Apr 23 ,2025
Synopsis
European equity markets are set for a positive open amidst higher Asia equities across the region Wednesday. Strongest gains on the Taiex with semiconductor names taking the main index up more than 4%. Hang Seng also strong while mainland boards are also higher. Solid gains in Japan, South Korea and Australia. Southeast Asia all higher and India opening with small gains. US futures higher.
Meeting of G20 finance and central bank deputies followed by finance ministers and central bank governors (through Thu). Bundesbank preleases at 12noon CET from latest Monthly Report whilst BOE's Pill speech at 11:30BST at Leeds Univ. BOE's Bailey speech at 17:30BST at event hosted by IIF, Breeden panellist at 19:00 at event hosted by IMF. Bank of France's Villeroy discusses the challenges of safeguarding the euro amid global economic uncertainty at 20:45CET at event hosted by Atlantic Council. ECB's Lane panellist at 21:15CET at event hosted by IIF.
On the political front, weekly UK PMQ's at 12noon BST followed by opposition day debate (topic tbc by Liberal Democrats). Committee topics include work of the Sec. of State for Transport at 9:15 and smart meters 15:00. Norway's minister of energy Aasland speech at 9:45CET about the government's policy for the mineral industry at Fensdagene. EU's Dombrovskis discusses the EU's strategic priorities for trade, defense, and competitiveness in a rapidly shifting global landscape at 15:15CET in event hosted by Atlantic Council. Further talks on a Ukraine ceasefire in London involving the U.K., Ukraine, U.S., France and Germany. Portugal general election tv debate on CNN Portugal at 18:00CET (Paulo Raimundo (CDU) x Inês Sousa Real (PAN))
Macro data due include Eurozone, France, Germany and UK Apr preliminary manufacturing/services PMIs, UK Mar PSBR as well as Eurozone Feb trade balance and construction output.
A busy morning for earnings kicked off with a number of Dutch names including Akzo Nobel (AKZA.NA), Randstad (RAND.NA), Corbion (CRBN.NA), Just Eat Takeaway.com (TKWY.NA), Royal Vopak (VPK.NA) and BE Semiconductor Industries (BESI.NA). In Germany, SAP (SAP.GR), Temenos (TEMN.SW) and u-blox Holding (UBXN.SW) reported Q1 results. Elsewhere, Volvo (VOLV.B.SS), Tele2 (TEL2.B.SS), Danone (BN.FP) and Eurofins Scientific (ERF.FP) are out with Q1 revenues/results.
Other companies due to release earnings/updates today include EssilorLuxottica (EL.FP), Kering (KER.FP), Reckitt Benckiser Group (RKT.LN) and Assa Abloy (ASSA.B.SS).
Politics/Macro/World News
Putin offers to halt Russian invasion of Ukraine across current front line - FT
Russia 'may be willing to drop claims to parts of Ukraine it does not occupy' - Guardian
Pharma bosses call for higher drug prices in EU to counter tariff threat - FT
Trump's trade war will have 'profound impact' on UK economy, says Reeves - politico
Three more UK interest rate cuts this year, predicts IMF - BBC
Top company news
Earnings/updates
Benelux:
AKZA.NA (Akzo Nobel) -- reports Q1 EPS from total ops €0.63 vs consensus €0.73; keeps FY25 adj EBITDA guidance unchanged
RAND.NA (Randstad) -- reports Q1 Underlying EPS €0.59 vs consensus €0.54
CRBN.NA (Corbion) -- reports Q1 EBIT €34M vs year-ago €11.6M; FY 2025 outlook confirmed
TKWY.NA (Just Eat Takeaway.com) -- Q1 Trading Update: Total GTV €4.72B vs year-ago €4.70B; +1% ccy; reiterates guidance for 2025
VPK.NA (Royal Vopak) -- reports Q1 EPS €0.84 ex-items vs year-ago €0.85; FY 2025 outlook confirmed
BESI.NA (BE Semiconductor Industries) -- reports Q1 EPS €0.40 vs FactSet €0.47 [12 est, €0.34-0.70]
DACHs:
SAP.GR (SAP) -- reports Q1 non-IFRS EPS €1.44 vs FactSet €1.31 [21 est, €1.17-1.63]
TEMN.SW (Temenos) -- reports Q1 non-IFRS EPS $0.81 vs consensus $0.77; announces CHF250M buyback, guides Q2 and reconfirms FY25 and FY28 guidance
UBXN.SW (u-blox Holding) -- reports Q1 EBIT (CHF3.6M) ex-items vs FactSet (CHF3.5M) [1 est]
France:
BN.FP (Danone) -- reports Q1 revenue €6.84B vs consensus €6.85B
ERF.FP (Eurofins Scientific) -- reports Q1 revenue €1.77B vs StreetAccount €1.76B
FGR.FP (Eiffage) --
reports Q1 revenue €741.7M vs year-ago €711.8M
Eiffage's APPR reports Q1 consolidated revenue ex construction €741.7M vs year-ago €711.8M
OPM.FP (OPmobility) -- reports Q1 revenue €2.69B vs FactSet €2.62B [2 est, €2.62-2.62B]
Nordics:
VOLV.B.SS (Volvo) -- reports Q1 EPS SEK4.86 vs FactSet SEK5.55 [9 est, SEK5.01-6.06]
