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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.92%), DAX (1.76%), CAC40 (1.02%)

Mar 19 ,2026

  • Synopsis

    • European equity markets indicate a lower open amidst broadly lower trading in Asia. US equity futures little changed after lower close overnight. Bond yields mostly higher. Regional benchmarks playing catchup with backup in US yields; front-end was up 10 bps on Wednesday. Dollar softer. Oil higher, with Brent crude above $113/bbl. Gold down. Industrial metals lower. Bitcoin lower.

    • Markets back on defensive after Iran struck back against Middle East energy facilities, including Qatar's Ras Laffan LNG plant, in response to Israeli attack on South Pars gas field. Latest attacks on energy facilities initially heightened market angst about tit-for-tat escalation though President Trump said to not be in favor of further strikes, believing Iran received the message. Trump later posted no more attacks on South Pars will take place by Israel unless Iran hits Qatar again, after he which US would destroy the gas field. Comments interpreted as a de-escalation signal.

    • Focus today will be on policy decisions from across the region. Riksbank's interest rate decision due at 9:30CET; no change to 1.75% benchmark interest rate expected. SNB also expected to hold its 0.00% benchmark interest rate; announcement at 9:30CET and conf at 10:00. At noon GMT, BoE expected to leave the 3.75% benchmark interest rate unchanged, minutes released. ECB interest rate decision at 14:15CET; no change is expected in 2.15% benchmark interest rate. Press conf at 14:45. Also due for release are the latest ECB staff projections. Czech central bank interest rate decision at 14:30CET; no change expected in 3.5% benchmark interest rate. Elsewhere, Denmark central bank's Nødgaard speaks at 12:00 CET at Netcompany.

    • Further today, in the UK, there are MPs questions on environment, food and rural affairs at 9:30GMT, whilst later, a general debate on progress in tackling climate change.

    • In macro releases, Swiss Feb Trade Balance due; UK Jan ILO Unemployment Rate out at 7:00 GMT, followed by Eurozone labor cost and wage growth update and Feb Construction Output at 10:00 GMT.

  • Politics/Macro/World News

    • Iran War:

      • Trump says there will be no more Israeli attacks on South Pars gas field - Truth Social

      • Spain to move Iraq troops over risks from Iran war, defence minister says (Reuters )

      • Qatar's Ras Laffan LNG plant suffers extensive damage after Iranian missile hit (Bloomberg, FT)

      • US weighs deploying US troops to Middle East as Pentagon readies new stage in war (Reuters)

      • USTR Greer says unblocking Strait of Hormuz is in Beijing's interest (Bloomberg)

    • Central Banks:

      • ECB to hold as it weights Iran war's inflation threat (Bloomberg )

      • ECB to talk tough as Iran war raises inflation fears (Reuters )

    • Netherlands Feb Unemployment Rate 4.1% vs consensus 4.1% and prior 4.0%

  • Top company news

    • Earnings/updates

      • DACHs:

        • UTDI.GR (United Internet) -- FY adj EPS €1.23 vs consensus €1.26; guides FY26

        • 1U1.GR (1&1 AG) -- FY EPS €0.94 vs FactSet €0.89 [10 est, €0.64-1.20]

        • SFQ.GR (SAF-HOLLAND) -- FY EPS €1.86 vs FactSet €1.30 [2 est, €1.26-1.34]; confirms prelim FY earnings

        • LXS.GR (Lanxess) -- Q4 adj EPS €0.37 vs cons (€0.51); initiates additional permanent cost reductions of ~ €100M

        • DOCM.SW (DocMorris) -- final FY earnings: net income (CHF134.4M) vs FactSet (CHF113.0M) [4 est, (CHF118.1)-(108.4M)]

        • VOS.GR (Vossloh) -- FY net income €79.9M vs FactSet €63.2M [7 est, €53.5-77.1M]; div +4.5%; guides FY26

        • SGL.GR (SGL Carbon) -- FY net income (€79.2M) and unclear if comparable to FactSet €1.2M [3 est, (€35)-37.7M]

        • RAA.GR (Rational) -- FY EPS €22.33 vs FactSet €22.51 [14 est, €21.73-23.12]; expects growth rates in the mid- to high-single-digit percentage range in FY26

        • LNZ.AV (Lenzing) -- reports FY EPS (€5.45) vs FactSet (€3.70) [4 est, (€4.55)-(2.88)]

        • SBO.AV (SBO AG) -- FY EPS €1.50 vs FactSet €1.90 [5 est, €1.40-3.53]

        • DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate) -- final FY FFO €10.1M vs 4-Dec guidance €9.0M-€11.0M

        • IOS.GR (IONOS Group) -- FY EPS €1.53 ex-items vs FactSet €1.66 [11 est, €1.39-1.92]

        • TPE.GR (PVA TePla) -- confirms preliminary numbers reported on 4-Feb; guides FY26

        • HLE.GR (FORVIA HELLA) -- confirms prelim FY25 earnings; guides FY26

        • NEM.GR (Nemetschek) -- Q4 adj net income €72.2M ex-items vs FactSet €71.2M

        • VNA.GR (Vonovia) -- FY EPRA NTA per share €46.28 vs year-ago €45.23; hikes divi by 2.5% and guides FY26

        • SQN.SW (Swissquote Group Holding) -- prelim FY pre-tax profit close to CHF420M vs FactSet CHF390.2M [5 est, CHF365.1-429M]

