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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.15%), DAX (0.56%), CAC40 (0.18%)

Aug 20 ,2025

  • Synopsis

    • European equity futures indicate a lower open. Asian equity markets mostly lower and US equity futures also weaker. Bonds mixed. US 10-year yield up 1 bp at 4.32%. Dollar weaker versus Japanese yen, but firmer elsewhere. Oil up. Gold firmer. Industrial metals lower.

    • US tech sell-off reverberating across Asia and an early influence on European equity market sentiment. Big tech/AI stocks have been on recent record-breaking run lately on earnings momentum that reinforced AI secular growth theme. Pullback has renewed attention on stretched valuations while technicals further supporting notion stocks in overbought territory. Lower rate backdrop another area of focus ahead of Powell's Jackson Hole speech on Friday. September rate cut probability has slipped in recent days, but still fairly elevated at ~83%. Market also pricing in just over 50 bp of easing in 2025.

    • Early macro focus in Europe on UK inflation data due at 7:00 BST. Price pressure and ongoing scrutiny on fiscal policy underpinning UK rates. BoE rate cut expectations also seeing some volatility, though sell-side consensus is still for November rate cut. Germany Jul PPI out at 7:00 BST as well. Eurozone CPI also due at 10:00 BST; July headline forecast to remain around the ECB's 2% target.

    • In central banks, ECB's Lagarde speaks at 9:10 CET at meeting of the International Business Council of the World Economic Forum. Riksbank interest rate decision at 9:30 CET; no change expected in 2.0% benchmark interest rate. Iceland central bank interest rate decision at 10:30 CET; no change expected in 7.5% benchmark interest rate.

    • In geopolitics, Trump rules out sending US troop to Ukraine as part of security guarantees if a peace deal is agreed, with focus on air support.

  • Politics/Macro/World News

    • US, NATO planners start to craft Ukraine security guarantee options (Reuters )

    • After Putin call, Trump rang Orban over Ukraine EU membership (Bloomberg )

    • More than 400 product categories added to steel and aluminum tariff list (Reuters, Bloomberg)

    • UK business minister will travel to China to reopen trade talks in September (Politico )

  • Top company news

    • Earnings/updates

      • GEBN.SW (Geberit) -- Q2 net income CHF151.2M vs StreetAccount CHF151.4M

      • FLS.DC (FLSmidth & Co.) -- Q2 net income DKK260M vs FactSet DKK343.7M [3 est, DKK281-443.0M]

      • DFDS.DC (DFDS) -- Jul Freight volume +3.4%, +1.2% adjusted for route changes

      • FACC.AV (FACC) -- Q2 EPS €0.20 vs year-ago €0.13; specifies FY revenue, reaffirms EBIT will continue to increas

      • KTCG.AV (Kapsch TrafficCom) -- Q1 EPS €0.72 vs year-ago (€0.69); guides FY25

      • MOWI.NO (Mowi) -- Q2 underlying EPS €0.25 vs FactSet €0.24 [10 est, €0.21-0.32]; raises 2025 harvest volume guidance

      • BGBIO.NO (BerGenBio) -- H1 EPS (NOK1.39) vs year-ago (NOK2.73)

      • EMMN.SW (Emmi) -- H1 net income CHF97.2M vs consensus CHF97.5M; raises FY organic revenue growth based in H1 performance; reaffirms EBIT

      • DECB.BB (Deceuninck) -- H1 net income €11.5M vs year-ago €8.3M

      • LSG.NO (Lerøy Seafood Group) -- Q2 EPS NOK0.75 ex-items vs FactSet NOK0.62 [11 est, NOK0.45-0.89]

      • NEXT.NO (Next Biometrics Group) -- Q2 EPS (NOK0.17) vs year-ago (NOK0.06)

      • ASRNL.NA (ASR Nederland) -- H1 operating result per share €3.98 vs consensus €3.61

      • AUSS.NO (Austevoll Seafood) -- Q2 EPS NOK1.30 vs FactSet NOK2.18 [8 est, NOK1.43-3.57]; comments on US tariffs

      • SENS.SW (Sensirion Holding) -- H1 net income CHF10.4M vs year-ago (CHF2.6M)

