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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX +0.3%, CAC +0.3%, IBEX +0.3%, MIB +0.3%

Sep 03 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to higher. Gold at fresh record highs. Asian equities mixed Wednesday. Bond yield backup in focus with JGB 30Y rate hitting record high and 20Y rate reaching highest since 1999. Fiscal pressures a widely cited driver of latest global rate backup, compounded by supply concerns following record issuance in UK. September has also historically been a weak month for bonds

    • European macro data releases include Italy, Spain, Sweden Aug services PMI and final reads for Eurozone, France, Germany, UK Aug construction PMI, Eurozone Jul PPI, Ireland Aug unemployment rate

    • In central banks, BOE's Mann's speech at 8:30BST at Global's London and Westminster Day roundtable and BOE's Breeden speech at 9:15BST at event co-hosted with Warwick Business School on innovation in money and payments, with BOE's Cleland remarks at event on Thu. The 9th ESRB Annual Conf sees ECB's Lagarde delivering welcoming remarks 9:30, Bank of Finland's Rehn chairs panel 11:10, Riksbank's Bunge chairs panel 15:15, includes BOE's Benjamin. Poland central bank is expected to lower its benchmark interest rate by (25bps) to 4.75% at 15:00CET. In politics, in UK, weekly PMQs at 12noon BST as well as Opposition Day Debate (subject tba), whilst committee topics see a regular meeting with BOE at 14:15BST (BOE's Bailey, others). Germany's minister of agriculture Rainer presents the official 2025 harvest report.Russia's Eastern Economic Forum (through Sat) with President Putin due to make an address on Fri. Elsewhere, there's Handelsblatt Banking Conf (through Thu) and Air Cargo Conf in Frankfurt.

    • Confirmed FTSE 100 rebalance changes will be announced after market close (already announced indicative changes)

  • Macro/politics

    • French finance minister urges compromise on 2026 budget (FT )

    • EU to propose Mercosur trade deal, facing France-led opposition (Reuters )

  • Top company news

    • Earnings/updates

      • SLHN.SW (Swiss Life Holding) -- reports H1 net income CHF602M vs consensus CHF603M; "Swiss Life 2027" plan is on track

      • HELN.SW (Helvetia Holding) -- reports H1 underlying net income CHF300.8M vs FactSet CHF251.9M [2 est, CHF248.8-255M]

      • THEON.NA (Theon International) -- reports H1 EPS €0.48 vs year-ago €0.41

      • Also reporting today

        • Earnings:

          • Benelux: D'Ieteren Group (DIE.BB)

          • Southern Europe: Greek Organisation of Football Prognostics (OPAP.GA)

          • UK: M&G (MNG.LN), Bakkavor Group (BAKK.LN), Hilton Food Group (HFG.LN), EnQuest (ENQ.LN), Ecora Resources (ECOR.LN), Churchill China (CHH.LN)

          • Other: Cairn Homes (C5H.ID)

        • Trading Update:

          • France: Figeac Aero (FGA.FP)

          • Germany: flatexDEGIRO (FTK.GR)

          • Nordics: NNIT (NNIT.DC)

        • Sales: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS)

        • CMD/events: thyssenkrupp nucera (NCH2.GR) Danske Bank CFO Fireside Chat

    • M&A

      • ASRNL.NA (ASR Nederland) -- Aegon places 12.5M shares in a.s.r. at €56/each

      • BT.A.LN (BT Group) -- Transaction Network Services to acquire BT Group's Radianz business; terms undisclosed

      • SGSN.SW (SGS) -- to acquire Fulcrum Robotics; terms undisclosed

      • FNTN.GR (Freenet) -- exploring IPO for its television streaming platform Waipu.TV - Bloomberg (2-Sep, 17:19 CET)

      • AAL.LN (Anglo American) -- Brazil's competition authority, Cade, launches investigation into Anglo American's plan to sell its nickel operation -- FT

