Daily European Equity Opening News - 28th March 2025

ASIA

APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week's 'Liberation Day' and with markets also bracing for the latest US PCE Price Index. ASX 200 traded rangebound and was just about kept afloat by strength in consumer staples and the commodity-related sectors with gold miners rejoicing after the precious notched another fresh record high. Nikkei 225 underperformed and dipped beneath the 37,000 level as automakers continued to suffer from Trump's recent auto tariff proclamation and with firmer-than-expected Tokyo CPI data supporting the case for the BoJ to continue with future policy adjustments. Hang Seng and Shanghai Comp failed to sustain the early resilience and slipped into negative territory amid a deluge of earnings and tariff uncertainty, while it was also reported that China rejected US President Trump's offer of tariff waivers in exchange for a TikTok deal.

EUROPEAN CLOSES

CLOSES: DAX: -0.77% at 22,664, FTSE 100: -0.27% at 8,666, CAC 40: -0.51% at 7,990, Euro Stoxx 50: -0.66% at 5,376, AEX: -0.26% at 915, IBEX 35: -0.07% at 13,423, FTSE MIB: +0.10% at 39,099, SMI: -0.62% at 12,859, PSI: +0.18% at 6,899.

SECTORS: Utilities 0.93%, Consumer Stpl 0.41%, Energy 0.20%, Telecoms -0.10%, Consumer Disc -0.11%, Financials -0.55%, Healthcare -0.63%, Industrials -0.66%, IT -1.48%, Materials -1.50%.

FTSE 100

GSK (GSK LN) - Co. is pushing for access to UK NHS health data in order to boost drug development. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

DAX

Adidas (ADS GY) - Lululemon's shares fell 10% in extended trading after it issued a weak outlook, and warned of reduced US consumer spending.

Deutsche Bank (DBK GY) - CEO Sewing's contract has been extended to 2029, Akram to succeed Von Moltke as CFO following a transition period. (Newswires)

OTHER GERMAN COMPANIES

CureVac (5CV GY) - Received positive validity decision from the European patent office in litigation against BioNTech (22UA GY). (Newswires)

BROKER MOVES

CAC

STMicroelectronics (STM FP) - Dividend of USD 0.36/shr. (Newswires)

OTHER FRENCH COMPANIES

Ubisoft (UBI FP) - Creating a new subsidiary, in which Tencent (0700 HK) is to invest EUR 1.16bln for a minority stake of around 25%; entity has a enterprise value of EUR 4bln. Subsidiary would include teams creating Rainbow Six, Assassin's Creed and Far Cry. (Newswires)

BROKER MOVES

PAN EUROPE

Chinese President Xi - Xi met with the leaders of AstraZeneca (AZN LN), Blackstone (BX), FedEx (FDX), Maersk (MAERSB DC), Pfizer (PFE), Saudi Aramco, Sanofi (SAN FP), Standard Chartered (STAN LN), Samsung Electronics (005930 KS). (Newswires)

Flight Names - Heathrow airport has cautioned that airlines risk having to pay GBP 1bln for better power systems. (FT)

InPost (INPST NA) - FY (PLN): Revenue 10.95bln (exp. 10.9bln), adj. EBITDA 3.65bln (exp. 3.51bln). FY25 Guidance: revenue growth in the high-teens low-twenties ranges. (Newswires)

Pirelli (PIRC IM) - Co. has postponed its financial report to April 28th. (Newswires)

UniCredit (UCG IM) - To pay a dividend of EUR 1.476/shr. (Newswires)

UniPol (UNI IM) - 2025-27 plan (EUR): consolidated profit of 3.8bln, dividends of 2.2bln, total insurance income 18bln, intend to invest 0.5bln in tech. (Newswires)

BROKER MOVES

SMI

Holcim (HOLN SW) Unlocks value with NextGen Growth 2030: targeting 3-5% sales growth annually, 6-10% EBIT growth annually

OTHER SWISS COMPANIES

BROKER MOVES

Adecco (ADEN SW) upgraded to Buy from Neutral at Goldman Sachs

SCANDINAVIA

Maersk (MAERSKB DC) - Implementing peak season surcharge for scope-South-Europe to Mexico for dry containers, effective from April 12th. (Newswires)

BROKER MOVES

Kone (KNEBV FH) cut to Hold from Buy at Jeffries

US

CLOSES: SPX -0.33% at 5,693, NDX -0.59% at 19,799, DJI -0.37% at 42,300, RUT -0.39% at 2,066

SECTORS: Energy -0.85%, Communication Services -0.84%, Technology -0.75%, Industrials -0.51%, Real Estate -0.25%, Financials -0.23%, Utilities -0.04%, Materials -0.03%, Consumer Discretionary +0.09%, Health +0.19%, Consumer Staples +1.00%.

AAR Corp. (AIR) - Q3 adj. EPS of 0.99 (exp. 0.96), Q3 revenue USD 678mln (exp. 699.1mln). Exec noted that sales increased 20% Y/Y, driven by strong demand for aftermarket services, with notable growth in Parts Supply and Repair & Engineering segments. CEO expects continued sales growth and margin expansion, with further deleveraging in Q4 and FY26.

CoreWeave (CRWV) - CoreWeave's IPO raised USD 1.5bln, after it priced 37.5mln shares at USD 40.00 each, below the USD 47-55 target range. The deal was downsized from 49mln shares, reflecting weaker demand amid market volatility.

Lululemon Athletica Inc (LULU) - Lululemon's shares fell 10% in extended trading after it issued a weak outlook, and warned of reduced US consumer spending. Q4 EPS 6.50 (exp. 5.85), Q4 revenue USD 3.60bln (exp. 3.58bln). Q4 operating margin 28.9% (exp. 27.8%), Q4 gross margin 60.4% (exp. 59.7%). Q4 total location count 767 (exp. 765), Q4 inventory USD 1.44bln (exp. 1.51bln). CEO cited high inflation, geopolitical tensions, and a global trade war under President Trump as factors affecting sales, with shoppers visiting stores less frequently. Sees Q1 EPS between 2.53-2.58 (exp. 2.78), and sees Q1 net revenue between USD 2.34-2.36bln (exp. 2.39bln). For the FY, sees EPS between 14.95-15.15 (exp. 15.38).

28 Mar 2025 - 06:45- Research Sheet- Source: Newsquawk