      • AFISH.NO (Arctic Fish Holding) -- Q2 underlying EPS (€0.13) vs FactSet (€0.17) [2 est, (€0.19)-(0.15)]; FY25 harvested volume guidance is unchanged

      • SVEAF.SS (Sveafastigheter) -- Q2 EPS (SEK0.78) vs FactSet SEK0.55 [2 est, SEK0.50-0.60]

      • ZAP.NO (Zaptec) -- Q2 net income NOK26.5M vs FactSet NOK23.5M [2 est, NOK16.1-31M]

      • CLOUD.NO (Cloudberry Clean Energy) -- Q2 EPS (NOK0.05) vs FactSet (NOK0.08) [1 est]

    • M&A

      • +NOVO.LN (Novomatic) -- notifies Ainsworth (AGI.AU) of intention to make unconditional off-market takeover bid for A$1.00 cash per share

      • IAG.LN (International Consolidated Airlines Group) -- Turkish Airlines to acquire Air Europa for €275M - EFE (19-Aug, timing uncertain)

    • Healthcare

      • MDGL (Madrigal Pharmaceuticals) -- Madrigal announces European Commission approval of Rezdiffra in MASH with moderate to advanced liver fibrosis

      • IDIA.SW (Idorsia) -- Idorsia's TRYVIO (aprocitentan) now included in ACC/AHA Clinical Practice Guidelines for the treatment of hypertension

      • 13.HK (Hutchmed) -- completes patient enrollment for Phase III Trial of ORPATHYS and TAGRISSO as first-line therapy for certain NSCLC patients in China

      • BANB.SW (Bachem Holding) -- Bachem expands Corporate Executive Committee to include Chief Operations Officer role

    • Other

      • ALCAR.FP (CARMAT) -- announces the trading resumption of its shares, starting on 21-Aug-25, at stock market opening

      • IMB.LN (Imperial Brands) -- US FDA issues marketing denial order for Imperial Brands' Fontem's blu disposable e-cigarette

      • ZURN.SW (Zurich Insurance Group) -- Zurich warns private capital groups expanding in European insurance sector to expect resistance, as life insurance is a medium to long-term business - FT, citing CEO

      • TEG.GR (TAG Immobilien) -- completes 12.5M-share capital increase at €14.90/sh to raise €185.9M; places €98M tap issue of convertible bonds due 2031

      • DEC.LN (Diversified Energy Co.) -- Transcript Intelligence: Diversified Energy Co. at EnerCom Denver Energy Investment Conference

      • IPS.FP (Ipsos) -- appoints Jean-Laurent Poitou as CEO

      • JUP.LN (Jupiter Fund Management) -- completes share buyback program

  • Key rating changes

    • Upgrades

      • ABDN.LN (Aberdeen Group) -- to sector perform from underperform at RBC Capital Markets

      • JYSK.DC (Jyske Bank) -- to buy from hold at ABG Sundal Collier

      • MULTI.NO (Multiconsult) -- to buy from hold at ABG Sundal Collier

      • TRIFOR.DC (Trifork Holding) -- to buy from hold at ABG Sundal Collier

      • UU.LN (United Utilities Group) -- to overweight from equal weight at Barclays

    • Downgrades

      • BICO.SS (BICO Group) -- to hold from buy at DNB Carnegie

      • BHP.LN (BHP Group) -- to neutral from buy at Citi

      • CBRAIN.DC (cBrain) -- to hold from buy at ABG Sundal Collier

      • FEVR.LN (Fevertree Drinks) -- to underperform from neutral at BNP Paribas Exane

      • SDF.GR (K+S AG) -- to sell from buy at Berenberg

      • SLHN.SW (Swiss Life Holding) -- to neutral from outperform at Oddo

  • Data

    • Nikkei (1.53%) to 42879.64

    • Hang Seng (0.30%) to 25047.95

    • Shanghai Composite +0.33% to 3739.50

    • S&P futures (20.8) vs prior close of 6432.5

    • €-$ (0.0008) or (0.07%) to 1.1641

    • $-¥ (0.21) or (0.14%) to 147.45

    • €-¥ (0.36) or (0.21%) to 171.62

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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