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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.42%, DAX +0.23%, CAC40 +0.41%

May 20 ,2025

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities advancing Tuesday. Hang Seng leading China markets with CATL surging on debut. Japan, Australia, Korea and Taiwan recording mild gains. China LPRs cut by 10 bp as expected, banks lower deposit rates. RBA cut cash rate by 25 bp as expected, though statement leaned dovish with board increasingly attentive to downside risks to global and domestic economic growth due to tariffs.

    • S&P 500 futures weakening afterhours.

    • Some incremental developments on trade front. Bloomberg sources noted India discussing multi-tranche trade deal with US, with interim agreement expected before July. Japan's top negotiator Ryosei Akazawa reiterated demands for US to drop all tariffs and that Tokyo is in no rush to strike agreement. Comes as media reports note third round of US-Japan talks may begin Friday. Finance Minister Kato added he will be speaking with Treasury Secretary Bessent on FX issues this week. Meanwhile, Vietnam announced second round of talks with US has begun without elaborating on discussion points.

    • On today's agenda, meeting of G7 Finance Ministers and Central Bank Governors (through Thu), ECB's Lagarde and Cipollone among the attendees. EU's Foreign Affairs Council and the Foreign Affairs (Defence) Council. Informal meeting of EU ministers responsible for cohesion policy (through Wed). Annual EU Budget Conf (through Wed), speakers include EU's von der Leyen. European Consumer Summit 2025: A better future for consumers and competitiveness (agenda ). In UK, there's MPs questions regards Treasury at 11:30BST, whilst Treasury Select Committee holds evidence sessions at 10:00 with bosses at major high street banks (execs from Barclays (BARC.LN), HSBC (HSBA.LN), Lloyds (LLOY.LN), Natwest (NWG.LN)). Politico hosts at 8:30CET Leaders Club - Public Affairs & Sustainability Forum, includes execs from UniCredit (UCG.IM), EDF, TUI (TUI1.GR), Zalando (ZAL.GR), others. In Germany there's Petersberger Regulatory Conf, speakers include heads of Federal Cartel Office's Mundt, Federal Network Agency's Müller

    • In central banks, Norges Bank releases latest Financial Stability report at 8:00CET, the same time as the decision on countercyclical capital buffer requirements will be published. BOE's Pill speech at 9:00BST at Barclays briefing. ECB's Donnery fireside chat at 10:55BST at BPFI National Banking Conf. ECB's Cipollone pre-recorded video interview at 12noon CET during AsVis Sustainable Development Festival. Bundesbank's Köhler-Geib in panel discussion at event organised by High-Tech Gründerfonds and Theurer panellist at 19:00CET at event organised by House of the Euro. European Financial Integration Conf sees among the speakers Belgium central bank's Wunsch at 8:55CET, ECB's Buch at 13:30. Netherlands central bank's Knot speech. Bank of Spain publishes annual report.

    • Macro data releases out today include, Germany Apr PPI, Eurozone May flash consumer confidence, Mar construction output, Portugal Apr PPI, Denmark Q1 preliminary GDP

    • In earnings news, DAHCs names kicked off the session with Swiss Life Holding (SLHN.SW) and Wienerberger (WIE.AV) issuing Q1 updates, whilst VAT Group (VACN.SW) lowered its net sales to between CHF 1.5-1.7B vs prior CHF1.8-2.2B and announced 2025-29 financial targets ahead of its CMD today. In Nordics, Salmar (SALM.NO) and BW LPG (BWLPG.NO) reported Q1 earnings. Elsewhere, Cie d'Entreprises CFE (CFEB.BB) released its Q1 revenue and confirmed its FY25 outlook. Others notable companies due to update investors today includes, Vodafone Group (VOD.LN), Diploma (DPLM.LN), Smiths Group (SMIN.LN), and Greggs (GRG.LN).

  • Politics/Macro/World News

    • Trump says Russia and Ukraine agree to immediate ceasefire talks - Reuters

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

    • China Gives EU Business Groups High-Level Meetings to Boost Ties - Bloomberg

    • Polish stocks enjoy big rally as investors seek havens from trade war - FT

  • Top company news

    • Earnings/updates

      • DAHCs

        • VACN.SW (VAT Group) -- targets 2027 net sales between CHF 1.5-1.7B vs prior CHF1.8-2.2B; announces 2025-29 financial targets - CMD

        • WIE.AV (Wienerberger) -- reports Q1 net income €4.5M vs year-ago (€37M); guides FY25 operating EBITDA ~€800M

        • SLHN.SW (Swiss Life Holding) -- reports Q1 Gross premiums written CHF7.92B vs StreetAccount CHF7.70B

        • F3C.GR (SFC Energy) -- reports Q1 net income €2.3M vs year-ago €5.2M; confirms FY25 guidance

      • Benelux

        • CFEB.BB (Cie d'Entreprises CFE) -- reports Q1 revenue €261.4M vs year-ago €290.0M; confirms FY25 outlook

      • UK

        • BYG.LN (Big Yellow Group) -- reports FY adjusted EPS 57.8p vs FactSet 56.7p [13 est, 55.8-57.8p]

