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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.07%, DAX +0.43%, CAC +0.00%

Sep 18 ,2025

  • Synopsis

    • European equity markets are set to open flat to higher amid Asian equities advancing Thursday. Semis/tech contributing to outperformance of Japan, Korean and Taiwan benchmarks. Greater China mixed with mainland picking up gains while Hong Kong lower. Australia weighed down by energy sell-off. S&P 500 and Nasdaq futures gaining afterhours. Bonds mixed with Treasuries flat following post-Fed backup in yields. JGBs little changed. Front-end New Zealand yields moving lower on soft GDP data. Aussie yields also lower following weak jobs figures. Dollar strongest against kiwi, steady elsewhere. Crude flat while gold extending pullback. Bitcoin up to one-month high.

    • Focus on central bank policy decisions kicking off with Norges Bank interest rate decision at 10:00CET and followed by BOE rate decision at 12noon BST. No change expected from BOE. Bundesbank releases latest Monthly Report at 12noon CET. ECB's Lagarde speech at 9:10CET at opening plenary of 1st edition of Global Leadership by Women Summit whilst Bundesbank's Mauderer speech at 10:00CET at event hosted by the central bank, with Nagel and Deutsche Bank's (DBK.GR) Sewing panellists at 16:00. ECB's Schnabel chairs policy panel at 11:45CET title 'The Next Financial Crisis?' at 10th ECB Annual Research Conf.

    • Bundesbank's Mauderer speech at 18:30CET at Investors' Darling hosted by manager magazin, Berenberg and the HHL Leipzig Graduate School of Mgmt. ECB's de Guindos participates at 9:00BST in livestreamed MNI Connect discussion 'Euro Area Growth and Inflation Outlook'. Estonia central bank's Muller gives annual address to parliament. Bank of Italy hosts Conf. on the Economics of the Payment System (through Fri). In addition, there is a meeting of EU environment ministers.

    • Elsewhere, Donald Trump meets British Prime Minister Keir Starmer on Thursday for talks designed to focus the U.S. leader's unprecedented second state visit firmly on global affairs rather than domestic political problems (Reuters).

    • In corporate news, Bolloré (BOL.FP) reported yesterday after the close H1 earnings. In the UK, Wolters Kluwer (WKL.N) accelerates €1B 2025 share buyback program and reiterates guidance. From the DACH region, SIG Combibloc Group (SIGN.SW) announced updated FY25 guidance and pausing of cash dividend for 2025. Out of the Nordics, Vend Marketplaces (VENDA.NO) published Q3 2025 pre-silent newsletter; confirmed market consensus for FY25 Group EBITDA between NOK 1.8-2.0B. Also, Billerud (BILL.SS) launches cost saving program targeting annualized savings of SEK 800M; plans involve potential reduction of up to 650 positions. In other developments, ECB sells over €150M of Worldline bonds, FT reported. On M&A front, Roche to acquire 89bio for $14.50/sh in cash plus non-tradeable CVR of $6.00/share. representing a total equity value of ~$2.4B.

  • Politics/Macro/World News

    • High Inflation Is Eroding UK Consumer Confidence, Survey Finds - Bloomberg

    • High inflation weighing on consumer confidence - BRC

    • Trump hails UK special relationship as he revels in pomp of historic state visit - Reuters

    • Poland's border closure risks choking EU-China trade - Politico

  • Top company news

    • Earnings/updates

      • WKL.NA (Wolters Kluwer) -- accelerates €1B 2025 share buyback program; reiterates guidance

      • EXO.NA (EXOR) -- reports Q2 NAV per share €180.42 vs as at 31-Dec €178.78

      • BOL.FP (Bolloré) -- reports H1 adjusted EBITDA €123M vs year-ago €0M

      • PEUG.FP (Peugeot Invest) -- reports NAVPS €157.9 as of 30-Jun vs €182.7 as of 31-Dec-24

      • OVS.IM (OVS) -- reports H1 adjusted net income €45.6M vs FactSet €41.1M

      • S30.FP (Solutions 30) -- reports Q2 net income (€16.4M) vs year-ago (€6.5M)

