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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.73%, DAX +0.64%, CAC +0.26%

May 08 ,2025

  • Synopsis

    • European equity markets are set to open amidst Asian equities mostly higher Thursday as trade headlines continue to come through. Greater China and Taiwan markets outperforming region while gains have picked up in Japan, Korea and Australia. US contracts firming afterhours. Bonds mixed with Treasury yields up 1-2 bp, JGBs little changed and Australian curves bull flattening. Dollar weakening against other currencies. Crude firming alongside gold. Bitcoin strengthening towards Feb-2025 highs.

    • In central banks updates, Riksbank interest rate decision at 9:30CET, press conf 11:00. Expected to leave its benchmark interest rate unchanged at 2.25%. No change is also expected with Norges Bank interest rate decision at 10:00CET, leaves benchmark interest rate at 4.50%. BOE is expected to lower its benchmark interest rate by (25bps) to 4.25% when it announces its decision at 12noon BST, minutes, press conf at 12:30.

    • Among central banks speakers, Bundesbank's Balz panellist at 11:40CET at LEG Tegernsee Summit (Wed-Fri), other speaker/panellists include politicians, company execs. BOE's Gerken speech/panellist at Building Societies Annual Conf (Wed-Thu). Bank of Italy's Scotti speech at 12:10BST at Reykjavik economic conf. In other developments, Norway's PM Støre launches at 8:30CET the National Security Strategy, press conf 9:00. ECB's Tuominen moderates panel at 15:00CET at event hosted by SUERF BAFFI Bocconi. In Portugal, there's due to be a general election tv debate between parties without parliamentary seats at 21:00 on RTP. Joint Expeditionary Force (JEF) meets in Oslo (through Fri), Norway's PM Støre and UK's PM Starmer among the attendees. EU's von der Leyen hosts Taoiseach of Ireland Martin.

    • Macroeconomic data today include: Germany Mar trade balance, Norway Mar manufacturing production, Denmark Mar industrial production, UK Apr house price index - Halifax, Ireland Apr CPI

    • In earnings news, DACHs names kicked off the session with Siemens Energy (ENR.GR) reporting final Q2 numbers. Heidelberg Materials (HEI.GR) reported Q1 RCO €235M vs consensus €207.0M and confirmed 2025 guidance. Knorr-Bremse (KBX.GR) confirmed prelim Q1 earnings as per 29-Apr update and confirmed FY25 guidance. Zurich Insurance Group (ZURN.SW), Adecco Group (ADEN.SW), Aurubis (NDA.GR), FORVIA HELLA (HLE.GR) also updated investors. In the Benelux, Solvay (SOLB.BB) reported Q1 Underlying EBIT €172M vs consensus €165.0M; expects to reach lower half of FY25 underlying EBITDA guidance range. Anheuser-Busch InBev (ABI.BB) reports Q1 Underlying EPS $0.81 vs consensus $0.73 and confirmed FY outlook. Out of the Nordics, Norwegian Air Shuttle (NAS.NO), Zealand Pharma (ZEAL.DC) and ChemoMetec (CHEMM.DC) updated investors with their latest numbers.

  • Politics/Macro/World News

    • EU capitals want retaliation against Donald Trump delayed to avoid Nato summit clash - FT

    • How Macron is playing hardball as UK's Starmer strives for EU reset - Politico

    • Bank of England Set to Turn Dovish as US Tariffs Risk Growth - Bloomberg

    • UK RICS house price balance falls to 9-month low in April after tax break ends - Reuters

    • US and UK expected to announce deal to reduce tariffs today - BBC

  • Top company news

    • Earnings/updates

      • France

        • AIR.FP (Airbus SE) -- reports April gross orders 11; deliveries 56 to 33 customers

      • Nordics

        • ZEAL.DC (Zealand Pharma) -- reports Q1 net loss (DKK313.8M) vs FactSet (DKK339.6M) [6 est, (DKK488.4)-(281M)]

        • RECSI.NO (REC Silicon) -- reports Q1 EPS cont ops ($0.03) vs year-ago ($0.03)

        • CHEMM.DC (ChemoMetec) -- reports Q3 EBITDA DKK63.4M vs FactSet DKK64.8M [2 est, DKK60.4-69.2M]

        • NAS.NO (Norwegian Air Shuttle) -- reports Q1 net income (NOK756.5M) vs FactSet (NOK775.7M) [5 est, (NOK1.06)-(632M)]; guides FY ASK +3% y/y

        • PHO.NO (PhotoCure) -- reports Q1 EPS (NOK0.09) vs FactSet (NOK0.04) [3 est, (NOK0.11)-0.05]

        • VEI.NO (Veidekke) -- reports Q1 EPS (NOK0.20) vs FactSet NOK0.01 [3 est, NOK0.00-0.02]

      • DACHs

        • LXS.GR (Lanxess) -- reports Q1 net income €57M vs FactSet (€35.1M) [3 est, (€78)-4.8M]; confirms FY25 guidance

        • ZURN.SW (Zurich Insurance Group) -- Q1 Trading Update: Had a strong start into the new 2025-27 financial cycle

        • ADEN.SW (Adecco Group) -- reports Q1 adjusted EPS €0.48 vs consensus €0.38

        • S92.GR (SMA Solar Technology) -- reports Q1 EPS €0.16 vs FactSet (€0.23) [1 est]; Expects FY revenue, EBITDA to be in the lower third of the guidance ranges

        • KBX.GR (Knorr-Bremse) -- confirms prelim Q1 earnings as per 29-Apr update; confirms FY25 guidance

