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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.85%), DAX (0.91%), CAC40 (0.33%)

Apr 16 ,2025

  • Synopsis

    • European equity markets are set for a negative open amidst mostly lower equities in Asia Wednesday. Hong Kong down sharply alongside Shenzhen and Taiwan, while Shanghai Composite tracking more moderate losses with Japan and South Korea. Australia higher after a flat open. Regional complexion softened with US futures following Nvidia (NVDA) headlines and latest tariff developments.

    • US President Trump hosting Italian PM Meloni. Polish PM Tusk holds bilateral talks with Chancellor Scholz. Portugal general election tv debates on RTP1 at 21:00CET (Nuno Melo (AD) x Mariana Mortágua (BE)) and on CNN Portugal at 22:00 (André Ventura (Chega) x Paulo Raimundo (CDU)). WTO due to release global trade forecasts.

    • Inflation data in focus on the the macro front with Italy and Eurozone Mar final CPI, UK Mar CPI/RPI and Austria Apr final CPI

    • A busy earnings front sees ASML Holding (ASML.NA) reporting Q1 EPS €6.00 vs consensus €5.74, guiding Q2 and keeping FY26 outlook unchanged. In the DACHs region, Sartorius (SRT3.GR) reported Q1 EPS €1.22 vs FactSet €1.18 and guides FY underlying EBITDA margin of ~29 to 30%. In France, Sartorius Stedim Biotech (DIM.FP) reported Q1 EPS €1.16 ex-items vs FactSet €0.94 whilst VINCI (DG.FP) is out with Mar airport passenger traffic +4.9%. Ipsen (IPN.FP) is out with Q1 revenue €918.8M vs StreetAccount €906.3M and Edenred (EDEN.FP) reported Q1 Operating revenue €667M vs StreetAccount €664.3M and confirmed 2025 guidance.

  • Politics/Macro/World News

    • Markets focus on lack of progress in US trade talks

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASML.NA (ASML Holding) -- reports Q1 EPS €6.00 vs consensus €5.74; guides Q2 and keeps FY26 outlook unchanged

        • BAR.BB (Barco) -- reports Q1 revenue €211.6M vs FactSet €210.2M [2 est, €208.4-212M]

      • France:

        • DIM.FP (Sartorius Stedim Biotech) -- reports Q1 EPS €1.16 ex-items vs FactSet €0.94 [5 est, €0.76-1.07]

        • DG.FP (VINCI SA) -- Vinci reports Mar airport passenger traffic +4.9%

        • IPN.FP (Ipsen) -- reports Q1 revenue €918.8M vs StreetAccount €906.3M; reaffirms FY guidamce

        • EDEN.FP (Edenred) -- reports Q1 Operating revenue €667M vs StreetAccount €664.3M; confirms 2025 guidance

        • FDJU.FP (La Francaise des Jeux) -- reports Q1 revenue €925M, +30% vs year-ago reported €710M

        • VIRP.FP (Virbac) -- reports Q1 revenue €375.2M, +9% vs year-ago €345.7M

      • DACH:

        • SRT3.GR (Sartorius) -- reports Q1 EPS €1.22 vs FactSet €1.18 [9 est, €1.04-1.30]; guides FY underlying EBITDA margin of ~29 to 30%

        • HLE.GR (FORVIA HELLA) -- reports Q1 revenue €2.00B vs FactSet €1.96B [1 est]

        • ADV.GR (Adtran Networks) -- reports preliminary FY24 IFRS pro forma EBIT (€10.2M) vs prior guidance (€4.5M)

        • GURN.SW (Gurit Holding) -- reports Q1 revenue CHF85.2M vs FactSet CHF86.7M [1 est]

        • IDIA.SW (Idorsia) -- announces higher cantonal composition authority approved amendments to terms of 2025 convertible bond

        • FLU.AV (Flughafen Wien) -- reports Mar group total passenger traffic +4.1% to 2.99M

        • MARI.AV (Marinomed Biotech) -- reports FY net income (€15.4M) vs preliminary ~(CHF15M) and FactSet (€15.1M) [1 est]

      • Nordics:

