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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.40%, DAX +0.46%, CAC +0.10%

Aug 05 ,2025

  • Synopsis

    • European equity markets are set to open higher amid Asian equities advancing Tuesday. Korean stocks extending Monday rebound with China, Japan, Australia and Taiwan benchmarks also trading higher. India opens lower amid latest ramp in trade tensions. US contracts adding to gains afterhours. Bonds mixed with JGB yields extending move lower while Treasuries flat. Dollar nudging higher against other currencies. Crude adding to declines in wake of OPEC+ production hike. Gold and copper little changed. Bitcoin coming off earlier highs.

    • In geopolitical developments, US-India tensions in focus after President Trump said he would substantially hike tariffs due to India's purchases of Russian oil (Bloomberg, Reuters). Comes after Trump imposed 25% tariff on India last week and threatened unspecified higher duties over India's Russian energy purchases.

    • On today's agenda, in the UK, NIESR press conf at 11:00BST presenting the main findings from its Summer 2025 UK and Global Economic Outlooks. Chancellor Merz speech at the non-profit organization Federation of Expellees. There's EnergiRike conf. with Norway's minister of climate and environment Eriksen among the speakers. Norway's minister of energy, trade & industry and climate & environment will present at 10:00CET a strategy for the offshore wind supplier industry. PM Støre in Fredrikstad where the Labour Party will hold an open public meeting at 18:00 CET.

    • Macroeconomic updates include: Italy, Spain, Sweden Jul services PMI and final reads for Eurozone, France, Germany, UK, France Jun industrial production, Spain Jun industrial production, Eurozone Jun PPI, Finland Jun trade balance. Also, Germany, Russia, UK Jul new car registrations are due.

    • In corporate news, DACH companies kicked off the session with Fresenius Medical Care (FME.GR) reporting Q2 numbers and confirmed its FY outlook. Aurubis (NDA.GR) posted Q3 earnings and raised FY operating EBT guidance. Adecco Group (ADEN.SW) is out with Q2 earnings and Q3 outlook. Fraport (FRA.GR) reported Q2 net income ahead of consensus and confirmed 2025 outlook. DHL Group (DHL.GR), BOSS.GR (Hugo Boss), Continental (CON.GR), Infineon Technologies (IFX.GR) and Rational (RAA.GR) are also out with their latest earnings updates. In France, Covivio (COV.FP) reported final H1 EPRA Adjusted EPS €2.38 vs year-ago €2.24. Eutelsat Communications (ETL.FP) reported FY numbers; targets FY26 revenues in line with, and adjusted EBITDA margin slightly below, those of FY25. In the UK, BP (BP.LN), Diageo (DGE.LN), Fresnillo (FRES.LN), Smith & Nephew (SN.LN) are expected to update with their latest numbers. Out of the Nordics, Shelf Drilling Ltd (SHLF.NO) reported prelim Q2 earnings and narrowed FY adj. EBITDA guidance. Prior to this, ADES International Holding announced recommended NOK14.00 cash offer to acquire all outstanding shares of Shelf Drilling Ltd (SHLF.NO) by way of a cash merger.

    • CMD/events: Aker Carbon Capture (ACC.NO) EGM proposals to liquidate the Company

  • Politics/Macro/World News

    • EU-US trade pact causes peak confusion in Brussels - FT

    • UK and France to ratify 'one in, one out' migrant returns deal - Reuters

    • Poland faces years of political deadlock under new president - Politico

  • Top company news

    • Earnings/updates

      • DACHs

        • FME.GR (Fresenius Medical Care) -- reports Q2 EPS €0.77 vs consensus €0.72; FY25 outlook confirmed

        • BOSS. GR (Hugo Boss) -- reports Q2 EPS €0.68 vs consensus €0.62; confirms 2025 outlook

        • CON.GR (Continental) -- reports Q2 net income €506M vs consensus €347.6M; on the right track despite constantly changing conditions

        • ADEN.SW (Adecco Group) -- reports Q2 adjusted EPS €0.46 vs consensus €0.45

        • FRA.GR (Fraport) -- reports Q2 net income €125M vs consensus €135M; 2025 outlook confirmed

        • NDA.GR (Aurubis) -- reports Q3 Operating net income €41M vs consensus €39M; now expects FY Operating EBT between €330-370M vs prior guidance €300-400M

        • OERL.SW (OC Oerlikon Corp.) -- reports Q2 revenue CHF395M vs FactSet CHF470.0M [2 est, CHF380-560M]

        • ADV.GR (Adtran Networks) -- reports Q2 pro forma EBIT (€7.4M) vs year-ago (€2.7M)

        • AOX.GR (Alstria) -- reports H1 FFO after minorities €28.7M vs year-ago €36.0M

        • WSU.GR (Washtec) -- reports Q2 EPS €0.62 vs year-ago €0.56; reaffirms its guidance for FY25

