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StreetAccount Summary - EU Market Recap: FTSE 100 (0.21%) to 8585.01, DAX (0.47%) to 23527.01, CAC40 (0.47%) to 7836.79, STOXX 600 (0.24%) to 543.88

May 14 ,2025

  • Synopsis:

    • European indices ended mostly in negative territory. In central bank news, ECB officials increasingly focused on economic uncertainty stemming from US trade policies, with Governing Council member Knot (hawk) warning that tariff volatility unambiguously bad for economic activity. Stop-start nature of US trade initiatives prompting consumers to postpone spending due to fears of economic weakening and rising unemployment, creating clear short-term negative impacts on growth and likely inflation. Despite cutting rates seven times since Jun-2024, ECB faces complex decision path. Some officials support another cut in Jun, while others urge caution about potential inflationary risks. Divergence reflects Eurozone's surprising Q1 growth of 0.4%, alongside inflation expected to reach the 2% target this year. Investors now discounting year-end deposit rate of 1.75%, significantly higher than Apr projections. Governing Council member Villeroy (dove) maintains Trump's protectionism will restart inflation in US but not Europe, likely allowing another rate cut by summer. However, Executive Board member Schnabel (hawk) recently advocated steady hand approach, warning about upside inflation risks from fiscal expansion and global fragmentation. With updated ECB projections due next month likely showing slower growth, central bank's 6-Jun and 24-Jul meetings will be closely watched. Bloomberg cited BoE Deputy Governor Breeden, who said the Bank will consult investors on how to improve the bond market to avoid a repeat of the volatility seen in late 2022. Breeden highlighted in a speech that the BoE FPC welcomed further work to improve resilience in the repo market last November and hinted at reform. Will begin conversations with industry via a discussion paper on possible reforms and will gather view of potential options.

    • In politics, the FT reported that UK PM Starmer will hold final round of talks with EU leaders to finalize wording of the communique for Monday's London summit (FT). Both sides still locked in intensive discussions over several outstanding issues, including fisheries, youth mobility/student access and a new agrifood trade deal

    • Amidst a busy morning for earnings, Utilities companies kicked off the session with E.ON SE (EOAN.GR) Q1, beating expectations in all three core segments and confirming guidance. In telecoms, consumer products and services, Telefonica (TEF.SM), Compass Group (CPG.LN), and Burberry Group (BRBY.LN) are amongst notable companies that updated investors with their latest numbers. In the Chemicals and Healthcare sector, Brenntag (BNR.GR) and H. Lundbeck (HLUN.B.DC) released their Q1 earnings report. For construction Materials and Electrical components companies, Bouygues (EN.FP), FLSmidth & Co. (FLS.DC), and Alstom (ALO.FP) issued their most recent numbers. In Banking and business services, ABN AMRO Bank (ABN.NA) reported Q1 earnings with results mostly ahead of consensus, and Experian (EXPN.LN) reported FY earnings with results overall in line with expectations. In Autos and transportation, Hapag-Lloyd (HLAG.GR), Porsche Automobil Holding SE (PAH3.GR) and Daimler Truck Holding (DTG.GR) issued Q1 updates. Other notable companies updating investors today include TUI Group (TUI1.GR), URW (URW.FP), Imperial (IMB.LN) and ATOS SE (ATO.FP). In notable M&A deals, GSK (GSK.LN) agrees to acquire efimosfermin from Boston Pharmaceuticals for up to $2B of total cash consideration, comprising upfront payment of $1.2B and up to $800M milestone payments. Also, FirstCash set to acquire H&T Group (HAT.LN) for 661p/share in cash, or enterprise value of £351M ($466.6M) while Persimmon (PSN.LN) sells its full fibre broadband service FibreNest to BUUK Infrastructure for a discounted total enterprise value of ~£100M

