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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.08%), DAX (0.38%), CAC40 (0.11%)

May 15 ,2025

  • Synopsis

    • European equity markets are set for a lower open mirroring lower session in Asia overnight and US futures weaker after hours. US dollar a smidge weaker, yen strengthening, AUD higher for a time after jobs report since settled back. Treasury and JGB yields a touch higher. Crude blends sharply lower on positive Iran nuclear sentiment. Precious metals also lower on improved market sentiment, base metals mixed.

    • Nothing particularly incremental on trade. USTR Greer in South Korea for APEC meetings where he is expected to meet with Asian trade ministers. US-China tariff de-escalation has been the big development this week with China also winding back non-tariff actions against US. Iran's top advisor to Supreme Leader Khamenei, in an interview, says country is ready to sign nuclear agreement with President Trump, representing clearest indication yet from Iran on its expectations and willingness to reach a deal.

    • On the agenda for today in Europe, in central banks, ECB's Cipollone speaks at France Payments Forum. BOE's Dhingra speech at the New Economics Foundation conf. Bank of Italy's Brandolini, Deputy Head of the Dept. of Economics and Statistics, is speaking before the Parliamentary Commission of Inquiry at 11:30CET into the economic and social effects of the ongoing demographic transition. ECB's de Guindos speech at 12:15CET at AGM organised by ISDA. ECB's Cipollone, Bank of France's Villeroy fireside chat at 13:30CET at Digital Currency II Conf. Bank of Portugal releases its latest Official Bulletin. IEA monthly report. In UK, following questions on transport, MPs hold a general debate on solar farms. Council of the Baltic Sea States will hold its Ministerial Session in Estonia (through Fri).

    • On the macro calendar for today, UK Q1 preliminary GDP, Mar industrial/manufacturing production, construction output, trade balance are due at 7:00 BST, followed by France Apr final CPI at 7:45 BST, Switzerland Apr PPI at 7:30 BST. Eurozone Q1 GDP (2nd estimate), Mar industrial production are released at 10:00 BST.

    • Another busy morning for earnings; of note, out of DACHs, Siemens AG (SIE.GR) reports better-than-expected Q2 numbers with EPS pre-PPA €3.00 vs consensus €2.52 and confirms FY outlook. Deutsche Telekom (DTE.GR) reports Q1 adj net income ahead at €2.44B ex-items vs FactSet €2.21B but Adjusted EBITDA was a miss at €11.30B ex-items vs FactSet €12.67B; group, however, raised its guidance for FY25. Allianz (ALV.GR) also posted Q1 numbers and said it was fully on track to achieve FY outlook. In France, ENGIE (ENGI.FP) reported strong Q1 EBITDA of €5.40B vs consensus €4.75B and confirmed FY25 guidance.

  • Politics/Macro/World News

    • Putin, Trump to skip Ukraine's peace talks that Russian leader proposed - Reuters

    • Denmark rethinking 40-year nuclear power ban amid Europe-wide shift - The Guardian

    • Iran says prepared to sign nuclear deal with Trump in return for lifting of sanctions - NBC News

    • Netherlands Apr Unemployment Rate 3.8% vs consensus 3.8% and prior 3.9%

  • Top company news

    • Earnings/updates

      • SIE.GR (Siemens AG) -- Q2 EPS pre-PPA €3.00 vs consensus €2.52; FY Outlook confirmed

      • ENGI.FP (ENGIE) -- Q1 EBITDA €5.40B vs consensus €4.75B; FY25 guidance confirmed

      • DTE.GR (Deutsche Telekom) -- Q1 adjusted net income €2.44B ex-items vs FactSet €2.21B

      • MRK.GR (Merck KGaA) -- Q1 EPS pre one-time items €2.12 vs consensus €2.17; integrates macroeconomic impact into guidance

      • RWE.GR (RWE) -- Q1 adj net income €498M vs consensus €473M; FY25 outlook and divi target of €1.20/share confirmed

      • KBC.BB (KBC Group) -- Q1 EPS €1.32 vs consensus €1.28; reaffirms FY guidance; agrees to acquire 365.bank

