. In Greece, IOBE hosts press conf at 12:00CET in connection with its Quarterly Report on the Greek Economy. The digital transformations in the labor market is among the topics being discussed at informal meeting of EU social affairs ministers (through Wed). London hosts Sudan Ministerial Conf, EU's Lahbib among the participants (Guardian, Sudan objects to the conf organised by the European Union, UK, Germany and France (Sudan Tribune)). Also of note, MHA (+MHA.LN) due to make stock market debute on London Stock Exchange

    • Macro data due today 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.

    • In earnings news, Ericsson (ERIC.B.SS) reported Q1 earnings and indicated increased uncertainty on the outlook for Q2. In France, yesterday after the market closed, LVMH Moet Hennessy Louis Vuitton (MC.FP) released its Q1 revenue with numbers below consensus, leading to a likely negative read across the wider luxury sector and setting a negative tone for the upcoming reporting season, whilst Publicis Groupe (PUB.FP) issued Q1 revenue this morning with results ahead of consensus and reaffirmed its outlook for 2025. In the DACHs region, Sulzer (SUN.SW) and Sika Group (SIKA.SW) are amongst others in the region to update investors with their latest numbers.

  • Politics/Macro/World News

    • 'Good chance' of US-UK trade deal, says Vance - BBC

    • UK Consumer Spending Remains Strong in Boost for Growth Hopes - Bloomberg

    • EU to Lay Out Road Map for Cutting Reliance on Russian Energy - Bloomberg

    • Government secures raw materials to save British Steel - release

    • UK Consumer Spending Remains Strong in Boost for Growth Hopes - BRC

  • Top company news

    • Earnings/updates

      • France

        • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports Q1 revenue €20.31B vs StreetAccount €21.11B

        • CDI.FP (Christian Dior) -- Christian Dior reports Q1 revenue €20.31B, (2%) vs year-ago €20.69B

        • WAGA.FP (Waga Energy) -- reports FY net income (€17.6M) vs FactSet (€21.7M) [4 est, (€25.2)-(19M)]

        • PUB.FP (Publicis Groupe) -- reports Q1 revenue €3.54B vs consensus €3.51B; reaffirms FY25 guidance

      • DACHS

        • SIKA.SW (Sika Group) -- reports Q1 revenue CHF2.68B vs FactSet CHF2.69B [4 est, CHF2.67-2.71B]

        • DRW3.GR (Drägerwerk) -- announces preliminary Q1 EBIT €0.4M vs year-ago €15.1M

        • B8FK.GR (Biofrontera AG) -- reports FY EBIT (€5.5M) vs prior guidance (€5.5M)-(€3.5M)

        • KURN.SW (Kuros Biosciences) -- reports Q1 adjusted EBITDA CHF3.3M vs FactSet CHF2.7M [1 est]

        • SUN.SW (Sulzer) -- reports Q1 order intake at CHF 1.02B vs consensus CHF 1.02B; confirms FY25 guidance

        • CICN.SW (Cicor Technologies) -- reports Q1 revenue CHF131.1M vs FactSet CHF139.4M [1 est]

        • BRNK.GR (Branicks Group) -- reports Q1 lettings totaled 77,173 sqm

        • PSG.GR (PharmaSGP Holding) -- reports preliminary FY adjusted EBITDA €37.2M vs year-ago €34.1M and FactSet €36.5M [1 est]

      • Benelux

        • FUR.NA (Fugro) -- expects to report lower Q1 2025 revenue and EBIT compared to a strong Q1 2024; remains confident to deliver within mid-term EBIT margin target range of 11-15% for FY 2025

        • TOM2.NA (TomTom) -- reports Q1 net result €3.0M vs consensus (€5M)

      • Nordics

        • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports Q1 adj EBITA SEK 6.93B vs consensus SEK4.99B; increased uncertainty on outlook for Q2 remains

        • BWE.NO (BW Energy) -- issues Q1 operational update; net production 3.2 mmbbls vs quarter-ago 3.1 mmbbls

