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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.10%, DAX +0.17%, CAC40 +0.53%

Jun 03 ,2025

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities trading higher Tuesday. Hong Kong outperforming with milder gains on Japan, Australia and Taiwan benchmarks. Korean markets closed due to election. S&P 500 futures weakening afterhours.

    • White House continues to talk up prospects of a Trump-Xi call this week but still no confirmation yet from China. Trade tensions have risen over recent days with both sides accusing other of reneging on Geneva deal. Critical minerals appear to be the source of tensions after press reports detailed China's more assertive stance, and willingness to use rare earths exports as leverage. Latest US tech curbs and revocation of student visas among factors that reportedly prompted China's harder line on rare earths.

    • On today's agenda, Italy's PM Meloni hosts French President Macron whilst Chancellor Merz delivers a speech at 9:30CET at event organised by German Association of Cities and Municipalities. OECD Ministerial Meeting; will present latest economic outlook (through Wed). UK parliamentary committee topics include UK-EU reset at 15:30BST (speakers include TheCityUK's CEO). Other events include Bruegel event at 11:00CET title Deepening integration through the EU's Growth Plan for Moldova, speakers include PM Recean. European Economic Conf: The Future of Europe Begins Now, speakers include CDU/CSU's Spahn, Greens' Haßelmann, Federal Cartel Office's Mundt, Pirelli's (PIRC.IM) CEO Casaluci, among others. Also, it's EU Green Week 2025 (through Thu) and there's Eurelectric Power Summit (through Wed), participants include EU's Jørgensen, as well as Euractiv Agrifood Policy Conf, EU's Hansen among participants.

    • In central banks, Riksbank's Thedéen, Breman, Jansson, Bunge and Seim before Riksdag finance committee at 9:00CET at annual evaluation of monetary policy in the previous year. BOE's Bailey, others at a regular meeting with parliament's treasury committee at 10:15BST. Bundesbank's Köhler-Geib speech at 16:20CET at NPL Forum 2025 and Lienenkämper panellist at 17:30 at Central German Banking Assn. Frankfurt Banking Day. Also taking place is Money20/20 Europe (through Thu), participants include Latvia central bank's Krasovska.

    • European macro data releases out today include Italy Apr unemployment rate, Spain May unemployment rate, Switzerland May CPI, Eurozone May preliminary CPI, Apr unemployment rate, Netherlands May preliminary CPI, Finland May preliminary CPI, Austria May preliminary CPI

    • In corporate news, bpost group (BPOST.BB) indicated that it expects revenue to exceed €5.0B in 2027 ahead of its capital markets day today. In Switzerland, Julius Baer Group (BAER.SW) announced result of its strategic review and updated its medium-term targets. In M&A, Aedifica (AED.BB) and Cofinimmo (COFB.BB) announce that they have reached agreement to merge through exchange offer to be launched by Aedifica at an exchange ratio of 1.185 new Aedifica shares for each Cofinimmo Share.

  • Politics/Macro/World News

    • India and Europe agree on nearly half of trade deal 'chapters' - FT

    • This is the internal anti-Trump agenda of Merz and Macron - handelsblatt

    • Europe Mulls Speeding Up Trade Retaliation Against the US - Bloomberg

    • Iran on brink of rejecting US proposal on nuclear programme - The Guardian

  • Top company news

    • Earnings/updates

      • ABVX.FP (Abivax) -- reports Q1 net income (€52.4M) vs FactSet (€44.4M) [1 est]

      • WAVE.FP (Wavestone) -- reports FY net income attributable €75.6M vs FactSet €76.5M [4 est, €74.8-80.5M]

      • INTEG.B.SS (Integrum) -- reports Q4 EPS (SEK0.42) vs FactSet (SEK0.30) [1 est]

      • BPOST.BB (bpostgroup) -- provides targets ahead of Captial Markets Day: expects revenue to exceed €5.0B in 2027

      • BAER.SW (Julius Baer Group) -- announces results of its strategic review, updated medium-term targets

      • Also due to report today:

        • Earnings:

          • UK: Pennon Group (PNN.LN), Chemring Group (CHG.LN), FD Technologies (FDP.LN)

        • Trading Update:

          • France: Quadient (QDT.FP)

          • UK: British American Tobacco (BATS.LN)

        • CMD/events: Kier Group (KIE.LN), A.G. BARR (BAG.LN)

    • M&A

      • ABBN.SW (ABB Limited) -- ABB acquires Bel Products Inc.; terms not disclosed

      • DG.FP (VINCI SA) -- Vinci acquires Peters Bros construction in British Columbia, CA; terms undisclosed

      • NEX.FP (Nexans) -- acquires Cables RCT for an undisclosed sum

      • SPIE.FP (SPIE) -- acquires technical service provider Rovitech in the Netherlands; terms undisclosed

