Newsquawk Daily European Equity Opening News - 30th April 2025

ASIA

APAC stocks failed to sustain the positive handover from Wall St and traded mixed at month-end as the region digested a slew of data including disappointing Chinese official PMIs, while there was a muted reaction and very few surprises from US President Trump's speech to commemorate his first 100 days back in office. ASX 200 eked mild gains as strength in tech, healthcare and financials offset the losses in the utilities and commodity-related sectors but with the upside limited after firmer-than-expected CPI data saw money markets fully price out the chances of a larger 50bps RBA rate cut in May. Nikkei 225 was choppy with the upside contained following disappointing Industrial Production and Retail Sales, while the BoJ also kick-started its two-day policy meeting and there were some comments from a group representing major foreign automakers which noted that President Trump's latest tariff order for autos provides some relief but more must be done. Hang Seng and Shanghai Comp were indecisive after official Chinese Manufacturing and Non-Manufacturing PMIs disappointed although Caixin Manufacturing PMI topped forecasts, while the mainland heads into a five-day weekend owing to Labor Day holiday closures and participants also reflected on key earnings releases including disappointing results from China's Big 4 banks.

Chinese Data - Chinese NBS Manufacturing PMI (Apr) 49.0 vs. Exp. 49.8 (Prev. 50.5); NBS Non-Mfg PMI (Apr) 50.4 vs. Exp. 50.6 (Prev. 50.8)

Samsung Electronics (005930 KS) - Q1 (KRW) net 8tln (exp. 6.86tln), oper. profit 6.7tln (prelim. 6.6tln), rev. 79.1tln (prelim. 79.0tln), will pay KRW dividend of KRW 365/common share Says: Q1 mobile business operating profit KRW 4.3tln. Q1 chip business operating profit KRW 1.1tln. Q1 display business operating profit KRW 500bln. Memory chip earnings were impacted by US export restrictions on advanced chips in Q1. Expects performance to improve in H2 if uncertainties are diminished. Macroeconomic uncertainties from global trade tensions and slowing economic growth make future performance difficult to predict. Memory business anticipates robust demand for AI servers in Q2. AI-related chip demand expected to remain high in conjunction with the launch of new GPU in H2. In H2 2025, the foundry business aims to start 2nm mass production, secure major 2nm orders, and strengthen its specialty process portfolio on mature nodes. Smartphone demand expected to decline in Q2 from Q1. Says smartphone shipments are to decline in Q2 from Q1 and there is potential for further adjustments in the forecast for smartphones due to global tariff policies Says: Will consider output shift for TVs and home appliances in response to tariffs.

EUROPEAN CLOSES

CLOSES: DAX: +0.80 % at 22,450, FTSE 100: +0.55 % at 8,463, CAC 40: -0.24 % at 7,556, Euro Stoxx 50: -0.15 % at 5,163, AEX: +0.23 % at 875, IBEX 35: -0.67 % at 13,366, FTSE MIB: +1.09 % at 37,875, SMI: +0.22 % at 12,057, PSI: +1.37 % at 6,967.

FTSE 100

UK Data - UK Lloyds Business Barometer (Apr) 39 (Prev. 49). (Newswires)

OTHER UK COMPANIES

Burberry (BRBY LN) - Co. is kicking off a formal search for a new Chairman, via Sky News. (Sky News)

BROKER MOVES

THG (THG LN) downgraded to Hold from Buy at HSBC

DAX

DHL (DHL GY) - Q1 (EUR): EBIT 1.37bln (exp. 1.32bln, prev. 1.31bln Y/Y). Revenue 20.8bln (exp. 20.96bln, prev. 20.3bln Y/Y). Affirms outlook. (Newswires)

Mercedes Benz (MBG GY) - Q1 (EUR): Revenue 33.2bln (exp. 34.66bln), EBIT 2.29bln, -41% Y/Y, Adj. RoS Margin 7.3%, Adj. EBIT 1.7bln (exp. 1.68bln). Outlook: Material impacts expectations assume current tariffs become effective and remain in place for rest of year. Volatility too high to reliably assess business development for remainder of the year. (Newswires)

Volkswagen (VOW3 GY) - Q1 (EUR): Revenue 77.6bln (exp. 78.31bln), Operating profit 2.87bln (exp. 3.48bln), Operating margin 3.7% (exp. 4.69%); expects group sales margin, net cash flow from auto division, and net liquidity expected to be at the lower end of guidance. FY Operating ROS 5.5-6.5% (exp. 5.51%). Sees FY revenue growth up to +5%. Sees FY auto net cash flow between EUR 2-5bln). Breakdown: Unit sales growth in Europe (+4%) and South America (+17%) more than offset the slight decline in North America (-2%) and the expected decline in China (-6%).

