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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.18%, DAX +0.25%, CAC40 (0.17%)

Apr 29 ,2025

  • Synopsis

    • European equity markets set to open mixed this morning. Asia equities trading mostly higher Tuesday. Moderate gains led by Australia, South Korea and Hong Kong with mainland China paring losses. Japan closed for a public holiday. US equity futures little changed. US markets finished mostly higher on Monday. Bonds mixed. US 10-year yield flat at 4.21%. Dollar firmer. Oil down. Gold lower. Industrial metals weaker.

    • Market sentiment benefiting somewhat from US signaling relief on auto tariffs. Attention turning to the ramp in corporate earnings combined with high-profile economic data. Press noted aggregate S&P 500 Q1 earnings set to log solid growth, though guidance from latest results have skewed negative with some omissions due to heightened uncertainties. Focus on impact from tariffs. Latest consensus poll showed global growth forecasts revised down with most economists seeing a high risk of recession. On trade talks, recent optimism from prospects for de-escalation in trade tensions constrained by apparent lack of progress in US-China negotiations. Russia rejected US proposal for Ukraine peace deal because it does not grant international recognition to Russian-seized territory.

    • On the agenda for today; in central banks, ECB's Cipollone speech at 9:00CET at joint BIS, BOE, ECB and IMF Spillover Conf 2025 (through Wed) whilst ECB's Donnery speech at 9:40CET at annual Conf on Banking Supervision organised by Handelsblatt. BOE's Ramsden speech at 10:40BST at Innovate Finance Global Summit. Latvia central bank's Kazāks interview on LTV "Rīta panorāmai". Austria central bank's Holzmann speech at 16:00CET at Forum on CESEE. SNB's Martin speech at 18:30CET at event hosted by International Center for Monetary and Banking Studies on bank's new extended liquidity facility. On the political front, Germany's SPD is set to vote on whether to back a coalition with Merz's Christian Democrats.

    • In macro releases, Germany May consumer confidence - GfK, Spain Q1 preliminary GDP and Apr preliminary CPI, Italy Apr business/consumer confidence due as well as Eurozone Apr economic sentiment, Mar M3 money supply. Kantar's grocery market share figures and update on inflation for the 12 weeks ending 20 April 2025 will be released at 8:00 BST.

    • Amidst a busy morning for earnings; out of DACHs, Deutsche Bank (DBK.GR) reports Q1 net income €1.78B vs consensus €1.64B. Novartis (NOVN.SW) reports Q1 Core EPS $2.28 vs consensus $2.13 and raises FY guidance. HelloFresh (HFG.GR) reports Q1 adjusted EBITDA €58.1M vs consensus €42.9M and reconfirms FY25 outlook. Adidas (ADS.GR) reports Q1 net income €436M vs FactSet €383.5M [8 est, €360.8-430.1M. Deutsche Lufthansa (LHA.GR) reports Q1 EPS (€0.74) vs StreetAccount (€0.49); FY25 outlook unchanged. In the UK, HSBC Holdings (HSBA.LN) reports Q1 EPS $0.39 ex-items vs FactSet $0.33 [1 est]; intends to initiate buyback of up to $3B

    • In Sweden, SSAB (SSAB.B.SS) reports Q1 EPS SEK1.13 vs StreetAccount SEK0.84. Volvo Car (VOLCAR.B.SS) reports Q1 EPS SEK0.40 vs FactSet SEK0.77 [7 est, SEK0.43-1.17]. Modern Times Group MTG (MTG.B.SS) reports Q1 EPS SEK0.55 vs FactSet SEK2.44.

  • Politics/Macro/World News

    • Trade and tariffs:

      • Trump to offer relief on auto tariffs: Bloomberg

      • Britain and EU to sign anti-Trump political declaration (Telegraph )

    • Central Banks:

      • ECB's Kazaks Hopeful That Step-by-Step Rate Cuts May Continue (Bloomberg )

      • Several ECB Officials Want Fewer Banks to Face Direct Oversight (Bloomberg )

      • Czech Central Banker Signals Next Rate Cut May Be Last for Now (Bloomberg )

    • Power begins to return after huge outage hits Spain and Portugal (Reuters )

  • Top company news

    • Earnings/updates

      • DBK.GR Deutsche Bank reports Q1 net income €1.78B vs consensus €1.64B

      • NOVN.SW (Novartis) -- Q1 Core EPS $2.28 vs consensus $2.13; raises FY guidance

      • LHA.GR (Deutsche Lufthansa) -- Q1 EPS (€0.74) vs StreetAccount (€0.49); FY25 outlook unchanged

      • SU.FP (Schneider Electric) -- Q1 revenue €9.33B vs consensus €9.47B; Organic growth +7.4% vs consensus +8.9%; reaffirms 2025 financial guidance

      • HSBA.LN (HSBC Holdings) -- Q1 EPS $0.39 ex-items vs FactSet $0.33 [1 est]; intends to initiate buyback of up to $3B

      • CAP.FP (Capgemini) -- Q1 revenue €5.55B vs StreetAccount €5.53B; confirms FY guidance

