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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: FTSE 100 +0.32% to 8275.60, DAX +0.27% to 21311.02, CAC40 (0.07%) to 7329.97, STOXX 600 (0.19%) to 507.09

Apr 16 ,2025

  • Synopsis:

    • European equity markets ended mixed. Pan-European indices opened lower, as expected, and after extending falls, shares pared losses to become range-bound just below initial levels, before pushing to the best levels of the session into the close

    • Portugal +0.6% led outperformers and Denmark, Sweden both down (1.0%) led underperformers

    • Tariff sentiment leaned bearish on latest developments, as recent indications of Trump flexibility was outweighed by lack of progress on trade deals with China and EU. Latest report discussed how Trump administration planning to use upcoming flurry of trade deal talks to try and isolate China's economy in exchange for reduced US tariffs

    • US President Trump hosting Italian PM Meloni (Bloomberg, Politico). 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 says temporary tariff pause mitigates trade contraction, but strong downside risks persist global trade forecasts, in its latest update

    • UK inflation eased in Mar with headline CPI at +2.6% y/y vs consensus +2.7% and prior +2.8%, while core at +3.4% vs consensus +3.4% and prior +3.5%. Final Eurozone inflation data for Mar showed headline inflation at 2.2% y/y, unchanged from the flash reading and lower than Feb's 2.3%

    • Amongst earnings/updates Sandvik (SAND.SS) Q1 adj EPS SEK3.01 vs consensus SEK3.04; comments on tariffs, FORVIA HELLA (HLE.GR) reports Q1 revenue €2.00B vs FactSet €1.96B [1 est], Antofagasta (ANTO.LN) Q1 copper production 154.7kt vs consensus 157.4kt, reaffirms FY production guidance and Hunting (HTG.LN) Q1 EBITDA ~$38.7M, traded in line with expectations during the quarter; assessed potential impact of US trade tariffs.

    • M&A news flow included Upbeat BidCo (consortium including EQT (EQT.SS)) offers to acquire Believe (BLV.FP) for €15.30/share, the French company's shares rose +0.9% to just below the offer price, Heidelberg Materials (HEI.GR) agrees to acquire the ready-mixed concrete business of Midway Concrete for an undisclosed sum, PTT Exploration & Production subsidiary acquires additional 27.18% stake in APICO for $35M from Jadestone Energy (JSE.LN) and reportedly, Banco BPM (BAMI.IM), Anima (ANIM.IM) set to support Monte dei Paschi's (BMPS.IM) bid for Mediobanca (MB.IM) at investor meeting, whilst Barclays (BARC.LN) close to reaching agreement on sale of stake in payments business to Brookfield (BAM)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food & Beverage +1.30%, Utilities +1.27%, Oil & Gas +1.23%, Telecom +0.97%, Insurance +0.72%, Real Estate +0.36%, Banks +0.27%, Travel & Leisure (0.05%), Persnl & HHold Goods (0.13%)

      • Underperformers:

        • Technology (2.04%), Media (1.53%), Financial Svcs (1.12%), Ind Goods & Svcs (0.99%), Health Care (0.52%), Basic Resources (0.47%), Retail (0.46%), Autos & Parts (0.43%), Construct & Mtls (0.34%), Chemicals (0.22%)

    • Macro/Peripheral markets:

      • WTO:

        • Under current conditions, the volume of world merchandise trade is likely to fall by 0.2% in 2025; severe downside risks exist, including the application of "reciprocal" tariffs and broader spillover of policy uncertainty, which could lead to an even sharper decline of 1.5% in global goods trade. Services trade, though not directly subject to tariffs, is also expected to be adversely affected - report

      • EU:

        • US signals desire for EU tariff deal amid transatlantic tensions as Spain's Economy Minister cites constructive talks with Bessent - Bloomberg

      • Finland:

        • Eastern border to remain closed until further notice - press release

      • France:

        • Barnier blames left and far-right for government collapse, urges accountability ahead of 2027 election - BFM

      • Germany:

        • New coalition government partners are already disagreeing - Politico

      • UK:

        • UK and France explore one-for-one migrant returns deal amid Channel crossings surge - FT

        • Chancellor's popularity crashes to record low in new poll - Express

    • Company news:

