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StreetAccount Summary - EU Market Recap: FTSE 100 +0.16% to 8801.29, DAX +0.77% to 24276.48, CAC40 +0.53% to 7804.67, STOXX 600 +0.47% to 551.02

Jun 04 ,2025

  • Synopsis:

    • European equity markets finished higher, but off best levels. Technology, Basic Resources and Food/Beverage outperform, while Banks, Auto/Parts and Retail underperform. US equity higher in midday trading. Treasuries firmer across the curve; yields down 7-9 bp. Dollar index down 0.4%. Gold up 0.6%. Bitcoin futures down 0.9%. WTI crude down 0.7%, reversing earlier gains after report Saudi Arabia may push for bigger OPEC+ hikes.

    • Tariff developments remain in focus. US Steel tariffs come into effect today, but a temporary 25% tariff remains for the UK until its trade deal comes into force. More headlines mentioning likelihood of a Trump-Xi call this week, expected to be Friday. China's restrictions on rare earths getting more attention with press highlighting growing concern among car makers that shortage of magnets could grind auto production to halt within weeks. In other news, Germany's new government will seek to pass a €46B package of corporate tax breaks in an effort to jolt the country out of stagnation. EU and US trade negotiators will hold talks on the sidelines of OECD meeting in Paris. UK Chancellor Reeves to outline big spending plans when she also announces her spending review next Wednesday. The new fiscal rules have given her extra £113B worth of investment.

    • In macro data, attention in Europe on final composite PMIs ahead of Thursday's ECB decision. Eurozone inflation data on Tuesday supported ECB rate cut. Eurozone final PMI at three-month low of 50.2, close to stagnation. May ADP private payrolls of 37K below consensus for 130K, lowest since Mar-23 and 5-sigma miss versus consensus. BOJ Governor Ueda voiced confidence Japan can withstand external headwinds. South Korea Q1 inflation slowed to five-month low. Japan services PMI touch firmer than preliminary read. Australia Q1 GDP growth slowed by more than expected.

    • In corporate news, Remy Cointreau (RCO.FP) reported FY 2024/25 sales down 18% and EBIT down 30.5% to €217M, though cost savings exceeded expectations; analysts note improved free cash flow and margin resilience, but warn looming US and China tariffs could sharply reduce next year's profits and margins; group withdrew 2029-30 targets amid market uncertainty. In Austria, Voestalpine (VOE.AV) reported solid Q4 results, with EBITDA of €378M surpassing consensus, driven by strong performance in the Steel division and robust free cash flow of €309M; while all divisions improved except High Performance Metals, guidance for 2025/26 remains cautious due to global uncertainties and US steel tariffs. In the UK, WH Smith (SMWH.LN) reported resilient Q3 trading, with travel revenues up 7% and like-for-like sales rising 5%, driven by strong airport and international performance; B&M European Value Retail (BME.LN) reported final FY25 numbers in line with pre-close trading update; no comment on current trading offered.

    • In other corporate developments, Bloomberg reported that China could order hundreds of Airbus (AIR.FP) aircraft as early as next month. thyssenkrupp nucera (NCH2.GR) shares traded higher after group announced it has been commissioned to carry out FEED study for a 600 MW green hydrogen project in Europe.

    • In M&A headlines, Norges Bank Investment Mgmt. completed the acquisition of a 49% equity stake in Nordseecluster and Thor offshore wind projects from RWE (RWE.GR) for a purchase price of ~€1.4B. Carrefour (CA.FP) places ~9.9M Carmila (CARM.FP) shares at €17.30/each; following placement, Carrefour owns c.29.8% of Carmila's share capital, representing 41.9M shares. Reckitt Benckiser (RKT.LN) reportedly considering new options for selling its Essential Home business after offers were below expectations. Sweco (SWEC.B.SS) makes recommended SEK15/sh (regardless of share class) in cash offer for Projektengagemang Sweden (PENG.B.SS). EU sets a provisional deadline of 8-Jul to rule on Frasers Group's (FRAS.LN) acquisition of XXL ASA (XXL.NO). In the afternoon, Wacker Neuson (WAC.GR) shares jumped on media report that some of the company's top holders are exploring interest in their stakes. Marlowe (MRL.LN) confirms discussions with Mitie Group (MTO.LN) regarding a possible offer for Marlowe.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.19%, Food & Beverage +1.13%, Basic Resources +1.11%, Chemicals +1.05%, Health Care +1.00%, Ind Goods & Svcs +0.91%, Media +0.79%, Persnl & HHold Goods +0.72%, Telecom +0.70%, Construct & Mtls +0.64%