OTHER GERMAN COMPANIES

Hapag Lloyd (HLAG GY) - Q1 (EUR): EBIT 0.5bln (exp. 345mln, prev. 0.4bln Y/Y), Revenue 5.1bln (exp. 4.69bln, prev. 4.3bln Y/Y). Affirms guidance but highlights uncertainty. (Newswires)

Hypoport (HYQ GY) - Q1 (EUR): EBIT 8.5mln, +85% Y/Y, Revenue 159mln, +20% Y/Y. (Newswires)

Kion (KGX GY) - Q1 (EUR): Adj. EBIT 195.5mln (exp. 179mln), Revenue 2.78bln (exp. 2.72bln). Confirms outlook, but is subject to no deterioration in overall economic environment. (Newswires)

Siltronic (WAF GY) - Q1 (EUR): EBITDA 78.3mln (exp. 86mln, prev. 93mln Y/Y), Revenue 345.8mln (exp. 327mln, prev. 360.6mln Y/Y). Notes not yet possible to estimate the impact of American tariff policies for the remainder of the year; cuts FY core profit margin, due to expected negative price effects. (Newswires)

Nemetschek (NEM GY) - Q1 (EUR): Net Income 44.9mln (prev. 42.5mln Y/Y), Revenue 282.8mln (prev. 223.9mln Y/Y). Affirms guidance. (Newswires)

Wacker Chemie (WCH GY) - Q1 (EUR): Revenue 1.47bln (exp. 1.42bln), EPS -0.16. FY outlook unchanged. (Newswires)

BROKER MOVES

CAC

Credit Agricole (ACA FP) - Q1 (EUR): Revenue 7.26bln (exp. 7.18bln), Net Income 1.82bln (exp. 1.85bln) CEO says Group has yet to decide on tendering its shares in Banco BPM after UniCredit's public exchange offer for the bank. Group will make its decision on the deal in a "few weeks". (Newswires)

Remy Cointreau (RCO FP) - FY (EUR): Revenue 984.6mln (exp. 1.23bln). In Q4, steep recovery in sales growth in the Americas. Cognac sales -32.8% on organic basis, Liqueurs and Spirits +16.1%. (Newswires)

Societe Generale (GLE FP) Q1 (EUR): Net Income 1.60bln (exp. 1.20bln), ROTE 11% (exp. 8.2%), CET1 13.4% (exp. 13.2%). (Newswires)

Technip Energies (TE FP) - Q1 (EUR): Adj. Revenue 1.85bln (exp. 1.76bln), Net Profit 100.9mln (exp. 109mln). Widens 2025 outlook range for Tech, Products and Services unit rev. to EUR 1.8-2.2bln; widens due to macro/political uncertainty. (Newswires)

OTHER FRENCH COMPANIES

Sopra Steria (SOP FP) - Q1 (EUR): Revenue 1.42bln (prev. 1.49bln Y/Y). (Newswires)

Nexans (NEX FP) - Q1 (EUR): Revenue 1.82bln (exp. 1.88bln). No material impact from US tariffs identified. (Newswires)

Valeo (FR FP) - Q1 2025 (EUR): Sales 5.31bln (exp. 5.31bln), confirms 2025 outlook. Confident it will complete restructuring and savings programme in France ahead of schedule, before end of H1 Over h1, plans to reduce its administrative and selling costs by around 5%. Plans to reduce investments in property, plan, equipment and intangible assets by around 15%. To date, agreements covering over 75% of amounts concerned already secured. Has been moving production of some parts from China to Mexico or US to increase number of USMCA compliant goods. (Newswires)

BROKER MOVES

Eurofins (ERF FP) upgraded to Equal Weight from Underweight at Morgan Stanley

PAN EUROPE

Trade - US President Trump said he is going to make a fair deal with China on trade; predicts that China will eat the tariffs. (Newswires)

Trade with Europe - US Trade Rep Greer told GOP senators that countries are coming to the table on tariff talks, but Europe is not engaging as well, PBS News reports. (PBS News)

Adyen (ADYEN NA) - Q1 (EUR): Revenue 534.7mln (exp. 541mln). Processed volumes 314.5mln, +6% Y/Y. (Newswires)

ams-OSRAM (AMS SW) - Q1 (EUR): Adj. EBIT 58mln (prev. 44mln Y/Y), Revenue 820mln (prev. 847mln Y/Y). Is considering strategic options for accelerated deleveraging. Q2 guidance: Revenue 725-825mln. (Newswires)

ASM International (ASM NA) - Q1 2025 (EUR): Adj. net income 191.9mln, Revenue 839.2mln (exp. 839.3mln), Orders 834.2mln (exp. 807.9mln), Gross margin 53.4% (exp. 48.9%), Gross profit 447.8mln (exp. 415.9mln) FY25 Outlook: Sales to grow by double-digit percentage range of a 10-20% Y/Y, at constant currencies. Reasonable visibility they will achieve lower end of sales range. Continue to be confident that gate-all-around sales will increase strongly in 2025. (Newswires)

