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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.24%), DAX (0.14%), CAC40 (0.17%)

May 14 ,2025

  • Synopsis

    • European equity markets are set for a negative open amidst mixed Asian equities Wednesday. Hang Seng sharply higher to regain ground lost yesterday as tech stocks rally, mainland China indexes mostly higher. South Korea also bouncing back while Taiwan added to recent gains. Australia flat, Japan and Singapore showing some losses. US futures higher.

    • OPEC Monthly Report is due for release. In the UK, there's weekly PMQs at 12noon BST, whilst parliamentary committee topics include GB Energy and the net zero transition (9:30), UK's future relationship with the US (10:30), health impacts of breast implants and other cosmetic procedures (14:20), airport expansion and climate and nature targets (14:30) and National Wealth Fund (14:15). Also of note, informal meeting of NATO foreign ministers (through Thu) and Nordic Conf. on Climate Change Adaptation (NOCCA2025) (through Thu) are taking place.

    • In central banks, Bundesbank's Theurer speech at 9:00CET at general meeting of Assn. of German Pfandbrief Banks. BOE's Breeden speech at 8:15BST at the International Swaps and Derivatives Assn (ISDA) AGM (Tue-Thu). Bank of Spain's Escrivá and Bundesbank's Nagel speak at 10:00CET at event hosted by the New Economy Forum (livestream). Austria central bank's Holzman among the speakers at 16:00CET at event title Energy transition - Can green finance save the world?. Bundesbank's Balz speech at 18:00CET title: "The Future of Payments". Riksbank's MPC minutes ay 9:30CET and Hungary central bank's MPC minutes. Estonia central bank releases its latest Financial Stability Review, press conf 11:00CET.

    • On the macro front, Germany Apr final CPI, Spain Apr final CPI, Sweden Apr final CPI, Finland Apr CPI

    • In earnings, E.ON (EOAN.GR) reported Q1 adj net income €1.27B vs consensus €1.22B and confirmed FY25 guidance whilst in the Benelux region, ABN AMRO Bank (ABN.NA) reported Q1 net income €619M vs consensus €586M. In the Nordics, FLSmidth & Co. 9FLS.DC) reported Q1 net income DKK351M vs FactSet DKK233.9M and raised its FY25 financial guidance H. Lundbeck (HLUN.B.DC) reported Q1 adj EPS DKK1.53 vvs consensus DKK1.27 and also raised FY guidance. Elsewhere, Telefonica (TEF.SM) is out with Q1 adjusted EBITDA €3.01B vs consensus €3.01B and Alstom (ALO.FP) reported FY net income €498M vs FactSet €261.1M whilst ATOS (ATO.FP) announced new strategic and transformation plan "Genesis" in connection with its CMD and targets revenues of €9-10B with operating margin of ~ 10% in 2028.

    • Atos (ATO.FP), Unibail-Rodamco-Westfield (URW.NA) and D'Ieteren Group (DIE.BB) host investor events.

  • Politics/Macro/World News

    • US confirms plans to revise AI chip export curbs:

    • Finland Apr CPI +0.5% y/y vs consensus +0.7% and prior +0.5%

  • Top company news

    • Earnings/updates

      • Benelux:

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

        • INPST.NA (InPost) -- reports Q1 EPS PLN0.37 vs FactSet PLN0.60 [4 est, PLN0.58-0.64]

        • DIE.BB (D'Ieteren Group) -- sets 2028 ambitions - Investor Day

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

        • SHUR.BB (Shurgard Self Storage) -- reports Q1 adjusted EPRA earnings per share €0.36 vs year-ago €0.35

        • ABN.NA (ABN AMRO Bank) -- reports Q1 net income €619M vs consensus €586M

        • ENVI.NA (Envipco Holding) -- reports Q1 EPS (€0.04) vs FactSet (€0.01) [3 est, (€0.03)-0.00]

        • DEME.BB (DEME Group) -- Trading Update: Q1 revenue €992.8M, +10% y/y; reaffirms FY guidance

      • DACHs:

        • EOAN.GR (E.ON) -- reports Q1 adj net income €1.27B vs consensus €1.22B; FY25 guidance fully confirmed

        • BNR.GR (Brenntag) -- 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

        • DTG.GR (Daimler Truck Holding) -- updates outlook amid current market dynamics and heightened demand uncertainty

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

        • FRA.GR (Fraport) -- reports Apr Frankfurt Airport traffic statistics: 5.3M passengers, +4.8% y/y

