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StreetAccount Summary - EU Market Recap: FTSE 100 +0.01% to 8597.42, DAX (0.41%) to 23249.65, CAC40 (0.40%) to 7696.92, STOXX 600 (0.18%) to 536.35

May 06 ,2025

  • Synopsis:

    • European equity markets finished lower with FTSE 100, Italy, Switzerland and Sweden bucking the trend at the close. Oil/Gas, utilities & retail in the lead while healthcare, technology and basic resources amidst notable laggards. US equity markets lower in midday trading. Bond yields mostly firmer. Treasuries mixed with curve steepening. Benchmark Gilt flat. Bund 2 bps higher. Dollar lower across the board. WTI crude more than 4% higher. Gold up over 2%. Industrial metals higher.

    • Focus remains on trade developments. Treasury Secretary Scott Bessent told CNBC Monday that the US was "very close to some deals," echoing comments from Trump on the weekend. Fresh reports EU expected to impose retaliatory tariffs on €100B worth of US goods if trade talks fail. The proposed list of retaliatory measures will be shared with EU member states as early as 7-May with a one-month consultation period before finalization. Meanwhile, the European Commission is expected to present a paper to the US to revive talks, including proposals to reduce trade and non-tariff barriers and increase investment. Further in trade developments, UK and India reach free trade agreement after three years of negotiations. Agreement is expected to boost bilateral trade by £25.5B a year by 2040; India is to halve whiskey and gin tariffs for UK imports to 75% and to cut tariffs on 90% of UK imports, with 85% of those becoming tariff free within a decade.

    • In other political developments from the region, Germany's Merz became chancellor after winning a second round vote in the Bundestag. He unexpectedly fell short of a majority in first round of voting. Focus also on central bank policy. No surprises expected from Fed on Wednesday with little incremental on trade. Economists expect BoE to cut rates and language might signal a more dovish stance. Riksbank and Norges Bank seen on hold. On macro data front, The Eurozone composite PMI for April was revised up to 50.4 versus flash 50.1 and prior 50.9 reading, which was a two-month low. Services sector reading came in slightly better than flash at 50.1 versus 49.7. UK business activity fell for the first time since October with composite PMI at 48.5 versus flash 48.2 and prior 51.5, which ended a 17-month period of expansion. Services sector reading at 49.0 versus flash 48.9 and prior 52.5, the weakest outturn since January 2023. Reading suggests decline in output versus modest growth in first quarter. French industrial production largely in line with expectations. Also latest UK SMMT data revealed a 10.4% y/y decline in new car registrations for April.

    • In corporate news flow, out of DACHs, Hugo Boss (BOSS.GR) reported better-than-expected Q1 and confirmed FY25 outlook; Zalando posted slight Q1 beat and confirmed FY25 outlook. Fresenius Medical Care (FME.GR) also saw Q1 beat. Redcare Pharmacy (RDC.GR) and MTU Aero Engines (MTX.GR) also reported Q1 numbers. In the UK, CRH plc (CRH.LN) reported better-than -expected Q1 adj EBITDA and reaffirmed FY25 expectations; group also announced $300M shares buyback program. International Workplace Group (IWG.LN), Victoria (VCT.LN) and Plus500 (PLUS.LN) issued trading updates. Elsewhere, Elis (ELIS.FP) posted slight miss in Q1 revenue and reaffirmed 2025 outlook. Koninklijke Philips (PHIA.NA) Q1 numbers beat, however, group cut 2025 margin outlook over €250-300M tariff hit, maintained sales growth guidance. PostNL (PNL.NA) also reported Q1 numbers.

