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StreetAccount Summary - EU Market Recap: FTSE 100 +0.64% to 8328.60, DAX +0.41% to 21293.53, CAC40 +0.56% to 7326.47, STOXX 600 +0.25% to 507.71

Apr 22 ,2025

  • Synopsis:

    • European equity markets closed broadly higher after long Easter weekend. Follows last week's broad gains. Personal and household goods, telecom and basic resources led gaining sectors. Construction, health care and technology lagged.

    • Attention remains on trade developments. US continues trade talks with Asian countries this week. Press highlighting White House gripes about non-tariff barriers (and pushback by some Asian nations), along with lack of clarity on US demands, as complications. Recall that UK press source said last week US-UK trade deal could be agreed within weeks. Reports that the EU is open to joint summit with US on trade. European Commission President von der Leyen suggested the EU could benefit from Trump's trade war with countries lining up to work with the bloc (Politico). Has held talks with various leaders in recent weeks and looking to strike new trade deals, including a long-delayed pact with the Mercosur trading bloc of South American countries.

    • Bloomberg reported French President Macron has been discussing another snap election, potentially as early as this fall. Source said he has consulted inner circle and options under consideration are waiting until next year and holding legislative elections at the same time as planned municipal vote or going earlier. Article highlighted talks on another snap election coincides with improvement in Macron's approval rating. After hitting record lows after last July's snap election, now polling at 31%, up seven points on the month, and close to level before last year's vote. Under electoral rules the earliest a vote could be held is from July.

    • The IMF cut its UK growth outlook for 2025 to 1.1% from prior 1.6% and 2026 GDP forecast at 1.4% versus 1.5% in the wake of Trump's tariffs. Bloomberg pointed out that the UK growth outlook was cut by more than any other leading European nation. UK Chancellor Reeves highlighted that the UK economy is still expected to be the fastest growing in the G7 this year despite the downgrade (Guardian). German growth is forecast at 0% this year, France at 0.6% and Italy at 0.4%.

    • In central banks, BOE MPC member Greene discussed UK economic outlook and rate expectations and said neutral rate between 3.25% and 3.50% is not unreasonable. Note that Greene has adopted centrist position on rates in recent months. Would fit in with sell-side expectations for BoE maintaining quarterly rate changes and likelihood of hitting neutral in early part of 2026. Key macroeconomic data published last week showed UK inflation coming in a bit weaker than the BoE forecast, which raised expectations it could undershoot the BoE's outlook. Signs also of ongoing easing in the labor market, though wages still showing only very gradual moderation. Meanwhile, ECB survey of professional forecasters increased its inflation outlook in the near-term due to tariffs and defense spending but sees little change further out.

    • Eurozone Apr Flash Consumer Confidence came in at (16.7) vs consensus (15.0) and prior (14.5)

    • In corporate news flow, amidst light earnings calendar, ITM Power (ITM.LN) raised its FY25 revenue guidance to £25.5M-£26.5M vs prior guidance range of £18M-£22M. L'Oreal (OR.FP) issued better-than-expected Q1 revenue; Aryzta (ARYN.SW) Q1 sales missed with organic revenue growth +1.6% vs consensus +2.5%.

    • In notable M&A headlines, the boards of Directors of Baloise Holding Ltd (BALN.SW) and Helvetia Holding Ltd (HELN.SW) propose to form "Helvetia Baloise Holding Ltd" by way of a merger of equals; fixed share exchange ratio of 1.0119 Helvetia shares for each Baloise share. Helvetia further announces CFO and CRO to resign; Helvetia CRO Bernhard Kaufmann will succeed Patrick Raaflaub as Group Chief Risk Officer at Swiss Re (SREN.SW). Ypsomed Holding (YPSN.SW) agrees to sell its diabetes care business to TecMed for up to CHF420M, including earn-out. DCC PLC (DCC.LN) announces disposal of DCC Healthcare to Investindustrial Advisors Limited in deal valued at £1.05B, total EV basis. RWK BidCo (KKR) offers to acquire Biotage (BIOT.SS) for SEK145/share in cash. In other corporate news flow, Sainsbury's (SBRY.LN) commenced up to £200M share buyback programme and Inwit (INW.IM) launches first €300M tranche of share buyback. Roche (ROG.SW) announces that it will invest $50B into the United States of America in the next five years. Further in healthcare headlines, media reports, citing company spokeperson, that Novo Nordisk (NOVO.B.DC) has already submitted a regulatory application for an oral obesity drug, and will provide more details on the upcoming earnings call 7-May.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Persnl & HHold Goods +1.75%, Telecom +1.23%, Basic Resources +1.18%, Insurance +1.17%, Retail +1.13%, Chemicals +1.05%, Utilities +1.05%, Financial Svcs +1.00%, Real Estate +0.77%, Autos & Parts +0.74%, Banks +0.73%, Media +0.51%

