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StreetAccount Summary - Europe Pre-Open: Future FTSE +0.02%, DAX +0.28%, CAC40 +0.21%

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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