        • SHOT.SS (Scandic Hotels Group) -- reports Q1 EPS (SEK0.58) vs FactSet (SEK0.79) [3 est, (SEK1.15)-(0.53)]; expects a good Q2 with slightly higher occupancy and average room rates y/y

        • AZA.SS (Avanza Bank Holding) -- reports Q1 EPS SEK4.50 vs FactSet SEK4.18 [9 est, SEK3.72-4.51]

      • Southern Europe

        • GALP.PL (Galp Energia SGPS) -- provides Q1 trading update

      • Also due to report today includes

        • Earnings:

          • DACHs: Pentixapharm Holding (PTP.GR)

          • 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), Gurit Holding (GURN.SW)

          • France: 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

    • M&A

      • DLAR.LN (De La Rue) -- Atlas Holdings in advanced talks to acquire De La Rue for 130p/share - Sky News

      • AMAT (Applied Materials) -- purchases 9% Strategic Investment in BE Semiconductor Industries

      • HHH (Howard Hughes Holdings) -- Howard Hughes further extends standstill agreement with Pershing Square to 30-Apr-25 (from 15-Apr-25)

      • TIT.IM (Telecom Italia) -- signs agreement with Italian Treasury-led consortium for the sale of Sparkle

      • DSV.DC (DSV A/S) -- DSV expects to complete acquisition of Schenker 30-Apr

      • AGS.BB (Ageas) -- launches offering to raise €525M through an accelerated bookbuild offering of newly issued ordinary shares

      • WHA.NA (Wereldhave) -- announces strategic acquisition of adjacent units in Tilburg

      • XXL.NO (XXL ASA) -- announces offer document approved in connection with previously announced mandatory offer from Frasers Group

    • Healthcare

      • SAN.FP (Sanofi) -- shared new progress from its mid- to late-stage respiratory pipeline, including preliminary phase 2 results for amlitelimab in adults with moderate-to-severe asthma.

      • BAYN.GR (Bayer AG) -- Bayer well prepared to deal with potential US tariffs on prescription drug imports - Handelsblatt

      • CUE (Cue Biopharma) -- and Boehringer Ingelheim enter strategic research collaboration and license agreement to develop and commercialize CUE-501 product candidate for autoimmune diseases

      • VLA.FP (Valneva) -- receives first marketing Authorization for IXCHIQ in a Chikungunya endemic country

      • AB.FP (AB Science) -- receives notice of allowance for US patent covering masitinib

    • Other

      • ASML.NA (ASML Holding) -- F1Q25 Earnings Preview

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce Solutions America named principal contractor for $180M sale to Government of Israel

      • RYA.ID (Ryanair Holdings) -- Ryanair warns it could delay deliveries of Boeing aircraft if they become more expensive amid trade war - FT, citing CEO

      • CARL.B.DC (Carlsberg) -- says it is insulated from direct fallout of levies but warns of impact of US tariffs on consumer spending - FT, citing CEO

      • BAMI.IM (Banco BPM) -- Credit Agricole increases stake in Banco BPM to 19.8% - Bloomberg, citing regulatory filing

      • DEC.FP (JCDecaux) -- announces 9-Year CIPs contract with City of Rennes

  • Key rating changes

    • Upgrades

      • EQNR.NO (Equinor) -- to neutral from underperform at Oddo

      • NXT.LN (Next) -- to buy from neutral at Goldman Sachs

      • VOLV.B.SS (Volvo) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • NESN.SW (Nestle) -- to neutral from outperform at BNP Paribas Exane

      • WAF.GR (Siltronic) -- to neutral from outperform at BNP Paribas Exane

      • TEL2.B.SS (Tele2) -- to hold from buy at DnB Markets

      • CRBN.NA (Corbion) -- to sell from hold at Berenberg

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to equal-weight from overweight at Morgan Stanley

  • Data

    • Nikkei +0.94% to 34300.83

    • Hang Seng +0.12% to 21443.00

    • Shanghai Composite (0.16%) to 3257.52

    • S&P futures (7.8) vs prior close of 5440.8

    • €-$ (0.0000) or (0.00%) to 1.1351

    • $-¥ +0.02 or +0.01% to 143.06

    • €-¥ +0.02 or +0.01% to 162.37

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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