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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.03%, DAX +0.06%, CAC40 +0.01%

Sep 16 ,2025

  • Synopsis

    • European equity markets are set to open flat to slightly higher. Follows mostly firmer levels on Monday. Asian equity markets mixed. Kospi and Taiwan outperform amid strength in semis. Nikkei firmer. Hang Seng and mainland China lag. US equity futures firmer with S&P futures up ~0.1%.

    • Markets in waiting mode for key central bank meetings this week. Fed (Wed) expected to cut by 25 bp with greater interest surrounding forward-looking commentary (particularly around labor market), and updated dot plot amid debate whether it will show another 25 or 50 bp of easing for 2025 after September. US appeals court blocked President Trump from firing Fed Governor Cook. In mostly party-line vote Senate confirmed Stephen Miran to Fed board, allowing him to participate in this week's FOMC meeting.

    • US and China concluded talks in Madrid, agreeing to framework deal on TikTok ownership. Trump said meeting went well and he will be speaking to President Xi on Friday. Talks occurred against backdrop of tensions after China accused NVDA of violating anti-monopoly laws and launched probe into US analog chips. Press sources have also highlighted divisions over trade and fentanyl. Trump's positive assessment seen keeping alive expectations of a meeting with Xi, which may happen at next month's APEC summit in South Korea.

    • On today's agenda, National Council meeting of Norway's Labour Party, party leader Støre speech at 13:00CET. Meeting of EU's General Affairs Council also takes place.

    • In other developments, pressure remains on UK PM Starmer after third senior ally departs in two weeks after publication of old message where he made lewd jokes about another Labour MP. French press highlights latest Bank of France growth forecasts will make fiscal consolidation effort more challenging.

    • In European central bank's Latvia central bank's Kazak's interview for the "TV24" program "Personality of the Day". Bank of Spain release latest Quarterly Report on the Spanish Economy and Macroeconomic Projections, with Governor Escrivá in conversation at 10:00CET at event organized by IEBF and CUNEF Univ. and Deputy Governor Núñez participates at 10:35 in the ESG Spain 2025, organized by Forética (livestream).

    • European macro data releases out today include, UK Jul ILO unemployment rate, Italy Aug final CPI, Eurozone Jul industrial production, Germany Sep ZEW economic sentiment indicator

    • In corporate news, BNP Paribas (BNP.FP) announced strong growth momentum initiated in 2025 have enabled the group to confirm its net income target and its growth trajectory, marking the conclusion of the 2022-2026 strategic plan. Following this, the new medium-term plan for 2027-2030 will be announced in early 2027, as the company sets ROTE ambition at 13% in 2028 and CET1 ratio expected at 12.5% by end-2027. Also in France, VusionGroup (VU.FP) reported H1 earnings, whilst Aeroport de Paris (ADP.FP) released Total Paris Aeroport August traffic. In Finland, Tietoevry (TIETO.FH) updated its 2025 guidance yesterday after the market closed indicating to adjusted EBITDA margin between 12.7-13.3% vs prior guidance 12%-13%.

    • In other corporate developments, Kering (KER.FP) confirmed security breach as client data from Gucci, Balenciaga, McQueen brands was stolen by hackers. In Denmark, Novo Nordisk (NOVO.B.DC) issued results from INFORM survey of people taking semaglutide for weight management (Wegovy).

    • In the UK, latest Worldpanel by Numerator (formerly Kantar's Worldpanel division) grocery market share figures and update on inflation will be released at 8am BST. The data will cover the 12 weeks ending 7 September 2025.

  • Politics/Macro/World News

    • Bank of England May Be Done With Rate Cuts, Economists Warn - Bloomberg

    • UK could raise nearly £2bn by taxing SUVs in line with European countries, study shows - The Guardian

    • Trump to Unveil Over $10 Billion in Economic Deals on UK Visit - Bloomberg

    • French central bank sees growth outlook clouded by politics - Reuters

    • EU consolidates export control powers to bypass Russia - FT

  • Top company news

    • Earnings/updates

      • France

        • BNP.FP (BNP Paribas) -- sets ROTE ambition at 13% in 2028; CET1 ratio expected at 12.5% by end-2027 -- Medium-Term Plan

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport August traffic 10.4M, +1.9%

        • VU.FP (VusionGroup) -- reports H1 net income €42.8M vs year-ago €7.9M

        • GBT.FP (Guerbet) -- announces downward revision to its financial targets for 2025: now expects restated EBITDA margin in the range of 12-13% vs prior guidance of above 15%

        • EXA.FP (Exail Technologies) -- reports H1 net income €3M vs year-ago (€5M)

