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StreetAccount Summary - EU Market Recap: FTSE 100 (0.44%) to 8559.33, DAX (0.58%) to 23115.96, CAC40 (0.91%) to 7626.84, STOXX 600 (0.54%) to 533.47

May 07 ,2025

  • Synopsis:

    • European equity markets ended mixed to lower, with pan-European indices closing around the worst levels of the session. Pan-European indices opened lower and remained range-bound through the morning as attempts to pare losses proved short-lived. Wall Street's paring of initial gains pressured share in the afternoon, shares ending just above the worst levels of the day.

    • Ireland +1.2%, Austria +1.1% and Greece +0.7% lead outperformers. Belgium (1.2%) and Switzerland (1.0%) join the CAC in leading underperformers

    • SNB's Tschudin was a panellist at Point Zero Forum and Bundesbank's Lienenkämper at event hosted at Europe Week at the Europavillon.

    • Poland central bank cut its benchmark interest rate (50bps) to 5.25%, as expected (press release). Czech central bank cut its benchmark interest rate (25bps) to 3.50%, as expected (statement press release, presentation) and released its latest economic forecasts (release, detailed description of the current CNB forecast to be provided 12-May and 16-May).

    • France's President Macron met with German Chancellor Merz (DW). EU Parliament (EP) Plenary session continued including EU's von der Leyen and Polish Minister for EU Affairs Szłapka discuss how the EU can contribute to achieving a just, sustainable, and comprehensive peace deal for Ukraine. Parliament's vision and demands for the EU's 2028-2034 budget are set out in a resolution adopted by MEPs (release). Also, Türkiye's geopolitical and strategic importance cannot make up for the government's democratic backsliding, and EU membership criteria are not up for negotiation, MEPs say (release)

    • Elsewhere, Norway's PM Støre attends the LO Congress. Informal meeting of EU foreign ministers (through Thu). In UK there was weekly PMQs (BBC, Telegraph), whilst parliamentary committee topics include rail investment pipelines, nitrogen, UK's future relationship with the US, environmental sustainability and housing growth, AI in financial services and tidal power and the Severn.

    • BaFin annual press conf, with President Mark Branson stating Europe's financial sector can emerge stronger from these turbulent times.

    • Amongst some of the region's companies releasing Q1 earnings/updates were Koninklijke Ahold Delhaize (AD.NA) underlying EPS €0.62 vs consensus €0.60, reiterates FY25 outlook, Sampo (SAMPO.FH) operating EPS €0.11 vs consensus €0.12; adjusts FY25 financial outlook; increases estimated synergies from integration of Topdanmark significantly, Novo Nordisk (NOVO.B.DC) EPS DKK6.53 vs consensus DKK6.23, cuts FY25 outlook to reflects lower-than-planned penetration of branded GLP-1 treatments in the US, Schaeffler (SHA0.GR) EBIT €276M ex-items vs consensus €272M, FY25 guidance confirmed and Fresenius (FRE.GR) EPS €0.74 ex-items vs consensus €0.67, reaffirms FY guidance. Also, Veolia Environnement (VIE.FP) Q1 EBITDA €1.70B vs consensus €1.69B, FY25 guidance fully confirmed. Separately announces acquires CDPQ's 30% stake in Veolia's subsidiary Water Technologies and Solutions for $1.75B

    • Other M&A news flow included Azimut (AZM.IM) increases stake in HighPost Capital from 15% to 56%, accesso Technology Group (ACSO.LN) announces the asset acquisition of 1RISK and Fluidra (FDR.SM) acquires Pooltrackr, all for undisclosed sums.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +0.81%, Basic Resources +0.42%, Autos & Parts +0.09%, Travel & Leisure +0.07%, Utilities (0.02%), Banks (0.05%), Real Estate (0.07%), Food & Beverage (0.11%), Technology (0.21%), Insurance (0.24%), Telecom (0.42%), Financial Svcs (0.42%)

      • Underperformers:

        • Retail (2.24%), Health Care (1.66%), Oil & Gas (1.04%), Persnl & HHold Goods (0.72%), Construct & Mtls (0.66%), Ind Goods & Svcs (0.61%), Chemicals (0.56%)

