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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.32%), DAX (0.33%), CAC40 (0.31%)

Aug 26 ,2025

  • Synopsis

    • European equity markets are set to open lower, following weaker performance on Monday. FTSE reopens after UK Bank Holiday. Asian equity market mostly lower. Declines led by Japan, Korea and Australia. Mainland China firmer. Hang Seng a bit softer. US equity futures slightly weaker.

    • Big story involves President Trump announcing he is removing Fed Governor Cook 'for cause', effective immediately over prior allegations mortgage fraud. Cook responded by saying she would not resign and that Trump lacked authority to remove her. Her lawyer also flagged unspecified actions against Trump's decision, fitting with thought Cook could seek immediate injunction to reinstate her while situation plays out in court. Discussions also pivoted back to long-running concerns about White House pressure on Fed and associated risk to its independence.

    • Trump also issued more tariff threats on Monday, flagging extra duties and export controls on countries that impose digital taxes on American tech companies. Trump also said China must ensure continued flow of rare earths magnets or face tariffs of up to 200%. Trump met with South Korean President Lee on Monday. Trump rebuffed efforts to alter trade deal struck in July while two discussed investment and purchase commitments involving shipbuilding.

    • In Europe, attention on developments in France after PM Bayrou called confidence vote on controversial budget for 8-Sept. Increases risk of collapse of government and another election. Nothing new from recent ECB comments, which reinforce expectations that the ECB very close to end of easing cycle. In UK, update from retail group BRC showed acceleration in UK food price inflation, which fits in with notion of upside risk for inflation. Meanwhile, vacancies for entry-level jobs hit five-year low. More conjecture over UK fiscal risk and potential headwind for currency.

    • On today's agenda, in the morning, Chancellor Merz hosts Canadian PM Carney, whilst in the afternoon hosts Belgian PM De Wever. Joint press confs. are planned after both meetings. (Reportedly joining the Canadian PM on trade mission to Germany are energy & natural resources and defence ministers). Norway's minister of finance Stoltenberg gives a lecture at 11:00CET at BI Norwegian School of Business in Oslo.

    • In central banks, Bank of France's Villeroy panellist - title Central Banks in the Age of Artificial Intelligence - at 12:45CET at EEA Congress (Mon-Thu). BOE's Mann speech/panellist at 17:00BST at event hosted by Bank of Mexico. Hungary interest rate decision at 14:00CET. No change expected in the 6.5% benchmark interest rate. Riksbank publishes at 9:30CET the minutes of last MPC meeting.

    • Quiet macro calendar due today includes France Aug consumer confidence, Sweden Jul PPI, and Finland Jul unemployment rate

    • In earnings news, DAHCs names kicked off the session with Molecular Partners (MOLN.SW) and Flughafen Zuerich (FHZN.SW) amongst others in the region to update investros with their latest numbers. In Benelux, DEME Group (DEME.BB) reported H1 earnings and confirmed its expectation or the full-year. In Nordics, Bakkafrost (BAKKA.NO) released its Q2 earnings report, whilst Vår Energi (VAR.NO) announced it achieves milestone by reaching a production level of 400K barrels of oil equivalent per day (kboepd), ahead of schedule.

  • Politics/Macro/World News

    • Trump orders removal of Federal Reserve governor Lisa Cook - BBC

    • Nature loss will cut UK GDP by 5% without action from private sector, say experts - The Guardian

    • French government risks collapse with budget confidence vote in September - Reuters

    • French Bond Selloff on Political Peril Entices Buyers From Japan - Bloomberg

    • Carney Visits Germany's TKMS as Canada Looks to Spend Billions on Subs - Bloomberg

    • Swedbank Sees Riksbank Rate Lowered to 1.5% This Year - Bloomberg

    • UK Aug shop price inflation +0.9% y/y vs consensus +0.9% and prior +0.7% - BRC

  • Top company news

    • Earnings/updates

      • DACHs

        • MOLN.SW (Molecular Partners) -- reports financial results and highlights for H1 2025

        • FHZN.SW (Flughafen Zuerich) -- reports H1 net income CHF161.3M vs FactSet CHF151.2M [4 est, CHF148-154.4M]

        • ARBN.SW (Arbonia) -- reports H1 adjusted net income from cont. ops. (CHF3.7M) vs year-ago CHF0.2M; reaffirms FY guidance

        • TXGN.SW (TX Group) -- reports H1 adjusted net income CHF33.5M, (31%) vs year-ago CHF48.4M

        • VPBN.SW (VP Bank) -- reports H1 net income CHF28.8M vs year-ago CHF11.5M

        • VETN.SW (Vetropack Holding) -- reports H1 net income CHF9.8M vs FactSet CHF10.2M [1 est]

        • KUD.SW (Kudelski) -- reports H1 net income ($32.9M) vs FactSet ($29.4M) [1 est]

