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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.23%, DAX +0.03%, CAC40 +0.19%

Oct 21 ,2025

  • Synopsis

    • European equity markets are set to open higher. following broad gains on Monday. Asian equity markets broadly higher, with China markets outperforming. US equity futures slightly firmer.

    • Markets latching onto fresh signs of a tamping down in US-China trade tensions. Speaking on Monday, President Trump again voiced optimism of a deal when he meets Xi at APEC summit. Also reiterated threat of additional 100% tariff if no deal by 1-Nov along with other potential actions like cutting off shipments of commercial airline parts. Trump expects Taiwan to feature in talks with Xi but downplayed prospect of China invading. Remarks come ahead of expected meeting between Bessent and Vice Premier He Lifeng this week. Elsewhere, US and Australia signed critical minerals agreement. Sanae Takaichi elected as Japan's next prime minister in a parliamentary vote.

    • Broader tech sentiment remains upbeat with Street pushing back against bubble concerns while positive takeaways from TSMC's Q3 earnings last week renewed support for AI secular growth narrative. Meanwhile, Bundesbank chief Nagel warns against political influence on central banks. In geopolitics, US press raised doubts over imminent meeting between Trump and Putin amid differences over path to end war.

    • On today's agenda, in the UK, parliamentary committee topics include financing the real economy at 14:30BST whilst UK Chancellor Reeves hosts regional investment summit in Birmingham. German finance ministry releases latest monthly report. On the EU agenda, EU-Uzbekistan Cooperation Council, EU General Affairs Council and EU environment ministers meeting take place. France's President Macron visits Slovenia as part of Med9 summit, (members of the group are Portugal, Spain, France, Italy, Greece, Cyprus, Malta, Croatia and Slovenia (the latter holding Presidency for 2025), EU's von der Leyen also among the attendees. Chancellor Merz continues his inaugural visits to the federal states and travel to Stuttgart, meets with Minister-President Winfried Kretschmann at the Baden-Württemberg State Ministry and will participate in the cabinet meeting. Norway's PM speech at 10:00CET at YS conf. whilst country's minister of energy Aasland participates at 9:35CET in the Offshore Wind Conf, organized by Norwegian Offshore Wind. The International Air Transport Association (IATA) World Sustainability Symposium (through Wed).

    • In central banks, ECB's Lane opening remarks at 9:00CET on final day of ECB, BIS, CEPR conf. Bundesbank's Theurer speech at 9:30CET at Private Markets Week, Börsen-Zeitung. Bank pf Spain's Escrivá speech at 11:35CET at World in Progress Barcelona meeting. BOE's Cleland remarks at 11:20BST at the Open Banking Expo (through Wed) and at 14:00 at BOE/BIS DLT innovation challenge showcase. Austria central bank's Kocher introductory remarks at 15:30CET bank's event (livestream) on international and climate economics. Bundesbank's Balz speech at 19:00CET at event hosted by the bank before Bundesbank's Nagel speech at 23:59CET at Foreign Policy Assn. Norges Bank Climate Conf. sees welcome remarks at 9:00CET by Governor Bache, ECB's Lagarde speech/conversation at 13:00.

    • Another quiet macro calendar in Europe. Early focus on UK public borrowing data ahead of November budget. UK Chancellor Reeves to announce package of measures to cut costs by £6B; will also allow artificial intelligence companies to release new products even if they don't comply with existing rules and regulations. Industry data shows UK construction at 11-year low due to rising costs. Switzerland Sep trade balance (and monthly watch data) and Finland Sep unemployment rate also due.

    • In earnings news, yesterday after the market closed ATOS (ATO.FP) reported Q3 revenue and reaffirmed FY25 profitability and cash generation targets. Also in France, Eurofins Scientific (ERF.FP), Getlink (GET.FP) and Edenred (EDEN.FP) issued Q3 updates. In Nordics, Vår Energi (VAR.NO), Husqvarna (HUSQ.B.SS), Indutrade (INDT.SS) and Tele2 (TEL2.B.SS) reported Q3 earnings with the latter lowering its FY25 guidance on capex to sales. Other companies due to update today include UniCredit (UCG.IM), Enagas (ENG.SM), Assa Abloy (ASSA.B.SS), L'Oreal (OR.FP), Vivendi (VIV.FP), and Eutelsat Communications (ETL.FP).

