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StreetAccount Summary - EU Market Recap: FTSE 100 +0.02% to 8417.34, DAX +0.13% to 22271.67, CAC40 +0.50% to 7573.76, STOXX 600 +0.53% to 523.19

Apr 28 ,2025

  • Synopsis:

    • European equity markets closed higher. Follows last week's positive close in the second consecutive week of gains. Health care and banks were the best performers, while technology and media were the main laggards.

    • The London Times reported that the UK wants to secure a US trade deal before a key EU summit in London on 19-May. There are concerns that if a deal if not reached by then, Trump could take offence at the UK's move to closer alignment with the bloc. UK Chancellor Reeves held talks with US Treasury Secretary Bessent on Friday. Readout from Reeves-Bessent meeting said there was a landing zone for a bilateral trade deal (FT). Prior to the meeting Reeves opened the door to tariff cuts on imports of US cars, agriculture and seafood products. The Times said UK officials expect the baseline 10% tariff to remain on all UK goods, but focus is on getting a reduction in the 25% tariffs on cars, steel and aluminium.

    • Politico reported that Germany asked the EU to activate an emergency clause to allow it to increase defense spending without breaching rules, dated 24-Apr. Will enable it to increase spending by up to 1.5% of GDP a year for the next four years to speed up rearmament.

    • In geopolitical news, Trump said he believes Ukrainian leader Zelensky ready to reach a peace deal with Russia that would involve giving up Crimea. Follows face-to-face talks at Pope's funeral on Saturday. Trump also expressed frustration with Russia's continued attacks on Ukraine during negotiation process.

    • EY Item Club cut its UK economic growth forecasts over next two years due to tariffs. Elsewhere, more conjecture on likelihood of June ECB rate cut to support economy. Quiet macro calendar in Europe, though number of updates this week, including latest GDP from Eurozone, Germany and France on Wednesday. Key Eurozone inflation update on Friday.

    • M&A news dominate the headlines with Mediobanca (MB.IM) offering to buy Banca Generali (BGN.IM) for €6.3B of Generali (G.IM) shares. Also, Merck (MRK.GR) will acquire SpringWorks Therapeutics (SWTX) for $47/sh in a equity value deal of ~$3.9B and AkzoNobel (AKZA.NA) is looking at BASF (BAS.GR) coatings division. In the UK, Deliveroo (ROO.LN) confirmed it received an indicative proposal from DoorDash, Inc. (DASH) regarding a possible cash offer whilst NCC Group (NCC.LN) confirmed it is investigating a number of options for its Escode business including a potential sale.

    • On the reporting front, few companies updated investors this morning, including TRATON (8TRA.GR), STRABAG (STR.AV), Galp Energia (GALP.PL), Lagardere (MMB.FP) and AEDAS Homes (AEDAS.SM). Entain (ENT.LN) released BetMGM Q1 Trading Update and confirmed it is confident of positive EBITDA in 2025

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +1.28%, Banks +0.92%, Persnl & HHold Goods +0.89%, Food & Beverage +0.76%, Construct & Mtls +0.76%, Travel & Leisure +0.62%, Utilities +0.60%

      • Underperformers:

        • Technology (0.13%), Media (0.04%), Autos & Parts +0.04%, Ind Goods & Svcs +0.05%, Basic Resources +0.06%, Financial Svcs +0.09%, Insurance +0.22%, Chemicals +0.23%, Real Estate +0.26%, Oil & Gas +0.27%, Telecom +0.33%, Retail +0.46%

    • Macro:

      • Central Banks

        • ECB annual report

        • ECB consensus builds for June cut, but no appetite for big move - Reuters

        • ECB prepares for June rate cut - Bloomberg

        • ECB's Kazak urges caution even a growth outlook worsens - Bloomberg

        • ECB's Rehn: More Cuts Correct If Outlook Shows Undershoot Of 2% - Finland's Bank release

        • Swiss franc surges sees increase in bets for SNB negative rates - FT

        • Bank of France's Villeroy says still margin for further interest rate cuts in Europe - RTL radio

      • Geopolitics

        • Trump and EU's von der Leyen agree to meet - Reuters

        • Reeves and Bessent see landing zone for UK-US trade deal - FT

        • UK ministers casts doubt on UK-US deal as EU beckons - London Times

      • Germany

        • Germany to tap utility executive Reiche for economy minister - Handelsblatt

      • UK

        • Retail sales fall for the seventh month in a row, with a faster decline expected in May - CBI Distributive Trades Survey

        • EY Item Club cut UK growth outlook due to tariffs - London Times

        • EU rejects UK bid to open up access to single market - FT

        • UK small businesses face a funding gap of £90B - London Times

        • UK faces biggest election shakeup in 100 years in local election - FT

        • Badenoch has primed the Tories to see off Farage's Reform - Telegraph

      • Ireland

        • Taoiseach launches ESRI overarching report Sharing the Island: Economic and Social Challenges and Opportunities and announces new phase of joint research programme - ESRI

