Apr 30 ,2025
Synopsis
European equity markets are set to for a mixed to higher open. Note Sweden closes early for Labor Day with most European indices (except UK and Denmark) remaining shut tomorrow. Follows mostly positive close on Tuesday, which saw the Stoxx 600 record the sixth straight firmer close. FTSE 100 up for 12th session. US equity futures lower, with S&P down 0.5%.
In central banks, Estonia central bank's Muller speech/panellist at 8:35CET at bank hosted event on US tariff impact on economy. BOE's Truran speech at 9:30BST at the 22nd Conf. on bulk annuities and David Bailey speech at 10:15 at Climate Financial Risk Forum. ECB's Montagner in fireside chat at 11:15CET at Risk & Compliance Global Meeting organised by Boston Consulting. Bundesbank's Theurer panellist at 18:30CET at event hosted by VIGOnomics. Norges Bank releases its lending survey Q1 at 10:00CET. Estonia central bank seminar title The era of trade restrictions: how to adapt to the new reality?. In politics, France's President Macron hosts Chancellor Scholz in the evening to discuss bilateral relations as well as European and international policy issues. Norway's minister of energy Aasland speech at 12:30CET at the annual conf of Renewable Norway (Mon-Wed). In UK, weekly PMQs at 12noon BST, whilst committee topics include workforce planning to deliver clean, secure energy at 15:00. Economist hosts Greece's Transportation and Infrastructure Summit
A busy macro front sees Q1 preliminary GDP for Eurozone, Germany, France, Italy, Finland, Austria and Portugal. Also out are Germany, France, Italy and Portugal Apr preliminary CPI, Germany Mar retail sales and Apr unemployment change, France Mar consumer spending, PPI, Italy CPI, Mar PPI, Switzerland Apr leading indicators - KOF, economic sentiment index, Denmark Mar unemployment rate, Portugal Mar unemployment rate, Greece Feb retail sales, Mar unemployment rate, PPI, Ireland Apr preliminary HICP, unemployment rate.
On the earnings front, DACHs region companies kicked off the session with reports out from UBS Group (UBSG.SW), DHL Group (DHL.GR), Mercedes-Benz Group (MBG.GR), Volkswagen (VOW.GR), ams-OSRAM (AMS.SW), Hapag-Lloyd (HLAG.GR), OMV (OMV.AV), Siltronic (WAF.GR) and Logitech International (LOGN.SW). From the Benelux region, ArcelorMittal (MT.NA), Adyen (ADYEN.NA), Universal Music Group (UMG.NA) and ASM International (ASM.NA) released results. From France, Remy Cointreau (RCO.FP), Societe Generale (GLE.FP) and Valeo (FR.FP) updated investors. Elsewhere, Equinor (EQNR.NO), DSV (DSV.DC), Svenska Handelsbanken (SHB.A.SS), CaixaBank (CABK.SM) and Banco Santander (SAN.SM) reported Q1.
Politics/Macro/World News
Major companies withdrawing guidance due to tariff-related economic uncertainty
France Mar Consumer Spending (1.0%) m/m vs consensus +0.2% and prior revised (0.2%) from (0.1%)
Finland Q1 Preliminary GDP +1.2% y/y vs consensus +1.2% and prior +1.2%
Top company news
Earnings/updates
Benelux:
MT.NA (ArcelorMittal) -- reports Q1 EPS $1.05 vs consensus $0.66; caution about short-term outlook is appropriate
UMG.NA (Universal Music Group) -- reports Q1 adjusted EBITDA €661M vs StreetAccount €654.1M
ASM.NA (ASM International) -- reports Q1 adj net income €191.2M vs consensus €203.1M; guides Q2
AED.BB (Aedifica) -- reports Q1 EPRA NTA per share €77.86 vs year-ago €76.63
DSFIR.NA (DSM-Firmenich) -- reports Q1 revenue €3.27B vs consensus €3.28B
