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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.12%, DAX +0.19%, CAC40 +0.18%

Aug 12 ,2025

  • Synopsis

    • European equity markets indicate a higher open amidst mostly higher session in Asia and little changed US futures at this time. Japan returns from Monday public holiday with Nikkei rallying to record high, underpinned by strong gains in tech space. Treasury and JGB yields little while Aussie curve bear steepening ahead of RBA. Dollar up slightly against yen but weaker against Korean won, steady elsewhere. Crude edging higher while gold nursing heavy losses after Trump confirmed bullion would not be tariffed. Bitcoin unchanged near two-week high.

    • President Trump signed executive order extending China tariff truce by another 90 days. Move was widely expected as two sides attempt to make further progress towards trade deal. Press have also discussed familiar roadblocks over issues such as fentanyl, rare earths, China's economic practices and export controls. On latter, Trump suggested he could allow sales of downgraded version of NVDA Blackwell chips to China. Also confirmed deal with NVDA allowing H20 export licenses in return for cut of sales.

    • On the agenda for today, OPEC monthly report is due for release. In macro releases from across the region, UK Jul claimant count change is due at 7:00 BST, followed by Germany Aug ZEW survey at 10:05 BST and Portugal Jul final CPI at 11:00 BST. UK retail sales monitor - BRC also pending release.

  • Politics/Macro/World News

    • 26 EU leaders say Ukraine should have freedom to decide its future (Reuters )

    • Netherlands Jul CPI +2.9% y/y vs preliminary +2.9%

    • US extends trade truce with China for another 90 days, as expected (SCMP, Reuters)

    • President Trump confirms deal to let Nvidia sell lower-end chips to China (SCMP)

  • Top company news

    • Earnings/updates

      • HNR1.GR (Hannover Re) -- Q2 net income €833M vs consensus €792M; confirms FY guidance

      • INH.GR (INDUS Holding) -- Q2 EPS €0.50 vs year-ago €0.83; reaffirms FY guidance

      • SDF.GR (K+S AG) -- final Q2 earnings in line with prelim release; EPS (€0.07) ex-items vs FactSet (€0.04) [2 est, (€0.09)-0.02]; Reaffirms FY guidance

      • ISS.DC (ISS A/S) -- H1 operating income before other items DKK1.69B vs consensus DKK1.72B; reaffirms FY guidance; increases share buyback

      • DMP.GR (Dermapharm Holding) -- prelim H1 adjusted EBITDA €148M vs year-ago €153.0M; confirms FY guidance

      • KOMN.SW (Komax Holding) -- H1 net income (CHF3.5M) vs FactSet (CHF1M) [1 est]; gives FY outlook and updates mid-term targets

      • VIL.FP (Viel & Cie) -- prelim H1 revenue €653.5M vs year-ago €597.2M

      • TWEKA.NA (TKH Group) -- H1 adj net income €36.0M vs FactSet €48.8M; guides H2

      • TECN.SW (Tecan Group) -- H1 adjusted net income CHF33.7M vs year-ago CHF36.5M

      • VLA.FP (Valneva) -- H1 net income (€20.8M) vs year-ago €34.0M; FY25 financial outlook confirmed

      • PPGN.SW (PolyPeptide Group) -- H1 net income (€26.5M) vs FactSet (€16.7M) [3 est, (€21.4)-(14M)]; guides FY

      • TEG.GR (TAG Immobilien) -- H1 FFO I €0.52 vs year-ago €0.50

      • CEC.GR (CECONOMY) -- confirms prelim numbers: adj EPS (€0.22) vs year-ago (€0.33)

      • NOEJ.GR (Norma Group) -- Q2 EPS €0.33 ex-items vs FactSet €0.34 [1 est]; reaffirms FY guidance

      • STOR.B.SS (Storskogen Group) -- Q2 EPS SEK0.13 vs FactSet SEK0.19 [2 est, SEK0.14-0.24]; comments on Q3

      • RAIVV.FH (Raisio) -- Q2 comparable EPS €0.04 vs FactSet €0.04 [5 est, €0.03-0.04]; guides FY25

      • WAWI.NO (Wallenius Wilhelmsen) -- Q2 EPS $0.90 vs FactSet $0.68 [7 est, $0.51-1.00]

    • M&A

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- will not withdraw Offer for Banco de Sabadell; Offer remains in effect in accordance with the applicable regulations

      • KOPN (Kopin) -- announces $15M strategic investment agreement from Theon International

      • SYSR.SS (Systemair) -- completes acquisition of NADI Airtechnics

      • KOA.NO (Kongsberg Automotive) -- exercises call-option to acquire remaining 75% of shares in Chassis Autonomy SBA

      • BANQ.BB (Banqup Group) -- completes divestment of UK print business to the Managing Director of the UK business

    • Other

      • UBSG.SW (UBS Group) -- holder offers ~16M shares -- wires (11-Aug, post European market close)

      • SIILI.FH (Siili) -- to renew its operational model and organization; estimated personnel reductions max 47 employees

      • VWS.DC (Vestas Wind Systems) -- Vestas adds 950 MW to Q3 order intake

      • SOON.SW (Sonova) -- expands Infinio range and enters new market segment with Phonak's smallest and first rechargeable in-the-ear hearing aid

      • NOVN.SW (Novartis) -- ianalumab Phase III trial meets primary endpoint in immune thrombocytopenia ITP, demonstrating statistically significant improvement in time to treatment failure

      • AALB.NA (Aalberts) -- completes €75M share buyback programme

      • NB2.GR (Northern Data Group) -- Northern Data Group and Core42 announce strategic partnership for large-scale GPU deployment

      • NWRN.SW (Newron Pharmaceuticals) --- begins enrollment in pivotal Phase III ENIGMA-TRS program with evenamide as add-on therapy in patients with treatment-resistant schizophrenia

  • Key rating changes

    • Initiations

      • HEM.SS (Hemnet Group) -- neutral at Cantor Fitzgerald

      • SRT.GR (Sartorius AG) -- buy at Jefferies

    • Upgrades

      • SRT3.GR (Sartorius AG Pref) -- to buy from hold at Jefferies

      • REP.SM (Repsol) -- to overweight from underweight at JPMorgan

    • Downgrades

      • EQNR.NO (Equinor) -- to underweight from neutral at JPMorgan

      • ZAL.GR (Zalando) -- to hold from buy at CFRA, we're told (earlier, timing uncertain)

      • ORSTED.DC (Ørsted) -- to sell from hold at Arctic Securities

      • SQN.SW (Swissquote Group Holding) -- to hold from buy at Kepler Cheuvreux

      • NN.NA (NN Group) -- to neutral from buy at UBS

    • Other Actions

      • DOM.LN (Domino's Pizza Group) -- resumed hold at Shore Capital Stockbroker

      • CPR.IM (Davide Campari-Milano) -- transferred equal-weight at Morgan Stanley; prior rating was equal-weight

  • Data

    • Nikkei +2.18% to 42731.28

    • Hang Seng (0.08%) to 24887.28

    • Shanghai Composite +0.43% to 3663.14

    • S&P futures (4.3) vs prior close of 6399.8

    • €-$ (0.0002) or (0.02%) to 1.1616

    • $-¥ +0.19 or +0.13% to 148.35

    • €-¥ +0.22 or +0.13% to 172.30

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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