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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.94% to 8781.12, DAX +0.42% to 24036.11, CAC40 +0.75% to 7942.42, STOXX 600 +0.73% to 554.02

May 20 ,2025

  • Synopsis:

    • European equity markets closed higher, just off best levels, with FTSE outperformance. Utilities, Construction/Material and Healthcare lead; Financial Services and Insurance lag. US equities lower in midday trading. Treasuries weaker with the curve steepening; 10Y yield back above 4.50%. Bund up 4bps o 2.61%. Gilts up 3 bps to 4.70%. Dollar index mostly lower after losing 0.7% to start the week, although Aussie weakness the main theme in FX. Gold up over 1.5%. Bitcoin futures bac below $105,000. WTI crude down.

    • Utilities the best performer after the Trump administration lifted a key stop-work order on Empire Wind 1, easing permitting risk, boosting the likes of Equinor (EQNR.RO) and Ørsted (ORSTED.DC). Meanwhile Centrica (CNA.LN) in focus after JV company Spirit Energy sold a 46.25% interest in the Cygnus gas field to Ithaca Energy (ITH.LN) for total value of ~£215M. Retail lower with worries about Trump tariffs leading to price hikes that will derail pricing strategies for global retailers. Insurance and Financial Services the two biggest decliners. UBS Group (UBSG.SW) stock hit by concerns over proposed Swiss legislation that could force $25B capital hike and tougher rules on absorbing foreign unit losses, while Allianz (ALV.GR) stock rating cut by Goldman Sachs after strong rally. In earnings, out of the UK, Vodafone Group (VOD.LN), Diploma (DPLM.LN), SSP Group (SSPG.LN) and Smiths Group (SMIN.LN) reported before the open. In the DACH region, VAT Group (VACN.SW), Swiss Life Holding (SLHN.SW) and Wienerberger (WIE.AV) also update investors. In the Nordics, Salmar (SALM.NO) and BW LPG (BWLPG.NO) issued Q1 updates. In M&A news, media reported Iberdrola (IBE.SM) halted plans to sell US renewables stake. Also in the media, Chesnara (CSN.LN) is exploring the acquisition of HSBC's (HSBA.LN) UK life insurance business.

    • Amidst light macroeconomics calendar, Eurozone flash consumer confidence indicator for May rose 1.4 points to -15.2, partially reversing April's sharp 2.1-point decline to -16.7. German Apr PPI declining more than expected. Further in macro headlines, commentary on Monday's EU-UK deal positive but analysts see small economic impact, with autumn tax rises still in the cards. BoE's Pill said underlying disinflation process continues. BoE's Dhingra said her vote to cut rates 50bps indicates state of UK economy. ECB's Knot indicated policymakers need clarity on US and EU trade policies before committing to Jun cut.

    • In geopolitics, EU and Britain announce new sanctions against Russia on Tuesday without US; note US President Trump's phone call with Putin did not appear to result in any new steps towards peace. UK to pause trade deal talks with Israel and has summoned Israel's ambassador regarding military operations in Gaza.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +1.84%, Telecom +1.69%, Health Care +1.31%, Autos & Parts +1.22%, Basic Resources +1.20%, Banks +1.17%, Media +0.95%, Persnl & HHold Goods +0.92%, Construct & Mtls +0.76%

      • Underperformers:

        • Financial Svcs (0.53%), Technology (0.17%), Retail +0.05%, Insurance +0.13%, Chemicals +0.28%, Food & Beverage +0.46%, Ind Goods & Svcs +0.51%, Travel & Leisure +0.54%, Oil & Gas +0.57%, Real Estate +0.64%

    • Macro:

      • Central Banks:

        • ECB's Knot says inflation picture for June still unclear (Bloomberg )

        • BoE Chief Economist Pill says quarterly pace of rate cuts too fast given inflation outlook (Bloomberg )

        • BoE's Dhingra says larger rate cut vote was signal on UK economic direction (Reuters)

        • SNB chief flags economic risks, won't rule out negative rates, sees no alternative to US treasuries despite Moody's downgrade (Reuters, Bloomberg)

      • UK:

        • Labour's benefit cuts to push hundreds of thousands into poverty, analysis finds (Bloomberg)