        • DMP.GR (Dermapharm Holding) -- confirms final H1 revenue €574.5M

        • HTG.GR (HomeToGo) -- expects to close the acquisition of Interhome by 29-Aug; reaffirms its previously issued standalone FY/25 guidance

        • F3C.GR (SFC Energy) -- reports H1 net income €0.3M vs year-ago €5.8M

      • Nordics

        • BAKKA.NO (Bakkafrost) -- reports Q2 operational EBIT DKK65M vs FactSet DKK109.7M [11 est, DKK57-319.8M]

        • GSF.NO (Grieg Seafood) -- reports Q2 EPS copnt ops (NOK1.1) vs year-ago (NOK1.4)

        • CAPSL.NO (Capsol Technologies) -- reports Q2 EPS (NOK0.38) vs year-ago (NOK0.36)

        • BWLPG.NO (BW LPG) -- reports Q2 EPS $0.23 vs FactSet $0.26 [6 est, $0.21-0.32]

        • VAR.NO (Vår Energi) -- achieves milestone by reaching a production level of 400K barrels of oil equivalent per day (kboepd), ahead of schedule

        • MPCC.NO (MPC Container Ships) -- reports Q2 EPS $0.11 ex-items vs FactSet $0.11 [3 est, $0.11-0.11]

        • SMCRT.NO (SmartCraft) -- reports Q2 ARR NOK505M vs FactSet NOK494.5M

        • PLSV.NO (Paratus Energy Services) -- reports Q2 combined segment net income $5.6M; reaffirms FY guidance ranges, EBITDA anticipated at the top end

        • EOLU.B.SS (Eolus Aktiebolag) -- reports Q2 EPS (SEK1.51) vs FactSet (SEK1.50) [1 est]

      • Benelux

        • DEME.BB (DEME Group) -- reports H1 EPS €7.08 vs year-ago €5.58

        • BANQ.BB (Banqup Group) -- reports H1 net income (€26.2M) vs year-ago (€24.4M)

      • Also due to report today includes

        • Denmark: Royal Unibrew (RBREW.DC), Vestjysk Bank (VJBA.DC), Fynske Bank (FYNBK.DC)

        • Germany: Green Hydrogen Systems (3LUA.GR)

        • Norway: Cadeler (CADLR.NO), Bouvet (BOUV.NO), Dolphin Drilling (DDRIL.NO)

        • Other: Moscow Exchange (MOEX.RU)

        • Sweden: BioInvent International (BINV.SS), AlzeCure Pharma (ALZCUR.SS), Xbrane Biopharma (XBRANE.SS)

        • UK: Prudential (PRU.LN), Ashtead Technology Holdings (AT.LN)

    • M&A

      • FGR.FP (Eiffage) -- acquires energy services companies CVS, M3i Controls and Inmotechnia. Terms were not disclosed

      • SPIE.FP (SPIE) -- acquires Voets & Donkers Koeltechniek B.V. and VND Technical Services B.V.; terms not disclosed

      • AGI.AU (Ainsworth Game Technology) -- terminates implementation deed with Novomatic as shareholder approval condition unlikely to be met

      • EPIC Crude pipeline owners reportedly weighing sale at ~$2.5B-3.5B including debt -- Reuters

    • Healthcare

      • ONCO.SS (Oncopeptides) -- enters into additional guarantee commitments, reports rights issue now fully guaranteed

    • Other

      • TEMN.SW (Temenos) -- announces completion of its 2025 share buyback program

      • FactSet Podcast - Evening Market Recap, 25-Aug

      • Nutrien, Mosaic shares tick higher; Department of the Interior publishes draft notice proposing to include potash in 2025 List of Critical Minerals

      • White House reportedly seeks to halt development of second wind farm -- Bloomberg

  • Key rating changes

    • Upgrades

      • EN.FP (Bouygues) -- to overweight from neutral at JPMorgan

      • DIA.IM (Diasorin) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • BIM.FP (bioMerieux) -- to equal-weight from overweight at Morgan Stanley

      • ADM.LN (Admiral Group) -- to neutral from outperform at Autonomous Research

      • KGF.LN (Kingfisher) -- to hold from buy at Deutsche Numis

      • ABF.LN (Associated British Foods) -- to sell from hold at Deutsche Numis

      • WIX.LN (Wickes Group) -- to sell from hold at Deutsche Numis

    • Initiations

      • KRN.GR (Krones) -- buy at Jefferies

      • ENQ.LN (EnQuest) -- buy at Peel Hunt

  • Data

    • Nikkei (0.96%) to 42394.76

    • Hang Seng (0.26%) to 25762.05

    • Shanghai Composite (0.21%) to 3875.32

    • S&P futures (1.8) vs prior close of 6455.5

    • €-$ +0.0020 or +0.17% to 1.1641

    • $-¥ (0.04) or (0.03%) to 147.73

    • €-¥ +0.26 or +0.15% to 171.94

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.
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