      • Underperformers:

        • Oil & Gas (0.91%), Banks (0.59%), Retail (0.46%), Autos & Parts (0.43%), Real Estate (0.15%), Financial Svcs +0.13%, Utilities +0.14%, Travel & Leisure +0.31%, Insurance +0.44%

    • Macro:

      • UK:

        • UK Chancellor Reeves reiterated her commitment on keeping income tax, VAT and employee national insurance at current levels in her Autumn Budget (FT)

        • UK services sector grew to 50.9 in May, recovering from April's contraction due to tariff fears (Reuters)

      • Germany:

        • Germany unveils €46B corporate tax breaks to revive stagnant economy (FT)

      • Trade:

        • US-EU trade talks show progress amid escalating tariff tensions (Bloomberg, Reuters and FT)

        • EU and China agree to fourth round of trade talks this month ahead of July summit

      • Central banks:

        • Lagarde faced questions on ECB future as inflation target nears and WEF role beckons (Bloomberg)

      • Economy:

        • European Commission adopts the EU budget 2026 proposal

        • Eurozone private sector grew slightly in May, with the Composite PMI at 50.2; economy close to stagnation (Bloomberg, Reuters)

    • Peripheral markets:

      • The Netherlands:

        • Schoof seeks parliament support on defense after government collapse (Reuters )

      • Bulgaria:

        • EU gives Bulgaria green light to adopt euro from start of 2026 (Reuters )

        • Bulgarians divided on euro after approval to join currency (Reuters )

      • Poland:

        • Keeps rates steady at first meeting after pivotal ballot (Bloomberg )

      • Norway:

        • Seafood exports snap 10-month streak on salmon retreat (Bloomberg )

        • Norway sells out of Norwegian Air share holding for $88M (Bloomberg )

    • Company news:

      • Notable Gainers

        • +23.9% CAMX.SS (Camurus SEK645.00, +124.00) -- Lilly (LLY) collaboration and license agreement for long-acting FluidCrystal incretins

        • +15.6% DSCV.LN (discoverIE Group £7.32, +0.99) -- FY EPS 25.0p vs FactSet 37.8p [11 est, 37.1-38.5p]

        • +10.3% MRL.LN (Marlowe £0.00, +0.38) -- in discussions with Mitie Group regarding a possible offer for Marlowe

          • +1.4% MTO.LN (Mitie Group £0.00, +0.02) -- confirms that it is in discussions regarding a possible offer for Marlowe

        • +8.4% WAC.GR (Wacker Neuson €23.90, +1.85) -- primary stockholders reportedly examining sale -- Bloomberg

        • +8.1% ABEO.FP (Abéo €9.08, +0.68) -- FY earnings; public offer for VOGO; acquires ELI Play

        • +4.0% RCO.FP (Remy Cointreau €48.80, +1.88) -- FY net income €121.2M vs FactSet €121.3M [17 est, €114.0-127.6M]; estimates potential increase in duties could have max gross impact of €100M; withdraws 2029-30 guidance

        • +3.5% SMWH.LN (WH Smith £10.60, +0.36) -- Trading Update: Group is on track to deliver the full year in line with expectations

        • +3.3% WLN.FP (Worldline €5.12, +0.16) -- repurchase of outstanding OCEANE worth ~€550M due Jul-26 via a reverse book-building

        • +2.9% SFOR.LN (S4 Capital £0.27, +0.01) -- AGM statement: FY LfL net revenue now expected to be down by low single digits; operational EBITDA target remains unchanged; proposes first time final dividend of 1p per share

        • +2.8% MYTIL.GA (Metlen Energy & Metals €45.24, +1.22) -- CEO says stock market listing of METKA business still on agenda - Euro2day

        • +2.2% AIR.FP (Airbus SE €170.18, +3.74) -- China could order hundreds of Airbus aircraft as early as next month - Bloomberg

        • +2.2% STAB1L.GR (Stabilus €25.55, +0.55) -- confirms 2030 targets at CMD

        • +2.1% ATCO.A.SS (Atlas Copco SEK157.40, +3.30) -- acquires Swedish compressor and power equipment distributor Itsab; terms undisclosed

