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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.06%), DAX30 +0.09%, CAC40 (0.08%)

Nov 07 ,2025

  • Synopsis

    • European indicies are set to open slighlty lower as Asia equities decline almost everywhere to end a poor weak for the region. Steep declines on Japan's Nikkei and Topix boards, Kospi resuming its selloff amid continuing warnings over valuations.

    • US equities were lower in Thursday trading as stocks ended not far off worst levels. Risk-off theme with AI, retail favorites, most-shorted, quantum computing, nuclear and crypto plays among the high-profile decliners after some reprieve on Tuesday.

    • Economics data today: Germany Sep trade balance, France Sep trade balance, Norway Sep manufacturing production, Denmark Sep manufacturing production, Switzerland Oct consumer confidence - SECO, UK Oct house price index - Halifax

    • Among central banks updates: SNB's Tschudin chair panel at 10:00 CET, BOE's Saporta panellist at 12:10 at ECB conf on money markets. Bundesbank's Nagel and Fed Vice Chair Jefferson in Talks & Insight at 13:00CET.

    • In corporate news: (UNI.IM) Unipol Gruppo reports 9M net income €1.12B vs year-ago €724M. GUBRA.DC) Gubra A/S reports Q3 EBIT (DKK6.1M) vs year-ago DKK4.4M. (BRNL.NA) Brunel International reports Q3 EBIT €11.9M ex-items vs FactSet €10.0M. (APAM.NA) Aperam reports Q3 EPS (€0.28) vs FactSet €0.01. (SBS.GR) Stratec reports Q3 Adjusted EPS €0.17 vs year-ago €0.23; confirms FY guidance. (DTG.GR) Daimler Truck Holding reports Q3 EPS €0.57 vs FactSet €0.60. (ALPHA.GA) Alpha Bank SA reports Q3 net income €221M ex-items vs FactSet €194.2M. (SBNOR.NO) Sparebanken Norge reports Q3 net income NOK1.80B vs FactSet NOK1.62B

  • Politics/Macro/World News

    • EU weighs pausing parts of landmark AI act in face of US and Big Tech pressure (FT )

    • The end is near for policy easing among big central banks (Reuters )

    • The Budget New Car Has Disappeared in Germany (BBG )

  • Top company news

    • Earnings/updates

      • NOVO.B.DC (Novo Nordisk) -- confirms agreement with the U.S. Administration to offer GLP-1s at a lower cost

      • CLNX.SM (Cellnex Telecom) -- reports 9M net income (€263M) vs year-ago (€140M)

      • DTG.GR (Daimler Truck Holding) -- reports Q3 EPS €0.57 vs FactSet €0.60 [2 est, €0.49-0.70]; FY25 outlook confirmed

      • DEC.FP (JCDecaux) -- reports Q3 revenue €926.1M vs consensus €922.3M; guides Q4

      • ENX.FP (Euronext) -- reports Q3 Adjusted EPS €1.68 vs consensus €1.64; launches €250M share repurchase program

      • AKE.FP (Arkema) -- reports Q3 adj EPS €1.04 vs consensus €1.20; guides FY25

      • PIRC.IM (Pirelli & C.) -- reports Q3 net income €136.6M vs consensus €133M

      • INPST.NA (InPost) -- reports Q3 adj. net income PLN322.8M vs FactSet PLN360.3M; FY Group adj EBITDA growth adjusted for additional investment in the UK

      • GBLB.BB (Groupe Bruxelles Lambert) -- reports 9M NAVPS 104.83 vs year-ago 117.99

      • APAM.NA (Aperam) -- reports Q3 EPS (€0.28) vs FactSet €0.01 [1 est]

      • SCYR.SM (Sacyr Vallehermoso) -- reports 9M net income €134.3M, +81% vs year-ago €74.1M

      • KRN.GR (Krones) -- reports Q3 EPS €2.15 vs FactSet €2.21 [3 est, €2.16-2.25]

      • MOL.HB (MOL Hungarian Oil & Gas) -- reports Q3 EPS Ft127.00 vs FactSet Ft192.67 [2 est, Ft178.96-206.38]

      • MTLN.GA (Metlen Energy & Metals Plc) -- Metlen launches of its third strategic transformation including changes to leadership team and organisational structure (6-Nov)

      • MOBN.SW (Mobimo Holding) -- to nominate director Markus Schürch as new chairman at 2026 AGM

