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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.04%), DAX +0.14%, CAC40 +0.22%

Oct 07 ,2025

  • Synopsis

    • European equity markets are set to open mixed to higher, whilst Asian equities mostly higher Tuesday. Japan extending Monday's rally following broadly positive analyst takeaways from Takaichi's LDP leadership victory. Taiwan resumes trade with semis rallying on back of OpenAI's latest deal. Mild decline in Australia while Greater China and Korean markets closed for holiday. S&P 500 futures touch lower afterhours.

    • AI optimism driving more sharp gains in Asian semis, taking cues from big AMD rally on Monday after group announced multibillion-dollar partnership with OpenAI (including warrants for a 10% stake in the chipmaker). OpenAI at center of a flurry of AI deal headlines over the past week, including with Nvidia (NVDA), South Korean and Taiwan chip manufacturers. OpenAI's latest agreement also drove more discussions about AI bubble, circular transactions in AI and chip space and worries about AI capex ROI.

    • European macro data releases out today include Germany Aug factory orders, France Aug trade balance, Norway Aug manufacturing production, UK Sep house price index - Halifax, Netherlands Sep final CPI

    • In central banks, Norges Bank's Wolden Bache lecture at 12:15CET at the Norwegian School of Economics in Bergen. Bundesbank's Nagel speech at 18:00CET at SEV Hellenic Federation of Enterprises' Annual General Assembly (livestream), other speakers include Greece's PM Mitsotakis. ECB's Lagarde speech/Q&A at 18:10CET at Business France event 'Business en Européens'. Bank of Portugal may publish its latest economic bulletin. In politics, Chancellor Merz visits Bremen as part of his inaugural visits to all German states, includes a discussion with the City's Senate on current political issues. EIA publishes its latest short-term energy outlook. Amongst events, Tagesspiegel Data Debate at 16:30CET with Federal Minister for Digital Affairs Wildberger and CEO of O2 Telefónica, Haas, Managing Director, IBM Deutschland, Rupp, on future investments. FT event 'Future of retail', speakers include execs from retailers including Kingfisher (KGF.LN) and CEO of British Retail Consortium. Budapest Economic Forum, speakers include Hungary's economy minister Nagy and CEOs of top listed companies. Fitch Ratings webinar at 9:00BST following Spain's and Portugal's sovereign reviews.

    • In corporate news, Clas Ohlson (CLA.B.SS) reported sales for September, whilst Höegh Autoliners (HAUTO.NO) issued September trading update.

    • In ratings changes highlights, LVMH Moet Hennessy Louis Vuitton (MC.FP) and Kering (KER.FP) were upgraded to overweight from equal-weight at Morgan Stanley, with the latter added as a top pick. Hermes (RMS.FP) meanwhile was downgraded to equal-weight from overweight at Morgan Stanley. Elsewhere, RBC Capital Markets argued in a note that UK banks, and particularly LLOY (LLOY.LN), are under penetrated in Wealth Management and are missing out on relatively high structural growth and returns. RBC Capital Markets also argued that Quilter (QLT.LN) is a potentially particularly attractive WM acquisition target for Lloyds Banking Group.

  • Politics/Macro/World News

    • Macron tasks outgoing PM with leading last-ditch talks - Le Monde

    • Ireland to Deliver Investment Budget to Counter Trump's Threat - Bloomberg

    • Reeves to Get Rare Budget Lifeline From Sticky UK Inflation - Bloomberg

    • UK steel industry warns of 'biggest crisis' due to new EU tariffs - FT

    • Netherlands Sep CPI +3.3% y/y vs preliminary +3.3%

  • Top company news

    • Earnings/updates

      • VLA.FP (Valneva) -- Follow-up: Valneva issues business update following FDA decision to suspend the product license for IXCHI; reconfirms that the Phase 3 clinical trial of its Lyme disease vaccine candidate remains on track.