    • Macro/Peripheral markets:

      • Germany:

        • Merz seeks to reassure allies in Paris and Warsaw after rocky start as chancellor - Bloomberg

        • Macron and Merz presented a shared vision for a well-armed and business-friendly Europe - Politico

      • Greece:

        • Backs an Arab plan for the reconstruction of Gaza once a ceasefire is achieved - ekathimerini

      • Norway:

        • Signs a Memorandum of Understanding (MoU) with the UK on a Green Industrial Partnership - release

      • UK:

        • FCA consults on steps to simplify mortgage rules - release

        • What are Reform UK's main policies? - FT

        • UK and US edge closer to economic deal to soften Trump tariff blow - Bloomberg

        • Ministers draft plan to slash industrial energy costs as Starmer's industrial strategy takes shape - FT

    • Company news:

      • Notable Gainers

        • +53.7% ALCJ.FP (Crossject) -- updates on the EUA filing of ZEPIZURE

        • +39.3% INTRUM.SS (Intrum) -- Q1 adjusted EBIT SEK1.10B vs consensus SEK1.01B; company's recapitalisation is nearing completion

        • +22.9% FDP.LN (FD Technologies) -- confirms that it is in advanced discussions with TA Associates; most recent proposal in relation to a possible cash offer of £24.50/share

        • +22.6% TOBII.SS (Tobii) -- Q1 EPS SEK0.12 vs FactSet (SEK0.15) [2 est, (SEK0.17)-(0.13)]; cost reduction program on track

        • +21.7% GOMX.SS (GomSpace Group) -- Q1 EPS SEK0.01 vs year-ago (SEK0.18), reaffirms FY guidance

        • +20.0% FG.SS (Fasadgruppen Group) -- Q1 Adjusted EBITA SEK76.6M vs FactSet SEK60.0M

        • +15.2% PEXIP.NO (Pexip Holding) -- Q1 EBIT NOK101M vs FactSet NOK72.4M [5 est, NOK59-87M], initiates up to NOK100M buyback

        • +15.0% HARVIA.FH (Harvia) -- Q1 EPS €0.45 vs FactSet €0.43 [6 est, €0.39-0.47]; Confirms financial targets and outlook

        • +14.0% MZX.GR (Masterflex) -- Q1 EPS €0.32 vs year-ago €0.30, reaffirms FY guidance

        • +12.7% ACR.NO (Axactor) -- Q1 EPS €0.03 vs FactSet €0.02 [3 est, €0.02-0.03]

        • +12.6% SCHA.NO (Schibsted) -- Q1 EBITDA NOK394M vs consensus NOK347.7M, near-term financial performance is influenced by market conditions

        • +9.7% CLA.B.SS (Cloetta) -- Q1 EPS SEK0.89 vs FactSet SEK0.38 [1 est]

        • +9.1% IRLAB.A.SS (IRLAB Therapeutics) -- Q1 EPS (SEK0.65) vs year-ago (SEK0.75)

        • +7.1% JYSK.DC (Jyske Bank) -- Q1 EPS DKK19.4 vs FactSet DKK16.98 [5 est, DKK16.50-17.17], reaffirms FY guidance

        • +5.5% JDW.LN (JD Wetherspoon) -- trading update for the 13-week period to 27-Apr: LFL sales +5.6% y/y; anticipates reasonable outcome for financial year

        • +5.2% GMS.LN (Gulf Marine Services) -- Q1 Adjusted EBITDA $25.6M vs year-ago $21.2M, reaffirms FY guidance

        • +5.1% KARNEL.B.SS (Karnell Group) -- Q1 EPS SEK0.36 vs year-ago SEK0.05

        • +4.7% CRAYN.NO (Crayon Group Holding) -- SoftwareOne Holding holds over 90% of Crayon's share capital by end of offer period today as per preliminary results

          • +5.5% SWON.SW (SoftwareONE Holding)

        • +4.0% SCR.FP (SCOR) -- Q1 net income €200M vs consensus €148M; overall profitability of SCOR's business mix should remain very attractive