        • FYB.GR (Formycon) -- postpones publication of 2025 financial statements

        • NB2.GR (Northern Data) -- FY net income from cont. ops. (€482.7M) vs preliminary (€483M)

      • Nordics:

        • VEI.NO (Veidekke) -- anticipates activity growth of +6% in FY26 vs prior guidance +5%, with growth levelling off to +1% in 2027 vs prior guidance +4%

        • BHG.SS (Lightshop) -- updates financial targets ahead of Capital Markets Day

      • France:

        • BEN.FP (Beneteau) -- FY net income (€43.0M) vs FactSet (€16.0M) [9 est, (€24.7)-(4.5M)]; guides FY26

        • DEEZR.FP (Deezer) -- FY net income €8M vs FactSet (€12.3M) [4 est, (€17.6)-(7M)]

      • Others:

        • FAST.NA (Fastned) - FY EPS (€1.55) vs FactSet (€1.30) [8 est, (€1.99)-0.06]

    • M&A

      • ULVR.LN (Unilever), KHC (Kraft Heinz) -- Kraft Heinz and Unilever reportedly held merger talks over food businesses - FT

      • SEM.AV (Semperit Holding) -- notes announcement by B&C Holding Österreich GmbH that it will make a voluntary public bid

      • IVG.IM (Iveco Group) -- transfers its Defence Business to Leonardo

      • ART.SM (Arteche Lantegi Elkartea) -- Arteche announces acquisition of 35% stake in Uptech; EV of the company is ~€11M

      • NDX1.GR (The Nordex Group) -- orders totaling 54 MW from Prowind in Germany

      • MAU.FP (Maurel et Prom) -- provides update to the acquisition of interests in Blocks 3/05 and 3/05A offshore Angola, initially announced on 19-Jun-25

      • DIS.IM (D'Amico International Shipping) -- initiates sale of partial stake in d'Amico International Shipping

      • ATTICA.GA (Attica Holdings) -- fleet renewal program progresses; agrees to dispose of 6 vessels and acquire 3 vessels

      • MAHA.A.SS (Maha Capital) -- to exercise call option to acquire 24% indirect equity interest in PetroUrdaneta for €4.6M

    • Healthcare

      • EVT.GR (Evotec) -- $10M milestone from Bristol Myers Squibb protein degradation collaboration for clinical study initiation

      • BIM.FP (bioMerieux) -- receives IVDR CE-Marking for Two BIOFIRE SPOTFIRE Panels

      • MOLN.SW (Molecular Partners) -- to present new preclinical data on Radio-DARPins at the 3rd Global Radiopharmaceuticals Development Summit, taking place in Shanghai, China on 19-20 Mar

      • NWRN.SW (Newron Pharmaceuticals) -- announces agreement with the EIB to extend the near-term tranche repayment dates of its 2018 finance contract

      • FYB.GR (Formycon) -- announces settlement and licensing agreement for FYB203 concluded with Regeneron and Bayer; all pending patent litigations fully resolved

      • ONCIN.NO (BerGenBio) -- granted new patent in China for Radspherin

    • Other

      • ALO.FP (Alstom) -- secures long-term train services and refurbishment contracts for £330M (€380M) with ScotRail and Beacon

      • DOCM.SW (DocMorris) -- and Google announce a partnership to accelerate DocMorris' AI-first transformation

      • LOGN.SW (Logitech International) -- board approves new $1.4B share buyback program

      • HSBA.LN (HSBC Holdings) -- HSBC considering job cuts over coming years that could ultimately impact around 20,000 roles, or ~10% of total workforce - Bloomberg

      • DG.FP (VINCI SA) -- wins €68M contract for construction of river infrastructure in France

      • GLE.FP (Societe Generale) -- announces completion of €1.46B share buy-back program

  • Key rating changes

    • Upgrades

      • ADP.FP (Aeroport de Paris) -- to buy from neutral at UBS

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

      • EBS.AV (Erste Group Bank) -- to outperform from neutral at Autonomous Research

      • EVK.GR (Evonik Industries) -- to overweight from equal weight at Barclays

      • FRA.GR (Fraport) -- to buy from neutral at BofA

      • SRAIL.SW (Stadler Rail) -- to outperform from neutral at Oddo

      • TRE.SM (Tecnicas Reunidas) -- to buy from neutral at JB Capital Markets

      • WIZZ.LN (Wizz Air Holdings) -- to neutral from sell at Citi

    • Downgrades

      • AKZA.NA (Akzo Nobel) -- to equal weight from overweight at Barclays

      • FORTUM.FH (Fortum) -- to underperform from market perform at Bernstein

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

      • OMV.AV (OMV) -- to hold from buy at Jefferies

      • REP.SM (Repsol) -- to neutral from buy at Goldman Sachs

    • Initiations

      • DOM.SS (Dometic Group) -- neutral at Sparebank 1 Markets

  • Data

    • Nikkei (3.38%) to 53372.53

    • Hang Seng (1.85%) to 25542.78

    • Shanghai Composite (1.43%) to 4004.84

    • S&P futures (5.5) vs prior close of 6677.0

    • €-$ +0.0009 or +0.08% to 1.1463

    • $-¥ (0.12) or (0.07%) to 159.76

    • €-¥ (0.01) or (0.01%) to 183.12

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.
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