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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.7%, CAC +0.7%, IBEX +0.7%, MIB +0.7%

Oct 20 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, extending last week's gains when the STOXX Europe 600 closed up +0.37%. The Stoxx Europe 600 ended marginally higher in volatile trading in a week dominated by trade tensions and early Q3 earnings.

    • Asian equities trading higher Monday. Japan rally strengthening with Takaichi set to become PM following coalition agreement. Hang Seng leading rally across Greater China with tech platforms and semis seeing big gains. China Q3 GDP growth fell to lowest in a year, though figures slightly better-than-expected (expanded 4.8% y/y in Q3 vs consensus 4.7%) as tepid domestic demand offset positive contribution from exports. September activity data mixed.

    • This week sees EU leaders summit, Eurozone, France, Germany, UK Oct flash manufacturing/services PMIs as well as earnings/updates from Atlas Copco (ATCO.A.SS), Barclays (BARC.LN), DNB Bank (DNB.NO), Nokia (NOKIA.FH), Orange (ORA.FP), Roche Holding (ROG.SW), Sanofi (SAN.FP), SAP (SAP.GR), Skandinaviska Enskilda Banken (SEB.A.SS), UniCredit (UCG.IM), Unilever (ULVR.LN) and Vivendi (VIV.FP). Of note, on Fri, there's the Ireland Presidential election

    • On today's agenda: macro data releases include Germany Sep PPI. In central banks, ECB, BIS, CEPR conf (through Tue) sees ECB's Schnabel welcoming remarks at 10:00CET and panellist at 16:00. Bundesbank's Balz panellist at 19:00CET at event co-hosted by Ludwig Erhard Foundation. Bundesbank's Nagel, Croatia central bank's Vujčić panellists at 21:00CET at event hosted by NYU Stern School of Business. Bank of Finland's Institute for Emerging Economies will release its update to Russia forecast for years 2025-27.

    • On the corporate front, focus on news Kering (KER.FP) and L'Oréal (OR.FP) enter long-term strategic partnership, includes sale of Creed and establishment of 50-year licenses valued at €4B. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty. Kering will also grant L'Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. Sandvik (SAND.SS) is scheduled to report Q3 earnings at 11:30 CET. TKMS AG & Co. (TKMS.GR) (thyssenkrupp's marine business) spin-off due to start trading. VW (VOW.GR)confirms CEO Oliver Blume's double role to conclude at year-end '25; to remain VW CEO through 2030. Meanwhile, Porsche (P911.GR) has appointed Michael Leiters as CEO of Porsche AG, effective as of 1-Jan-26

  • Politics/Macro/World News

    • Geopolitics

      • Trump urged Zelenskyy to accept Putin's terms or be 'destroyed' by Russia -- FT

      • EU Nations Close In on Deal to Ban Russian Gas by End of 2027 -- Bloomberg

    • France

      • Standard & Poor's cuts France to A+/A-1 from AA-/A-1+, outlook stable

    • UK

      • UK Housing Market Misses Autumn Bounce on Tax Woes, Survey Finds -- Bloomberg

      • Brexit offers world a warning about trade barriers, BoE's Bailey says - Reuters

      • Ed Miliband hints at cut to VAT on energy bills -- BBC

    • Ireland

      • Presidential race heats up in final days before vote -- RTE

  • Top company news

    • Earnings/updates

      • SOBI.SS (Swedish Orphan Biovitrum) -- reports preliminary Q3 revenue SEK7.78B vs FactSet SEK7.73B [9 est, SEK7.34-8.27B]; adjusted EBITA margin 47%; To record a non-cash impairment charge of SEK 6,612 M relating to the impairment of the product and marketing right for Vonjo; to report Q3 on 20-Oct

      • IBE.SM (Iberdrola) -- reports provisional Q3 total electricity production 29,726 GWh, (0.8%) y/y (post EU close 17-Oct)

      • FRVIA.FP (Forvia) -- reports Q3 revenue €6.12B vs StreetAccount €6.11B; reaffirms FY guidance

      • ARYN.SW (Aryzta) -- reports Q3 revenue €554.3M, +0.4% y/y

      • Also reporting today

        • Earnings:

          • Nordics: Sandvik (SAND.SS)

        • Trading Update:

          • France: ATOS (ATO.FP), Thermador Groupe (THEP.FP), SergeFerrari Group (SEFER.FP)

    • M&A

      • KER.FP (Kering) -- and L'Oréal enter long-term strategic partnership, includes sale of Creed and establishment of 50-year licenses valued at €4B

      • HOLN.SW (Holcim) -- to acquire Xella for transaction value of €1.85B

      • MOWI.NO (Mowi) -- Mowi's acquisition of controlling stake in Nova Sea AS received approval of EU Commission

      • BYW6.GR (BayWa) -- Ano longer assumes the sale of Cefetra Group B.V. will be closed with the entities of the First Dutch Group

      • IAR.B.SS (IAR) -- I.A.R. Systems Group AB applies for delisting

    • Healthcare

      • JNJ (Johnson & Johnson) -- announces results from OrigAMI-4 study of SC amivantamab at ESMO

