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StreetAccount Summary - Europe Pre-Open: FTSE (0.3%), DAX (0.4%), CAC (0.5%), IBEX (0.4%), MIB (0.2%)

Jun 11 ,2026

  • Synopsis

    • European equity markets set to open broadly in the red. Asian equities trading lower Thursday. Tech under scrutiny with Taiwan leading declines though Japan and South Korea off worst levels. Greater China benchmarks accumulating losses. S&P 500 futures reversing higher afterhours. ORCL was down sharply in US after hours after its earnings report.

    • Crude up further on renewed Middle East hostilities but below earlier highs. US launched another wave of strikes against Iran, targeting air defense systems, radars and drone command and control units. Crude gave back some of its earlier gains after CENTCOM declared mission complete. Trump had flagged an end to bombing after claiming Iran asked him to stop while warning strikes will restart unless Iran signs agreement. Unclear how flareup in hostilities will influence negotiations after Trump accused Tehran of stringing US along. Press sources have described Iran less willing to engage following recent clashes while nuclear program and frozen assets remain sticking points.

    • European macro data releases include Sweden May final CPI, Ireland May CPI, Belgium Apr industrial production

    • UK RICS House Price Balance on the tape (Link). The UK residential market remained challenging in May, though some small signs of stabilisation are emerging. New buyer enquiries held at a net balance of -34%, unchanged from April - the first month since January without further deterioration. Agreed sales were similarly flat at -37%. However, time to completion rose to 21.5 weeks, the longest since records began in 2017. House prices continued to edge lower, with the net balance steady at -35% for a second consecutive month. Price weakness was most pronounced in the South East and East Anglia, while Northern Ireland continued to see growth.

    • In central banks, ECB interest rate decision at 14:15CET, press conf at 14:45 with the latest Staff macroeconomic projections also due to be released at 15:45. Benchmark interest rate is expected to be increased by +25bps to 2.25%. Other interest rate decisions include Russia central bank at 12noon CET with press conf and Turkey central bank at 13:00CET with no changes expected to benchmark rates in Turkey 37.0% and Russia 5.75%. Norges Bank publishes its Regional Network: Report 2/2026 at 10:00CET whilst ECB media seminar (through Fri) speakers include ECB's Montagner at 10:00CET and Lane at 17:00. ECB's Donnery speech at 10:00BST at Central Banking Meetings (Wed-Thu) 'Strategic Turning Points: Markets, Independence and Automation'. European Stability Mechanism's board of governors holds its annual meeting.

    • In politics, Chancellor Merz statement in the Bundestag at 9:00CET on the upcoming EU summit and also attends/delivers speech at Family Business Day, which is attended by other ministers. In Denmark there's Folkemødet (through Sat) with Denmark central bank's Krogstrup panellist at 10:15CET title AI: Increased productivity or shock to the economy?.

    • OPEC monthly oil market report is due to be released and EU's Dombrovskis and ECB's Cipollone among the participants at Eurogroup meeting takes place. EU's von der Leyen to meet with Norway's PM Støre at 11:00CET. Fitch Rating webinar at 15:00BST Building Materials Market Outlook and Capital Allocation. Moody's France Public Sector Rendez-vous 2026 is discussions focused on economic outlook, systemic risks, and government priorities from 17:30CET, speakers include former minister of the economy and finance Bruno Le Maire at 17:45. InstallatörGruppen (IG.DC) first day of trading on Nasdaq Copenhagen.

    • On the corporate front, Hugo Boss (BOSS.GR) noted that Frasers Group (FRAS.LN) has published its intention to launch a voluntary public takeover offer to the company's shareholders to acquire all of its shares. This takeover offer has not been coordinated with the company. The indicated offer price of €38.00 for each of the company's shares represents a premium of 4% to the company's last closing share price of €36.46.

  • Politics/Macro/World News

    • US launches fresh strikes against Iran, Trump warns bombing will restart unless Tehran signs deal:

    • China Cancels High-level Meetings With EU (FT )

    • Europeans to Seek Trump Buy-In at G7 for Peace Talks With Russia (Bloomberg)

    • UK RICS House Price Balance May (35%) vs consensus (32%)

  • Top company news

    • Earnings/updates

      • CAMX.SS (Camurus) -- provides regulatory update on US NDA for CAM2029 (Oclaiz) in acromegaly

      • FHZN.SW (Flughafen Zuerich) -- reports May traffic statistics

      • VVY.NA (Vivoryon Therapeutics) -- reports Q1 net income (€1.8M) vs year-ago (€2.5M); provides business update

