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StreetAccount Summary - Europe Pre-Open:Futures: FTSE +0.13%, DAX +0.10%, CAC40 +0.15%

Aug 19 ,2025

  • Synopsis

    • European equity markets are set to open higher, whilst Asian equities mixed Tuesday. Quiet start to trade with Hong Kong, Japan, Korea and Taiwan benchmarks little changed. Mainland China picking up gains. Australian index weighed down by negative reaction to CSL.AU's earnings. S&P 500 futures flat afterhours.

    • On today's agenda, there's Aqua Nor (through Thur), Norway's minister of fisheries and oceans Næss attends, company exec among the speakers/panellists. Norway's PM Støre participates in Party leader debate on TV 2 at 21:45CET. Wyoming Blockchain Symposium. Fed's Bowman speech at 19:10BST and Waller speech at 16:00BST on Wed.

    • Zelensky and European leaders met Trump at White House on Monday. Talks described as positive with discussions largely on security guarantees and Trump open to some US involvement. Trump later said arrangements underway for meeting between Zelensky and Putin with Trump involved in potential a trilateral summit. While a big press focus, meetings still did not provide much direction for the market given no suggestions about easing of sanctions and Trump seemingly putting additional secondary tariffs on backburner.

    • Quiet macro calendar due today includes with Portugal Jul PPI.

    • On the reporting front, Coloplast (COLO.B.DC) reported Q3 earnings and confirmed its guidance for 2025. Also in Nordics, Ambea AB (AMBEA.SS), Scatec (SCATC.NO), Odfjell Drilling (ODL.NO), Norse Atlantic (NORSE.NO), and Jyske Bank (JYSK.DC) reported Q2 earnings. .In DACHs, HUBER+SUHNER (HUBN.SW), Flughafen Wien (FLU.AV) and DocMorris (DOCM.SW) amongst other to report earnings this morning. In France, Aeroport de Paris (ADP.FP) reported total Paris Aeroport July traffic figures. Also due to report today includes, International Workplace Group (IWG.LN), Odfjell (ODF.NO) and Latour Investment (LATO.B.SS).

  • Politics/Macro/World News

    • Donald Trump says US to 'co-ordinate' Ukraine's security with Europe - FT

    • Germany's Merz says Putin, Zelenskiy to meet within next two weeks - Reuters

    • UK Drops Mandate for Apple 'Backdoor' on Americans, Gabbard Says - Bloomberg

    • Brussels heads for a fall fight over limiting subsidies to big farms - Politico

    • Reeves eyes property tax raid on the wealthy - The Telegraph

  • Top company news

    • Earnings/updates

      • DAHCs

        • PSPN.SW (PSP Swiss Property) -- reports Q2 EPS ex-items CHF1.24 vs year-ago CHF1.24

        • MED.SW (Medartis Holding) -- reports H1 core EBITDA CHF21.7M vs FactSet CHF20.6M [2 est, CHF20-21.1M]

        • HUBN.SW (HUBER+SUHNER) -- reports H1 net income CHF36.6M vs FactSet CHF31M [1 est]

        • SBS.GR (Stratec) -- reports Q2 EPS €0.15 vs year-ago €0.37

        • DOCM.SW (DocMorris) -- reports H1 net income (CHF61.6M) vs FactSet (CHF59.4M) [3 est, (CHF61.1)-(56M)]

        • BCGE.SW (Banque Cantonal de Geneve) -- reports H1 net income CHF94.0M vs FactSet CHF107.9M [1 est]

        • BSLN.SW (Basilea Pharmaceutica) -- reports H1 net income CHF15.8M vs FactSet CHF24.6M [1 est]; updates FY guidance

        • FLU.AV (Flughafen Wien) -- reports H1 net income €115.1M, +6% vs year-ago €108.4M; confirms FY outlook