    • Looking ahead to tomorrow's calendars, another busy session terms of earnings, including updates from Siemens (SIE.GR), Deutsche Telekom (DTE.GR), Allianz (ALV.GR), Talanx (TLX.GR), RWE (RWE.GR), Merck KGaA (MRK.GR), ThyssenKrupp (TKA.GR), ENGIE (ENGI.FP), Vallourec (VK.FP), TERNA Rete Elettrica Nazionale (TRN.IM), Iveco Group (IVG.IM), Lerøy Seafood Group (LSG.NO), Hafnia (HAFNI.NO), : Addtech (ADDT.B.SS), NIBE Industrier (NIBE.B.SS) and National Grid (NG.LN) and 3i Group (III.LN) among several others. On the macro-front, UK Q1 preliminary GDP, Mar industrial/manufacturing production, construction output, trade balance, France Apr final CPI, Switzerland Apr PPI, Eurozone Q1 GDP (2nd estimate), Mar industrial production and Norway Q1 GDP are the main releases

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Banks +0.94%, Construct & Mtls +0.86%, Insurance +0.65%, Utilities +0.44%, Travel & Leisure +0.27%, Financial Svcs +0.24%, Food & Beverage +0.20%, Technology +0.01%, Real Estate +0.01%, Chemicals (0.22%)

      • Underperformers: Health Care (1.51%), Persnl & HHold Goods (1.24%), Autos & Parts (0.63%), Oil & Gas (0.56%), Telecom (0.55%), Media (0.50%), Ind Goods & Svcs (0.42%), Retail (0.34%), Basic Resources (0.29%)

    • Macro:

      • Von der Leyen's texts with Pfizer boss can be shared, says EU's highest court (Guardian)

      • European Commission wrong to deny release of von der Leyen messages, court says (BBC)

      • Germany's Merz vows to build Europe's strongest army (Politico)

      • France's Macron says Russia could face new sanctions if no ceasefire (Reuters)

      • Seven Days Will Decide If Britain's Borders Are Open or Closed (BBG)

      • EU late on forging common defence, must do so urgently says Italian President Mattarella (Ansa)

      • Italy is once again under pressure to ratify the European Stability Mechanism reform (EurActiv)

      • Granada substation power loss pinpointed as origin of massive blackout in Spain, Portugal (Reuters)

    • Company news:

      • Notable Gainers

        • +40.6% HAT.LN (H&T Group £6.44, +1.86) -- FirstCash to acquire H&T Group for 661p/share in cash, or enterprise value of £351M ($466.6M)

        • +17.0% BRBY.LN (Burberry Group £9.68, +1.41) -- reports FY Adj. EPS (14.8p) vs consensus (11.0p)

        • +13.0% ZEHN.SW (Zehnder Group CHF65.20, +7.50) -- expects H1 sales of between €380-390M vs FactSet €354.3M [1 est]; Adj EBIT margin between 8- 9% vs year-ago 6.6%

        • +12.2% HLAG.GR (Hapag-Lloyd €165.70, +18.00) -- Q1 group profit $469M vs year-ago $323M; revenue, EBITDA and EBIT in line with preliminary announcement

        • +11.6% FLS.DC (FLSmidth & Co. DKK372.00, +38.60) -- Q1 net income DKK351M vs FactSet DKK233.9M [6 est, DKK221-248M]; raises its FY25 financial guidance

        • +11.2% NORBT.NO (Norbit NOK170.20, +17.20) -- Q1 EPS NOK1.40 vs FactSet NOK1.13 [2 est, NOK1.09-1.18]

        • +10.8% TRI.FP (Trigano €131.80, +12.90) -- issues clarification statement following a Reuters report

        • +10.8% TRI.FP (Trigano €131.80, +12.90) -- H1 net income €105.7M vs FactSet €107.8M [1 est]

        • +10.3% HLUN.B.DC (H. Lundbeck DKK33.70, +3.16) -- Q1 adj EPS DKK1.53 vvs consensus DKK1.27; raises FY guidance:

        • +9.3% OMDA.NO (Omda AS NOK48.00, +4.10) -- Q1 net income NOK7.8M vs year-ago (NOK13.2M)

        • +8.6% GSF.NO (Grieg Seafood NOK73.70, +5.85) -- announces founder Per Grieg steps down from the board after 33 years

