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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +1.0%, CAC +1.1%

May 12 ,2025

  • Synopsis

    • European equity markets set to open broadly higher as US-China trade talks progress. High-stakes trade talks between the two countries have reportedly ended on a positive note on Sunday, with US officials touting a deal to reduce the US trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum. Chinese Vice Premier He Lifeng described the exchange as "candid and constructive". The two sides will issue a joint statement on Monday. (Reuters, Guardian, CGTN)

    • Asian equities advancing Monday as markets react to latest US-China developments. China outperforming with defense stocks big movers after China fighter jets used in India-Pakistan conflict. Semis/tech notable gainers in Korea and Taiwan. S&P and Nasdaq futures up 1-2%. Dollar weakening against majors. Crude lifting alongside equities while gold under pressure.

    • In other macro news, China deflation pressures persisted in April with consumer prices shrinking at similar pace to March. However, core inflation remained positive when stripping out food and fuel prices. Factory-gate prices contracted at quickest pace in six months amid downward pressure from upstream and downstream prices. Takeaways viewed data as reinforcing need for fresh stimulus, partly reflecting view US tariff rate unlikely to return to pre-April levels any time soon.

    • European macro data releases out today include Denmark Apr CPI, Belgium Mar industrial production Today's agenda also includes the BOE Bank Watchers' conf, speakers include BOE's Lombardelli at 9:00BST, panellists BOE's Greene 11:30, Mann 13:50, fire side chat BOE's Taylor 17:00. Bank of Italy's Panetta speaks at 10:30CET at event in Trento. Bundesbank's Köhler-Geib panellist (livestream) at 14:30CET at German American Conf and Theurer speech at 18:30 at event at Rhein-Main Business Club. Latvia central bank's Kazāks participates in the LTV program "Today's issue" at ~19:35CET and Krasovska participates in the event "From idea to innovation: Fintech path in Latvia". Czech central bank meeting with analysts in connection with latest economic forecasts, press conf at 11:00CET (livestream). Russia central bank MPC minutes.

    • On the political front, Eurogroup meeting (ECB's Buch and Cipollone among participants) and European Investment Bank President Calviño speech at 9:30CET at event hosted by Bruegel. Economic Day of the CDU Economic Council (through Tue) among the politicians and corp. execs speaking (or panellist) are Greece's PM Mitsotakis and Lufthansa (LHA.GR) CEO Spohr. Elsewhere, informal meeting of EU energy ministers (through Tue). EU's von der Leyen opens the Strategic Dialogue on the European Defence Industry as well as the Strategic Dialogue on the Future of the Chemical Industry in Europe. EU's Kubilius also participates in the former as well as EU-Ukraine Defence Forum

    • The week ahead sees Eurogroup meeting, OPEC / IEA monthly reports, meeting of the European Political Community, Germany May ZEW survey, UK Apr claimant count change as well as earnings/updates from the likes of Allianz (ALV.GR), Burberry Group (BRBY.LN), Deutsche Telekom (DTE.GR), ENGIE (ENGI.FP), Richemont (CFR.SW), Siemens (SIE.GR).

    • Among stocks in focus this morning: UniCredit (UCH.IM) reports much better than expected Q1 results across the board and upgrades FY25 guidance.

  • Macro/politics

    • SNB's Brief Era of Positive Interest Rates May Be About to End (Bloomberg)

    • Zelensky challenges Putin to meet him after Trump demands Ukraine-Russia talks (BBC)

    • ECB to Cut by More as Inflation Undershoots Target, Poll Shows (Bloomberg )

  • Top company news

    • Earnings/updates

      • UCG.IM (UniCredit) -- reports Q1 net income €2.77B vs consensus €2.34B; FY25 guidance improved, with possible upside

      • ALM.SM (Almirall) -- reports Q1 net income €22.1M vs FactSet €17.4M [4 est, €9.9-20.9M]

      • SZG.GR (Salzgitter) -- reports Q1 EBT (€27.3M) vs consensus (€25M); confirms FY guidance

      • UTDI.GR (United Internet) -- reports Q1 EPS €0.31 vs consensus €0.32; adjusts FY25 sales guidance upward

      • IOS.GR (IONOS Group) -- reports Q1 adjusted EBITDA €131.0M vs FactSet €117.0M [2 est, €115-119M]; raises FY25 outlook

      • TECN.SW (Tecan Group) -- Q1 sales decline within MSD percentage range in local currencies; company confirms FY outlook

      • TCELL.E.TI (Turkcell) -- reports Q1 EBITDA TRY20.96B, +19% vs year-ago TRY17.61B

      • BGN.IM (Banca Generali) -- reports Q1 net income €110.3M vs FactSet €104.1M [4 est, €100-109.9M] (6:47ET)

      • FYB.GR (Formycon) -- reports Q1 adjusted EBITDA (€11.8M) vs year-ago €2.9M

      • SHLF.NO (Shelf Drilling) -- reports Q1 net income $13.7M vs FactSet $8.0M [2 est, $2.7-13.3M]

      • SHLF.NO (Shelf Drilling) -- issues May fleet status report

      • AEVS.SW (AEVIS VICTORIA) -- reports Q1 revenue CHF329.7M, +17% vs year-ago CHF281.9M

      • Also reporting today

        • Earnings:

          • DACHs: Hochtief (HOT.GR), Evonik Industries (EVK.GR), 1&1 (1U1.GR), Hypoport (HYQ.GR), Biotest (BIO.GR), adesso (ADN1.GR), ProCredit Holding (PCZ.GR), JDC Group (JDC.GR), q.beyond (QBY.GR)

          • France: Cellectis (ALCLS.FP)

          • Nordics: NTG Nordic Transport Group (NTG.DC), Aspo (ASPO.FH)

          • Southern Europe: Reply (REY.IM), Fincantieri (FCT.IM), Pharmanutra (PHN.IM), Acinque (AC5.IM), The Italian Sea Group (TISG.IM), Valsoia (VLS.IM), Grifols (GRF.SM), Minor Hotels Europe & Americas (NHH.SM), Vocento (VOC.SM)

          • UK: Victrex (VCT.LN)

          • Other: Bank of Cyprus Holdings (BOCH.CY)

        • Trading Update:

          • Benelux: Alfen (ALFEN.NA)

          • France: Equasens Group (EQS.FP), Oeneo (SBT.FP)

          • UK: Diversified Energy Co. (DEC.LN)

    • M&A

      • MAG (MAG Silver) -- Follow-up: Pan American to acquire MAG Silver Corp for total consideration of ~$2.1B representing $20.54 per MAG share

      • ILTY.IM (illimity Bank) -- Banca Ifis publishes offer document in connection with the acquisition of illimity Bank

      • PSM.GR (ProSiebenSat.1) -- PPF IM LTD to make public acquisition offer for shares of ProSiebenSat.1 to achieve shareholding of up to 29.99% against payment of €7.00/sh

      • BN.FP (Danone) -- to acquire majority of Kate Farms; terms undisclosed

      • CABK.SM (CaixaBank) -- exploring acquisition of Novo Banco - Bloomberg

      • EMG.LN (Man Group) -- in talks to acquire Bardin Hill Investment Partners; terms unreported - Bloomberg

      • SAB.SM (Banco de Sabadell) -- Spain willing to consider Banco Sabadell merging with local bank other than BBVA - Bloomberg

      • NRG.FP (NRJ Group) -- signs unilateral promise to purchase with CMA Media for the sale of its television channel Chérie 25.

      • Chemical companies including Sabic, Dow, Shell, LyondellBasell and BP exploring options for European assets amid high energy prices and competition - FT

    • Healthcare

      • MDGL (Madrigal Pharmaceuticals) -- presents new data from F4c arm of Phase 3 MAESTRO-NAFLD-1 trial of Rezdiffra

      • VLA.FP (Valneva) -- FDA and CDC recommend pause in use of Chikungunya vaccine Ixchiq for individuals age 60 and older

      • VLA.FP (Valneva) -- issues press release after FDA and CDC recommended pausing use of Chikungunya vaccine IXCHIQ for elderly individuals due to ongoing investigations into reported adverse events

      • IVA.FP (Inventiva) -- SEC filing: SCHEDULE 13D/A (Filed by BIOTECHNOLOGY VALUE FUND L P)

      • ADXN.SW (Addex Therapeutics) -- Addex partner Indivior advances GABAB positive Allosteric modulator program successfully through ind enabling studies

      • NWRN.SW (Newron Pharmaceuticals) -- announces approval for its pivotal ENIGMA-TRS Phase III development program evaluating evenamide as add-on therapy to current antipsychotics, incl clozapine, in patients with TRS

    • Other

      • NESN.SW (Nestle) -- USA to hike prices of certain products beginning in June 2025 - Bloomberg

      • CLN.SW (Clariant) -- rejects Dow Europe's allegations against four companies related to the 2020 competition law infringement

      • Estimated weekend box office revenues in US, Canada $81.8M, (14.8%) y/y - Box Office Mojo

      • Regional Gaming Revenues - New York Sports Betting April 2025

      • Trump administration investigating whether importing planes, engines, and components threatens national security (9-May, seemingly post-close)

  • Key rating changes

    • Upgrades

      • DEC.FP (JCDecaux) --to outperform from neutral at Oddo

      • THULE.SS (Thule Group) -- to buy from hold at Jefferies

      • REP.SM (Repsol) -- to overweight from equal-weight at Morgan Stanley

      • TTE.FP (TotalEnergies) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • EQNR.NO (Equinor) -- to equal-weight from overweight at Morgan Stanley

      • BP.LN (BP) -- to underweight from equal-weight at Morgan Stanley

      • WAWI.NO (Wallenius Wilhelmsen) -- to hold from buy at Nordea

      • RAND.NA (Randstad) -- to neutral from outperform at BNP Paribas Exane

      • NAS.NO (Norwegian Air Shuttle) -- to equal weight from overweight at Barclays

    • Other

      • RMS.FP (Hermes) -- initiated outperform at RBC Capital Markets

      • BC.IM (Brunello Cucinelli) -- initiated sector perform at RBC Capital Markets

  • Data

    • Nikkei +0.45% to 37670.22

    • Hang Seng +1.26% to 23155.47

    • Shanghai Composite +0.55% to 3360.54

    • S&P futures +87.3 vs prior close of 5678.0

    • €-$ +0.0018 or +0.16% to 1.1228

    • $-¥ (0.16) or (0.11%) to 146.00

    • €-¥ +0.08 or +0.05% to 163.90

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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