  • Politics/Macro/World News

    • UK drafting powers to shoot down drones over military bases - Reuters

    • German banks push private equity funds to retail investors - FT

    • EU weighs ban on active substance in hand sanitiser over cancer fears - FT

    • EU closes in on deal to use Russian frozen assets to fund Ukraine - Politico

    • Rachel Reeves set to launch 'blitz on business bureaucracy' to save firms £6bn - The Guardian

    • Hungary to Hold Rates Despite Orban's Pressure: Decision Guide - Bloomberg

    • Trump Casts New Doubt on Ukraine's Ability to Defeat Russia - Bloomberg

  • Top company news

    • Earnings/updates

      • France

        • EDEN.FP (Edenred) -- reports Q3 revenue €726M vs consensus €653.0M

        • ATO.FP (ATOS SE) -- reports Q3 revenue €1.98B, (11%) vs year-ago €2.21B; reaffirms FY25 profitability and cash generation targets

        • ITP.FP (Interparfums) -- reports Q3 revenue €253.5M vs FactSet €261.0M [1 est]

        • OVH.FP (OVHCloud) -- reports FY net income €0.4M vs FactSet €22.0M [8 est, €8.9-59.2M]

        • PLNW.FP (Planisware) -- reports Q3 revenue €49.6M vs FactSet €50.0M [1 est]

        • ERF.FP (Eurofins Scientific) -- reports Q3 revenue €1.80B vs StreetAccount €1.79B; confirms its objectives for FY25 and FY27

        • ALFRE.FP (Freelance.com) -- reports H1 net income €15.6M vs year-ago €9.9M

        • GET.FP (Getlink) -- reports Q3 revenue €472M vs StreetAccount €473.8M

      • Nordics

        • VAR.NO (Vår Energi) -- reports Q3 cash from operations $1.23B vs FactSet $1.20B

        • GIGA.NO (Gigante Salmon) -- reports Q3 net income NOK1.4M vs year-ago (NOK1.1M)

        • HPUR.NO (Hexagon Purus) -- reports Q3 EPS (NOK0.84) vs FactSet (NOK0.60) [3 est, (NOK0.64)-(0.55)]

        • EMBLA.DC (Embla Medical hf) -- reports Q3 net income $23M vs FactSet $22.9M [4 est, $21.9-24M]; confirms FY guidance

        • EQV1V.FH (eQ) -- reports Q3 EPS €0.15 vs FactSet €0.17 [2 est, €0.16-0.17]

        • TEL2.B.SS (Tele2) -- reports Q3 net income (cont ops) SEK1.29B vs consensus SEK1.40B; FY 2025 guidance on capex to sales lowered

        • HUSQ.B.SS (Husqvarna) -- reports Q3 EPS (SEK0.02) (ex IAC) vs FactSet SEK0.01 [6 est, (SEK0.07)-0.06]

        • RATO.B.SS (Ratos) -- reports Q3 EPS SEK0.43 ex-items vs FactSet SEK0.65 [5 est, SEK0.23-1.20]

        • INDT.SS (Indutrade) -- reports Q3 EPS SEK1.85 vs FactSet SEK1.87 [5 est, SEK1.73-2.28]

        • HMS.SS (HMS Networks) -- reports Q3 adjusted EPS SEK3.88 vs FactSet SEK2.79

        • FABG.SS (Fabege) -- reports Q3 profit from property management SEK393M, +11% vs year-ago SEK353M

        • INTEA.B.SS (Intea Fastigheter AB) -- reports Q3 net income SEK410M vs FactSet SEK238.2M [3 est, SEK175-281.7M]

      • DACHs

        • HUBN.SW (HUBER+SUHNER) -- reports 9M revenue CHF659.4M, (1%) vs year-ago CHF665.2M; reaffirms FY guidance

