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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX +0.4%, CAC +0.4%, IBEX +0.4%, MIB +0.5%

Oct 27 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, extending last week's gains when the Stoxx Europe 600 closed up 1.68% in a week mostly influenced by Q3 earnings.

    • Asia equities higher almost everywhere Monday as trade tensions ease further. Strong gains for Japan's Nikkei 225 that broke through 50K for the first time in a broad rally. Taiex and Kospi also at fresh record highs, Shanghai Composite at ten-year high. Risk-on sentiment attributed to dialing back of US-China trade tensions after negotiators reached framework agreement for final sign-off by Presidents Trump and Xi on Thursday. Treasury Secretary Bessent anticipates deal will avert 100% tariffs threatened by Trump, that China will delay rare earths curbs by a year and revive US soybeans purchases. Another extension of tariff deadline is expected. China's trade envoy also revealed agreement on fentanyl, though not immediately clear whether US will offer relief from 20% fentanyl tariff. US announced trade agreements with SE Asian nations involving critical minerals cooperation, purchase commitments and addressing non-tariff barriers.

    • This week sees ECB interest rate decision, Q3 preliminary GDPs and Oct preliminary CPIs from across the region as well as a heavy slate of earnings/updates including from Airbus (AIR.FP), Anheuser-Busch InBev (ABI.BB), AXA (CS.FP), Banco Santander (SAN.SM), BASF (BAS.GR), BNP Paribas (BNP.FP), Deutsche Bank (DBK.GR), GSK (GSK.LN), HSBC Holdings (HSBA.LN), Iberdrola (IBE.SM), Intesa Sanpaolo (ISP.IM), Novartis (NOVN.SW), Shell (SHEL.LN), Stellantis (STLAM.IM) and TotalEnergies (TTE.FP). Of note, clocks changed in Europe on Sun (went back an hour). After the EU close on Wed, there are Fed and BOJ interest rate decisions.

    • European macro data releases include Germany Oct Ifo survey, Eurozone Sep M3 money supply, UK Oct distributive trades - CBI, Denmark Sep retail sales.

    • Today's agenda also sees, in central banks, Bundesbank's Köhler-Geib panellist at 9:15CET at event hosted by International Bankers Forum whilst Bundesbank's Balz panellist at 12noon and 18:00CET at event in bank's event series title: "The Future of Payments". ECB's Elderson speech at 10:15CET, Tuominen speech at 11:40 at joint ECB /EUI banking governance high-level seminar.

    • Elsewhere, in the Netherlands, election debate at 18:15CET on NPO 1 and NPO Radio 1. Meanwhile, EU's von der Leyen among the participants for the first time, attends a working dinner with business leaders and Swedish ministers hosted by Sweden's PM Kristersson.

    • Among stocks in focus this morning, Novartis (NOVN.SW) is to buy Avidity Biosciences (RNA) for $72/share in cash. HSBC (HSBA.LN) to recognise provision of $1.1B in consolidated financial results for 3Q25 following Luxembourg court ruling. Gerresheimer (GXI.GR) discloses initial findings of an external independent investigation into revenue recognition from bill-and-hold agreements in FY24. Spain investigating CVC (CVC.NA) for tax fraud, reports the FT.

  • Politics/Macro/World News

    • Trade

      • UK chancellor to hold Gulf trade talks in push for pro-growth policies -- FT

    • Central Banks

      • ECB expected to hold interest rates steady this week for its third straight meeting -- France24

    • France

      • French Wealth Tax Vote Is Delayed as Government Teeters -- Bloomberg

      • Moody's Ratings changes France's outlook to negative, affirms Aa3 ratings -- link

    • Netherlands

      • Nexperia Fallout Adds to Business Angst Ahead of Dutch Election -- Bloomberg

      • Dutch voters eye return to centre after far-right experiment fails -- FT

  • Top company news

    • Earnings/updates

      • HSBA.LN (HSBC Holdings) -- to recognise provision of $1.1B in consolidated financial results for 3Q25 following Luxembourg court ruling

      • GXI.GR (Gerresheimer) -- discloses initial findings of an external independent investigation into revenue recognition from bill-and-hold agreements in FY24

      • PAL.AV (Palfinger) -- reports 9M EPS €2.04 vs year-ago €2.61; still expects Q4 earnings to largely offset first 9M decline

      • Also reporting today

        • Earnings:

          • DACHs: Deutsche Börse (DB1.GR), Palfinger (PAL.AV)

          • France: Nacon (NACON.FP)

          • Nordics: Fagerhult Group (FAG.SS), Balco Group (BALCO.SS)

          • Southern Europe: Galp Energia SGPS (GALP.PL), NOS SGPS (NOS.PL), Linea Directa Aseguradora (LDA.SM), Iberpapel Gestion (IBG.SM), Avio (AVIO.IM), Sogefi (SGF.IM),

          • UK: Bioventix (BVXP.LN)

        • Trading Update:

          • France: Exosens (EXENS.FP), Clariane (CLARI.FP), Lumibird (LBIRD.FP), Nacon (NACON.FP)

