Apr 17 ,2025
Synopsis
European equity markets are set to open mixed to lower amidst Asian equities mostly higher Thursday. Sentiment turning positive with Hang Seng leading China markets despite latest US tech crackdown reports. Japan, Korea and Australia also firmer. Taiwan lagging though off worst levels. S&P 500 futures rebounding afterhours. Bonds mixed with Treasury yields moving higher, but JGB yields lower at the long end. Australian and New Zealand yields remain lower following latest data. Dollar seeing broad gains against other currencies. Crude adding to earlier gains while gold steady and copper pulling lower. Bitcoin seeing mild decline.
Focus on ECB rate decision with ECB expected to cut its benchmark interest rate by (25bps) to 2.25% when it announces its outcome at 14:15CET, press conf 14:45. Also in central banks, BOE releases its latest Credit Conditions Survey at 9:30BST. Elsewhere, IMF Director Georgieva delivers speech before the start of the IMF-World Bank Spring meetings. In politics, Portugal general election tv debates on SIC at 21:00CET (Pedro Nuno Santos (PS) x Rui Tavares (Livre)) and on RTP3 at 22:00 (André Ventura (Chega) x Rui Rocha (IL)). In other events, EU Meets the Balkans Forum, speakers include EU's Kos.
Macroeconomic updates 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 corporate news, Siemens Energy (ENR.GR) released yesterday after the close prelim Q2 numbers. Still in the DACH region, ABB Limited (ABBN.SW) reported this morning Q1 earnings and announced to spin off ABB Robotics into separate, listed company. Evotec (EVT.GR) is also out with Q4 figures. In France, bioMerieux (BIM.FP) reported Q1 sales and confirmed FY25 outlook. ATOS (ATO.FP) reported Q1 revenue €2.07B, (17%) y/y and Pernod Ricard (RI.FP) posted Q3 sales and confirmed FY outlook. From the Benelux, Basic-Fit (BFIT.NA) released Q1 update whilst TomTom (TOM2.NA) is due to update investors today.
CMD/events: Evotec (EVT.GR) Cell & Gene Meeting
Politics/Macro/World News
China seeks reset with EU amid Donald Trump's trade war - FT
EU centre-right vows to stick to firewall to defeat Europe's 'authoritarian wave' - FT
ECB to Cut Rates Again as Tariffs Imperil Growth - Bloomberg
Spain and Lithuania push to oust Ireland from leading eurozone talks - Politico
US' Rubio will meet French foreign minister on Thursday, source says - Reuters
Italy's Meloni heads to US with unlikely mission for Europe - BBC
WTO slashes 2025 trade growth forecast, warns of deeper slump - Reuters
Top company news
Earnings/updates
DACHs
ABBN.SW (ABB Limited) -- reports Q1 EPS $0.60 vs consensus $0.53, guides Q2, reaffirms 2025 outlook
ENR.GR (Siemens Energy) -- reports preliminary Q2 profit before special Items €906M vs year-ago €170M
RHM.GR (Rheinmetall) -- expects order volume to grow to up to €300B over next five years - Handelsblatt
VACN.SW (VAT Group) -- reports Q1 revenue CHF275.1M vs StreetAccount CHF283.1M
EVT.GR (Evotec) -- reports Q4 adj. EBITDA €22.6M vs FactSet €27.2M [1 est]; guides FY25 adj. EBITDA in range of €30 - 50M vs FactSet €77.41M
Southern Europe
MONC.IM (Moncler) -- reports Q1 revenue €829M vs StreetAccount €816.8M
BC.IM (Brunello Cucinelli) -- reports Q1 revenue €341.5M vs StreetAccount €339.6M; confirms expectation of ending 2025 with an increase in turnover of around 10%
MFEB.IM (MFE-MEDIAFOREUROPE) -- reports FY results in line with prelim announcement; increase in dividend to €0.27 (+8% vs 2023) will be proposed
France
BIM.FP (bioMerieux) -- reports Q1 sales €1.10B vs FactSet €1.08B [3 est, €1.05-1.10B]; confirms FY25 sales guidance and closely monitoring evolving tariff situation
ADP.FP (Aeroport de Paris) -- reports Mar total Paris Aeroports traffic 8.04M, +0.7% y/y
EMEIS.FP (Emeis SA) -- reports FY24 net income (€412M) vs FactSet (€361.2M)
COV.FP (Covivio) -- reports Q1 revenue €162.3M, +6% vs year-ago €153.6M
POXEL.FP (Poxel) -- provides financial update for Q1 of 2025 and announces the postponement of its 2024 full-year results; company has limited cash runway
ICAD.FP (Icade) -- reports H1 revenue €326.0M vs year-ago €322.0M
ATO.FP (ATOS SE) -- reports Q1 revenue €2.07B, (17%) vs year-ago €2.48B
RI.FP (Pernod Ricard) -- reports Q3 net sales €2.28B vs consensus €2.28B; confirms FY25 outlook but geopolitical environment remains challenging and very fluid with regards to tariffs
IPS.FP (Ipsos)-- reports Q1 revenue €568.5M vs FactSet €570.0M [1 est]
FRVIA.FP (Forvia) -- reports Q1 revenue €6.70B vs FactSet €6.54B [2 est, €6.54-6.54B]; confirms FY25 guidance
Benelux
WHA.NA (Wereldhave) -- Q1 trading update: reports direct result per share (DRPS) € 0.44, +7% y/y
CMCOM.NA (CM.com) -- reports Q1 normalized EBITDA €3.9M vs year-ago €3.3M
NSI.NA (NSI NV) -- Q1 Trading Update: EPRA EPS €0.42 vs year-ago €0.35; reaffirms FY EPRA EPS guidance
BFIT.NA (Basic-Fit) -- reports Q1 revenue €332M, +17% vs year-ago €284M; outlook as provided at FY24 Results reiterated
Nordics
ELISA.FH (Elisa Oyj) -- reports Q1 comparable EPS €0.58 vs FactSet €0.58 [9 est, €0.56-0.60]
M&A
INPST.NA (InPost) -- acquires Yodel via debt-to-equity conversion
SPIE.FP (SPIE) -- to acquire LTEC Group; terms not disclosed
Healthcare
BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic A/S's Chikungunya vaccine receives recommendation from U.S. CDC's advisory committee on Immunization practices (ACIP)
ADXN.SW (Addex Therapeutics) -- announces Janssen Pharmaceuticals has returned all development and commercialization rights to ADX71149 (JNJ-40411813) and the partnership between the two companies has been terminated
Other
ABBN.SW (ABB Limited) -- ABB to spin off ABB Robotics into separate, listed company
EQNR.NO (Equinor) -- US halts Equinor's Empire Wind project
ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Mar
ARCAD.NA (ARCADIS) -- announces new design services framework with London Gatwick
Key rating changes
Upgrades
ANTO.LN (Antofagasta) -- to sector perform from underperform at RBC Capital Markets
Downgrades
BNZL.LN (Bunzl) -- to neutral from overweight at JPMorgan
Initiations
JET2.LN (Jet2) -- overweight at JPMorgan
Data
Nikkei +1.10% to 34292.89
Hang Seng +1.25% to 21319.79
Shanghai Composite (0.04%) to 3274.73
S&P futures +46.3 vs prior close of 5305.8
€-$ (0.0052) or (0.46%) to 1.1348
$-¥ +0.91 or +0.64% to 142.80
€-¥ +0.37 or +0.23% to 162.04
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