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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.8%, DAX +1.4%, CAC +1.3%, IBEX +1.1%, MIB +1.4%

Nov 10 ,2025

  • Synopsis

    • European equity markets set to open firmly higher, as markets welcome signs US Senate nearing deal to end government shutdown.

    • Meanwhile, Asia equities higher Monday. South Korea stocks leading the region on several supportive domestic developments for the stock market. In economic developments, China consumer prices unexpectedly rose with food price declines narrowing. Core inflation logged fasted growth since Mar-2024 amid holiday-driven demand.

    • Recall last week, European markets closed lower for the second straight week, with the Stoxx 600 down (1.24%) to its lowest closing price since mid-October, reflecting persistent headwinds despite pockets of resilience. AI-linked industrials led the decline as concerns over monetization of the technology and circular spending within the industry has dampened enthusiasm, despite analysts suggesting data-center capex remains on track for high-teens growth through 2026. Autos & Parts bucked the trend, closing up 2.6% for the week, buoyed by the Netherlands' de-escalation in the Nexperia chip dispute

    • This week sees Eurogroup meeting, Germany Nov ZEW survey, UK Sep unemployment data, OPEC/IEA monthly oil market reports as well as earnings/updates from Allianz (ALV.GR), Enel (ENEL.IM), Experian (EXPN.LN), Generali (G.IM), Richemont (CFR.SW), Siemens (SIE.GR) and Vodafone Group (VOD.LN). Of note, Tue sees a bank holiday in a number of countries across the region including France and Belgium, though markets in these countries remain open. COP 30 continues throughout the week.

    • European macro data releases out today include Eurozone Nov investor confidence - Sentix, Sweden Sep industrial production, Finland Sep industrial production, Denmark Oct CPI, Sep trade balance, Norway Oct CPI, PPI, Netherlands Sep manufacturing production, Austria Sep industrial production, Greece Sep industrial production, Oct CPI

    • Among stocks in focus this morning, Hannover Re (HNR1.GR) reports Q3 net income €650.8M vs consensus €637M; raises FY net income guidance. In pharma M&A, Pfizer (PFE) and Metsera (MTSR) enter into amended merger agreement at $86.25/shr; Metsera board reaffirms support, cites risks with Novo Nordisk (NOVO.B.DC) deal structure. Permira nearing deal to acquire JTC (JTC.LN) in £2B+ deal after seeing off Warburg Pincus interest, reports the FT. Activists may seek to get Diageo (DGE.LN) to spin off Guinness, according to the Mail on Sunday. SSE (SSE.LN) may sell billions of pounds of shares, reports Bloomberg. AstraZeneca (AZN.LN) eyed as it presents full results from Bax24 Phase III trial; analysts at BNP Paribas Exane comment the blood pressure lowering effect observed has exceeded bull-case scenarios.

    • In central banks, BOE's Lombardelli opening remarks at 9:10GMT and chair of a panel at the BOE/Bank of Ghana Pan-African Central Bank Governors' conf . ECB Economic Bulletin pre-release at 14:00CET. EU's von der Leyen participates in a meeting she convenes with the Presidents of the EP and the Presidency of the Council. DIE ZEIT newspaper hosts discussion at 19:00CET with German finance minister Klingbeil on the government's budget, plans for defence spending and compulsory military service, as well as other domestic and international topics. Norway's minister of foreign affairs Eide visits China (Mon/Tue) and Singapore (Wed) and minister of labour and inclusion Stenseng speech at 9:30CET at IMDi's annual conf.

