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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.09%, DAX +0.39%, CAC40 +0.29%

Jun 04 ,2025

  • Synopsis

    • European equity markets are set to open higher amidst advancing Asian equities Wednesday. Korea outperforming as stocks react to presidential election outcome. Taiwan semis also sharply higher. Hang Seng outpacing mainland China markets. Japan and Australia building on recent gains. S&P 500 futures flat afterhours.

    • FT reports EU and US trade negotiators meet in Paris amidst increase in tariff tensions. FT also reports Germany's new government will seek to pass a €46B package of corporate tax breaks in an effort to jolt the country out of stagnation. Elsewhere, UK and Germany host Ukraine Defence Contact Group meeting (include more than 50 nations and partners). EU's trade commissioner Sefcovic to meet USTR Greer in Paris. In Germany, there's conf. of economic ministers (WMK). In UK, after MPs questions on Scotland, there's weekly PMQs at 12noon BST, whilst committee topics include pensioner poverty: challenges and mitigations at 9:30 (gov. minister speaks), UK's future relationship with the US 11:30, environmental sustainability and housing growth 14:30, cost of energy 15:00. UK's second In-Orbit Servicing, Assembly and Manufacturing (ISAM) Conf (through Fri).

    • In central banks, Norges Bank releases at 9:00CET its latest Financial Infrastructure report whilst Bundesbank's Lienenkämper panellist at 14:00CET at ZIA. Poland central bank is expected to leave its benchmark interest rate unchanged at 5.25% when announces decision at 15:00CET, the same time as ECB releases its latest Convergence Report. ECB's Machado speech at 20:00CET at US-Europe Symposium (through Thu) hosted by Harvard Law School/PIFS. Fed's Beige Book released after EU close.

    • On the macro front, Italy, Spain, Sweden May services PMI and final reads for Eurozone, France, Germany, UK, Spain Apr industrial production

    • In earnings, Remy Cointreau (RCO.FP) reported FY net income €121.2M vs FactSet €121.3M, withdrew 2029-30 guidance and estimated potential increase in duties could have max gross impact of €100M. Voestalpine (VOE.AV) released FY EBIT €455M vs guidance of ~ €500M. Quadient (WDT.FP) reported Q1 revenue €258M vs year-ago €261M.

  • Politics/Macro/World News

    • UK steel tariffs to remain at 25% following Trump's determination to allow for implementation of the U.S. UK Economic Prosperity Deal

    • UK Rushes to Save US Steel Tariff Deal Before Levies Double - Bloomberg

    • EU and US trade negotiators meet in Paris - FT

    • Friedrich Merz plans €46B corporate tax breaks to revive German economy - FT

  • Top company news

    • Earnings/updates

      • DACHs:

        • VOE.AV (Voestalpine) -- reports FY EBIT €455M vs guidance of ~ €500M

        • MUB.GR (Muhlbauer Holding) -- reports FY EBIT €15.1M vs year-ago €66.3M

      • France:

        • RCO.FP (Remy Cointreau) -- reports FY net income €121.2M vs FactSet €121.3M [17 est, €114.0-127.6M]; estimates potential increase in duties could have max gross impact of €100M; withdraws 2029-30 guidance

        • QDT.FP (Quadient) -- reports Q1 revenue €258M vs year-ago €261M

      • Nordics:

        • MANTA.FH (Mandatum) -- announces updated financial targets for 2025-2028 - CMD

    • M&A

      • PENG.B.SS (Projektengagemang Sweden) --Sweco makes recommended SEK15/share (regardless of share class) in cash offer for Projektengagemang Sweden

      • RKT.LN (Reckitt Benckiser) -- reportedly considering new options for selling its Essential Home business after offers were below expectations - Reuters

      • CARM.FP (Carmila) -- Carrefour to dispose 7% (~9.9M shares) of Carmila's share capital through an accelerated book-building

      • SIKA.SW (Sika Group) -- Sika makes strategic investment in Giatec Scientific Inc.; financial details not provided

      • PGHN.SW (Partners Group Holding) -- EU sets a provisional deadline of 8-Jul to rule on Baltic Cable AB and Equitix's acquisition of Greenlink

      • CAMX.SS (Camurus) -- and Lilly (LLY) enter collaboration and license agreement for long-acting FluidCrystal incretins