      • Notable Gainers

        • +31.8% D6H.GR (Datagroup) -- KKR launches takeover offer at €54/share cash

        • +17.0% G4M.LN (Gear4music (Holdings)) -- issues trading update; announces asset purchase

        • +10.7% DIM.FP (Sartorius Stedim Biotech) -- Q1 EPS €1.16 ex-items vs FactSet €0.94 [5 est, €0.76-1.07], provides 2025 guidance

        • +10.2% SRT3.GR (Sartorius) -- Q1 EPS €1.22 vs FactSet €1.18 [9 est, €1.04-1.30]; guides FY underlying EBITDA margin ~29-30%

        • +9.5% CRTA.LN (Cirata) -- Trading Update: Q1 Total bookings of $3.0M vs year-ago $0.7M, +330% y/y

        • +7.7% OXIG.LN (Oxford Instruments) -- delivered strong FY performance, in line with expectations, FY revenue growth ~ +9% at constant currency

        • +7.4% MTO.LN (Mitie Group) -- raises target for FY EBIT to ~£230M from ~£225M vs FactSet £225.5M [8 est, £224-227.4M], launches new £125M share buyback program

        • +7.3% MDF.SM (Duro Felguera) -- signs MoU with Sonelgaz-Production d'Électricité in connection with arbitration contract case

        • +6.2% SDY.LN (Speedy Hire) -- FY trading update: expects results in line with its expectations; shares reversed initial falls

        • +5.0% HEIA.NA (Heineken) -- Q1 net revenue (beia) €6.54B vs consensus €6.52B; FY outlook unchanged

        • +4.6% NELLY.SS (Nelly Group) -- postpones publication of the Annual Report 2024 to 30-Apr; cites practical reasons

        • +4.4% PMI.LN (Premier Miton Group) -- Q2 AUM £10.20B as at 31-Mar vs £10.7B at 30-Sep; transferred add at Peel Hunt; prior rating was add

        • +3.5% DSCV.LN (discoverIE Group) -- FY trading update: expects to deliver another year of record profitability

        • +3.2% JLP.LN (Jubilee Metals Group) -- Q3 South Africa operational and project update: on track to exceed FY performance targets

        • +2.9% VIRP.FP (Virbac) -- Q1 revenue €375.2M, +9% vs year-ago €345.7M

        • +2.6% BTRW.LN (Barratt Redrow) -- trading update: reaffirms to deliver FY25 total completions between 16,800-17,200 homes, incl ~ 600 JV home completions

        • +2.3% BOWL.LN (Hollywood Bowl Group) -- buy from add at Peel Hunt

        • +1.8% AED.BB (Aedifica) -- neutral from underperform at BNP Paribas Exane

        • +1.7% NDA.SE.SS (Nordea Bank) -- Q1 EPS €0.35 vs FactSet €0.32 [16 est, €0.29-0.35], reaffirms 2025 outlook

          • On earnings/updates: DG.FP (VINCI), BBOX.LN (Tritax Big Box REIT), BWLPG.NO (BW LPG) and reversing initial falls SAND.SS (Sandvik)

      • Notable Decliners

        • -25.3% BNZL.LN (Bunzl) -- Q1 profit below expectations; makes reduction to 2025 guidance; pauses buyback programme for the remainder of 2025

        • -7.2% BAR.BB (Barco) -- Q1 revenue €211.6M vs FactSet €210.2M [2 est, €208.4-212M], US tariffs are disrupting global markets and supply chains, reducing visibility and increasing uncertainty

        • -5.3% ASML.NA (ASML Holding) -- Q1 EPS €6.00 vs consensus €5.74; guides Q2 net sales €7.2B-€7.7B vs FactSet €7.80B, gross margin 50-53%, reaffirms FY25 outlook

        • -5.1% OVS.IM (OVS) -- FY adjusted net income €77.9M vs FactSet €82.8M

        • -5.0% EQT.SS (EQT) -- Q1 FAUM €142B vs year-ago €132B

        • -4.4% IPN.FP (Ipsen) -- Q1 revenue €918.8M vs StreetAccount €906.3M; reaffirms FY guidance

        • -4.4% BIOA.B.SS (BioArctic) -- partner Eisai granted application for Marketing Authorization of Leqembi for treatment of early Alzheimer's disease in the EU