        • +7.6% TRE.SM (Tecnicas Reunidas €17.61, +1.24) -- Q1 net income €28M vs FactSet €28.3M [3 est, €27.4-29M]

        • +7.1% VANQ.LN (Vanquis Banking Group £0.75, +0.05) -- Q1 trading statement: gross customer interest earning balances £2.31B, +0.2% q/q, +1.8% y/y

        • +7.0% GHH.LN (Gooch & Housego £4.71, +0.31) -- to buy Global Photonics for $17.5M in cash and shares

        • +6.8% RNK.LN (Rank Group £1.13, +0.07) -- notes UK Government recently published key statutory instruments to enable land-based casino reforms

        • +6.2% CRE.LN (Conduit Holdings £3.70, +0.22) -- Q1 Trading Update: gross premiums written $410.2M, +15.0% y/y, appoints CEO

        • +5.5% ABN.NA (ABN AMRO Bank €20.83, +1.08) -- Q1 net income €619M vs consensus €586M

        • +5.4% B2I.NO (B2 Impact NOK12.82, +0.66) -- Prioritet Group to sell 52.9M shares in B2 Impact; will no longer hold shares and votes in the company

        • +5.4% SUS.SS (Surgical Science Sweden SEK150.70, +7.70) -- Q1 net income SEK33.2M vs FactSet SEK13.6M [4 est, SEK8-24M]; confirms financial targets

        • +4.7% RLIA.SM (Realia Business €0.97, +0.04) -- to hold shareholder meeting on 23-June to vote on the proposal for a reverse merger by absorption of FCyC, S.A. by its listed subsidiary, Realia

        • +4.3% MTEL.HB (Magyar Telekom Telecommunications Ft1,710.00, +70.00) -- reports Q1 net income attributable Ft54.16B vs FactSet Ft51.02B [2 est, Ft49.90-52.14B]; reaffirms FY guidance

        • +3.6% TRMED.NO (Thor Medical NOK2.47, +0.09) -- thorium feedstock agreement

        • +3.5% NYXH.BB (Nyxoah €5.35, +0.18) -- reports Q1 EPS (€0.60) vs FactSet (€0.47) [7 est, (€0.57)-(0.39)]

        • +3.2% FER.SM (Ferrovial €44.84, +1.38) -- Q1 revenue €2.06B vs FactSet €2.00B [3 est, €1.99-2.02B]

        • +3.2% NIOX.LN (NIOX Group £0.70, +0.02) -- AGM trading update: business has performed well in the first 4 months, with sales up +21% y/y in constant currency

        • +3.0% TPE.GR (PVA TePla €17.36, +0.50) -- Q1 EBITDA €8.2M vs FactSet €7.1M [3 est, €6.4-8M]

        • +2.8% ENVI.NA (Envipco Holding €5.86, +0.16) -- Q1 EPS (€0.04) vs FactSet (€0.01) [3 est, (€0.03)-0.00]

        • +2.8% MKS.LN (Marks & Spencer Group £3.55, +0.10) -- could claim for losses of up to £100M from cyber insurance policy - FT

        • +2.7% DTG.GR (Daimler Truck Holding $40.85, +1.09) -- Q1 EPS €0.99 vs FactSet €0.91 [4 est, €0.75-0.99] ( 13-May post EU close)

        • +2.7% DTG.GR (Daimler Truck Holding $40.85, +1.09) -- updates outlook amid current market dynamics and heightened demand uncertainty

        • +2.7% EN.FP (Bouygues €38.23, +1.00) -- Q1 net income attributable (€123M) ex-items vs year-ago (€146M); FY25 Group outlook confirmed

        • +2.7% SBNOR.NO (Sparebanken Norge NOK146.44, +3.88) -- agrees to acquire Oslofjord Sparebank

        • +2.7% VTU.LN (Vertu Motors £0.65, +0.02) -- FY EPS 6.6p vs FactSet 6.3p [2 est, 6.2-6.4p]

        • +2.2% DNR.IM (Industrie De Nora €7.05, +0.16) -- Q1 adjusted net income €18.9M vs FactSet €18.7M; reaffirms FY guidance

