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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.06%, DAX +0.03%, CAC +0.08%

Sep 04 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to higher amid Asian equities mixed Thursday. Losses picking up on China markets, contrasting with strength in Japan, Australia and Taiwan. S&P 500 futures flat afterhours. JGB yield curve flattening following soft 30Y auction while Treasury yields down 1 bp. Dollar firming against Korean won and Aussie, steady elsewhere. Crude extending losses following report OPEC+ will consider new round of supply hikes. Precious and industrial metals under pressure. Bitcoin pulling back from overnight highs.

    • On today's agenda, in politics, Chancellor Merz and President Macron will participate in the Franco-German Business Meeting, the agenda includes European competitiveness and Franco-German economic relations. There's an informal meeting of EU energy ministers (through Fri). Also, EU Commissioner Jørgensen meets with UK's minister for energy Shanks, and delivers a keynote speech at the conf. on financing the energy transition. EU Roswall participates in the ASEAN-EU Ministerial Dialogue on Environment.

    • In central banks, Riksbank's Jansson speech on the economic situation and current monetary policy at 9:10CET at UBS annual Nordic Financial Service Conf. ECB's Cipollone scheduled to appear at EP committee hearing at 11:30CET on the digital euro. Hungary central bank's Varga speaks at ~10:20CET at an event organized by the Hungarian Economic Assn.

    • In macroeconomic updates, Switzerland Aug unemployment rate, preliminary CPI, Germany Aug construction PMI, UK Aug construction PMI, Sweden Aug preliminary CPI, Eurozone Jul retail sales. UK Aug new car registrations due to be released.

    • In corporate news, bioMerieux (BIM.FP) released H1 earnings and adjusted its FY guidance. Also in France, Voltalia (VLTSA.FP) reported H1 earnings and launched 2030 transformation plan SPRING; forecasts FY27 EBITDA of €300M-€325M. From the Benelux, D'Ieteren Group (DIE.BB) reported yesterday after the close H1 earnings including adjusted net income €322.6M vs FactSet €424.5M. In France, Nicox (ALCOX.FP) states it is financed into Q3 2026; expects to fully repay financial debts with NCX 470 de-risked and globally licensed. In the UK, Genus (GNS.LN), Grafton Group (GFTU.LN), Apax Global Alpha (APAX.LN), W.A.G. Payment Solutions (WPS.LN) are expected to update the market with their latest numbers.

    • On M&A front, Antin (ANTIN.FP) plans to take a majority stake in Matawan whilst Anchor AS completes offer for REC Silicon (RECSI.NO).

  • Politics/Macro/World News

    • European parliamentarians attack EU-US trade deal and demand changes - FT

    • François Bayrou may still have one last act - Politico

    • China announces anti-dumping duties on U.S. optical fiber - Bloomberg

  • Top company news

    • Earnings/updates

      • DIE.BB (D'Ieteren Group) -- reports H1 adjusted net income €322.6M vs FactSet €424.5M

      • VVY.NA (Vivoryon Therapeutics) -- reports H1 comprehensive loss (€5.4M) vs year-ago (€13.5M); existing cash and cash equivalents will be sufficient to fund its operating plans into January 2026

      • RSGN.SW (R&S Group Holding) -- announces that doubling its power transformer manufacturing capacity under the "ZREW" brand in Lódz, Poland, is progressing according to plan

      • BIM.FP (bioMerieux) -- reports H1 net income €161M vs FactSet €249.3M [2 est, €249-249.6M]. Adjusts FY guidance

      • VLTSA.FP (Voltalia) -- launches 2030 transformation plan SPRING; forecasts FY27 EBITDA of €300M-€325M

        • reports H1 net income (€39.7M) vs year-ago (€15.7M); confirms its capacity and production targets for 2025

      • ZAG.AV (Zumtobel Group) -- reports Q1 net income (€4.0M) vs year-ago €12.8M

      • ALCOX.FP (Nicox) -- states it is financed into Q3 2026; expects to fully repay financial debts with NCX 470 de-risked and globally licensed

    • M&A

      • 1COV.GR (Covestro) -- European Commission set to halt investigation into ADNOC's bid for Covestro - Reuters

      • RECSI.NO (REC Silicon) -- Anchor AS completes offer for REC Silicon

      • MNG.LN (M&G Plc) -- Apollo said to have previously explored takeover offer for M&G Plc -- Bloomberg, citing FT report

      • ANTIN.FP (Antin Infrastructure Partners) -- Antin Plans to Take a Majority Stake in Matawan. Terms were not disclosed

      • S30.FP (Solutions 30) -- acquires majority stake in Elektra Realizacje

      • VERK.FH (Verkkokauppa.com) -- completes sale of consumer financing business to Norion Bank and payment solutions business unit Walley

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's amlitelimab meets primary, key secondary endpoints in COAST 1 study

      • BIOA.B.SS (BioArctic) -- announces its founders intend to divest minor part of their shareholding

        • Follow-up: BioArctic Lars Lannfelt and Pär Gellerfors divest class B shares

      • IRLAB.A.SS (IRLAB Therapeutics) -- granted a patent strengthening the market exclusivity of the drug candidate mesdopetam in China

      • ADOC.FP (Adocia) -- announces oral presentations on AdoShell and BioChaperone at EASD, ESB and PODD 2025 Annual Meetings

    • Other

      • ULVR.LN (Unilever) -- expects to replace 25% of top 200 managers following performance review - Bloomberg (3-Sep, 15:19 BST)

      • NESN.SW (Nestle) -- Transcript Intelligence: Nestle at Barclays Global Consumer Staples Conference

      • IFX.GR (Infineon Technologies) -- shares trade lower, comments from Citi's Global TMT conference cited

      • PUB.FP (Publicis Groupe) -- Transcript Intelligence: Publicis Groupe at Bank of America Media, Communications & Entertainment Conference

      • LLOY.LN (Lloyds Banking Group) -- to tell lowest 5% of performers they face dismissal if their work does not improve - FT

      • AAL.LN (Anglo American) -- launches accelerated bookbuild offering of shares in Valterra Platinum

      • REP.SM (Repsol) -- launches share buyback program for up to €300M

      • RECSI.NO (REC Silicon) -- enters into $7.0M short term loan agreement with holder Hanwha

  • Key rating changes

    • Upgrades

      • AIR.FP (Airbus SE) -- to buy from neutral at UBS

      • R3NK.GR (Renk Group) -- to neutral from underperform at BNP Paribas Exane

      • DOKA.SW (dormakaba Holding) -- upgraded to buy from hold at Kepler Cheuvreux

      • RWE.GR (RWE) -- upgraded to outperform from market perform at Bernstein

      • S92.GR (SMA Solar Technology) -- to hold from underperform at Jefferies

    • Downgrades

      • VATN.SW (Valiant Holding) -- downgraded to reduce from hold at Kepler Cheuvreux

      • GET.FP (Getlink) -- to neutral from overweight at JPMorgan

    • Initiations

      • AM.FP (Dassault Aviation)-- initiated outperform at BNP Paribas Exane

      • HO.FP(Thales) -- initiated neutral at BNP Paribas Exane

      • LDO.IM (Leonardo) -- initiated neutral at BNP Paribas Exane

  • Data

    • Nikkei +1.53% to 42579.72

    • Hang Seng (1.14%) to 25053.69

    • Shanghai Composite (1.59%) to 3753.09

    • S&P futures +6.0 vs prior close of 6457.3

    • €-$ (0.0010) or (0.09%) to 1.1652

    • $-¥ +0.13 or +0.09% to 148.25

    • €-¥ +0.03 or +0.02% to 172.75

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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