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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.32%), DAX (0.25%), CAC40 (0.10%)

Oct 16 ,2025

  • Synopsis

    • European equity markets are set for a negative open amidst mostly higher Asian equities Thursday. Kospi outperforming following positive signals on US-South Korea trade deal. ASX building on initial gains amid dovish implications from soft jobs data. Japan and Taiwan also in positive territory while Hang Seng leading China market declines. S&P 500 futures flat afterhours.

    • French political developments likely to be front and center later in the session with PM Lecornu facing two no confidence votes; one tabled by the far-right and the other by the left-wing bloc. The motion by RN is set to fail after left-wing MPs said it vote for it, but outcome of other vote is uncertain, though Lecornu has put forward compromises to secure support of the Socialists. Outcome to be determined by a few votes.

    • Chancellor Merz will deliver a government statement in the German Bundestag on the European Council, which will take place on 23/24-Oct. EU Commission due to present defence roadmap. Arctic Circle Assembly (through Sat) in Reykjavík. Uruguayan President Orsi to visit Europe for meetings with European leaders and EU officials, others.

    • In central banks, ECB's Machado speech at 10:05CET at SSM Conf on Digitalisation and Donnery panellist at 13:45 at event organised by Toronto Centre. ECB's Lane panellist at 17:45CET at IIF Annual Membership Meeting, whilst Lagarde participates at 18:00CET in IMF's Debate on the Global Economy. BOE's Greene panellist at 19:30BST at JPMorgan Investor seminar. Switzerland's SECO releases its latest economic forecast at 9:00CET followed by Institute for Fiscal Studies event at 9:30BST title Green Budget will assess the state of the UK economy and the government's fiscal position ahead of the Autumn Budget. Bundesbank publishes its latest monthly report at 12noon CET having issued pre-releases of select articles earlier in the week.

    • On the macro data front, early focus in Europe on UK monthly activity data with marginal expansion forecast in August GDP. Final Italian CPI also out as well as Italy Aug trade balance, Eurozone Aug trade balance and Netherlands Sep unemployment rate

    • A busy morning for earnings include from the DACHs region, ABB Limited (ABBN.SW) reports Q3 EPS $0.66 vs consensus $0.63 whilst Nestle (NESN.SW) reports 9M revenue CHF65.87B vs consensus CHF65.77B with FY organic sales growth is expected to improve compared to 2024. Merck (MRK.GR) released a CMD update saying it targets mid-term annual organic sales growth in the mid-single-digit percentage range and confirms 2025 guidance whilst Sartorius (SRT3.GR) reports 9M EPS €3.52 vs year-ago €3.01 and now expects FY Sales revenue growth of around +7% vs prior guidance around +6%. In France, Pernod Ricard (RI.FP) reports Q1 revenue €2.38B vs consensus €2.35B and continues to expect improving trends in FY26 organic net sales, skewed toward H2. VINCI (DG.FP) reports September airport passenger traffic +3.6% y/y and Sartorius Stedim Biotech (DIM.FP) whilst reports 9M EPS €2.24 vs year-ago €1.34 and raises FY guidance. In the Nordics, Nordea Bank (NDA.SE.SS) reports Q3 EPS €0.36 vs FactSet €0.33.

    • CMD/events include Merck KGaA (MEK.GR), Cellectis (ALCLS.FP), Infineon (IFX.GR) OktoberTech Silicon Valley, Biotalys (BTLS.BB) retail investor assn Probus

  • Politics/Macro/World News

    • ECB should only cut rates further if new shocks hit, Dolenc says (Reuters)

    • Fiscal storm warning for Reeves as IFS flags £50B gap (Bloomberg)

    • Reeves faces £22B fiscal gap ahead of November budget (FT)

    • Reeves launches Sterling 20 to steer pension billions into UK growth (FT)

    • Pension giant warns against deeper UK fund mergers (FT)

    • French business leaders decry Lecornu's 'betrayal budget' (FT)

    • French PM braces for survival vote amid unrest (Reuters)

    • Netherlands Sep Unemployment Rate 4.0% vs consensus 3.8% and prior 3.9%

  • Top company news

    • Earnings/updates

      • Benelux:

        • FAST.NA (Fastned) -- Q3 update: revenue related to charging €31.5M, + 44% y/y

        • SLIGR.NA (Sligro Food Group) -- reports Q3 revenue €664M vs FactSet €691.0M [1 est]