        • -3.5% BMAX.SS (Byggmax Group) -- Q1 EPS (SEK1.90) vs FactSet (SEK2.07) [2 est, (SEK2.20)-(1.94)]

        • -3.5% VAIAS.FH (Vaisala) -- buy from accumulate at Evli Bank

        • -3.1% XPS.LN (XPS Pensions Group) -- FY trading update: revenues +18% y/y vs prior guidance +15-16% y/y, results in line with previously upgraded expectations

        • -2.5% JDG.LN (Judges Scientific) -- COO Mark Lavelle to retire by Sep-26

        • -2.3% UPM.FH (UPM-Kymmene) -- provides update on labor dispute; strikes continue

        • -2.0% SMWH.LN (WH Smith) -- H1 pre-IFRS 16 EPS 23.8p ex-items vs FactSet 22.8p [2 est, 22.7-22.8p]; Trading in line with market expectations

        • -1.9% CVC.NA (CVC Capital Partners) -- M Group Services signs deal to acquire smaller rival Telent for ~£275M -- Sky News

        • -1.9% GURN.SW (Gurit Holding) -- Q1 revenue CHF85.2M vs FactSet CHF86.7M [1 est]

        • -1.4% FDJU.FP (La Francaise des Jeux) -- Q1 revenue €925M, +30% vs year-ago reported €710M, pro-forma (1.4%) y/y

          • On earnings/update: HLE.GR (FORVIA HELLA)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Sipef (SIP.BB)

        • DACHs: ABB Limited (ABBN.SW), Orascom Development Holding (ODHN.SW), Evotec (EVT.GR), NFON (NFN.GR)

        • France: Pluxee (PLX.FP), OVHCloud (OVH.FP)

        • Nordics: Elisa Oyj (ELISA.FH), Hansa Biopharma (HNSA.SS)

        • Southern Europe: SIT (SIT.IM)

        • UK: J Sainsbury (SBRY.LN)

      • Trading Update:

        • Benelux: Basic-Fit (BFIT.NA), Sligro Food Group (SLIGR.NA), Fastned (FAST.NA), Econocom Group (ECONB.BB), MotorK (MTRK.NA), CM.com (CMCOM.NA)

        • DACHs: VAT Group (VACN.SW), Kuros Biosciences (KURN.SW), Bystronic (BYS.SW)

        • France: Hermes (RMS.FP), L'Oreal (OR.FP), Pernod Ricard (RI.FP), bioMerieux (BIM.FP), Gecina (GFC.FP), Gaztransport & Technigaz (GTT.FP), Ipsos (IPS.FP), Forvia (FRVIA.FP), Tarkett (TKTT.FP), Maurel et Prom (MAU.FP), ATOS (ATO.FP), PulluP Entertainment (ALPUL.FP), Amplitude Surgical (AMPLI.FP)

        • UK: Rentokil Initial (RTO.LN), Deliveroo (ROO.LN), Dunelm Group (DNLM.LN)

  • Data:

    • Economics:

      • Mar CPI

        • UK +2.6% y/y vs consensus +2.7%, prior +2.8%; +0.3% m/m vs consensus +0.4%, prior +0.4%

          • Core +3.4% y/y vs consensus +3.4%, prior +3.5%

        • Austria +2.9% y/y vs preliminary +2.9%; +0.2% m/m vs preliminary +0.2%

        • Italy +1.9% y/y vs preliminary +2.0%; +0.3% m/m vs preliminary +0.4%

        • Eurozone +2.2% y/y vs preliminary +2.2%; +0.6% m/m vs preliminary +0.6%

          • Core +2.4% y/y vs preliminary +2.4%

    • Markets:

      • WTI Crude (May 25): +$1.23 or +2.01% to $62.56

      • €-$ +0.0084 or +0.75% to 1.1367

      • £-$ +0.0003 or +0.02% to 1.3234

      • €-£ +0.0061 to 0.8588

      • S&P 500 (0.80%)

      • Performance year-to-date:

        • FTSE 100: +1.26%

        • DAX: +7.04%

        • CAC: (0.69%)

        • MIB: +5.50%

        • Stoxx 600: (0.10%)

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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