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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.19%, DAX +0.18%, CAC40 +0.33%

Sep 26 ,2025

  • Synopsis

    • European indcies are set top open in positive ground with US equities finishing lower in Thursday trading, though ended off worst levels. S&P and Nasdaq now down three consecutive sessions. Asia equities trading mostly lower Friday and on track for mixed weekly performance.

    • Tariffs came back to fore after President Trump announced latest the batch to take effect 1-Oct. Most of the attention going to 100% rate on branded drugs unless producers have broken ground on onshore facilities. Pharmas one of the weakest sectors in Japan. Trump also unveiled new levies on kitchen cabinets, bathroom vanities, upholstered furniture and heavy trucks.

    • Among central banks updates: Bank of Spain's Núñez speech at 9:10CET at conference.

    • Economic data due today: Italy Sep business/consumer confidence, Spain Q2 final GDP, Aug trade balance, Denmark Aug retail sales

    • Yesterday, (BC.IM) Brunello Cucinelli firmly confirms full compliance with EU Regulations Regarding Operations in the Russian Market

    • In M&A: (PRX.NA) Prosus's Olx Group agrees to acquire La Centrale, a motors classifieds platform in France for €1.1B

  • Politics/Macro/World News

    • Donald Trump announces 100% tariff on branded pharmaceutical products (FT )

    • Former French President Sarkozy handed 5-year jail term in stunning downfall (Reuters )

    • US to Impose Tariffs on Heavy Trucks, Kitchen Cabinets (BBG )

  • Top company news

    • Earnings/updates

      • CYAD.BB (Celyad Oncology) -- reports H1 net income (€3.7M) vs year-ago (€3.0M)

      • ATE.FP (Alten) -- reports H1 net income €82.6M, (30%) vs year-ago €118.2M

      • FLOW.NA (Flow Traders) -- 3Q 2025 Pre-Close Call: Market trading volumes and volatility in Q3 across most asset classes and regions were relatively flat to slightly higher y/y but meaningfully lower q/q

      • TWEKA.NA (TKH Group) -- releases presentation material in connection with its CMD held on 25-Sep

      • WHA.NA (Wereldhave) -- and Ocean Outdoor announce partnership for new digital media network; to have positive annualized impact on DRPS of at least €0.03

      • ADOC.FP (Adocia) -- reports H1 net income (€9.3M) vs FactSet (€8.7M) [1 est]

      • ALCGM.FP (Cegedim) -- reports H1 net income €1.2M vs year-ago €0.6M

      • ALTHX.FP (Theranexus) -- reports H1 net income (€1.1M) vs year-ago €0.1M

    • M&A

      • UCG.IM (UniCredit) -- open to permanent increase in number of German nationals on its board if it helps get Commerzbank takeover over the line - FT

      • OMDA.NO (Omda AS) -- announces joint merger plan for merger with Omda Predicare AS

      • COXG.SM (Cox ABG Group) -- updates in connection with previously announced capital increase; subscription period now set to end on 9-Oct-25

      • TikTok US to be valued at $14B in transaction that keeps it alive - CNBC, citing JD Vance

    • Healthcare

      • SAN.FP (Sanofi) -- FDA removes Risk Evaluation and Mitigation Strategies (REMS) for Caprelsa (vandetanib)

      • SFZN.SW (Siegfried Holding) -- announces Chairman Andreas Casutt will step down at 2026 AGM; proposes Beat Walti as the new Chairman

    • Other

      • SAP.GR (SAP) -- awarded $1.00B US Army contract

      • NESN.SW (Nestle) -- Nestlé's appoints Alfonso Gonzalez Loeschen, currently the CEO of Nespresso North America, as CEO of Nespresso, effective 1-Nov-25.

      • EL.FP (EssilorLuxottica) -- FDA authorizes marketing of the Essilor Stellest lenses to correct myopia in children

      • BA.LN (BAE Systems) -- awarded $396.1M US Army contract modification

      • ORK.NO (Orkla) -- Jotun reports operating profit NOK4.99B vs year-ago NOK4.87B for the first 8 months of FY25

      • EU considers levying ~ 25-50% tariffs on imports of steel and related products from China - Reuters, citing report from Handelsblatt

  • Key rating changes

    • Upgrades

      • SECARE.SS (Swedencare) -- to buy from hold at Pareto

      • CRDA.LN (Croda International) -- to overweight from equal weight at Barclays

      • IHG.LN (InterContinental Hotels) -- to overweight from underweight at JPMorgan

      • AYV.FP (Ayvens) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • CORL.BB (Colruyt Group) -- to underweight from overweight at JPMorgan

    • Initiations

      • RHM.GR (Rheinmetall) -- market perform at Bernstein

  • Data

    • Nikkei (0.60%) to 45478.39

    • Hang Seng (0.38%) to 26384.00

    • Shanghai Composite (0.17%) to 3846.62

    • S&P futures (1.5) vs prior close of 6659.8

    • €-$ +0.0016 or +0.14% to 1.1682

    • $-¥ (0.13) or (0.08%) to 149.67

    • €-¥ +0.10 or +0.06% to 174.83

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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