        • +3.9% DNB.NO (DNB Bank) -- Q1 net income NOK10.85B vs consensus NOK9.89B

        • +3.5% EQS.FP (Equasens Group) -- buy from accumulate at Gilbert Dupont

        • +3.1% ARCAD.NA (ARCADIS) -- Q1 adjusted EBITDA €133M vs FactSet €121.5M [2 est, €118-125M]; on track to achieve strategic targets set for 2024-26

        • +3.0% BIOG.B.SS (BioGaia) -- Q1 EPS SEK0.79 vs FactSet SEK0.80 [2 est, SEK0.70-0.90]

          • On earnings/updates: AD.NA (Koninklijke Ahold Delhaize), JUN3.GR (Jungheinrich), TLT1V.FH (Teleste), PNDORA.DC (Pandora), BMW.GR (Bayerische Motoren Werke), SAMPO.FH (Sampo), FRE.GR (Fresenius), FIA1S.FH (Finnair), TIMA.GR (ZEAL Network), SHA0.GR (Schaeffler), VLA.FP (Valneva), NOVO.B.DC (Novo Nordisk)

      • Notable Decliners

        • -17.1% G5EN.SS (G5 Entertainment) -- Q1 EPS SEK1.53 vs FactSet SEK3.24 [2 est, SEK3.18-3.30]

        • -15.3% AG1.GR (Auto1 Group) -- Q1 adj EBITDA €58.1M vs year-ago €17.0M; raises FY gross profit and adj. EBITDA guidance

        • -13.5% AMBU.B.DC (Ambu) -- Q2 EPS DKK0.71 vs FactSet DKK0.74 [4 est, DKK0.70-0.80]; reaffirms FY guidance

        • -12.8% SPA.LN (1Spatial) -- FY EPS 0.1p vs FactSet 1.2p [4 est, 1.0-1.4p]

        • -10.3% ZV.IM (Zignago Vetro) -- Q1 net income €1.1M vs FactSet €10M [1 est]

        • -8.6% LEI.GR (Leifheit) -- Q1 net income €2.0M vs year-ago €2.2M, forecast for FY25 confirmed

        • -7.7% TOM.NO (Tomra Systems) -- Q1 EPS €0.03 vs FactSet €0.05 [6 est, €0.04-0.07]

        • -6.6% DEC.FP (JCDecaux) -- Q1 revenue €858.0M vs StreetAccount €842.3M, provides Q2/Q3 colour

        • -6.1% EMGS.NO (Electromagnetic Geoservices) -- announces newly formed subsidiary will acquire the OSCV Siem Day Vessel from Siem Day II AS

        • -5.3% AXS.LN (Accsys Technologies) -- FY Trading Update: revenue €136.6M vs FactSet €140.0M [3 est, €135.5-147M], initiated buy at Panmure Liberum

        • -4.9% TRN.LN (Trainline) -- FY adj EPS 19.2p vs FactSet 17.6p [11 est, 16.0-20.1p], provides outlook and market guidance

        • -4.6% DEMANT.DC (Demant) -- Q1 revenue DKK5.62B vs consensus DKK5.63B; guides FY25 EBIT between DKK4.10-4.50B vs prior guidance DKK4.50-4.90B

        • -4.4% ANORA.FH (Anora Group) -- Q1 EPS (€0.03) vs FactSet (€0.01) [4 est, (€0.02)-0.00]

        • -4.2% LOOMIS.SS (Loomis) -- Q1 EPS SEK5.57 vs FactSet SEK7.09 [3 est, SEK6.80-7.29]

        • -3.8% KCO.GR (Kloeckner & Co.) -- Q1 EBITDA €42M before material special effects vs FactSet €43.0M [1 est]

        • -3.7% CARD.LN (Card Factory) -- FY adjusted EPS 14.3p vs FactSet 14.4p [6 est, 14.0-15.0p], provides outlook

        • -3.5% SOFF.NO (Solstad Offshore) -- Q1 net income $24M vs year-ago $38M

        • -3.3% FDR.SM (Fluidra) -- Q1 EPS €0.35 ex-items vs FactSet €0.36 [4 est, €0.28-0.40], maintains 2025 guidance

