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StreetAccount Summary - EU Market Recap: FTSE 100 +0.55% to 8463.46, DAX +0.69% to 22425.83, CAC40 (0.24%) to 7555.87, STOXX 600 +0.36% to 525.09

Apr 29 ,2025

  • Synopsis:

    • European equity markets closed mostly firmer, just France's CAC and Spain's IBEX lower. Health care, banks and utilities the biggest gainers, while retail, personal and household goods and industrials the worst performers. US equity markets higher in midday trading. Treasuries firmer. Follows a stronger Monday session that saw 10-year yields down for a fifth straight day to lowest level in three weeks. Bund off 4 bps. Benchmark Gilt 5 bps lower. Dollar index up 0.2% after losing 0.5% to start the week. Gold down. Bitcoin futures up. WTI crude lower. Industrial metals weaker.

    • Tariff relief for autos and auto parts the big story for today. Marks latest de-escalation attempt on the part of the White House. However, move had been widely expected and auto sector still facing meaningful tariff headwinds. UK and EU to commit to political agreement on trade, Ukraine, and climate goals. UK press highlighted that it might be seen in Washington as an overt signal that Starmer's government is aligning itself with Brussels. It will mark the most significant political declaration on Europe since Brexit. It is expected to form part of a formal announcement on deals on defense, security and trade at a London summit on 19-May.

    • On the macro calendar, Eurozone economic sentiment indicator deteriorated in April to 93.6 versus consensus 94.5 and prior 95.0 revised from 95.2. Decline in the headline reflected a drop in the services sector indicator to 1.4 versus consensus 2.2 and prior 2.2 revised from 2.4 amid a deterioration in all three components, including expected demand. Consumer confidence at -16.7 versus flash -16.7 reading and prior -14.5 with all four components deteriorating, including intentions to make major purchases and the economic outlook. Eurozone March M3 Money Supply grew by less than expected +3.6% y/y vs consensus +4.0% and prior +4.0%. GfK German consumer confidence indicator for May improved to -20.6 versus consensus -25.6 and prior -24.3 revised from -24.5. Breakdown saw increase in income expectations and propensity to buy, while the savings indicator dropped. The latest update from the British Retail Consortium (BRC) showed shop price inflation increased to -0.1% y/y in April versus a -0.4% decline in March after food prices hit the highest level in a year. Food inflation increased 2.6% y/y versus prior 2.4%, and above the three-month average of 2.4%. Spain prelim CPI eased in April to +2.2% y/y vs prior +2.3%, but came in ahead of expectations of +2.0%. Eurozone money supply data and economic sentiment indicator due later. Italian business confidence beat.

    • A busy corporate earnings session as well; of note, amidst the notable gainers are Jet2 (JET2.LN), Neste (NESTE.FH), Rheinmetall (RHM.GR), HelloFresh (HFG.GR), Capgemini (CAP.FP), Deutsche Bank (DBK.GR), HSBC (HSBA.LN). On the downside, Electrolux (ELUX.B.SS), Volvo Car (VOLCAR.B.SS), Associated British Foods (ABF.LN), Schneider Electric (SU.FP), Porsche (P911.GR0, BP (BP.LN), Adidas (ADS.GR).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +1.17%, Banks +1.12%, Utilities +1.09%, Technology +0.72%, Media +0.70%, Chemicals +0.69%, Telecom +0.57%, Insurance +0.54%, Travel & Leisure +0.47%

      • Underperformers:

        • Retail (0.46%), Persnl & HHold Goods (0.42%), Ind Goods & Svcs (0.38%), Oil & Gas (0.36%), Food & Beverage (0.27%), Financial Svcs (0.07%), Basic Resources +0.01%, Construct & Mtls +0.01%, Autos & Parts +0.08%, Real Estate +0.26%

    • Macro:

      • Central Banks:

        • BoE steps up monitoring of firms, but stops short of daily liquidity oversight (Reuters)

        • ECB's Kazaks hopeful that step-by-step rate cuts may continue (Bloomberg)

        • ECB's Cipollone sees tariffs likely disinflationary short term (Bloomberg)

        • ECB's Consumer Expectations Survey showed rising inflation expectations, with one-year-ahead CPI projections increasing to 2.9%-the highest since April 2024-and three-year expectations up to 2.5%