    • In M&A, DoorDash (DASH) to acquire Deliveroo (ROO.LN) for 180p/sh in cash, or EV of £2.4B ($3.19B) total. Associated British Foods (ABF.LN) confirms recent media speculation that it is in discussions with Endless LLP regarding potential transaction. Rieter Holding (RIEN.SW) to acquire Barmag from OC Oerlikon (OERL.SW) for upfront equity purchase price of CHF713M. Media reports Avolta (AVOl.SW) is being considered as a potential takeout by CVC Capital (CVC.NA).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +0.92%, Utilities +0.56%, Retail +0.45%, Insurance +0.44%, Autos & Parts +0.44%, Travel & Leisure +0.43%, Telecom +0.39%, Food & Beverage +0.34%, Financial Svcs (0.00%), Real Estate (0.02%), Persnl & HHold Goods (0.16%)

      • Underperformers:

        • Health Care (1.09%), Basic Resources (0.61%), Technology (0.54%), Media (0.41%), Chemicals (0.36%), Banks (0.33%), Ind Goods & Svcs (0.32%), Construct & Mtls (0.23%)

    • Macro:

      • Trade:

        • UK reaches free trade agreement with India - BBC

        • EU preparing to impose tariffs on ~€100B worth of US goods if ongoing trade negotiations fail - Bloomberg

      • Central Banks:

        • Greek central bank chief Stournaras says ECB to continue cutting rates, but cautiously - Bloomberg

        • ECB stress test set to hit bank capital less after high profits - Bloomberg

      • Economy:

        • Upward revision in Eurozone PMI, but still at two-month low with services near stagnation - Reuters

      • Germany:

        • Merz wins vote to become Germany's chancellor after first-round setback - FT

          • StreetAccount notes earlier today Merz failed to secure votes to become Chancellor, increasing political uncertainty - FAZ

      • Geopolitics:

        • EU, UK to hold annual summits, draft statement shows - Reuters

        • EU to propose blanket ban on Russian gas - Politico

    • Peripheral markets:

      • Sweden:

        • Swedbank, SEB Now Forecast More Easing From the Riksbank - Bloomberg

      • Romania:

        • PM resigns and pulls out of coalition after nationalist vote win - BBC

    • Company news:

      • Notable Gainers

        • +18.6% OERL.SW (OC Oerlikon Corp. CHF4.01, +0.63) -- Q1 earnings; Rieter Holding to acquire Barmag from company for upfront equity purchase price of CHF713M

        • +14.7% SEDANA.SS (Sedana Medical SEK12.14, +1.56) -- Q1 earnings

        • +9.0% VWS.DC (Vestas Wind Systems DKK96.46, +7.96) -- Q1 earnings

        • +8.7% TTR1.GR (technotrans €20.00, +1.60) -- Q1 earnings

        • +8.5% ALPH.LN (Alpha Group International £30.50, +2.40) -- preliminary and conditional all-cash proposal from Corpay

        • +8.4% OPTOMED.FH (Optomed €4.21, +0.33) -- Q1 earnings

        • +6.7% STAR.B.SS (Starbreeze SEK0.21, +0.01) -- to fully acquire publishing rights to PAYDAY 3 from Plaion through directed share issue

        • +5.9% PSG.SM (Prosegur Compania de Seguridad €2.61, +0.15) -- Q1 earnings

        • +5.8% KTN.GR (Kontron €23.32, +1.28) -- Q1 earnings

        • +5.3% KGH.LN (Knights Group Holdings £1.50, +0.08) -- to acquire Birkett Long for £16.6M

        • +5.2% FME.GR (Fresenius Medical Care €48.43, +2.39) -- Q1 earnings

        • +4.7% ALK.B.DC (ALK-Abello DKK166.50, +7.50) -- Q1 earnings

        • +4.6% LIAB.SS (Lindab International SEK212.40, +9.40) -- Q1 earnings

        • +4.2% PLUS.LN (Plus500 £32.52, +1.32) -- board remains confident in outlook for group in 2025 and beyond

        • +3.3% NORBT.NO (Norbit NOK149.20, +4.80) -- contract

        • +2.8% BVC.LN (BATM Advanced Communications £0.15, -0.00) -- unveils new brand Identity to reflect strategic vision and core strengths

        • +2.5% BAHN.B.SS (Bahnhof SEK57.80, +1.40) -- Q1 earnings

        • +2.1% VIRI.FP (Viridien €51.25, +1.05) -- announces sale of Sercel Marlin Offshore Logistics solution to ONGC