        • VIJ.GR (Viemed Healthcare) -- reports Q1 EPS $0.06 vs year-ago $0.04; provides updated FY25 guidance

        • ADV.GR (Adtran Networks) -- reports preliminary Q1 EBIT (€4.8M) vs year-ago (€6.2M)

        • BSL.GR (Basler) -- reports Q1 net income €4.8M vs year-ago (€3.9M)

        • AOX.GR (Alstria) -- reports Q1 FFO €18.0M vs year-ago €17.7M; reaffirms FY guidance

        • WAC.GR (Wacker Neuson) -- reports Q1 EPS €0.06 vs year-ago €0.34

        • ENR.GR (Siemens Energy) -- reports final Q2 net income €501M vs FactSet €205.1M [4 est, (€60)-413M]

        • NDA. GR (Aurubis) -- reports Q2 operating net income €76M vs consensus €71M

        • HLE.GR (FORVIA HELLA) -- reports Q1 Operating income €109M vs FactSet €105.0M [1 est]; confirms FY outlook; says already challenging industry environment expected to worsen further

        • SQF.GR (SAF-HOLLAND) reports Q1 adjusted EPS €0.45 vs year-ago €0.69; confirms FY25 outlook

        • YOU.GR (ABOUT YOU Holding) -- reports FY adj EBITDA €28.1M vs FactSet €27.6M [8 est, €18.4-35.1M]; well-positioned for FY25/26

      • Benelux

        • AMG.NA (AMG Critical Materials) -- reports Q1 EPS $0.15 vs year-ago ($0.50)

        • SOLB.BB (Solvay) -- reports Q1 Underlying EBIT €172M vs consensus €165.0M; expects to reach lower half of FY25 underlying EBITDA guidance range

        • ABI.BB (Anheuser-Busch InBev) -- reports Q1 Underlying EPS $0.81 vs consensus $0.73

      • Southern Europe

        • ICOS.IM (Intercos) -- reports Q1 adjusted EBITDA €29.3M vs FactSet €34.0M [1 est]; reaffirms FY guidance

        • SFL.IM (Safilo Group) -- reports Q1 adjusted EBITDA €34.3M vs FactSet €33.0M [2 est, €32.5-33.4M]

        • SAB.SM (Banco de Sabadell) -- reports Q1 net income €489M vs consensus €438M

    • M&A

      • ILTY.IM (illimity Bank) -- CONSOB approves offer document relating to Banca Ifis's acquisition of illimity Bank

      • PSM.GR (ProSiebenSat.1 Media) -- MFE-MEDIAFOREUROPE shareholders approve issuance of new A shares in connection with offer for ProSiebenSat.1

      • SEQUA.BB (Sequana Medical) -- issues second subscription request for up to 2.5M shares in the company under share subscription facility with GEM

      • CRT.LN (Impact Healthcare REIT) -- CareTrust REIT's acquisition of CARE REIT remains on track to become effective on 9-May

      • NRG.FP (NRJ Group) -- announces its in exclusive negotiations with CMA Media concerning the sale of the Chérie 25 channel

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Tagrisso with pemetrexed and platinum-based chemotherapy for untreated EGFR mutation-positive advanced NSCLC

      • BAYN.GR (Bayer AG) -- FDA grants orphan drug designation to Sema3A for Alport syndrome

      • VLA.FP (Valneva) -- issues update following European Medicines Agency suspension announcement on use of IXCHIQ for individuals over 65 years old

    • Other

      • SAF.FP (Safran) -- will repurchase up to €500M-worth of shares as part of previously disclosed buyback program

      • SAN.SM (Banco Santander) -- Bank of Spain formally notifies Banco Santander of the new binding minimum requirement for own funds and eligible liabilities (MREL)

      • BA.LN (BAE Systems) -- awarded $108.6M US Navy contract

      • DWS.GR (DWS Group) -- in talks to form asset management JV in India with Nippon Life - Reuters

      • SRAIL.SW (Stadler Rail) -- shareholders approve dividend of CHF 0.20/sh at AGM; to be paid out with a value date of 13-May-25

  • Key rating changes

    • Upgrades

      • EVO.SS (Evolution) -- to hold from sell at Deutsche Bank

      • MAP.SM (MAPFRE) -- to buy from neutral at Alantra Equities

      • RAA.GR (Rational) -- to hold from reduce at HSBC

      • WEIR.LN (Weir Group) -- to buy from neutral at UBS

    • Downgrades

      • AD.NA (Koninklijke Ahold Delhaize) -- to hold from buy at Kepler Cheuvreux

      • TIT.IM (Telecom Italia) -- to neutral from buy at New Street Research

      • ROO.LN (Deliveroo) -- to hold from buy at Jefferies (earlier, timing uncertain)

      • ROO.LN (Deliveroo) -- to hold from buy at HSBC

      • ELE.SM (Endesa) -- to sell from neutral at Goldman Sachs

      • SKA.B.SS (Skanska) -- to hold from buy at Jefferies

      • HMSO.LN (Hammerson) -- to sell from neutral at UBS

    • Other Actions

      • DSV.DC (DSV A/S) -- reinstated buy at Deutsche Bank; prior rating was buy

  • Data

    • Nikkei +0.44% to 36941.96

    • Hang Seng +0.55% to 22815.79

    • Shanghai Composite +0.14% to 3347.28

    • S&P futures +40.8 vs prior close of 5652.0

    • €-$ +0.0000 or +0.00% to 1.1303

    • $-¥ +0.14 or +0.10% to 143.96

    • €-¥ +0.17 or +0.10% to 162.71

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.
Please refer to "Terms Of Use".

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