Jul 04 ,2025
Synopsis
European indices are set to open a little lower today as Asian equities trade mixed. Hang Seng leading China market declines with tech stocks extending recent weakness. Korean and Taiwan stocks also lower while Japan and Australia little changed.
US equities were higher in Thursday trading as stocks ended near best levels. S&P and Nasdaq posted another record close, capped off healthy gains for the holiday-shortened week. US indices closed early today and off Friday for Independence Day.
Friday sees, in central banks, ECB's Elderson speech at 10:00CET at IMF OEDNE/World Bank Group EDS19 Constituency Meeting. Bank of Spain's Escrivá speech at 14:00CET on final day of event jointly organised with CEMFI-UIMP.
Economic data: Germany May Factory Orders (1.4%) m/m vs consensus (0.2%)
Later today June construction PMI, France May industrial production, Italy May retail sales, Spain May industrial production, UK Jun construction PMI, Switzerland Jun unemployment rate
Few earnings so far today : (ATRLJ.B.SS) Atrium Ljungberg reports Q2 EPS SEK0.10 vs FactSet SEK0.50. (AKRBP.NO) Aker BP reports Q2 net production mboepd 415.0K vs vs quarter-ago 441.4
Politics/Macro/World News
Top company news
Earnings/updates
LSG.NO (Lerøy Seafood Group) -- Q2 trading update: total harvest volume of salmon and trout (GWT) 48,900 vs year-ago 36,700
BVB.GR (Borussia Dortmund) -- close to transfer of Jamie Gittens to Chelsea
M&A
AF.FP (Air France-KLM) -- to raise its stake in SAS from 19.9% to 60.5%; value of investment to be determined at closing
SAB.SM (Banco de Sabadell) -- shareholders to vote on 6-Aug on sale of TSB Banking Group and proposed €0.50/share extraordinary cash dividend (post EU close 3-Jul)
BPSO.IM (Banca Popolare di Sondrio) -- BPER Banca raises offer price for Banca Popolare di Sondrio (post EU close 3-Jul)
NG.LN (National Grid) -- CKI, Omers consortium in final round for National Grid's Isle of Grain LNG terminal - Bloomberg (18:05 BST/01:05 HKT)
FER.SM (Ferrovial) -- completes sale of Heathrow stake
COFB.BB (Cofinimmo) -- acquires two development projects for €11M
OVS.IM (OVS) -- completes acquisition of Goldenpoint S.p.A.
Other
DTE.GR (Deutsche Telekom) -- to begin third tranche of up-to-€2B 2025 buyback program today
EVO.SS (Evolution) -- announces new partnership agreement with Bally's Corporation
DTG.GR (Daimler Truck Holding) -- Daimler Truck signs LOI for vehicle assembly in Senegal
AMS.SW (ams-OSRAM) -- extends Revolving Credit Facility until September 2027, includes mechanisms for a reduction to €600M in line with reduced financing needs
VX8A.SW (voxeljet) -- Court confirms plan for Anzu to contrinbute €2.5M in voxeljet
Trump administration allows GE Aerospace to resume sending engines to COMAC - Reuters
Key rating changes
Upgrades
SCT.LN (Softcat) -- to buy from hold at Berenberg
Downgrades
LOOMIS.SS (Loomis) -- to hold from buy at DNB Carnegie
AKSO.NO (Aker Solutions) -- to hold from buy at SEB
ENC.SM (ENCE Energia y Celulosa) -- to hold from buy at Jefferies
ACSO.LN (accesso Technology Group) -- to hold from buy at Peel Hunt
Initiations
A2A.IM (A2A) -- neutral at BNP Paribas Exane
SHUR.BB (Shurgard Self Storage) -- buy at Goldman Sachs
Data
Nikkei +0.11% to 39828.37
Hang Seng (0.31%) to 23995.08
Shanghai Composite +0.77% to 3487.75
S&P futures (16.3) vs prior close of 6324.3
€-$ +0.0027 or +0.23% to 1.1785
$-¥ (0.60) or (0.42%) to 144.32
€-¥ (0.28) or (0.16%) to 170.10
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