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StreetAccount Summary - Europe Pre-Open: FTSE (0.3%), DAX (0.4%), CAC (0.5%)

Jun 23 ,2025

  • Synopsis

    • European equity markets set to open broadly lower, extending last week's losses when the Stoxx Europe 600 ended down ~(1.5%). Asian equities mixed to mostly lower Monday as markets react to US strikes on Iran. Crude up ~1.5% but off initial highs. Markets awaiting potential Iranian response to US strikes on Fordow, Natanz and Isfahan nuclear facilities on Saturday. Lot of discussion about risk to crude disruptions through Strait of Hormuz after Iran's parliament voted symbolically in support of its closure. Meanwhile, Trump is reportedly floating Iran 'regime change' even as the true impact of US strikes is far from clear.

    • The week ahead sees NATO, EU-Canada and EU Leaders summits, German draft federal budget, Finland and Sweden holding annual political and societal forums, Eurozone, France, Germany, UK Jun flash manufacturing/services PMIs as well as earnings/updates from the likes of Babcock International Group (BAB.LN), H&M Hennes & Mauritz (HM.B.SS), Inchcape (INCH.LN), and Serco Group (SRP.LN).

    • In the UK, the Government unveils its new Industrial Strategy today. Electricity bills to be slashed for over 7,000 businesses.

    • In central banks today, Bundesbank's Theurer speech at 14:30CET at Univ. Bayreuth and Bundesbank's Nagel speech at 17:00 at Walter Eucken Institut. Czech central bank publishes Financial Stability Report and EU-Canada summit takes place. In Sweden, Almedalen Week (also known as Politician's Week in Almedalen and considered to be the most important forum in Swedish politics) (through Fri). Nordic co-operation hosting numerous events at Almedalen. EU's Kubilius participates in the round table discussion with new defence players and speech at discussion "European Defence Union - what is in the name?". Chancellor Merz speech at 14:20CET and EU's Šefčovič panellist on trade policy as part of the 'Day of Industry' event organised by Germany's BDI (through Tue) and the latter also speaks with Bundestag committee. POLITICO Pro Leaders Club - Danish Presidency Dinner at 20:00CET.

    • Quiet day for earnings/updates with Prosus (PRX.NA) scheduled to report FY earnings. Roche Holding (ROG.SW) holds Hematology pipeline 19:00CEST, while KBC (KBC.BB) is due to host ESG-CSR virtual event.

  • Politics/Macro/World News

    • Iran

      • Iran vows revenge on US, threatening to block vital shipping lane -- Times

      • Trump floats Iran 'regime change' even as the true impact of US strikes is far from clear-- CNN

    • ECB

      • Centeno (ECB): "Uncertainty over US tariffs weighs on growth, rates could fall further" -- La Stampa

    • UK

      • UK government set to unveil its bold new Industrial Strategy today - release --

      • UK government to invest more than £500mn in quantum computing -- FT

      • Energy prices cut for business as part of UK industrial strategy -- FT

    • Spain

      • Spain agrees with NATO to skip 5% defence spending target -- Reuters

  • Top company news

    • M&A

      • ENI.IM (Eni) -- Ares Alternative Credit to acquire 20% stake in Plenitude, controlled by Eni, for €2B ($2.30B)

      • FNAC.FP (Fnac Darty) -- expecting more M&A in Italy following UniEuro's acquisition -- CEO tells Corriere

      • CLA.FP (Claranova) -- agrees to sell its PlanetArt division to General Atlantic Credit and PlanetArt's management team

      • RGLS (Regulus Therapeutics) -- Novartis announces expiration of HSR waiting period of Regulus Therapeutics tender offer

      • UCG.IM (UniCredit) -- completes internalisation of life bancassurance in Italy

      • RF.FP (Eurazeo) -- acquires majority stake in SMP Energies

      • GREEN.BB (Greenyard) -- Deprez group and Solum Partners launch, through Garden S.à r.l., voluntary and conditional takeover bid on Greenyard NV

      • EU sets a provisional deadline of 28-Jul to rule on Varo Energy's acquisition of Preem