        • +2.1% LIFCO.B.SS (Lifco SEK399.60, +8.20) -- acquires majority stake in Klemko Group in the Netherlands; price undisclosed

        • +2.0% BELA.GA (Jumbo €29.18, +0.58) -- May sales +12% y/y; suspends share buyback program

        • +1.9% VOE.AV (Voestalpine €23.10, +0.42) -- FY EBIT €455M vs guidance of ~ €500M

        • +1.9% ASSA.B.SS (Assa Abloy SEK304.90, +5.60) -- acquires Kingspan Door Components; terms undisclosed

        • +1.9% BERG.B.SS (Bergman & Beving SEK320.00, +6.00) -- announces divestment of Skydda's Nordic operations to Ahlsell is expected to close on 1-Jul

        • +1.7% WIHN.SW (WISeKey International Holding CHF11.02, +0.18) -- next satellite launch scheduled for mid-Jun from California

        • +1.4% KNOW.SS (Knowit SEK131.00, +1.80) -- framework agreement with Kammarkollegiet

        • +0.9% RYA.ID (Ryanair Holdings €23.71, +0.20) -- May passengers 19.6M, +4% y/y

        • +0.7% PAG.LN (Paragon Banking Group £9.09, +0.06) -- H1 EPS 48.2p vs year-ago 36.9p

        • +0.6% VOLCAR.B.SS (Volvo Car SEK17.40, +0.10) -- May car sales (12%) y/y to 59,822 units

      • Notable Decliners

        • -14.7% BME.LN (B&M European Value Retail £2.83, -0.49) -- FY EPS 33.5p vs FactSet 33.9p [17 est, 31.5-37.0p]

        • -7.1% CARM.FP (Carmila €17.30, -1.32) -- Carrefour (CA.FP) places ~9.9M Carmila shares at €17.30/each

        • -5.9% QDT.FP (Quadient €15.88, -1.00) -- Q1 revenue €258M vs year-ago €261M

        • -1.7% HMSO.LN (Hammerson £2.77, -0.05) -- CEO to retire in 2026

        • -1.0% AZA.SS (Avanza Bank Holding SEK326.20, -3.20) -- May prelim net inflow SEK 1.07B vs year-ago SEK 4.98B

        • -0.9% SWED.A.SS (Swedbank SEK257.10, -2.40) -- plan is to continue to deliver a sustainable return on equity of at least 15% - Investor Day

        • -0.5% FOXT.LN (Foxtons Group £0.65, -0.00) -- CME 2025; introduces new medium-term financial targets including to deliver £50M of adjusted operating profit

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Heidelberger Druckmaschinen (HDD.GR), M1 Kliniken (M12.GR), Burckhardt Compression Holding (BCHN.SW)

        • Nordics: Sectra (SECT.B.SS), Systemair (SYSR.SS)

        • UK: Wise (WISE.LN), Mitie Group (MTO.LN), Wizz Air Holdings (WIZZ.LN), Workspace Group (WKP.LN), CMC Markets (CMCX.LN), Dr. Martens (DOCS.LN), Marley Spoon Group (0ACA.LN)

      • CMD/events: Mota-Engil (EGL.PL)

  • Data:

    • Economics:

      • May Services PMI

        • UK PMI 50.9 vs preliminary 50.2

        • Eurozone 49.7 vs preliminary 48.9

        • Germany 47.1 vs preliminary 47.2

        • France 48.9 vs preliminary 47.4

        • Italy 53.2 vs consensus 52.1 and prior 52.9

        • Spain 51.3 vs consensus 52.8 and prior 53.4

        • Japan 51.0 vs preliminary 50.8 and 52.4 in prior month

      • Spain Apr Industrial Production +0.6% y/y vs consensus +2.5% and prior revised +0.9% from +1.0%

    • Markets:

      • WTI Crude (Jul 25): ($0.72) or (1.14%) to $62.69

      • €-$ +0.0048 or +0.43% to 1.1419

      • £-$ +0.0044 or +0.33% to 1.3561

      • €-£ +0.0009 to 0.8422

      • S&P 500 +0.20%

      • Performance year-to-date

        • FTSE 100: +7.69%

        • DAX: +21.94%

        • CAC: +5.74%

        • MIB: +17.24%

        • Stoxx 600: +8.55%

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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