    • Company news:

      • Notable Gainers

        • +7.8% STR.AV (STRABAG SE €74.80, +5.40) -- FY earnings

        • +7.4% 8TRA.GR (TRATON €30.02, +2.06) -- Q1 earnings

        • +6.8% ENT.LN (Entain £6.28, +0.40) -- BetMGM trading update

        • +6.0% CDA.FP (Compagnie des Alpes €16.70, +0.94) -- acquires 33% stake in Terrésens for €6.9M

        • +5.2% BGN.IM (Banca Generali €51.30, +2.52) -- Mediobanca offers to buy Banca Generali for €6.3B of Assicurazioni Generali shares

        • +4.8% ISOFOL.SS (Isofol Medical SEK1.99, +0.09) -- first patient enrolled in phase Ib/II study of arfolitixorin for treatment of metastatic colorectal cancer.

        • +4.7% SEPL.LN (SEPLAT Energy £1.95, +0.09) -- Q1 earnings

        • +3.0% NCC.LN (NCC Group £1.44, +0.04) -- confirms it is investigating a number of options for its Escode business including a potential sale

        • +2.9% IP.IM (Interpump Group €30.30, +0.84) -- BNP Paribas Exane upgrade

        • +2.1% BMPS.IM (Banca Monte dei Paschi di Siena €7.35, +0.15) -- Mediobanca offers to buy Banca Generali for €6.3B of Assicurazioni Generali shares

        • +1.8% BOUL.SS (Boule Diagnostics SEK8.30, +0.14) -- Q1 earnings

        • +1.2% EQV1V.FH (eQ €10.51, +0.12) -- $168M raised for eQ PE XVII US fund

      • Notable Decliners

        • -5.8% BONEX.SS (BONESUPPORT HOLDING SEK299.00, -18.40) -- new CEO

        • -4.3% ITV.LN (ITV £0.77, -0.04) -- Estimated weekend box office revenues in US, Canada $143.7M, +124.1% y/y - Box Office Mojo

        • -3.5% FRA.GR (Fraport €59.50, -2.15) -- Jefferies downgrade

        • -3.1% ERA.FP (Eramet €48.94, -1.56) -- Oddo downgrade

        • -3.0% GALP.PL (Galp Energia SGPS €13.56, -0.42) -- Q1 earnings

        • -2.4% HUSQ.B.SS (Husqvarna SEK44.96, -1.11) -- Handelsbanken downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: BAWAG Group (BG.AV), Telekom Austria (TKA.AV)

        • Benelux: Universal Music Group (UMG.NA), ASM International (ASM.NA), Vivoryon Therapeutics (VVY.NA), Aedifica (AED.BB)

        • Denmark: Embla Medical (EMBLA.DC)

        • Finland: Fortum (FORTUM.FH), Kesko (KESKOB.FH), Tietoevry (TIETO.FH), Sanoma (SANOMA.FH), Kalmar (KALMAR.FH), Metsa Board (METSB.FH), Nokian Renkaat (TYRES.FH), Revenio Group (REG1V.FH), Finnair (FIA1S.FH), Yit (YIT.FH), Lindex Group (LINDEX.FH), eQ (EQV1V.FH), Lassila & Tikanoja (LAT1V.FH), F-Secure (FSECURE.FH), Alandsbanken (ALBBV.FH), Gofore (GOFORE.FH), Taaleri (TAALA.FH), Oriola (ORIOLA.FH), Tecnotree (TEM1V.FH)

        • France: Amundi (AMUN.FP), M6-Metropole (MMT.FP), Viridien (VIRI.FP), Theranexus (ALTHX.FP)

        • Germany: Deutsche Bank (DBK.GR), Adidas (ADS.GR), DWS Group (DWS.GR), Deutsche Lufthansa (LHA.GR), HelloFresh (HFG.GR), Nagarro (NA9.GR), EuroTeleSites (7YF.GR), Takkt (TTK.GR), M1 Kliniken (M12.GR), Stratec (SBS.GR), Surteco Group (SUR.GR), GESCO (GSC1.GR), Ringmetall (HP3A.GR), ADLER Group (ADJ.GR)

        • Norway: Gjensidige Forsikring (GJF.NO), Norsk Hydro (NHY.NO), Entra (ENTRA.NO), Nordic Semiconductor (NOD.NO), Atea (ATEA.NO), Okea (OKEA.NO), XXL (XXL.NO)

        • Southern Europe: Banco Bilbao Vizcaya Argentaria (BBVA.SM), Vidrala (VID.SM), MAIRE (MAIRE.IM), BasicNet (BAN.IM), Elica (ELC.IM), Admie Holdings (IPTO) (ADMIE.GA)