      • UBI.FP (Ubisoft Entertainment) -- FY non-IFRS EPS (€0.56) vs FactSet (€0.27) [8 est, (€0.45)-(0.03)]; guides Q1 and FY25/26

      • WUC.GR (Lithium Argentina AG) -- Q1 EPS (€0.04) vs year-ago (€0.06)

      • ALV.GR (Allianz) -- Q1 core net income €2.55B vs consensus €2.72B; fully on track to achieve its FY outlook

      • TKA.GR (ThyssenKrupp) -- Q2 EPS €0.25 vs FactSet €0.38 [2 est, €0.20-0.56]; confirms FY guidance

      • NCH2.GR (thyssenkrupp nucera) -- Q2 EPS (€0.03) vs FactSet €0.00 [2 est, €0.00-0.00]; confirms forecast for fiscal year 2024/2025

      • PSM.GR (ProSiebenSat.1 Media) -- Q1 adj net income (€44M) vs year-ago €38M; comments on FY25 outlook following sale of Verivox

      • DOU.GR (Douglas) -- Q2 net income (€19.0M) vs FactSet (€10.1M) [2 est, (€14)-(6.2M)]; confirms guidance for 2024/25

      • VK.FP (Vallourec) -- Q1 revenue €991M vs FactSet €977.0M [1 est]

      • HAFNI.NO (Hafnia) -- Q1 EPS $0.13 vs FactSet $0.14 [8 est, $0.12-0.16]; geopolitical landscape remains complex and has potential to impact markets significantly

      • AVOL.SW (Avolta) -- Q1 CORE turnover CHF3.11B vs StreetAccount CHF2.97B

      • IVG.IM (Iveco Group) -- Q1 EPS €0.31 ex-items vs FactSet €0.29 [2 est, €0.29-0.29]; FY guidance confirmed

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- FY EPS €1.86 vs year-ago (€1.39); no divi and guides Q1

      • SFER.IM (Salvatore Ferragamo) -- Q1 revenue €221.1M vs consensus €222.1M

      • ENX.FP (Euronext) -- Q1 adjusetd EPS €1.80 vs consensus €1.82

      • PIRC.IM (Pirelli & C.) -- Q1 net income €127.2M vs consensus €124M; confirms FY guidance

      • ADP.FP (Aeroport de Paris) -- Total Paris Aeroport April traffic 9.3M, +6.0% y/y

      • CAMX.SS (Camurus) -- Q1 EPS SEK3.29 vs FactSet SEK2.91 [4 est, SEK2.66-3.15]; reaffirms FY guidance

      • AFG.NO (AF Gruppen) -- Q1 EPS NOK1.27 vs FactSet NOK1.39 [3 est, NOK1.28-1.45]

      • BVHN.SW (SKAN) -- still expects net sales to grow at an annual rate in the mid- to upper teens -- CMD (

      • RF.FP (Eurazeo) -- Q1 AUM €27.54B, +9% vs year-ago €25.38B

      • TEG.GR (TAG Immobilien) -- Q1 FFO I €0.26 vs FactSet €0.25

      • ANE.SM (Corporación Acciona Energías Renovables) -- Q1 trading update: Total Production +5.4% y/y to 7,408 GWh

      • CEC.GR (CECONOMY) -- Q2 EPS (€0.08) vs year-ago €0.17

      • AGR.LN (Assura) -- FY Trading Update: expects to report FY EPRA NTA to 50.4p/share vs year-ago 49.3p/share

      • OET.NO (Okeanis Eco Tankers) -- Q1 EPS $0.36 ex-items vs FactSet $0.35 [5 est, $0.24-0.41]

      • DEQ.GR (Deutsche EuroShop) -- Q1 FFO per share €0.51 vs year-ago €0.55; confirms FY guidance

      • LSG.NO (Lerøy Seafood Group) -- Q1 EPS NOK1.56 vs FactSet NOK0.99 [10 est, NOK0.88-1.25]

      • AUSS.NO (Austevoll Seafood) -- Q1 adj EPS NOK2.70 vs FactSet NOK3.16 [8 est, NOK2.08-4.30]

