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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.27%, DAX30 +0.09%, CAC40 +0.03%

May 23 ,2025

  • Synopsis

    • European indices are set to open higher as Asian equities advance today. Japan outperforming with Hang Seng. Mainland China, Korea and Australia seeing milder gains. S&P 500 futures unchanged afterhours. Treasury yields down another 1-2 bp while JGBs unchanged following recent backup.

    • US equities were narrowly mixed in Thursday trading, ended off best levels in very late afternoon selloff. Bonds still the big area of focus with some stabilization in long end after the 10 bp+ backup in yields on Wednesday.

    • Friday sees, in central banks, ECB's Lane lecture at 10:30CET at European Univ Institute and Schnabel speech at 18:00 at event hosted by Internationaler Demokratiepreis Bonn e.V. (IDP). EU ministers attend Competitiveness Council (Research and space). In UK, parliament (House of Commons and House of Lords) is in recess and will next sit on 2-Jun.

    • Macro data published so far: UK Apr Retail Sales +5.0% y/y vs consensus +4.5% and prior revised +1.9% from +2.6%

    • Economic: Germany Q1 final GDP, May consumer confidence - GfK, France May consumer confidence, Sweden Apr unemployment rate

    • Earnings releases so far this morning: UNIQA Insurance Group reports Q1 net income €118.6M, +11% vs year-ago €107M. Frontline reports Q1 EPS $0.18 vs FactSet $0.19 [8 est, $0.14-0.26]. Doro reports Q1 EPS (SEK0.13) vs year-ago SEK0.25. Webstep reports Q1 EPS NOK0.63 vs year-ago NOK0.57

  • Politics/Macro/World News

    • Investors shift away from US bond market on fears over Donald Trump's policies (FT )

    • BOJ's Ueda Refrains From Hinting at Action Over Bond-Yield Surge (BBG )

  • Top company news

    • Earnings/updates

      • GNFT.FP (GENFIT) -- reports Q1 revenue €2.8M vs year-ago €1.1M

      • AZM.IM (Azimut Holding) -- has signed a binding framework agreement with FSI SGR S.p.A., launches TNB; revises FY25 net profit target to ~€1B from prior at least € 400M up to €1.25B (dependent on TNB2 authorization in 2025)

      • NSKOG.NO (Norske Skog) -- ASA announces start of containerboard production at Golbey

      • ALTR.PL (Altri SGPS) -- reports Q1 net income attributable €7.6M vs FactSet €1.6M [1 est]

    • M&A

      • AZM.IM (Azimut Holding) -- has signed a binding framework agreement with FSI SGR S.p.A., launches TNB; revises FY25 net profit target to ~€1B from prior at least € 400M up to €1.25B (dependent on TNB2 authorization in 2025)

      • SZG.GR (Salzgitter) -- exploring sale of bottling machine unit KHS - Bloomberg (22-May, 16:57 CET)

      • KNIN.SW (Kuehne & Nagel) -- acquires Spanish road logistics provider TDN; terms not disclosed

      • TPEIR.GA (Piraeus Financial Holdings) -- concludes the sale of 80.10% in Kea Leitourgia kai Diacheirisi Diktyon ATM to Printec Group

      • TKTT.FP (Tarkett) -- Tarkett's supervisory board reiterates a favourable reasoned opinion on the fairness of the public buy-out fffer followed by a squeeze-out

      • WIHN.SW (WISeKey International Holding) -- provides update on negotiations to acquire 100% of IC'ALPS

      • GGP.LN (Greatland Gold) -- Newmont considering partial sell down of stake in Greatland Gold- Australian Financial Review

      • UPG.BB (Banqup Group) -- reports Q1 group revenue and income from client money €20.3M vs year-ago €21.2M

      • PKTM.SW (PIERER Mobility) -- Pierer discloses call option agreement with Bajaj BV

      • EXAI.IM (Expert.ai) -- signs a JV agreement with AI Fusion Holding S.r.l.

      • BVHN.SW (SKAN Group) -- acquires 76% of Metronik; terms not disclosed

    • Healthcare

      • GSK.LN (GSK Plc) -- FDA approves Nucala for COPD

      • GSK.LN (GSK Plc) -- UK's NICE issues evidence-based recommendations on dostarlimab (Jemperli) for primary advanced or recurrent endometrial cancer

      • ROG.SW (Roche Holding) -- FDA Approves Genentech's Susvimo for Diabetic Retinopathy

      • ROG.SW (Roche Holding) -- announces two-year follow-up data from the phase III STARGLO study

      • INDV.LN (Indivior) -- SEC filing: SCHEDULE 13D/A (Filed by Two Seas Capital LP)

      • IPH.FP (Innate Pharma) -- SA announces presentation of long-term follow-up data from the Phase 2 TELLOMAK clinical trial evaluating lacutamab

      • PHXM.FP (Phaxiam Therapeutics) -- announces that the Lyon Commercial Court decided, during a hearing held on 21-May-25, to postpone the offer review hearing and has set a new hearing date for Wednesday, 4-Jun-25.

      • PPGN.SW (PolyPeptide Group) -- PolyPeptide announces expansion of existing credit facilities;

      • OSE.FP (OSE Immunotherapeutics) -- announces that its partner Boehringer Ingelheim will present early clinical evidence of innate immune modulation and anti-tumor activity via SIRPblockadede in two ongoing trials at ASCO 2025

      • BICO.SS (BICO Group) -- announces COO Marius Balger is leaving

    • Other

      • ENX.FP (Euronext) -- prices offering of OCEANEs due 2032 for a nominal amount of €425M

      • Rio Tinto confirmed as preferred partner on Salares Altoandinos lithium project

      • US Senate blocks California rule banning sale new gas-powered vehicles in ESG and thematic intraday update (22-May)

  • Key rating changes

    • Upgrades

      • Jefferies upgrades ML.FP; downgrades CON.GR

      • TRATON upgraded to buy from hold at Handelsbanken

      • PVA TePla upgraded to buy from hold at Deutsche Bank

    • Downgraded:

      • Tele2 downgraded to hold from buy at Kepler Cheuvreux

      • Epiroc downgraded to sell from hold at Nordea

  • Data

    • Nikkei +0.59% to 37202.48

    • Hang Seng +0.55% to 23674.14

    • Shanghai Composite (0.08%) to 3377.37

    • S&P futures +0.3 vs prior close of 5856.8

    • €-$ +0.0046 or +0.41% to 1.1326

    • $-¥ (0.59) or (0.41%) to 143.42

    • €-¥ (0.04) or (0.02%) to 162.40

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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