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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.17% to 8699.31, DAX +0.70% to 23934.98, CAC40 (0.04%) to 7883.63, STOXX 600 +0.13% to 549.98

May 19 ,2025

  • Synopsis:

    • European equity markets closed mixed to higher well off worst levels. China-exposed biggest laggards; food/beverages, telecom and airlines outperform. Comes after the fifth consecutive week of gains with Stoxx 600 reaching the highest level since 26-Mar. US equities lower in Monday midday trading, though off worst levels. Comes after US equities rallied sharply last week with the S&P 500 up over 5%, leaving it up 19.5% from the April reciprocal tariff announcement lows and up more than 1% on a YTD basis.

    • Risk appetite softer into Monday trade, chalked up to Moody's downgrade of US credit rating late Friday, citing growth in government debt and projected widening of deficits if tax cuts extended. Plays into deficit concerns driven by Trump policy agenda that have contributed to upward rise in long-term yields and term premium highest since 2014. Also, China April data mixed with industrial production growth slowing less than expected, Retail sales growth slowing by more than forecast, Fixed asset investment growth missing expectations with property investment declines quickening. On the trade front, Treasury Secretary Bessent warned reciprocal tariffs will be restored on countries that do not negotiate in good faith before 90-day pause expires.

    • European politics in focus: the UK and EU reached a post-Brexit agreement after a "breakthrough" in talks resolving remaining "stumbling blocks," primarily fishing rights, late on Sunday, with a formal signing expected today. However, the Tories and Reform UK have threatened to overturn the agreement if they gain power. In Romania, pro-EU centrist candidate won the presidential election. In Poland, the liberal candidate received 31% of the vote and will face the pro-Trump candidate, who received 29% of the vote, in a decisive second round on 1-Jun. Portugal saw the incumbent center-right government receive the most votes, although a right-wing populist party made significant gains. Additionally, President Trump is scheduled to speak with President Putin to attempt to revive stalled peace negotiations regarding Ukraine

    • In macro developments, EU Commission cut GDP and inflation forecasts while increasing deficit and debt forecasts. Eurozone final CPI confirmed at 2.2%. EU approved €150B loans-for-arms fund. Elsewhere, ECB's Wunsch said rates may need to decline below 2% due to negative effects on inflation and growth from the trade war.

    • On the reporting front, Ryanair Holdings (RYA.ID) released its FY25 earnings and announced a €750M share buyback, while Diageo (DGE.LN) issued its Q3 numbers. In France, Getlink (GET.FP) announced a two-week suspension of its ElecLink activity, anticipating a commercial impact of ~€20M and leading to a ~(3%) drop in its share price

    • In M&A news, Prosus (PRX.NA) launched the already expected recommended €20.30/share all-cash offer for Just Eat Takeaway.com (TKWY.NA) and BT Group (BT.A.LN) is in advanced talks to sell its 50% of TNT Sports to Warner Bros Discovery

    • IPO news includes Ratos (RATO.B.SS) considering an IPO of its Nordic construction unit Sentia, and Cobalt Holdings (+COBALT.LN) confirming its intention to float on the Main Market of the London Stock Exchange, with Glencore (GLEN.LN) expected to hold a ~10% stake post-IPO.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 19-May to 23-May attached) Cie d'Entreprises CFE (CFEB.BB), Wienerberger (WIE.AV), Salmar (SALM.NO), BW LPG (BWLPG.NO), Vodafone Group (VOD.LN), Swiss Life Holding (SLHN.SW) and VINCI (DG.FP) will be among other names to update investors, whilst the macro-calendar releases will include Germany Apr PPI, Eurozone May flash consumer confidence, Mar construction output, Portugal Apr PPI, Denmark Q1 preliminary GDP

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom +0.91%, Travel & Leisure +0.92%, Utilities +0.58%, Ind Goods & Svcs +0.54%, Health Care +0.42%, Food & Beverage +0.40%,

      • Underperformers:

        • Autos & Parts (0.72%), Oil & Gas (0.67%), Technology (0.43%), Basic Resources (0.43%), Retail (0.20%), Construct & Mtls (0.14%), Banks (0.05%), Media +0.02%, Chemicals +0.04%, Insurance +0.08%, Real Estate +0.08%, Financial Svcs +0.05%, Persnl & HHold Goods +0.03%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Trump to speak to Putin and Zelenskyy about Ukraine ceasefire - The Guardian

        • Netanyahu Says Israel to Take Over All Gaza, Start Aid Flows - Bloomberg

      • Central Banks

        • ECB Must Be Cautious on Further Interest-Rate Cuts, Muller Says - Bloomberg

      • EU

        • EU downgrades growth estimates after US trade war - Politico

        • EU leaders relieved after centrist beats pro-Trump rival to Romanian presidency - Reuters

        • Euro-Area Inflation to Fall Below 2% on US Tariffs, EU Predicts - Bloomberg

      • UK

        • UK-EU deal a 'win-win', Starmer says, as Badenoch brands it a 'sell-out' - BBC

        • Starmer's £9bn Brussels boost won't spare Britain from more tax rises - The Telegraph

        • FTSE 100, UK Bonds Caught in US-Led Selloff - Bloomberg

      • France

        • Macron announces €20B of fresh foreign investment amid economic turmoil - Politico