MELE.BB (Melexis) -- reports Q1 EPS €0.61 vs FactSet €0.59 [5 est, €0.52-0.71]; confirms its outlook
ONTEX.BB (Ontex Group) -- reports Q1 revenue €450.6M vs FactSet €543.9M [1 est]
APAM.NA (Aperam) -- reports Q1 EPS (€0.24) and unclear if comparable to FactSet €0.18 [2 est, €0.17-0.18]
ADYEN.NA (Adyen) -- reports Q1 revenue €534.7M vs FactSet €537.4M [5 est, €532-542M]; did not see any developments that would lead to update financial objectives
DACHs:
UBSG.SW (UBS Group) -- reports Q1 EPS $0.51 vs consensus $0.39
MBG.GR (Mercedes-Benz Group) -- reports Q1 EPS €1.74 vs StreetAccount €2.09; FY EBIT and free cash flow of industrial business, as well as adjusted returns on sales of Cars and Vans, will be negatively impacted if current trade policies persist
VOW.GR (Volkswagen) -- publishes Q1 final results; reports Q1 net income €2.19B, (41%) vs year-ago €3.68B
DHL.GR (DHL Group) -- reports Q1 EPS €0.67 vs consensus €0.65; changes in trade policy shaped Q1 and FY25 guidance unchanged
AMS.SW (ams-OSRAM) -- reports Q1 EPS (€0.23) ex-items vs FactSet (€0.19) [5 est, (€0.43)-0.05]; confirms FY outlook
LOGN.SW (Logitech International) -- reports Q4 EPS $0.93 ex-items vs StreetAccount $0.88
STMN.SW (Straumann Holding) -- reports Q1 revenue CHF680.7M vs StreetAccount CHF674.7M; confirms FY25 outlook
COP.GR (CompuGroup Medical) -- reports Q1 EPS €0.35 ex-items vs FactSet €0.41 [1 est]
AIXA.GR (Aixtron) -- reports Q1 EPS €0.04 vs consensus €0.05; FY25 guidance confirmed and will closely monitor impact of US tariff policie
SCHP.SW (Schindler Holding) -- reports Q1 EPS CHF2.26 vs StreetAccount CHF2.07
SDZ.SW (Sandoz Group) -- reports Q1 revenue $2.48B vs FactSet $2.59B [3 est, $2.54-2.65B]; confirms FY guidance
KGX.GR (Kion Group) -- reports Q1 EPS (€0.36) vs consensus (€0.36); reaffirms FY guidance
TKA.AV (Telekom Austria) -- reports Q1 net income €125M vs consensus €122M
COK.GR (CANCOM) -- reports preliminary Q1 EBITDA €21.1M vs year-ago €30.4M
HYQ.GR (Hypoport) -- reports preliminary Q1 EBIT ~€8.5M vs FactSet €7.1M [2 est, €6-8.2M]
IDIA.SW (Idorsia) -- reports Q1 net income CHF63M vs year-ago CHF30M; guides FY25
WCH.GR (Wacker Chemie) -- reports Q1 EPS (€0.16) vs consensus €0.02; Outlook for 2025 confirmed
NEM.GR (Nemetschek) -- reports Q1 EPS €0.45 vs FactSet €0.40 [7 est, €0.36-0.44]; confirms FY25 outlook
FPE3.GR (FUCHS SE) -- reports Q1 EPS €0.59 vs FactSet €0.63 [3 est, €0.60-0.66]
ACT.GR (AlzChem Group) -- reports Q1 EPS €1.44 vs year-ago €1.20
WAF.GR (Siltronic) -- reports Q1 EPS €0.08 vs FactSet (€0.32) [6 est, (€0.81)-0.02]
OMV.AV (OMV) -- reports Q1 Clean CCS Net Income attributable €413M vs consensus €486M
EBS.AV (Erste Group Bank) -- reports Q1 net income €743M vs consensus €748.5M
HLAG.GR (Hapag-Lloyd) -- reports prelim Q1 EBIT €500M vs FactSet €569.5M [1 est]; FY forecast confirmed subject to considerable uncertainty due to volatile development of freight rates and major geopolitical challenges
France:
GLE.FP (Societe Generale) -- reports Q1 net income €1.61B vs consensus €1.21B
FR.FP (Valeo SE) -- reports Q1 revenue €5.31B vs consensus €5.31B; taking necessary steps to improve its profitability and cash generation
RCO.FP (Remy Cointreau) -- reports prelim Q4 sales €196.8M vs consensus €197M; outlook confirmed
ABVX.FP (Abivax) -- completes enrollment for the Phase 3 ABTECT trials in patients with moderately to severely active ulcerative colitis
