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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.01%, DAX (0.10%), CAC +0.07%

Aug 21 ,2025

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities mostly higher Thursday. Korea and Taiwan indexes rebounding amid tech stabilization. Earnings contributing to ASX upside. Japan lagging while Greater China little changed. S&P 500 futures flat afterhours. Bonds mixed with Treasuries flat while JGB yield curve bear steepening. Muted FX price action with dollar little changed on major crosses. Crude extending overnight rebound. Gold flat. Bitcoin unchanged above early July lows.

    • Focus on Trump administration now targeting Fed Governor Cook over accusation of mortgage fraud. Trump posted on social media yesterday that Fed Governor Cook must resign after FHFA Director Pulte urged Attorney General Bondi to investigate Cook, alleging mortgage fraud over two real estate purchases in 2021 (Bloomberg, FT). The administration is looking to open up another seat on the Fed Board of Governors after former Governor Kugler resigned earlier this month before her term ends in January. However, Cook's term ends in 2038. Plays into Trump's attempt to reshape Fed in more dovish direction.

    • On today's agenda, in central banks, Norges Bank Q3 expectations survey at 10:00CET whilst Bundesbank releases its latest monthly report at 12noon CET. Denmark central bank's Krogstrup panellist at 13:40CET at The Danish Environmental Economic Conf 2025, DØRS. Jackson Hole Economic Policy Symposium gets underway (through Sat, ECB's Lagarde panellist at 18:25CET on the final day), EU Commissioner Dombrovskis among the attendees.

    • Further macroeconomic updates include: Eurozone, France, Germany, UK Aug flash manufacturing/services PMI, Switzerland Jul trade balance (monthly watch exports), UK Jul PSBR, Aug industrial trends orders - CBI, Eurozone Aug flash consumer confidence, Jun construction output, Netherlands Jul unemployment rate.

    • In corporate news, Novonesis (NSIS.B.DC) announced yesterday after the close its GROW' strategy; targets organic sales CAGR of 6-9%, adjusted EBITDA margin of ~39% and adjusted ROIC excl. goodwill of ~16% by 2030. This morning, GN Store Nord (GN.DC) reported Q2 earnings and narrowed FY25 organic revenue growth guidance. ALK-Abello (ALK.B.DC), Gubra (GUBRA.DC), DNO (DNO.NO), Salmar (SALM.NO) and Kojamo (KOJAMO.FH) are also among the Nordic names that have released their latest results. In the Netherlands, Aegon (AGN.NA) reported H1earnings; said on track to meet all 2025 financial target; also announced potential relocation to the US. In Germany, CTS Eventim (EVD.GR) is out with Q2 adj EBITDA €100.2M vs FactSet €129.7M and upholds its FY25 outlook.

  • Politics/Macro/World News

    • Canada cultivates Nordic connections to offset its reliance on US trade - FT

    • Germany's borrowing spree plans face a reality check - FT

    • JD Vance Says Russia Wants Territory That's Under Ukraine's Control - Bloomberg

    • Fed's Cook Says She Won't Be Bullied Into Stepping Down - Bloomberg

    • Netherlands Jul Unemployment Rate 3.8% vs consensus 3.7% and prior 3.8%

  • Top company news

    • Earnings/updates

      • Nordics

        • NSIS.B.DC (Novonesis) -- announces 'GROW' strategy; targets organic sales CAGR of 6-9%, adjusted EBITDA margin of ~39% and adjusted ROIC excl. goodwill of ~16% by 2030

        • GN.DC (GN Store Nord) -- reports Q2 EPS DKK1.13 vs consensus DKK0.93; narrows FY25 organic revenue growth guidance

        • ALK.B.DC (ALK-Abello) -- reports Q2 EPS DKK1.20 vs year-ago DKK0.90

        • GUBRA.DC (Gubra A/S) -- reports Q2 adj EBIT DKK2.34B vs FactSet DKK2.43B [1 est]

        • ELMRA.NO (Elmera Group) -- reports Q2 EPS NOK0.24 vs year-ago NOK0.50

        • B2I.NO (B2 Impact)-- reports Q2 EPS NOK0.55 ex-items vs FactSet NOK0.42 [3 est, NOK0.35-0.55]; EPS tracking well ahead of 2025 target of NOK 1.5 vs FactSet NOK1.65; updates 2025 guidance

