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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX flat, CAC flat, IBEX flat, MIB flat

Apr 28 ,2025

  • Synopsis

    • European equity markets set to open broadly flat this morning. Note European markets ended higher for the second consecutive week (STOXX 600 gained 2.8%) with markets encouraged by speculation that US-China trade tensions may have peaked. Markets also welcomed reports that Trump decided not to fire Fed Chair Powell after advisers warned him against the move, though he continued to criticize the Fed chief for keeping rates too high.

    • This week sees release of Q1 preliminary GDPs, Apr preliminary CPIs and manufacturing PMIs from the across the region as well as earnings/updates from Airbus (AIR.FP), AstraZeneca (AZN.LN), Banco Santander (SAN.SM), Deutsche Bank (DBK.GR), HSBC Holdings (HSBA.LN), ING Groep (INGA.NA), Novartis (NOVN.SW), TotalEnergies (TTE.FP) and UBS Group (UBSG.SW). Of note, Labor Day holiday (on Thu) sees the majority of markets in Continental Europe closed. Also this week are local elections in England.

    • European macro data releases out today include Spain Q1 unemployment rate, Mar retail sales, Denmark Mar retail sales, Norway Mar unemployment rate, Sweden Mar PPI, UK Apr distributive trades - CBI

    • In central banks, Latvia central bank's Dundure interview on TV3 "900 seconds". First pre-release from ECB's Economic Bulletin at 10:00CET. ECB publishes its Annual Report 2024 at 15:00, ECB's de Guindos discussing the report at the EP's Economic and Monetary Affairs Committee at the same time (livestream). Bundesbank's Mauderer panellist at 18:00CET at event hosted by Friedrich-Ebert-Stiftung.

    • On the political front, Portugal general election tv debate at 20:30CET simultaneously on SIC/RTP/TVI (Luís Montenegro (AD) x Pedro Nuno Santos (PS)). In Germany, the conservative party is reportedly poised to name Katherina Reiche as the next economy minister, amidst a series of new government appointments set for Monday announcement. This move comes as Friedrich Merz's conservative party forms a coalition with the centre-left Social Democrats. In France, National Rally President Jordan Bardella said will run in the 2027 French presidential election if Marine Le Pen is barred from taking part.

    • The UK's economic forecast has been downgraded by the EY Item Club due to the anticipated negative impact of Trump's tariffs. The UK's growth prediction for 2025 has been reduced to 0.8% from 1%, and for 2026, to 0.9% from a previous estimate of 1.6%.

    • In corporate highlights, Mediobanca (MB.IM) offers to buy Banca Generali (BGN.IM) for €6.3B of Assicurazioni Generali (G.IM) shares; Banijay in early talks to acquire ITV (ITV.LN) or its studio arm, reports the FT. AkzoNobel (AKZA.NA) is looking at BASF's coatings division, reports Financieele Daglad, citing sources. Deliveroo (ROO.LN) confirms that on 5-Apr-25 it received an indicative proposal from DoorDash, Inc. regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Deliveroo at a price of 180 pence per Deliveroo share.

  • Politics/Macro/World News

    • UK-EU May summit could lay ground for review of post-Brexit deal, says German ambassador -- FT

    • US tariffs threaten to derail UK economic growth, EY warns -- Independent

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

    • Trump and EU's von der Leyen agree to meet, says European Commission -- Reuters

    • Swiss franc surge sparks bets on return to negative interest rates -- FT

    • Unexpected euro surge adds to Europe Inc's tariff misery -- Reuters

    • ECB's Kazaks Urges Cautious Steps Even as Growth Outlook Worsens -- Bloomberg

    • Germany to tap utility executive Reiche for economy minister, sources say -- Reuters and Handelsblatt

    • France's Bardella confirms 2027 presidential bid if Le Pen is barred -- POLITICO

    • Trump says another tariff pause is unlikely - wires

  • Top company news

    • Earnings/updates

      • MMB.FP (Lagardere) -- reports H1 revenue €1.98B, +5% vs year-ago €1.88B

      • ALBPS.FP (Biophytis) -- postpones publication of its annual financial statements; targets publication by end of May

      • NA9.GR (Nagarro) -- confirms 2024 guidance and dividend, postpones publication for full-year results

      • STR.AV (STRABAG SE) -- reports FY EPS €7.35 vs FactSet €6.33 [2 est, €6.31-6.35]

      • Also reporting today

        • Earnings:

          • DACHs: Deutsche Börse (DB1.GR), Porsche (P911.GR), TRATON (8TRA.GR), Logwin (TGHN.GR), The Platform Group (TPG.GR)

          • France: Imerys (NK.FP)

          • Nordics: Wihlborgs Fastigheter (WIHL.SS), Wallenstam (WALL.B.SS), Catena (CATE.SS), Volati (VOLO.SS), Fagerhult Group (FAG.SS), VBG Group (VBG.B.SS), Hexatronic Group (HTRO.SS), Eastnine (EAST.SS), IAR (IAR.B.SS), Bulten (BULTEN.SS), Softronic (SOF.B.SS), Balco Group (BALCO.SS), Boule Diagnostics (BOUL.SS)

          • Southern Europe: Galp Energia (GALP.PL), Unicaja Banco (UNI.SM), Viscofan (VIS.SM), Jumbo (BELA.GA)

          • UK: Elixirr International (ELIX.LN)

          • Other: Sberbank Russia (SBER.RU)

        • Trading Update:

          • Benelux: Theon International (THEON.NA)

          • France: Schneider Electric (SU.FP), Vivendi (VIV.FP), Mercialys (MERY.FP), Lumibird (LBIRD.FP), Nacon (NACON.FP)

          • Southern Europe: Puig Brands (PUIG.SM)

        • CMD/events: Metlen Energy & Metals (MYTIL.GA), Hansa Biopharma (HNSA.SS) business update call

    • M&A

      • SPR (Spirit AeroSystems) -- enters into definitive agreement with Airbus SE to transfer ownership of certain assets

      • ITV.LN (ITV) -- Banijay in early talks to acquire ITV or its studio arm - FT

      • BAS.GR (BASF) -- AkzoNobel looking at BASF's coatings division - Het Financieele Daglad, citing sources

      • ROO.LN (Deliveroo) -- confirms proposal from DoorDash

      • FORTUM.FH (Fortum) -- to sell all of India to Hexa Climate Solutions, valuation unknown - Mint, citing two people aware of the development

      • BGN.IM (Banca Generali) -- Mediobanca offers to buy Banca Generali for €6.3B of Assicurazioni Generali shares

      • AMPLI.FP (Amplitude Surgical) -- Zydus Lifesciences limited signs purchase agreement with PAI partners and other shareholders to acquire a majority stake in Amplitude Surgical SA

      • AGI.AU (Ainsworth Game Technology) -- Novomatic enters into scheme to purchase remaining shares in Ainsworth Game Technology at A$1.00/sh cash

    • Healthcare

      • ZEAL.DC (Zealand Pharma) -- calls agreement to develop petrelintide in partnership with Roche "best deal ever"; will help preserve independence - FT, citing CEO

      • MOLN.SW (Molecular Partners) -- presents new preclinical data on Radio-DARPin and Switch-DARPin programs at AACR 2025

      • VLA.FP (Valneva) -- France suspends use of Valneva's IXCHIQ in people 65 and older following reports of SAEs

      • REC.IM (Recordati) -- FDA grants orphan drug designation to dinutuximab beta for Ewing sarcoma

      • CANTA.SS (Cantargia) -- announces the publication of preclinical data highlighting nadunolimab's potential to counteract tumor-driven systemic immunosuppression

      • CANTA.SS (Cantargia) -- presents association between nadunolimab and reduction of chemotherapy induced peripheral neuropathy (CIPN) at AACR

      • CANTA.SS (Cantargia) -- presents preclinical results on anti-IL1RAP antibody-drug conjugate (ADC) at AACR

    • Other

      • BP.LN (BP) -- Elliott wants BP to slim its head office, close several divisions - Sunday Times

      • NESN.SW (Nestle) -- Nestlé appoints Jeff Hamilton as CEO Zone Americas

      • VWS.DC (Vestas Wind Systems) -- calls out big discrepancy between wind industry's ambitious climate targets and reality on the ground - FT, citing chair

      • WTB.LN (Whitbread) -- Severn Trent chair Christine Hodgson and Intertek chair Andrew Martin vying to succeed Adam Crozier as chair of Whitbread - Sky News

      • PIRC.IM (Pirelli & C.) -- At 28-Apr meeting, Pirelli board likely to terminate 37% holder Sinochem's control over company - il Messagero, citing financial sources

      • PRS.SM (Promotora de Informaciones) -- Prisa holder Global Alconaba seeking investors to help reach economic agreement with chair Oughourlian - El Mundo

      • Estimated weekend box office revenues in US, Canada $143.7M, +124.1% y/y - Box Office Mojo

      • Exxon Mobil set to surpass Shell and BP in low carbon spending - FT

  • Key rating changes

    • Upgrades

      • BESI.NA (BE Semiconductor Industries) -- to hold from reduce at HSBC

      • BKG.LN (Berkeley Group Holdings) -- to buy from neutral at UBS

      • IP.IM (Interpump Group) -- to outperform from neutral at BNP Paribas Exane

      • NCAB.SS (NCAB Group) -- to buy from hold at Pareto

      • SPM.IM (Saipem) -- to buy from hold at Stifel

      • Kepler Cheuvreux upgrades AIR.FP, MRO.LN, MTX.GR, and SAF.FP

    • Downgrades

      • GN.DC (GN Store Nord) -- to hold from buy at Kepler Cheuvreux

      • HUSQ.B.SS (Husqvarna) -- to hold from buy at Handelsbanken

      • FRA.GR (Fraport) -- to underperform from hold at Jefferies

      • AUTO.NO (AutoStore Holdings) -- to hold from buy at Deutsche Bank

      • BOOZT.SS (Boozt Fashion) -- to hold from buy at Carnegie Securities

      • MAERSK.B.DC (Maersk) -- to sell from hold at Danske Bank

      • HNR1.GR (Hannover Re) -- to hold from buy at HSBC

      • MUV2.GR (Munich Re) -- to hold from buy at HSBC

      • INCH.LN (Inchcape) -- to neutral from outperform at BNP Paribas Exane

  • Data

    • Nikkei +0.25% to 35795.43

    • Hang Seng +0.06% to 21994.77

    • Shanghai Composite +0.00% to 3295.13

    • S&P futures (31.5) vs prior close of 5549.8

    • €-$ +0.0006 or +0.05% to 1.1372

    • $-¥ (0.07) or (0.05%) to 143.53

    • €-¥ +0.04 or +0.02% to 163.25

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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