        • DR0.GR (Deutsche Rohstoff) -- reports H1 net income €15.5M vs year-ago €24.8M

      • Benelux

        • NYXH.BB (Nyxoah) -- reports Q2 EPS (€0.55) vs FactSet (€0.57) [6 est, (€0.65)-(0.51)]

      • France

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport July traffic 10.2M, +3.5% y/y

      • Nordics

        • TIETO.FH (Tietoevry) -- Oyj announces court ruling on a customer dispute remains valid; contributes to Tietoevry's second-half financial performance

        • SCATC.NO (Scatec) -- reports Q2 EPS NOK1.71 vs year-ago (NOK0.34)

        • AMBEA.SS (Ambea AB) -- reports Q2 EPS SEK1.13 vs FactSet SEK1.50 [2 est, SEK1.18-1.81]

        • BICO.SS (BICO Group) -- reports Q2 EPS (SEK2.55) vs FactSet (SEK1.20) [2 est, (SEK1.60)-(0.80)]

        • ODL.NO (Odfjell Drilling) -- reports Q2 EPS $0.17 vs FactSet $0.11 [5 est, $0.06-0.13], raises dividend +12.5%

        • MULTI.NO (Multiconsult) -- reports Q2 EPS NOK1.45 vs FactSet NOK2.45 [4 est, NOK2.20-2.92]

        • NORSE.NO (Norse Atlantic) -- reports Q2 net income ($5.9M) vs year-ago ($31.9M)

        • SPIR.NO (Spir Group) -- reports Q2 net income NOK9.0M vs year-ago NOK9.4M

        • IDUN.B.SS (Idun Industrier) -- reports Q2 EPS SEK2.00 vs year-ago SEK1.80

        • GIGA.NO (Gigante Salmon) -- reports Q2 net income (NOK3.6M) vs FactSet (NOK0.5M) [2 est, (NOK6)-5M]

        • PION.B.SS (PION Group) -- reports Q2 EPS (SEK0.05) vs year-ago (SEK0.42)

        • TRIFOR.DC (Trifork Holding) -- reports Q2 EBIT €1.1M vs FactSet €2.6M [4 est, €1.8-3M]

        • STAR.B.SS (Starbreeze) -- reports Q2 EPS (SEK0.02) vs year-ago (SEK0.05)

        • SALME.NO (Salmon Evolution) -- reports Q2 EPS (NOK0.16) vs FactSet (NOK0.05) [6 est, (NOK0.13)-0.00]

        • SES.SS (Scandinavian Enviro Systems) -- reports Q2 EPS (SEK0.02) vs year-ago SEK0.04

        • COLO.B.DC (Coloplast) -- reports Q3 net income DKK805M vs consensus DKK968M; FY24/25 guidance is unchanged

        • MAHA.A.SS (Maha Capital) -- reports Q2 net income ($20.2M) vs year-ago ($22.7M)

        • JYSK.DC (Jyske Bank) -- reports Q2 net income DKK1.28B vs FactSet DKK1.04B [6 est, DKK878.7-1.13B]

      • Also due to report today includes

        • Earnings:

          • Benelux: EVS Broadcast Equipment (EVS.BB)

          • Denmark: SP Group (SPG.DC), MT Hojgaard Holding (MTHH.DC)

          • Norway: Odfjell (ODF.NO), Cambi (CAMBI.NO), Måsøval (MAS.NO), Nordhealth (NORDH.NO)

          • Other: Mobile TeleSystems (MTSS.RU)

          • Sweden: Latour Investment (LATO.B.SS), Bahnhof (BAHN.B.SS), FormPipe Software (FPIP.SS)

          • Switzerland: SKAN Group (BVHN.SW)

          • UK: International Workplace Group (IWG.LN), Tribal Group (TRB.LN)

        • Traffic: Flughafen Wien (FLU.AV)

    • M&A

      • PHIL.IM (Philogen) -- announces completion of antitrust clearance and closing of the OncoACP3 licensing agreement with RayzeBio, a Bristol Myers Squibb company, with a potential value of up to $1.35B plus royalties