      • DACHs

        • ABBN.SW (ABB Limited) -- reports Q3 EPS $0.66 vs consensus $0.63

        • NESN.SW (Nestle) --

          • reports 9M revenue CHF65.87B vs consensus CHF65.77B; organic sales growth is expected to improve compared to 2024

          • plans global headcount reduction of ~16,000 over next two years; increases savings target to CHF 3.0B by the end of 2027

        • MRK.GR (Merck KGaA) -- Capital Markets Day 2025: targets mid-term annual organic sales growth in the mid-single-digit percentage range and confirms 2025 guidance

        • SRT3.GR (Sartorius) -- reports 9M EPS €3.52 vs year-ago €3.01; now expects FY Sales revenue growth of around +7% vs prior guidance around +6%

        • VACN.SW (VAT Group) -- reports Q3 revenue CHF257.9M vs StreetAccount CHF270.1M

        • DRW3.GR (Drägerwerk) -- reports prelim Q3 EBIT of "around €57M" vs FactSet €35.6M

        • FTK.GR (flatexDEGIRO) -- reports preliminary Q3 net income ~€39M vs FactSet €31.7M [4 est, €28-33.9M]

        • EMSN.SW (EMS-Chemie Holding) -- reports 9M revenue CHF1.49B, (6%) vs year-ago CHF1.59B

        • ARBN.SW (Arbonia) -- acquires Portuguese door manufacturer Cicomol SA and German metal door frame manufacturer Rüthener Zargenbau GmbH (RZB); terms undisclosed

        • KURN.SW (Kuros Biosciences) -- reports 9M adjusted EBITDA $12.2M vs year-ago $6.5M

        • DOCM.SW (DocMorris) -- reports Q3 external revenue CHF282.3M vs FactSet CHF288.5M [2 est, CHF287-290M]; on track to achieve its 2025 outlook

        • HYQ.GR (Hypoport) -- operational update: Europace transaction volume for mortgages increased by 10.0% y/y in Q3

        • DAM.GR (Data Modul) -- reports preliminary Q3 EBIT (€2.1M) vs year-ago €2.1M; to explore strategic options include sale of the majority stake

      • France:

        • RI.FP (Pernod Ricard) -- reports Q1 revenue €2.38B vs consensus €2.35B; continues to expect improving trends in FY26 organic net sales, skewed toward H2

        • DG.FP (VINCI SA) -- reports September airport passenger traffic +3.6% y/y

        • DIM.FP (Sartorius Stedim Biotech) -- reports 9M EPS €2.24 vs year-ago €1.34. Raising FY guidance

        • MAU.FP (Maurel et Prom) -- 9M activity report: working interest production 37,749 boepd, +4% y/y

        • ALMDG.FP (MGI Digital Graphic Technology) -- reports H1 net income €2.5M vs year-ago €2.6M

        • FDJU.FP (La Francaise des Jeux) -- reports Q3 revenue €864M, (3%) vs year-ago €890M

        • OSE.FP (OSE Immunotherapeutics) -- reports H1 net income (€15.1M) vs year-ago €57.2M

        • ADOC.FP (Adocia) -- reports Q3 revenue €0.4M vs year-ago €0.0M

        • GNRO.FP (GeNeuro) -- SA postpones publication of 30-Jun-25 half-yearly financial report to take into account the financial impacts of the restructuring

      • Nordics:

        • EQT.SS (EQT AB) -- reports Q3 FAUM €138.7B vs year-ago €134B

        • NDA.SE.SS (Nordea Bank) -- reports Q3 EPS €0.36 vs FactSet €0.33 [18 est, €0.29-0.35]

        • PRS.NO (Prosafe) -- reports Sept fleet utilization 100%; Q3 utilization 86%

        • ENTRA.NO (Entra ASA) -- reports Q3 EPRA NTA 165.0 vs FactSet 168.0; approves cash dividend of NOK 1.10 per share for H1 under revised dividend policy

        • BWLPG.NO (BW LPG) -- updates on Product Services' Q3 segment performance

        • VEI.NO (Veidekke) -- presents market update for Scandinavian contracting markets for period 2025-2027

      • UK/Ireland:

        • CEAIR.IR (Icelandair Group) -- reports preliminary Q3 results; guides EBIT ~$74M vs year-ago $83.5M

    • M&A

      • BAVA.DC (Bavarian Nordic) -- board maintains recommendation in respect of consortium's improved takeover offer; recommends shareholders accept the offer

      • ORA.FP (Orange) -- seeking to raise €400-500M in stake sale of some French data centers - Bloomberg

