Newsquawk Daily European Equity Opening News - 29th April 2025

ASIA

APAC stocks were mostly in the green but with some of the gains capped following the choppy performance stateside and in holiday-thinned conditions with Japanese markets closed for a holiday, while reports that US President Trump is expected to soften the impact of his automotive tariffs saw a muted reaction. ASX 200 gained amid outperformance in the energy, tech and resources sectors, while miners were also lifted as participants digested output updates. Hang Seng and Shanghai Comp were varied as the mainland lagged owing to uncertainty from the US-China trade war with US Treasury Secretary Bessent recently commenting that it is up to China to de-escalate and that he has an "escalation ladder in his back pocket", while China's Foreign Ministry reiterated its denial regarding a Trump-Xi call and Foreign Minister Wang Yi warned that compromise and backing down would only embolden the bully.

EUROPEAN CLOSES

CLOSES: DAX: +0.06 % at 22,257, FTSE 100: +0.02 % at 8,417, CAC 40: +0.50 % at 7,574, Euro Stoxx 50: +0.32 % at 5,171, AEX: -0.02 % at 873, IBEX 35: +0.68 % at 13,447, FTSE MIB: +0.31 % at 37,466, SMI: +0.47 % at 12,009, PSI: -1.01 % at 6,873

SECTORS: Healthcare 1.28%, Consumer Stpl 0.82%, Utilities 0.53%, Financials 0.45%, Telecoms 0.31%, Consumer Disc 0.29%, IT 0.25%, Materials 0.17%, Energy 0.14%, Industrials 0.10%

FTSE 100

HSBC (HSBA LN) - Q1 (USD) Pre-tax profit 9.5bln (exp. 7.8bln), Revenue 17.7bln (exp. 16.7bln). Co. announced a share buyback of up to USD 3bln and approved first interim dividend for 2025 of USD 0.10/shr. (Newswires) Shares +1.7% in Hong Kong trade

UK BRC - UK BRC Shop Price Index YY (Apr) -0.1% vs Exp. -0.2% (Prev. -0.4%). (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

Adidas (ADS GY) - Q1 (EUR): Revenue 6.15bln (prelim 6.2bln). Affirms outlook but notes that the range of possible outcomes has increased. Notes that it cannot currently produce almost any of its products in the US. "We are somewhat exposed to those currently very high tariffs; will eventually cause higher costs for all products in the US market". Currently see positive development in all other markets. (Newswires)

Bayer (BAYN GY) - Guru Ramamurthy appointed new CFO for Bayer's Crop Science Division. (Newswires)

Deutsche Bank (DBK GY) - Q1 (EUR) Pretax profit 2.80bln (exp. 2.60bln), Revenue 8.50bln (exp. 8.30bln), FIC Sales & Trading Revenue 2.94bln (exp. 2.73bln). Affirms guidance. Notes that Q1 results puts the Co. on track to deliver 2025 goals. CET1 13.8% (prev. 13.8% Q/Q). Corporate bank revenue 1.87bln, -1% Y/Y. Private Bank Revenue 2.44bln, +3% Y/Y. (Newswires) Shares +1.8% in pre-market trade

Lufthansa (LHA GY) - Q1 (EUR): Net Income -885mln (prev. -734mln Y/Y), Revenue 8.12bln (exp. 8.04bln). Passengers 24.3mln (prev. 24.4mln Y/Y). Load Factor 78.7% (prev. 79.7% Y/Y). Affirms guidance. (Newswires)

MTU Aero (MTX GY) - Q1 (EUR): Revenue 2.09bln (exp. 1.99bln), EBIT Margin 14.3%. FY Outlook: Adj. Revenue 8.3-8.5bln. (Newswires)

Porsche (P911 GY) - Co. cuts FY25 guidance; Revenue view EUR 37-38bln (prev. 39-40bln), Operating ROS 6.5-8.5% (prev. 10-12%), Automotive EBITDA margin 16.5-18.5% (prev. 19-21%). Special expenses increased to EUR 1.3bln for 2025. Adjusted forecast does not take into account further effects of introduction of US import tariffs. Currently it is not yet possible to make a reliable assessment of effects for FY. Introduction of US import tariff leads to negative impacts for April and May. (Newswires) Shares -4.9% in pre-market trade