      • TRIFOR.DC (Trifork Holding) -- agrees to divest 51% of Trifork Security to Quadrum Capital (Wingmen Solutions ApS) for an undisclosed sum

      • ALPHA.GA (Alpha Bank SA) -- UniCredit announces UniCredit Bank Romania merger with Alpha Bank Romania successfully completed

      • PION.B.SS (PION Group) -- sells subsidiary Roi Rekrytering Sverige AB to Optivio AB for SEK 200K

      • 542772.IN (360 One Wam) -- consummates previously announced transaction with UBS including acquisition UBS's onshore wealth management business in India

      • Bank of Montreal holds discussions with Euroz Hartleys - Australian Financial Review

    • Healthcare

      • SAN.FP (Sanofi) -- Singapore approves Beyfortus (nirsevimab) for prevention of RSV in newborns and infants

      • 1K0.GR (IGM Biosciences) -- SEC filing: SCHEDULE 13D/A (Filed by Topsoe Holding A/S)

      • 1K0.GR (IGM Biosciences) -- SEC filing: SCHEDULE 13D/A (Filed by BAKER BROS. ADVISORS LP)

      • BIM.FP (bioMerieux) -- receives U.S. 510(k) clearance and CLIA-waiver for Anterior Nasal Swab specimens

      • IDIA.SW (Idorsia) -- publishes end results of repurchase offer for its 2025 and 2028 convertible bonds

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera signs agreement with Uniphar for distribution of AGAMREE (Vamorolone) in five GCC (Gulf Cooperation Council) countries

      • CANTA.SS (Cantargia) -- appoints Dr Hilde Steineger as CEO, effective 1-Sep

      • BICO.SS (BICO Group) -- repurchased convertible bonds to a total nominal amount of SEK 98M

    • Other

      • NXT.LN (Next) -- PLC announces non-discretionary share repurchase programme 19-Aug through 17-Sep

      • EMG.LN (Man Group) -- facing internal resistance as it pushes employees to sign stricter non-compete agreements - FT

      • BALD.B.SS (Fastighets Balder) -- appoints Sharam Rahi as new CEO; shareholders also announce intentions to propose to the nomination committee that Erik Selin be elected Executive Chairman at the AGM in 2026

  • Key rating changes

    • Upgrades

      • AGR.LN (Assura) -- to buy from add at Peel Hunt

      • MTRO.LN (Metro Bank Holdings) -- to outperform from sector perform at RBC Capital Markets

      • RWE.GR (RWE) -- to buy from hold at Deutsche Bank (earlier, timing uncertain)

    • Downgrades

      • MRK.GR (Merck KGaA) -- to equal weight from overweight at Barclays

      • LGEN.LN (Legal & General Group) -- to neutral from buy at UBS

      • DWL.LN (Dowlais Group Plc) -- to sector perform from outperform at RBC Capital Markets

      • DOC.AV (DO & CO) -- to hold from buy at Wood & Company

    • Initiations

      • ITRK.LN (Intertek Group) -- buy at Panmure Liberum (18-Aug, timing uncertain)

      • CIRSA.SM (Cirsa Enterprises) -- buy at Rothschild & Co Redburn

    • Other Actions

      • SWEC.B.SS (Sweco) -- reinstated buy at DNB Carnegie

      • FRES.LN (Fresnillo) -- transferred hold at Peel Hunt; prior rating was add

  • Data

    • Nikkei (0.13%) to 43656.84

    • Hang Seng +0.05% to 25190.30

    • Shanghai Composite +0.11% to 3732.08

    • S&P futures (13.5) vs prior close of 6469.3

    • €-$ (0.0004) or (0.03%) to 1.1659

    • $-¥ (0.19) or (0.13%) to 147.69

    • €-¥ (0.28) or (0.16%) to 172.17

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