      • Nordics

        • SALM.NO (Salmar) -- reports Q1 adjusted EPS NOK2.42 vs FactSet NOK3.81 [10 est, NOK2.90-4.40]

        • BWLPG.NO (BW LPG) -- reports Q1 EPS $0.30 vs FactSet $0.21 [7 est, $0.12-0.38]

        • NANOFH.FH (Nanoform Finland) -- reports Q1 EPS (€0.06) vs FactSet (€0.06) [1 est]

        • MAHA.A.SS (Maha Energy) -- reports Q1 EPS from cont ops $0.04 vs year-ago $0.04

        • LAGR.B.SS (Lagercrantz Group) -- reports Q4 net income SEK307M vs FactSet SEK308.9M [6 est, SEK245.9-500M]

        • ISLAX.NO (Icelandic Salmon) -- reports Q1 operational EBIT (€3.0M) vs FactSet (€0.6M) [3 est, (€1.2)-0.2M]

      • Southern Europe

        • FCT.IM (Fincantieri) -- present long-term outlook for underwater segment

      • Also due to report today includes

        • Earnings:

          • DACHs: NEXUS (NXU.GR), Jadestone Energy (8KW.GR)

          • Nordics: Petronor E&P (PNOR.NO), Lagercrantz Group (LAGR.B.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:

          • France: Poxel (POXEL.FP)

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

        • Traffic: VINCI (DG.FP)

        • CMD/events: Sandvik (SAND.SS), 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)

    • M&A

      • HSBA.LN (HSBC Holdings) -- Chesnara exploring acquisition of HSBC's UK life insurance business - Bloomberg

      • RNO.FP (Renault) -- Mitsubishi Motors terminates planned investment in Renault's Ampere

      • TTE.FP (TotalEnergies) -- signs an agreement to export 2 Mtpa of LNG for 20 years from the Ksi Lisims LNG Project

      • DKSH.SW (DKSH Holding) -- acquires specialty polymers distributor APN Plastics in Australia and Malaysia; terms undisclosed

      • TITC.BB (Titan) -- completes divestment of 75% stake in Adocim

      • TAH.AU (Tabcorp Holdings) -- Tabcorp receives approach from Intralot about acquiring Max Gaming - The Australian

      • BELL.SW (Bell Food Group) -- Bell Food Group's Eisberg division to sell production sites in Poland, Romania and Hungary to Green Factory; terms undisclosed

      • ROU.BB (Roularta Media Group) -- Koinon commences previously announced takeover bid for all shares in RMG not already held

      • Altice France exploring sale of controlling stake in SFR amid buyer interest - Bloomberg

    • Healthcare

      • AZN.LN (AstraZeneca) -- notes publication and presentation of BATURA Phase III trial results for Airsupra

      • GLPG.NA (Galapagos) -- SEC filing: SCHEDULE 13D/A (Filed by EcoR1 Capital, LLC)

      • SDZ.SW (Sandoz Group) -- Sandoz calls on Trump to take aim at 'evergreening' pricier products to cut US drug bill - FT, citing CEO

      • +BOEHRINGER (Boehringer Ingelheim) -- FDA grants priority review for Boehringer Ingelheim's NDA in IPF; studies published in NEJM, presented at ATS 2025

    • Other

      • EQNR.NO (Equinor) -- Equinor's Empire Wind project resumes construction after stop work order lifted

      • BA.LN (BAE Systems) -- awarded $138.5M US Navy contract

      • Regional Gaming Revenues - Pennsylvania April 2025

      • Rio Tinto partners with Codelco to develop lithium project in Chile's Salar de Maricunga

      • Shareholders press corporates on governance and anti-DEI proposals defeated this month at recent company annual meetings (19-May)

  • Key rating changes

    • Upgrades

      • EDP.PL (EDP-Energias de Portugal) -- to buy from hold at Deutsche Bank

      • EDPR.PL (EDP Renovaveis) -- to buy from hold at Deutsche Bank

      • AED.BB (Aedifica) -- to overweight from underweight at Barclays

    • Downgrades

      • BHP.LN (BHP Group) -- to market perform from outperform at Bernstein

      • ALC.SW (Alcon AG) -- to hold from buy at Deutsche Bank

      • BAS.GR (BASF SE) -- to hold from buy at Jefferies

      • KGF.LN (Kingfisher) -- to underweight from equal weight at Barclays

      • ALV.GR (Allianz) -- to neutral from buy at Goldman Sachs

    • Others

      • GOGL.NO (Golden Ocean Group) -- reinstated hold at DNB Carnegie

  • Data

    • Nikkei +0.28% to 37602.19

    • Hang Seng +1.30% to 23635.33

    • Shanghai Composite +0.51% to 3384.61

    • S&P futures (12.3) vs prior close of 5982.5

    • €-$ +0.0008 or +0.07% to 1.1252

    • $-¥ (0.38) or (0.26%) to 144.47

    • €-¥ (0.31) or (0.19%) to 162.52

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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