        • DHL.GR (DHL Group) -- reports Q2 EPS €0.72 vs consensus €0.64; continues to expect a slight rise in FY25 Group EBIT

        • IFX. GR (Infineon Technologies) -- reports Q3 adj EPS €0.37 vs consensus €0.33; guides Q4

        • RAA.GR (Rational) -- reports Q2 EPS €5.57 vs FactSet €5.29 [6 est, €4.82-5.54]; guides FY and comments on US tariffs

        • PFV.GR (Pfeiffer Vacuum Technology) -- reports H1 EPS €1.86 vs year-ago €2.50

      • France

        • ELT.FP (Eutelsat Communications) -- reports FY adjusted EBITDA €676.2M vs consensus €664M; targets FY26 revenues in line with, and adjusted EBITDA margin slightly below, those of FY25

        • MAU.FP (Maurel et Prom) -- reports H1 net income attributable €103.6M, +3% vs year-ago €100.9M

        • COV.FP Covivio reports final H1 EPRA Adjusted EPS €2.38 vs year-ago €2.24

        • ALCLS.FP (Cellectis SA) -- reports Q2 EPS ($0.24) ex-items vs FactSet ($0.21) [5 est, ($0.29)-(0.13)]

      • Benelux

        • BSGR.NA (B&S Group) -- reports H1 EPS cont ops €0.17 vs year-ago €0.15

    • M&A

      • HSBA.LN (HSBC Holdings) -- HSBC confirms strategic review of Australian retail division, but remains focused on growing corporate bank in Australia - Australian Financial Review

      • GXI.GR (Gerresheimer) -- to separate moulded glass business and intends to initiate subsequent sales process

      • URW.FP (Unibail-Rodamco-Westfield) -- Proposed Merger by absorption of Unibail-Rodamco TH B.V. by Unibail-Rodamco-Westfield SE

      • EDPR.PL (EDP Renovaveis) -- agrees to sell a 190 MWac (229 MWdc) solar portfolio in Spain for ~ €0.16B (enterprise value)

      • WIHN.SW (WISeKey International Holding) -- SEALSQ receives final approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty and completes acquisition of IC'ALPS from WISeKey

      • THEON.NA (Theon International) -- acquries Kappa Optronics

      • SHLF.NO (Shelf Drilling) -- ADES International Holding announces recommended NOK14.00 cash offer to acquire all outstanding shares of Shelf Drilling Ltd by way of a cash merger

    • Healthcare

      • SDZ.SW (Sandoz Group) -- Sandoz preparing unbranded weight-loss drugs at up to 70% discount to branded versions in Canada when patents expire next year - FT, citing CEO

      • OXUR.BB (Oxurion) -- obtains improved indicative €30M financing offer to initiate its plan to diversify by allocating part of its treasury into digital assets

      • KURN.SW (Kuros Biosciences) -- launches MagnetOs MIS delivery system; Brazilian regulatory authority approves MagnetOs Putty

    • Other

      • MTX.GR (MTU Aero Engines) -- announces Ottmar Pfänder to succeed Michael Schreyögg as Chief Program Officer effective 1-Jan-26

      • BA.LN (BAE Systems) -- awarded $181.1M US Navy contract modification

      • DG.FP (VINCI SA) -- VINCI wins contract for the electrical, piping and industrial mechanical works for a major second-generation biofuel plant

      • SAB.SM (Banco de Sabadell) -- completes €755M share buyback program

      • TE.FP (Technip Energies) -- wins > €1B EPC contract

      • KOG.NO (Kongsberg Gruppen) -- awarded $117.9M US Navy contract

      • ARCAD.NA (ARCADIS) -- appoints Simon Crowe as new CFO and member of the Executive board

      • NTGY.SM (Naturgy Energy Group) -- announces launch of accelerated bookbuild offering (block of ~19,305,000 ordinary treasury shares) and bilateral sale (up to 34.1M ordinary treasury shares)

      • ETL.FP (Eutelsat Communications) -- appoints Eric Labaye as Chairman of the board, effective 4-Aug

  • Key rating changes

    • Upgrades

      • LLOY.LN (Lloyds Banking Group) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • NOVO.B.DC (Novo Nordisk) -- to neutral from buy at UBS

      • AO.LN (AO World) -- to hold from buy at Deutsche Numis

      • ENX.FP (Euronext) -- to hold from buy at Kepler Cheuvreux

  • Data

    • Nikkei +0.65% to 40551.20

    • Hang Seng +0.43% to 24838.98

    • Shanghai Composite +0.63% to 3605.76

    • S&P futures +14.3 vs prior close of 6356.0

    • €-$ (0.0022) or (0.19%) to 1.1551

    • $-¥ +0.07 or +0.05% to 147.17

    • €-¥ (0.25) or (0.15%) to 169.98

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.
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