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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.2%), DAX (0.2%), CAC40 (0.3%)

May 06 ,2025

  • Synopsis

    • European indices are set to open lower whilst Asian equities advancing Tuesday.

    • Note that UK markets back online after Monday's holiday.

    • Greater China markets return from holiday with gains while Australia flat and Taiwan rebounding. Japan closed for public holiday. US contracts extending losses afterhours after indexes snapped nine-day positive streak.

    • Nothing particularly in trade developments. Tariffs clouding US-Japan deal prospects with Trump administration refusing Tokyo's request for full exemption from reciprocal, steel, aluminum and auto tariffs. LDP lawmakers also balking at proposal to increase rice imports from US. Elsewhere, Bloomberg sources noted India proposed zero-for-zero tariffs on steel, auto parts and pharmaceuticals during trade talks with US. Trump on Sunday said some trade deals could happen as soon as this week though he was light on details.

    • On today's agenda EIA releases its latest short-term energy outlook. In Germany, CDU leader Friedrich Merz expected to take office as the new Chancellor, following vote in Bundestag (announced first Cabinet choices last week). Iceland's President Halla Tómasdóttir will pay a State Visit to Sweden (through Thu). Sweden's PM Kristersson hosts a follow-up meeting on the security situation with the party leaders of the Riksdag parties. Portugal general election tv debate at 21:00 on RTP. Norway's PM Støre opens at 13:00CET the annual conf of the Confederation of Norwegian Industries whilst minister of defence Sandvik participates in the Nordic Defence Ministers' Meeting in Finland (through Thu). In UK, parliamentary committee topics include UK-EU reset (13:30 and 15:30BST) and the work of Ofcom (14:30). Amongst events on Tue are Di Bank 2025, FT Digital Assets Summit (through Wed) with BOE's Mills fireside chat at 10:00BST and Intersolar Europe conf.. Germany, UK Apr new car registrations are due for release.

    • In central banks, SNB's Schlegel speech at 9:35CET at Point Zero Forum (Mon-Wed). Governing Council of the ECB annual retreat hosted by Banco de Portugal (through Wed).

    • Macroeconomic releases due today include Italy, Spain Apr services PMI and final reads for Eurozone, France, Germany, UK, Switzerland Apr unemployment rate, France Mar industrial production, Spain Apr unemployment change, Eurozone Mar PPI, UK Apr retail sales monitor - BRC

    • In earnings news, DACHs names kicked off the session with Continental (CON.GR), Fresenius Medical Care (FME.GR), Covestro (1COV.GR), Hugo Boss (BOSS.GR), Rational (RAA.GR) and Zalando (ZAL.GR) reporting Q1 earnings. In France, Elis (ELIS.FP) and Rubis (RUI.FP) released their Q1 revenue numbers. In the Netherlands, Koninklijke Philips (PHIA.NA) reported Q1 earnings and cut FY25 adj EBITA margin guidance by 100bps given estimated net tariff impact of €250-300M. In Nordics, Telenor (TEL.NO), Coloplast (COLO.B.DC), Bravida Holding (BRAV.SS), Vestas Wind Systems (VWS.DC) are amongst others in the region to update investors with their latest numbers.

  • Politics/Macro/World News

    • EU set to make it easier for UK professionals to work in the bloc - FT

    • German Conservative Merz Wants a Fast Start as New Chancellor - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • FME.GR (Fresenius Medical Care) -- reports Q1 EPS (basic) €0.52 vs consensus €0.49; confirms FY guidance

        • RDC.GR (Redcare Pharmacy) -- reports Q1 net income (€11.6M) vs FactSet (€11.8M) [2 est, (€15.5)-(8M)]

        • OERL.SW (OC Oerlikon Corp.) -- reports Q1 revenue CHF391M, unlikely to be comparable to FactSet CHF568.0M [3 est, CHF552-577M]

        • TMV.GR (TeamViewer) -- reports Q1 adjusted EBITDA €81.7M vs FactSet €79.2M [4 est, €76.6-81M]

        • EVT.GR (Evotec) - reports Q1 adjusted EBITDA €3.1M vs year-ago €7.8M

        • ZAL.GR (Zalando) -- reports Q1 Adj. EBIT €46.7M vs StreetAccount €47.3M; FY guidance for 2025 confirmed