      • CE.IM (Credito Emiliano) -- reports 9M net income €506.4M, +4.2% y/y

      • ALTA.FP (Altarea) -- reports Q3 revenue €474.4M vs year-ago €466.5M

    • M&A

      • LKOH.RU (Lukoil) -- Gunvor withdraws proposal to acquire Lukoil's international assets - Politico

      • CMCSA (Comcast) -- reportedly in discussions to acquire ITV broadcasting arm - Bloomberg

      • BL (BlackLine) -- investors pushing company to explore potential sale following SAP's reported takeover interest - Bloomberg

      • ITV.LN (ITV) -- Follow-up: Comcast in talks to acquire ITV's media and entertainment unit - Bloomberg

      • AUB.AU (AUB Group) -- EQT re-confirms intention to proceed with proposal to acquire AUB Group at A$45.00/sh; period of exclusivity extended by further two weeks to 20-Nov

      • CMCOM.NA (CM.com) -- rejects unsolicited approach by Bird; sees no merits in engaging on the proposal

      • 012510.KS (DOUZONE BIZON) -- EQT AB the buyer of Chairman Young-woo Kim's stake in DOUZONE BIZON

      • PERR.FP (G+¬rard Perrier Industrie) -- Gérard Perrier Industrie entered into exclusive negotiations to acquire 100% of the shares of the companies AUDIT QUALITÉ LABORATOIRE ÉLECTRONIQUE (AQLE), SOMALEC, and SOMALEC SUPPLY. Terms were not disclosed

      • TNXT.IM (Tinexta) -- announces conditional resignation of majority of members of board of directors

      • Warburg Pincus working on bid for Aidacare - The Australian

    • Healthcare

      • LLY (Eli Lilly) -- Lilly also confirms agreement with U.S. government to expand access to obesity medicines and reduce patient costs

      • NOVO.B.DC (Novo Nordisk) -- announces results from new post hoc analyses from the Phase III REDEFINE trial evaluating CagriSema and its effects on well-known cardiovascular (CV) risk factors

      • BAYN.GR (Bayer AG) -- CFO Wolfgang Nickl to step down in 2026; Judith Hartmann appointed new CFO

      • IRLAB.A.SS (IRLAB Therapeutics) -- RLAB receives acceptance for two abstracts at AD/PD 2026: The 20th International Conference on Alzheimer's and Parkinson's Diseases

    • Other

      • SAP.GR (SAP) -- set to make formal offer of concessions shortly to settle EU antitrust investigation and avoid heavy fine - Reuters

      • CLNX.SM (Cellnex Telecom) -- to distribute €500M in share premium reserves and initiate €500M share buy-back program

      • DEC.FP (JCDecaux) -- CORRECTION: JCDecaux reports Q3 revenue €926.1M vs consensus €922.3M; guides Q4

      • DOUZONE BIZON notes holder Yongwoo Kim to sell 6.8M-shares to Doronicum Co., Ltd at KRW120,000/sh

      • Regional Gaming Revenues - New York Sports Betting October 2025

      • Stellantis terminates Binding Offtake Agreement with Alliance Nickel

  • Key rating changes

    • Upgrades

      • DNO.NO (DNO ASA) -- to buy from hold at DNB Carnegie

      • SMHN.GR (SÜSS MicroTec) -- to buy from hold at Deutsche Bank

      • UN0.GR (Uniper) -- to neutral from underperform at Oddo

    • Downgrades

      • DIA.IM (Diasorin) -- to hold from buy at Deutsche Bank

      • EDP.PL (EDP-Energias de Portugal) downgraded to sell from neutral at Goldman Sachs

      • UPM.FH (UPM-Kymmene) downgraded to underweight from overweight at JPMorgan

      • EDPR.PL (EDP Renovaveis) downgraded to neutral from outperform at Oddo

      • DIA.IM (Diasorin) downgraded to hold from buy at Deutsche Bank

    • Initiations

      • CKI.LN (CK Infrastructure Holdings) -- overweight at Barclays

    • Other Actions

      • SBRE.LN (Sabre Insurance Group) -- transferred sector perform at RBC Capital Markets; prior rating was outperform

  • Data

    • Nikkei (1.19%) to 50276.37

    • Hang Seng (0.86%) to 26257.27

    • Shanghai Composite (0.07%) to 4004.78

    • S&P futures +15.0 vs prior close of 6747.5

    • €-$ (0.0011) or (0.09%) to 1.1536

    • $-¥ +0.42 or +0.27% to 153.48

    • €-¥ +0.26 or +0.15% to 177.00

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