EU HEALTHCARE: Healthcare: Performance Month to Date
It is difficult to break down each Pharma company's exposure to US tariffs but if we take Month-to-Date equity performance as a crude proxy then we can estimate which names are most affected. Source Bloomberg.
| Ticker | Long Comp Name | %MTD |
| BAX US | Baxter International Inc | -18.3 |
| SRT3 GR | Sartorius AG | -17.9 |
| ABBV US | AbbVie Inc | -16.2 |
| TMO US | Thermo Fisher Scientific Inc | -15.7 |
| SRT GR | Sartorius AG | -15.7 |
| VTRS US | Viatris Inc | -15.5 |
| HLUNB DC | H Lundbeck A/S | -15.0 |
| DHR US | Danaher Corp | -14.8 |
| GALD SW | Galderma Group AG | -14.3 |
| ROG SW | Roche Holding AG | -13.9 |
| PFE US | Pfizer Inc | -13.8 |
| RVTY US | Revvity Inc | -13.2 |
| MRNA US | Moderna Inc | -13.1 |
| BMY US | Bristol-Myers Squibb Co | -13.0 |
| ALC SW | Alcon AG | -12.3 |
| BDX US | Becton Dickinson & Co | -12.3 |
| MRK GR | Merck KGaA | -12.2 |
| LLY US | Eli Lilly & Co | -12.1 |
| MRK US | Merck & Co Inc | -12.0 |
| PHIA NA | Koninklijke Philips NV | -12.0 |
| FME GR | Fresenius Medical Care AG | -11.4 |
| SHL GY | Siemens Healthineers AG | -11.2 |
| SDZ SW | Sandoz Group AG | -10.7 |
| BSX US | Boston Scientific Corp | -10.2 |
| AMGN US | Amgen Inc | -10.0 |
| JNJ US | Johnson & Johnson | -9.6 |
| BAYN GR | Bayer AG | -9.5 |
| NOVN SW | Novartis AG | -9.4 |
| SYK US | Stryker Corp | -9.4 |
| ZBH US | Zimmer Biomet Holdings Inc | -9.2 |
| 4502 JP | Takeda Pharmaceutical Co Ltd | -9.0 |
| EL FP | EssilorLuxottica SA | -8.9 |
| MDT US | Medtronic PLC | -8.9 |
| SN/ LN | Smith & Nephew PLC | -8.6 |
| SAN FP | Sanofi SA | -8.6 |
| BVI FP | Bureau Veritas SA | -8.5 |
| FRE GR | Fresenius SE & Co KGaA | -8.4 |
| GSK LN | GSK PLC | -8.3 |
| AZN LN | AstraZeneca PLC | -7.8 |
| NOVOB DC | Novo Nordisk A/S | -7.6 |
| IPN FP | Ipsen SA | -6.7 |
| ABT US | Abbott Laboratories | -6.6 |
| ERF FP | Eurofins Scientific SE | -4.2 |
| COLOB DC | Coloplast A/S | -4.1 |
| LONN SW | Lonza Group AG | -3.8 |
| MCK US | McKesson Corp | -3.0 |
| GRF SM | Grifols SA | -2.1 |
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BTP TECHS: (M5) Bear Threat Still Present
- RES 4: 120.39 High Feb 28
- RES 3: 119.31 Low Mar 4 and a gap high on the daily chart
- RES 2: 118.56 High Mar 5
- RES 1: 116.98 High Mar 7
- PRICE: 116.52 @ Close Mar 7
- SUP 1: 115.83 Low Mar 6
- SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing
- SUP 3: 115.00 Round number support
- SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing
BTP futures remain in a clear bear-mode condition following last week’s steep sell-off. The move down has resulted in a breach of key support at 116.78, the Jan 14 low. The break strengthens a bearish theme and opens 115.52 next, a Fibonacci projection. The downtrend is in oversold territory, a recovery would allow this set-up to unwind. Initial firm resistance is seen at last Wednesday’s 118.56 high.
EGBS: Bunds Stick To Friday's Range, Fiscal Back And Forth Continues
Bund futures tested Asia lows ahead of the old futures open, but the contract sticks within Friday’s range, last -34 at 127.32. Cues from e-minis seemed to drive things in Asia.
- Bearish technical theme in the contract intact, although it is in oversold territory.
- Initial support and resistance levels of note at 126.64/128.29.
- No lasting impact from firmer-than-expected German industrial production and a narrower-than-expected trade surplus.
- In German politics, the CDU/CSU and SPD have agreed to deepen coalition talks.
- Meanwhile, Chancellor-in-waiting Merz flagged his openness to broadening definition of defence to allow other ministries to benefit from the tabled debt brake tweaks. The Greens seemed to move further away from a fiscal agreement, underscoring the potential for ongoing headwinds in the time-pressured negotiations.
- ECB Executive Board member Schnabel sounded typically hawkish over the weekend, while Governing Council member Kazaks was non-committal when it came to the Bank’s April decision.
- Comments from ECB’s Nagel and the ECB’s survey of monetary analysts are due today.
- Supply-wise, the EU is scheduled to hold a syndication this week. We see a good chance of a new 2045 line being issued. The EU’s biannual funding plan also highlighting the prospect of a new 3-year bond, but we think that may come later in H1.
- Further out, U.S. CPI data (Wednesday) headlines this week’s macro calendar, with the ECB’s Watchers conference also eyed.
GILT TECHS: (M5) Corrective Bounce
- RES 4: 94.00 Round number resistance
- RES 3: 93.79 High Mar 4 and a bull trigger
- RES 2: 93.06 Low Mar 4 and a gap high on the daily chart
- RES 1: 92.63 HIgh Mar 7
- PRICE: 92.10 @ Close Mar 7
- SUP 1: 91.67/90.71 Low Mar 7 / 6
- SUP 2: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing
- SUP 3: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing
- SUP 4: 89.71 2.000 proj of the Feb 6 - 20 - Mar 4 price swing
Gilt futures remain in a clear bear-mode condition and gains are - for now - considered corrective. Last week, the contract traded through a key support at 91.79, the Feb 20 low. This level also represented a bear trigger and the breach signals scope for a continuation lower, with sights on 90.49 next, a Fibonacci projection. The downtrend is oversold, the latest bounce has allowed this set-up to unwind. Initial resistance is 92.63, the Mar 5 high.