        • VH2.GR (Friedrich Vorwerk Group) -- reports preliminary Q3 EBITDA €51.3M vs year-ago €25.3M

      • Benelux

        • CMCOM.NA (CM.com) -- reports Q3 normalized EBITDA €6.0M vs FactSet €6.0M [1 est]

        • GLPG.NA (Galapagos) -- to wind down cell therapy business and pursue new transformational business development transactions with its available cash resources; anticipated to impact ~365 employees

      • Also due to report today includes:

        • Earnings:

          • DACHs: Mensch & Maschine Software (MUM.GR)

          • Finland: Ponsse (PON1V.FH), Siili Solutions (SIILI.FH)

          • Sweden: Assa Abloy (ASSA.B.SS), Nordnet (SAVE.SS), Getinge (GETI.B.SS), Wallenstam (WALL.B.SS), Inwido (INWI.SS), Lime Technologies (LIME.SS), Ependion (EPEN.SS), Bulten (BULTEN.SS), ProfilGruppen (PROF.B.SS)

          • Southern Europe: UniCredit (UCG.IM), Enagas (ENG.SM)

        • Trading Update:

          • DACHs: flatexDEGIRO (FTK.GR)

          • France: L'Oreal (OR.FP), Vivendi (VIV.FP), Eutelsat Communications (ETL.FP), Worldline (WLN.FP)

          • UK: Bunzl (BNZL.LN), ASA International Group (ASAI.LN)

    • M&A

      • EQT.SS (EQT AB) -- reportedly has held early stage takeover talks with firms including Coller, HarbourVest, and Pantheon -- Bloomberg

      • DGV.IM (Digital Value) -- OEP Capital Advisors agrees to acquire a controlling interest (not lower than 57.81%) in Digital Value for €29/share

      • SHEL.LN (Shell Plc) -- Keppel acquires 49% stake in Cleantech Solar from Shell for ($200M/SG$258.6M/£149.1M) - Mint (08:00 ST/01:00 BST)

      • TLO.CN (Talon Metals) -- announces extension from Kennecott Exploration for Tamarack Nickel Copper Project's feasibility study

      • 7RZ.GR (Augusta Gold) -- holders approve previously announced acquisition by AngloGold Ashanti for C$1.70/sh

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- FDA approves efficacy supplement for Rybelsus (semaglutide) oral tablets; expands label for CV risk

      • COPN.SW (Cosmo Pharmaceuticals) -- receives regulatory approval by the European Commission for Winlevi in the EU, following on the positive CHMP opinion

      • POXEL.FP (Poxel) -- informs that a first document in response to the questions received from the shareholders over the past few months is available

    • Other

      • REP.SM (Repsol) -- signs 8y agreement to supply renewable shipping fuels to Norwegian Cruise Lines in Barcelona

      • VID.SM (Vidrala) -- to implement a bonus share issue (post EU close 20-Oct)

      • Barclays previews Net-Lease, upgrades GLPI; Deutsche shelves Bally's loan

  • Key rating changes

    • Upgrades

      • AKSO.NO (Aker Solutions) -- to buy from hold at Pareto

      • BKT.SM (Bankinter) -- to equal weight from underweight at Barclays

    • Downgrades

      • BNP.FP (BNP Paribas) -- to neutral from outperform at Mediobanca

      • EMBRAC.B.SS (Embracer Group) -- to hold from buy at DNB Carnegie

      • QTCOM.FH (Qt Group) -- to accumulate from buy at Inderes

    • Initiations

      • EXA.FP (Exail Technologies) -- outperform at Bernstein

  • Data

    • Nikkei +0.43% to 49397.52

    • Hang Seng +1.35% to 26206.82

    • Shanghai Composite +1.09% to 3906.00

    • S&P futures (3.0) vs prior close of 6773.8

    • €-$ (0.0014) or (0.12%) to 1.1628

    • $-¥ +0.73 or +0.48% to 151.48

    • €-¥ +0.65 or +0.37% 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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