  • Politics/Macro/World News

    • US Senate advances plan to end shutdown in bipartisan breakthrough - POLITICO , Reuters

    • Von der Leyen dodged UK PM request for meeting on EU money demands - FT

    • ECB to kick off race for top roles as Lagarde era enters final stretch -- FT

    • China resumes shipments of Nexperia chips, lifts export ban on dual-use items

    • Netherlands Sep Manufacturing Production +0.1% m/m vs consensus (1.5%) and prior revised +2.0% from +1.7%

    • Finland Sep Industrial Production (1.8%) y/y vs consensus +0.9% and prior (0.2%)

  • Top company news

    • Earnings/updates

      • HNR1.GR (Hannover Re) -- reports Q3 net income €650.8M vs consensus €637M; raises FY net income guidance

      • ALCLS.FP (Cellectis SA) -- reports Q3 EPS ($0.46) ex-items vs FactSet ($0.23) [6 est, ($0.37)-(0.09)]

      • STM.GR (Stabilus) -- reports prelim FY net income €24.2M vs FactSet €35.1M [6 est, €24.8-49M]; expects FY26 to be challenging

      • SZG.GR (Salzgitter) -- reports 9M pretax income (€72.7M) vs consensus (€90M); specifies FY25 guidance in lower half of previous range

      • ALM.SM (Almirall) -- reports 9M net income €41.8M ex-items vs year-ago €9.9M; On track to meet 2025 guidance

      • LEHN.SW (LEM Holding) _- reports H1 net income CHF6.8M vs FactSet CHF3.6M [1 est]; guides FY; updates mid-term financial ambitions

      • Also reporting today

        • Earnings:

          • DACHs: Hypoport (HYQ.GR), Biotest (BIO3.GR), q.beyond (QBY.GR), LEM Holding (LEHN.SW)

          • Nordics: NTG Nordic Transport Group (NTG.DC), Shelf Drilling (SHLF.NO), Shelf Drilling North Sea (SDNS.NO), Intellego Technologies (INT.SS)

          • Southern Europe: Infrastrutture Wireless Italiane (INW.IM), Banca Ifis (IF.IM), Sanlorenzo (SL.IM), NewPrinces (NWL.IM), Acinque (AC5.IM), Pharmanutra (PHN.IM), Valsoia (VLS.IM)

          • UK: Kainos Group (KNOS.LN), Applied Nutrition (APN.LN)

        • Trading Update:

          • UK: RHI Magnesita (RHIM.LN)

        • CMD/Events: London Stock Exchange Group (LSEG.LN) Innovation Forum

    • M&A

      • MTSR (Metsera) -- Pfizer and Metsera enter into amended merger agreement at $86.25/shr; Metsera board reaffirms support, cites risks with Novo Nordisk deal structure

      • MTSR (Metsera) -- Novo Nordisk does not intend to raise its offer for Metsera

      • NOVO.B.DC (Novo Nordisk) -- Metsera loss not dissuading Novo Nordisk CEO from deals - Bloomberg

      • JTC.LN (JTC) -- Permira nearing deal to acquire JTC in £2B+ deal after seeing off Warburg Pincus interest - FT

      • NB2.GR (Northern Data) -- confirms Rumble intends to make all-share tender offer for company

      • AIR.FP (Airbus SE) -- announces Satair to acquire Unical Aviation Inc. and its subsidiary ecube

      • DGE.LN (Diageo) -- Activists may seek to get Diageo to spin off Guinness - Mail on Sunday, citing City sources

      • KAR.SS (Karnov Group) -- Karnov sells EHS division to Infopro Digital Group for €92.0M (SEK1.0B) in cash

      • BPT.LN (Bridgepoint Group) -- NextEra Energy in advanced talks to buy Symmetry Energy Solutions for $800M (£607.9M) - Bloomberg

      • NB2.GR (Northern Data) -- confirms Rumble intends to make all-share tender offer for company

      • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- Euronext submits revision to tender offer for Hellenic Exchanges-Athens Stock Exchange shares

      • WIHN.SW (WISeKey International Holding) -- and Columbus Acquisition Corp. execute definitive business combination agreement to publicly list WISeKey's Subsidiary WISeSat.Space Corp. under the name WISeSat.Space Holdings

      • AUB.AU (AUB Group) -- EQT receives unsolicited approach from CVC Asia Pacific to partner in acquisition of AUB, acquisition price would remain at A$45/sh

      • NBA.PL (Novabase SGPS) -- sells NBASIT-Sistemas de Informação e Telecomunicações, SA

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA grants orphan drug designation to surovatamig for acute lymphocytic leukemia

      • AZN.LN (AstraZeneca) -- presents full results from Bax24 Phase III trial at American Heart Association Scientific Sessions 2025

      • ROG.SW (Roche Holding) -- Roche announced that the first Phase III (FENhance 2) of two pivotal, similarly-designed Phase III studies (FENhance 1 and 2) in patients with relapsing multiple sclerosis (RMS) met its primary endpoint.

