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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX (0.3%), CAC (0.5%), IBEX (0.2%), MIB (0.5%)

Jun 02 ,2025

  • Synopsis

    • European equity markets set to open mostly lower as a new month of trading gets underway. In May, the Stoxx Europe 600 rose 4%, recording its largest monthly gain since 1990 amid an easing in trade tensions and resilient corporate earnings.

    • As the new week gets underway, focus on Friday's announcement by Donald Trump that he plans to double US tariffs on steel and aluminium. The US president has stated the tariffs would rise from 25% to 50%. The European Commission told the BBC on Saturday that Trump's latest move on tariffs "undermines ongoing efforts" to reach a deal, warning about "countermeasures".

    • In Poland, right-wing candidate Karol Nawrocki, backed by the Law and Justice party (PiS), has narrowly won the country's presidential election, defeating his pro-European rival Rafał Trzaskowski.

    • European macro data releases out today include Italy, Norway, Spain, Sweden, Switzerland May manufacturing PMI and final reads for Eurozone, France, Germany, UK, Switzerland Q1 final GDP, Apr retail sales, UK Apr mortgage approvals, M4 money supply, Netherlands Apr retail sales, Austria May unemployment rate, Portugal Apr unemployment rate. May new car registrations released for France, Italy and Spain.

    • On the corporate front highlights, Sanofi (SAN.FP) to acquire Blueprint Medicines for $129.00/share, representing total equity value (including potential CVR payments) of ~$9.5B ($101.35). BASF (BAS.GR) has reportedly recently sent out information to potential suitors on the coatings business, which could be valued at about €6B.

    • Also on today's agenda:

      • Riksbank's Thedéen will discuss monetary policy communication in practice, at 12:00CET, at Swedish Economic Assn's annual meeting.

      • Bundesbank's Köhler-Geib speech at 18:00CET title "Crypto-assets - The Future of Finance?" at event hosted by Allied European Financial Markets Assn. Deutschland the same time as Balz is a panellist at event organised by ikf.

      • ECB's Lagarde video message at 18:30CET at event organised by Assn. Europe-Finances-Régulations.

      • BOE's Mann fireside chat at 22:30BST at Federal Reserve Board of Governors IF 75th anniversary conf.

      • Slovakia central bank releases its latest Financial Stability Report.

      • International Labour Organization (ILO) Annual Meeting continues through the week.

      • Germany's Financial Supervisory Authority BaFin's Capital Markets Conf takes place.

      • Norway's PM Støre participates in a meeting with Nordic, Baltic and Eastern European allies in Lithuania whilst Norway's finance minister Stoltenberg speech on the topic "How does the international unrest affect us here at home?" at the Tromsø Region Chamber of Commerce.

      • Istanbul due to host a second round of peace talks between Ukraine and Russia.

      • EU holds 11th Energy Infrastructure Forum (through Tue), participants include EU's Jørgensen.

      • EU's Roswell addresses event hosted by the Confederation of Swedish Enterprise, others, title 'The new geopolitical map and the EU's path'. EU's von der Leyen receives the Politikaward 2025.

      • Amongst other events are Bruegel event at 12:30CET title The ECB's Digital Euro and new operational framework: is there an overlap? and Hamburg Sustainability Conf (through Tue) includes speech by finance minister Klingbeil on Tue.

  • Politics/Macro/World News

    • EU 'strongly' regrets US plan to double steel tariffs -- BBC

    • Swedish Bankruptcy Rate Edges Higher in May Amid Consumer Gloom -- Bloomberg

    • Poland presidential election 2025: right-wing candidate Karol Nawrocki wins, official results show -- Guardian

    • OPEC+ agrees to increase output by another 411K bpd in July

    • IATA updates 2025 airline industry financial outlook

  • Top company news

    • Earnings/updates

      • BBN.SW (Bellevue Group) -- projects roughly break-even result for H1 2025 vs year-ago net profit CHF7.4M; announces Veit de Maddalena to assume responsibility for operational management as executive chairman, effective 2-Jun-25