        • +2.0% EOAN.GR (E.ON SE €14.99, +0.30) -- Q1 adj net income €1.27B vs consensus €1.22B; FY25 guidance fully confirmed

        • +1.9% MSLH.LN (Marshalls £2.93, +0.06) -- AGM Trading Update: Reaffirms FY expectations

        • +1.6% SPI.LN (Spire Healthcare Group £1.99, +0.03) -- AGM Trading Statement: Confirm that 4M performance has been in line with its expectations and FY25 guidance

        • +1.5% EMGS.NO (Electromagnetic Geoservices NOK1.75, +0.03) -- Q1 EPS $0.00 vs year-ago ($0.03)

        • +1.5% ENX.FP (Euronext €148.30, +2.20) -- completes acquisition of Admincontrol

        • +1.3% FHZN.SW (Flughafen Zuerich CHF215.20, +2.80) -- Apr traffic statistics

        • +1.2% KAR.SS (Karnov Group SEK91.00, +1.10) -- Q1 EPS SEK0.72 vs FactSet SEK0.81 [2 est, SEK0.40-1.22]

        • +1.0% SHUR.BB (Shurgard Self Storage €34.35, +0.35) -- Q1 adjusted EPRA earnings per share €0.36 vs year-ago €0.35

        • +0.8% PAH3.GR (Porsche Automobil Holding SE €38.39, +0.30) -- Q1 adj net income €484M vs year-ago €1.06B

        • +0.5% LMP.LN (LondonMetric Property £1.89, +0.01) -- announces sale of £61.8M of non core and mature assets in separate transactions at blended NIY of 6.1%

        • +0.5% OCI.NA (OCI NV €7.55, +0.04) -- EU clears Methanex's acquisition of OCI Methanol (13-May)

        • +0.5% URW.FP (Unibail-Rodamco-Westfield €75.82, +0.34) -- Presents 'A Platform for Growth' 2025-28 business plan; reconfirms FY25 AREPS of €9.30-9.50; proposes divi of €4.50/sh for FY25

        • +0.1% GSK.LN (GSK Plc £13.60, +0.02) -- to acquire efimosfermin from Boston Pharmaceuticals for up to $2B of total cash consideration, comprising upfront payment of $1.2B and up to $800M milestone payments

        • +0.1% KLR.LN (Keller Group £15.46, +0.02) -- 4M Trading Update; notes strong start to the year, full year guidance maintained

      • Notable Decliners

        • -17.9% PREC.SS (Precise Biometrics SEK3.55, -0.78) -- Q1 EPS (SEK0.10) vs FactSet SEK0.00 [1 est]

        • -17.3% ALO.FP (Alstom €18.76, -3.92) -- FY net income €498M vs FactSet €261.1M [7 est, €164-375M]

        • -11.0% EOLU.B.SS (Eolus Vind SEK48.35, -5.95) -- Q1 EPS SEK3.60 vs FactSet SEK8.10 [1 est]

        • -10.9% TUI1.GR (TUI Group €6.77, -0.83) -- Q2 net income (€306M) vs FactSet (€306.3M) [3 est, (€345.3)-(263M)]

        • -10.3% GAMA.LN (Gamma Communications £11.70, -1.34) -- AGM trading update; FY Adj. EBITDA and Adj. EPS (fully diluted) expected within range

        • -9.6% BEN.FP (Beneteau €8.00, -0.85) -- reports Q1 revenue €130.4M, (43%) vs year-ago €228.8M

        • -9.4% ATO.FP (ATOS SE €38.07, -3.93) -- announces new strategic and transformation plan "Genesis"; targets revenues of €9-10B with operating margin of ~ 10% in 2028 - CMD

        • -7.3% IMB.LN (Imperial Brands £26.80, -2.10) -- H1 adj EPS 123.9p vs consensus 125.2p; hikes interim divi by ~+79% and on track to meet FY guidance