        • CAT.B.SS (Catella) -- reports Q2 EPS SEK3.62 vs FactSet SEK2.65 [1 est]

        • EGTX.SS (Egetis Therapeutics) -- reports Q2 net income (SEK77.6M) vs FactSet (SEK89M) [1 est]

        • ENDUR.NO (Endur ASA) -- reports Q2 EPS NOK0.80 vs FactSet NOK0.82 [5 est, NOK0.77-0.88]

        • SALM.NO (Salmar) -- reports Q2 adjusted EPS NOK1.89 vs FactSet NOK1.77 [11 est, NOK0.45-3.97]

        • OTEC.NO (Otello Corp.) -- reports H1 EPS NOK0.59 including items vs year-ago (NOK0.10)

        • BETCO.SS (Better Collective) -- reports Q2 EPS €0.08 vs FactSet €0.15 [2 est, €0.14-0.15]

        • DNO.NO (DNO ASA) -- reports Q2 net income ($7.3M) vs FactSet $10M [2 est, $9-11M]; hikes divi by 20%

        • KOJAMO.FH (Kojamo) -- reports Q2 FFO €0.16 vs FactSet €0.16

        • SATS.NO (SATS ASA) -- reports Q2 EPS NOK0.80 vs FactSet NOK0.78 [6 est, NOK0.70-0.83]

      • Benelux

        • AGN.NA (Aegon) -- reports H1 operating capital generation (after holding funding & op. exp.) €423M vs consensus €430M; on track to meet all 2025 financial target; announces potential relocation to the US

        • KIN.BB (Kinepolis Group) -- reports H1 net income €7.5M vs year-ago €0.7M

        • FLOW.NA (Flow Traders) -- reports July 2025 ETP market statistics

        • ALFEN.NA (Alfen) -- reports H1 adjusted net income €1.4M vs FactSet (€3M)

      • France

        • FGR.FP (Eiffage) -- announces order intake of almost €950M in Germany in H1 of 2025

      • DACHs

        • SFZN.SW (Siegfried Holding) -- reports H1 core net profit CHF65.7M vs FactSet CHF72.5M [4 est, CHF69.1-76M]

        • BKW.SW (BKW AG) -- reports H1 net income CHF203.3M vs FactSet CHF206.6M [2 est, CHF200.7-212.4M]; reaffirms FY guidance

        • BCVN.SW (Banque Cantonale Vaudoise) -- reports H1 net income CHF214.6M vs FactSet CHF211.1M [1 est]

        • POS.AV (PORR) -- reports Q2 EPS €0.52 vs year-ago €0.42

        • SBO.AV (SBO AG) -- reports H1 EPS €1.18 vs year-ago €1.58

        • EVD. GR (CTS Eventim) -- reports Q2 adj EBITDA €100.2M vs FactSet €129.7M [4 est, €124.2-137.8M]; upholds FY25 outlook

    • M&A

      • MAHA.A.SS (Maha Capital) -- signs binding agreement for business combination with Keo World; launches $35M equity raise at SEK16/share

    • Healthcare

      • ZEAL.DC (Zealand Pharma) -- receives notification from holder Van Herk Investments; holding of shares and voting rights falls below 10.0%

      • MOLN.SW (Molecular Partners) -- appoints Martin Steegmaier as Chief Scientific Officer

      • OSE.FP (OSE Immunotherapeutics) -- appoints Thomas Gidoin to succeed Anne-Laure Autret-Cornet as CFO

      • ALCOX.FP (Nicox) -- announces positive results from the NCX 470 phase 3 Denali trial in glaucoma patients

    • Other

      • AKRBP.NO (Aker BP) -- announces significant oil discovery in the Yggdrasil area

      • CMBT.BB (CMB.TECH) -- files automatic mixed shelf of indeterminate amount - F-3ASR

  • Key rating changes

    • Upgrades

      • CTEC.LN (ConvaTec Group) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • NDA.FI.FH (Nordea Bank) -- to underweight from equal weight at Barclays

  • Data

    • Nikkei (0.72%) to 42580.58

    • Hang Seng (0.12%) to 25134.86

    • Shanghai Composite +0.43% to 3782.39

    • S&P futures (5.3) vs prior close of 6413.3

    • €-$ (0.0002) or (0.02%) to 1.1648

    • $-¥ +0.09 or +0.06% to 147.42

    • €-¥ +0.06 or +0.03% to 171.71

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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