        • KTN.GR (Kontron) -- reports Q1 net income €20.1M vs year-ago €16.3M

        • TTR1.GR (technotrans) -- reports Q1 EPS €0.37 vs FactSet €0.20 [2 est, €0.09-0.31]

        • GEBN.SW (Geberit) -- reports Q1 net income CHF187M vs StreetAccount CHF190.8M

        • 1COV.GR (Covestro) -- reports Q1 net income (€160M) vs FactSet (€64.6M) [3 est, (€115)-(11.9M)]; guides Q2 EBITDA between €200M and €300M vs FactSet €202.9M; FY25 guidance narrowed within given ranges

        • RAA.GR (Rational) -- reports Q1 EPS €5.00 vs FactSet €5.16 [3 est, €5.10-5.20]

        • WSU.GR (Washtec) -- reports Q1 EPS €0.22 vs year-ago €0.23

        • NOEJ.GR (Norma Group) -- reports Q1 EPS (€0.01) ex-items vs FactSet €0.05 [2 est, €0.02-0.08]

        • AMAG.AV (AMAG Austria Metall) -- reports Q1 net income €16.2M vs year-ago €13.3M; from today's perspective, FY EBITDA of €110M to €140M can be achieved

        • BOSS.GR (Hugo Boss) -- reports Q1 EPS €0.51 vs consensus €0.33; FY25 outlook confirmed; macroeconomic volatility to remain elevated, intensified by ongoing tariff uncertainty

        • RBI.AV (Raiffeisen Bank International) -- reports Q1 net income €260M, (14%) vs year-ago €303M

        • G24.GR (Scout24) -- reports Q1 Ordinary operating EBITDA €93.7M vs StreetAccount €92.5M; confirms FY25 guidance

        • RSL2.GR (R. Stahl) -- reports Q1 EPS (€0.39) vs year-ago €0.33

        • CON.GR (Continental) -- reports Q1 EPS €0.34 vs FactSet €0.82 [6 est, €0.48-1.51]; FY25 outlook is separate for Automotive due to spin-off

      • France

        • ELIS.FP (Elis) -- reports Q1 revenue €1.13B vs FactSet €1.14B [1 est]; confirms 2025 guidance

        • GTT.FP (Gaztransport & Technigaz) -- acquires Danelec for an enterprise value of €194M from investment fund Verdane

        • RUI.FP (Rubis) -- reports Q1 revenue €1.70B, +2% vs year-ago €1.66B

        • COFA.FP (Coface) -- reports Q1 net income €62.1M vs FactSet €61M [2 est, €60-62M]

      • Nordics

        • STOR.B.SS (Storskogen Group) -- reports Q1 adjusted EPS SEK0.13 vs FactSet SEK0.19 [3 est, SEK0.15-0.25]

        • HPUR.NO (Hexagon Purus) -- reports Q1 EPS (NOK0.89) vs FactSet (NOK0.64) [3 est, (NOK0.67)-(0.60)]

        • ACAST.SS (Acast) -- reports Q1 EPS (SEK0.51) vs year-ago (SEK0.03)

        • OTOVO.NO (Otovo ASA) -- reports Q1 net income (NOK100.1M) vs year-ago (NOK86.8M)

        • HPUR.NO (Hexagon Purus) -- reports Q1 EPS (NOK0.89) vs FactSet (NOK0.64) [3 est, (NOK0.67)-(0.60)]

        • NOHO.FH (NoHo Partners) -- reports Q1 EPS €0.04 vs FactSet €0.33 [4 est, €0.06-1.04]

        • AMBEA.SS (Ambea AB) -- reports Q1 EPS SEK1.39 vs FactSet SEK1.64 [2 est, SEK1.54-1.74]

        • SEDANA.SS (Sedana Medical) -- reports Q1 EPS (SEK0.24) vs FactSet (SEK0.06) [1 est]

        • NORSE.NO (Norse Atlantic) -- reports April passengers 155,813, +58% y/y

        • TRIFOR.DC (Trifork Holding) -- reports Q1 EBIT €2.8M vs FactSet €2.8M [4 est, €2-3M]

