Jun 25 ,2025
Synopsis
European equity markets are set for a positive open amidst advancing Asian equities Wednesday. Greater China markets outperforming with property developers leading in Hong Kong. Semis driving Taiwan towards highest since March. Japan, Australia and Korea flat. S&P 500 futures unchanged afterhours.
Geopolitical tensions tamping down with Iran-Israel ceasefire holding, pulling crude back below pre-war levels. Attention shifting back to prospect of negotiations after Iran's president said willing to return to talks. White House also pushed back against media reports citing preliminary intelligence assessment that US strikes dealt limited damage to Iran's underground nuclear facilities and likely set back program by only few months.
In UK, weekly PMQs at 12noon BST with committee topics including spending review 2025 at 10:00BST (Chief Secretary to the Treasury Jones) and cost of energy 15:00 (Ofgem CEO Brearley). Politico hosts "The EU's budget reset: Will the energy transition get its fair share?". FT and The Banker joint event at 14:00BST The State of Banking in 2025 is in the in the lead-up to the Global Banking Summit 2025. European Automobile Manufacturers' Association (ACEA) May new passenger car registrations for EU + EFTA + UK.
On the central bank front, Riksbank minutes from last MPC meeting published at 9:30CET whilst ECB publishes Macroprudential Bulletin at 11:00CET. SNB releases latest quarterly bulletin at 15:00CET. Slovak central bank publishes latest report on economic and monetary developments and Czech central bank interest rate decision. Bundesbank's Mauderer speech at 10:00CET at London Climate Action Week (Sat (21st)-Sun (29th), main program, all events) as well as panellist at 16:00 at related event at the German Embassy in London. At Almedalen Week, Riksbank's Bunge participates at 11:00CET in a seminar on economic developments in Sweden and the world organized by Skandia and on payments and preparedness at 16:00 organized by Kontantupproret and Thedéen participates at 16:45 in a debate about the economic situation and the latest interest rate decision on Dagens Industri's stage. CCBS 'Transforming monetary policy' conf (through Thu), Riksbank's Breman speech 13:30BST, BOE's Lombardelli, Pill, Rosen and Greene chair sessions/speak over the two days. ECB's Donnery speech/Q&A at 19:30CET at SSM-Senior Forum.
A light earnings front see Kapsch TrafficCom (KTCG.AV) reporting FY EPS (€0.48) and Gabriel Holding (GABR.DC) raised FY revenue and EBIT guidance to revenue DKK 490-520M vs prior DKK485-530M and EBIT DKK 25-35M vs prior DKK20-30M
Politics/Macro/World News
EU prepares €95B retaliatory tariff threat on the US ahead 9-Jul deadline nears:
Iran-Israel ceasefire holding, Iranians say they are ready for diplomacy:
Central banks eyeing further diversification of FX reserves away from dollar after Liberation Day tariffs:
Top company news
Earnings
GABR.DC (Gabriel Holding) -- raises FY revenue and EBIT guidance: Rev DKK 490-520M vs prior DKK485-530M. EBIT DKK 25-35M vs prior DKK20-30M
KTCG.AV (Kapsch TrafficCom) -- reports FY EPS (€0.48) and unclear if comparable to FactSet €0.04 [2 est, €0.03-0.05]
M&A
MCAP.SS (MedCap) -- 's Unimedic Pharma AB acquires XGX Pharma ApS in Denmark for an initial cash payment of DKK135M for 100% of the company's shares plus potential additional payment of up to DKK140M
RI.FP (Pernod Ricard) -- Suntory interested in acquiring Imperial Blue whiskey brand from Pernod Ricard - Economic Times (00:52 IST / 03:52 JST / 21:52 CEST)
ILTY.IM (illimity Bank) -- Banca Ifis will pay additional consideration of €0.1775/share in cash for each illimity Bank share tendered to offer in case acceptances higher than 90%
RGLS (Regulus Therapeutics) -- Novartis announces expiration of Regulus Therapeutics tender offer
SAB.SM (Banco de Sabadell) -- Banco Sabadell informs on the Council of Ministers' authorization of the economic concentration resulting from the offer, subject to an additional condition to those commitments already submitted by BBVA