      • Also reporting today

        • Earnings:

          • DACHs: AT & S Austria Technologie & Systemtechnik (ATS.AV)

          • Nordics: Roblon (RBLN.B.DC)

          • UK: Halma (HLMA.LN), Safestore Holdings (SAFE.LN), Wizz Air Holdings (WIZZ.LN), NCC Group (NCC.LN), RWS Holdings (RWS.LN), PayPoint (PAY.LN), Norcros (NXR.LN)

        • Trading Update:

          • Nordics: Puuilo (PUUILO.FH)

          • Other: Origin Enterprises (OIZ.ID)

        • Traffic: DFDS (DFDS.DC), Heathrow Airport Holdings (+HTR.LN), Aeroflot-Russian Airlines (AFLT.RU)

        • CMD/Events: Grafton Group (GFRU.LN), hVIVO (HVO.LN)

    • M&A

      • TNXT.IM (Tinexta) -- Zinc BidCo (Advent and Nextalia) files offer document with CONSOB in connection with offer for remaining Tinexta shares (post EU close 10-Jun)

      • BOSS.GR (Hugo Boss) -- holder Frasers Group plc offers shareholders a voluntary public takeover offer to acquire all no-par value registered shares

      • BOSS.GR (Hugo Boss) -- informs about unsolicited voluntary takeover offer by Frasers group

      • KTN.GR (Kontron) -- Ennoconn to launch mandatory takeover offer to Kontron AG shareholders

      • KIN.BB (Kinepolis Group) -- Kinepolis (Euronext: KIN) has reached an agreement with Harbor Lights Entertainment (formerly National Amusements Inc.) to acquire Showcase Cinemas in the US

      • IMPN.SW (Implenia) -- acquires structural engineering specialist Zigmo Engineering in Germany; terms undisclosed

      • EQT, Blackstone and Bain firms showing interest in medical technology distributor Device Technologies - The Australian

    • Healthcare

      • NOVN.SW (Novartis) -- announces that biomarker cohort of the FORTITUDE Phase I/II study of del-brax met its primary and key secondary endpoints

      • ROP.SW (Roche Holding) -- Roche's VENTANA MMR RxDx Panel companion diagnostic receives IVDR approval across multiple cancer types and therapies

      • ROP.SW (Roche Holding) -- FDA grants Priority Review for Roche's Tecentriq for certain type of stage III colon cancer

      • GMAB.DC (Genmab) -- NICE recommends Genmab's Tivdak to treat recurrent or metastatic cervical cancer that has progressed on or after systemic treatment

      • NYXH.BB (Nyxoah) -- announces $110M in aggregate financings to accelerate Genio's U.S. commercial launch

      • POXEL.FP (Poxel) -- appoints Yves Decadt as CEO, effective 10-Jun-26

      • OSE.FP (OSE Immunotherapeutics) -- Transcript Intelligence: OSE Immunotherapeutics Analyst Meeting - Key Opinion Leader

    • Other

      • AIR.FP (Airbus SE) -- awarded contract for Copernicus Sentinel-1 NG radar instruments at ILA Berlin

      • TIT.IM (Telecom Italia) -- to proceed with 1-for-10 reverse stock split on 15-Jun

      • DG.FP (VINCI SA) -- signs share purchase agreement with investment services provider as part of buyback program

      • SPM.IM (Saipem) -- awarded a new onshore contract in Saudi Arabia

      • DKSH.SW (DKSH Holding) -- enters strategic distribution partnership with BridgeBio to support regulatory evaluation and potential patient access to a Transthyretin Stabilizer for ATTR-CM in Australia, Singapore, South Korea, and Taiwan

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- has been awarded a streamer acquisition contract in the Africa & Middle East region

  • Key rating changes

    • Upgrades

      • VOLV.B.SS (Volvo) -- to buy from hold at Pareto

      • P911.GR (Porsche) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • VOD.LN (Vodafone Group) -- to equal weight from overweight at Barclays

      • SCMN.SW (Swisscom) -- to underweight from overweight at Morgan Stanley

      • NHY.NO (Norsk Hydro) -- to hold from buy at Pareto

  • Data

    • Nikkei +0.04% to 64202.65

    • Hang Seng (0.98%) to 24169.62

    • Shanghai Composite (0.34%) to 3979.57

    • S&P futures +28.0 vs prior close of 7278.5

    • €-$ +0.0010 or +0.09% to 1.1548

    • $-¥ (0.01) or (0.01%) to 160.55

    • €-¥ +0.16 or +0.09% to 185.38

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