      • AEVS.SW (AEVIS VICTORIA) -- reports H1 net income CHF5.1M vs year-ago CHF0.7M

      • VENDA.NO (Vend Marketplaces) -- publishes Q3 2025 pre-silent newsletter; confirms market consensus for FY25 Group EBITDA between NOK 1.8-2.0B; provides ad volume data from July and August 2025

      • SIGN.SW (SIG Combibloc Group) -- announces updated FY25 guidance and pausing of cash dividend for 2025

    • M&A

      • KNEBV.FH (Kone) -- reportedly weighing potential bid for TK Elevator -- Bloomberg

      • ITV.LN (ITV) -- Redbird IMI abandons plans to acquire ITV Studios - FT (17-Sep, seemingly around 15:30 BST)

      • DWS.GR (DWS Group) -- Deutsche Bank's asset manager DWS to begin sale process of data center business, North C, in the coming weeks - FT

      • BSGR.NA (B&S Group) -- Sarabel launches recommended all-cash offer for B&S Group for €5.96/share in cash plus dividend declared in July

      • TRACT.FP (Teract) -- begins exclusive negotiations with marcel&fils for disposal of Bio&Co banner

      • ROG.SW (Roche) -- Roche to acquire 89bio for $14.50/sh in cash plus non-tradeable CVR of $6.00/share. representing a total equity value of ~$2.4B

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- Novo Nordisk's discloses 25 mg Wegovy OASIS 4 Ph3 study data

      • SAN.FP (Sanofi) -- backed Resalis Therapeutics (private) presents preclinical data on RES-010 at EASD 2025

      • UCB.BB (UCB) -- announces new 12-week efficacy and 18-week safety data from Phase 1/2a first-in-patient trial for galvokimig

      • NANO.FP (Nanobiotix) -- announces new results from phase 1 study evaluating JNJ-1900 (NBTXR3)

    • Other

      • UBSG.SW (UBS Group) -- Activist investor Cevian says UBS has no other realistic option but to move HQ from Switzerland as strict new capital proposals make it non-viable - FT, citing co-founder

      • KER.FP (Kering) -- appoints Francesca Bellettini as President and CEO of Gucci

      • HO.FP (Thales) -- granted €450M loan from European Investment Bank

      • EQT.SS (EQT AB) -- EQT considering options for student transportation company First Student including a US IPO - Bloomberg

        • evaluating US IPO of Reworld at potential $1B+ valuation - Bloomberg

      • CVC.NA (CVC Capital Partners) -- CVC stepping up succession planning; dealmaker Peter Rutland emerging as leading candidate to replace CEO Rob Lucas - FT (17-Sep, seemingly around 16:40 CET)

      • WLN.FP (Worldline) -- ECB sells over €150M of Worldline bonds - FT

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- announces PAMA Phase II 3D multi-client survey in the Equatorial Margin area offshore Brazil

      • BILL.SS (Billerud) -- launches cost saving program targeting annualized savings of SEK 800M; plans involve potential reduction of up to 650 positions

  • Key rating changes

    • Upgrades

      • JUP.LN (Jupiter Fund Management) -- to buy from add at Peel Hunt

      • REL.LN (RELX) -- to buy from hold at Kepler Cheuvreux

      • KNIN.SW (Kuehne & Nagel) -- Kuehne & Nagel at BNP Paribas Exane

    • Downgrades

      • NESTE.FH (Neste) -- to neutral from buy at Goldman Sachs

      • METSO.FH (Metso Corp.) -- to sell from hold at ABG Sundal Collier

      • BARN.SW (Barry Callebaut) -- to hold from buy at Deutsche Bank

      • KRN.GR (Krones) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • III.LN (3i Group) -- outperform at Bernstein

      • SAAB.B.SS (Saab) -- sell at Handelsbanken

      • INCH.LN (Inchcape) -- buy at UBS

      • TPRO.IM (Technoprobe) -- buy at UBS

      • MAERSK.B.DC (Maersk)-- to underperform from neutral at BNP Paribas Exane

  • Data

    • Nikkei +1.27% to 45360.01

    • Hang Seng (0.86%) to 26676.72

    • Shanghai Composite (0.18%) to 3869.32

    • S&P futures +28.5 vs prior close of 6658.8

    • €-$ (0.0020) or (0.17%) to 1.1794

    • $-¥ +0.26 or +0.17% to 147.26

    • €-¥ +0.02 or +0.01% to 173.68

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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