Newsquawk Daily European Equity Opening News - 25th April 2025

ASIA

APAC stocks mostly gained as the region took impetus from the rally on Wall St amid trade-related optimism after President Trump suggested that the US and China held talks despite a denial by the latter. However, conditions were somewhat quieter for most of the session with the absence of markets in Australia and New Zealand for a holiday, although there was a slight boost on reports that China is said to consider exempting some US goods from tariffs. Nikkei 225 rallied at the open but with further gains initially capped as participants digested firmer-than-expected Tokyo CPI before the China tariff story provided a late tailwind. Hang Seng and Shanghai Comp were somewhat varied as the Hong Kong benchmark rallied amid strength in property, tech and casino stocks, while the mainland lagged following the conflicting statements by the US and China on whether trade talks took place.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.38% at 5,118, DAX +0.49% at 22,069, CAC 40 +0.27% at 7,503, FTSE 100 +0.05% at 8,407, SMI +1.09% at 11,937, FTSE MIB +0.96% at 36,809, IBEX 35 -0.22% at 13,180, PSI +0.61% at 6,878, AEX +0.27% at 872.

FTSE 100

Shell (SHEL LN) - Ecopetrol says Shell has pulled out of joint offshore projects in Colombia's Caribbean, while Ecopetrol is evaluating the strategy to ensure continuity of gas projects in the Southern Caribbean. (Newswires)

UK - UK GfK Consumer Confidence (Apr) -23.0 vs. Exp. -22.0 (Prev. -19.0); GfK consumer insights director says, "Consumers have not only been grappling with multiple April cost increases in the form of utilities, council tax, stamp duty, and road tax, but they are also hearing dire warnings of renewed high inflation on the back of the Trump tariffs". (Newswires)

UK/US Trade - UK Chancellor Reeves says countries like the UK and US have managed to change things, wants tariffs and trade barrier issues solved for the global economy. US has a point on imbalances in the global economy. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

Deutsche Telekom (DTE GY) - T-Mobile shares fell 5.5% post-earnings, after the Co. missed estimates for wireless subscriber additions, whilst beating on top- and bottom-lines. (Newswires) Note: Deutsche Telekom owns a 51.5% stake in T-Mobile US; DTE GY are indicated lower by 2.2%

Merck (MRK GY) Co. nears roughly USD 3.5bln deal for Springworks (SWTX), according to WSJ. (WSJ)

OTHER GERMAN COMPANIES

Atoss (AOF GY) - Q1 (EUR): EBITDA 16.7mln (prev. 15.1mln Y/Y). Affirms guidance. (Newswires)

Nordex (NDX1 GY) - Q1 (EUR): Sales 1.42bln (exp. 1.64bln). Remains confident of achieving targets for this year and in the medium term. (Newswires)

BROKER MOVES

CAC

Carrefour (CA FP) - Q1 2025 (EUR): Group sales pre-IAS 22.67bln, France sales 10.93bln; FY25 financial targets confirmed. (Newswires)

Eurofins Scientific (ERF FP) - Launches sixth buyback programme of up 4.5%, ending no later than 24th Apr 2026. (Newswires)

Saint Gobain (SGO FP) - Q1 2025 (EUR): Sales 11.7bln, +3.2%; 2025 outlook confirmed and expects op. margin more than 11%. (Newswires)

Safran (SAF FP) - Q1 (EUR): Revenue 7.26bln (prev. 6.22bln Y/Y). Affirms guidance. (Newswires)

Michelin (ML FP) - Q1 2025 (EUR): Sales 6.5bln, -1.9%; Sales from specialty business segment 1.43bln (exp. 1.45bln), Sales from road transportation segment 1.53bln (exp. 1.56bln), Sales from automotive segment 3.56bln (exp. 3.42bln). (Newswires)

Vinci (DG FP) - Q1 (EUR): Revenue 16.3bln, +4% Y/Y; 2025 guidance unchanged. (Newswires)

OTHER FRENCH COMPANIES

Accor (AC FP) - Q1 (EUR): Revenue 1.35bln (exp. 1.31bln). Mid-term growth outlook confirmed. (Newswires)

Spie (SPIE FP) - Q1 (EUR): Revenue 2.42bln (prev. 2.23bln Y/Y). (Newswires)

URW (URW FP) - Q1 (EUR): Total Turnover 800.5mln. Confirms AREPS guidance. (Newswires)

BROKER MOVES

Pernod Ricard (RI FP) upgraded to Buy from Hold at Kepler

PAN EUROPE

Trade - China is said to consider exempting some US goods from tariffs as costs increase, according to Bloomberg citing sources familiar with the matter. US President Trump said either countries negotiate a deal or they will set a deal and some will be tariffed, at some point, while they will set prices for deals. (Newswires)

BBVA (BBVA SM) - Spain's antitrust body expected to approve BBVA (BBVA SM) of Sabadell (SAB SM) with remedies as early as next week, according to Reuters sources. (Reuters)

Banco BPM (BAMI IM) - Co. formally rejects UniCredit (UCG IM) takeover offer. (Newswires)

Signify (LIGHT NA) - Q1 (EUR): Sales 1.4bln (exp. 1.47bln). Confirms guidance. (Newswires)