      • HFG.GR (HelloFresh) -- Q1 adjusted EBITDA €58.1M vs consensus €42.9M; reconfirms FY25 outlook

      • XXL.NO (XXL ASA) -- Q1 adj. net income (NOK311M) vs FactSet (NOK163.7M); currently working on several short-term turnaround actions and longer-term strategic plan

      • SIGN.SW (SIG Combibloc Group) -- Q1 Adj EBITDA €166.4M vs FactSet €165.3M [5 est, €159.5-170.1M]; confirms 2025 guidance

      • DB1.GR (Deutsche Börse) -- Q1 EPS €2.86 vs consensus €2.91; FY25 outlook remains unchanged (post-close 28-Apr)

      • BG.AV (BAWAG Group) -- Q1 EPS €2.54 vs FactSet €2.41 [3 est, €2.31-2.46]; reconfirms FY25 outlook

      • SANN.SW (Santhera Pharmaceuticals Holding) -- FY EPS (CHF3.69) vs FactSet (CHF2.21) [2 est, (CHF3.04)-(1.37)]

      • VOLCAR.B.SS (Volvo Car) -- Q1 EPS SEK0.40 vs FactSet SEK0.77 [7 est, SEK0.43-1.17]

      • SWED.A.SS (Swedbank) -- Q1 EPS SEK7.26 vs consensus SEK6.78

      • AMUN.FP (Amundi) -- Q1 adjusted net income €303M vs consensus €306M

      • LAT1V.FH (Lassila & Tikanoja) -- Q1 EPS €0.09 vs FactSet €0.02 [3 est, €0.02-0.02]

      • ATEA.NO (Atea) -- Q1 EPS NOK1.45 vs FactSet NOK1.55 [4 est, NOK1.50-1.60]

      • KESKOB.FH (Kesko) -- Q1 Comparable EPS €0.13 vs FactSet €0.14 [7 est, €0.13-0.15]

      • SUR.GR (Surteco Group) -- Q1 EPS (€0.33) vs year-ago €0.44

      • PNDX.B.SS (Pandox) -- Q1 EPS SEK0.58 vs FactSet SEK1.95 [4 est, SEK1.56-2.76]

      • FING.B.SS (Fingerprint Cards) -- Q1 EPS (SEK0.00) vs year-ago (SEK0.05)

      • ADS.GR (Adidas) -- Q1 net income €436M vs FactSet €383.5M [8 est, €360.8-430.1M]

      • EMBLA.DC (Embla Medical hf) -- Q1 net income $12M vs FactSet $16.5M [4 est, $15-18.8M]

      • SSAB.B.SS (SSAB) -- Q1 EPS SEK1.13 vs StreetAccount SEK0.84

      • CLN.SW (Clariant) -- Q1 adj. EBITDA CHF190M vs consensus CHF174.0M; Outlook confirmed, sales growth at bottom end of range on current environment; CFO transition

      • MTG.B.SS (Modern Times Group MTG) -- Q1 EPS SEK0.55 vs FactSet SEK2.44 [5 est, SEK1.06-3.20]

      • DWS.GR (DWS Group) -- Q1 net income €199M vs consensus €194M; outlook remains unchanged

      • GSC1.GR (GESCO SE) -- confirms FY EPS €0.42 vs FactSet €0.57 [3 est, €0.42-0.88]

      • NCC.B.SS (NCC) -- Q1 EPS (SEK1.39) vs FactSet (SEK1.34) [4 est, (SEK1.50)-(1.23)]

      • SWEC.B.SS (Sweco) -- Q1 EPS SEK1.78 vs FactSet SEK1.90 [7 est, SEK1.76-1.98]

      • ALLFG.NA (Allfunds Group) -- Q1 trading update: revenue €162.6M vs FactSet €158.6M [3 est, €151-164.9M]

      • GJF.NO (Gjensidige Forsikring) -- Q1 net income NOK1.30B vs consensus NOK1.30B; confirms FY guidance

      • BILL.SS (Billerud) -- Q1 EPS SEK1.67 vs FactSet SEK1.70 [7 est, SEK0.77-2.24]

      • MTX.GR (MTU Aero Engines) -- prelim Q1 EBIT €300M vs FactSet €260.3M [3 est, €252.0-273M]

      • SUR.GR Surteco Group reports FY EPS €0.54 vs year-ago (€0.79)

      • ELUX.B.SS (Electrolux) -- Q1 EPS SEK0.16 vs year-ago (SEK4.55); outlook for 2025 impacted by increased uncertainty

      • RHM.GR (Rheinmetall) -- prelim Q1 EBIT €199M vs FactSet €148.7M [4 est, €115.6-165M]; confirms FY guidance

      • RXL.FP (Rexel) -- Q1 revenue €4.83B vs consensus €4.84B; confirms FY guidance

      • P911.GR (Porsche) -- guides FY25 revenue €37-38B vs prior guidance €39-40B and FactSet €38.72B [19 est, €35.84-42.43B]

      • REC.IM (Recordati) -- prelim Q1 revenue €680M vs FactSet €675.2M [2 est, €674.4-676M]; provides long term guidance