        • CMD/events: Galenica (GALE.SW), Innate Pharma (IPH.FP)

    • M&A

      • RNA (Avidity Biosciences) -- Novartis (NOVN.SW) to buy Avidity Biosciences for $72/share in cash

      • AUB.AU (AUB Group) -- subject of takeover interest from EQT - Australian Financial Review

      • EUROB.GA (Eurobank Ergasias Services & Holdings) -- Jumbo agrees to acquire the Veso Mare shopping center from Eurobank for €10.8M (post EU close 24-Oct)

      • AMPLI.FP (Amplitude Surgical) -- Zydus Lifesciences unit Zydus MedTech completes acquisition of remaining stake in Amplitude Surgical SA

      • Kennards and BlackRock considered most likely buyers of Blackstone's WA self storage assets - The Australian

      • US, China reach final deal on TikTok - CBS

    • Healthcare

      • BAYN.GR (Bayer AG) -- FDA approves Bayer's Lynkuet (elinzanetant) to treat hot flashes

      • BAYN.GR (Bayer AG) -- issues press release on previously disclosed FDA approval of Lynkuet (elinzanetant) to treat hot flashes; expected to be available in the U.S. beginning in November 2025

      • UCB.BB (UCB) -- presents new three-year data on BIMZELX at ACR 2025

      • SOBI.SS (Swedish Orphan Biovitrum) -- announces new data from completed and ongoing studies of Nanoecapsulated Sirolimus plus Pegadricase (NASP, formerly SEL-212), Vonjo (pacritinib), and Gamifant (emapalumab-lzsg)

      • 4523.JP (Eisai) -- Eisai receives approval for LEQEMBI in Canada for treatment of early Alzheimer's disease

      • AVCT.LN (Avacta Group) -- presents first preclinical data from dual payload pre|CISION medicines at the 2025 AACR

    • Other

      • STLAM.IM (Stellantis) -- Chrysler to recall over 291,000 vehicles due to a defective radiator fan circuit - NHTSA

      • VOW.GR (Volkswagen) -- CEO says Porsche is in a massive crisis; notes has secured a sufficient supply of chips for now - Bild am Sonntag

      • TTE.FP (TotalEnergies) -- consortium to end force majeure on LNG project in Mozambique - Bloomberg

      • PRX.NA (Prosus) -- creates Brazilian Depositary Receipts (BDR) program

      • ITV.LN (ITV) -- ITV's ad sales "have been savaged" - Mail on Sunday

      • SAAB.B.SS (Saab) -- willing to open final-assembly plant in Ukraine as part of deal for Ukraine to buy up to 150 Gripen jets - FT, citing CEO

      • CLN.SW (Clariant) -- board to reduce its size from eleven to eight members and enhance corporate governance

      • CVC.NA (CVC Capital Partners) -- Spain investigating CVC for tax fraud - FT

      • PFC.LN (Petrofac) -- hires Teneo for administration process - Sky News

      • Estimated weekend box office revenues in US, Canada $73.0M, (22.3%) y/y - Box Office Mojo

      • Rio Tinto and China's State Power Investment Corporation launch trial of battery swap electric haul truck technology at Oyu Tolgoi copper mine

  • Key rating changes

    • Upgrades

      • Jefferies transfers AZN.LN, GSK.LN, NOVN.SW, others

      • BANB.SW (Bachem Holding) -- to buy from hold at Deutsche Bank

      • BEIA.B.SS (Beijer Alma) -- to buy from hold at Handelsbanken

      • PHO.NO (PhotoCure) -- to buy from hold at ABG Sundal Collier

      • SU.FP (Schneider Electric) -- to overweight from equal-weight at Morgan Stanley

      • MEDI.NO (MediStim) -- to buy from hold at DNB Carnegie

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- to outperform from underperform at Autonomous Research

      • HPOL.B.SS (HEXPOL) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • EDP.PL (EDP-Energias de Portugal) -- to neutral from overweight at JPMorgan

      • EDP.PL (EDP-Energias de Portugal) -- to hold from buy at Deutsche Bank

      • FLS.DC (FLSmidth & Co.) -- to hold from buy at Danske Bank

      • VAIAS.FH (Vaisala) -- to hold from buy at Berenberg

      • SIKA.SW (Sika Group) -- to neutral from outperform at Oddo

      • NDX1.GR (Nordex) -- to neutral from outperform at Santander

    • Initiations

      • TRST.LN (Trustpilot Group) -- outperform at RBC Capital Markets

      • RSGN.SW (R&S Group Holding) -- outperform at Oddo

  • Data

    • Nikkei +2.46% to 50512.32

    • Hang Seng +1.01% to 26423.83

    • Shanghai Composite +1.14% to 3995.31

    • S&P futures +59.8 vs prior close of 6827.0

    • €-$ (0.0009) or (0.08%) to 1.1627

    • $-¥ +0.13 or +0.09% to 152.98

    • €-¥ +0.03 or +0.02% to 177.87

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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