      • Germany:

        • German consumer confidence rises from depressed levels (Reuters)

      • Trade/ tariffs:

        • France seeks small parcel fees as flows from China surge (Bloomberg )

        • UK and EU defy Trump with new strategic partnership to boost trade and security (TheGuardian )

        • Merz's proposes abolition of tariffs by US and Europe (London Times)

    • Peripheral markets:

      • Malta:

        • EU top court rules against Malta's golden passport scheme (Reuters )

      • Spain/Portugal:

        • Spain, Portugal switch back on, seek answers after biggest ever blackout (Reuters )

      • Sweden:

        • Swedish Industrial Giants Hike Prices to Limit Tariff Fallout (Bloomberg )

      • Hungary:

        • Central Bank Backs Steady Rates on Trade Uncertainty (Bloomberg )

    • Company news:

      • Notable Gainers

        • +23.7% CEVI.SS (CellaVision SEK199.20, +38.20) -- Q1 earnings

        • +18.2% FING.B.SS (Fingerprint Cards SEK0.02, -0.00) -- Q1 earnings

        • +14.3% JET2.LN (Jet2 £15.43, +1.93) -- FY trading update; launches share buyback program of up to £250M

        • +12.8% REG1V.FH (Revenio Group €27.25, +3.10) -- Q1 earnings

        • +12.0% MAIRE.IM (MAIRE €9.45, +1.01) -- granted additional works of previously announced orders and new awards for ~€900M

        • +11.9% PINE.LN (Pinewood Technologies Group £3.56, +0.38) -- five year contract with Volkswagen Group Japan

        • +10.4% NESTE.FH (Neste €8.79, +0.83) -- Q1 earnings

        • +8.9% MCOV.B.SS (Medicover SEK232.00, +19.00) -- Q1 earnings

        • +7.7% RHM.GR (Rheinmetall €1,443.00, +103.50) -- prelim. Q1 earnings

        • +7.7% FORTUM.FH (Fortum €14.61, +1.04) -- Q1 earnings

        • +7.6% NXQ.LN (Nexteq £0.64, +0.05) -- AGM statement

        • +7.3% MTRS.SS (Munters Group SEK118.40, +8.00) -- Q1 earnings

        • +6.5% LAT1V.FH (Lassila & Tikanoja €9.51, +0.58) -- Q1 earnings

        • +5.5% DBK.GR (Deutsche Bank €23.64, +1.23) -- Q1 earnings; CEO comments

        • +5.4% SCST.SS (Scandi Standard SEK89.70, +4.60) -- Q1 earnings

        • +5.2% HFG.GR (HelloFresh €8.90, +0.44) -- Q1 earnings

        • +4.9% CAP.FP (Capgemini €137.00, +6.40) -- Q1 revenue; CIC Market Solutions upgrade