      • GDS.FP (Ramsay Générale de Santé) -- 9M net income (€54.2M) vs year-ago (€20.6M)

      • ADOC.FP (Adocia) -- Q1 revenue €0.4M vs year-ago €0.0M

      • HTG.GR (HomeToGo) -- Q1 adj EBITDA (€28.0M), (31.8%) y/y

    • M&A

      • ENI.IM (Eni) -- signs exclusivity agreement signed with Ares Alternative Credit Management for the potential sale of 20% of Plenitude

      • CA.FP (Carrefour) -- provides update on Brazil minority shareholders' elected form of consideration

      • ENG.SM (Enagas) -- Enagás closes sale of its stake in the Mexican company Estación de Compresión Soto La Marina in Mexico

      • RRTL.GR (RTL Group) -- Dutch competition regulator ACM close to approving RTL Group's proposed sale of RTL Nederland to DPG Media subject to conditions - FD

      • EKI.FP (Ekinops) -- acquires Olfeo, a cybersecurity software provider for businesses; terms undisclosed

      • GMI.SW (Groupe Minoteries) --- to acquire Schweizerische Schälmühle E. Zwicky AG; terms undisclosed

      • ALMCP.FP (McPhy Energy) -- provides update on search for buyer

      • Apollo, Macquarie, GIP among parties interested in minority stake in TenneT's German division - Reuters (14-May, 11:55 ET)

    • Healthcare

      • ABBV (AbbVie) -- FDA approves AbbVie's "internally developed" antibody-drug conjugate Emrelis

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Truqap with fulvestrant to treat hormone receptor-positive HER2-negative advanced breast cancer after endocrine treatment

      • SAN.FP (Sanofi) -- to invest at least $20B in the US through 2030, growing investments in science and expanding domestic manufacturing

      • GLPG.NA (Galapagos) -- announces oral presentations at EHA and ICML 2025

      • DBV.FP (DBV Technologies) -- SEC filing: 10-K/A

      • HPHA.GR (Heidelberg Pharma) -- to present clinical data on HDP-101 at EHA 2025

    • Other

      • KNIN.SW (Kuehne & Nagel) -- signs MoUs with 14 airlines for air freight carrier engagement sustainability programme

      • AMS.SM (Amadeus IT Group) -- resumes Buy-back Programme I

      • CBK.GR (Commerzbank) -- reaches agreement with employee representative committees on framework regulations for job reductions up to 2028

  • Key rating changes

    • Upgrades:

      • BRBY.LN (Burberry Group) -- to buy from neutral at UBS

      • SMHN.GR (SÜSS MicroTec) -- to neutral from sell at UBS

    • Downgrades:

      • ASRNL.NA (ASR Nederland) -- to market perform from outperform at Keefe, Bruyette & Woods

      • NN.NA (NN Group) -- to market perform from outperform at Keefe, Bruyette & Woods

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- to market perform from outperform at Keefe, Bruyette & Woods

      • UCG.IM (UniCredit) -- to market perform from outperform at Keefe, Bruyette & Woods

      • BRBY.LN (Burberry Group) --to hold from buy at Deutsche Numis

      • COLO.B.DC (Coloplast) -- to hold from buy at HSBC

      • PAH3.GR (Porsche Automobil Holding SE) -- to hold from buy at Kepler Cheuvreux

      • RTO.LN (Rentokil Initial) -- to underperform from market perform at Bernstein

      • ORSTED.DC (Ørsted) -- to hold from buy at Berenberg

      • FORN.SW (Forbo Holding) -- to reduce from hold at Kepler Cheuvreux

    • Initiations:

      • AAD.GR (Amadeus FiRe) -- buy at Kepler Cheuvreux

      • GBG.LN (GB Group) -- buy at Berenberg

  • Data

    • Nikkei (0.95%) to 37766.41

    • Hang Seng (0.83%) to 23443.74

    • Shanghai Composite (0.62%) to 3382.72

    • S&P futures (21.3) vs prior close of 5908.5

    • €-$ +0.0020 or +0.18% to 1.1195

    • $-¥ (0.75) or (0.51%) to 146.00

    • €-¥ (0.55) or (0.34%) to 163.43

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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