      • IONS (Ionis Pharmaceuticals) -- announces results from the pivotal Phase 3 CORE and CORE2 studies of olezarsen in people with severe hypertriglyceridemia; studies meet primary endpoint

      • OGN (Organon & Co.) -- announces new data shows early and consistent response to VTAMA (tapinarof) cream, 1%, in children aged 2+ with atopic dermatitis, including those with associated comorbidities

      • SHL.GR (Siemens Healthineers) -- Siemens said to favour direct spinoff of Healthineers stake; plans could be announced as soon as next week -- Bloomberg

      • IPH.FP (Innate Pharma) -- announces FDA clearance to proceed with TELLOMAK 3, a confirmatory Phase 3 trial of Lacutamab in CTCL

    • Other

      • HFG.GR (HelloFresh) -- responds to Grizzly Research short report

      • AGS.BB (Ageas) -- discloses Brussels Court of Appeal upheld prior judgement in Patrinvest claim related to Fortis

      • O2D.GR (Telefonica Deutschland Holding) -- appoints Santiago Argelich Hesse as new CEO effective 1-Jan-26.

      • BAR.BB (Barco) -- launches share buyback program for up to €30M

      • AIR.FP (Airbus SE) -- German parliament in final discussions to approve purchase of 20 light combat helicopters from Airbus - Bloomberg

      • DGE.LN (Diageo) -- has looked at external candidates to be CEO - FT

      • SSE.LN (Scottish and Southern Energy) -- may sell billions of pounds of shares - Bloomberg

      • UHR.SW (Swatch Group) -- to be removed from benchmark Swiss Leader Index and replaced by Helvetia Baloise Holding from 22- Dec -- Reuters

      • VK.FP (Vallourec) -- discloses CFO transition; CFO Sascha Bibert to depart to pursue another opportunity

      • FGR.FP (Eiffage) -- wins public-private partnership contract for construction of new prison facility in Belgium for a total investment amount of €171M

      • LTMC.IM (Lottomatica Group) -- provides timeline for previously announced €500M buyback program

      • Estimated weekend box office revenues in US, Canada $81.4M, +18.1% y/y - Box Office Mojo

      • Samsung reportedly in talks to launch credit card in US -- media report

      • SIE.GR (Siemens) -- said to favour direct spinoff of Healthineers stake; plans could be announced as soon as this week -- Bloomberg

      • Southern District of Texas Court approves $600M in new funding for First Brands

  • Key rating changes

    • Upgrades

      • ACKB.BB (Ackermans & Van Haaren) -- to outperform from neutral at Oddo

      • CBK.GR (Commerzbank) -- to buy from hold at Deutsche Bank

      • ENR.GR (Siemens Energy) -- to buy at Jefferies

      • RMV.LN (Rightmove) -- to buy from hold at Panmure Liberum, to outperform from sector perform at RBC Capital Markets

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

      • SMHN.GR (SÜSS MicroTec) -- to buy from neutral at UBS

      • UPM.FH (UPM-Kymmene) -- transferred overweight at Morgan Stanley; prior rating was equal-weight

    • Downgrades

      • RMV.LN (Rightmove) -- to underweight from equal weight at Barclays

      • RMV.LN (Rightmove) -- to neutral from buy at UBS

      • WCH.GR (Wacker Chemie) -- to hold from buy at Kepler Cheuvreux

      • MNDI.LN (Mondi) -- to underweight from equal weight at Barclays

  • Data

    • Nikkei +1.26% to 50911.76

    • Hang Seng +1.53% to 26642.46

    • Shanghai Composite +0.43% to 4014.58

    • S&P futures +49.0 vs prior close of 6753.8

    • €-$ (0.0009) or (0.08%) to 1.1553

    • $-¥ +0.34 or +0.22% to 154.06

    • €-¥ +0.25 or +0.14% to 177.96

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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