TEL2.B.SS (Tele2) -- reports Q1 Net profit from cont ops SEK875M vs consensus SEK945M; confirms FY guidance
BOL.SS (Boliden) -- reports Q1 EPS SEK7.99 vs StreetAccount SEK6.59
VAR.NO (Vår Energi) -- reports Q1 EPS $0.18 vs FactSet $0.10 [7 est, $0.06-0.15]; announces Q1 divi of $300M or NOK 1.245 per share
NSKOG.NO (Norske Skog) -- reports Q1 EPS (cont ops) NOK5.14 vs year-ago (NOK2.82)
PEN.NO (Panoro Energy) -- issues 2024 Annual Statement of Reserves
COOR.SS (Coor Service Management Holding) -- reports Q1 EPS SEK0.50 vs FactSet SEK0.96 [2 est, SEK0.58-1.33]
HMS.SS (HMS Networks) -- reports Q1 EPS SEK2.29 vs FactSet SEK2.13 [5 est, SEK1.84-2.71]
Southern Europe:
NEXI.IM (Nexi SpA) -- reports preliminary Q1 revenue growth +3.7% y/yvs FactSet +3.7%
M&A
GOGL.NO (Golden Ocean Group) -- announces term sheet for all-stock merger with CMB.TECH (CMBT.BB)
VACH (Voyager Acquisition) -- VERAXA Biotech to combine with Voyager Acquisition, list on Nasdaq
DHER.GR (Delivery Hero) -- Delivery Hero's foodpanda exits Thailand
VIV.FP (Vivendi) -- updates on group's split
CDRE (Cadre Holdings) -- completes acquisition of Carr's engineering division
DKSH.SW (DKSH Holding) -- agrees to acquire Zircon-Swis Fine Foods Pte Ltd for an undisclosed sum
FCG.NZ (Fonterra Co-operative Group) -- Ongoing dispute between Fonterra and Bega leaves Bega on the outside regarding Mainland Group- Australian Financial Review
TNZ.CN (Tenaz Energy) -- completes nearly all required transition activities to assume operatorship and to close previously announced acquisition of NAM Offshore B.V.
ALK.IM (Alkemy) -- Retex agrees to acquire a further 5.08% stake in Alkemy for €12/share (post EU close 22-Apr)
Healthcare
BMY (Bristol Myers Squibb) -- announces topline results from Phase 3 ARISE trial evaluating Cobenfy as adjunctive treatment to atypical antipsychotics in adults with schizophrenia
NOVN.SW (Novartis) -- NICE recommends Novartis's Joenja to treat activated phosphoinositide 3-kinase delta syndrome in people 12 years and over
ROG.SW (Roche Holding) -- Roche receives CE Mark for its Chest Pain Triage algorithm to enhance detection of Acute Coronary Syndrome (ACS)
SOBI.SS (Swedish Orphan Biovitrum) -- presents new and updated outcomes and analyses from XTEND phase 3 clinical program testing effectiveness of Altuvoct treatment for haemophilia A at WFH 2025 Comprehensive Care Summit
IPH.FP (Innate Pharma) -- announce review of their January 2016 Research Collaboration and License agreement with Sanofi:
MEDCL.FP (MedinCell) -- and iM4TB initiate development of a long-acting Injectable version of Macozinone
Other
RYA.ID (Ryanair Holdings) -- Ryanair extends fuel hedges for next two financial years amid drop in oil prices; says bookings have not been impacted by tariff tumult - FT, citing CEO
ADEN.SW (Adecco Group) -- launches r.Potential
FGR.FP (Eiffage) -- announces contract for construction of new Formula 1 urban circuit in Madrid, Spain
WALL.B.SS (Wallenstam) -- signs lease agreement for Space Arena with Stureplansgruppen
0OIA.GR (SolarWinds) -- SEC filing: 10-K/A
MBTN.SW (Meyer Burger Technology) -- introduces short-time work at Thalheim site from 1-May to address production bottlenecks
Regional Gaming Revenues - Massachusetts March 2025
Key rating changes
Upgrades
HOLM.B.SS (Holmen) -- to buy from hold at SEB
BNP Paribas Exane upgrades S32.LN; downgrades NDA.GR
DnB Markets upgrades BAKKA.NO, GSF.NO, MOWI.NO; downgrades AFISH.NO
CAST.SS (Castellum AB) -- to neutral from sell at UBS
ITX.SM (Inditex) -- to outperform from neutral at BNP Paribas Exane
PIRC.IM (Pirelli & C.) -- to market perform from underperform at Bernstein
TOM.NO (Tomra Systems) -- to hold from sell at SEB
Downgrades
SBRY.LN (J Sainsbury) -- hold from buy at Kepler Cheuvreux
PIA.IM (Piaggio & C) -- to hold from buy at Kepler Cheuvreux
ORSTED.DC (Ørsted) -- to hold from buy at SEB
TEL.NO (Telenor) -- to sell from hold at DnB Markets
OVH.FP (OVHCloud) -- to underweight from equal-weight at Morgan Stanley
Initiations
BNP Paribas Exane initiates BEZ.LN, HSX.LN, LRE.LN
VICO.SS (Vicore Pharma Holding) -- buy at Danske Bank
Data
Nikkei +1.98% to 34899.21
Hang Seng +2.34% to 22067.58
Shanghai Composite +0.20% to 3306.39
S&P futures +87.8 vs prior close of 5314.8
€-$ (0.0038) or (0.33%) to 1.1382
$-¥ +0.45 or +0.32% to 142.06
€-¥ (0.08) or (0.05%) to 161.65
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