NEX.FP (Nexans) -- reports Q1 sales at constant metal prices €1.82B vs FactSet €1.88B [3 est, €1.59-2.26B]
ACA.FP (Credit Agricole) -- reports Q1 EPS €0.56 vs FactSet €0.59 [6 est, €0.51-0.67]
CO.FP (Casino Guichard-Perrachon) -- reports Q1 adjusted EBITDA €100M, (6%) vs year-ago €106M
VIRI.FP (Viridien) -- reports Q1 adj EBITDA $143M vs year-ago $106M; comments on FY25 outlook
BOL.FP (Bolloré) -- reports Q1 revenue €782M, +4% vs year-ago €751M
VANTI.FP (Vantiva) -- reports Q1 revenue €406M, +13% vs year-ago €358M
VCT.FP (Vicat) -- reports Q1 revenue €886M, (3%) vs year-ago €911M
LOCAL.FP (Solocal Group) -- reports H1 revenue €82.9M vs year-ago €83.3M
VLTSA.FP (Voltalia) -- reports Q1 revenue €113.3M, +2% vs year-ago €111.1M
ICEAIR.IR (Icelandair Group) -- reports Q1 net income ($44.1M) vs year-ago ($59.4M); FY guidance not be reaffirmed at this time
PIG.FP (Haulotte Group) -- reports Q1 revenue €131M, (17%) vs year-ago €157M
CNV.FP (Cnova) -- reports Q1 EBITDA €10.8M vs year-ago €13.6M
S30.FP (Solutions 30) -- reports Q1 revenue €232.4M, (12%) vs year-ago €265.0M
ALTHX.FP (Theranexus) -- reports FY net income (€1.8M) vs year-ago (€6.8M)
ALCOX.FP (Nicox) -- reports FY net income (€22.4M) vs FactSet (€14.5M) [1 est]
TE.FP (Technip Energies) -- reports Q1 EPS €0.56 vs FactSet €0.57 [5 est, €0.52-0.60]
Nordics:
EQNR.NO (Equinor) -- reports Q1 adjusted net income $1.79B vs consensus $2.38B; proposed second tranche buyback of up to $1.265B
SHB.A.SS (Svenska Handelsbanken) -- reports Q1 EPS SEK3.19 vs FactSet SEK2.97 [13 est, SEK2.78-3.10]
KNEBV.FH (Kone) -- reports Q1 EPS €0.41 vs consensus €0.42
BGBIO.NO (BerGenBio) -- decides to only publish half yearly financial reports; cites previously disclosed ongoing strategic review and the cost savings initiative
EVO.SS (Evolution) -- reports Q1 EPS €1.24 vs FactSet €1.35 [8 est, €1.30-1.39]
AKBM.NO (Aker BioMarine) -- reports Q1 net income (cont ops) ($2.0M) vs FactSet ($0.9M) [2 est, ($2)-0.2M]
ZAL.NO (Zalaris) -- reports Q1 EPS NOK1.37 vs year-ago NOK0.26
PIHLIS.FH (Pihlajalinna) -- reports Q1 EPS €0.47 vs FactSet €0.43 [5 est, €0.41-0.45]
PARB.NO (Pareto Bank) -- reports Q1 EPS NOK2.16 vs year-ago NOK2.15
BRG.NO (Borregaard) -- reports Q1 EPS NOK2.52 vs FactSet NOK2.18 [6 est, NOK1.90-2.40]
NEL.NO (NEL ASA) -- reports Q1 EPS (NOK0.10) vs FactSet (NOK0.06) [6 est, (NOK0.10)-0.00]
EGTX.SS (Egetis Therapeutics) -- reports Q1 EPS (SEK0.2) vs FactSet (SEK0.24) [2 est, (SEK0.24)-(0.23)]
MORG.NO (Sparebanken Møre) -- reports Q1 EPS NOK2.13 vs FactSet NOK2.36 [4 est, NOK2.30-2.43]
ELK.NO (Elkem) -- reports Q1 EPS (NOK0.33) vs FactSet NOK0.40 [2 est, NOK0.10-0.70]; comments on Q2
AKAST.NO (Akastor) -- reports Q1 net income (NOK197M) vs year-ago NOK593M
HELN.SW (Helvetia Holding) -- reports SST ratio of 288% as of 31-Dec-24
AKSO.NO (Aker Solutions) -- reports Q1 EPS NOK1.35 vs FactSet NOK1.37 [6 est, NOK0.90-1.66
RILBA.DC (Ringkjøbing Landbobank) -- reports Q1 net income DKK616M vs FactSet DKK555.8M [4 est, DKK544-567M]
DSV.DC (DSV) -- reports Q1 net income DKK2.87B ex-items vs consensus DKK2.59B
Southern Europe:
SAN.SM (Banco Santander) -- reports Q1 underlying attributable profit €3.40B vs consensus €3.13B; on track to meet its 2025 targets
CABK.SM (CaixaBank) -- reports Q1 net income €1.47B vs consensus €1.29B
PRS.SM (Promotora de Informaciones) -- reports Q1 net income (€4M) vs FactSet (€4.7M) [2 est, (€8)-(1.4M)]
ENC.SM (ENCE Energia y Celulosa) -- reports Q1 net income €2.4M vs FactSet €2.2M [3 est, (€0.7)-6M]