      • Underperformers:

        • Construct & Mtls (0.71%), Health Care (0.62%), Technology (0.56%), Ind Goods & Svcs (0.49%), Food & Beverage (0.22%), Oil & Gas +0.09%, Travel & Leisure +0.22%

    • Macro:

      • Central Banks:

        • Villeroy says ECB can act quickly on rates based on data - Bloomberg

        • ECB's Kazak's warns tariffs raise risk of euro area recession - Bloomberg

        • ECB's Muller warns tariffs, German spending may boost inflation - Bloomberg

      • Trade:

        • Brussels warming to idea of a EU summit with Trump - FT

        • Starmer close to EU arms deal - London Times

      • France:

        • Macron Floats Fresh Election in France as Early as the Fall - Bloomberg

      • UK:

        • UK Chancellor Reeves pledges no increases to UK wealth taxes - Bloomberg

        • Finance bosses bet on London amid US market jitters - CityAM

        • Mortgage completions jumped 50% ahead of stamp duty change - CityAM

        • Small firms spend £25B on tax compliance - CityAM

    • Company news:

      • Notable Gainers

        • +55.7% BIOT.SS (Biotage SEK141.00, +50.45) -- Q1 earnings; RWK BidCo (KKR) offers to acquire company for SEK145/share

        • +24.7% C3RY.GR (Cherry €0.94, +0.19) -- agreement with UniCredit on the extension of financing; FY25 guidance

        • +15.7% ANX.LN (Anexo Group £0.59, +0.08) -- DBAY Advisors Limited issues statement regarding Anexo Group

        • +10.8% HCM.LN (Hutchmed £2.35, +0.23) -- study update

        • +7.5% ITM.LN (ITM Power £0.31, +0.02) -- raises FY25 guidance

        • +7.4% INSE.LN (Inspired £0.66, +0.05) -- Regent Acquisitions 2025 Limited announces 68.5/sh cash offer for Inspired PLC shares it does not own

        • +6.3% OR.FP (L'Oreal €363.40, +21.55) -- Q1 revenue; Banco Sabadell upgrade

        • +4.7% BALN.SW (Baloise CHF194.50, +8.80) -- Baloise and company to join forces in a merger of equals; CFO and CRO to step down

        • +4.3% EBQ.LN (Ebiquity £0.25, +0.01) -- FY earnings

        • +4.1% SIILI.FH (Siili Solutions €6.12, +0.24) -- Q1 earnings

        • +3.7% TLT1V.FH (Teleste €2.78, +0.10) -- long-term strategic growth targets until 2030; aims for adj. operating profit margin of 7-12% by 2030

        • +3.7% BOL.SS (Boliden SEK288.30, +10.30) -- resumed sector perform at RBC Capital Markets

        • +3.6% CICN.SW (Cicor Technologies CHF97.00, +3.40) -- mwb research upgrade

        • +3.3% AKH.NO (Aker Horizons NOK1.30, +0.04) -- sells 675 MW Colombian portfolio to Celsi

        • +3.1% AD.NA (Koninklijke Ahold Delhaize €35.61, +1.06) -- updates on USA cybersecurity issu

        • +2.8% BAS.GR (BASF SE €43.14, +1.19) -- completes divestment of shares in its two joint ventures in Korla, China

        • +2.6% MMT.FP (M6-Metropole €13.96, +0.36) -- Bertelsmann hopes softening EU regulation will allow revival of M6, TF1 merger - FT

        • +2.6% HELN.SW (Helvetia Holding CHF185.80, +4.70) -- Baloise and company to join forces in a merger of equals; CFO and CRO to step down

        • +2.5% BVB.GR (Borussia Dortmund €3.12, +0.08) -- obtains license from Deutsche Fußball Liga GmbH to participate in Bundesliga for the season 2025/2026

        • +2.3% SBRY.LN (J Sainsbury £2.63, +0.06) -- commences up to £200M share buyback programm

        • +2.2% INW.IM (Infrastrutture Wireless Italiane €10.28, +0.22) -- launches first €300M tranche of share buyback

        • +2.2% BAYN.GR (Bayer AG €21.49, +0.45) -- Regeneron receives CRL for EYLEA HD (aflibercept) injection 8 mg supplemental biologics license application

        • +2.1% STX.LN (Shield Therapeutics £0.02, -0.00) -- signs licence agreement in Japan for ACCRUFeR

        • +2.0% ELISA.FH (Elisa Oyj €45.86, +0.88) -- OP Corporate Bank upgrade

        • +1.9% MOBA.NO (Morrow Bank NOK10.15, +0.19) -- to sell a portfolio of Finnish non-performing credit card loans to the debt collection agency Kredinor, representing a gross book value of €9M

        • +1.7% TFI.FP (TF1 €8.87, +0.15) -- Bertelsmann hopes softening EU regulation will allow revival of M6, TF1 merger - FT

