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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.5%, DAX +0.1%, CAC +0.3%

Aug 27 ,2025

  • Synopsis

    • European equity markets are set to open broadly higher, following Tuesday's losses

    • Focus remains on France political dynamics. French Finance Minister Lombard suggested Tuesday there was risk of IMF intervention if PM Bayrou's minority government falls in next month's confidence vote. Highlighted France likely to end up paying more to service debt than Italy in the next two weeks (Reuters, Les Echos). However, Lombard pointed out debt is sustainable, and refinancing going well. Said it is far enough in its refinancing schedule on debt not to immediate disrupt government finances, regardless of outcome of 8-Sep confidence vote. Bayrou is gambling that vote will force parliament's hand on his €43.8B austerity budget. However, far-right National Rally, leftist France Unbowed, Greens and Socialists said they would vote against government (Bloomberg).

    • In the US, President Trump's move to fire Fed Governor Cook continues to lead press discussion though market fallout has been fairly limited. As expected, Cook to file court challenge with potential for lengthy legal process. Development the latest chapter in White House pressure campaign against Fed, generating more discussion about erosion of independence and implications for markets. Still, contrarian views argued Cook's ouster was expected and market already been fully pricing in two rate cuts in 2025.

    • European macro data releases out today include Germany Sep consumer confidence - GfK, UK PPI input/output, Aug distributive trades survey - CBI, Switzerland Aug economic sentiment index - ZEW, Norway Jul unemployment rate, Denmark Jul retail sales

    • In Finland, there's Europe Forum 2025 theme 'The world is changing - how will Europe respond?' (through Fri). Speakers include Finland's PM Orpo and EU's Virkkunen. In Germany, following the morning's cabinet meeting there will be a joint press conf by Chancellor Merz, ministry of defense Pistorius. Later the Chancellor, along with France's President Macron and Poland's PM Tusk, will visit Moldova for country's Independence Day. All three will deliver short speeches in the evening, along with Moldovan President Sandu. In Norway, at 21:15CET, PM Støre and Party Leaders Erna Solberg (Conservative Party/The Right) and Sylvi Listhaug (Progress Party) participate in public meeting in Trondheim broadcast by NRK. In the UK, Ofgem announces Q4 household energy price cap level. Also, the inauguration of Rheinmetall's (RHM.GR) new artillery plant, Unterlüß, sees Germany's finance minister Klingbeil, defense minister Pistorius and NATO's Rutte, among the attendees.

    • On the corporate front, focus on Givaudan (GIVN.SW) as its releases 2030 strategy and announces CEO succession plan. Group also reiterated FY25F earnings guidance. Insurance sector in focus with earnings/updates out from Prudential (PRU.LN), Ageas (AGS.BB) and Vienna Insurance Group (VAG.AV)

    • Looking ahead, market awaiting Nvidia's (NVDA) results Wednesday after US market close.

  • Macro/politics

    • France's Political Crisis Dashes Hopes of Business-Led Recovery (Bloomberg)

    • Donald Trump's battle against the Fed heads for courtroom showdown (FT)

  • Top company news

    • Earnings/updates

      • GIVN.SW (Givaudan) -- presents its 2030 strategy

      • GIVN.SW (Givaudan) -- releases presentation material in connection with its Summer Investor Conf

      • PRU.LN (Prudential) -- reports H1 IFRS profit after tax $1.36B vs year-ago $182M

      • AGS.BB (Ageas) -- reports H1 net income €734M vs FactSet €736M [1 est]; confident in achieving a FY net operating result between €1.30-1.35B

      • VIG.AV (Vienna Insurance Group) -- reports H1 gross written premiums €8.60B, +8.7% y/y; sees FY PBT upper end of €950M-€1B range

      • ACLN.SW (Accelleron Industries) -- reports H1 EPS $1.17 vs FactSet $1.17 [1 est]

      • AT1.GR (Aroundtown) -- reports H1 FFO €0.14 vs year-ago €0.14; CFO to step down

      • EGL.PL (Mota-Engil SGPS) -- reports H1 net income attributable €59M, +20% vs year-ago €49M

      • IRLAB.A.SS (IRLAB Therapeutics) -- reports Q2 EPS (SEK0.62) vs year-ago (SEK0.14)

      • BRNK.GR (Branicks Group) -- reports H1 FFO per share €0.27 vs year-ago €0.23

      • NYKD.NO (Nykode Therapeutics) -- reports Q2 net income $0.9M vs year-ago ($7.4M)

