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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.11%), DAX (0.08%), CAC +0.07%

Sep 30 ,2025

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities advancing Tuesday. Semis driving outperformance of Taiwan's benchmark. Mainland China markets extending gains ahead of Golden Week break while Hong Kong off highs. Japan, South Korean and Australian indexes flat. S&P 500 futures unchanged afterhours. JGB curve bull flattening while Treasuries little changed. Australian yields moving lower ahead of RBA meeting. Dollar strengthening against Korean won, steady elsewhere. Crude extending pullback on weekend OPEC+ production hike reports. Gold advancing to fresh record high. Bitcoin unchanged after rebounding to one-week high.

    • In central banks, Bank of Finland's conf on monetary policy sees Governor Rehn speech at 11:30CET, BOE's Lombardelli and Riksbank's Thedéen panelists at 13:50 and ECB Lagarde speech at 14:50. BOE's Cleland panellist at 9:00CET and Bundesbank's Balz panellist at 11:30 at SIBOS 2025. ECB's Machado speech at 12:15CET at S&P Global Ratings 2025 European Financial Institutions Conf whilst ECB's Elderson is a panelist at 15:00CET at event 'Climate action that works for you - An agenda for competitiveness, prosperity and resilience'. BOE Mann fireside chat at 14:25BST at FT's Future of Financial Intelligence conf 'Geopolitical landscape context' and BOE Breeden speech at 16:30BST at Cardiff Business School title The Monetary Policy Outlook. Bundesbank's Nagel in conversation at 19:00CET with author David Marsh at German Embassy London.

    • In politics, Germany's Federal Cabinet begin a 2-day retreat with Chancellor to make press statement before and after the retreat. EU Competitiveness Council (Research) meets and EU Commission will host the third Our Baltic conf in Stockholm. Norway's energy minister Aasland among the participants in IEA's high-level roundtable on strengthening energy infrastructure resilience. In the UK, there's GCA Annual Conf (food retail industry). Also, North American - EU Agriculture Conf (through Thu), EU's Hansen speech on Wed.

    • Macroeconomic releases include: Germany Sep unemployment change, preliminary CPI, Aug retail sales, France Sep preliminary CPI, Aug PPI, consumer spending, Italy Sep preliminary CPI, Aug PPI, UK Q2 final GDP, Sep shop price index - BRC, Switzerland Sep leading indicators - KOF, Sweden Aug retail sales, Denmark Q2 final GDP, Austria Aug PPI, Greece Aug PPI, Jul retail sales, Ireland Sep preliminary HICP, Portugal Sep preliminary CPI

    • In corporate news, Hornbach Holding (HBH.GR) reported Q2 earnings and issued FY guidance. Emeis SA (EMEIS.FP) released H1 earnings and confirmed FY25 targets. Lhyfe (LHYFE.FP) and Addex Therapeutics (ADXN.SW) are also out with H1/Q2 earnings. In the UK, Close Brothers (CBG.LN), A.G. BARR (BAG.LN), BOKU (BOKU.LN), Card Factory (CARD.LN), Next 15 Group (NFG.LN) are expected to update the market with their latest numbers. On M&A front, TotalEnergies (TTE.FP) reportedly may sell part of stake in Adani Green Energy, according to Bloomberg. Elsewhere, Celyad Oncology (CYAD.BB) announced research facility divestiture.

  • Politics/Macro/World News

    • How Brussels seeks to bypass Orbán's block on Ukraine's EU bid - FT

    • Trump imposes 10% tariff on timber, lumber; 25% tariff on kitchen cabinets - release

    • Trump secures Netanyahu's agreement to Gaza deal but Hamas support in question - Reuters

    • UK Sep shop price index +1.4% y/y vs consensus +1.2% and prior +0.9% - BRC

  • Top company news

    • Earnings/updates

      • ADXN.SW (Addex Therapeutics) -- reports Q2 net loss from cont. ops. (CHF2M) vs year-ago (CHF1.5M)

      • SIGHT.FP (GenSight Biologics) -- reports H1 net income (€7.0M) vs year-ago (€5.8M)

      • HBH.GR (Hornbach Holding) -- reports Q2 EPS €4.12 vs year-ago €4.82

      • B8FK.GR (Biofrontera AG) -- reports H1 EBITDA €2.1M vs year-ago (€3.6M); reaffirms FY revenue guidance €17M-20M

      • SOL.SM (Soltec Power Holdings) -- reports H1 net income (€21.8M) vs year-ago (€125.9M)

      • LHYFE.FP (Lhyfe) -- reports H1 Net Income (€21.7M) vs year-ago (€14.0M)

      • EMEIS.FP (Emeis SA) -- reports H1 net income (€137M) vs year-ago (€257M)

    • M&A

      • TTE.FP (TotalEnergies) -- may sell part of stake in Adani Green Energy - Bloomberg

      • CYAD.BB (Celyad Oncology) -- announces research facility divestiture

      • ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- ROVI announces acquisition of an injectable drug product manufacturing site in Phoenix, Arizona (USA).

      • ELLAKTOR.GA (Ellaktor) -- announces financial close of previously announced sale of Aktor Concessions

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche announces primary results from the TSIX Study Program

      • EKTA.B.SS (Elekta) -- announces use of its MRI adaptive radiation therapy platform, Unity, is associated with improved quality of life among men with localized prostate cancer

      • VLA.FP (Valneva) -- reports 95% seroresponse four years after single shot of Chikungunya vaccine IXCHIQ

      • NANO.FP (Nanobiotix) -- presents updated phase 1 results continuing to support JNJ-1900 (NBTXR3) plus anti-pd-1 as a potential new 1L or 2L+ option in anti-pd-1 Navee or resistant R/m-hnscc at ASTRO 2025

      • ORX.SS (Orexo) -- US awarded $8M by BARDA for OX390 development partnership

    • Other

      • UBSG.SW (UBS Group) -- and Switzerland may reach compromise on capital rules - Reuters

      • REP.SM (Repsol) -- achieves first oil at Leon-Castile

      • BNR.GR (Brenntag) -- appoints Bjørn Andersen as COO

      • FGR.FP (Eiffage) -- awarded >€1.5B contract for three substations for Bretagne Sud, Narbonnaise Sud-Hérault and Golfe de Fos French offshore wind farms

      • HIAB.FH (Hiab) -- distributes additional dividend of €1.56; dividend payment day will be 9-Oct-25

      • AKER.NO (Aker ASA) -- initiates a buyback program of up to ~429K of its own shares

  • Key rating changes

    • Upgrades

      • BC.IM (Brunello Cucinelli) -- to outperform from market perform at Bernstein

      • CFEB.BB (Cie d'Entreprises CFE) -- to outperform from neutral at Oddo

      • PUM.GR (Puma) -- to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • VALMT.FH (Valmet) -- to hold from buy at Danske Bank

      • INDT.SS (Indutrade) -- to hold from buy at Pareto

      • RBI.AV (Raiffeisen Bank International) -- to equal weight from overweight at Barclays

  • Data

    • Nikkei +0.08% to 45077.99

    • Hang Seng +0.08% to 26643.53

    • Shanghai Composite +0.52% to 3882.64

    • S&P futures (4.3) vs prior close of 6713.5

    • €-$ +0.0004 or +0.04% to 1.1732

    • $-¥ (0.32) or (0.21%) to 148.28

    • €-¥ (0.31) or (0.18%) to 173.94

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