        • +4.7% RECT.BB (Recticel €10.72, +0.48) -- Q1 revenue

        • +4.7% BG.AV (BAWAG Group €97.35, +4.40) -- Q1 earnings

        • +4.6% TPK.LN (Travis Perkins £5.53, +0.25) -- Q1 trading update

        • +4.4% HWDN.LN (Howden Joinery Group £7.72, +0.33) -- 4M trading update

        • +4.4% SVED.B.SS (Svedbergs Group SEK49.85, +2.10) -- Q1 earnings

        • +4.1% SSAB.A.SS (SSAB SEK63.24, +2.48) -- Q1 earnings

        • +4.1% SOBI.SS (Swedish Orphan Biovitrum SEK290.40, +11.40) -- Q1 earnings

        • +3.6% YIT.FH (Yit €2.51, +0.09) -- Q1 earnings

        • +3.4% CLN.SW (Clariant CHF9.55, +0.32) -- Q1 earnings

        • +3.1% BETS.B.SS (Betsson SEK163.10, +4.90) -- Q1 earnings

        • +3.1% SWED.A.SS (Swedbank SEK233.40, +7.00) -- Q1 earnings

        • +2.8% FPIP.SS (FormPipe Software SEK26.10, +0.70) -- Q1 earnings

        • +2.7% ENT.LN (Entain £6.45, +0.17) -- new CEO

        • +2.6% SMCP.FP (SMCP €3.10, +0.08) -- Q1 revenue

        • +2.2% MCAP.SS (MedCap SEK423.00, +9.00) -- Q1 earnings

        • +2.0% MTX.GR (MTU Aero Engines €300.40, +6.00) -- prelim. Q1 earnings

        • +1.8% TUNE.LN (Focusrite £1.45, +0.02) -- H1 earnings

        • +1.7% ADJ.GR (ADLER Group €0.24, -0.00) -- FY earnings

      • Notable Decliners

        • -34.1% NETI.B.SS (Net Insight SEK2.93, -1.51) -- Q1 earnings

        • -23.2% INSTAL.SS (Instalco SEK24.16, -7.30) -- Q1 earnings

        • -18.6% ELUX.B.SS (Electrolux SEK60.02, -13.70) -- Q1 earnings

        • -17.4% STORY.B.SS (Storytel SEK84.50, -17.85) -- Q1 earnings

        • -16.5% FIA1S.FH (Finnair €2.45, -0.48) -- Q1 earnings

        • -13.9% NOD.NO (Nordic Semiconductor NOK106.90, -17.30) -- Q1 earnings

        • -13.9% THULE.SS (Thule Group SEK224.20, -36.20) -- Q1 earnings

        • -13.7% BITTI.FH (Bittium €6.63, -1.05) -- Q1 earnings

        • -11.3% GOFORE.FH (Gofore €16.02, -2.04) -- Q1 earnings

        • -11.2% GFG.GR (Global Fashion Group €0.27, -0.03) -- Q1 earnings

        • -11.1% LINDEX.FH (Lindex Group €2.67, -0.34) -- Q1 earnings

        • -9.7% COPN.SW (Cosmo Pharmaceuticals CHF43.80, -4.70) -- negative CHMP opinion on Winlevi in Europe

        • -9.5% SSH1V.FH (SSH Communications Security €1.10, -0.12) -- Q1 earnings

        • -8.9% ABF.LN (Associated British Foods £20.39, -2.00) -- H1 earnings

        • -8.0% BICO.SS (BICO Group SEK36.28, -3.14) -- Q1 earnings

        • -8.0% NOBI.SS (Nobia SEK3.27, -0.29) -- Q1 earnings

        • -7.0% VIS.SM (Viscofan €62.50, -4.70) -- Q1 earnings

        • -6.6% SU.FP (Schneider Electric €202.80, -14.30) -- Q1 revenue

        • -6.4% SWEC.B.SS (Sweco SEK164.30, -11.30) -- Q1 earnings

        • -5.6% MTG.B.SS (Modern Times Group MTG SEK106.90, -6.30) -- Q1 earnings

        • -5.5% PNDX.B.SS (Pandox SEK153.80, -9.00) -- Q1 earnings

        • -5.1% NCC.B.SS (NCC SEK181.30, -9.80) -- Q1 earnings

        • -5.0% WJG.LN (Watkin Jones £0.31, -0.02) -- H1 trading update

        • -4.9% W7L.LN (Warpaint London £3.85, -0.20) -- FY earnings

        • -3.9% ARISE.SS (Arise SEK35.40, -1.45) -- Q1 earnings

        • -3.9% RBREW.DC (Royal Unibrew DKK543.50, -22.00) -- Q1 earnings

        • -3.1% SANN1.SW (Santhera Pharmaceuticals Holding CHF14.80, -0.48) -- FY earnings

        • -2.9% GJF.NO (Gjensidige Forsikring NOK238.00, -7.20) -- Q1 earnings

        • -2.9% EKTA.B.SS (Elekta SEK48.76, -1.44) -- holder sold 15M shares overnight at SEK 47.45/sh, ~ 4% of total shares

        • -2.8% XXL.NO (XXL ASA NOK10.60, -0.30) -- Q1 earnings

        • -2.4% MCG.LN (Mobico Group £0.33, -0.01) -- FY earnings; CEO steps down

        • -2.4% MSAB.B.SS (Micro Systemation SEK48.56, -1.19) -- Q1 earnings

        • -2.4% BP.LN (BP £3.53, -0.09) -- Q1 earnings

        • -2.3% KESKOB.FH (Kesko €20.08, -0.48) -- Q1 earnings

        • -2.2% TIETO.FH (Tietoevry €15.70, -0.36) -- Q1 earnings; CEO steps down

        • -2.2% BEZ.LN (Beazley £8.66, -0.20) -- Q1 trading update

        • -2.0% TRAD.SS (Tradedoubler SEK6.70, -0.14) -- Q1 earnings

        • -1.8% VVY.NA (Vivoryon Therapeutics €1.77, -0.03) -- FY earnings

        • -1.7% DB1.GR (Deutsche Börse €272.90, -4.80) -- Q1 earnings; Kepler Cheuvreux downgrade