ArcelorMittal (MT NA) - Q1 (USD): Sales 14.8bln (exp. 14.6bln), Net 0.8bln (exp. 0.5bln), Operating 0.8bln, EBITDA 1.6bln (exp. 1.55bln). (Newswires)

Caixabank (CBK SM) - Q1 (EUR): Net Profit 1.47bln (exp. 1.38bln), NII 2.65bln. Sees 2025 NII down mid-single digit. (Newswires)

DSM-Firmenich (DSFIR NA) - Q1 (EUR): Adj. EBITDA 650mln (prev. 463mln Y/Y), Revenue 3.27bln (prev. 3.07bln Y/Y). Affirms guidance. (Newswires)

OMV (OMV AV) - Q1 (EUR): Clean CCS Net Income 413mln. (Newswires)

Santander (SAN SM) - Q1 (EUR): Net Profit 3.40bln (exp. 3.13bln), CET1 Ratio 12.9%, NII 11.38bln. Books record Q1 profit amid strong retail businesses in Spain. (Newswires)

Universal Music Group (UMG NA) - Q1 (EUR): Physical revenue +17.6% Y/Y, streaming revenue +2.9% Y/Y; Revenue 2.901bln (exp. 3.62bln), EBITDA 603mln (exp. 695mln). (Newswires)

BROKER MOVES

SMI

Roche (ROG SW) - CHMP recommends EU label update for Roche’s Phesgo to allow administration outside of clinical settings. (Roche)

SoftwareOne (SWON SW) - Co. gets acceptances on 76.8% of Crayon share capital. (Newswires)

Logitech (LOGN SW) - FY (USD): EPS 4.84 (exp. 4.56), Sales 4.55bln (exp. 4.57bln). Sees Q1 FY26 Sales USD 1.1-1.15bln. (Newswires)

UBS (UBSG SW) - Q1 (USD) net 1.7bln (exp. 1.3bln), pre-tax profit 2.13bln (exp. 1.75bln), rev. 12.56bln (exp. 11.85bln). In Q2, expect NII in GWM to decline sequentially by low-single digit percentage. In Q2, pull-to-par revenue expected to reach USD 0.6bln, partially mitigating expected USD 1.1bln in integration-related expenses. For 2026, UBS maintains its ambition for share repurchases to exceed FY 2022 levels of USD 5.6bln. For 2025, UBS plans to buy back an additional USD 0.5bln of shares in Q2 and USD 2bln in H2. (Newswires)

OTHER SWISS COMPANIES

Schinder Holding (SCHP SW) - Q1 (CHF): Net Profit 257mln, +9.4% Y/Y. 2025 guidance reiterated. (Newswires)

Sandoz (SDZ SW) - Q1 (USD): Revenue 2.48bln (prev. 2.49bln Y/Y). (Newswires)

BROKER MOVES

SGS (SGSN SW) upgraded to Overweight from Equal Weight at Morgan Stanley

SCANDINAVIA

Equinor (EQNR NO) - Q1 (USD): Cash dividend 0.37/shr. Maintain capital distribution and expect to deliver USD 9bln in 2025. Oil & Gas Production exp. to grow 4% Y/Y. (Newswires)

Handelsbanken (SHBA SS) - Q1 (SEK): NII 11.35bln (exp. 11.01bln). (Newswires)

Kone (KNEBV FH) - Q1 (EUR): Adj. EBIT 279.6mln (prev. 262.4mln Y/Y), Revenue 2.67bln (prev. 2.57bln Y/Y). (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.58% at 5,561, NDX +0.61% at 19,545, DJI +0.75% at 40,528, RUT +0.56% at 1,977

SECTORS: Energy -0.37%, Technology +0.46%, Health +0.49%, Communication Services +0.50%, Consumer Discretionary +0.59%, Industrials +0.64%, Utilities +0.71%, Real Estate +0.74%, Consumer Staples +0.77%, Materials +0.92%, Financials +0.97%.

Booking Holdings Inc (BKNG) Q1 2025 (USD): Adj. EBITDA 1.09bln (exp. 850mln), Revenue 4.76bln (exp. 4.59bln). Adj. EPS 24.81 (exp. 17.34). (Newswires)

Snap Inc (SNAP) Q1 2025 (USD): Adj. EBITDA 108.4mln (exp. 65.4mln), Revenue 1.36bln (exp. 1.35bln). Omits Q2 guidance due to uncertain macro conditions. (Newswires)

SuperMicro (SMCI) Prelim Q3 2025 (USD): Sales 4.50-4.60bln (exp. 5.81bln, prev. 5.0-6.0bln), Adj. EPS 0.29-0.31 (exp. 0.54, prev. 0.46-0.62). (Newswires)

Visa Inc (V) Q2 2025 (USD): Adj. EPS 2.76 (exp. 2.68), Revenue 9.6bln (exp. 9.57bln), authorises USD 30bln multi-year buyback programme. (Newswires)

30 Apr 2025 - 06:58- Data- Source: Newsquawk