BROKER MOVES

SMI

Baloise (BALN SW) - Patria buys a 9.351% stake from Cevian Capital. (Newswires)

Holcim (HOLN SW) - Q1 (USD): Op. Profit 515mln (exp. 494mln), Sales 5.54bln (exp. 5.49bln). Confirms FY guidance. (Newswires)

Roche (ROG SW) - New England Journal of Medicine publishes Phase III data showing single-dose Xofluza significantly reduces influenza virus transmission. Trial met its primary endpoint. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Kemira (KEMIRA FH) - Q1 (EUR): EPS 0.38 (exp. 0.43), Revenue 708.8mln (exp. 736mln). (Newswires)

Saab (SAABB SS) - Q1 (SEK): Net Income 1.28bln (prev. 784mln Y/Y), EBIT 1.45bln (exp. 1.41bln). Affirms guidance. (Newswires)

SKF (SKFB SS) - Q1 (SEK): Revenue 24bln (prev. 24.7bln Y/Y). Says so far, have largely compensated for increased tariff costs through price adjustments and expect to continue to do so in Q2. (Newswires)

Wartsila (WRT1V FH) - Q1 (EUR): Adj. EBIT 171mln (exp. 170mln), Revenue 1.56bln (exp. 1.7bln). (Newswires)

BROKER MOVES

US

CLOSES: SPX +2.03% at 5,485, NDX +2.79% at 19,214, DJI +1.23% at 40,093, RUT +2.00% at 1,958.

SECTORS: Technology +3.49%, Communication Services +2.30%, Consumer Discretionary +2.24%, Industrials +2.22%, Materials +2.03%, Energy +1.45%, Health +1.25%, Financials +1.12%, Real Estate +0.26%, Utilities +0.17%, Consumer Staples -0.96%

AI - Amazon (AMZN) and Nvidia (NVDA) say AI data centre demand is not slowing down, via CNBC. (CNBC)

Alphabet Inc (GOOGL) - Q1 25 (USD): EPS 2.81 (exp. 2.00), Revenue 90.23bln (exp. 89.28bln), Revenue ex-TAX 76.49bln (exp. 75.4bln). Authorised USD 70bln buyback of Class A and Class C shares; raises dividend 5% Revenue breakdown Google Services revenue: +9.8% y/y to 77.26bln (exp. 76.31bln) Google advertising revenue: +8.5% y/y to 66.89bln (exp. 66.39bln) Google Search & Other revenue: -6.2% q/q to 50.70bln (exp. 50.3bln) YouTube ads revenue: +10% y/y to 8.93bln (exp. 8.94bln) Google Network revenue: -8.8% q/q to 7.26bln (exp. 7.13bln) Google Subscriptions, Platforms and Devices revenue: -11% q/q to 10.38bln (exp. 9.91bln) Google Cloud revenue: +28% y/y to 12.26bln (exp. 12.32bln) Other Bets revenue: -9.1% y/y to 450mln (exp. 473.9mln) Operating Income Operating income: +20% y/y to 30.61bln (exp. 28.86bln) Google Services operating income: +17% y/y to 32.68bln (exp. 30.42bln) Google Cloud operating income: 2.18bln (prev. 900mln y/y, exp. 1.94bln) Other Bets operating loss: +20% y/y to 1.23bln (exp. loss 1.12bln) Operating margin: 34% (prev. 32% y/y, exp. 32.3%) Other Number of employees: +2.7% y/y to 185,719 (exp. 183,718). (Newswires) Shares +4.6% after-hours

Apple (AAPL) Co. plans to shift the assembly of all US-sold iPhones to India as soon as next year, according to FT. (FT)

Intel Corp (INTC) - Q1 2025 Adj. EPS 0.13 (exp. 0.01), Revenue 12.70bln (exp. 12.20bln) Guides Q2 Adj. EPS 0.00 (exp. 0.06) Guides Q2 revenue USD 11.2bln-12.4bln (exp. 12.82bln) Announces initiative to drive improved execution and operational efficiency, while plans includes to streamline organisation and eliminate management layers. (Newswires) Shares -5.1% after-hours

T-Mobile US Inc (TMUS) - Q1 2025 EPS 2.58 (exp. 2.48), Revenue 20.89bln (exp. 20.61bln) Key Metrics: Service revenue 16.93bln (exp. 16.94bln, +5.2% y/y) Total net customers +1.38mln (exp. +1.14mln, +18% y/y) Postpaid net customers +1.34mln (exp. +1.17mln, +9.6% y/y) Postpaid phone net customers +495,000 (exp. +506,557, -7% y/y) Postpaid other net customers +842,000 (exp. +665,771, +22% y/y) Adj. EBITDA 8.26bln (exp. 8.09bln, +7.9% y/y) Postpaid phone ARPU 49.38 (exp. 49.56) Prepaid ARPU 34.67 (exp. 35.04, -6.8% y/y) Capital expenditure 2.45bln (exp. 2.55bln, -6.7% y/y) Total customers at end of period 130.91mln (exp. 130.23mln, +8.3% y/y). Executive says final launch pricing for satellite service is USD 10 a month, with commercial service starting in July. (Newswires)

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