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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.5%) to +0.7%, DAX +1.1%, CAC +1%

Apr 22 ,2025

  • Synopsis

    • European equity markets set to open mixed following the long Easter weekend

    • Note that US equities were sharply lower in Monday trading, though ended off worst levels. Market processing Trump administration's continued push against Fed Chair Powell, with economic advisor Kevin Hassett telling reporters Friday the president's team is still studying the possibility of firing him (Bloomberg, Reuters). Hassett accused Powell of "playing politics" in his position, while Trump separately on Friday suggested Powell does not know what he is doing (CNBC). Trump also again called for rate cuts after his Thursday statement that "Powell's termination cannot come fast enough!" Tensions between White House and Fed flaring up following Powell's remarks last Wednesday; seem to be weighing heaviest on the dollar, with traders citing unease about threats to Fed independence (Bloomberg). Recall Powell's term as chair expires in May 2026, and current precedent holds that presidents can only fire independent agency heads for cause. S&P 500 posted third decline in last four sessions, Nasdaq down for fourth-straight day. Stocks also extended last week's decline that was third loss in past four weeks. All US sectors were lower with breadth heavily negative. Big tech was a notable drag, particularly TSLA and NVDA. Dollar index was down 1.1%, lowest since Apr-22. Gold finished up 2.9%, above $3,400/oz for yet another ATH.

    • The week ahead sees World Bank/IMF Spring Meetings (Mon-Sat) and will see the release and or debate of latest World Economic Outlook, Fiscal Monitor and Global Financial Stability Report. IMF schedule and World Bank schedule. Also see meeting of The Bretton Woods Committee. Also this week: Eurozone, France, Germany, UK Apr preliminary manufacturing/services PMIs as well as earnings/updates from the likes of Danone (BN.FP), Holcim (HOLN.SW), Nestle (NESN.SW), Roche Holding (ROG.SW), Saab (SAAB.B.SS), Safran (SAF.FP), Sanofi (SAN.FP), Unilever (ULVR.LN) and WPP (WPP.LN)

    • European macro data releases out today include Eurozone Apr flash consumer confidence, Spain Feb trade balance, Sweden Mar unemployment rate. Also of note today, Bank of Portugal's Centeno speech at 15:00CET at the Falar em Liberdade' conf. Also in Portugal, further general election tv debates on RTP1 at 21:00CET (Pedro Nuno Santos (PS) x Paulo Raimundo (CDU)) and on SIC Notícias at 22:00 (André Ventura (Chega) x Mariana Mortágua (BE)).

    • In corporate highlights, Baloise (BALN.SW) and Helvetia (HELN.SW) propose to form "Helvetia Baloise Holding Ltd" by way of a merger of equals. With a business volume of CHF 20B across 8 countries and a global Specialty business, Helvetia Baloise will become the second largest insurance group in Switzerland and a leading European insurer. Aryzta (ARYN.SW) reports Q1 revenue €523.0M vs StreetAccount €528.3M; Organic revenue growth +1.6% vs consensus +2.5%. L'Oreal (OR.FP) reported Q1 revenue €11.73B vs StreetAccount €11.44B; LFL Sales Growth +3.5% vs SA +1.3%Bertelsmann hopes softening EU regulation will allow revival of M6, TF1 merger, reports FT citing CEO. SAP (SAP.GR) is scheduled to report Q1 earnings late tonight at 22:05 CET. Temenos (TEMN.SW) also reporting after the market close today.

  • Macro/politics

    • Greece

      • S&P Global Ratings raised to 'BBB/A-2' from 'BBB-/A-3' its long- and short-term local and foreign currency sovereign credit ratings on Greece. The outlook is stable. (link )

    • UK

      • Rachel Reeves to head to Washington amid hopes of US trade deal (Sky News)

      • Reeves Pledges No Increases to UK Wealth Taxes in Next Budget (Bloomber g)

    • EU

      • Brussels warms to efforts to organise summit with Trump (FT )

    • Geopolitics

      • US, Ukraine, Europe Allies to Meet Wednesday on Peace Plan (Bloomberg )

  • Top company news

    • Earnings/updates

      • OR.FP (L'Oreal) -- reports Q1 revenue €11.73B vs StreetAccount €11.44B; LFL Sales Growth +3.5% vs SA +1.3%

      • ARYN.SW (Aryzta) -- reports Q1 revenue €523.0M vs StreetAccount €528.3M; Organic revenue growth +1.6% vs consensus +2.5%

      • EDPR.PL (EDP Renovaveis) -- provides operational data preview for 1Q25

      • Also reporting today

        • 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: City of London Investment Group (CLIG.LN)

    • M&A

      • Baloise (BALN.SW) and Helvetia (HELN.SW) to join forces in a merger of equals; fixed share exchange ratio of 1.0119 Helvetia shares for each Baloise share

      • YPSN.SW (Ypsomed Holding) -- agrees to sell its diabetes care business to TecMed for up to CHF420M, including earn-out

      • MMT.FP (M6-Metropole) -- Bertelsmann hopes softening EU regulation will allow revival of M6, TF1 merger - FT, citing CEO

      • 7205.JP (Hino Motors) -- Hino Motors, Mitsubishi Fuso Truck near merger agreement - Nikkei

      • 7205.JP (Hino Motors) -- responds to Nikkei report; notes that nothing has been decided regarding final agreement with Mitsubishi Fuso Truck

      • RENE.PL (Redes Energeticas Nacionais SGPS) -- acquires electricity transmission company in Chile for $71.4M (post EU close 21-Apr)

      • 542772.IN (360 One Wam) -- enters exclusive strategic collaboration with UBS on wealth management in India and international markets

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- has submitted oral version of Wegovy for FDA approval - BioPharma Dive

      • ROG.SW (Roche) -- to invest $50B in pharmaceuticals and diagnostics in the United States over the next five years

      • GLPG.NA (Galapagos) -- announces executive leadership changes

      • 13.HK (Hutchmed) -- completes patient enrollment of phase II registration study of Savolitinib in gastric cancer in China

    • Other

      • SREN.SW (Swiss Re) -- announces Bernhard Kaufmann will succeed Patrick Raaflaub as Group Chief Risk Officer as of 1-Oct-25

      • HELN.SW (Helvetia Holding) -- announces CFO and CRO resign effective latest as of Apr-26 and as of 30-Sep-25, respectively

      • Climate TRACE began monthly updates in March; estimates global carbon emissions independently from government inventories

  • Key rating changes

    • Upgrades

      • Berenberg upgrades ENOG.IT, ENOG.LN

      • RI.FP (Pernod Ricard) -- to equal weight from underweight at Barclays

      • TATE.LN (Tate & Lyle) -- to overweight from equal weight at Barclays

      • ATE.FP (Alten) -- to outperform from neutral at Oddo

      • THULE.SS (Thule Group) -- to buy from hold at ABG Sundal Collier

      • OVH.FP (OVHCloud) -- to hold from sell at Stifel

    • Downgrades

      • ORSTED.DC (Ørsted) -- to underweight from equal weight at Barclays

      • EQNR.NO (Equinor) -- to underperform from sector perform at RBC Capital Markets

  • Data

    • Nikkei (0.23%) to 34200.26

    • Hang Seng +0.66% to 21535.34

    • Shanghai Composite +0.45% to 3306.13

    • S&P futures +22.3 vs prior close of 5184.8

    • €-$ +0.0029 or +0.25% to 1.1543

    • $-¥ (0.95) or (0.67%) to 139.92

    • €-¥ (0.71) or (0.44%) to 161.50

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.
Please refer to "Terms Of Use".

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