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StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX (0.2%) CAC (0.2%), IBEX flat, MIB (0.1%)

Jun 16 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to lower. Last week, European equity markets posted a notable negative performance, with Stoxx 600 declining to a three-week low, down over (1.5%) as risk appetite soured following an escalation in Middle East tensions. Strikes by Israel and Iran have continued as the conflict between the two countries intensifies. Iran launched a barrage of missiles at targets across Israel. The Iranian strikes came shortly after Israel launched attacks on surface-to-surface missile sites in Iran, and killed the intelligence chief of Iran's armed forces. (BBC)

    • Asian equities mixed to mostly lower Monday. China activity data mixed with industrial production and fixed asst investment growth slowing by more than expected. Retail sales an unexpected bright spot with growth highest since Dec-2023, aided by consumer goods trade-in program and early month holiday spending.

    • The week ahead sees Eurogroup meeting, several interest rate decisions (BOE, SNB, Norges Bank, BoJ and Fed), the Paris Airshow, Germany Jun ZEW survey, France Jun business confidence, UK May CPI/RPI as well as earnings/updates from Ashtead Group (AHT.LN), Berkeley Group Holdings (BKG.LN), and Colruyt Group (COLR.BB). Fresenius Medical Care (FME.GR) is holding a Capital Markets Day.

    • G7 summit underway in Canada. Canada will host leaders of Italy, US, France, Germany, UK and Japan in Kananaskis, Alberta. POLITICO writes that with rising tensions between Israel and Iran, peace still elusive in Ukraine and U.S. President Donald Trump's tariffs prompting a global trade war, there is a lot to talk about and plenty to disagree on.

    • European macro data releases out today include Italy May final CPI, Switzerland May PPI, Norway May trade balance

    • Also on today's agenda: Bundesbank's Nagel speech at 9:00CET at Frankfurt Euro Finance Summit and panellist at 18:00 at event at bank's Chemnitz branch. Also, the German central bank publishes at 12noon pre-releases from monthly report and ECB Economic Bulletin pre-release at 10:00CET. ECB's Cipollone speech at 12:30CET at Osservatorio Banca Impresa 2030 Meeting. OPEC monthly report is due for release whilst in Switzerland, SECO publishes its latest economic forecast. Elsewhere, there is the Paris Airshow (through Sun) and meeting of EU energy ministers.

    • On the corporate front, focus on reports Luca de Meo is leaving Renault (RNO.FP) to become Kering CEO (KER.FP). Renault's board has initiated the process of appointing a new CEO. In M&A, Spectris (SXS.LN) confirms receipt of preliminary acquisition proposal from KKR on 5-Jun-25; discloses board rejected proposal, no further proposal has been received at present. Pollen Street Capital offers to buy Metro Bank (MTRO.LN); terms unreported, according to Sky News.

  • Politics/Macro/World News

    • Iran rejects ceasefire negotiations while under Israeli attack, official says -- Reuters

    • Israel-Iran war crashes on to agenda at Canada's G7 summit -- FT

    • SNB Is Set to Cut to Zero But Shirk From Negative Rate for Now -- Bloomberg

    • UK Jun house price index +0.8% y/y vs prior +1.2%; (0.3%) m/m vs prior +0.6% - Rightmove

    • Economists Predict Germany Will Return to Growth This Year -- Bloomberg

  • Top company news

    • M&A

      • TEF.SM (Telefonica) -- agrees to sell Otecel S.A. (Telefónica Ecuador) to Millicom Spain, S.L. for $380M (post EU close on 13-Jun)

      • SXS.LN (Spectris) -- confirms receipt of preliminary acquisition proposal from KKR on 5-Jun-25; discloses board rejected proposal, no further proposal has been received at present

      • KKR (KKR & Co.) -- KKR signs deal to acquire Zenith Energy - Australian Financial Review

      • BT.A.LN (BT Group) -- AI advances could result in higher-than-expected job losses at BT Group - FT

      • BIM.FP (bioMerieux) -- bioMérieux announces an agreement to acquire the assets of Day Zero Diagnostics, a US-based infectious disease diagnostics company

      • RNO.FP (Renault) -- NIssan to sell portion of Renault stake - Nikkei, citing an interview with CEO Iván Espinosa