        • -3.2% ORSTED.DC (Ørsted) -- Q1 net income DKK4.89B vs StreetAccount DKK4.22B; reaffirms FY guidance

          • to discontinue the Hornsea 4 offshore wind project in its current form; outlines financial impact

        • -3.0% BON.FP (Bonduelle) -- Q3 revenue €529.3M vs year-ago €527.9M; downgraded to hold from buy at TPICAP Midcap

          • On earnings/updates: VIE.FP (Veolia Environnement), CRAD.B.SS (C-RAD), AKTIA.FH (Aktia Bank), RCN.LN (Redcentric), RHIM.LN (RHI Magnesita), SATS.NO (SATS), SNWS.LN (Smiths News) and reversing initial gains HKFOODS.FH (HKFoods), ARYN.SW (Aryzta), HAG.GR (HENSOLDT)

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Oesterreichische Post (POST.AV), Lenzing (LNZ.AV)

        • Belgium: Anheuser-Busch InBev (ABI.BB), Solvay (SOLB.BB), Titan Cement International (TITC.BB)

        • Denmark: Maersk (MAERSK.B.DC), Genmab (GMAB.DC), Novonesis (NSIS.B.DC), Zealand Pharma (ZEAL.DC), Jeudan (JDAN.DC), TORM (TRMD.A.DC), Columbus (COLUM.DC), BioPorto (BIOPOR.DC), RTX (RTX.DC), Gabriel Holding (GABR.DC)

        • Finland: Mandatum (MANTA.FH), Kojamo (KOJAMO.FH), Outokumpu (OUT1V.FH)

        • Germany: Rheinmetall (RHM.GR), Siemens Energy (ENR.GR), Infineon Technologies (IFX.GR), Knorr-Bremse (KBX.GR), Henkel (HEN3.GR), GEA Group (G1A.GR), Aurubis (NDA.GR), Stroeer SE & Co. (SAX.GR), Lanxess (LXS.GR), Wacker Neuson (WAC.GR), OHB (OHB.GR), ABOUT YOU Holding (YOU.GR), Adtran Networks (ADV.GR), Rhoen-Klinikum (RHK.GR), Alstria (AOX.GR), SAF-HOLLAND (SFQ.GR), GFT Technologies (GFT.GR), SÜSS MicroTec (SMHN.GR), SMA Solar Technology (S92.GR), Hamborner REIT (HABA.GR), SNP Schneider-Neureither & Partner (SHF.GR), SGL Carbon (SGL.GR), OVB Holding (O4B.GR), Elringklinger (ZIL2.GR), BayWa (BYW6.GR), Basler (BSL.GR), EDAG Engineering Group (ED4.GR), Branicks Group (BRNK.GR), Westwing Group (WEW.GR), Schloss Wachenheim (SWA.GR), Data Modul (DAM.GR), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR), Dr. Hönle (HNL.GR), Mister Spex (MRX.GR)

        • Greece: Eurobank Ergasias Services & Holdings (EUROB.GA), National Bank of Greece (ETE.GA)

        • Iceland: Íslandsbanki (ISB.IR)

        • Italy: Enel (ENEL.IM), Poste Italiane (PST.IM), Snam (SRG.IM), Prysmian (PRY.IM), Recordati (REC.IM), Banca Mediolanum (BMED.IM), Banca Monte dei Paschi di Siena (BMPS.IM), Davide Campari-Milano (CPR.IM), Credito Emiliano (CE.IM), Azimut Holding (AZM.IM), Brembo (BRE.IM), Cementir Holding (CEM.IM), Banca Ifis (IF.IM), Ascopiave (ASC.IM), D'Amico International Shipping (DIS.IM), illimity Bank (ILTY.IM), SECO (IOT.IM)

        • Netherlands: CTP NV (CTPNV.NA), Eurocommercial Properties (ECMPA.NA), Pharming Group (PHARM.NA)