        • French conservatives pick hardliner to lead them into 2027 election - FT

      • Germany

      • Poland

        • Poland set for knife-edge presidential runoff as far right surges - Reuters

      • Portugal

        • Portugal's far-right Chega surges as ruling party misses majority - Reuters

    • Company news:

      • Trading Higher:

        • +15.9% BIOVIC.B.SS (Biovica International SEK1.02, +0.14) -- master service agreement with a US-based pharmaceutical and biotechnology company

        • +4.0% RYA.ID (Ryanair Holdings €23.29, +0.89) -- FY earnings; announces €750M buyback

        • +3.2% SBS.GR (Stratec €25.95, +0.80) -- FY earnings

        • +2.9% BNP.FP (BNP Paribas €76.91, +2.17) -- launches €1.084B share buyback programme

        • +2.9% GEN.LN (Genuit Group £4.13, +0.12) -- 4M trading update

        • +2.0% AB.FP (AB Science €1.49, +0.03) -- Chinese patent protecting masitinib in the treatment of Covid-19 until 2041

      • Trading Lower:

        • -39.9% PANR.LN (Pantheon Resources £0.26, -0.17) -- Megrez-1 results

        • -13.6% IMM.LN (ImmuPharma £0.03, -0.00) -- FY earnings

        • -7.7% KNOS.LN (Kainos Group £7.51, -0.63) -- FY earnings

        • -6.4% TOKMAN.FH (Tokmanni Group €10.91, -0.74) -- Inderes downgrade; DNB Carnegie downgrade

        • -5.9% EVS.BB (EVS Broadcast Equipment €36.40, -2.30) -- Degroof downgrade

        • -3.9% OKEA.NO (Okea NOK17.10, -0.70) -- DNB Carnegie downgrade

        • -3.8% SAVE.LN (Savannah Energy £0.06, -0.00) -- Q1 trading update

        • -2.8% NONG.NO (SpareBank 1 Nord-Norge NOK145.54, -4.24) -- Arctic Securities downgrade

        • -2.2% ANA.SM (Acciona €132.00, -3.00) -- RBC Capital Markets downgrade

        • -2.1% ENX.FP (Euronext €144.60, -3.10) -- Keefe, Bruyette & Woods downgrade

        • -2.0% HLAG.GR (Hapag-Lloyd €164.50, -3.40) -- Container ship owners swamped with bookings as US-China trade detente revives demand -- Reuters

        • -2.0% GET.FP (Getlink €17.11, -0.34) -- ElecLink activity suspension

        • -1.8% AKRBP.NO (Aker BP NOK238.40, -4.40) -- DNB Carnegie downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Cie d'Entreprises CFE (CFEB.BB)

        • DACHs: Wienerberger (WIE.AV), NEXUS (NXU.GR), SFC Energy (F3C.GR), Jadestone Energy (8KW.GR)

        • Nordics: Salmar (SALM.NO), BW LPG (BWLPG.NO), Icelandic Salmon (ISLAX.NO), Petronor E&P (PNOR.NO),

        • Lagercrantz Group (LAGR.B.SS), Maha Energy (MAHA.A.SS), Cinclus Pharma Holding (CINPHA.SS), H+H International (HH.DC), Nanoform Finland (NANOFH.FH)

        • Southern Europe: Public Power Corp. (PPC.GA)

        • UK: Vodafone Group (VOD.LN), Diploma (DPLM.LN), LondonMetric Property (LMP.LN), Cranswick (CWK.LN), SSP Group (SSPG.LN), Topps Tiles (TPT.LN), Calnex Solutions (CLX.LN), Nostrum Oil & Gas (NOG.LN)

      • Trading Update:

        • DACHs: Swiss Life Holding (SLHN.SW), SFC Energy (F3C.GR)

        • France: Poxel (POXEL.FP)

        • UK: Smiths Group (SMIN.LN), Greggs (GRG.LN), Forterra (FORT.LN)

      • Traffic: VINCI (DG.FP)

      • CMD/events: Sandvik (SAND.SS), VAT Group (VATN.SW), Konecranes (KCR.FH), Babcock International Group (BAB.LN), Diageo (DGE.LN) Guinness investor/analyst day, Ilika (IKA.LN), Spire Healthcare Group (SPI.LN), Grainger (GRI.LN), Vattenfall (+VATTENF.SS), Allfunds Group (ALLFG.NA) Citi Meet the C-Suite, SAP (SAP.GR) Sapphire, ATEME (ATEME.FP)

  • Data:

    • Economics:

      • Austria Apr CPI +3.1% y/y vs preliminary +3.1%

      • Spain Mar trade balance (€5.48B) vs consensus (€2.4B) and prior (€3.42B)

      • Eurozone Apr CPI +2.2% y/y vs preliminary +2.2%

        • Apr core CPI +2.7% y/y vs preliminary +2.7%

    • Markets:

      • WTI Crude (Jun 25): +$0.11 or +0.18% to $62.60

      • €-$ +0.0072 or +0.64% to 1.1255

      • £-$ +0.0086 or +0.65% to 1.3367

      • €-£ (0.0002) to 0.8418

      • S&P 500 (0.26%)

      • Performance year-to-date

        • FTSE 100: +6.44%

        • DAX: +20.22%

        • CAC: +6.81%

        • MIB: +17.49%

        • Stoxx 600: +8.34%

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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