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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.1%), CAC +0.1%, IBEX (0.2%), MIB +0.4%

Sep 22 ,2025

  • Synopsis

    • European equity markets set to open broadly mixed. Recall that last week European equities ended an eventful central bank week slightly in the red. STOXX Europe 600 was down (0.13%) last week. Technology stocks offered support with the largest weekly gains in a year driven by SAP upgrades and renewed AI optimism following Intel-Nvidia deals. The Fed's 25bp cut supported risk appetite. However, UK equities lagged as the BoE's pause disappointed hopes for synchronized easing. Norges Bank cut rates but warked of a glacial pace ahead.

    • This week sees SNB and Riksbank interest rate decisions, Eurozone, France, Germany, UK Sep preliminary manufacturing/services PMIs, Germany Sep Ifo survey as well as earnings/updates from H&M Hennes & Mauritz (HM.B.SS), Kingfisher (KGF.LN), JD Sports Fashion (JD.LN), MFE-MEDIAFOREUROPE (MFEB.IM), Smiths Group (SMIN.LN) and TUI Group (TUI1.GR). Note that Riksbank is expected to keep rates on hold at 2.0% tomorrow. Markets are pricing in a less than one-in-three chance of a cut.

    • European macro data releases out today include Eurozone Sep flash consumer confidence, Ireland Aug PPI

    • Autos & Parts sector likely to see some pressure after Porsche AG (P911.GR) adjusted its forecast for the 2025 financial year as well as medium-term expectations, as it strategically realignes product portfolio. For 2025, now sees return on sales of up to 2% (previous forecast: between 5% and 7%). Says the rescheduling of the new platform for electric vehicles will necessitate depreciation and provisions, which are expected to burden the operating profit by up to €1.8B in the 2025 financial year. Related to the P911.GR announcement, VW (VOW.GR) notes a negative impact of around €5.1B on the Volkswagen Group's operating result in the 2025 fiscal year. As a result, the Volkswagen Group now expects an operating return on sales in the range of 2 to 3% in the 2025 financial year (previously: 4 to 5%). The Volkswagen Group now expects net cash flow in the Automotive division to be around €0B (previously: €1 to 3B).

    • In central banks today, first of pre-releases at 10:00CET in connection with ECB's Economic Bulletin. Norges Bank's Bache speech at 10:00CET at event hosted by Bergen Business Council, the same time as Longva speaks at event organised by Chamber of Commerce / Norwegian Business School in Trondheim. BOE's Pill is a panellist at 13:30BST at BIS, ECB, SUERF workshop on monetary policy frameworks. Bundesbank's Mauderer speech/panellist at 14:45CET at event hosted by The Climate Group at Climate Week NYC 2025. ECB's Lane panellist at 15:45CET at BIS, ECB, SUERF workshop. BOE's Bailey fireside chat at 19:00BST at event on Supervisors on Supervision - Culture in the Financial Sector hosted by LSE, closing remarks by BOE's Enria. Bundesbank's Nagel delivers a speech at 18:00CET at event hosted by Friedrich-Ebert-Stiftung, the same time as Theurer at event hosted by Europa-Union Deutschland whilst Bundesbank's Balz gives a speech at 19:30CET at event hosted by the bank and the Chamber of commerce in Wiesbaden.

    • On the political front, EU's Albuquerque meets with Slovenia's finance minister Boštjančič and acting governor of country's central bank Dolenc, others. Finland government's budget proposal submitted to Parliament (Parliament then due to approve the budget in Dec). In Germany, Chancellor Merz meets with the Presidents and CEOs of the Leading Business Assns and transport minister Schnieder is expected to present the new Deutsche Bahn CEO and new Deutsche Bahn strategy. Norway's PM Støre leads country's delegation to the UN General Assembly. EU Agriculture and Fisheries Council (through Tue). During a public session, the Commission will present its proposals for the common agricultural policy (CAP) post-2027. About You (YOU.GR) EGM with vote on squeeze-out by Zalando (ZAL.GR).

    • Asian equities mixed Monday. Hong Kong weighed down by tech weakness while mainland China reversing earlier loss. Japan rebounding from Friday's post-BOJ drop. Gains picking up in South Korea with Samsung a standout Australia and Taiwan also trading higher. S&P 500 futures unchanged. JGB curve bear steepening. Treasury yields up slightly along the curve. Aussie yields extending move higher following Governor Bullock's remarks. Dollar seeing broad-based gains against majors. Crude recovering from Friday's lows. Gold nudging back towards record high. Bitcoin retreating. China left 1Y and 5Y loan prime rates unchanged as expected. Comes after PBOC left 7D reverse repo rate unchanged Friday. Takeaways from weak August activity data reinforced calls for more policy support though economists see scope for only incremental measures with China's stockmarket rally being viewed as constraint.