      • PHARM.NA (Pharming Group) -- provides update on previously announced G&A expense reduction plan

      • CLAS.B.SS (Clas Ohlson) -- reports Sep sales SEK 939M; +9% local ccy and +10% organic

      • HAUTO.NO (Höegh Autoliners) -- Sep trading update: 1.3M cbm of cargo transported on prorated basi

      • Also due to report today includes:

        • Earnings:

          • France: Voyageurs du Monde (ALVDM.FP), Bilendi (ALBLD.FP)

          • UK: CVS Group (CVSG.LN)

        • Trading Update:

          • France: GenSight Biologics (SIGHT.FP)

        • Traffic: Finnair (FIA1S.FH)

        • CMD/Events: Sika (SIKA.SW) Innovation Lab, Biotalys (BTLS.BB) Flemish Retail Investor Assn

        • Analyst Meeting: Biotalys (BTLS.BB),Frequentis (FQT.GR),Givaudan (GIVN.SW),Maat Pharma (MAAT.FP)

    • M&A

      • MAHA.A.SS (Maha Capital) -- signs share purchase agreement to acquire KEO World's credit operations; receives subscription undertakings of SEK 254M for directed share issues at SEK 16/share

      • HOC.LN (Hochschild Mining) -- Hochschild's Tiernan Gold and Railtown Capital announce up to C$65M private placement equity financing and execution of definitive agreement for proposed qualifying transaction

      • SHLF.NO (Shelf Drilling) -- general meeting approves merger with ADES

      • EFGN.SW (EFG International) -- completes acquisition of Swiss private bank Cité Gestion

      • QLT.LN (Quilter) -- RBC Capital Markets sees Quilter as a potentially particularly attractive WM acquisition target for Lloyds Banking Group

    • Healthcare

      • DBV.FP (DBV Technologies) -- to issue and sell $30M of ADSs under ATM program

      • 4568.JP (Daiichi Sankyo) -- trades +2.4%; Datroway 1L TNBC results seen as strengthening oncology pipeline visibility

      • VLA.FP (Valneva) -- announces refinancing debt with Pharmakon Advisors

      • COPN.SW (Cosmo Pharmaceuticals) -- announces regulatory approval of Winlevi in South Korea

      • VVY.NA (Vivoryon Therapeutics) -- announces 3.4M private placement of new shares at €1.50/sh

    • Other

      • VAR.NO (Vår Energi) -- announce an increase in both production as well as recoverable volumes from the Gjøa field (PL153)

      • ORSTED.DC (Ørsted) -- announces results of rights issue

      • NN.NA (NN Group) -- announces settlement regarding unit-linked insurance products final after reaching 90% acceptance rate

      • NTGY.SM (Naturgy Energy Group) -- Naturgy launches sale of up to 34.1M ordinary treasury shares, representing ~3.5% of the company's share capital through an ABB

      • Rio Tinto notes Robe River JV to invest $733M (Rio Tinto's share $389M) to extend West Angelas iron ore mine

  • Key rating changes

    • Upgrades

      • KER.FP (Kering) -- to overweight from equal-weight at Morgan Stanley

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to overweight from equal-weight at Morgan Stanley

      • NKT.DC (NKT A/S) -- to buy from hold at Jefferies

      • SKA.B.SS (Skanska) -- to buy from hold at Jefferies

    • Downgrades

      • UPM.FH (UPM-Kymmene) -- to hold from buy at Jefferies

      • RMS.FP (Hermes) -- to equal-weight from overweight at Morgan Stanley

      • NEX.FP (Nexans) -- to hold from buy at Jefferies

    • Initiations

      • BGEO.LN (Lion Finance Group) -- overweight at JPMorgan

      • POS.AV (PORR) -- buy at Jefferies

      • GET.FP (Getlink) -- hold at Jefferies

  • Data

    • Nikkei +0.28% to 48078.99

    • Hang Seng +0.00% to 26957.77

    • Shanghai Composite +0.00% to 3882.78

    • S&P futures (2.8) vs prior close of 6788.8

    • €-$ (0.0020) or (0.17%) to 1.1695

    • $-¥ +0.13 or +0.09% to 150.48

    • €-¥ (0.13) or (0.07%) to 175.96

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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