        • -6.3% PBB.GR (Deutsche Pfandbriefbank €5.47, -0.37) -- Q1 pretax income €28M vs FactSet €24M

        • -6.0% SPX.LN (Spirax Group £61.90, -3.95) -- trading update: in first four months delivered low single-digit organic growth in revenues, with adjusted operating profit margin slightly lower compared to same period in 2024

        • -5.8% IMMNOV.SS (Immunovia SEK0.38, -0.02) -- Q1 EPS (SEK0.24) vs year-ago (SEK0.07)

        • -5.1% R3NK.GR (Renk Group €52.76, -2.82) -- reports Q1 adjusted net income €10.2M vs FactSet €15.5M; reaffirms FY guidance

        • -4.3% CHAR.LN (Chariot £0.02, -0.00) -- Energean (ENOG.LN) completes transfer of its Moroccan offshore interests to Chariot

        • -4.2% INPST.NA (InPost €15.36, -0.67) -- Q1 EPS PLN0.37 vs FactSet PLN0.60 [4 est, PLN0.58-0.64]

        • -3.7% GMS.LN (Gulf Marine Services £0.18, -0.01) -- update on Saudi Arabia tax appeal and settlement proceedings

        • -3.6% GEO.IM (Geox €0.39, -0.01) -- Q1 revenue €189.0M vs FactSet €188.7M [1 est]; confirms FY25 guidance outlined in Industrial Plan

        • -3.5% BEKB.BB (Bekaert €35.60, -1.30) -- Q1 revenue €991M, (3%) vs year-ago €1.03B; expects 2025 stable sales and EBITu margins compared with 2024

        • -3.4% NORCO.NO (Norconsult NOK45.70, -1.60) -- Q1 EPS NOK0.85 vs FactSet NOK0.83 [3 est, NOK0.79-0.91]

        • -3.1% TLW.LN (Tullow Oil £0.15, -0.00) -- Tullow Gabon Limited signs sales and purchase agreement with Gabon Oil Company for sale of 100% of shares in Tullow's subsidiary, Tullow Oil Gabon S.A.

        • -3.1% VTY.LN (Vistry Group £6.13, -0.20) -- Trading update from 1-Jan-25 to date: board maintains its expectations for the year.

        • -2.9% EXPN.LN (Experian £38.68, -1.14) -- FY Benchmark EPS $1.57 vs consensus $1.57; expects margin expansion in the range of 30-50 bps for FY26

        • -2.6% PEEL.LN (Peel Hunt £0.75, -0.02) -- management change

        • -2.5% CPG.LN (Compass Group £25.40, -0.66) -- reports H1 underlying operating profit $1.63B vs consensus $1.61B

        • -2.4% DLG.IM (De'Longhi €30.14, -0.74) -- Q1 net income €57.4M vs FactSet €58.6M [1 est]

        • -2.2% AGFB.BB (Agfa-Gevaert €0.91, -0.02) -- Q1 adjusted EBITDA €2M vs year-ago €2M

        • -2.2% TEF.SM (Telefonica €4.31, -0.10) -- Q1 adjusted EBITDA €3.01B vs consensus €3.01B

        • -2.0% BNR.GR (Brenntag €61.12, -1.26) -- reports Q1 EPS €0.93 vs consensus €0.96; FY EBITA currently expected to be in the lower range of guidance €1.1B - 1.3B

        • -2.0% CCEP.NA (Coca-Cola Europacific Partners €76.90, -1.60) -- CCEP re-affirms mid-term growth objectives and dividend payout ratio of ~50% -- CMD

        • -1.9% SVS.LN (Savills £9.85, -0.19) -- AGM trading update: Q1 and year to date trading broadly in line with expectations and ahead of the comparable period last year

        • -1.8% DIE.BB (D'Ieteren Group €178.80, -3.30) -- sets 2028 ambitions - Investor Day

        • -1.8% RWAY.IM (Rai Way €6.05, -0.11) -- reports Q1

        • -1.7% GYC.GR (Grand City Properties €10.32, -0.18) -- Q1 FFO I €0.27 vs year-ago €0.26