  • Macro/politics

    • Switzerland in fresh push to woo Donald Trump on tariffs -- FT

    • ECB Officials Zero In on December to See If 2% Inflation Target Reached -- Bloomberg

    • Morningstar DBRS Downgrades the Republic of France to AA, Trend Changed to Stable -- link

    • Fitch Upgrades Italy to 'BBB+'; Outlook Stable -- link

    • Starmer Allies Race to Avoid Budget Blowup That Speeds His Fall -- Bloomberg

    • UK Government approves second runway at Gatwick

  • Top company news

    • Earnings/updates

      • P911.GR (Porsche AG) -- adjusts its forecast for the 2025 financial year as well as medium-term expectations; strategically realigns product portfolio; updates on dividend

        • VOW3.GR (Volkswagen) -- adjusts 2025 guidance on back of Porsche AG announcement

        • PAH3.GR (Porsche Automobil Holding SE) -- 2025 adjusted group result after tax now expected in range of €0.9B to €2.9B (previously: between €1.6B and €3.6B)

      • GNFT.FP (GENFIT) -- to discontinue VS-01 program in ACLF

      • FUR.NA (Fugro) -- withdraws FY25 financial guidance; estimated revenue impact of ~€100M and anticipated 20% revenue growth no longer realistic; call at 8:30 CET

      • PRS.NO (Prosafe) -- reports Aug fleet utilisation 80%

      • Also reporting today

        • Earnings:

          • France: Aelis Farma (AELIS.FP)

          • UK: Elixirr International (ELIX.LN), Wilmington (WIL.LN), Creo Medical Group (CREO.LN)

        • Trading Update:

          • France: HDF Energy (HDF.FP)

    • M&A

      • OCI.NA (OCI NV) -- OCI Global and Orascom Construction pursuing a potential merger

      • BP.LN (BP) -- submits bid to KNOC for rights to develop blocks in East Sea basin - Korea Economic Daily

      • KVUE (Kenvue) -- Haleon looking at Kenvue - Mail on Sunday

      • G.IM (Assicurazioni Generali) -- Generali, BPCE to cancel €50M break-up fee that would be triggered if deal to merge asset management businesses does not proceed - Reuters

      • BBUC.CN (Brookfield Business Corp) -- Brookfield thought to be holding out for ~A$3B price tag for La Trobe - The Australian

      • BBUC.CN (Brookfield Business Corp) -- Corporate watchdog a recent hiccup in La Trobe sale process - The Australian

      • KKR, CBA weighing options for Colonial First State - Australian Financial Review

    • Healthcare

      • REGN (Regeneron) -- issues press release on EMA's CHMP recommending approval of Dupixent to treat CSU

      • NOVN.SW (Novartis) -- CEO: Drug prices "far too low" in Switzerland - Neue Zuercher Zeitung

      • TEVA (Teva Pharmaceutical) -- Teva presents data on olanzapine LAI, UZEDY; conference call at 11:00 ET 22-Sep

      • SAN.FP (Sanofi) -- FDA extends by three months the target action date of its review of the new drug application (NDA) of Sanofi's Tolebrutinib

      • ROG.SW (Roche Holding) -- Roche announced positive results for phase III evERA study evaluating investigational giredestrant in combination with everolimus in people with oestrogen receptor (ER)-positive, human epidermal growth factor receptor 2 (HER2)-negative

      • NVAX (Novavax, Inc.) -- discloses no new safety signals identified in '23/'24 or '24/'25 Nuvaxovid formula in introductory remarks at ACIP

      • IPN.FP (Ipsen) -- initiates Phase III of LANTIC trial of IPN10200

      • IDIA.SW (Idorsia) -- announces Simcere Pharmaceuticals Group Ltd has launched QUVIVIQ (daridorexant) in China

      • 4578.JP (Otsuka Holdings) -- Otsuka, Lundbeck receive CRL from FDA for sNDA of REXULTI in combination with sertraline to treat adults with PTSD

    • Other

      • LOGN.SW (Logitech International) -- expects shares to start trading ex-dividend on Nasdaq starting 23-Sep

      • SU.FP (Schneider Electric) -- signs 31K-ton high-durability carbon removal agreement with Climeworks

      • CPR.IM (Davide Campari-Milano) -- appoints Francesco Mele as new CFO; Paolo Marchesini is appointed as Vice Chairman stepping down from his CFO and COO roles

      • VNA.GR (Vonovia) -- Vonovia, EnerCube, and DFA Demonstrationsfabrik Aachen set to launch a strategic partnership for the industrialisation of heat pump cubes in apartment buildings

      • Estimated weekend box office revenues in US, Canada $72.2M, (11.7%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • LGEN.LN (Legal & General) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • THEON.NA (Theon International) -- to hold from buy at Stifel

    • Initiations

      • SNR.LN (Senior) -- buy at Peel Hunt

  • Data

    • Nikkei +1.10% to 45541.72

    • Hang Seng (0.95%) to 26293.69

    • Shanghai Composite (0.06%) to 3817.75

    • S&P futures (7.0) vs prior close of 6722.5

    • €-$ (0.0010) or (0.09%) to 1.1738

    • $-¥ +0.33 or +0.22% to 148.26

    • €-¥ +0.24 or +0.14% to 174.03

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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