      • GAZP.RU (Gazprom) -- reports Q1 net income RUB660B

      • ROSN.RU (Rosneft Oil) -- reports Q1 net income RUB170M, +8% vs year-ago RUB158M

      • CHG.GR (CHAPTERS Group) -- publishes FY24 report: EPS €0.14 vs year-ago €0.28

      • Also reporting today

        • Earnings:

          • DACHs: Addex Therapeutics (ADXN.SW)

          • France: Abivax (ABVX.FP), CATANA Group (ALCAT.FP)

          • Nordics: BW Offshore (BWO.NO)

          • UK: Sirius Real Estate (SRE.LN)

        • CMD/events: Heidelberger Druck (HDD.GR), AstraZeneca (AZN.LN) at ASCO, Genmab (GMAB.DC) ASCO R&D update, BioArctic (BIOA.B.SS)

    • M&A

      • BPMC (Blueprint Medicines) -- Sanofi to acquire Blueprint Medicines for $129.00/share, representing total equity value (including potential CVR payments) of ~$9.5B

      • BP.LN (BP) -- BP's Castrol suitors exploring offers below expected $8B range; Citic among groups showing interest - FT

      • BAS.GR (BASF SE) -- BASF launches sale of coatings business - Bloomberg

      • BAM (Brookfield Asset Management) -- reportedly preparing $3B in debt financing to facilitate acquisition of Colonial Enterprises -- Bloomberg

      • MB.IM (Mediobanca) -- Monte dei Paschi could reduce minimum acceptance rate in bid to acquire Mediobanca - Repubblica

      • BGN.IM (Banca Generali) -- Mediobanca comments on Banca Generali's offer; confirms disposal of shareholding in Generali

      • AO.LN (AO World) -- provides update on acquisition of musicMagpie

      • D6H.GR (Datagroup) -- KKR discloses conditional offer price increase to Datagroup

      • PUBLI.NO (PUBLIC PROPERTY INVEST) -- acquires portfolio of seven nursing homes for NOK410M

      • DIGN.SS (Dignitana) -- Paxman holds ~95.3% of shares and votes in Dignitana after end of extended acceptance period

      • ATO.FP (Atos Group) -- receives confirmatory offer from French State to acquire part of its former Advanced Computing business for enterprise value (EV) of €410M (

      • Bidders line up for Irish utility Energia Group - Reuters sources familiar with the situation

    • Healthcare

      • AZN.LN (AstraZeneca) -- announces results from the SERENA-6 Phase III trial at ASCO 2025

      • REGN (Regeneron) -- announces data from Phase 3 C-POST trial, evaluating PD-1 inhibitor Libtayo (cemiplimab) in patients with high-risk CSCC after surgery

      • NOVN.SW (Novartis) --

        • announces PSMAddition trial met its primary endpoint showing statistically significant and clinically meaningful benefit for Pluvicto plus hormone therapy versus hormone therapy alone, with positive trend in overall survival

        • to present data from a new subgroup analysis of the Phase III NATALEE trial evaluating the efficacy and safety of Kisqali at ASCO 2025

      • TEVA (Teva Pharmaceutical) -- announces results from HCRU data evaluating UZEDY (risperidone) and Phase 3 SOLARIS data

      • ROG.SW (Roche Holding) -- presents new data which shows Genentech's Itovebi significantly extended survival in a certain type of HR-positive advanced breast cancer

      • BAYN.GR (Bayer AG) -- New XOFIGO (radium-223 dichloride) data in metastatic castration-resistant prostate cancer from Phase III PEACE III trial published in Annals of Oncology

      • 4568.JP (Daiichi Sankyo) -- announces results from DESTINY-Gastric04 phase 3 trial of ENHERTU as second-Line therapy in patients with HER2 positive unresectable or metastatic gastric cancer

      • 4568.JP (Daiichi Sankyo) -- presents results from three trials of DATROWAY in patients with early and advanced non-small cell lung cancer

      • ZEAL.DC (Zealand Pharma) -- submits Marketing Authorization Application to the European Medicines Agency for glepaglutide in short bowel syndrome