        • -1.6% CBRAIN.DC (cBrain DKK163.00, -2.60) -- adjust growth strategy during H1 to capitalize on faster-than-anticipated shift in the government IT market

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Erste Group Bank (EBS.AV), OMV (OMV.AV), Andritz (ANDR.AV), FACC (FACC.AV)

        • Benelux: Aperam (APAM.NA), Ebusco Holding (EBUS.NA), Ontex Group (ONTEX.BB), Melexis (MELE.BB)

        • Denmark: DSV (DSV.DC), Ringkjøbing Landbobank (RILBA.DC), Brødrene A & O Johansen (AOJ.B.DC)

        • Finland: Kone (KNEBV.FH), Hiab (HIAB.FH), Pihlajalinna (PIHLIS.FH), SRV Group (SRV1V.FH), Loihde (LOIHDE.FH)

        • France: TotalEnergies (TTE.FP), Airbus (AIR.FP), Credit Agricole (ACA.FP), Societe Generale (GLE.FP), Ayvens (AYV.FP), Technip Energies (TE.FP), Nexans (NEX.FP), Air France-KLM (AF.FP), SES (SESG.FP), TF1 (TFI.FP), AB Science (AB.FP), Novacyt (ALNOV.FP)

        • Germany: Volkswagen (VOW3.GR), Mercedes-Benz Group (MBG.GR), DHL Group (DHL.GR), Nemetschek (NEM.GR), Kion Group (KGX.GR), Fielmann Group (FIE.GR), Wacker Chemie (WCH.GR), FUCHS (FPE3.GR), CompuGroup Medical (COP.GR), Aixtron (AIXA.GR), AlzChem Group (ACT.GR), Siltronic (WAF.GR), Befesa (BFSA.GR), Deutz (DEZ.GR), Sto (STO3.GR), Einhell Germany (EIN.GR), PharmaSGP Holding (PSG.GR), Allgeier (AEIN.GR), Allane (LNSX.GR), Baader Bank (BWB.GR), LPKF Laser & Electronics (LPK.GR), MPH Health Care (93M1.GR), Enapter (H2O.GR), centrotherm international (CTNK.GR), InnoTec TSS (TSS.GR), Voltabox (VBX.GR)

        • Greece: Athens Water Supply & Sewage Co. (EYDAP.GA)

        • Norway: Equinor (EQNR.NO), Subsea 7 (SUBC.NO), Borregaard (BRG.NO), Aker Solutions (AKSO.NO), Elkem (ELK.NO), Pareto Bank (PARB.NO), Sparebanken Møre (MORG.NO), Aker BioMarine (AKBM.NO), NEL (NEL.NO), Klaveness Combination Carriers (KCC.NO), Akastor (AKAST.NO), Sea1 Offshore (SEA1.NO), Zalaris (ZAL.NO), Komplett (KOMPL.NO)

        • Spain: Iberdrola (IBE.SM), Banco Santander (SAN.SM), CaixaBank (CABK.SM), Aena S.M.E. (AENA.SM), Repsol (REP.SM), Redeia Corporacion (RED.SM), Fomento de Construcciones y Contratas (FCC.SM), Enagas (ENG.SM), ATRESMEDIA (A3M.SM),

        • Sweden: Hexagon (HEXA.B.SS), Svenska Handelsbanken (SHB.A.SS), Evolution (EVO.SS), Kambi Group (KAMBI.SS), Egetis Therapeutics (EGTX.SS), Eltel (ELTEL.SS), SinterCast (SINT.SS), Minesto (MINEST.SS), Karolinska Development (KDEV.SS)

        • Switzerland: UBS Group (UBSG.SW), Straumann Holding (STMN.SW), Schindler Holding (SCHP.SW), ams-OSRAM (AMS.SW), Idorsia (IDIA.SW), Leclanché (LECN.SW)