        • -1.7% ROG.SW (Roche Holding CHF254.50, -4.50) -- says implementation of drug pricing EO would trigger re-evaluation of US investment

        • -1.6% PSN.LN (Persimmon £13.44, -0.23) -- sells its full fibre broadband service FibreNest to BUUK Infrastructure for a discounted total enterprise value of ~£100M

        • -1.4% HTO.GA (Hellenic Telecommunications Organization €17.10, -0.25) -- Q1 adj. net income attributable €159.4M; reaffirms FY guidance

        • -1.4% O2D.GR (Telefonica Deutschland Holding €2.22, -0.03) -- confirms prelmin Q1 earnings as per 9-May update

        • -1.4% RF.FP (Eurazeo €68.25, -0.95) -- completes the sale of Albingia to a consortium led by Fiblac

        • -1.0% BNOR.NO (BlueNord NOK600.00, -6.00) -- reports Q1 net income $18.6M vs year-ago ($75.9M); shareholder distribution of $38M for Q1

        • -0.9% GBF.GR (Bilfinger €73.70, -0.65) -- Q1 EPS €0.84 vs FactSet €0.94 [2 est, €0.93-0.94]

        • -0.8% XXL.NO (XXL ASA NOK10.06, -0.08) -- Frasers (FRAS.LN) currently owns 28.8M of XXL's outstanding A shares, which corresponds to 32.9% of all shares in XXL and 40.8% of the voting A-shares

        • -0.7% NEXT.NO (Next Biometrics Group NOK5.30, -0.04) -- Q1 EPS (NOK0.15) vs year-ago (NOK0.15)

        • -0.7% VER.AV (Verbund €64.55, -0.45) -- Q1 EPS €1.14 vs year-ago €1.46

        • -0.6% DLG.LN (Direct Line Insurance Group £2.87, -0.02) -- CMA launches Aviva / Direct Line merger inquiry

        • -0.6% TCAP.LN (TP ICAP Group £2.67, -0.02) -- Q1 Trading Update: Total revenue grew +10% to £629M; updates on potential minority listing of Parameta Solutions

        • -0.4% AV.LN (Aviva £5.72, -0.02) -- CMA launches Aviva / Direct Line merger inquiry

        • -0.4% INW.IM (Infrastrutture Wireless Italiane €10.44, -0.04) -- Q1 net income €91.2M vs FactSet €97.0M [2 est, €93.1-100.9M]; targets EBITDA margin above 91%

        • -0.4% NEX.FP (Nexans €102.70, -0.40) -- EU clears Nexans' sale of Lynxeo to Latour Capital (12-May)

        • -0.1% ACE.IM (ACEA €20.34, -0.02) -- Q1 net income €98M vs FactSet €94.5M [2 est, €94-95M]; FY25 guidance confirmed

    • EU companies reporting tomorrow:

      • Austria: Flughafen Wien (FLU.AV),

      • Benelux: KBC Group (KBC.BB), Syensqo (SYENS.BB), Banijay Group (BNJ.NA)

      • Germany: Siemens (SIE.GR), Deutsche Telekom (DTE.GR), Allianz (ALV.GR), Talanx (TLX.GR), RWE (RWE.GR), Merck KGaA (MRK.GR), ThyssenKrupp (TKA.GR), RTL Group (RRTL.GR), TAG Immobilien (TEG.GR), Suedzucker (SZU.GR), METRO (B4B.GR), CECONOMY (CEC.GR), ProSiebenSat.1 Media (PSM.GR), Wüstenrot & Württembergische (WUW.GR), Hamburger Hafen und Logistik (HHFA.GR), thyssenkrupp nucera (NCH2.GR), Douglas (DOU.GR), MLP (MLP.GR), JOST Werke (JST.GR), CEWE Stiftung & Co (CWC.GR), EnergieKontor (EKT.GR), GRENKE (GLJ.GR), First Sensor (SIS.GR), Formycon (FYB.GR), init innovation in traffic systems (IXX.GR), Borussia Dortmund (BVB.GR), HomeToGo (HTG.GR), All for One Group (A1OS.GR), Villeroy & Boch (VIB3.GR), MAX Automation (MXHN.GR), Bertrandt (BDT.GR), BioHarvest Sciences (8MV0.GR), PWO AG (PWO.GR), Ensurge Micropower (B7X.GR), Voltabox (VBX.GR), Schott Pharma (1SXP.GR), Dermapharm Holding (DMP.GR)

