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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX +0.2%, CAC +0.1%

Sep 15 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to higher. Recall last week STOXX Europe 600 closed +1.02% higher, led higher by the banks sector (SX7P closed up 4.1% for the week).

    • Asian equities tilting lower Monday. China August activity data weaker than expected after industrial production and retail sales growth hit year-to-date lows while fixed asset investment growth lowest since 2020. Corresponded with higher unemployment rate. Housing metrics similarly downbeat with property investment declines quickening though new home prices shrunk at a slower pace.

    • The week ahead sees BOE, Fed, BoJ and Norges Bank interest rate decisions, Eurogroup meeting, US President Trump's State visit to the UK, Germany Sep ZEW survey, UK latest unemployment data as well as earnings/updates from the likes of Barratt Redrow (BTRW.LN), Investec (INVP.LN), and Next (NXT.LN).

    • European macro data releases out today include Italy Jul trade balance, Switzerland Aug PPI, Eurozone Jul trade balance, Finland Aug CPI, Norway Aug trade balance,

    • In central banks today, ECB's Schnabel speech at 13:30CET at the EIB Chief economists meeting and Lagarde participates at 20:30CET in 'Conversations pour demain' on the occasion of the 25th annv. of Institut Montaigne. Austria central bank's Kocher welcoming remarks at 9:00CET at event title Labor markets in CESEE: past gain, current strain and future pain? as well as on panel title "Austrian and European industrial policy in a new geopolitical and geo-economic context" during event that starts at 17:00CET. Also, involved in fireside chat moderated by Bloomberg TV presenter. Latvia central bank's Kazaks participates in the LTV program "Today's Question". It's the first of the pre-releases in connection with Bundesbank's latest monthly report at 12noon CET. ECB publishes latest results of survey of monetary analysts at 10:00CET and Portugal central bank releases its latest official bulletin.

    • Elsewhere, Informal meeting of EU health ministers (through Tue). Hybrid press conf at 11:00CET ahead of the Annual General Meeting of German Pharmacists (Tue-Thu) whilst Fitch Rating discusses its latest views on the global economy during webinar at 15:00BST.

    • Focus on German politics as the far-right Alternative für Deutschland (AfD) party has nearly tripled its support in local elections in the country's most populous state of North Rhine-Westphalia. This poll seen as Friedrich Merz's first significant electoral test since he took office as chancellor four months ago. The CDU remains the strongest party nationwide with 33.3%. The losers of the evening include the Greens, who received 13.5% - a loss of 6.5 percentage points. The SPD remains the second strongest party in the state with 22.1%, but with slight losses - as did the FDP, which only received 3.7%. The AfD gained the most, with an increase of 9.4 percentage points, landing at 14.5%. (Guardian, POLITICO,WELT )

  • Politics/Macro/World News

    • UK

      • Starmer 'in last-chance saloon' as he pins hopes on Trump visit -- London Times

      • US-UK nuclear energy accord unveiled ahead of Trump state visit -- FT

      • Crypto groups hit out at BoE plan to limit stablecoin ownership -- FT

      • House prices fall for first time since January last year -- London Times , citing Rightmove

    • ECB

      • ECB's Nagel says further rate cuts would threaten price stability -- Reuters

      • ECB rate cuts at 'or very close to' end, says Austria's central bank governor -- FT

    • France

      • Fitch Downgrades France to 'A+'; Outlook Stable -- link

    • Spain

      • S&P: Spain Upgraded To 'A+' On Strengthening External Financial Position; Outlook Stable -- link

    • Portugal

      • Fitch Upgrades Portugal to 'A'; Outlook Stable -- link

  • Top company news

    • Earnings/updates

      • VIRP.FP (Virbac) -- reports H1 net income €82.2M, (13%) vs year-ago €94.9M

      • Also reporting today

        • Southern Europe: Ibersol SGPS (IBS.PL)

        • UK/Ireland: HgCapital Trust (HGT.LN), Craneware (CRW.LN), M.P. Evans Group (MPE.LN), S4 Capital (SFOR.LN), Bango (BGO.LN), Greencoat Renewables (GRP.ID)