        • +2.1% ITM.LN (ITM Power £0.31, +0.01) -- contract

      • Notable Decliners

        • -16.5% TMV.GR (TeamViewer €11.16, -2.21) -- Q1 earnings

        • -11.2% SKB.GR (Koenig & Bauer €13.90, -1.76) -- Q1 earnings

        • -7.7% RDC.GR (Redcare Pharmacy €123.70, -10.30) -- Q1 earnings

        • -6.5% COFA.FP (Coface €17.36, -1.20) -- Oddo downgrade; Q1 earnings

        • -6.0% NOEJ.GR (Norma Group €10.90, -0.70) -- Q1 earnings

        • -6.0% COLO.B.DC (Coloplast DKK654.00, -42.00) -- CEO steps down; Q2 earnings

        • -6.0% CAST.SS (Castellum AB SEK109.25, -7.00) -- Q1 earnings

        • -5.3% RAA.GR (Rational €726.50, -41.00) -- Q1 earnings

        • -4.4% VICO.SS (Vicore Pharma Holding SEK7.88, -0.36) -- Q1 earnings

        • -4.0% PNL.NA (PostNL €0.85, -0.04) -- Q1 earnings

        • -3.6% ELG.GR (Elmos Semiconductor €59.70, -2.20) -- Q1 earnings

        • -3.6% CRH.LN (CRH plc £71.18, -2.62) -- Q1 earnings

        • -3.1% AAL.LN (Anglo American £20.70, -0.66) -- provides update on sale of steelmaking coal business to Peabody

        • -3.0% AMBEA.SS (Ambea AB SEK111.00, -3.40) -- Company and and Nytida acquire parts of care provider AvAsta; Q1 earnings

        • -2.6% EVT.GR (Evotec €7.29, -0.19) -- Q1 earnings

        • -2.4% PACT.SS (Proact IT Group SEK114.40, -2.80) -- Q1 earnings

        • -1.3% ELIS.FP (Elis €22.80, -0.30) -- Q1 revenue

        • -1.1% IDR.SM (Indra Sistemas €29.30, -0.32) -- Q1 earnings

        • -0.8% IWG.LN (International Workplace Group £1.84, -0.02) -- Q1 trading update

        • -0.4% MTX.GR (MTU Aero Engines €322.10, -1.30) -- Q1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Koninklijke Ahold Delhaize (AD.NA), AMG Critical Materials (AMG.NA)

        • DACHs: Siemens Healthineers (SHL.GR), Bayerische Motoren Werke (BMW.GR), Vonovia (VNA.GR), Fresenius (FRE.GR), HENSOLDT (HAG.GR), DMG MORI (GIL.GR), Schaeffler (SHA0.GR), Jungheinrich (JUN3.GR), ZEAL Network (TIMA.GR), Viemed Healthcare (VIJ.GR), Masterflex (MZX.GR), Auto1 Group (AG1.AV)

        • Denmark: Novo Nordisk (NOVO.B.DC), Ørsted (ORSTED.DC), Pandora (PNDORA.DC), Jyske Bank (JYSK.DC), Ambu (AMBU.B.DC), Sydbank (SYDB.DC), ChemoMetec (CHEMM.DC), Lån & Spar Bank (LASP.DC),

        • Finland: Sampo (SAMPO.FH), Harvia (HARVIA.FH), Aktia Bank (AKTIA.FH), Anora Group (ANORA.FH), Suominen (SUY1V.FH), HKFoods (HKFOODS.FH), Teleste (TLT1V.FH),

        • France: Legrand (LR.FP), Veolia Environnement (VIE.FP), Arkema (AKE.FP), SCOR (SCR.FP), Valneva (VLA.FP)

        • Iceland: Arion Banki (ARION.IR)

        • Italy: UniCredit (UCG.IM), Telecom Italia (TIT.IM), Banco BPM (BAMI.IM), BPER Banca (BPE.IM), Nexi SpA (NEXI.IM), Italgas (IG.IM), Intercos (ICOS.IM), Ariston Holding (ARIS.IM)

