Newsquawk Daily European Equity Opening News - 28th April 2025

ASIA

APAC stocks were mixed amid a lack of major catalysts from over the weekend and with a very quiet calendar to start a busy week of earnings results and key data releases including the latest US NFP report. ASX 200 was led higher by outperformance in tech, healthcare and energy, while miners lagged after mixed production updates. Nikkei 225 advanced at the open as participants digested earnings releases and M&A news in which Toyota Motor's chairman and founding family made a takeover proposal for Toyota Industries. However, the index has since pulled back from today's peak after failing to sustain a brief return above the 36,000 level. Hang Seng and Shanghai Comp lagged amid some disappointment from Beijing's press conference on policies and measures for stabilising employment, ensuring stable growth and promoting high-quality development which was conducted by the deputy heads of government agencies and the PBoC and lacked any major concrete policy measures.

China - PBoC Deputy Governor says China will cut RRR and interest rates at an appropriate time, adds will guide financial institutions to guarantee financing demand for foreign trade firms. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: +0.78 % at 22,236, FTSE 100: +0.09 % at 8,415, CAC 40: +0.45 % at 7,536, Euro Stoxx 50: +0.80 % at 5,156, AEX: +0.10 % at 873, IBEX 35: +1.33 % at 13,355, FTSE MIB: +1.47 % at 37,348, SMI: +0.29 % at 11,952, PSI: +0.93 % at 6,943.

SECTORS: Industrials 1.51%, Energy 0.99%, Financials 0.80%, IT 0.74%, Consumer Disc 0.56%, Materials 0.32%, Healthcare -0.13%, Utilities -0.44%, Consumer Stpl -1.52%, Telecoms -1.84%

FTSE 100

Deliveroo (ROO LN) - Co. confirms on 5th April it received an indicative proposal from DoorDash (DASH) of 180p per Deliveroo share; board would recommend offer if made on current terms, DoorDash must announce intention by 23rd May 2025. (Newswires)

Unilever (ULVR LN) - Co. said it did not try to oust former Ben & Jerry's CEO for his social activism, via Reuters citing sources. (Reuters)

UK Trade - UK Chancellor Reeves says she met with US Treasury Secretary Bessent, says the goal is reaching an agreement that is in both their national interests. (Newswires)

Whitbread (WTB LN) - Sky News writes that the Chair of Severn Trent (SVT LN) and Intertek (ITRK LN) are the top contenders for the next Chair of Whitbread. (Sky News)

OTHER UK COMPANIES

ITV (ITV LN) - French entertainment company Banijay is exploring a takeover bid for ITV, according to the FT citing sources. Discussions are at an early stage, and no deal is guaranteed, the sources added. (FT)

BROKER MOVES

Antofagasta (ANTO LN) upgraded to Add from Hold at Peel Hunt

Berkely (BKG LN) upgraded to Buy from Neutral at UBS

Man (EMG LN) downgraded to Neutral from Overweight at JPMorgan

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

Fraport (FRA GY) downgraded to Underperform from Hold at Jefferies

Hannover Re (HNR1 GY) downgraded to Hold from Buy at HSBC

Munich Re (MUV2 GY) downgraded to Hold from Buy at HSBC

CAC

Airbus (AIR FP) - Spirit AeroSystems (SPR) signs divestiture agreement with Airbus. (Newswires)

Carrefour (CA FP) - Co. successfully completes acquisition of remaining shares in Carrefour Brazil; exp. to close by mid-June 2025. (Newswires)

Exosens (EXENS FP) - Q1 (EUR): Revenue 104.9mln (exp. 101mln). Confirms guidance. (Newswires)

Lagardere (MMB FP) - Q1 25 (EUR): Revenue 1.88bln, +5.1% Y/Y. Group is not being asked to pay nearly EUR 200mln as some articles suggest; discussions are ongoing with tax authorities. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Trade - USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ. EU Economy Commissioner Dombrovskis met with US Treasury Secretary Bessent and discussed tariffs; EU is willing to reach mutually agreeable solution. US President Trump says will not drop China tariffs unless they give the US something. (Newswires / WSJ)

Argenx (ARGX BB) - Co. announces positive CHMP opinion for Vyvgart (efgartigimod alfa) subcutaneous injection for chronic inflammatory demyelinating polyneuropathy (CIDP). (Newswires)

Mediobanca (MB IM) - Co. has launched a EUR 6.3bln offer to purchase Banca Generali (BGN IM). Deal would be funded by the sale of shares Mediobanca holds in Generali (G IM); confirms dividend payments of EUR 4bln (Newswires)

Strabag (STR AV) - FY (EUR): EBITDA 1.64bln, +16% Y/Y. Dividend proposal of EUR 2.50/shr (prev. EUR 2.30/shr). (Newswires)

Saipem (SPM IM) - Co. awarded contract in UK; deal estimated value around EUR 520mln over three years. (Newswires)

BROKER MOVES

BE Semiconductor (BESI NA) upgraded to Hold from Reduce at HSBC

Saipem (SPM IM) upgraded to Buy from Hold at Stifel

SMI

Nestle (NESN SW) - Co. appoints Jeff Hamilton as CEO zone Americas, Steve Presley to retire from co. on 30th April 2025. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Skanska (SKAB SS) - Received order to build bridge for SEK 380mln. (Newswires)

Vestas (VWS DC) - Chairman Runevad warned that there is a "big discrepancy" between the industry's targets and the reality of the situation. (FT)

Zealand Pharma (ZEAL DC) - CEO Steensberg says the partnership with Roche (ROG SW) is the "best deal ever", and will help the Co. to become a "generational biotech" that will not need to sell itself. (FT)

BROKER MOVES

Assa Abloy (ASSAB SS) upgraded to Neutral from Sell at Citi

US

CLOSES: SPX +0.74% at 5,525, NDX +1.14% at 19,433, DJI +0.05% at 40,114, RUT +0.00% at 1,958

SECTORS: Materials -0.73%, Financials -0.42%, Utilities -0.38%, Consumer Staples -0.24%, Real Estate -0.13%, Energy -0.11%, Industrials +0.01%, Health +0.51%, Communication Services +1.02%, Technology +1.62%, Consumer Discretionary +1.96%.

Google (GOOGL) - Co. could face another trial over its antitrust practices in September, according to a proposal filed by both Google and the Department of Justice with a Virginia court on Thursday, The Information reports. (The Information)

28 Apr 2025 - 06:51- Research Sheet- Source: Newsquawk