        • Norway: Kongsberg Gruppen (KOG.NO), Wallenius Wilhelmsen (WAWI.NO), SpareBank 1 SMN (MING.NO), Veidekke (VEI.NO), Wilh. Wilhelmsen Holding (WWI.NO), Norwegian Air Shuttle (NAS.NO), Scatec (SCATC.NO), Morrow Bank (MOBA.NO), Smartoptics Group (SMOP.NO), Norsk Titanium (NTI.NO), Aker Carbon Capture (ACC.NO), PhotoCure (PHO.NO), Nekkar (NKR.NO), Aker Horizons (AKH.NO), REC Silicon (RECSI.NO), ArcticZymes Technologies (AZT.NO), Tekna Holding (TEKNA.NO)

        • Portugal: EDP Renovaveis (EDPR.PL), The Navigator Co. (NVG.PL), Redes Energeticas Nacionais (RENE.PL)

        • Spain: Amadeus IT Group (AMS.SM), Banco de Sabadell (SAB.SM), Acerinox (ACX.SM), Gestamp Automoción (GEST.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Melia Hotels International (MEL.SM)

        • Sweden: Securitas (SECU.B.SS), Holmen (HOLM.B.SS), Fastighets Balder (BALD.B.SS), Sagax (SAGA.B.SS), Hufvudstaden (HUFV.A.SS), Truecaller (TRUE.B.SS), Sinch (SINCH.SS), Apotea (APOTEA.SS), AcadeMedia (ACAD.SS), Traction (TRAC.B.SS), Fractal Gaming Group (FRACTL.SS), I-Tech (ITECH.SS), Rugvista Group (RUG.SS), Mentice (MNTC.SS), Oncopeptides (ONCO.SS), Xbrane Biopharma (XBRANE.SS), Active Biotech (ACTI.SS)

        • Switzerland: Adecco Group (ADEN.SW), Swisscom (SCMN.SW), Valiant Holding (VATN.SW)

        • UK: Airtel Africa (AAF.LN), TBC Bank Group (TBCG.LN), Helios Towers (HTWS.LN), Lords Group Trading (LORD.LN), Polarean Imaging (POLX.LN)

      • Trading Update:

        • Benelux: Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA)

        • DACHs: Heidelberg Materials (HEI.GR)

        • Nordics: HusCompagniet (HUSCO.DC)

        • Southern Europe: Metlen Energy & Metals (MYTIL.GA), Technogym (TGYM.IM)

        • UK: Next (NXT.LN), InterContinental Hotels Group (IHG.LN), Mondi (MNDI.LN), IMI (IMI.LN), Harbour Energy (HBR.LN), Derwent London (DLN.LN), Rathbones Group (RAT.LN), S4 Capital (SFOR.LN)

      • Sales: Clas Ohlson (CLAS.B.SS)

  • Data:

    • Economics:

      • Eurozone Mar retail sales +1.5% y/y vs consensus +1.6%, prior revised +1.9% from +2.3%; (0.1%) m/m vs consensus 0.0%, prior revised +0.2% from +0.3%

      • UK Apr construction PMI 46.6 vs consensus 45.7, prior 46.4

      • Germany

        • Apr construction PMI 45.1 vs consensus 42.0, prior 40.3

        • Mar factory orders +3.6% m/m vs cons +1.3% and prior 0.0%

      • Italy Mar Retail Sales (2.8%) y/y vs consensus (0.6%), prior revised (1.4%) from (1.5%); (0.5%) m/m vs consensus +0.2%, prior +0.1%

      • Sweden Apr preliminary CPI +0.3% y/y vs consensus +0.5%, prior +0.5%; +0.1% m/m vs consensus +0.3%, prior (0.7%)

      • France Mar trade balance (€6.2B) vs consensus (€6.9B), prior revised (€7.7B) from (€7.9B)

    • Markets:

      • WTI Crude (Jun 25): ($0.57) or (0.96%) to $58.52

      • €-$ (0.0021) or (0.18%) to 1.1349

      • £-$ (0.0021) or (0.16%) to 1.3347

      • €-£ (0.0002) to 0.8503

      • S&P 500 +0.17%

      • Performance year-to-date:

        • FTSE 100: +4.73%

        • DAX: +16.11%

        • CAC: +3.33%

        • MIB: +12.09%

        • Stoxx 600: +5.09%

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