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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