      • IP.IM (Interpump Group) -- agrees to acquire 65% of Padoan based on value of ~€16M for 100% of the company

      • MTRO.LN (Metro Bank Holdings) -- Pollen Street Capital offers to buy Metro Bank; terms unreported - Sky News

      • BGN.IM (Banca Generali) -- Mediobanca postpones shareholder meeting on Banca Generali from tomorrow to 25-Sep

      • ISB.IR (Íslandsbanki) -- announces that Kvika bank's board has rejected merger discussions

      • BURE.SS (Bure Equity) -- Bure enters into an agreement to acquire 17.0% of Silex Microsystems AB for total purchase price of SEK 917M

      • Blackstone in talks to buy Sunseeker Resort from Allegiant Travel Co - Bloomberg

      • Santos receives takeover from XRG-led consortium:

    • Healthcare

      • JNJ (Johnson & Johnson) -- presents new results from Phase 2 RedirecTT-1 study of TALVEY-TECVAYLI combination

      • REGN (Regeneron) -- Regeneron, Sanofi present results from EVEREST Phase 4 trial of Dupixent at EAACI Annual Congress

      • SRPT (Sarepta Therapeutics) -- Sarepta provides safety update on ELEVIDYS after second patient death; conference call at 08:00 ET 16-Jun

      • ROG.SW (Roche Holding) -- Follow-up: Roche announces new dosing restrictions, effective immediately, for Elevidys

      • ROG.SW (Roche Holding) -- Roche to advance prasinezumab into Phase III development for early-stage Parkinson's disease

      • GMAB.DC (Genmab) -- announces new results from EPCORE NHL-2 trial Arm 10 evaluating epcoritamab combined with R-ICE

      • DIA.IM (Diasorin) -- FDA grants clearance of 510(k) for DiaSorin's LIASON MUREX HIV assay and control

      • EGTX.SS (Egetis Therapeutics) -- announces exclusive distribution agreement with Er-Kim for Emcitate in Türkiye

    • Other

      • KER.FP (Kering) -- Luca de Meo leaving Renault to become Kering CEO - Le Figaro

      • RNO.FP (Renault) -- CEO Luca de Meo to step down effective 15-Jul to pursue new challenges outside automotive sector

      • TTE.FP (TotalEnergies) -- UK commissions human rights review into $20B TotalEnergies gas development in Mozambique - FT

      • DSFIR.NA (DSM-Firmenich) -- Honeywell (HON) announces settlement with DSM-Firmenich; terms not reported

      • WCH.GR (Wacker Chemie) -- assesses its progress toward achieving its 2030 sustainability targets

      • Estimated weekend box office revenues in US, Canada $151.3M, (29.3%) y/y - Box Office Mojo

      • Slimmed down FDA ready to review infant formula - NY Times

  • Key rating changes

    • Upgrades

      • MNG.LN (M&G) -- to overweight from equal weight at Barclays

      • SYENS.BB (Syensqo) -- to buy from hold at Jefferies

      • UMI.BB (Umicore) -- to buy from hold at Jefferies

      • MTRO.LN (Metro Bank Holdings) -- to market perform from underperform at Keefe, Bruyette & Woods

    • Downgrades

      • ISS.DC (ISS A/S) -- to neutral from buy at UBS

      • AV.LN (Aviva) -- to equal weight from overweight at Barclays

      • AKE.FP (Arkema) -- to hold from buy at Jefferies

      • CLN.SW (Clariant) -- to hold from buy at Jefferies

      • BNR.GR (Brenntag) -- to underperform from hold at Jefferies

      • SY1.GR (Symrise) -- to underperform from hold at Jefferies

      • AED.BB (Aedifica) -- to hold from buy at Kepler Cheuvreux

      • SQN.SW (Swissquote Group) -- to sell from neutral at UBS

    • Other Actions

      • ELI.BB (Elia Group SA/NV) -- reinstated buy at Goldman Sachs

  • Data

    • Nikkei (0.89%) to 37834.25

    • Hang Seng (0.59%) to 23892.56

    • Shanghai Composite (0.75%) to 3377.00

    • S&P futures (1.0) vs prior close of 5979.3

    • €-$ +0.0028 or +0.24% to 1.1561

    • $-¥ +0.05 or +0.03% to 144.07

    • €-¥ +0.08 or +0.05% to 166.54

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