        • UK now best placed country on trade, says Reeves (BBC )

        • Reeves Hints at U-Turn on Winter Fuel Cuts for Pensioners (Bloomberg )

      • Geopolitics:

        • EU, Britain go ahead with new Russia sanctions without waiting for Trump (Reuters )

        • Trump-Putin call underscores Europe's precarious position (FT, BBC)

        • Zelensky accuses Russia of 'buying time' to stall truce talks (BBC )

        • UK pauses trade deal talks with Israel, summons ambassador over new Gaza offensive (Reuters )

    • Peripheral markets:

      • Italy:

        • Poste Italiane (PST.IM) could be partner for digital euro, Cipollone says (Bloomberg )

      • Spain:

      • Denmark:

        • Economy contracts, dragged down by lower pharma sales (Bloomberg )

      • Portugal:

        • President de Sousa began consultations with the political parties on government formation (econews)

      • Romania:

        • Romania to Gauge Stability Before Resuming Rate Cuts (Bloomberg )

      • Hungary:

        • Lawmakers approve bill to quit International Criminal Court (Reuters )

    • Company news:

      • Notable Gainers

        • +15.1% DPLM.LN (Diploma £48.60, +6.38) -- H1 earnings

        • +14.5% ORSTED.DC (Ørsted DKK281.60, +35.70) -- Denmark offering state aid to encourage investments in offshore wind projects

        • +13.7% DOCM.SW (DocMorris CHF10.80, +1.30) -- Pelion S.A has acquired a 9.68% stake in the company

        • +12.4% TPT.LN (Topps Tiles £0.38, +0.04) -- H1 earnings

        • +9.2% GRG.LN (Greggs £21.82, +1.83) -- trading update

        • +7.3% VOD.LN (Vodafone Group £0.78, +0.05) -- FY earnings; commences €500M share buyback

        • +5.6% SSPG.LN (SSP Group £1.77, +0.09) -- H1 earnings

        • +4.8% VWS.DC (Vestas Wind Systems DKK111.30, +5.10) -- Denmark offering state aid to encourage investments in offshore wind projects

        • +4.4% EKF.LN (EKF Diagnostics Holdings £0.26, +0.01) -- AGM statement

        • +4.4% SMIN.LN (Smiths Group £21.44, +0.90) -- Q3 trading update

        • +3.8% ORA.FP (Orange €13.28, +0.49) -- Altice France exploring sale of controlling stake in SFR amid buyer interest - Bloomberg

        • +3.8% CWK.LN (Cranswick £54.60, +2.00) -- FY earnings

        • +3.4% LUCE.LN (Luceco £1.53, +0.05) -- Q1 trading update

        • +3.0% RENX.LN (Renalytix £0.09, -0.00) -- study update

        • +2.2% BMW.GR (Bayerische Motoren Werke €79.30, +1.74) -- further share buy-back programme of up to €2B to run from May-25 to no later than 30-Apr-27

        • +2.1% IBE.SM (Iberdrola €16.15, +0.33) -- Iberdrola halts plans to sell US renewables stake -- El Confidencial

      • Notable Decliners

        • -11.4% ALCJ.FP (Crossject €1.70, -0.22) -- prepares for the launch of a capital increase with preferential subscription rights of ~€5M

        • -9.2% F3C.GR (SFC Energy €23.20, -2.35) -- Q1 earnings

        • -7.8% SALM.NO (Salmar NOK470.00, -39.50) -- Q1 earnings

        • -7.6% LAGR.B.SS (Lagercrantz Group SEK224.80, -18.60) -- Q4 earnings

        • -7.1% RROS.SS (Rottneros SEK5.27, -0.40) -- resolves on fully guaranteed rights issue of ~SEK 300M;

        • -6.8% FDM.LN (FDM Group (Holdings) £2.32, -0.17) -- AGM statement

        • -6.0% AB.FP (AB Science €1.40, -0.09) -- completes a capital increase of €1.8M

        • -5.5% FNTL.LN (Fintel £2.74, -0.16) -- AGM trading update

        • -3.7% HH.DC (H+H International DKK120.40, -4.60) -- earnings

        • -3.3% UBSG.SW (UBS Group CHF27.09, -0.92) -- UBS might lose first round of efforts to water-down Swiss capital hike vote -- Bloomberg