      • IPN.FP (Ipsen) -- announces late-breaking analysis demonstrates characteristics associated with long-term overall survival with Onivyde regimen in metastatic pancreatic adenocarcinoma

      • SDZ.SW (Sandoz Group) -- launches denosumab biosimilars in US

      • 13.HK (Hutchmed) -- presents primary results from interim analysis of SACHI Phase III study at ASCO 2025

      • TNG.FP (Transgene) -- and NEC Corporation present new positive data on TG4050 in rapid oral presentation at ASCO

      • ALBPS.FP (Biophytis) -- further postpones publication of 2024 financial statements; now expects to publish by end of June

    • Other

      • ULVR.LN (Unilever) -- completes previously announced €1.5B

      • DBK.GR (Deutsche Bank) -- commits to deliver additional €50M in IT cost savings next year - FT

      • NWG.LN (NatWest Group) -- UK Treasury confirms it sold remaining shares in NatWest Group -- filing

      • KNIN.SW (Kuehne & Nagel) -- booking decline had reached almost 50% by the time US and China reached tariff agreement in mid-May - FuW (30-May, 16:20 CET)

      • IBE.SM (Iberdrola) -- launches share buy-back programme for up to 4.3M shares

      • RWE.GR (RWE) -- to begin second tranche of buyback program on 2-Jun-25

      • LXS.GR (Lanxess) -- not planning any acquisitions in next two to three years - Rheinische Post

      • VPK.NA (Royal Vopak) -- announces AVTL has successfully completed its IPO

      • CAST.SS (Castellum AB) -- announces Louise Richnau and Stefan Ränk will leave Castellum's board at an EGM requested by Akelius Apartments Ltd

      • VAR.NO (Vår Energi) -- completes refinancing of existing revolving credit facilities

      • CMBT.BB (CMB.TECH) -- SEC filing: SCHEDULE 13D/A (Filed by Compagnie Maritime Belge NV)

      • GOGL.NO (Golden Ocean Group) -- SEC filing: SCHEDULE 13D/A (Filed by CMB.TECH NV)

      • ETL.FP (Eutelsat Communications) -- looking to raise €1.5B -- Bloomberg

      • MBTN.SW (Meyer Burger Technology) -- files for insolvency for German subsidiaries

      • Air India in talks with Airbus and Boeing for major new aircraft order that could involve hundreds of airplanes in various sizes - Reuters

      • Estimated weekend box office revenues in US, Canada $148.5M, +123.7% y/y - Box Office Mojo

      • Holcim receives key approvals to complete spin-off of Amrize; trading expected to commence on 23-Jun-25

      • InterGlobe Aviation doubles wide-body order from 30 to 60 firm Airbus A350-900 aircraft

  • Key rating changes

    • Upgrades

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- to buy from hold at Kepler Cheuvreux

      • HUM.SS (Humana AB) -- to buy from hold at DNB Carnegie

      • DANSKE.DC (Danske Bank) -- to overweight from underweight at Barclays

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to overweight from underweight at Barclays

      • ABDN.LN (Aberdeen Group) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • DNB.NO (DNB Bank) -- to equal weight from overweight at Barclays

      • NDA.FI.FH (Nordea Bank) -- to equal weight from overweight at Barclays

      • SLHN.SW (Swiss Life) -- to neutral from outperform at BNP Paribas Exane

      • TRYG.DC (Tryg) -- to neutral from outperform at BNP Paribas Exane

      • SREN.SW (Swiss Re) -- to underperform from neutral at BNP Paribas Exane

  • Data

    • Nikkei (1.29%) to 37475.37

    • Hang Seng (1.53%) to 22932.58

    • Shanghai Composite +0.00% to 3347.49

    • S&P futures (30.5) vs prior close of 5916.0

    • €-$ +0.0029 or +0.26% to 1.1380

    • $-¥ (0.53) or (0.37%) to 143.33

    • €-¥ (0.18) or (0.11%) to 163.10

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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