        • GIGA.NO (Gigante Salmon) -- reports Q1 net income (NOK0.9M) vs year-ago (NOK0.3M)

        • TEL.NO (Telenor) -- reports Q1 Attributable Net Income NOK2.19B vs consensus NOK2.43B; confirms FY guidance

        • SF.SS (Stillfront Group) -- reports Q1 EPS SEK0.05 vs FactSet SEK0.32 [5 est, SEK0.13-0.55]

        • ISS.DC (ISS A/S) -- trading update; reports organic growth 4.3% in Q1 2025; operating margin and free cash flow developed in line with expectations

        • RVRC.SS (RVRC Holding) -- reports Q3 EPS SEK0.57 vs FactSet SEK0.63 [4 est, SEK0.50-0.78]

        • GLA1V.FH (Glaston) -- reports Q1 EPS €0.02 vs FactSet €0.03 [2 est, €0.02-0.04]

        • COLO.B.DC (Coloplast) -- reports Q2 EPS DKK4.34 ex-items vs FactSet DKK5.34 [10 est, DKK4.10-6.20]

        • ALK.B.DC ALK-(Abello) -- reports Q1 net income DKK354M vs FactSet DKK293.8M [4 est, DKK285-309M]; full-year outlook remains unchanged

        • BRAV.SS (Bravida Holding) -- reports Q1 EPS SEK1.11 vs FactSet SEK1.13 [4 est, SEK1.03-1.23]

        • ORRON.SS (Orrön Energy) -- reports Q1 EPS (€0.01) vs FactSet €0.00 [1 est]

        • VWS.DC (Vestas Wind Systems) -- reports Q1 net income €5M vs consensus (€60M); confirms FY guidance

        • LIAB.SS (Lindab International) -- reports Q1 EPS SEK1.89 vs FactSet SEK1.44 [3 est, SEK1.10-1.80]

        • CTEK.SS (CTEK AB) -- reports Q1 EPS SEK0.00 vs FactSet SEK0.09 [2 est, SEK0.07-0.10]

        • IPCO.SS (International Petroleum Corp) -- reports Q1 revenue $178.5M vs FactSet $181.4M [7 est, $163.3-207.1M]; guides FY25

      • Benelux

        • PHIA.NA (Koninklijke Philips) -- reports Q1 adj EPS €0.25 vs consensus €0.20; cuts FY25 adj EBITA margin guidance by 100bps given estimated net tariff impact of €250-300M

        • PNL.NA (PostNL) -- reports Q1 normalised EBIT (€15M) vs year-ago (€9M)

      • Southern Europe

        • IDR.SM (Indra Sistemas) -- reports Q1 net income €59M vs StreetAccount €66.2M

      • UK

        • CRH.LN (CRH plc) -- reports Q1 adjusted EBITDA $495M vs FactSet $480.9M [11 est, $436-515.4M]

      • Also reporting today

        • Earnings:

          • Austria: Raiffeisen Bank International (RBI.AV)

          • Denmark: DFDS (DFDS.DC)

          • Finland: Glaston (GLA1V.FH)

          • Germany: Uniper (UN0.GR), MTU Aero Engines (MTX.GR), Kontron (KTN.GR), Elmos Semiconductor (ELG.GR), KSB (KSB.GR), Amadeus FiRe (AAD.GR), Koenig & Bauer (SKB.GR), Nabaltec (NTG.GR),

          • Greece: Piraeus Financial Holdings (TPEIR.GA)

          • Italy: Intesa Sanpaolo (ISP.IM), FinecoBank (FBK.IM), DiaSorin (DIA.IM), Lottomatica Group (LTMC.IM), Banca Popolare di Sondrio (BPSO.IM), Amplifon (AMP.IM), Anima Holding (ANIM.IM), Philogen (PHIL.IM), IGD (IGD.IM)

          • Norway: Gigante Salmon (GIGA.NO)

          • Portugal: NOS (NOS.PL)

          • Spain: Prosegur Compania de Seguridad (PSG.SM), Global Dominion Access (DOM.SM)