Rheinmetall (RHM GY) - Co. significantly increases sales and operating profit in Q1 '25, clearly exceeding market expectations; forecast for FY at least confirmed. Military business sales expected to increase by 73% in Q1 '25. A significant increase in sales of almost 73% is expected for military business in Q1 Y/Y. Defense business op. profit expected to increase by 96% in Q1 '25. Revenue increase of around 46% for group as a whole to a total of EUR 2.31bln. Will therefore adjust its forecasts as necessary in line with increasing clarity of its military customers' requirements in further course of the year. Q1 backlog reached a new all-time high of EUR 62.6bln. (Newswires) Shares +2.7% in pre-market trade

OTHER GERMAN COMPANIES

Deutsche Boerse (DB1 GY) - Q1 2025 (EUR): Group net revenue 1.507bln (exp. 1.54bln), Adj. EPS 3.05, Net income 524.9mln, EBITDA 912.3mln; outlook for 2025 remains unchanged. (Newswires) Shares -3.5% in pre-market trade

HelloFresh (HFG GY) - Q1 (EUR): Revenue 1.9bln (exp. 1.9bln), -8.3% Y/Y. Confirms 2025 outlook. (Newswires)

BROKER MOVES

CAC

Capgemini (CAP FP) - Q1 (EUR): Revenue 5.55bln (exp. 5.52bln, prev. 5.53bln Y/Y). Affirms guidance. Co. has not seen a material impact on client decisions yet, due to the macro environment. (Newswires)

Schneider Electric (SU FP) - Q1 25 (EUR): Revenue +7.4% to 9.33bln (exp. +8.9% to 9.47bln). Data centre and networks demand and sales grew strong double-digits; cuts implied 2025 adj. EBITA margin view to 18.7-19.0% (prev. 19.2-19.5%) Confirms 2025 organic growth outlook. (Newswires)

Technip Energies (TE FP) - Co. awarded a significant engineering contract valued between EUR 50-250mln. (Newswires)

OTHER FRENCH COMPANIES

Amundi (AMUN FP) - Q1 (EUR): Net Income 303mln (exp. 386mln, prev. 318mln Y/Y), Revenue 912mln (exp. 838mln, prev. 804mln Y/Y). (Newswires)

Rexel (RXL FP) - Q1 (EUR): Revenue 4.83bln, +2.5% Y/Y. Affirms guidance. (Newswires)

BROKER MOVES

Air Liquide (AI FP) downgraded to Neutral from Overweight at JPMorgan

PAN EUROPE

Autos - US President Trump is expected to soften the impact of his automotive tariffs, according to WSJ citing sources. (WSJ)

BBVA (BBVA SM) - Q1 (EUR): Net Income 2.7bln (exp. 2.37bln), CET1 Ratio 13.9% (exp. 13.66%). Maintains guidance. (Newswires)

Energy Names - Spain's PM Sanchez says the Spanish grid operator restored power in 50% of the country and government will release 3 days’ worth of strategic oil reserves. (Newswires)

Puig (PUIG SM) - Q1 (EUR): Sales Growth of 7.8%, 1.28bln. Confirms outlook. (Newswires)

Recordati (REC IM) - Q1 (EUR): Revenue 680mln (exp. 677mln). In 2025-27 plan: Sees Revenue 3-3.2bln. (Newswires)

Italian Banks - Monte Dei Paschi (BMPS IM) does not see MedioBanca's (MB IM) bid for Banca Generali (BGM IM) as a hurdle for its own bid, it reinforces the strategic rationale, according to Reuters sources. (Reuters)

BROKER MOVES

SMI

Roche (ROG SW) - Roche granted FDA Breakthrough Device Designation for first AI-driven companion diagnostic for non-small cell lung cancer. (Roche)