      • NOD.NO (Nordic Semiconductor) -- Q1 EPS $0.006 vs FactSet $0.02 [8 est, $0.00-0.04]

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- Q1 EPS SEK3.84 vs consensus SEK3.87

      • BELA.GA (Jumbo) -- FY net income €320.1M vs FactSet €300.1M [7 est, €282.7-303M]

      • EMSN.SW (EMS-Chemie Holding) -- Q1 revenue CHF522M vs FactSet CHF524.7M [2 est, CHF523.3-526M]

      • BUCN.SW (Bucher Industries) -- Q1 revenue CHF783M vs FactSet CHF768.0M [1 est]

      • FTK.GR (flatexDEGIRO) -- Q1 revenue and net income in line with 25-Apr prelims; says Q1 2025 results support full-year guidance

      • NK.FP (Imerys) -- Q1 current net income €31M vs year-ago €83M

      • MERY.FP (Mercialys) -- Q1 Gross rental income €45.55M, +4% vs year-ago €43.87M

      • HTRO.SS (Hexatronic Group) -- Q1 EPS SEK0.42 vs FactSet SEK0.46 [3 est, SEK0.36-0.51]

      • SANOMA.FH (Sanoma) -- Q1 operational EPS (€0.17) vs FactSet (€0.19) [4 est, (€0.20)-(0.17)]

      • RECT.BB (Recticel) -- Reading Update: Q1 revenue €158.4M, +13% vs year-ago €140.6M

      • C3RY.GR (Cherry) -- expects Q1 revenue €25.3M vs year-ago €30.3M

    • M&A

      • EWIND.NO Electric AS launches unconditional mandatory cash offer to acquire all outstanding shares in Edda Wind for NOK 23.00/sh

      • INSE.LN (Inspired) -- announces shareholders collectively holding over 49.15% of issued share capital do not intend to accept Regent's offer

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche granted FDA Breakthrough Device Designation for first AI-driven companion diagnostic for non-small cell lung cancer

      • BAYN.GR (Bayer AG) -- Bayer's Crop Science Division CFO resigns

      • ALCLS.FP (Cellectis SA) -- Cellectis presents Non-Viral Gene Editing and Base Editing Innovation at the ASGCT Annual Meeting

      • GNFT.FP (GENFIT) -- late-breaking Ph.2 data for elafibranor in PSC to be presented by Ipsen at EASL Congress 2025

      • IDIA.SW (Idorsia) -- announced the publication of "Effect of daridorexant on nighttime wakefulness and next-morning sleepiness: assessing the transition from night to day in insomnia disorder" in Sleep Medicine.

      • ATORX.SS (Alligator Bioscience) -- announces subscription price determined for the exercise of warrants series TO 12

      • CRNA.NO (Circio Holding) -- receives request from Atlas Special Opportunities for the conversion of NOK2.0M (nominal value) of convertible bonds

      • COPN.SW Cosmo Pharmaceuticals receives negative CHMP opinion on Winlevi in Europe; Will appeal the decision

    • Other

      • DG.FP (VINCI SA) -- launches tap issue of non-dilutive convertible bonds for up to €150M to be fully assimilated to its €400M non-dilutive convertible bonds due February 2030

      • ZURN.SW (Zurich Insurance Group) -- publishes its Financial Condition Report 2024

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to initiate new SEK 2.5B buyback programme of Class A shares

  • Key rating changes

    • Upgrades

      • BALN.SW (Baloise) -- to outperform from underperform at BNP Paribas

      • HELN.SW (Helvetia Holding) -- to outperform from neutral at BNP Paribas

      • MAP.SM (MAPFRE) -- to neutral from underperform at Autonomous Research

      • SUBC.NO (Subsea 7) -- to buy from hold at DnB Markets

    • Downgrades

      • ADP.FP (Aeroport de Paris) -- to neutral from outperform at Mediobanca

      • ACAD.SS (AcadeMedia) -- to hold from buy at ABG Sundal Collier

      • ALV.GR (Allianz) -- to neutral from outperform at Autonomous Research

      • AHT.LN (Ashtead Group) -- to sector perform from outperform at RBC Capital Markets

      • DB1.GR (Deutsche Börse) -- to hold from buy at Kepler Cheuvreux

      • HMSO.LN (Hammerson) --to underweight from equal weight at Barclays

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to neutral from outperform at BNP Paribas Exane

      • GFC.FP (Gecina) -- to neutral from buy at Goldman Sachs

    • Initiations

      • UTG.LN (UNITE Group) -- reduce at Kepler Cheuvreux

      • BKW.SW (BKW AG) -- buy at Kepler Cheuvreux

    • Other Actions

      • PRY.IM (Prysmian) -- transferred buy at Berenberg; prior rating was buy

  • Data

    • Nikkei closed

    • Hang Seng +0.05% to 21982.83

    • Shanghai Composite (0.16%) to 3283.11

    • S&P futures +3.8 vs prior close of 5553.0

    • €-$ (0.0036) or (0.31%) to 1.1387

    • $-¥ +0.44 or +0.31% to 142.46

    • €-¥ (0.02) or (0.01%) to 162.19

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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