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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.01%), DAX30 (0.26%), CAC40 +0.09%

Jul 11 ,2025

  • Synopsis

    • European indices are set to open lower as Asian indices trade mostly higher.

    • President Trump ramped up trade tensions after announcing 35% tariff on Canada from 1-Aug, separate from sectoral levies. Speaking on NBC News, Trump also foreshadowed tariff letter to EU and potential blanket tariffs of 15% or 20% (vs current 10% baseline).

    • US equities finished higher in Thursday trading, ending a bit off best levels. S&P 500 and Nasdaq set fresh record closing highs

    • Friday sees, in central banks, Bank of Italy's Panetta speech at 10:00CET at Assembly of Members of the Italian Banking Assn (ABI), the central bank also releasing its latest economic bulletin. ECB's Cipollone panellist at 13:30CET at Ukraine Recovery Conf.

    • Economic: Germany Jun final CPI, UK May construction output, industrial/manufacturing production, trade balance, Jun FSP tracker - NIESR, France Jun final CPI, Switzerland Jun consumer confidence - SECO, Norway Jun trade balance

    • Earnings reports so far: (PNDX.B.SS) Pandox, (VAR.NO) Vår Energ, (AKBM.NO) Aker BioMarine, (AKSO.NO) Aker Solutions, (ARJO.B.SS) Arjo, (AXFO.SS) Axfood, (NAS.NO) Norwegian Air Shuttle, (STB.NO) Storebrand, (GJF.NO) Gjensidige Forsikring,

    • ,(ELK.NO) Elkem On today's agenda

  • Politics/Macro/World News

    • How Greece came back from the brink (FT )

    • JPMorgan's Dimon Warns Markets Are Complacent on Tariffs (BBG )

    • Trump puts 35% tariff on Canada, eyes 15%-20% tariffs for others (Reuters )

  • Top company news

    • Earnings/updates

      • BC.IM (Brunello Cucinelli) -- reports H1 revenue €684.0M vs FactSet €680.8M [4 est, €679.8-682.5M]

      • FRA.GR (Fraport) -- reports June Frankfurt Airport traffic statistics: passengers 5.79M, +2.9y/y

      • FHZN.SW (Flughafen Zuerich) -- reports June traffic statistics

      • NAS.NO (Norwegian Air Shuttle) -- reports Q2 net income NOK931.5M vs FactSet NOK872.1M [5 est, NOK803-984M]

      • EMSN.SW (EMS-Chemie Holding) -- reports H1 revenue CHF1.02B, (6%) vs year-ago CHF1.09B

      • AXFO.SS (Axfood) -- reports Q2 adjusted EPS SEK2.94 vs FactSet SEK2.96 [5 est, SEK2.80-3.21]

      • KOF.FP (Kaufman & Broad) -- reports Q2 EPS €0.58 vs year-ago €0.50

      • PROT.NO (Protector Forsikring) -- reports Q2 net income NOK716M vs FactSet NOK619.5M [4 est, NOK513-687M]

      • PROT.NO (Protector Forsikring) -- Follow-up: Protector Forsikring reports Q2 results; to distribute NOK 2.00/sh dividend

      • ALTHX.FP (Theranexus) -- reports total available funds €2.1 M as of 30-June-25 vs €2.9 M on 31-March-24

      • KIT.NO (Kitron) -- reports Q2 EPS €0.05 vs FactSet €0.05 [4 est, €0.04-0.05]; upgrades FY guidance

    • M&A

      • BBOX.LN (Tritax Big Box REIT) -- BBOX is considering its options following the announcement by Wapping Bidco Ltd on 10-Jul-25, detailing an increased cash offer

      • BPSO.IM (Banca Popolare di Sondrio) -- BPER Banca crosses the minimum threshold condition in respect of offer from Banca Popolare di Sondrio; currently will hold ~36% (post EU close 10-Jul)

      • GEKTERNA.GA (GEK Terna) -- and Motor Oil agree to merger electricity and natural gas supply and generation activities in 50:50 JV (post EU close 10-Jul)

      • CA.FP (Carrefour) -- to sell 9 stores in France for €70M

      • ISM (Indra Sistemas) -- Due to conflicts of interest, Indra board delays decision on approving purchase of EM&E - El Mundo

      • INVE.B.SS (Investor) -- completes acquisition of Nova Biomedical

      • OXUR.BB (Oxurion) -- announces fulfilment of second condition precedent in acquisition of 72% of Axiodis CRO by its French subsidiary

      • ARISE.SS (Arise) -- independent bid committee unanimously recommends shareholders not to accept cash-based mandatory public offer by the CA Group

      • COXG.SM (Cox ABG Group) -- discloses execution of capital increase relating to previously announced share exchange

    • Healthcare

      • AZN.LN (AstraZeneca) -- Eolas Therapeutics (private) regains rights to clinical-stage treatment for opioid use disorder (8:00ET)

      • NOVN.SW (Novartis) -- and pan-Canadian Pharmaceutical Alliance achieve agreement on public reimbursement of Cosentyx for hidradenitis suppurativa (HS)

      • GSK.LN (GSK Plc) -- Delaware Supreme Court reverses lower court decision to allow expert testimony that linked Zantac to cancer -- Bloomberg

      • BAYN.GR (Bayer AG) -- Bayer receives first approval worldwide for Lynkuet (elinzanetant) in the UK as treatment of moderate to severe vasomotor symptoms associated with menopause

    • Other

      • IBE.SM (Iberdrola) -- and Masdar enter into €5.2B UK offshore wind deal

      • TE.FP (Technip Energies) -- has been awarded a large contract to perform preliminary activities for a Floating Liquefied Natural Gas (FLNG) unit in Africa

      • Intraday themes include EU proposes fewer required datapoints under CSRD and TVA advanced reactor closer to approval (10-Jul)

      • Regional Gaming Revenues - New York Sports Betting June 2025

  • Key rating changes

    • Upgrades

      • JUP.LN (Jupiter Fund Management) -- to equal-weight from underweight at Morgan Stanley

      • NEX.FP (Nexans) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • WRT1V.FH (Wartsila) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • SGE.LN (Sage Group) -- outperform at Oddo

    • Other Actions

      • AV.LN (Aviva) -- resumed overweight at Morgan Stanley

      • LMP.LN (LondonMetric Property) -- reinstated overweight at Barclays

  • Data

    • Nikkei +0.04% to 39661.68

    • Hang Seng +1.71% to 24439.03

    • Shanghai Composite +0.87% to 3540.39

    • S&P futures (14.8) vs prior close of 6324.3

    • €-$ (0.0016) or (0.14%) to 1.1686

    • $-¥ +0.63 or +0.43% to 146.88

    • €-¥ +0.52 or +0.30% to 171.63

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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