      • SPT.LN (Spirent Communications) -- US regulators seeking asset divestments in order to approve Keysight's (KEYS) proposed acquisition of Spirent Communications - Reuters

      • QDT.FP (Quadient) -- acquires Serensia

      • ECV.GR (Encavis AG) -- Encavis holder Elbe BidCo AG (KKR) submits specified demand for squeeze-out and determines cash settlement for transfer of shares of minority shareholders at €17.23

      • SENS.SW (Sensirion Holding) -- subsidiary Sensirion Connected Solutions acquires Kuva Systems; terms undisclosed

      • COFB.BB (Cofinimmo) -- Cofinimmo, Aedifica agree to combine through exchange offer to be launched by Aedifica at an exchange ratio of 1.185 new Aedifica shares for each Cofinimmo Share

      • RBLN.B.DC (Roblon) -- announces divestment of US subsidiary; raises FY continuing operations guidance

      • CIMIC working on potential sale of UGL transport division - The Australian

    • Healthcare

      • SAN.FP (Sanofi) -- The FDA has granted orphan drug designation to Sanofi's rilzabrutinib, to target a reduction in vaso-occlusive crises, which may occur via inflammation, in sickle cell disease

      • ROG.SW (Roche Holding) -- announces results from Phase III IMforte study of Tecentriq (atezolizumab) in combination with lurbinectedin (Zepzelca) as a first-line maintenance treatment for people with extensive-stage small cell lung cancer at ASCO 2025

      • ROG.SW (Roche Holding) -- Follow-up: FDA approves sNDA for Xofluza packet presentations

      • GMAB.DC (Genmab) -- announces new data from endometrial cancer monotherapy dose expansion cohort B2 of Phase 1/2 RAINFOL-01 trial evaluating rinatabart sesutecan (Rina-S)

      • 9995.HK (RemeGen) -- presents results of Phase 2 study evaluating efficacy and safety of disitamab vedotin as first-line therapy for HER2-expressing (la/m) gastric cancer

      • OSE.FP (OSE Immunotherapeutics) -- provides clinical updates on neo-epitope based cancer vaccine Tedopi in pancreatic cancer and non-small cell lung cancer

    • Other

      • FTK.GR (flatexDEGIRO) -- appoints Hans-Hermann Lotter as Chairman; creates prerequisite for change of legal form to a European Company (SE)

      • ELIS.FP (Elis) -- Bpifrance's Lac1 fund disposes of 2.9% stake In Elis -- Reuters (2-Jun,

      • CoStar, Tourism Economics downgrade US hotel forecast through 2026

      • Glazer Capital discloses a 5.23% stake in Urban Logistics REIT as at 29-May - Filing

      • Meta to us AI to fully automate ad creation; Trumps seeks to restore Arctic drilling in thematic and ESG intraday news (2-Jun)

      • Sika and Sulzer sign MoU to establish JV to advance plastics recycling in the construction industry

      • Index changes: Changes to STOXX Europe 600 announced , effective 23-Jun-25

  • Key rating changes

    • Upgrades

      • ASM.NA (ASM International) -- to overweight from equal weight at Barclays

      • EZJ.LN (EasyJet) -- to outperform from sector perform at RBC Capital Markets

      • HSX.LN (Hiscox) -- to buy from hold at Jefferies (earlier, timing uncertain)

      • UBSG.SW (UBS Group) -- to buy from hold at Jefferies

      • TPRO.IM (Technoprobe) -- to buy from hold at Deutsche Bank

    • Downgrades

      • GXI.GR (Gerresheimer) -- to hold from buy at Deutsche Bank

      • PST.IM (Poste Italiane) -- to equal-weight from overweight at Morgan Stanley

      • NKT.DC (NKT A/S) -- to hold from buy at DNB Carnegie

      • GSK.LN (GSK Plc) -- to hold from buy at Berenberg

      • SOI.FP (SOITEC) -- to hold from buy at Berenberg

      • YUBICO.SS (Yubico) -- to hold from buy at Berenberg

      • RIO.LN (Rio Tinto) -- to hold from buy at Jefferies

      • ASML.NA (ASML Holding) -- to equal weight from overweight at Barclays

    • Initiations

      • ELIS.FP (Elis) -- buy at Jefferies

  • Data

    • Nikkei +0.09% to 37503.62

    • Hang Seng +1.05% to 23401.58

    • Shanghai Composite +0.28% to 3356.74

    • S&P futures (21.8) vs prior close of 5947.3

    • €-$ (0.0026) or (0.23%) to 1.1417

    • $-¥ +0.28 or +0.20% to 142.99

    • €-¥ (0.03) or (0.02%) to 163.26

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.
Please refer to "Terms Of Use".

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