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StreetAccount Summary - EU Market Recap: FTSE 100 +0.00% to 8275.66, DAX (0.49%) to 21205.86, CAC40 (0.60%) to 7285.86, STOXX 600 (0.13%) to 506.42

Apr 17 ,2025

  • Synopsis:

    • European equity markets closed mostly lower with the exception of Switzerland +0.5%. Norway and Denmark were closed. Energy, Real Estate and Retail led outperforming sectors. Tech, Construction/Materials and Banks lagged. Follows mixed session on Wednesday.

    • Markets in Europe remain closed tomorrow, Friday, and on Monday for Easter holidays.

    • Trade anxiety remains a headwind for markets. However, Trump touted big progress in talks with Japan. South Korea and India also among priority nations White House engaging with. Said deal with UK could happen in three weeks. Attention also on central bank developments. Some hawkish takes from Fed Chair Powell comments on Wednesday unhelpful for sentiment.

    • The ECB cut its key deposit rate by 25 bps to 2.25%, as expected. The policy statement dropped the wording that "policy is becoming meaningfully less restrictive", which was a new addition in March. The ECB reiterated it will follow a data-dependent, meeting-by-meeting approach and is not pre-committing to a particular rate path. It reflects the ECB moving to staff estimate of neutral rate between 1.75% and 2.25%. After the recent easing in Eurozone inflation, the ECB said the disinflation process is well on track and in line with staff expectations.

    • Quiet macro data calendar in Europe ahead of long Easter weekend. German PPI came in weaker than expected.

    • Amidst a busy reporting front, French names in focus, with Hermes (RMS.FP), Pernod Ricard (RI.FP), Forvia (FRVA.FP), bioMerieux (BIM.FP) and Ipsos (IPS.FP) posting their most recent quarterly sales numbers. In the DACH region - Siemens Energy (ENR.GR), Evotec (EVT.GR), VAT Group (VACN.SW) and ABB Limited (ABBN.SW) updated investors, with the latter also announcing the spin-off of its ABB Robotics unit into a separate and listed company. Elsewhere, Brunello Cucinelli (BC.IM) and (Basic-Fit (BFIT.NA) reported Q1 revenues whilst - in the UK - J Sainsbury (SBRY.LN) issued earnings (and a special divi) whilst Deliveroo (ROO.LN) released its latest numbers

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.55%, Real Estate +1.04%, Retail +0.80%, Food & Beverage +0.47%, Insurance +0.44%, Utilities +0.44%, Basic Resources +0.26%, Autos & Parts +0.25%, Financial Svcs +0.20%, Telecom +0.10%, Persnl & HHold Goods +0.01%, Media (0.01%), Travel & Leisure (0.07%)

      • Underperformers:

        • Technology (1.06%), Construct & Mtls (0.83%), Banks (0.55%), Ind Goods & Svcs (0.48%), Health Care (0.39%), Chemicals (0.34%)

    • Macro:

      • IMF expects 'notable markdowns' in growth forecasts, but no global recession - Reuters; FT

      • Central Banks

      • EU

        • US officials to meet European leaders in Paris to discuss Ukraine war - The Guardian

        • Spain and Lithuania push to oust Ireland from leading eurozone talks - Politico

        • Italy's Meloni seeks to jump-start US-EU trade talks - FT

      • UK

        • White House expects UK trade deal 'within three weeks' - The Telegraph

        • Supermarket price war looms as Sainsbury's joins fight - BBC

      • France

        • US' Rubio will meet French foreign minister on Thursday, source says - Reuters

      • Germany

        • German parties' boycott of far right looks to be over - with AfD on course for key jobs - Politico

    • Company news:

      • Notable Gainers

        • +18.1% PLX.FP (Pluxee €21.98, +3.37) -- earnings

        • +13.3% DNLM.LN (Dunelm Group £10.74, +1.26) -- trading update

        • +10.5% ENR.GR (Siemens Energy €63.80, +6.08) -- prelim earnings

        • +10.4% SFPI.FP (Groupe SFPI €2.02, +0.19) -- earnings

        • +9.9% EVT.GR (Evotec €6.40, +0.58) -- earnings; new strategy

        • +8.1% FRVIA.FP (Forvia €6.37, +0.48) -- sales

        • +6.3% ALMDG.FP (MGI Digital Graphic Technology €13.55, +0.80) -- buyback

        • +5.6% YSN.GR (secunet Security Networks €197.20, +10.40) -- prelim Q1 earnings

        • +5.5% INPST.NA (InPost €13.99, +0.73) -- acquires Yodel via debt-to-equity conversion

        • +4.9% IDHC.LN (Integrated Diagnostics Holdings £0.34, +0.02) -- earnings

        • +4.6% BIKE.GR (Bike24 Holding €1.83, +0.08) -- new CFO

        • +3.5% SBRY.LN (J Sainsbury £2.57, +0.09) -- earnings

        • +3.3% ROO.LN (Deliveroo £1.34, +0.04) -- trading update

        • +2.7% BFIT.NA (Basic-Fit €19.11, +0.50) -- trading update

        • +2.3% SIP.BB (Sipef €63.60, +1.40) -- production update

        • +1.8% FAST.NA (Fastned €19.14, +0.34) -- sales

        • +1.6% SIS.LN (Science In Sport £0.33, +0.01) -- and Bidco reach agreement on the terms of a recommended all cash acquisition by Bidco for SiS at 34p/sh

        • +1.5% SAFH00.GR (SAF-HOLLAND €15.32, +0.22) -- acquires remainder of Indian joint venture Haldex ANAND India Private Limited

      • Notable Decliners

        • -10.1% CMCOM.NA (CM.com €6.20, -0.70) -- earnings

        • -7.7% ATO.FP (ATOS SE €0.00, -0.00) -- trading update

        • -5.1% MFEB.IM (MFE-MEDIAFOREUROPE €4.28, -0.23) -- final earnings

        • -3.9% BIM.FP (bioMerieux €113.70, -4.60) -- sales

        • -3.2% RMS.FP (Hermes €2,287.00, -76.00) -- sales

        • -3.1% VACN.SW (VAT Group CHF271.20, -8.80) -- trading update

        • -2.5% MONC.IM (Moncler €53.70, -1.38) -- sales

        • -2.0% EMG.LN (Man Group £1.56, -0.03) -- AuM update

        • -1.7% ELISA.FH (Elisa Oyj €44.98, -0.80) -- earnings

    • EU companies reporting on Tuesday (22-Apr):

      • Earnings:

        • DACHs: SAP (SAP.GR), Temenos (TEMN.SW)

        • France: Poxel (POXEL.FP)

        • Nordics: Getinge (GETI.B.SS), Siili Solutions (SIILI.FH)

        • UK: Ebiquity (EBQ.LN), Arecor Therapeutics (AREC.LN), Nostrum Oil & Gas (NOG.LN)

      • Trading Update: Aryzta (ARYN.SW), City of London Investment Group (CLIG.LN)

  • Data:

    • Economics:

      • Germany Mar PPI (0.2%) y/y vs consensus +0.4% and prior +0.7%

      • Netherlands Mar Unemployment Rate 3.9% vs consensus 3.8% and prior 3.8%

      • Switzerland Mar Trade Balance CHF6.35B vs consensus CHF5.2B and prior revised CHF4.74B from CHF4.80B

        • Mar Swiss Watch Exports +1.5% to CHF 2.13B

    • Markets:

      • WTI Crude (May 25): +$1.88 or +3.01% to $64.35

      • €-$ (0.0031) or (0.27%) to 1.1369

      • £-$ +0.0012 or +0.09% to 1.3253

      • €-£ (0.0031) to 0.8579

      • S&P 500 +0.40%

      • Performance year-to-date

        • FTSE 100: +1.26%

        • DAX: +6.51%

        • CAC: (1.29%)

        • MIB: +5.25%

        • Stoxx 600: (0.24%)

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