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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.4%, CAC +0.4%, IBEX +0.5%, MIB +0.5%

Aug 04 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, after last week's losses. Note Switzerland back online after Friday's National Day holiday so the SMI may buck the trend; recall Switzerland was among hardest hit nations with 39% tariff.

    • Stoxx600 posted the worst weekly performance since Apr, down (2.57%). On Friday, Europe woke up to the new reality of US tariffs. The other main catalyst for the risk-off move on Friday was US July nonfarm payroll report, with headline jobs number missing consensus, and substantial downwards revisions to the prior number.

    • This week sees catalysts including BOE interest rate decision (benchmark interest rate expected to be lowered by (25bps) to 4.0%), Jul services PMIs from across the region, Switzerland Jul CPI as well as earnings/updates from the likes of Allianz (ALV.GR), BP (BP.LN), CRH (CRH.LN), Diageo (DGE.LN), Generali (G.IM), Maersk (MAERSK.B.DC), Siemens (SIE.GR), Telecom Italia (TIT.IM) and Zurich Insurance Group (ZURN.SW).

    • Fallout continues from President Trump's tariff announcements as countries facing steepest levies contemplate their response. Hit with 25% tariffs, India voiced defiance with PM Modi urging citizens to buy local products (Bloomberg), though sources noted India remains engaged with US (Reuters). Delhi also reaffirmed ties with Moscow (Bloomberg) while press sources say India hasn't told refiners to stop buying Russian crude (Bloomberg, Reuters), even as White House accused India of funding Russia's Ukraine war (SCMP). Switzerland among hardest hit nations with 39% tariff, prompting business minster to weigh a revised trade offer to US that includes stepped up purchase commitments (Reuters). Trump hit Brazil with additional 40% tariffs amid a diplomatic and trade row, though while President Lula struck defiant tone he also indicated openness to talks (Bloomberg). Canada said open to reaching deal that results in lower tariffs ahead of possible talks between Trump and Carney in coming days (FT). Meanwhile, White House giving positive signals on direction of US-China trade talks with Treasury Secretary Bessent saying he believes US has makings of a trade deal with Beijing (Reuters). USTR Greer also gave optimistic take on talks, stating they currently focused whether to extend tariff deadline (CBS News).

    • Late Friday, the UK Supreme Court overturned the landmark Court of Appeals ruling on motor finance commissions, giving banks a partial win (BBC). Rejected key elements of earlier Court of Appeals judgement - that car dealers should have informed customers about commission paid by banks when they arranged loans (Telegraph, FT). Ruled secret commission payments to car dealers under hire-purchase agreements were unlawful but not bribes and not legally bound to customers' fiduciary care. Equity market analysts had warned lenders had not put enough provisions aside and could be liable for redress bill up to £44B, making parallels with £50B pay protection insurance (PPI) scandal, but the latest ruling limits scale (London Times). Note, Financial Conduct Authority carrying out separate review of motor finance and signaled it is likely to impose redress scheme. Lloyds Banking Group (LLOY.LN) expected to see a positive reaction on back of the SC judgement; RBC upgrades LLOY.LN to outperform, while JPMorgan upgrades to neutral.

    • Oil prices lower. WTI Crude (Sep 25) (0.13%) to $67.24. On Sunday OPEC+ announced it will raise September crude output by 547Kbpd, marking full unwind of 2.2Mbpd output cut made in 2023 and includes extra allowance pushed by UAE.

    • European macro data releases out today include Switzerland Jul CPI, manufacturing PMI, Spain Jul unemployment change, Denmark Jun manufacturing production, Eurozone Aug investor confidence - Sentix. In central banks, first of the ECB's Economic Bulletin pre-releases at 10:00CET

    • Note Icelandic markets are closed for National Day

  • Politics/Macro/World News

    • Labour does not deserve to win next election if it does not deliver change, says Reeves -- Independent

    • Split Bank of England will struggle to give clear outlook on interest rates, say economists -- FT

    • Trump to Name New Fed Governor, Jobs Data Head in Coming Days -- Bloomberg

    • Italy Jul new passenger car registrations 118,493; (5.1%) y/y -- UNRAE

  • Top company news

    • Earnings/updates

      • PNL.NA (PostNL) -- reports Q2 normalised EBIT €11M vs consensus (€3.0M); no interim diiv and reiterates FY25 outlook

      • STM.GR (Stabilus) -- reports Q3 revenue €316.0M vs FactSet €319.0M [2 est, €314.9-323M]

      • BDT.GR (Bertrandt) -- reports Q3 EPS (€2.87) vs FactSet (€1.90) [1 est]; reaffirms FY guidance (€18.94)