        • FHZN.SW (Flughafen Zuerich) -- reports Apr traffic statistics

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

        • GYC.GR (Grand City Properties) -- reports Q1 FFO I €0.27 vs year-ago €0.26

        • KTA.GR (Knaus Tabbert) -- reports Q1 Adjusted EBITDA €8.5M vs year-ago €38.8M

        • PBB.GR (Deutsche Pfandbriefbank) -- reports Q1 pretax income €28M vs FactSet €24M

        • O2D.GR (Telefonica Deutschland Holding) -- confirms prelmin Q1 earnings as per 9-May update

      • France:

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

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

        • EN.FP (Bouygues) -- reports Q1 net income attributable (€123M) ex-items vs year-ago (€146M); FY25 Group outlook confirmed

        • FGR.FP (Eiffage) -- reports Q1 revenue €5.62B vs StreetAccount €5.54B

        • TRI.FP (Trigano) -- reports H1 net income €105.7M vs FactSet €107.8M [1 est]

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

      • Nordics:

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

        • HLUN.B.DC (H. Lundbeck) -- reports Q1 adj EPS DKK1.53 vvs consensus DKK1.27; raises FY guidance

        • MOWI.NO (Mowi) -- reports Q1 operational EPS €0.29 vs FactSet €0.28 [9 est, €0.24-0.34]

        • EMGS.NO (Electromagnetic Geoservices) -- reports Q1 EPS $0.00 vs year-ago ($0.03)

        • NORBT.NO (Norbit) -- reports Q1 EPS NOK1.40 vs FactSet NOK1.13 [2 est, NOK1.09-1.18]

      • Southern Europe:

        • TEF.SM (Telefonica) -- reports Q1 adjusted EBITDA €3.01B vs consensus €3.01B

        • FER.SM (Ferrovial) -- reports Q1 revenue €2.06B vs FactSet €2.00B [3 est, €1.99-2.02B]

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

        • DLG.IM (De'Longhi) -- reports Q1 net income €57.4M vs FactSet €58.6M [1 est]

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

      • Also reporting today

        • Grand City Properties (GYC.GR), Shurgard Self Storage (SHUR.BB)

    • M&A

      • ENX.FP (Euronext) -- completes acquisition of Admincontrol

      • RLIA.SM (Realia Business) -- 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

    • Healthcare

      • HALO (Halozyme Therapeutics) -- Halozyme CEO very confident in 'clinical benefit' of subcutaenous formulated drugs, insulation from IRA price negotiations

    • Other

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

      • FER.SM (Ferrovial) -- declares an interim scrip dividend of in aggregate €228M

      • BAER.SW (Julius Baer Group) -- Julius Baer ordered to pay over CHF4M by Finma over anti-money laundering and compliance failures - FT

      • ENGI.FP (ENGIE) -- enters agreement with Cipher Mining to power Texas data center

      • SAB.SM (Banco de Sabadell) -- agrees to issue an aggregate principal amount of €1B of contingently convertible perpetual preferred securities (post EU close 13-May)

      • IG.IM (Italgas) -- board appoints Paolo Gallo as CEO

      • IG.IM (Italgas) -- appoints Paolo Ciocca chairman

      • BFIT.NA (Basic-Fit) -- announces initiation of €40M share buyback program

      • Street Takeaways - US clean energy reconciliation proposal provides more runway than expected

      • World's first commercial-scale e-methanol plant developed by Mitsui begins operations in Denmark

  • Key rating changes

    • Upgrades

      • Deutsche Bank upgrades HLAG.GR, MAERSK.B.DC

      • JPMorgan upgrades MNDI.LN, MNP.SJ

      • BC8.GR (Bechtle) -- to buy from neutral at UBS

      • GEBN.SW (Geberit) -- to buy from underperform at Jefferies

      • VWS.DC (Vestas Wind Systems) -- to buy from hold at Berenberg

    • Downgrades

      • HCM.LN (Hutchmed) -- to hold from buy at HSBC

      • ALFEN.NA (Alfen) -- to reduce from hold at Kepler Cheuvreux

    • Initiations

      • PNDORA.DC (Pandora) -- buy at Deutsche Bank

      • HIK.LN (Hikma Pharmaceuticals) -- outperform at BNP Paribas Exane

      • EVD.GR (CTS Eventim) -- overweight at Barclays (earlier, timing uncertain)

  • Data

    • Nikkei (0.18%) to 38113.19

    • Hang Seng +1.84% to 23533.56

    • Shanghai Composite +0.95% to 3406.87

    • S&P futures +4.5 vs prior close of 5904.5

    • €-$ +0.0000 or +0.00% to 1.1187

    • $-¥ (0.42) or (0.28%) to 147.06

    • €-¥ (0.43) or (0.26%) to 164.52

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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