      • 8058.JP (Mitsubishi) -- in talks to acquire stakes in Raizen SA - Bloomberg

      • CEC.GR (CECONOMY) -- Germany to probe JD's proposed acquisition of CECONOMY - RFJ, citing AFP (earlier)

      • CAN.LN (Canal+ SA) -- CANAL+ enters exclusive negotiations to acquire minority stake in UGC, followed by potential full control in 2028

      • VONN.SW (Vontobel Holding) -- Vontobel sticking to current business model and does not intend to sell asset management business - FuW

      • TEF.SM (Telefonica) -- weighs sale of its iconic Madrid Gran Vía building, valued at €250-300M - Bloomberg

    • Healthcare

      • BIIB (Biogen) -- Eisai initiates rolling submission of sBLA to the FDA for lecanemab-irmb SC-AI

      • VLA.FP (Valneva) -- provides new data from Phase 2 study of VLA15

      • ALBPS.FP (Biophytis) -- obtains EMA authorization to launch its Phase 2 clinical trial of BIO101 in obesity

    • Other

      • RKT.LN (Reckitt Benckiser) -- Transcript Intelligence: Reckitt Benckiser at Barclays Global Consumer Staples Conference

      • HEIA.NA (Heineken) -- Transcript Intelligence: Heineken at Barclays Global Consumer Staples Conference

      • HLN.LN (Haleon) -- Transcript Intelligence: Haleon at Barclays Global Consumer Staples Conference

      • SY1.GR (Symrise) -- starts production unit in Granada

      • LHA.GR (Deutsche Lufthansa) -- VC pilots' union calls for ballot on strike action after talks with Lufthansa on pension scheme collapse - Reuters, citing union letter (2-Sep, 17:20 CET)

      • ENGI.FP (ENGIE) -- ENGIE, Prometheus Hyperscale enter agreement to co-locate data centers at renewable, energy storage facilities

      • ESSITY.B.SS (Essity) -- Transcript Intelligence: Essity at Barclays Global Consumer Staples Conference

      • IDR.SM (Indra Sistemas) -- board announces share buyback program

      • DOKA.SW (dormakaba Holding) -- dormakaba publishes 2024/25 sustainability report

      • Air cargo operators warn that they face capacity crunch amid aging jet fleets and delays in Boeing and Airbus delivering new aircraft - FT

      • KNDS exploring possibility of dual listing in Frankfurt and Paris as early as next year - Bloomberg

  • Key rating changes

    • Upgrades

      • ADS.GR (Adidas) -- to buy from hold at Jefferies

      • NOKIA.FH (Nokia) -- to outperform from neutral at BNP Paribas Exane

      • RED.SM (Redeia Corporacion) -- to overweight from equal-weight at Morgan Stanley

      • SFZN.SW (Siegfried Holding) -- to outperform from sector perform at RBC Capital Markets

      • WOSG.LN (Watches of Switzerland Group) -- to buy from hold at Deutsche Bank

      • PRX.NA (Prosus) -- to buy from hold at Jefferies

      • VIRI.FP (Viridien) -- to outperform from market perform at Bernstein

    • Downgrades

      • ELE.SM (Endesa) -- to market perform from outperform at Bernstein

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

      • PUM.GR (Puma) -- to underweight from neutral at JPMorgan

      • CON.GR (Continental) -- to underperform from market perform at Bernstein

    • Initiations

      • LIFCO.B.SS (Lifco) -- hold at Pareto

    • Other Actions

      • OTB.LN (On The Beach Group) -- transferred buy at Berenberg; prior rating was buy

  • Data

    • Nikkei (0.85%) to 41950.63

    • Hang Seng (0.69%) to 25319.42

    • Shanghai Composite (1.29%) to 3808.45

    • S&P futures +3.3 vs prior close of 6425.5

    • €-$ (0.0011) or (0.10%) to 1.1629

    • $-¥ +0.20 or +0.14% to 148.56

    • €-¥ +0.08 or +0.05% to 172.78

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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