UK/Ireland:
PRU.LN (Prudential) -- Q1 update: APE sales +4% y/y to $1.68B
A5G.ID (AIB Group) -- reports Q1 EPS €0.22 vs year-ago €0.17
M&A
SESG.FP (SES) -- EU sets a provisional deadline of 10-Jun to rule on SES' acquisition of Intelsat
SNR.LN (Senior) -- Sullivan Street Partners nearing deal to acquire Senior's aerostructures unit - Bloomberg
DAL.IM (Datalogic) -- acquires Datema Retail Solutions AB for an initial ~€3M (11:18ET)
EWIND.NO (Edda Wind) -- Electric AS raises stake in Edda Wind
HB.CY (Hellenic Bank Public Co.) -- Eurobank now holds 97.994% of Hellenic Bank; to exercise squeeze out right at €4.843/sh
NY Mets TV broadcaster SportsNet New York said to be exploring options including potential sale -- wires
Healthcare
ADXN.SW (Addex Therapeutics) -- enters option- and collaboration agreement with Sinntaxis AB for an exclusive license to intellectual property covering the use of metabotropic glutamate receptor subtype 5 inhibitors for the treatment of brain injury recovery
SAN.FP (Sanofi) -- FDA grants orphan drug designation to riliprubart for AMR
ROG.SW (Roche Holding) -- Roche announces CHMP recommends EU label update for Roche's Phesgo to allow administration outside of clinical settings
IPH.FP (Innate Pharma) -- highlights preclinical anti-tumor efficacy data of its antibody drug conjugate IPH4502 at AACR 2025
Other
RILBA.DC (Ringkjøbing Landbobank) -- launches new DKK 1.00B buyback; expected to commence end of May 2025
AMSC.NO (AMSC) -- under liquidation; CFO Morten Bakke to step down
HBH.GR (Hornbach) -- appoints Joanna Kowalska as CFO effective 15-Aug
NESN.SW (Nestle) -- launches new joint cocoa agroforestry partnership with ingredient supplier ofi
BRBY.LN (Burberry Group) -- launches formal search for new chairman to succeed Gerry Murphy - Sky News
SUBC.NO (Subsea 7) -- and SLB OneSubsea awarded EPCI contract for bp's Ginger project
White House confirms plans to soften automotive tariff impact - CNBC
White House publishes Executive Order outlining revisions to auto tariffs/relief from "stacked" tariffs, as expected
Key rating changes
Upgrades
THULE.SS (Thule Group) -- buy from hold at Kepler Cheuvreux
TIETO.FH (Tietoevry) -- hold from sell at Handelsbanken
SOBI.SS (Swedish Orphan Biovitrum) -- buy from hold at Kepler Cheuvreux
SWEC.B.SS (Sweco) -- buy from hold at Carnegie Securities
DATA.LN (GlobalData) -- buy from hold at Deutsche Numis
Downgrades
GJF.NO (Gjensidige Forsikring) -- hold from buy at ABG Sundal Collie
ZAL.GR (Zalando) -- underweight from equal-weight at Morgan Stanley
PSM.GR (ProSiebenSat.1 Media) -- to equal weight from overweight at Barclays
EPI.A.SS (Epiroc) -- to hold from buy at Pareto (earlier, timing uncertain)
INW.IM (Infrastrutture Wireless Italiane) -- to equal weight from overweight at Barclays
FUR.NA (Fugro) -- to neutral from outperform at BNP Paribas Exane
THG.LN (THG Plc) -- to hold from buy at HSBC
ARJO.B.SS (Arjo) -- to sell from hold at Danske Bank
Initiations
ELG.GR (Elmos Semiconductor) -- buy at Berenberg
GFRD.LN (Galliford Try Holdings) -- buy at Berenberg
Other Actions
XXL.NO (XXL ASA) -- reinstated hold at DnB Markets
Data
Nikkei +0.36% to 35968.83
Hang Seng +0.23% to 22057.72
Shanghai Composite (0.13%) to 3282.37
S&P futures (23.8) vs prior close of 5583.8
€-$ (0.0003) or (0.03%) to 1.1384
$-¥ +0.17 or +0.12% to 142.53
€-¥ +0.08 or +0.05% to 162.1
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