      • Finland: Orthex (ORTHEX.FH)

      • France: ENGIE (ENGI.FP), Vallourec (VK.FP)

      • Greece: HELLENiQ ENERGY Holdings (ELPE.GA)

      • Italy: TERNA Rete Elettrica Nazionale (TRN.IM), Iveco Group (IVG.IM), Interpump Group (IP.IM), Iren (IRE.IM), ERG (ERG.IM), Tamburi Investment Partners (TIP.IM), El.En. (ELN.IM), Marr (MARR.IM), Avio (AVIO.IM), Tinexta (TNXT.IM), TXT e-Solutions (TXT.IM), Aeroporto Guglielmo Marconi di Bologna (ADB.IM), Datalogic (DAL.IM), Emak (EM.IM), Aquafil (ECNL.IM), Trevi-Finanziaria Industriale (TFIN.IM)

      • Norway: Lerøy Seafood Group (LSG.NO), Hafnia (HAFNI.NO), Austevoll Seafood (AUSS.NO), AF Gruppen (AFG.NO), DNO (DNO.NO), Kid (KID.NO), B2 Impact (B2I.NO), Hexagon Composites (HEX.NO), Archer (ARCH.NO), S.D. Standard ETC (SDSD.NO), Havila Kystruten (HKY.NO), Seabird Exploration (SBX.NO), IDEX Biometrics (IDEX.NO)

      • Sweden: Addtech (ADDT.B.SS), NIBE Industrier (NIBE.B.SS), Camurus (CAMX.SS), Bure Equity (BURE.SS), MEKO (MEKO.SS), Viva Wine Group (VIVA.SS), Bjorn Borg (BORG.SS), Enad Global 7 (EG7.SS), Pierce Group (PIERCE.SS), Rottneros (RROS.SS), Ferronordic (FNM.SS), Oncopeptides (ONCO.SS)

      • UK: National Grid (NG.LN), 3i Group (III.LN), Sage Group (SGE.LN), United Utilities Group (UU.LN), Lion Finance Group (BGEO.LN), Premier Foods (PFD.LN), Grainger (GRI.LN), Auction Technology Group (ATG.LN)

      • Other: CEZ (CEZ.CP), KRKA d.d. (KRKG.SV), Societatea Nationala de Gaze Naturale ROMGAZ (SNG.RO)

  • Data:

    • Economics:

      • Germany Apr CPI +2.1% y/y vs preliminary +2.1%; +0.4% m/m vs preliminary +0.4%

        • EU Harmonised: +2.2% y/y vs preliminary +2.2%; +0.5% m/m vs preliminary +0.5%

      • Spain Apr CPI +2.2% y/y vs preliminary +2.2%; +0.6% m/m vs preliminary +0.6%

        • EU Harmonised: +2.2% y/y vs preliminary +2.2%; +0.6% m/m vs preliminary +0.6%

      • Finland Apr CPI +0.5% y/y vs consensus +0.7% and prior +0.5%; 0.0% m/m vs consensus +0.2% and prior 0.0%

      • Sweden Apr CPI +0.3% y/y vs preliminary +0.3%; +0.1% m/m vs preliminary +0.1%

    • Markets:

      • WTI Crude (Jun 25): ($0.58) or (0.91%) to $63.09

      • €-$ +0.0015 or +0.13% to 1.1201

      • £-$ (0.0010) or (0.07%) to 1.3295

      • €-£ +0.0017 to 0.8425

      • S&P 500 +0.20%

      • Performance year-to-date

        • FTSE 100: +5.04%

        • DAX: +18.17%

        • CAC: +6.18%

        • MIB: +18.05%

        • Stoxx 600: +7.14%

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