      • EN.FP (Bouygues) -- Telecom, Free-iliad and Orange maintain offer to acquire a large part of Altice's activities in France; wish to engage in constructive dialogue to assess how to progress going forward

      • EL.FP (EssilorLuxottica) -- acquires RetinAI; terms not disclosed

      • BAVA.DC (Bavarian Nordic A/S) -- Consortium consisting of Nordic Capital and Permira increases offer price for Bavarian Nordic to DKK 250 per share from DKK 233; extends offer period to 5-Nov

      • SPT.LN (Spirent Communications) -- Keysight Technologies completes acquisition of Spirent Communications

      • ARBN.SW (Arbonia) -- acquires Portuguese door manufacturer Cicomol SA and German metal door frame manufacturer Rüthener Zargenbau GmbH (RZB); terms undisclosed

      • SRP.FP (SRP Groupe) -- Showroomprivé signs LOI for sale of The Bradery to its founders

      • HANZA.SS (HANZA AB) -- acquires BMK in Germany

      • Blackstone seeking to sell Western Australia self-storage business - The Australian

    • Healthcare

      • NOVN.SW (Novartis) -- Fabhalta (iptacopan) meets Phase III primary endpoint, slows kidney function decline in patients with IgA nephropathy (IgAN)

      • ROG.SW (Roche Holding) -- presents major updates on innovative sequencing by expansion (SBX) technology at ASHG 2025 in Boston, US

      • FYB.GR (Formycon) -- announces Klinge Biopharma concludes an exclusive license agreement with Actor Pharmaceuticals for the commercialization of FYB203 in Australia

    • Other

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- Street Takeaways - LVMH Moet Hennessy Louis Vuitton Q3 Sales

      • STLAM.IM (Stellantis) -- Canada threatening legal action against Stellantis following plans to move production to US - Bloomberg

      • ABBN.SW (ABB Limited) -- announces Christian Nilsson to succeed Timo Ihamuotila as CFO, effective 1-Feb-26

      • GLE.FP (Societe Generale) -- completes €1B share buyback

      • FER.SM (Ferrovial) -- declares second 2025 interim scrip dividend

      • SPM.IM (Saipem) -- announces three new offshore contracts for $600M in Azerbaijan

      • NDA.SE.SS (Nordea Bank) -- to launch share ECB approved buy-back programme of up to €250M

      • RBI.AV (Raiffeisen Bank International) -- appoints Kamila Makhmudovasas CFO effective 1-Jan-26

      • RECSI.NO (REC Silicon) -- announces request for commencement of Norwegian investigation process dismissed

  • Key rating changes

    • Upgrades

      • VOLCAR.B.SS (Volvo Car) -- buy from hold at SEB

      • AD.NA (Koninklijke Ahold Delhaize) -- neutral from sell at UBS

      • Barclays upgrades CNA.LN, EDPR.PL; downgrades ELE.SM, H2O.RO, RED.SM

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to buy from neutral at UBS

      • NKT.DC (NKT A/S) -- to buy from hold at DNB Carnegie

      • TIT.IM (Telecom Italia) -- to buy from hold at Deutsche Bank

    • Downgrades

      • WIHL.SS (Wihlborgs Fastigheter) -- hold from buy at Kepler Cheuvreux

      • Berenberg downgrades KER.FP, LVMUY, MC.FP, and PPRUY

      • REP.SM (Repsol) -- to equal-weight from overweight at Morgan Stanley

      • RXL.FP (Rexel) -- to equal weight from overweight at Barclays

      • FHZN.SW (Flughafen Zuerich) -- to neutral from buy at Goldman Sachs

    • Initiations

      • EXENS.FP (Exosens) -- buy at Berenberg

      • ISP.IM (Intesa Sanpaolo) -- outperform at RBC Capital Markets

      • GTT.FP (Gaztransport & Technigaz) -- buy at Jefferies

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- buy at Jefferies

    • Other Actions

      • UBXN.SW (u-blox Holding) -- Kepler Cheuvreux recommends u-blox holders accept offer; prior rating was hold

  • Data

    • Nikkei +1.20% to 48244.82

    • Hang Seng (0.79%) to 25705.03

    • Shanghai Composite (0.19%) to 3904.80

    • S&P futures +2.3 vs prior close of 6715.0

    • €-$ +0.0013 or +0.11% to 1.1660

    • $-¥ (0.00) or (0.00%) to 151.06

    • €-¥ +0.19 or +0.11% to 176.14

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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