      • XXL.NO (XXL ASA) -- EU sets a provisional deadline of 8-Jul to rule on Frasers Group's acquisition of XXL ASA

      • +STADA.GR (Stada Arzneimittel) -- owners Bain Capital and Cinven considering sale of the company in addition to possible IPO - Welt (10:41ET)

      • +TEND.SM (Tendam Retail) -- EU sets a provisional deadline of 9-Jul to rule on Multiply Group's acquisition of a majority stake in Tendam Retail

      • EU sets a provisional deadline of 8-Jul to rule on APG's acquisition of a stake in SkyNRG

      • CMR Surgical reportedly exploring sale at potential valuation of up to $4B -- Reuters, citing FT (yesterday post-close)

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- UK's NICE concludes that somapacitan can be used as an option for treating growth failure caused by growth hormone deficiency in people 3 to 17 years

      • ROG.SW (Roche Holding) -- European Commission approves Roche's Evrysdi tablet for Spinal Muscular Atrophy (SMA)

      • BAYN.GR (Bayer AG) -- FDA approves Nubeqa (darolutamide) for mCSPC

      • BAYN.GR (Bayer AG) -- Follow-up: FDA approves Nubeqa (darolutamide) for mCSPC

      • BBIO (BridgeBio Pharma) -- FDA grants orphan drug designation to infigratinib for hypochondroplasia

      • VLA.FP (Valneva) -- announces co-founder and Chief Business Officer Franck Grimaud will leave the company on 25-Jun

      • GALD.SW (Galderma Group) -- EQT completes sale of shares in Galderma Group AG

      • BANB.SW (Bachem Holding) -- Bachem founder and honorary chairman Peter Grogg passed away

      • BGBIO.NO (BerGenBio) -- BerGenBio's strategic review process is ongoing; expects to conclude the process by the end of July; discontinues development of bemcentinib

    • Other

      • THEON.NA (Theon International) -- shareholder Venetus successfully completes sale of ~3.73M shares in Theon equal to ~5.3% of the share capital of the company

      • EXENS.FP (Exosens) -- holders offer ~2.6M shares -- bookrunner

      • LOGI.A.SS (Logistea) -- places 36M B-shares at SEK 13.90/B-share through DNB Carnegie, Nordea and Swedbank

      • KNOW.SS (Knowit) -- signs framework agreement with Kammarkollegiet

      • CFR.SW (Richemont) -- Richemont's Cartier discloses customer data stolen in cyberattack -- Reuters

      • INTRUM.SS (Intrum) -- to carry out issue of 13.5M ordinary shares

      • BlackRock removed from Texas restriction list after pulling back from ESG involvements - Bloomberg

      • Committee drafts of budget bill to be released this week; Ford US EV sales fall y/y in thematic and ESG intraday news (3-Jun)

      • EQT completes sale of shares in Galderma Group AG

      • Italy May new passenger car registrations 139,390; (0.2%) y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • Jefferies upgrades ABDP.LN, JDG.LN

      • JPMorgan upgrades NN.NA; downgrades ASRNL.NA

      • DOCM.SW (DocMorris) -- to Add from Reduce at Baader Helvea

      • KARN.SW (Kardex Holding) -- to buy from hold at Jefferies

    • Downgrades

      • NHY.NO (Norsk Hydro) -- sell from hold at Nordea

      • DBG.FP (Derichebourg) -- hold from buy at Kepler Cheuvreux

      • RDC.GR (Redcare Pharmacy) -- hold from buy at Kepler Cheuvreux

      • IGG.LN (IG Group Holdings) -- neutral from buy at UBS

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

      • CAST.SS (Castellum AB) -- to hold from buy at SEB

      • COFB.BB (Cofinimmo) -- to hold from buy at Berenberg

  • Data

    • Nikkei +0.92% to 37792.46

    • Hang Seng +0.54% to 23639.46

    • Shanghai Composite +0.40% to 3375.27

    • S&P futures (2.8) vs prior close of 5981.5

    • €-$ (0.0006) or (0.06%) to 1.1364

    • $-¥ +0.22 or +0.15% to 144.23

    • €-¥ +0.17 or +0.10% to 163.90

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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