      • DAHCs

        • NWRN.SW (Newron Pharmaceuticals) -- reports H1 net income (€0.1M) vs FactSet (€8.2M) [1 est]

      • Nordics

        • TIETO.FH (Tietoevry) -- updates FY25 guidance

      • Also due to report today includes

        • Earnings:

          • DACHs: MPH Health Care (93M1.GR)

          • France: Assystem (ASY.FP), Transgene (TNG.FP)

          • Nordics: Roblon (RBLN.B.DC)

          • UK: JTC (JTC.LN), Kier Group (KIE.LN), Trustpilot Group (TRST.LN), Harworth Group (HWG.LN), Fintel (FNTL.LN), MJ Gleeson (GLE.LN), Eleco (ELCO.LN), EKF Diagnostics Holdings (EKF.LN), Personal Group Holdings (PGH.LN), Springfield Properties (SPR.LN), Eagle Eye Solutions Group (EYE.LN), Headlam Group (HEAD.LN), tinyBuild (TBLD.LN), Knights Group Holdings (KGH.LN)

        • Trading Update:

          • UK: Sthree (STEM.LN)

          • Traffic: VINCI (DG.FP)

        • CMD/events: Schaeffler (SHA0.GR), CPH Group (CPHN.SW), FACC (FACC.AV), VNV Global (VNV.SS), Swedish Orphan Biovitrum (SOBI.SS) business update call, Givaudan (GIVN.SW) Q3 pre-close roundtables

    • M&A

      • ZIM (Zim Integrated Shipping Services) -- said to hire Evercore to seek potential bidders -- Calcalist (earlier, timing uncertain)

      • KEMIRA.FH (Kemira) -- to acquire Water Engineering, Inc. with purchase price ~$150M in cash

      • TECK.B.CN (Teck Resources) -- PM Carney told Anglo it would have to move headquarters to Canada to secure approval for acquisition of Teck Resources -- Globe & Mail

      • METSO.FH (Metso Corp.) -- Metso to acquire Q&R Industrial Hoses; terms undisclosed

      • MB.IM (Mediobanca) -- Banca Monte dei Paschi di Siena completes acquisition of 62.3% of Mediobanca

      • Oracle among firms that would enable TikTok to continue US operations if framework deal between US and China is finalized - CBS News

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- provides results from INFORM survey of people taking semaglutide for weight management (Wegovy)

      • NYXH.BB (Nyxoah) -- files patent infringement lawsuit against Inspire Medical Systems, Inc.

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: 10-Q

    • Other

      • TRMD.A.DC (TORM Plc) -- SEC filing: SCHEDULE 13D/A (Filed by Oaktree Capital Group Holdings GP, LLC)

      • NK.FP (Imerys) -- LBB Specialties and Imerys form specialty distribution partnership in North America

      • KER.FP (Kering) -- confirms security breach; client data from Gucci, Balenciaga, McQueen brands stolen by hackers

      • BVI.FP (Bureau Veritas) -- Wendel to place ~23M Bureau Veritas shares to settle Exchangeable Bond maturing in 2026

      • RUI.FP (Rubis) -- comments on recent rumors in the press regarding potential transactions on Rubis' share capital

      • SPSN.SW (Swiss Prime Site) -- CEO René Zahnd to step down in planned succession

      • Intraday themes include SEC approves plan for Exxon auto vote plan; Tyson to remove some ingredients like HFCS (15-Sep)

      • MultiChoice Group announces implementation of the Reorganisation of South African Operations

  • Key rating changes

    • Upgrades

      • BN.FP (Danone) -- to buy from underperform at Jefferies

      • LMP.LN (LondonMetric Property) -- LondonMetric Property resumed overweight at JPMorgan; prior rating was neutral

    • Downgrades

      • EZJ.LN (EasyJet) -- to neutral from overweight at JPMorgan

      • BEI.GR (Beiersdorf) -- to hold from buy at Jefferies

      • OR.FP (L'Oreal) -- to underperform from hold at Jefferies

    • Initiations

      • RACE.IM (Ferrari) -- buy at Berenberg

      • BINV.SS (BioInvent International) -- buy at DNB Carnegie

  • Data

    • Nikkei +0.47% to 44977.83

    • Hang Seng (0.09%) to 26422.45

    • Shanghai Composite (0.16%) to 3854.21

    • S&P futures +5.8 vs prior close of 6679.3

    • €-$ +0.0012 or +0.10% to 1.1775

    • $-¥ (0.37) or (0.25%) to 147.05

    • €-¥ (0.23) or (0.13%) to 173.15

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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