        • UK: GSK (GSK.LN), Barclays (BARC.LN), Aston Martin Lagonda Global Holdings (AML.LN), PureTech Health (PRTC.LN), Strix Group (KETL.LN), Videndum (VID.LN), Sanderson Design Group (SDG.LN), Marley Spoon Group (0ACA.LN)

      • Trading Update:

        • Benelux: Adyen (ADYEN.NA), DSM-Firmenich (DSFIR.NA)

        • DACHs: Sandoz Group (SDZ.SW)

        • France: Teleperformance (TEP.FP), Sopra Steria Group (SOP.FP), Remy Cointreau (RCO.FP), NRJ Group (NRG.FP), Akwel (AKW.FP), SRP Groupe (SRP.FP)

        • Ireland: Kingspan Group (KRX.ID), Glanbia (GL9.ID)

        • Nordics: Remedy Entertainment (REMEDY.FH)

        • Southern Europe: Stellantis (STLAM.IM)

        • UK: Haleon (HLN.LN), Glencore (GLEN.LN), Prudential (PRU.LN), Coca-Cola HBC (CCH.LN), Segro (SGRO.LN), Smith & Nephew (SN.LN), Taylor Wimpey (TW.LN), Aberdeen Group (ABDN.LN), Spectris (SXS.LN), OSB Group (OSB.LN), PPHE Hotel Group (PPH.LN)

  • Data:

    • Economics:

      • Eurozone

        • Mar M3 Money Supply +3.6% y/y vs cons +4.0% and prior +4.0%

        • Apr Economic Sentiment Indicator 93.6 vs cons 94.5 and prior revised 95.0 from 95.2

          • Consumer Confidence (16.7) vs prelim (16.7)

          • Services Sentiment Indicator 1.4 vs cons 2.2 and prior revised 2.2 from 2.4

      • Germany May GfK Consumer Confidence (20.6) vs cons (25.6) and prior revised (24.3) from (24.5)

      • Spain

        • Apr Prelim CPI +2.2% y/y vs cons +2.0% and prior +2.3%; +0.6% m/m vs cons +0.1% and prior +0.1%

          • EU Harmonised: +2.2% y/y vs cons +2.2% and prior +2.2%; +0.6% m/m vs cons +0.5% and prior +0.7%

        • Q1 Prelim GDP +2.8% y/y vs cons +3.2% and prior revised +3.3% from +3.4%; +0.6% q/q vs cons +0.7% and prior revised +0.7% from +0.8%

      • Italy Apr

        • Business Confidence 85.7 vs consensus 85.1 and prior 86.0

        • Consumer Confidence 92.7 vs consensus 94.0 and prior 95.0

      • Norway Mar Retail Sales +0.6% m/m vs consensus +0.2% and prior (0.1%)

      • Sweden

        • Mar Retail Sales +3.6% y/y vs cons +3.2% and prior revised +2.7% from +2.8%; +0.3% m/m vs cons +0.1% and prior +0.1%

        • Q1 Prelim GDP +1.1% y/y vs cons +2.1% and prior +2.4%; 0.0% q/q vs cons +0.4% and prior +0.8%

        • Mar Trade Balance SEK12.8B vs cons SEK7.5B and prior revised SEK15.0B from SEK14.4B

      • Ireland Q1 prelim GDP +13.3% y/y vs cons +4.5% and prior +9.2%; +3.2% q/q vs cons (2.0%) and prior +3.6%

      • Belgium

        • Q1 Prelim GDP +1.1% y/y vs cons +1.4% and prior +1.1%; +0.4% q/q vs cons +0.3% and prior +0.2%

        • Apr CPI +2.8% y/y vs cons +2.7% and prior +2.9%; (0.8%) m/m vs cons (0.7%) and prior (0.1%)

    • Markets:

      • WTI Crude (Jun 25): ($1.09) or (1.76%) to $60.96

      • €-$ (0.0026) or (0.23%) to 1.1397

      • £-$ (0.0034) or (0.25%) to 1.3408

      • €-£ +0.0007 to 0.8504

      • S&P 500 +0.13%

      • Performance year-to-date

        • FTSE 100: +3.55%

        • DAX: +12.64%

        • CAC: +2.37%

        • MIB: +10.79%

        • Stoxx 600: +3.44%

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