Novartis (NOVN SW) - Q1 (USD): Core EPS 2.28 (exp. 2.12), Revenue 13.2bln (exp. 12.9bln). Core EPS +31%, Op. Income +44%; continues strong momentum with double digit sales growth margin expansion and multiple approvals in Q1. Raises FY sales, Core and Op. Income guidance. Expects limited exposure to tariffs in 2025. (Newswires)

OTHER SWISS COMPANIES

Clariant (CLN SW) - Q1 (CHF): Adj. EBITDA 190mln (exp. 167mln, prev. 184mln Y/Y), Revenue 1.01bln (exp. 1.10bln, prev. 1.01bln Y/Y). Current environment implying a growth rate toward the bottom end of guidance range. (Newswires)

SIG (SIGN SW) - Q1 (EUR): Adj. Net Income 44.4mln (prev. 39.7mln Y/Y), Adj. EBITDA 166.4mln (prev. 155.2mln Y/Y). Affirms guidance. (Newswires)

BROKER MOVES

Baloise (BALN SW) upgraded to Outperform from Underperform at BNP Paribas

Helvetia (HELN SW) upgraded to Outperform from Neutral at BNP Paribas

SCANDINAVIA

Carlsberg (CARLB DC) - Q1 (DKK): Revenue 20.1bln (exp. 20.38bln). Affirms guidance. Notes it was a soft start to the year, impacted by losses of San Miguel brand and subdued consumer spending. (Newswires)

Kesko (KESKOB FH) - Q1 (EUR): Adj. EPS 0.13 (prev. 0.16 Y/Y). Affirms guidance. (Newswires)

Norsk Hydro (NHY NO) - Q1 (NOK): Revenue 57.1bln. Hydro Extrusions Outlook: FY Adj. EBITDA 4.5bln (prev. guided 4.5-5.5bln). (Newswires)

Nordic Semiconductor (NOD NO) - Q1 (USD): Revenue 155mln (exp. 141mln). Guides Q2 Revenue 145-165mln. (Newswires)

SEB (SEBA SS) - Q1 (EUR): Revenue 221.1mln (prev. 220.9mln Y/Y). Provision for credit losses 663mln (prev. 73mln Y/Y). (Newswires)

SSAB (SSAB SS) - Q1 (SEK): EBIT 1.35bln, Revenue 25.52bln. Outlook for steel division for next quarter is more uncertain than usual. (Newswires)

Sweco (SWECB SS) - Q1 (SEK): Revenue 8.06bln (exp. 8.13bln), EBITA 900mln (exp. 955.2mln). (Newswires)

Volvo Car (VOLCARB SS) - Q1 (SEK): EBIT 1.9bln (exp. 3.91bln, prev. 4.7bln Y/Y), Revenue 82.9bln (exp. 89.90bln, prev. 93.9bln Y/Y); no longer providing financial guidance for 2025 and 2026; launches SEK 18bln cost and cash action plan. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.06% at 5,529, NDX -0.03% at 19,427, DJI +0.28% at 40,228, RUT +0.41% at 1,966.

SECTORS: Utilities +0.70%, Real Estate +0.68%, Energy +0.63%, Health +0.37%, Financials +0.32%, Industrials +0.31%, Materials +0.15%, Communication Services +0.05%, Consumer Discretionary -0.09%, Consumer Staples -0.15%, Technology -0.30%

Nucor Corp (NUE) - Q1 2025 (USD): Adj. EPS 0.77 (exp. 0.64), Revenue 7.83bln (exp. 7.23bln), Adj. net income 179mln (exp. 150.8mln), EBITDA 696mln (exp. 638.3mln); expects earnings in Q2 to increase vs. Q1. (Newswires)

NXP Semiconductors NV (NXPI) - Q1 25 (USD): Adj. EPS 2.64 (exp. 2.59), Revenue 2.84bln (exp. 2.83bln). Q2 adj. EPS view 2.46-2.86 (exp. 2.63), Revenue view 2.8-3.00bln (exp. 2.68bln). (Newswires)

29 Apr 2025 - 06:58- Research Sheet- Source: Newsquawk