        • -3.0% HEIO.NA (Heineken €68.70, -2.10) -- Heineken Holding holder FEMSA offers ~5.2M shares -- Bloomberg,

        • -2.7% VACN.SW (VAT Group CHF310.70, -8.60) -- CMD

        • -2.2% WIE.AV (Wienerberger €32.56, -0.72) -- Q1 earnings

        • -1.7% BYG.LN (Big Yellow Group £9.99, -0.17) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: CMB.TECH (CMBT.BB)

        • DACHs: Ypsomed Holding (YPSN.SW), CA Immobilien Anlagen (CAI.AV), Freenet (FNTN.GR), Hornbach Holding (HBH.GR), Borr Drilling (B2W.GR)

        • Denmark: United International Enterprises (UIE.DC), TCM Group (TCM.DC), North Media (NORTHM.DC), Lollands Bank (LOLB.DC)

        • Finland: Musti Group (MUSTI.FH)

        • France: Elior Group (ELIOR.FP)

        • Norway: Cadeler (CADLR.NO), Crayon Group Holding (CRAYN.NO), Bouvet (BOUV.NO), Cool Co. (CLCO.NO), Selvaag Bolig (SBO.NO), Panoro Energy (PEN.NO), Edda Wind (EWIND.NO), Nordic Mining (NOM.NO), Norse Atlantic (NORSE.NO), Awilco LNG (ALNG.NO), Prosafe (PRS.NO), BerGenBio (BGBIO.NO)

        • Southern Europe: Banco Comercial Portugues (BCP.PL), Sonae SGPS (SON.PL), MFE-MEDIAFOREUROPE (MFEB.IM)

        • Sweden: BioArctic (BIOA.B.SS), Better Collective (BETCO.SS), Genovis (GENO.SS), Isofol Medical (ISOFOL.SS)

        • UK: Scottish and Southern Energy (SSE.LN), JD Sports Fashion (JD.LN), Marks & Spencer (MKS.LN), Great Portland Estates (GPE.LN), Integrafin Holdings (IHP.LN), Avon Technologies (AVON.LN), MHP (MHPC.LN), Helical (HLCL.LN)

        • Other: Moscow Exchange MICEX-RTS PJSC (MOEX.RU), Mobile TeleSystems (MTSS.RU)

      • Trading Update:

        • DACHs: SoftwareONE Holding (SWON.SW)

        • France: Actia Group (ALATI.FP)

        • Southern Europe: ElvalHalcor Hellenic Copper & Aluminium Industry (ELHA.GA)

        • UK: Currys (CURY.LN), Coats Group (COA.LN), Close Brothers Group (CBG.LN)

      • CMD/events: Currys (CURY.LN), Fiskars (FSKRS.FH) Get to know Vita (luxury & lifestyle brands), STV Group (STVG.LN), Camellia (CAM.LN)

  • Data:

    • Economics:

      • Eurozone

        • May Flash Consumer Confidence (15.2) vs cons (16.0) and prior revised (16.6) from (16.7)

        • Mar Construction Output (1.1%) y/y vs prior revised (0.6%) from +0.2%

      • Germany Apr PPI (0.9%) y/y vs cons (0.6%) and prior (0.2%); (0.6%) m/m vs cons (0.3%) and prior (0.7%)

      • Denmark Q1 Prelim GDP +3.6% y/y vs cons +3.6% and prior +4.4%; (0.5%) q/q vs cons +1.1% and prior +1.8%x

    • Markets:

      • WTI Crude (Jun 25): ($0.43) or (0.69%) to $62.26

      • €-$ +0.0011 or +0.10% to 1.1254

      • £-$ +0.0003 or +0.02% to 1.3366

      • €-£ +0.0006 to 0.8420

      • S&P 500 (0.36%)

      • Performance year-to-date

        • FTSE 100: +7.44%

        • DAX: +20.73%

        • CAC: +7.61%

        • MIB: +18.53%

        • Stoxx 600: +9.14%

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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