    • M&A

      • KKR (KKR & Co.) -- to acquire NewDay's consumer credit portfolio from Cinven and CVC

      • UBSG.SW (UBS Group) -- UBS may buy/merge with US bank in combination with HQ move - NY Post

      • RHM.GR (Rheinmetall) -- agrees key terms with Lürssen Group of acquisition of Naval Vessels Lürssen, to complete transaction in early 2026

      • BAM (Brookfield Asset Management) -- Ardian, EQT and American Tower among possible suitors for TDF Infrastructure - FT

      • SBRY.LN (J Sainsbury) -- Sainsbury terminates talks about Argos with JD.com

      • AI.FP (Air Liquide) -- shopping its biomethane assets - Reuters

      • GALP.PL (Galp Energia SGPS) -- reaches a farm-in agreement with KE STP Company B.V. for a 27.5% stake in Block 4, in São Tomé and Príncipe

      • SRG.IM (Snam) -- Snam's purchase of 24.99% stake in Open Grid Europe from Infinity Investments likely to be delayed, says Il Sole 24 Ore - Bloomberg

      • BCHN.SW (Burckhardt Compression Holding) -- acquires ACT; terms not disclosed

      • OCN.LN (Ocean Wilsons Holdings) -- Ocean Wilsons shareholders approve combination with Hansa

      • Airbus, Thales, and Leonardo said to recommit to talks on €10B satellite joint venture -- Reuters

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- Novo Nordisk's semaglutide 7.2 mg superior to placebo and 2.4 mg for bodyweight reduction in adults with obesity - The Lancet

      • SOON.SW (Sonova Holding) -- announces that Eric Bernard has officially stepped into the role of CEO, effective today

      • ABVX.FP (Abivax) -- to enter CAC Mid 60 Index and SBF 120 Index

      • ALBPS.FP (Biophytis) -- Secures public funding in Brazil for Obesity Phase 2 Trial and Signs agreements with Leading local Clinical Partners

    • Other

      • +OTTO.GR Ottobock SE & Co. KGaA plans IPO on Frankfurt Stock Exchange before end of 2025, subject to market conditions

      • NESN.SW (Nestle) -- As result of CEO's firing, Nestle holders seeking resignation of chair Paul Bulcke - FT

      • PHIA.NA (Koninklijke Philips) -- FDA identifies Philips Respironics DreamStation as Class I recall

      • SUBC.NO (Subsea 7) -- awarded major contract under long-term agreement with Saudi Aramco; specifics unprovided

      • CNA.LN (Centrica) -- Centrica, X-Energy enter into Joint Development agreement to deploy X-energy's Xe-100 Advanced Modular Reactors in the UK

      • Estimated weekend box office revenues in US, Canada $146.6M, +56.4% y/y - Box Office Mojo

      • General Motors' BrightDrop electric van said to be among EVs tested in Amazon fleet -- Bloomberg

      • Intraday themes include Amazon, Google facing investigation into ad practices; quantum computing names gaining after IonQ UK acquisition clearance (12-Sep)

  • Key rating changes

    • Upgrades

      • GIVN.SW (Givaudan) -- to hold from underperform at Jefferies

      • CPR.IM (Davide Campari-Milano) -- to sector perform from underperform at RBC Capital Markets

      • TYRES.FH (Nokian Renkaat) -- to hold from reduce at Kepler Cheuvreux

    • Other Actions

      • TET.LN (Treatt) -- to hold from buy at Jefferies

      • AZN.SS (AstraZeneca) -- to hold from buy at Handelsbanken

  • Data

    • Nikkei +0.00% to 44768.12

    • Hang Seng +0.17% to 26431.95

    • Shanghai Composite (0.14%) to 3865.22

    • S&P futures (2253.2) vs fair value of 6642.4

    • €-$ (0.0005) or (0.04%) to 1.1730

    • $-¥ (0.16) or (0.11%) to 147.51

    • €-¥ (0.25) or (0.14%) to 173.00

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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