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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.17%, DAX +0.39%, CAC40 +0.34%

Sep 10 ,2025

  • Synopsis

    • European equity markets are set for a positive open. Follows mostly firmer levels on Tuesday. Asian equity markets broadly higher. Hang Seng and Kospi notable outperformers. Nikkei sees moderate gains. ASX slightly higher. US equity futures firmer with S&P up ~0.2%. Follows mostly positive close for US markets on Tuesday. Dow, S&P, and Nasdaq closed at fresh record highs (though breadth was negative and equal-weight S&P was lower).

    • Early focus in Europe on geopolitical tensions after Poland shoots down drones in its airspace on Wednesday after a Russian air attack on Ukraine, marking the first time that Warsaw has got involved in the war. Latest development comes as Trump presses EU to impose 100% tariffs on India and China to pressure Putin. US official added administration would match the tariffs. At same time Trump posted on Truth Social US-India negotiations continuing and he will be speaking to PM Modi in coming weeks.

    • Attention also on France after President Macron named ally Sébastien Lecornu as new prime minister. Lecornu is defense minister and entered politics as parliamentary assistant in the conservative Republicans party and switched support for Macron when he makes his bid for presidency in 2017. Far-right leader Marine Le Pen immediately criticized Lecornu's appointment and said future parliamentary elections are inevitable. Leftwing leader Mélenchon and Green leader Tondelier both denounced the move.

    • Also on the agenda today; European Commission President Ursula von der Leyen will, at 9:00CET, give her first State of the European Union address since her re-election. In the UK, weekly PMQs at 12noon BST whilst committee topics include UK's future relationship with the US at 10:30BST and planning for nuclear energy generation at 15:00. EU-US trade deal/tariffs in focus as MEPs, the Commission and the Danish Council Presidency will discuss the EU-US trade deal and the prospect of further agreements with other trade partners. Chancellor Merz will, in the afternoon, attend the Energy Conf. of the Group Works Councils of EnBW, LEAG, RWE, Uniper, Vattenfall, and E.ON, where he delivers a speech and participates in a panel discussion. In the evening hosts President of the European Council, Costa, who will have already met with Hungary's PM Orbán, earlier in the day.

    • In central banks, in second day of BIS Summit, National Bank of Belgium's Hermans speaks at 10:50CET, Bundesbank's Köhler-Geib fireside chat 13:30, ECB's Buch speech at 14:00, BOE's Cleland panellist 15:45. SNB's Schlegel speaks at 13:45CET at Ticino Bankers' Assn.

    • In macro, Italy, Spain, Sweden, Greece, Austria and Finland Jul industrial production are due for release as well as Denmark, Norway, Greece and Portugal Aug CPI and Netherlands Jul manufacturing production.

    • On the corporate front, Novo Nordisk (NOVO.B.DC) announced it will streamline operations and cut ~9,000 jobs, net one-off restructuring costs of DKK8B and cut its FY25 EBIT growth outlook to CER 4-10% from prior 6-August 10-16%. In Spain, Inditex (ITX.SM) reported H1 net income €2.79B vs consensus €2.83B and said it expects around (4%) currency impact on sales in 2025. Also out with earnings are Puig Brands (PUIG.SM), Baloise (BALN.SW) and Clas Ohlson (CLAS.B.SS).

    • Also due to release reports/updates today are Vistry Group (VTY.LN) and Associated British Foods (ABF.LN).

  • Politics/Macro/World News

    • Trump urging EU to impose 100% tariffs on China, India to pressure Russia:

  • Top company news

    • Earnings/updates

      • DACHs:

        • BIOV.SW (BioVersys) -- reports H1 net income (CHF11.0M) vs year-ago (CHF10.4M)

        • MCHN.SW (MCH Group) -- reports H1 net income CHF5.3M vs year-ago CHF3.8M; revenue anticipated to return to growth in H2

        • BALN.SW (Baloise) -- reports H1 profit attributable to shareholders CHF275.9M vs FactSet CHF240.4M [3 est, CHF217.1-255M]

      • France:

        • CRI.FP (Compagnie Chargeurs Invest) -- reports H1 attributable net profit (€8.3M) vs year-ago (€3.5M)

        • RUI.FP (Rubis) -- reports H1 net income €163.0M vs FactSet €141.0M [3 est, €138-143M]; confirms FY outlook

        • PIG.FP (Haulotte Group) -- reports H1 net income (€21M) vs year-ago €15M

      • Nordics:

        • NOVO.B.DC (Novo Nordisk) -- to streamline operations; to cut ~9,000 jobs, net one-off restructuring costs of DKK8B and cuts FY25 EBIT growth outlook

        • CLAS.B.SS (Clas Ohlson) -- reports Q1 EPS SEK3.27 vs FactSet SEK2.93 [3 est, SEK2.84-3.08]

      • Southern Europe:

        • ITX.SM (Inditex) -- reports H1 net income €2.79B vs consensus €2.83B; expects around (4%) currency impact on sales in 2025

        • PUIG.SM (Puig Brands) -- reports H1 adj. net income €247M vs FactSet €256.7M [6 est, €246-273M]; reaffirms FY outlook

    • M&A

      • CRI.FP (Compagnie Chargeurs Invest) -- Museum Studio enters exclusive discussions to acquire, operate and develop Chaplin's World internationally. Terms were not disclosed

      • AAL.LN (Anglo American) -- Yancoal interested in Anglo American's Queensland coal assets involved in disputed deal with Peabody - The Australian

      • DHL.GR (DHL Group) -- DHL to acquire SDS Rx; terms undisclosed

      • PUM.GR (Puma) -- Pinault says Artemis' 29% stake in Puma is not strategic - Reuters (16:30 CET)

      • ROO.LN (Deliveroo) -- comments on EC approval of acquisition by DoorDash (DASH) and expected scheme timetable

      • GALE.SW (Galenica) -- completes acquisition of Diagnostics Group; deal was announced 2-Jul-25

      • Airbus, Thales and Leonardo could announce plan to move forward with three-way merger of their space divisions as early as this month - Bloomberg

      • KKR nearing deal to become major shareholder in NewDay - Sky News

    • Healthcare

      • SAN.FP (Sanofi) -- announces Tzield approved in China as first disease-modifying therapy for adult and pediatric patients with stage 2 type 1 diabetes

    • Other

      • CAPSL.NO (Capsol Technologies) -- CFO Ingar Bergh to step down from his role to pursue new opportunities outside the company

      • NDX1.GR (Nordex) -- receives order for nearly 48 MW for a project in Austria

      • SAP.GR (SAP) -- Transcript Intelligence: SAP at Goldman Sachs Communacopia + Technology Conference

      • LOGN.SW (Logitech International) -- Logitech? ?shareholders elect Guy Gecht as new chairperson and approve increased dividend at annual general meeting

      • HSBA.LN (HSBC Holdings) -- Transcript Intelligence: HSBC Holdings at Barclays Global Financial Services Conference

      • ALO.FP (Alstom) -- to supply NJ TRANSIT with additional 200 Multilevel III commuter rail cars and 12 ALP 45 dual-power locomotives; order valued at ~€1.0B

      • CBK.GR (Commerzbank) -- Transcript Intelligence: Commerzbank at Barclays Global Financial Services Conference

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

      • BG.AV (BAWAG Group) -- completes share buyback of €175M

      • SECT.B.SS (Sectra) -- shareholders approve dividend of SEK 1.10/sh and extra dividend of SEK 1.00/sh at AGM

      • VAR.NO (Vår Energi) -- announces Jotun FPSO reaches peak production ahead of schedule

      • COK.GR (CANCOM) -- to launch share buyback program for up to 3.2M shares

      • Despite preliminary approval Woodside has yet to reach agreement with Federal government regarding final approval to extend North West Shelf LNG - Australian Financial Review

      • Intraday day themes include Exxon to expand US battery materials supply chain and EU states split on new climate targets (9-Sep)

      • JPMorgan Chase, Fifth Third and Barclays among banks preparing for potentially hundreds of millions of dollars in combined losses from loans tied to Tricolor - Bloomberg

  • Key rating changes

    • Upgrades

      • HLN.LN (Haleon) -- buy from neutral at Goldman Sachs

      • HSBA.LN (HSBC Holdings) -- upgraded to outperform from neutral at Mediobanca

      • Morgan Stanley upgrades IMCD.NA, ISS.DC; downgrades AZE.BB

      • Morgan Stanley upgrades ADEN.SW; downgrades RAND.NA

      • NOVO.B.DC (Novo Nordisk) -- to outperform from market perform at Bernstein

    • Downgrades

      • RI.FP (Pernod Ricard) -- underweight from equal-weight at Morgan Stanley

      • BCHN.SW (Burckhardt Compression Holding) -- hold from buy at Kepler Cheuvreux

    • Initiations

      • MUM.GR (Mensch & Maschine Software) -- buy at Deutsche Bank

      • XPS.LN (XPS Pensions Group) -- buy at Berenberg

      • EL.FP (EssilorLuxottica) -- overweight at Barclays

      • AFX.GR (Carl Zeiss Meditec) -- overweight at Barclays

      • FHZN.SW (Flughafen Zuerich) -- underperform at Oddo

  • Data

    • Nikkei +0.81% to 43810.45

    • Hang Seng +1.22% to 26254.90

    • Shanghai Composite +0.28% to 3817.77

    • S&P futures +16.0 vs prior close of 6521.8

    • €-$ (0.0003) or (0.02%) to 1.1708

    • $-¥ +0.06 or +0.04% to 147.47

    • €-¥ +0.05 or +0.03% to 172.64

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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