        • Norway: DNB Bank (DNB.NO), Aker BP (AKRBP.NO), Storebrand (STB.NO), Tomra Systems (TOM.NO), Schibsted (SCHA.NO), BlueNord (BNOR.NO), Elopak (ELO.NO), SATS (SATS.NO), Odfjell (ODF.NO), SmartCraft (SMCRT.NO), Pexip Holding (PEXIP.NO), Solstad Offshore (SOFF.NO), Zaptec (ZAP.NO), Axactor (ACR.NO), Kongsberg Automotive (KOA.NO),

        • Portugal: Jeronimo Martins (JMT.PL), Corticeira Amorim SGPS (COR.PL)

        • Spain: Endesa (ELE.SM), Cellnex Telecom (CLNX.SM), Fluidra (FDR.SM), CIE Automotive (CIE.SM)

        • Sweden: Skanska (SKA.B.SS), Loomis (LOOMIS.SS), Attendo (ATT.SS), Cloetta (CLA.B.SS), Hoist Finance (HOFI.SS), Resurs Holding (RESURS.SS), Intrum (INTRUM.SS), Karnell Group (KARNEL.B.SS), G5 Entertainment (G5EN.SS), Xspray Pharma (XSPRAY.SS), Fasadgruppen Group (FG.SS), C-RAD (CRAD.B.SS), Infant Bacterial Therapeutics (IBT.B.SS), Tobii (TOBII.SS), Logistea (LOGI.A.SS), IRLAB Therapeutics (IRLAB.A.SS)

        • UK: Burford Capital (BUR.LN), Trainline (TRN.LN), Georgia Capital (CGEO.LN), Card Factory (CARD.LN), Smiths News (SNWS.LN), 1Spatial (SPA.LN)

      • Trading Update:

        • Benelux: Wolters Kluwer (WKL.NA), ARCADIS (ARCAD.NA), Van Lanschot Kempen (VLK.NA)

        • DACHs: Zurich Insurance Group (ZURN.SW)

        • France: Neurones (NRO.FP), Viel & Cie (VIL.FP), Hexaom (ALHEX.FP)

        • Southern Europe: Safilo Group (SFL.IM)

        • UK: RHI Magnesita (RHIM.LN), JD Wetherspoon (JDW.LN)

      • CMD/events: Aryzta (ARYN.SW), BioVersys (BIOV.SW), Sigmaroc (SRC.LN), Volkswagen (VOW3.GR) ESG

  • Data:

    • Economics:

      • Apr Services PMI

        • UK 49.0 vs preliminary 48.9

        • Eurozone 50.1 vs preliminary 49.7

        • Germany 49.0 vs preliminary 48.8

        • France 47.3 vs preliminary 46.8

        • Italy 52.9 vs consensus 51.4 and prior 52.0

        • Spain 53.4 vs consensus 53.9 and prior 54.7

        • Sweden 48.4 vs consensus 50.0 and prior revised 49.3 from 49.4

      • Eurozone Mar PPI +1.9% y/y vs consensus +2.0% and prior +3.0%; (1.6%) m/m vs consensus (1.4%) and and prior +0.2%

      • France Mar Manufacturing Production +0.2% m/m vs consensus +0.3% and prior revised +1.0% from +0.7%

      • Switzerland Apr Unemployment Rate (sa) 2.8% vs consensus 2.8% and prior 2.8%

      • Spain Apr Unemployment Change (67.4K) vs consensus +6.5K and prior (13.3K)

    • Markets:

      • WTI Crude (Jun 25): +$2.38 or +4.17% to $59.51

      • €-$ +0.0027 or +0.24% to 1.1344

      • £-$ +0.0066 or +0.50% to 1.3363

      • €-£ (0.0024) to 0.8487

      • S&P 500 (0.46%)

      • Performance year-to-date

        • FTSE 100: +5.19%

        • DAX: +16.78%

        • CAC: +4.28%

        • MIB: +12.79%

        • Stoxx 600: +5.66%

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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