      • Also reporting today

        • Earnings:

          • France: Cellectis (ALCLS.FP)

          • Nordics: Oma Savings Bank (OMASP.FH)

          • Southern Europe: Anima Holding (ANIM.IM), Intercos (ICOS.IM), WIIT (WIIT.IM), EuroGroup Laminations (EGLA.IM)

          • UK: Senior (SNR.LN)

        • CMD/events: Inchcape (INCH.LN) Engage Investor at 12noon BST

    • M&A

      • KER.FP (Kering) -- in talks to sell majority stake in Milan property - Corriere della Sera

      • 6501.JP (Hitachi) -- Samsung, Arcelik and LG among bidders for Hitachi's Global Life Solutions - Maeil

      • ICG.LN (ICG) -- near £200M deal to buy three airports from Rigby Group - Sky News

      • JMT.PL (Jeronimo Martins) -- may go shopping again - Bloomberg

      • BERG.B.SS (Bergman & Beving) -- acquires Donut Safety Systems; price not disclosed

      • PPT.AU (Perpetual) -- Speculation EQT could emerge as a bidder for Perpetuals wealth management unit- The Australian

      • LAT.FP (Latecoere) -- completes sale of Malaga Aerospace, Defense & Electronics Systems to Cicor Group

      • CICN.SW (Cicor Technologies) -- completes acquisition of MADES; company sees no material impact from US tariffs

      • PODP.LN (Pod Point Group Holdings) -- announces scheme of arrangement has become effective

      • Allianz, BlackRock and T&D complete acquisition of Viridium

    • Healthcare

      • ROG.SW (Roche Holding) -- Genentech announces new, five-year efficacy, safety and durability data from the Phase III Portal study

      • HNSA.SS (Hansa Biopharma) -- announces topline results from three patients with DMD treated with imlifidase prior to receiving ELEVIDYS in SRP-9001-104 trial

    • Other

      • CBG.LN (Close Brothers Group) -- Follow-up: Close Brothers Group PLC comments on judgment in respect of "Hopcraft"

      • UBSG.SW (UBS Group) -- UBS resolves legacy Credit Suisse RMBS matter with US DOJ for $300M (CHF241.5M)

      • BA.LN (BAE Systems) -- awarded $139.6M US Army contract modification

      • DG.FP (VINCI SA) -- implements €300M share buyback program

      • UCG.IM (UniCredit) -- notes European Banking Authority's publication of stress-test results yesterday

      • ABN.NA (ABN AMRO Bank) -- comments on EBA stress test

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- issues press release regarding the EBA stress test

      • Estimated weekend box office revenues in US, Canada $121.4M, (28.7%) y/y - Box Office Mojo

      • European Banking Authority releases the results of its 2025 EU-wide stress test

      • Santos signs MOU with ENGIE for domestic gas supply of up to 20 PJ per year over period of minimum 10 years from Narrabri project

      • UK Supreme Court overturns landmark ruling on motor finance commissions -- wires / FT

      • UK's FCA to consult on a compensation scheme for motor finance customers (3-Aug)

  • Key rating changes

    • Upgrades

      • Barclays upgrades AF.FP, IAG.LN, LHA.GR

      • Jefferies upgrades BA.LN, HAG.GR

      • TEL2.B.SS (Tele2) -- to buy from sell at UBS

      • CRBN.NA (Corbion) -- to hold from sell at Berenberg

      • ITM.LN (ITM Power) -- to buy from hold at Berenberg

      • LLOY.LN (Lloyds Banking Group) -- to neutral from underweight at JPMorgan, to outperform from sector perform at RBC Capital Markets

      • BIRG.ID (Bank of Ireland Group) -- to outperform from market perform at Keefe, Bruyette & Woods

      • TMV.GR (TeamViewer) -- upgraded to buy from hold at Kepler Cheuvreux

    • Downgrades

      • SHEL.LN (Shell) -- to hold from buy at HSBC

      • NOD.NO (Nordic Semiconductor) -- to neutral from overweight at JPMorgan

      • WEIR.LN (Weir Group) -- to hold from buy at Kepler Cheuvreux

  • Data

    • Nikkei (1.37%) to 40240.28

    • Hang Seng +0.58% to 24649.22

    • Shanghai Composite +0.18% to 3566.28

    • S&P futures +26.5 vs prior close of 6264.5

    • €-$ (0.0027) or (0.24%) to 1.1570

    • $-¥ +0.57 or +0.39% to 147.83

    • €-¥ +0.31 or +0.18% to 171.05

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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