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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.30%, DAX +0.21%, CAC +0.15%

Jul 03 ,2025

  • Synopsis

    • European equity markets are set to open in positive territory amid Asia equities trading mixed Thursday in a generally directionless session. Hong Kong swung to declines as Australia/NZ sustain losses. Japan little changed, mainland China, South Korea and Taiwan higher. US futures marginally higher after S&P and Nasdaq extended record highs. Tech optimism was a notable tailwind with SOX index up 1.88%. US Big Tech mixed, but sharp gains in Tesla, Apple and Nvidia buoyed sentiment. US Treasuries recovering in Asia though JGBs/Australia bonds catching up to overnight weakness. Dollar index steadied with major currencies little changed. Crude oil and Bitcoin futures fading from earlier strength, gold steady.

    • In central banks updates, Bundesbank's Balz speech at 9:05CET at BaFinTech and Theurer speech at 9:30 at event hosted by National Assn of German Cooperative Banks (BVR). Other speakers at the latter is Chancellor Merz, on current aspects of economic and financial policy, the Chancellor also scheduled to meet with Bundesbank's Nagel in the afternoon. Bank of Spain's Escrivá speech at 14:00CET at event on the Spanish Economy jointly organised with CEMFI-UIMP (through Fri). ECB releases minutes of last MPC meeting at 13:30CET.

    • On the political front, EU's Dombrovskis, Hansen, Tzitzikostas among participants of College of Commissioners visit to Denmark (through Fri). Denmark will hold the Presidency of the Council of the European Union from 1-Jul. Les Recontres Economiques (through Sat) sees speeches from numerous politician, central bankers and company execs. Bruegel hosting event at 13:00CET title Who should be charged? The challenge of fairly allocating electricity system costs, includes exec from E.ON (EOAN.GR). Germany Jun new car registrations are due for release. Brainlab (BNLB.GR) expected to make its stock market debut.

    • Macroeconomic updates today include: Italy, Spain, Sweden Jun services PMI with final reads for Eurozone, France, Germany, UK, Switzerland Jun CPI

    • In corporate news, Redcare Pharmacy (RDC.GR) reported preliminary Q2 sales and said company is well on track to deliver all elements of its FY guidance. Still in the DACH region, Novartis (NOVN.SW) announced top-line results from Phase III GCAptAIN study evaluating Cosentyx in adults with newly diagnosed or relapsing giant cell arteritis. In France, Pluxee (PLX.FP) posted Q3 revenue and confirmed outlook for FY25 and FY26. From the Netherlands, Aperam (APAM.NA) confirmed Q2 outlook ahead of its Q2 earnings release

    • CMD/events: Catenai (CTAI.LN)

  • Politics/Macro/World News

    • ECB officials question whether euro has strengthened too much - FT

    • EU splits weaken its hand in crunch trade talks with Trump - Politico

    • Trump says he will put 20% tariff on Vietnam's exports - Reuters

    • France asks airlines to cut flights at Paris airports by 40% ahead of planned strike - Reuters

  • Top company news

    • Earnings/updates

      • RDC.GR (Redcare Pharmacy) -- reports preliminary Q2 revenue €709M vs FactSet €707.4M [2 est, €705-709.7M]

      • APAM.NA (Aperam) -- confirms Q2 outlook ahead of its Q2 earrings release on 31-Jul

      • PLX.FP (Pluxee) -- reports Q3 revenue €310M vs FactSet €310.0M [1 est]

      • GLJ.GR (GRENKE) -- reports leasing new business in Q2 of 2025 +9.8% y/y to €867.4M

      • A1OS.GR (All for One Group) -- adjusts FY25 guidance downward; announces €7M buyback

      • BLKB.SW (Basellandschaftliche Kantonalbank) -- reports (CHF105.5M) impairment on radicant investment; CEO and Chairman to leave, effective 2026

    • M&A

      • MB.IM (Mediobanca) -- CONSOB approves offer document in connection with Banca Monte dei Paschi di Siena's acquisition of Mediobanca (post EU close 2-Jul)

      • BPSO.IM (Banca Popolare di Sondrio) -- Italian Competition and Markets Authority conditionally approves BPER Banca's acquisition of Banca Popolare di Sondrio (post EU close 2-Jul)

      • EQT.SS (EQT AB) -- EQT Exeter Industrial Value Fund VI acquires 2.04M sq ft portfolio of modern logistics facilities in Manteca, California

      • MB.IM (Mediobanca) -- Banca Monte dei Paschi di Siena receives unconditional approval from the Italian Competition and Market Authority for the acquisition of Mediobanca (post EU close 2-Jul)

      • SHUR.BB (Shurgard Self Storage) -- acquires property in Amsterdam owned by Stevaco Vastgoed B.V. and Minerva Investments

      • COFA.FP (Coface) -- completes acquisition of Cedar Rose Group

      • INSE.LN (Inspired) -- Regent Acquisitions 2025 Ltd announces valid acceptances received for total ~232.9K Inspired shares

      • MAU.FP (Maurel et Prom) -- to acquire a 21% interest in the Sinu-9 gas block in Colombia, in addition to the acquisition of a 40% interest announced in February 2025, for $78.75M

    • Healthcare

      • ALCLS.FP (Cellectis SA) -- files $200M mixed shelf - F-3

      • IVA.FP (Inventiva) -- announces results of lanifibranor treatment on liver sinusoidal endothelial cells in patients with MASLD/MASH in the Journal of Hepatology

      • SEPN (Septerna) -- announces collaboration with Novo Nordisk has become effective - 8-K

      • IRLAB.A.SS (IRLAB Therapeutics) -- publishes information document in connection with previously disclosed rights issue; subscription period commence today

      • NOVN.SW (Novartis) -- announces top-line results from Phase III GCAptAIN study evaluating Cosentyx in adults with newly diagnosed or relapsing giant cell arteritis

    • Other

      • AIR.FP (Airbus SE) -- reportedly near deal to sell additional A330Neo jets to Malaysia Airlines' parent group -- Reuters

      • MB.IM (Mediobanca) -- completes treasury share buyback

      • NDX1.GR (Nordex) -- receives orders totalling 135 MW in UK, Belgium and France

  • Key rating changes

    • Upgrades

      • ABN.NA (ABN AMRO Bank) -- to buy from reduce at Kepler Cheuvreux

    • Downgrades

      • BNR.GR (Brenntag) -- to hold from buy at Berenberg

      • FRES.LN (Fresnillo) -- to neutral from buy at UBS

      • ENTRA.NO (Entra ASA) -- to hold from buy at Pareto

    • Initiations

      • G24.GR (Scout24) -- initiated overweight at Cantor Fitzgerald

  • Data

    • Nikkei (0.08%) to 39732.47

    • Hang Seng (0.93%) to 23996.95

    • Shanghai Composite +0.13% to 3459.27

    • S&P futures +5.0 vs prior close of 6275.0

    • €-$ (0.0009) or (0.08%) to 1.1793

    • $-¥ +0.22 or +0.15% to 143.87

    • €-¥ +0.15 or +0.09% to 169.65

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