        • EQT.SS (EQT) -- reports Q1 FAUM €142B vs year-ago €132B

        • UPM.FH (UPM-Kymmene) -- provides update on labor dispute; strikes continue

        • NDA.SE.SS (Nordea Bank) -- reports Q1 EPS €0.35 vs FactSet €0.32 [16 est, €0.29-0.35]

        • BWLPG.NO (BW LPG) -- reports Q1 product services net result ~($12M)

        • BMAX.SS (Byggmax Group) -- reports Q1 EPS (SEK1.90) vs FactSet (SEK2.07) [2 est, (SEK2.20)-(1.94)]

      • Southern Europe:

        • OVS.IM (OVS) -- reports FY adjusted net income €77.9M vs FactSet €82.8M

      • UK:

        • RIO.LN (Rio Tinto) -- reports Q1 Pilbara iron ore production (100% basis) 69.8Mt vs StreetAccount 74.0M

    • M&A

      • BLV.FP (Believe) -- 's majority shareholder, Upbeat BidCo, announces its intention to file a public buy-out offer for the company, followed by a squeeze-out on the shares it does not hold

      • BARC.LN (Barclays) -- reportedly close to reaching agreement on sale of stake in payments business to Brookfield (BAM) -- Bloomberg

      • D6H.GR (Datagroup) -- KKR launches takeover offer for Datagroup at €54/sh cash

      • MB.IM (Mediobanca) -- Banco BPM, Anima set to support Monte dei Paschi's bid for Mediobanca at investor meeting - Bloomberg

    • Healthcare

      • BSLN.SW (Basilea Pharmaceutica) -- announces presentation of new data for fosmanogepix, isavuconazole (Cresemba) and ceftobiprole (Zevtera) at ESCMID Global 2025

      • BIOA.B.SS (BioArctic) -- AB's partner Eisai granted application for Marketing Authorization of Leqembi (lecanemab) for treatment of early Alzheimer's disease in the EU

    • Other

      • MELE.BB (Melexis) -- to establish a locally embedded logistics hub and end-to-end local manufacturing in China

      • AGAS.NO (Avance Gas Holding) -- declares final extraordinary distribution of $0.74/share

      • TTE.FP (TotalEnergies) -- maintains commitment to increase oil, gas and clean energy businesses - FT

      • LDO.IM (Leonardo) -- Leonardo's AgustaWestland named principal contractor for $120M sale to Government of Philippines

      • EPI.A.SS (Epiroc) -- awarded A$350M (SEK2.2B) contract to deliver fully-autonomous and electric surface mining equipment to Fortescue

      • PTEC.LN (Playtech) -- set to name John Gleason as its next chair -- Sky News

      • WDP.BB (Warehouses de Pauw) -- announces real estate deal with Kris De Leeneer (KDL)

      • BHP partners with Acciona Energía to explore development of pumped hydro energy storage project at Mt Arthur Coal

      • Rio Tinto shares trading (1.9%) lower post mixed Q1 production result; iron ore volumes missed expectations due to cyclone disruptions

  • Key rating changes

    • Upgrades

      • BNP Paribas Exane upgrades AED.BB, BYG.LN, GPE.LN, and HMSO.LN; downgrades COL.SM; resumes TEG.GR

      • BOWL.LN (Hollywood Bowl Group) -- to buy from add at Peel Hunt

    • Downgrades

      • VIE.FP (Veolia Environnement) -- underperform from hold at Jefferies

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to hold from buy at TD Cowen

    • Initiations

      • AZN.LN (AstraZeneca) -- outperform at BNP Paribas Exane

      • GSK.LN (GSK Plc) -- neutral at BNP Paribas Exane

      • IPN.FP (Ipsen) -- neutral at BNP Paribas Exane

      • GALD.SW (Galderma Group) -- outperform at BNP Paribas Exane

      • NDX1.GR (Nordex) -- buy at Berenberg

  • Data

    • Nikkei (1.57%) to 33729.74

    • Hang Seng (2.65%) to 20897.22

    • Shanghai Composite (0.74%) to 3243.52

    • S&P futures (80.3) vs prior close of 5428.3

    • €-$ +0.0100 or +0.89% to 1.1383

    • $-¥ (1.12) or (0.78%) to 142.13

    • €-¥ +0.09 or +0.06% to 161.70

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