Newsquawk Daily European Equity Opening News - 17th April 2025

ASIA

APAC stocks shrugged off the negative handover from Wall St. but with gains capped amid a lack of bullish drivers and as trade uncertainty lingered. ASX 200 was led higher by strength in energy and mining stocks following recent gains in underlying commodity prices and as participants digest quarterly updates from the likes of BHP, South32 and Santos. Nikkei 225 reclaimed the 34,000 status amid favourable currency moves and with US President Trump suggesting big progress was made in US-Japan trade talks. Hang Seng and Shanghai Comp conformed to the positive mood but with the gains in the mainland limited by the ongoing US-China trade frictions, while officials from MOFCOM, MIIT and the PBoC are set to hold a briefing on Monday where China will announce an expansion plan for its service sector.

BHP (BHP AT) - Q3 WAIO iron ore production was flat Y/Y but fell 7% Q/Q to 60.1mln tons, WAIO (100% basis) iron ore production was flat Y/Y but fell 7% Q/Q to 67.8mln tons, nickel output fell 88% Y/Y to 2.3k tons, copper output rose 10% Y/Y to 513.2k tons. (Newswires)

China - China is to announce an expansion plan for its service sector at a briefing on Monday with officials from MOFCOM, MIIT and the PBoC to attend the briefing MOF held a meeting with experts on international economic conditions. (Newswires)

TSMC (TSM / 2330 TT) - Q1 (TWD) Net Profit 361.6bln (exp. 354.6bln), Op. Profit 407.1bln (prev. 249bln Y/Y), Revenue 839.3bln (prev. 592.6bln Y/Y) Capex 10.06bln (prev. 5.77bln Y/Y).

EUROPEAN CLOSES

CLOSES: DAX: +0.21% at 21,276, FTSE 100: +0.26% at 8,270, CAC 40: -0.07% at 7,330, Euro Stoxx 50: -0.19% at 4,961, AEX: -0.42% at 854, IBEX 35: +0.48% at 12,932, FTSE MIB: +0.51% at 36,026, SMI: -0.04% at 11,594, PSI: +0.59% at 6,746

SECTORS: Energy 1.81%, Utilities 1.25%, Consumer Stpl 0.51%, Telecoms 0.49%, Financials 0.16%, Materials -0.35%, Consumer Disc -0.36%, Healthcare -0.48%, Industrials -0.81%, IT -2.15%

FTSE 100

Ex-dividends - Antofagasta (ANTO LN), BAE (BA/ LN), Unite (UTG LN), Convatec (CTEC LN), Rolls Royce (RR/ LN), LSEG (LSEG LN), Weir (WEIR LN), Fresnillo (FRES LN) trade without entitlement to their latest dividend payout. (dividenddata)

GSK (GSK LN) - GSK's Arexvy recommended for adults aged 50–59 at increased risk for severe RSV disease by the U.S. Advisory Committee on Immunization Practices. GSK's meningococcal vaccine PenmEnvy receives positive recommendation from the U.S. Advisory Committee on Immunization Practices. (Newswires)

Rio Tinto (RIO LN) - Co. partners with Indian firm AMG to explore a low-carbon aluminium project. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Antofagasta (ANTO LN) upgraded to Sector Perform from Underperform at RBC

Bunzl (BNZL LN) downgraded to Neutral from Overweight at JPMorgan

Rightmove (RMV LN) downgraded to Hold from Buy at HSBC

Jet2 (JET2 LN) initiated with Overweight at JPMorgan

DAX

Bayer (BAYN GY) - Bluerock therapeutics announces publication in nature of 18-month data from phase 1 clinical trial for bemdaneprocel, investigational cell therapy for Parkinson's disease; Bluerock expects to initiate a phase 3 clinical trial for BEMD. (Newswires)

Siemens Energy (ENR GY) - Co. raises outlook for FY25 Expects group to achieve comparable revenue growth in FY 25 in range of 13-15%. Expects 2025 net income of up to EUR 1bln. Prelim Q2 25 results Orders 14.433bln (exp. 12.485bln), up 52.3% on comparable basis. Profit 615mln. Revenue 9.962bln (exp. 9.319bln). FCF pre-tax 1.39bln (prev. 483mln Y/Y). (Newswires) Shares +6.5% in pre-market trade

Rheinmetall (RHM GY) - Co. sees order potential of up to EUR 300bln by 2030, CEO tells Handelsblatt. CEO says Co. is in contact with Volkswagen (VOW3 GY) management over Osnabrueck Plant, but does not expect an agreement soon. (Handelsblatt)

OTHER GERMAN COMPANIES

Evotec (EVT GY) - FY (EUR): Adj. EBITDA 22.6mln (exp. 5mln, prev. 66.4mln Y/Y), Revenue 797mln (exp. 802mln, prev. 781.4mln Y/Y). Guides FY25 Revenue 840-880mln (exp. 879mln). (Newswires) Shares +3.8% in pre-market trade

BROKER MOVES

CAC

Pernod Ricard (RI FP) - Q3 (EUR): Sales 2.28bln (exp. 2.36bln), -3% Y/Y. Sales by region: USA +2%, India +1%, China -5%. Confirms 2025 outlook. 9-month sales 8.45bln, -4% Y/Y. Interim dividend of EUR 2.35/shr. Negative FX impact exp. to be broadly similar to H1. (Newswires)

OTHER FRENCH COMPANIES

Atos (ATO FP) - Q1 (EUR): Revenue 2.06bln, -15.9% Y/Y. Revenue impacted by lower order entry and contract completion in 2024. (Newswires)

Forvia (FRVIA FP) - Q1 (EUR): Sales 6.70bln (exp. 6.53bln). Confirms FY guidance. Implements maximized flexibilization of production costs in sites where volumes are already hit by tariffs; implements hiring freeze, immediate reduction of non-permanent contracts, targets reduction of capex Implements travel restrictions, marketing expense cuts.