          • Sweden: Castellum (CAST.SS), Peab (PEAB.B.SS), INVISIO (IVSO.SS), Nolato (NOLA.B.SS), Bahnhof (BAHN.B.SS), Proact IT Group (PACT.SS), HANZA AB (HANZA.SS), Haypp Group (HAYPP.SS), Vicore Pharma Holding (VICO.SS), Embellence Group (EMBELL.SS), SaltX Technology Holding (SALT.B.SS), Nordisk Bergteknik (NORB.B.SS), Orexo (ORX.SS), Wastbygg Gruppen (WBGR.B.SS), Mendus (IMMU.SS),

        • Trading Update:

          • DACHs: R. Stahl (RSL2.GR), flatexDEGIRO (FTK.GR)

          • France: AXA (CS.FP), JCDecaux (DEC.FP), Figeac Aero (FGA.FP), Bonduelle (BON.FP), LNA Santé (LNA.FP)

          • Nordics: Demant (DEMANT.DC), NNIT (NNIT.DC)

          • UK: International Workplace Group (IWG.LN)

        • Sales: Moscow Exchange MICEX-RTS (MOEX.RU), Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS)

    • M&A

      • VAL (Valaris) -- announces sale of Jackup 247 to BW Energy (BWE.NO) for $108M

      • OERL.SW (OC Oerlikon Corp.) -- Rieter Holding to acquire Barmag from OC Oerlikon for upfront equity purchase price of CHF713M

      • AZE.BB (Azelis Group) -- agrees to acquire the distribution business of S. Amit Group for an undisclosed sum

      • BOL.FP (Bolloré) -- decides not to challenge AMF decisions before the Paris Court of appeal regarding non-compliant buyout offers for three companies

      • GTT.FP (Gaztransport & Technigaz) -- acquires Danelec for an enterprise value of €194M from investment fund Verdane

      • XXL.NO (XXL ASA) -- board releases recommendation to shareholders re previously announced NOK 10/sh mandatory offer from Frasers Group (FRAS.LN)

      • OpenAI to acquire Windsurf for ~$3B - Bloomberg

    • Healthcare

      • AB.FP (AB Science) -- to present new data from masitinib clinical program in amyotrophic lateral sclerosis in two presentations at the 2025 ENCALS Annual Meeting

      • OSE.FP (OSE Immunotherapeutics) -- announces >90% of responders maintained symptomatic remission through extension period on Lusvertikimab

    • Other

      • UBSG.SW (UBS Group) -- announces Credit Suisse Services AG resolves tax matter with DOJ, will pay $511M

      • AVOL.SW (Avolta) -- announces two new contracts at JFK International Airport

      • CRH.LN (CRH plc) -- SEC filing: 10-Q

      • CRH.LN (CRH plc) -- CRH continues $300M Share Buyback Program

      • FactSet Podcast - Evening Market Recap, 5-May

      • Italy Apr new passenger car registrations 139,084 units, +2.7% y/y -- UNRAE (post EU close 2-May)

      • Spain (ANFAC) Apr new passenger car registrations 98,522 units, +7.1% y/y

  • Key rating changes

    • Upgrades

      • DWS.GR (DWS Group) -- to overweight from equal-weight at Morgan Stanley

      • SMAPO.FH (Sampo) -- to overweight from neutral at JPMorgan

    • Downgrades

      • P911.GR (Porsche) -- to equal weight from overweight at Barclays

      • RED.SM (Redeia Corporacion) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • TRYG.DC (Tryg) -- neutral at JPMorgan

      • VTY.LN (Vistry Group) -- equal-weight at Morgan Stanley

    • Others

      • BTRW.LN (Barratt Redrow) -- assumed overweight at Morgan Stanley

      • PSN.LN (Persimmon) -- assumed overweight at Morgan Stanley

      • BKG.LN (Berkeley Group Holdings) -- assumed equal-weight at Morgan Stanley

      • TW.LN (Taylor Wimpey) -- assumed equal-weight at Morgan Stanley

  • Data

    • Nikkei +0.00% to 36830.69

    • Hang Seng +0.81% to 22686.47

    • Shanghai Composite +1.06% to 3313.75

    • S&P futures (18.3) vs prior close of 5671.8

    • €-$ +0.0001 or +0.01% to 1.1318

    • $-¥ +0.10 or +0.07% to 143.80

    • €-¥ +0.12 or +0.07% to 162.72

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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