      • AMGN (Amgen) -- and AstraZeneca announce FDA approves TEZSPIRE for chronic rhinosinusitis with nasal polyps

      • AZN.LN (AstraZeneca) -- AstraZeneca's Saphnelo has been recommended for approval in EU by CHMP for systemic lupus erythematosus

      • AZN.LN (AstraZeneca) -- reports ENHERTU (fam-trastuzumab deruxtecan-nxki) followed by THP before surgery resulted in a pathologic complete response in 67% of patients with high-risk HER2-positive early-stage breast cancer in DESTINY-Breast11 Phase III trial

      • NOVN.SW (Novartis) -- presents new data from PSMAddition trial of Pluvicto at ESMO

      • SAN.FP (Sanofi) -- announces new data published in The Lancet of its high-dose influenza vaccine Efluelda demonstrates superior protection for older adults against hospitalization vs standard-dose

      • ROG.SW (Roche Holding) -- FDA approves Genentech's Gazyva to treat LN

      • ROG.SW (Roche Holding) -- Roche presents new phase III pivotal data for vamikibart in uveitic macular edema (UME)

      • ROG.SW (Roche Holding) -- Roche presents results from phase III evERA Breast Cancer study of giredestrant at ESMO Congress 2025

      • EXEL (Exelixis) -- to present results from subgroup analysis of CABINET trial of CABOMETYX at ESMO

      • GMAB.DC (Genmab) -- presents updated data from RAINFOL-01 trial of Rina-S at ESMO

      • OLMA (Olema Pharmaceuticals) -- announces updated data from Phase 1B/2 study of palazestrant in combination with ribociclib

      • 4568.JP (Daiichi Sankyo) -- presents results from DESTINY-Breast11 trial of ENHERTU at ESMO

      • 4568.JP (Daiichi Sankyo) -- presents results from DESTINY-Breast05 trial of ENHERTU at ESMO

      • CELC (Celcuity) -- presents updated data from Phase 1 trial evaluating gedatolisib in combination with Nubeqa in men with mCRPC

      • ACTI.SS (Active Biotech) -- announces fully secured rights issue of ~SEK 70M

      • XBRANE.SS (Xbrane Biopharma) -- FDA issues CRL to Xbrane Biopharma's BLA for its ranibizumab biosimilar candidate for treatment of retinal disorders

      • ORY.SM (Oryzon Genomics) -- ORYZON receives feedback from the FDA to Phase III protocol in Borderline Personality Disorder

      • AVCT.LN (Avacta Group) -- updates on faridoxorubicin at ESMO, to hold Investor Meet conference 21-Oct

    • Other

      • VOW.GR (Volkswagen) -- confirms CEO Oliver Blume's double role to conclude at year-end '25; to remain VW CEO through 2030

      • P911.GR (Porsche) -- has appointed Michael Leiters as CEO of AG, effective as of 1-Jan-26

      • BN.FP (Danone) -- says food industry is at tipping point due to demographic changes; says US push to counter food additives aligns with Danone's own initiatives - FT, citing CEO

      • LHA.GR (Deutsche Lufthansa) -- may cut 100 domestic flights each week next summer - Welt am Sonntag

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded OBN 4D contract in Gulf of America

      • TPEIR.GA (Piraeus Financial Holdings) -- commences additional tranche of share buyback program (17-Oct)

      • Estimated weekend box office revenues in US, Canada $64.9M, (5.7%) y/y - Box Office Mojo

      • FineToday postpones Tokyo IPO due to market conditions

      • Rio Tinto talks up US growth plans and praises much-improved relationship with Chinalco - The Australian

  • Key rating changes

    • Upgrades

      • Jefferies upgrades ITH.LN; reinstates ENQ.LN

      • Morgan Stanley upgrades ADP.FP

      • OUT1V.FH (Outokumpu) -- to buy from hold at DNB Carnegie

      • RR.LN (Rolls-Royce Holdings) -- to hold from sell at Berenberg

      • SINCH.SS (Sinch) -- to buy from hold at Handelsbanken

      • VOLV.B.SS (Volvo) -- to hold from sell at DNB Carnegie

      • WAF.GR (Siltronic) -- to buy from hold at Jefferies

      • ANOD.B.SS (Addnode Group) -- to buy from hold at DNB Carnegie

    • Downgrades

      • YAR.NO (Yara International) -- to hold from buy at Danske Bank

      • MKS.LN (Marks & Spencer Group) -- to sector perform from outperform at RBC Capital Markets

      • BOL.SS (Boliden) -- to hold from buy at Pareto

      • Morgan Stanley downgrades AIA.GA, FRA.GR

    • Initiations

      • DBK.GR (Deutsche Bank) -- hold at Jefferies

      • XVIVO.SS (Xvivo Perfusion) -- buy at Handelsbanken

  • Data

    • Nikkei +2.99% to 49005.38

    • Hang Seng +2.27% to 25819.95

    • Shanghai Composite +0.47% to 3857.62

    • S&P futures +24.5 vs prior close of 6702.5

    • €-$ +0.0006 or +0.05% to 1.1673

    • $-¥ +0.22 or +0.15% to 150.66

    • €-¥ +0.34 or +0.19% to 175.86

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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