        • Sweden: Atlas Copco (ATCO.A.SS), Skandinaviska Enskilda Banken (SEB.A.SS), Swedbank (SWED.A.SS), Alfa Laval (ALFA.SS), Epiroc (EPI.A.SS), Latour Investment (LATO.B.SS), Swedish Orphan Biovitrum (SOBI.SS), Sweco (SWEC.B.SS), Volvo Car (VOLCAR.B.SS), Thule Group (THULE.SS), Billerud (BILL.SS), Pandox (PNDX.B.SS), Betsson (BETSB.SS), Electrolux (ELUX.B.SS), Munters Group (MTRS.SS), Vimian Group (VIMIAN.SS), SSAB (SSAB.A.SS), NCC (NCC.B.SS), Medicover (MCOV.B.SS), Electrolux Professional (EPRO.B.SS), Modern Times Group MTG (MTG.B.SS), MilDef Group (MILDEF.SS), engcon (ENGCON.B.SS), Instalco (INSTAL.SS), Arjo (ARJO.B.SS), Momentum Group (MMGR.B.SS), Storytel (STORY.B.SS), Sdiptech (SDIP.B.SS), ITAB Shop Concept (ITAB.SS), Scandi Standard (SCST.SS), Knowit (KNOW.SS), Humble Group (HUMBLE.SS), CellaVision (CEVI.SS), Ependion (EPEN.SS), BICO Group (BICO.SS), Svedbergs Group (SVED.B.SS), Nobia (NOBI.SS), KlaraBo (KLARA.B.SS), BioInvent International (BINV.SS), Arise (ARISE.SS), Net Insight (NETI.B.SS), FormPipe Software (FPIP.SS), Arla Plast (ARPL.SS), Micro Systemation (MSAB.B.SS), 4C Group (4C.SS), Medivir (MVIR.SS)

        • Switzerland: Novartis (NOVN.SW), Logitech International (LOGN.SW), Clariant (CLN.SW), Santhera Pharmaceuticals Holding (SANN.SW)

        • UK: AstraZeneca (AZN.LN), HSBC Holdings (HSBA.LN), BP (BP.LN), Associated British Foods (ABF.LN), Canal+ (CAN.LN), Mobico Group (MCG.LN), Warpaint London (W7L.LN), Animalcare Group (ANCR.LN), Mpac Group (MPAC.LN), Focusrite (TUNE.LN), Pod Point Group Holdings (PODP.LN)

        • Other: Icelandair Group (ICEAIR.IR)

      • Trading Update:

        • Benelux: Coca-Cola Europacific Partners (CCEP.NA), Allfunds Group (ALLFG.NA), Recticel (RECT.BB)

        • DACHs: Symrise (SY1.GR), flatexDEGIRO (FTK.GR), Grammer (GMM.GR), SIG Combibloc Group (SIGN.SW), Bucher Industries (BUCN.SW),

        • France: Capgemini (CAP.FP), Rexel (RXL.FP), Vicat (VCT.FP), Valeo (FR.FP), Planisware (PLNW.FP), Wavestone (WAVE.FP), Voltalia (VLTSA.FP), Exel Industries (EXE.FP), SMCP (SMCP.FP), Casino Guichard-Perrachon (CO.FP), Solutions 30 (S30.FP), Deezer (DEEZR.FP), Haulotte Group (PIG.FP), Vantiva (VANTI.FP), Guillemot Corp. (GUI.FP), Forsee Power (FORSE.FP)

        • Nordics: Carlsberg (CARL.B.DC), Royal Unibrew (RBREW.DC), Green Hydrogen Systems (GREENH.DC), Bittium (BITTI.FH), SSH Communications Security (SSH1V.FH)

        • UK: Beazley (BEZ.LN), Entain (ENT.LN), Travis Perkins (TPK.LN), Elementis (ELM.LN), Alfa Financial Software Holdings (ALFA.LN)

      • CMD/events: Hostelworld Group (HSW.LN), CMB.TECH (CMBT.BB), Thessaloniki Port Authority (OLTH.GA)

  • Data:

    • Economics:

      • Denmark Mar Retail Sales +1.6% y/y vs consensus +1.1% and prior (0.1%)

      • Norway Mar Unemployment Rate 4.4% vs consensus 4.1% and prior 3.8%

      • Sweden Mar PPI (0.3%) vs consensus +3.2% and prior +3.4%

      • Spain

        • Q1 Unemployment Rate 11.4% vs consensus 10.7% and prior 10.6%

        • Mar Retail Sales +3.6% y/y vs consensus +3.6% and prior +3.6%

    • Markets:

      • WTI Crude (Jun 25): ($1.23) or (1.95%) to $61.79

      • €-$ +0.0024 or +0.21% to 1.1390

      • £-$ +0.0090 or +0.68% to 1.3397

      • €-£ (0.0038) to 0.8502

      • S&P 500 (0.43%)

      • Performance year-to-date

        • FTSE 100: +2.99%

        • DAX: +11.87%

        • CAC: +2.62%

        • MIB: +9.59%

        • Stoxx 600: +3.07%

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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