      • Notable Decliners

        • -19.0% CLBS.LN (Celebrus Technologies £1.70, -0.40) -- trading update and accounting policy review

        • -7.4% NOVO.B.DC (Novo Nordisk DKK390.00, -31.25) --

          • Eli Lilly (LLY) obesity pill data

          • Novo Nordisk has submitted oral version of Wegovy for FDA approval - BioPharma Dive

        • -5.5% GETI.B.SS (Getinge SEK183.50, -10.65) -- Q1 earnings

        • -4.7% ORSTED.DC (Ørsted DKK273.00, -13.60) -- Barclays and BofA downgrades

        • -4.5% DCC.LN (DCC £47.54, -2.26) -- announces disposal of DCC Healthcare to Investindustrial Advisors Limited in deal valued at £1.05B

        • -4.2% KIT.NO (Kitron NOK50.75, -2.20) -- Sparebank 1 Markets downgrade

        • -3.8% MAERSK.B.DC (Maersk DKK10,365.00, -405.00) -- Fearnley downgrade

        • -3.2% ARYN.SW (Aryzta CHF1.93, -0.06) -- Q1 revenue

        • -3.2% VID.LN (Videndum £0.72, -0.02) -- FY update

        • -2.9% MFEB.IM (MFE-MEDIAFOREUROPE €4.16, -0.12) -- resumed hold at Deutsche Bank

        • -2.9% DMYD.B.SS (Diamyd Medical SEK7.59, -0.23) -- additional subscription commitments in the ongoing rights issue

        • -2.1% ARISE.SS (Arise SEK35.10, -0.75) -- receives second part of purchase price (SEK15M) for the battery project Pajkölen

        • -1.5% EQNR.NO (Equinor NOK243.30, -3.70) -- RBC Capital Markets downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Randstad (RAND.NA), Akzo Nobel (AKZA.NA), BE Semiconductor Industries (BESI.NA), Royal Vopak (VPK.NA), Galapagos (GLPG.NA)

        • DACHs: Mensch und Maschine Software (MUM.GR)

        • Finland: Orion (ORNBV.FH), Valmet Corp. (VALMT.FH), Olvi Oyj (OLVAS.FH), Ponsse (PON1V.FH)

        • France: Verallia (VRLA.FP), Societe BIC (BB.FP)

        • Norway: Var Energi (VAR.NO)

        • Southern Europe: Saipem (SPM.IM)

        • Sweden: Volvo (VOLV.B.SS), Assa Abloy (ASSA.B.SS), Tele2 (TEL2.B.SS), Vitec Software Group (VIT.B.SS), Alleima (ALLEI.SS), Boliden (BOL.SS), HMS Networks (HMS.SS), AQ Group (AQ.SS), Cibus Nordic Real Estate (CIBUS.SS), Troax Group (TROAX.SS), HEBA Fastighets (HEBA.B.SS), Coor Service Management Holding (COOR.SS), Teqnion (TEQ.SS), Elanders (ELAN.B.SS), VNV Global (VNV.SS)

        • UK: AB Dynamics (ABDP.LN)

      • Trading Update:

        • Benelux: Just Eat Takeaway.com (TKWY.NA), Corbion (CRBN.NA)

        • DACHs: u-blox Holding (UBXN.SW)

        • France: Danone (BN.FP), EssilorLuxottica (EL.FP), Kering (KER.FP), Eurofins Scientific (ERF.FP), Worldline (WLN.FP), OPmobility (OPM.FP), VusionGroup (VU.FP), Fnac Darty (FNAC.FP), Synergie (SDG.FP), Groupe Crit (CEN.FP)

        • Nordics: Investor (INVE.B.SS)

        • UK: Reckitt Benckiser Group (RKT.LN), Quilter (QLT.LN), Nichols (NICL.LN), PensionBee Group (PBEE.LN), Foxtons Group (FOXT.LN), Ecora Resources (ECOR.LN)

  • Data:

    • Economics:

      • Eurozone Apr Flash Consumer Confidence (16.7) vs consensus (15.0) and prior (14.5)

      • Sweden Mar Unemployment Rate 8.5% vs consensus 9.1% and prior 9.4%

      • Spain Feb Trade Balance (€3.42B) vs consensus (€5.0B) and prior (€6.19B)

    • Markets:

      • WTI Crude (May 25): +$1.47 or +2.33% to $64.55

      • €-$ (0.0036) or (0.31%) to 1.1479

      • £-$ +0.0001 or +0.01% to 1.3379

      • €-£ (0.0028) to 0.8579

      • S&P 500 +2.03%

      • Performance year-to-date

        • FTSE 100: +1.90%

        • DAX: +6.95%

        • CAC: (0.74%)

        • MIB: +5.15%

        • Stoxx 600: +0.02%

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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