COPN.SW (Cosmo Pharmaceuticals) -- to sell "Digital Trust" to its existing customer Tinexta InfoCert
IPS.FP (Ipsos) -- completes acquisition of The BVA Family
EFGN.SW (EFG International) -- EFG International's subsidiary Shaw and Partners to acquire a 75% stake in New Zealand-based Investment Services Group for NZ$67.5M (approx. CHF 32.4M)
GIMB.BB (Gimv) -- acquires a majority stake in Alpine' price not disclosed
Healthcare
REGN (Regeneron) -- TD Cowen comments on Regeneron matching program, copay support for anti-VEGF treatments
SAN.FP (Sanofi) -- Sanofi's Riliprubart earns orphan drug designation in the US for antibody-mediated rejection in solid organ transplantation
SRPT (Sarepta Therapeutics) -- FDA investigating deaths due to acute liver failure in non-ambulatory Duchenne Muscular Dystrophy patients following treatment with Sarepta Therapeutics' ELEVIDYS
INDV.LN (Indivior) -- appoints Tony Kingsley to the board, supported by affiliates of Oaktree Capital Management
GALD.SW (Galderma Group) -- initiates two new clinical trials investigating nemolizumab in patients with systemic sclerosis and chronic pruritus of unknown origin
CYAD.BB (Celyad Oncology) -- conducting strategic review
FYB.GR (Formycon) -- notes Valorum Biologics becomes commercialization partner for Eylea biosimilar FYB203/AHZANTIVE (aflibercept-mrbb) in US and Canada
Other
IDIA.SW (Idorsia) -- launches repurchase offer for its 2025 and 2028 convertible bonds
EVT.GR (Evotec) -- joins NURTuRE-AKI consortium to gain multi-omics-based molecular understanding of acute kidney injury
NDX1.GR (Nordex) -- receives orders from UKA for a total of 64 wind turbines totaling 435 MW in Germany; orders are part of an existing framework agreement
DONE.SS (Done.ai Group AB) -- initiates evaluation of incorporating blockchain infrastructure, including a NOK 20M Bitcoin allocation
SAN.SM (Banco Santander) -- announces tender for up to €1.5B 4.375% CoCo securities; intends to issue a new series of contingent convertible perpetual preferred securities
PUM.GR (Puma) -- issues Q2 Aide Memoire; no new information is provided
DG.FP (VINCI SA) -- VINCI implements share buyback program
AVOL.SW (Avolta) -- awarded duty-free tender at Santiago de Chile International Airport
KEMIRA.FH (Kemira) -- and Bluepha announce exclusive partnership to commercialize fully biobased barrier coatings in APAC
AML.LN (Aston Martin Lagonda Global Holdings) -- After three-month halt, Aston Martin to resume exports to US - London Times
EU retaliatory tariffs on US imports could include Boeing aircraft -- Bloomberg
European Automobile Manufacturers' Association (ACEA) May new passenger car registrations for EU + EFTA + UK +1.9% y/y
Key rating changes
Upgrades
CLARI.FP (Clariane) -- to outperform from neutral at Oddo
AKE.FP (Arkema) -- to neutral from underweight at JPMorgan
BFSA.GR (Befesa) -- to overweight from equal-weight at Morgan Stanley
HPOL.B.SS (HEXPOL) -- to buy from hold at SEB
SBS.GR (Stratec) -- to buy from hold at Kepler Cheuvreux
STLAP.FP (Stellantis) -- to buy at Jefferies
SWEC.B.SS (Sweco) -- to buy from hold at Pareto (earlier, timing uncertain)
Downgrades
AKRBP.NO (Aker BP) -- to hold from buy at ABG Sundal Collier
OKEA.NO (Okea) -- to hold from buy at ABG Sundal Collier
SKA.B.SS (Skanska) -- to hold from buy at Handelsbanken
KOG.NO (Kongsberg Gruppen) -- to sell from hold at Pareto
HBH.GR (Hornbach Holding) -- to hold from buy at Berenberg
Initiations
RANA.NO (Rana Gruber) -- buy at ABG Sundal Collier
JMAT.LN (Johnson Matthey) -- hold at Kepler Cheuvreux
YUBICO.SS (Yubico) -- hold at Pareto
Data
Nikkei +0.30% to 38907.37
Hang Seng +0.83% to 24377.34
Shanghai Composite +0.41% to 3434.72
S&P futures +2.5 vs prior close of 6146.3
€-$ +0.0009 or +0.08% to 1.1620
$-¥ +0.12 or +0.08% to 145.05
€-¥ +0.28 or +0.17% to 168.52
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