Icade (ICAD FP) - Q1 (EUR): Revenue 326mln. Confirms 2025 guidance. (Newswires)

Spie (SPIE FP) - Co. signs an agreement to acquire LTEC in Poland; expects to finalise transaction in Q2'25. (Newswires)

BROKER MOVES

Schneider Electric (SU FP) upgraded to Buy from Neutral at Citi

PAN EUROPE

Arcadis (ARCAD NA) - Awarded 4yr new design services framework with London Gatwick. (Newswires)

Brunello Cucinelli (BCU IM) - Q1 2025 (EUR): Revenue 341.5mln (exp. 343mln); confirms 2025 revenue growth guidance at around 10%. Confirms 2026 revenue growth guidance at around 10%. (Newswires)

InPost (INPST NA) - Acquires majority stake in Yodel; CEO said that total value of acquisition is GBP 136mln, incl. debt refinancing. (Newswires)

Moncler (MONC IM) - Q1 25 (EUR): Group revenue 829mln (exp. 816mln), Stone Island revenue 107.3mln (exp. 122mln), Moncler revenue 722mln (exp. 745mln). Co. says group is not evaluating moving production to the US. Does not expect a material impact on 2025 prices if US tariffs are confirmed, spring-summer collection has already been shipped. (Newswires)

MFE (MFE IM) / Prosiebensat 1 Media (PSM GY) - MFE CEO is to decide later on the potential over a ProSieben share purchase; do not see any major step in the near future. (Newswires)

MFE (MFE IM) - FY (EUR): Net Profit 137.9mln after impairment on investment in ProSiebenSat.1; impairment worth EUR 128.2mln. Advertising rev. in Q1'25 similar to prior year. Proposes 8% dividend hike of EUR 0.27/shr. (Newswires)

BROKER MOVES

SMI

ABB (ABBN SW) - Q1 (USD) Net Income 1.1bln (exp. 0.94bln, prev. 0.91bln Y/Y), Revenue 7.94bln (exp. 7.944bln). Launches USD 1.5bln buyback. Notes of increased uncertainty in Q2. Guides Q2 Comparable Revenue "growth mid-single digit range". Affirms guidance. Co. plans to spin off robotics division into a separately listed company; plan for a listing in Q2'26. Foreseen to be distributed to ABB's shareholders as a dividend in-kind in proportion to existing shareholding. (Newswires)

OTHER SWISS COMPANIES

VAT (VACN SW) - Q1 (CHF): Revenue 275.1mln (exp. 364mln), +39% Y/Y. Guides Q2 Revenue 260-290mln. (Newswires)

BROKER MOVES

SCANDINAVIA

Bavarian Nordic (BAVAB DC) - Co’s chikungunya vaccine receives recommendation from the U.S. CDC’s Advisory Committee on Immunization Practices (ACIP)

Elisa (ELISA FH) - Q1 (EUR): Revenue 556mln (exp. 559.9mln, prev. 535mln Y/Y). (Newswires)

BROKER MOVES

Norsk Hydro (NHY NO) upgraded to Outperform from Sector Perform at RBC

US

CLOSES: SPX -2.24% at 5,276, NDX -3.04% at 18,258, DJI -1.73% at 39,669, RUT -1.03% at 1,863

SECTORS: Technology -3.94%, Consumer Discretionary -2.69%, Communication Services -2.48%, Financials -1.57%, Industrials -1.38%, Consumer Staples -1.15%, Health -1.00%, Utilities -0.93%, Materials -0.77%, Real Estate -0.16%, Energy +0.80%.

Alcoa Corp (AA) - Q1 2025 (USD): Adj. EPS 2.15 (exp. 1.8), Revenue 3.37bln (exp. 3.57bln) Aluminum production 564,000 MT, +4.1% y/y (exp. 587,233). Aluminum shipments 609,000 MT, -3.9% y/y (exp. 640,175). Alumina production 2.36mln MT, -12% y/y (exp. 2.52mln). Alumina third-party shipments 2.11mln MT, -12% y/y (exp. 2.20mln). Guidance: Still sees FY aluminum shipments 2.6-2.8mln metric tonnes. Total 2025 alumina segment production and shipments unchanged from prior projection. In Q2, aluminum segment forecasts USD 90mln sequential unfavourable impacts due to US Section 232 tariffs on Canadian aluminum imports. (Newswires)

Ford (F) Co. tells dealers it may raise prices in May if tariffs continue, according to Automotive News. (Automotive News)

Kinder Morgan Inc (KMI) - Q1 2025 (USD): Adj. EPS 0.34 (exp. 0.35), Revenue 4.24bln (exp. 4.05bln), CO2 segment weighted average NGL price per barrel 35.36 (exp. 32.07). Adj. EBITDA 2.16bln (exp. 2.15bln). Guidance: Tariffs won't have significant impact on project economics. FY adj. EPS 1.27 (exp. 1.29). (Newswires)

Intel (INTC) Co. told its Chinese clients last week that chips which would require a licence for exporting to China if chips meet certain requirements, according to FT "Intel told its Chinese clients last week that chips which would require a licence for exporting to China if they have: a total DRam bandwidth of 1400 gigabytes per second or more; I/O bandwidth of 1100 GB per second or more; or a total of both of 1700 GB per second or more, according to a company email. Intel’s Gaudi series as well as Nvidia’s H20 far exceed these requirements." (Newswires)

17 Apr 2025 - 06:59- Research Sheet- Source: Newsquawk