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Back to Daily DR Market Summary

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

Dec 03 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to higher. Asia equities again mixed Wednesday; tech stocks seeing broad gains, taking cues from overnight rally in US where SOX rose 2%. Follows another round of AI updates in US that featured supply deals (INTC supplying AAPL with advanced chips), chip developments (AMZN claiming Trainium3 AI chip more efficient and cheaper than NVDA), bullish earnings outlook (NVDA flagging upside to $500B Blackwell/Rubin bookings, MRVL anticipating accelerated growth in custom chips), and M&A/IPO activity (MRVL confirmed acquisition of Celestial AI, Anthropic tapping law firm to begin work on potential 2026 listing).

    • Among European stocks in focus this morning is Inditex (ITX.SM) as it reports 9M net income €4.60B vs consensus €4.54B on revenue €28.20B vs consensus €28.07B. Store and online sales in constant currency between 1-Nov and 1-Dec-25 increased 10.6% versus the same period in 2024. Hugo Boss (BOSS.GR) announces strategic updates and provides initial FY26 outlook with mid-point of the FY26 EBIT guidance noted to be ~20% below consensus. Airbus (AIR.FP) guides 2025 Commercial aircraft deliveries ~790 vs prior ~820; reaffirms financial guidance. HSBC (HSBA.LN) names interim chair Brendan Nelson chair. Sainsbury (SBRY.LN)) holder Qatar Holding announces proposed secondary placing of up to 97.5M shares. Glencore (GLEN.LN) due to host its 2025 Capital Markets Day.

    • European macro data releases out today include Italy, Spain, Sweden Nov services PMI as well as final reads for Eurozone, France, Germany and UK, Switzerland Nov CPI, Eurozone Oct PPI, Ireland Nov unemployment rate. Germany Nov new car registrations are due.

    • In central banks, ECB Lane speech at 11:30CET at event jointly organised by Slovenia central bank, Bank of Italy, BIS, ECB and National Bank of Belgium (Tue-Wed) and Latvia central bank's Mirošņikovs participates in the Latvian Radio program "Krustpunktā". Poland central bank interest rate decision. No change expected to 4.25% benchmark interest rate. BOE's Mann panellist at 17:00BST at the GIC College of Central Bankers Symposium. Members of Ireland's central bank before joint parliamentary committee on finance, public expenditure, public service reform and digitalisation, and Taoiseach at 15:30BST.

    • In politics, French President Macron state visit to China (through Fri) and UK parliament committee business includes work of climate change committee at 10:00GMT and views of leading economists on 2025 Budget at 14:15GMT. In Germany, conf of interior ministers and Chancellor Merz continues his inaugural visits to the federal states in Berlin. NATO Secretary General Rutte at the foreign ministers' meeting. VDIK annual press conf (online), Economist hosts Second Annual Croatia Summit, speakers include PM Plenković and Fitch Ratings webinar from 8:30GMT for its review of Financial Regulation in Global Banking jurisdictions. FT hosts Cyber Resilience Summit: Europe.

  • Macro/politics

    • Farage tells donors he expects Reform UK will do an election deal with Tories -- FT

    • Brussels pushes for 70% of critical goods to be 'made in Europe' -- FT

    • Norway government secures budget backing, preventing cabinet fall -- Reuters

    • Pharma lobbyists to EU: Cut deals with Trump -- POLITICO

  • Top company news

    • Earnings/updates

      • ITX.SM (Inditex) -- reports 9M net income €4.60B vs consensus €4.54B; Store and online sales in constant currency between 1-Nov and 1-Dec-25 increased 10.6% versus the same period in 2024 (+9% between 1 November and 24-Nov-25).

      • AIR.FP (Airbus) -- lowers 2025 commercial aircraft deliveries guidance, reaffirms financial guidance

      • BOSS.GR (Hugo Boss) -- announces strategic updates and provides initial FY26 outlook

      • TEMN.SW (Temenos) -- names CFO/interim CEO Takis Spiliopoulos CEO, effective immediately

      • QDT.FP (Quadient) -- reports Q3 revenue €248.0M vs FactSet €252.5M [2 est, €252-253M]; confirms FY guidance

      • SIGHT.FP (GenSight Biologics) -- announces regulatory approval for GS010/LUMEVOQ REVISE dose-ranging study in France; prepares for strategic priorities in FY26

      • GBT.FP (Guerbet) -- cuts its financial targets for full-year 2025; now expects EBITDA margin of between 10.5%-12% of revenue vs prior between 12%-13%

      • Also reporting today

        • Earnings:

          • UK: Paragon Banking Group (PAG.LN), NextEnergy Solar Fund (NESF.LN), Victorian Plumbing Group (VIC.LN), SDI Group (SDI.LN)

        • Trading Update:

          • UK: MONY Group (MONY.LN)

        • CMD/Events: Glencore (GLEN.LN), Hugo Boss (BOSS.GR) virtual strategy update at 10:00CET (registration link), Tui (TUI1.GR) presents the 2026 summer program, Jm (JM.SS), The Weir Group (WEIR.LN)

    • M&A

      • SHUR.BB (Shurgard Self Storage) -- acquires the two Sesam self-storage facilities in Sweden

      • DORO.SS (Doro) -- Xplora initiates compulsory redemption and Doro resolves to apply for delisting

      • Asurion to acquire Domestic & General; terms undisclosed

    • Healthcare

      • SAN.FP (Sanofi) -- Transcript Intelligence: Sanofi at Evercore Healthcare Conference

      • 4523.JP (Eisai) -- reports latest data confirming effect of lecanemab on Aß protofibrils (PF) in cerebrospinal fluid (CSF) presented at CTAD conference

      • IDIA.SW (Idorsia) -- Transcript Intelligence: Idorsia at Evercore Healthcare Conference

      • COPN.SW (Cosmo Pharmaceuticals) -- announces breakthrough Phase III Topline results from Scalp 1 and Scalp 2 for Clascoterone 5% Solution in male hair loss

    • Other

      • SBRY.LN (J Sainsbury) -- holder Qatar Holding announces proposed secondary placing of up to 97.5M shares

      • BALN.SW (Baloise) -- Group CFO Carsten Stolz to leave as of 31-Dec-25

      • HSBA.LN (HSBC) -- names interim chair Brendan Nelson chair; this decision follows a robust process that considered both internal and external candidates.

      • SAP.GR (SAP) -- Transcript Intelligence: SAP at UBS Global Technology and AI Conference

      • LOGN.SW (Logitech International) -- Transcript Intelligence: Logitech International at UBS Global Technology and AI Conference

      • KER.FP (Kering) -- approves interim dividend of €1.25/sh for FY25

      • DSFIR.NA (DSM-Firmenich) -- completes €1.08B share repurchase program

      • EQT.SS (EQT AB) -- completes public offering of common stock in Kodiak Gas Services

      • CVC.NA (CVC Capital Partners) -- may list Vivartia (Evergood) - Euro2day, seemingly citing sources

      • Amazon announces AI developments; White House seeks to rollback back fuel economy standards in intrday themes (2-Dec0

      • US International Trade Commission issues ruling on investigation initiated by Infineon against InnoScience

      • Vulcan Energy Resources provides financing and equity raise presentation

  • Key rating changes

    • Upgrades

      • BAYN.GR (Bayer AG) -- to overweight from equal-weight at Morgan Stanley

      • MRK.GR (Merck KGaA) -- to outperform from underperform at BNP Paribas Exane

      • STLA.IM (Stellantis) -- to buy from neutral at UBS

      • YOU.LN (YouGov) -- to overweight from neutral at JPMorgan

    • Downgrades

      • BZU.IM (Buzzi SpA) -- to neutral from overweight at JPMorgan

      • TRN.LN (Trainline) -- to underweight from neutral at JPMorgan

      • PAGE.LN (PageGroup) -- to underweight from equal-weight at Morgan Stanley

      • WTB.LN (Whitbread) -- to hold from buy at Deutsche Numis

      • UQA.AV (UNIQA Insurance Group) -- to hold from accumulate at Erste Group (

    • Both

      • Jefferies upgrades BKG.LN; downgrades BTRW.LN, HOLN.SW, TPK.LN

      • JPMorgan upgrades FRA.GR; downgrades ADP.FP, DG.FP

      • Morgan Stanley upgrades DRX.LN, EOAN.GR, SLR.SM, and VIE.FP; downgrades ENEL.IM, IG.IM

    • Initiations

      • GETI.B.SS (Getinge) -- neutral at Sparebank 1 Markets

      • FRA.GR (Fraport) -- outperform at Mediobanca

      • YPSN.SW (Ypsomed Holding) -- hold at Deutsche Bank

  • Data

    • Nikkei +1.14% to 49864.68

    • Hang Seng (1.31%) to 25753.83

    • Shanghai Composite (0.54%) to 3876.54

    • S&P futures +14.5 vs prior close of 6840.3

    • €-$ +0.0018 or +0.15% to 1.1644

    • $-¥ (0.26) or (0.17%) to 155.61

    • €-¥ (0.03) or (0.02%) to 181.18

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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