    • Healthcare

      • LLY (Eli Lilly) -- Detailed results from ACHIEVE-1 trial of Eli Lilly's orforglipron presented at ADA Scientific Sessions, published in NEJM

      • AZN.LN (AstraZeneca) -- gives information on its seven abstracts to be presented at EAN

      • NOVO.B.DC (Novo Nordisk) -- presents results from STEP UP trial of Wegovy at ADA Scientific Sessions

      • NOVO.B.DC (Novo Nordisk) -- subcutaneous amycretin data presented at ADA Scientific Sessions, published in The Lancet

      • NOVO.B.DC (Novo Nordisk) -- REDEFINE 1 trial of Novo Nordisk's CagriSema meets co-primary endpoints; results published in NEJM

      • NOVO.B.DC (Novo Nordisk) -- presents results from phase 3B FRONTIER5 trial

      • ROG.SW (Roche Holding) -- Genentech presents results from Phase III SUNMO study for Lunsumio administered in combination with Polivy in people with relapsed or refractory large B-cell lymphoma

      • HLUN.B.DC (H. Lundbeck) -- SUNRISE trial of H. Lundbeck's Vyepti meets all primary, secondary endpoints

      • HLUN.B.DC (H. Lundbeck) -- RESOLUTION trial of H. Lundbeck's Vyepti meets all primary, secondary endpoints

      • 4519.JP (Chugai Pharmaceutical) -- presents first clinical data in people with hemophilia A from phase I/II study of NXT007 (11:34 JT)

      • IDIA.SW (Idorsia) -- reaches agreement with Simcere to update the terms of the licensing agreement for QUVIVIQ in China; to receive $50M (an additional $30M) approval milestone payment

      • MOLN.SW (Molecular Partners) -- and Orano Med to outline encouraging early preclinical proof-of-concept data for candidate MP0726 in presentation

    • Other

      • BP.LN (BP) -- Sam Laidlaw, Ken MacKenzie among candidates to replace Helge Lund as BP chair - Sky News

      • RR.LN (Rolls-Royce Holdings) -- Trent 1000 problems lurk for Rolls-Royce Holdings - Mail on Sunday

      • HOLN.SW (Holcim) -- completes spinoff of Amrize, for which trading will begin today, as expected

      • GLPG.NA (Galapagos) -- appoints Aaron Cox as new CFO

      • TIT.IM (Telecom Italia) -- announces Golden Power approval for the amendment of the corporate purpose of the bylaws received

      • TEP.FP (Teleperformance) -- announces intent to repurchase up to €100M of company shares intended for cancellation objective

      • GOGL.NO (Golden Ocean Group) -- and CMB TECH signed loan facilities of $2B to refinance outstanding debt in Golden Ocean

      • Estimated weekend box office revenues in US, Canada $125.3M, (18.5%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • UCB.BB (UCB) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • DEME.BB (DEME Group) -- to neutral from outperform at Oddo

      • ERIC.B.SS (Ericsson) -- to hold from buy at Handelsbanken

      • MUV2.GR (Munich Re) -- to underweight from equal-weight at Morgan Stanley

      • SREN.SW (Swiss Re) -- to underweight from equal-weight at Morgan Stanley

      • UPR.LN (Uniphar) -- to hold from buy at Deutsche Numis

    • Initiations

      • GRE.SM (Grenergy Renovables) -- outperform at Mediobanca

      • BOOT.LN (Henry Boot) -- buy at Jefferies

      • HWG.lN (Harworth Group) -- buy at Jefferies

      • PFSE.GR (PFISTERER Holding) -- neutral at Oddo

  • Data

    • Nikkei (0.17%) to 38338.54

    • Hang Seng +0.28% to 23597.50

    • Shanghai Composite +0.28% to 3369.30

    • S&P futures (9.5) vs prior close of 6018.0

    • €-$ +0.0040 or +0.35% to 1.1513

    • $-¥ +0.55 or +0.37% to 147.21

    • €-¥ +1.22 or +0.73% to 169.47

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