      • RBREW.DC (Royal Unibrew) -- reports Q2 EPS DKK10.60 vs FactSet DKK10.46 [6 est, DKK10.00-10.73]; Updated Financial Outlook for full-year 2025

      • SRAIL.SW (Stadler Rail) -- reports H1 EPS CHF0.17 vs FactSet CHF0.18 [1 est]; reaffirms outlook

      • Also reporting today

        • Earnings:

          • Austria: CA Immobilien Anlagen (CAI.AV)

          • Belgium: Agfa-Gevaert (AGFB.BB), Van de Velde (VAN.BB)

          • Denmark: Copenhagen Airports (KBHL.DC), Sydbank (SYDB.DC), FirstFarms (FFARMS.DC), Møns Bank (MNBA.DC), Luxor (LUXOR.B.DC), Lego (+LEGO.DC)

          • France: TotalEnergies EP Gabon (EC.FP)

          • Germany: Sto (STO3.GR), FamiCord (V3V.GR)

          • Netherlands: NX Filtration (NXFIL.NA), Kendrion (KENDR.NA)

          • Norway: Hafnia (HAFNI.NO), SED Energy Holdings (ENH.NO), Edda Wind (EWIND.NO), Rana Gruber (RANA.NO), Integrated Wind Solutions (IWS.NO), Saga Pure (SAGA.NO)

          • Southern Europe: Motor Oil (Hellas) Corinth Refineries (MOH.GA), Mota-Engil (EGL.PL)

          • Sweden: Cereno Scientific (CRNO.B.SS), Smart Eye (SEYE.SS), GomSpace Group (GOMX.SS)

          • UK: Hochschild Mining (HOC.LN), Faron Pharmaceuticals (FARN.LN)

        • Trading Update:

          • UK: JD Sports Fashion (JD.LN)

        • CMD/events: Gjensidige Forsikring (GJF.NO), ProCredit Holding (PCZ.GR), Masterflex (MZX.GR), Bike24 Holding (BIKE.GR), HomeToGo (HTG.GR), The Platform Group (TPG.GR)

    • M&A

      • AAL.LN (Anglo American) -- Botswana hires Lazard as it seeks to take control of De Beers - FT

      • ALATA.FP (Atari, Inc.) -- announces strategic IP agreement with Ubisoft to revive five acclaimed titles

    • Healthcare

      • IDIA.SW (Idorsia) -- settled the repurchase offer for its outstanding CHF 204M convertible bonds maturing in 2025 and CHF 600M convertible bonds maturing in 2028

      • COPN.SW (Cosmo Pharmaceuticals) -- receives positive CHMP opinion for Winlevi for treatment of acne in adults and adolescents, following successful re-examination

      • AMBEA.SS (Ambea AB) -- Bolero announces intention to sell ~ 4.3M shares in Ambea by way of a bookbuilding through DNB Carnegie Investment Bank AB and Skandinaviska Enskilda Banken AB

    • Other

      • GIVN.SW (Givaudan) -- CEO, chairman to both step down next year

      • BEIJ.B.SS (Beijer Ref) -- holder EQT (via Breeze Topco) places 20M shares at SEK157/class B share through DNB Carnegie and Jefferies (post EU close 26-Aug)

      • CAST.SS (Castellum AB) -- Castellum appoints Pål Ahlsén as new CEO, effective 28-Aug

      • DEC.LN (Diversified Energy Co.) -- Transcript Intelligence: Diversified Energy Co. at Three Part Advisors Midwest Ideas Conference

      • Intraday themes include Google expanding translation AI and Okta to acquire Axiom Security (26-Aug)

      • Vornado lagging as Capstone looks to foreclose on 140 Crosby St.

  • Key rating changes

    • Upgrades

      • BBY.LN (Balfour Beatty) -- to equal-weight from underweight at Morgan Stanley

      • GSF.NO (Grieg Seafood) -- to buy from neutral at Sparebank 1 Markets (26-Aug, timing uncertain)

    • Downgrades

      • VIE.FP (Veolia Environnement) -- to equal-weight from overweight at Morgan Stanley

      • COTN.SW (COMET Holding) -- to neutral from buy at UBS

  • Data

    • Nikkei +0.27% to 42507.86

    • Hang Seng (0.40%) to 25422.02

    • Shanghai Composite (0.08%) to 3865.21

    • S&P futures +2.0 vs prior close of 6482.5

    • €-$ (0.0025) or (0.21%) to 1.1619

    • $-¥ +0.41 or +0.28% to 147.83

    • €-¥ +0.16 or +0.09% to 171.79

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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