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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.13%, DAX +0.38%, CAC +0.25%

Sep 23 ,2025

  • Synopsis

    • European equity markets are set to open higher amid Asian equities mixed in quiet Tuesday trade with Japan closed for public holiday. Greater China lagging with Hong Kong and mainland indexes under pressure. Semis driving Taiwan's outperformance. Korea and Australia also trading higher. S&P 500 futures unchanged afterhours. No trading in JGBs or Treasuries. Australian bonds little changed. Dollar little changed on major crosses. Crude retreating while gold flat near record high. Bitcoin fluctuating near two-week low.

    • In central banks, Riksbank interest rate decision at 9:30CET - benchmark interest rate unchanged at 2.0%, press conf 11:30. Hungary central bank interest rate decision 14:00CET - benchmark unchanged at 5.5%. BOE Pill fireside chat at 10:00BST at Pictet Research Institute Symposium. ECB Buch in fireside chat and panel discussion at 14:10CET at FMA's 16th annual supervisory conf. ECB's Cipollone in fireside chat at 16:20CET at Bloomberg's Future of Finance conf. Estonia central bank press conf at 10:00CET in connection with release of bank's latest economic forecast and Bank of Finland's Pitkäranta speech at 9:30CET at seminar title Identifying Geopolitical Transmission Channels from Oil Futures and Russian Media Narratives: Application to Finnish and German Economies. Elsewhere,UN General Assembly high-level General Debate- first day and FT Connect Europe Forum.

    • Macroeconomic updates today include: Eurozone, France, Germany, UK Sep preliminary manufacturing/services PMI, Spain Jul trade balance, Finland Aug unemployment rate, Netherlands Q2 final GDP, UK Sep industrial trends orders - CBI, Portugal Q2 final GDP.

    • In corporate news, yesterday after the close GENFIT (GNFT.FP) released H1 earnings. This morning, ASM International (ASM.NA) announced it anticipates Q4 revenue to be below earlier expectations, updated guidance for 2027 and launched financial targets for 2030 ahead of its Investor Day today. Also, Bittium (BITTI.FH) updated its long-term financial targets and refines strategy for 2026-2028: aims for average annual revenue growth of 20-30% and operating profit level of 10-20% in long-term. ABC arbitrage (ABCA.FP) and Xlife Sciences (XLS.SW) are out with H1 earnings. In the UK, Smiths Group (SMIN.LN), Kingfisher (KGF.LN), OXB (OXB.LN), Mortgage Advice Bureau (MAB1.LN) are expected to update the market with their latest earnings.

    • On M&A front, Advanced Drainage Systems to acquire NDS from Norma Group (NOEJ.GR) for $1.0B in cash.

  • Macro/politics

    • Germany's €80B defense shopping list leaves little room for US weapons - Politico

    • Putin offers Trump one-year extension to nuclear weapons treaty - Reuters

    • Bank of England's Bailey says AI can help regulators to find the 'smoking gun' - Reuters

    • Reeves Can Raise UK Income Tax and Spare Employees, Study Finds - Bloomberg

    • Indonesia, EU sign "substantive conclusion" of trade deal - Reuters

  • Top company news

    • Earnings/updates

      • GNFT.FP (GENFIT) -- reports H1 net income (€10.0M) vs year-ago €30.3M - 6-K

      • FLOW.NA (Flow Traders) -- reports August 2025 ETP market statistics

      • ABCA.FP (ABC arbitrage) -- reports H1 EPS €0.30 vs year-ago €0.15

      • XLS.SW (Xlife Sciences) -- reports H1 EPS (CHF0.53) vs year-ago CHF0.08

      • BITTI.FH (Bittium) -- updates long-term financial targets and refines strategy for 2026-2028: aims for average annual revenue growth of 20-30% and operating profit level of 10-20% in long-term -- CMD

      • ASM.NA (ASM International) -- expects Q3 revenue to be as previously guided, anticipates Q4 revenue to be below earlier expectations; updates guidance for 2027 and launches financial targets for 2030 - Investor Day

    • M&A

      • OR.FP (L'Oreal) -- would only want to buy Armani's money-making beauty operation - Bloomberg

      • HEIA.NA (Heineken) -- to acquire FIFCO's beverage and retail businesses

      • KBC.BB (KBC Group) -- issues response to headlines regarding a potential deal for ABN Amro

      • TOM.NO (Tomra Systems) -- ASA acquires C&C Consolidated Holdings, LLC for ~$45M plus $15M in performance add-ons

      • RF.FP (Eurazeo) -- invests in Proteor; financial details not provided

      • BITTI.FH (Bittium) -- acquires 24.9% stake in MarshallAI through directed share issue; transaction price undisclosed

    • Healthcare

      • GSK.LN (GSK Plc) -- FDA republishes notice concerning Wellcovorin

        • GSK has preliminarily agreed to work with FDA on Wellcovorin relabeling - FDA

      • SAN.FP (Sanofi) -- FDA grants fast-track designation to Sanofi's SAR446268 to treat non-congenital myotonic dystrophy type 1

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera announces ~CHF 20M of additional funding from existing investors Highbridge and R-Bridge

      • NOEJ.GR (Norma Group) -- Advanced Drainage Systems to acquire NDS from Norma Group for $1.0B (€847.3M) in cash

    • Other

      • AI.FP (Air Liquide) -- Air Liquide's Airgas awarded Defense Logistics Agency contract

      • ORSTED.DC (Ørsted) -- granted injunction to resume construction on offshore US wind farm - Reuters

  • Key rating changes

    • Upgrades

      • RBC Capital Markets upgrades IG.IM, TRN.IM, VOW3.GR

      • GLJ.GR (GRENKE) -- to outperform from neutral at Oddo

      • GVS.IM (GVS SpA) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • FUR.NA (Fugro) -- to neutral from outperform at Oddo

      • RBC Capital Markets downgrades SRG.IM; MBG.GR

      • CBK.GR (Commerzbank) -- to underperform from market perform at Keefe, Bruyette & Woods

    • Initiations

      • BRG.NO (Borregaard) -- initiated Buy at Arctic Securities

  • Data

    • Nikkei +0.00% to 45493.66

    • Hang Seng (0.86%) to 26116.47

    • Shanghai Composite (0.92%) to 3793.52

    • S&P futures (0.5) vs prior close of 6752.5

    • €-$ (0.0001) or (0.01%) to 1.1802

    • $-¥ +0.03 or +0.02% to 147.76

    • €-¥ +0.02 or +0.01% to 174.39

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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