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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.18%), DAX30 (0.35%), CAC40 (0.29%)

Jul 04 ,2025

  • Synopsis

    • European indices are set to open a little lower today as Asian equities trade mixed. Hang Seng leading China market declines with tech stocks extending recent weakness. Korean and Taiwan stocks also lower while Japan and Australia little changed.

    • US equities were higher in Thursday trading as stocks ended near best levels. S&P and Nasdaq posted another record close, capped off healthy gains for the holiday-shortened week. US indices closed early today and off Friday for Independence Day.

    • Friday sees, in central banks, ECB's Elderson speech at 10:00CET at IMF OEDNE/World Bank Group EDS19 Constituency Meeting. Bank of Spain's Escrivá speech at 14:00CET on final day of event jointly organised with CEMFI-UIMP.

    • Economic data: Germany May Factory Orders (1.4%) m/m vs consensus (0.2%)

    • Later today June construction PMI, France May industrial production, Italy May retail sales, Spain May industrial production, UK Jun construction PMI, Switzerland Jun unemployment rate

    • Few earnings so far today : (ATRLJ.B.SS) Atrium Ljungberg reports Q2 EPS SEK0.10 vs FactSet SEK0.50. (AKRBP.NO) Aker BP reports Q2 net production mboepd 415.0K vs vs quarter-ago 441.4

  • Politics/Macro/World News

    • ECB Warns of Impact of Heat Waves on Inflation, Economic Growth (BBG )

    • Ukraine war briefing: Trump says he 'didn't make any progress' with Putin after call (Guardian )

  • Top company news

    • Earnings/updates

      • LSG.NO (Lerøy Seafood Group) -- Q2 trading update: total harvest volume of salmon and trout (GWT) 48,900 vs year-ago 36,700

      • BVB.GR (Borussia Dortmund) -- close to transfer of Jamie Gittens to Chelsea

    • M&A

      • AF.FP (Air France-KLM) -- to raise its stake in SAS from 19.9% to 60.5%; value of investment to be determined at closing

      • SAB.SM (Banco de Sabadell) -- shareholders to vote on 6-Aug on sale of TSB Banking Group and proposed €0.50/share extraordinary cash dividend (post EU close 3-Jul)

      • BPSO.IM (Banca Popolare di Sondrio) -- BPER Banca raises offer price for Banca Popolare di Sondrio (post EU close 3-Jul)

      • NG.LN (National Grid) -- CKI, Omers consortium in final round for National Grid's Isle of Grain LNG terminal - Bloomberg (18:05 BST/01:05 HKT)

      • FER.SM (Ferrovial) -- completes sale of Heathrow stake

      • COFB.BB (Cofinimmo) -- acquires two development projects for €11M

      • OVS.IM (OVS) -- completes acquisition of Goldenpoint S.p.A.

    • Other

      • DTE.GR (Deutsche Telekom) -- to begin third tranche of up-to-€2B 2025 buyback program today

      • EVO.SS (Evolution) -- announces new partnership agreement with Bally's Corporation

      • DTG.GR (Daimler Truck Holding) -- Daimler Truck signs LOI for vehicle assembly in Senegal

      • AMS.SW (ams-OSRAM) -- extends Revolving Credit Facility until September 2027, includes mechanisms for a reduction to €600M in line with reduced financing needs

      • VX8A.SW (voxeljet) -- Court confirms plan for Anzu to contrinbute €2.5M in voxeljet

      • Trump administration allows GE Aerospace to resume sending engines to COMAC - Reuters

  • Key rating changes

    • Upgrades

      • SCT.LN (Softcat) -- to buy from hold at Berenberg

    • Downgrades

      • LOOMIS.SS (Loomis) -- to hold from buy at DNB Carnegie

      • AKSO.NO (Aker Solutions) -- to hold from buy at SEB

      • ENC.SM (ENCE Energia y Celulosa) -- to hold from buy at Jefferies

      • ACSO.LN (accesso Technology Group) -- to hold from buy at Peel Hunt

    • Initiations

      • A2A.IM (A2A) -- neutral at BNP Paribas Exane

      • SHUR.BB (Shurgard Self Storage) -- buy at Goldman Sachs

  • Data

    • Nikkei +0.11% to 39828.37

    • Hang Seng (0.31%) to 23995.08

    • Shanghai Composite +0.77% to 3487.75

    • S&P futures (16.3) vs prior close of 6324.3

    • €-$ +0.0027 or +0.23% to 1.1785

    • $-¥ (0.60) or (0.42%) to 144.32

    • €-¥ (0.28) or (0.16%) to 170.10

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