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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.56%, DAX +0.29%, CAC40 +0.55%

Nov 11 ,2025

  • Synopsis

    • European equity markets are set to open higher, whilst Asian equities trading largely lower Tuesday although losses capped. Japan's Topix and Nikkei 225 set to close lower despite a bright start. Losses in Hong Kong and mainland China, Australia dragged back by its banking stocks, Taiwan and India lower. Holidays: Poland (Independence Day).

    • In a 60-40 vote Monday night, US Senate passed a stopgap funding bill to reopen government. Legislation now heads to House, where a vote may occur Wednesday. Market welcoming developments with reopening paving way for release of delayed data that may shape December Feed rate cut expectations. Futures pricing in around 60% chance of December rate cut, and latest Fed views show mixed opinions with some backing further easing while others advocating caution.

    • On today's agenda, EU's Micallef exchanges views with the members of the Committee on Employment and Social Affairs in the EP. Norway's minister of labour and inclusion Stenseng speech at 10:15CET at the Labour & Inclusion Strategy Conf. In the UK, parliamentary committee topics include work of the Dept for Business and Trade (minister Kyle) at 14:00GMT, work of the Home Office at 14:30, work of the Ministry of Housing, Communities and Local Government (minister Reed to be questioned on housing delivery & 1.5M new homes target) at 15:00 and UK-India Free Trade Agreement ay 17:30. G7 foreign ministers meet in Ontario, Canada (through Wed). Amongst events on Mon are Economist hosted event taking place alongside COP30 title Farming for the future: boosting agricultural productivity while protecting the planet, as well as event title The electrification economy. FT event Global Pharma and Biotech Summit (through Wed).

    • In central banks, ECB's Lagarde greeting message at 9:20CET at Conf celebrating the 100th Anniversary of the Bank of Albania. BOE's Greene panellist at 8:30GMT at UBS European conf. whilst Bank of Austria's Kocher delivers a speech at 10:00CET in connection with release of bank's latest Financial Stability Report. Norges Bank's Bache panellist at 15:30CET at conf organized by the Dutch Central Bank title "Monetary and Fiscal Policy in a Dynamic World". Bank of Spain's Escrivá give a speech (livestream) at 17:45CET at PIMEC and Riksbank publishes minutes from last MPC meeting at 9:30CET.

    • European macro data releases out today include Germany Nov ZEW survey, UK Sep ILO unemployment rate, Oct retail sales monitor - BRC, Eurozone Nov economic sentiment, Netherlands Oct final CPI and Worldpanel UK grocery market share figures for 12 weeks ending 2-Nov-25.

    • In corporate news, Telenor (TEL.NO) ahead of today's Capital Markets Day, provided a summary of the key messages and financial ambitions presented in the CMD materials, sees FCF before M&A at NOK 12-13B for 2028, reaching NOK 14-15B by 2030. In DACHs, Fraport (FRA.GR), K+S AG (SDF.GR), United Internet (UTDI.GR), Sunrise Communications (SUNN.SW) and 1&1 AG (1U1.GR) reported Q3 earnings. In Italy, Infrastrutture Wireless Italiane (INW.IM) released its Q3 earnings report and confirmed its guidance for 2025. Other notable companies updating investors today includes Munich Re (MUV2.GR), Porsche Automobil Holding (PAH3.GR), Recordati (REC.IM), Vodafone Group (VOD.LN), DCC (DCC.LN) and Marks & Spencer Group (MKS.LN) CMD.

  • Politics/Macro/World News

    • Switzerland nears deal to cut US tariffs to 15% after business push - FT

    • Rachel Reeves signals plan to remove two-child benefit cap in budget - The Guardian

    • Merz accused of using debt bazooka for welfare and tax cuts instead of investment - FT

    • Shift in CO₂ price burdens German companies - Handelsblatt

  • Top company news

    • Earnings/updates

      • DACHs

        • SDF.GR (K+S AG) -- reports Q3 EPS €0.10 vs FactSet (€0.12) [3 est, (€0.17)-(0.09)]

        • FRA.GR (Fraport) -- reports Q3 net income €342.9M vs StreetAccount €238.8M; now expects 63M passengers to travel via FRA in 2025 vs prior guidance 64M

        • HAG.GR (HENSOLDT) -- confirms €6B revenue ambition in 2030; publishes presentation ahead of CMD today

        • TEG.GR (TAG Immobilien) -- reports 9M FFO €0.76 vs year-ago €0.74; raises 2025 FFO guidance, publishes guidance for FY26, proposes to increase payout ratio

        • PSPN.SW (PSP Swiss Property) -- reports Q3 EPRA EPS CHF1.29 vs year-ago CHF1.23; reaffirms FY guidance

        • SUNN.SW (Sunrise Communications) -- reports Q3 adj EBITDAaL CHF270.1M vs consensus CHF268.0M; re-confirms FY25 guidance

        • OFN.SW (Orell Füssli) -- confirms targets of achieving revenue of CHF300M and an EBIT margin of at least 8% by 2028 - CMD

        • KLIN.SW (Klingelnberg) -- reports H1 net income (€14.6M) vs year-ago (€12.8M)

        • ILM1.GR (Medios) -- reports Q3 EPS €0.55 ex-items vs year-ago €0.49; reaffirms 2025 outlook

        • IOS.GR (IONOS Group) -- reports 9M EPS €1.35 ex-items vs year-ago €0.96

        • 1U1.GR (1&1 AG) -- reports 9M EPS €0.63 vs year-ago €1.11; revenue and earnings forecast for 2025 confirmed

        • UTDI.GR (United Internet) -- reports Q3 EBITDA comparable €323.5M vs consensus €316.0M; now expects FY cash capex €750M vs previous guidance €800M

        • SAX.GR (Stroeer SE & Co. KGaA) -- reports Q3 adjusted EBITDA €147.4M vs StreetAccount €154.1M

      • Nordics

        • TEL.NO (Telenor) -- sees FCF before M&A at NOK 12-13B for 2028, reaching NOK 14-15B by 2030 -- CMD

        • BOUV.NO (Bouvet) -- reports Q3 EPS NOK0.68 vs FactSet NOK0.75 [3 est, NOK0.69-0.80]

        • EG7.SS (Enad Global 7) -- reports Q3 EPS SEK0.30 ex-items vs year-ago SEK0.11

        • SPIR.NO (Spir Group) -- reports Q3 Adjusted EBITDA NOK35.4M vs FactSet NOK35.0M [1 est]

        • MOBA.NO (Morrow Bank) -- Strategy Update: by end-2028, ambition of more than 10% annual organic loan growth and a ROTE of around 20%, will transfer listing from Euronext Oslo Bors to Nasdaq Stockholm on 9-Jan

        • CAPSL.NO (Capsol Technologies) -- Business Update: Q3 revenue NOK19M vs FactSet NOK15M [1 est]

        • SALME.NO (Salmon Evolution) -- reports Q3 EPS (NOK0.10) vs FactSet (NOK0.14) [5 est, (NOK0.20)-(0.10)]

        • STAR.B.SS (Starbreeze) -- reports Q3 EPS (SEK0.18) vs FactSet (SEK0.16) [1 est]

        • MANTA.FH (Mandatum) -- reports Q3 EPS €0.09 vs year-ago €0.07; FY25 outlook unchanged

        • FG.SS (Fasadgruppen Group) -- reports Q3 EPS SEK0.57 vs FactSet SEK1.28 [2 est, SEK0.96-1.60]

        • BAHN.B.SS (Bahnhof) -- reports Q3 EPS SEK0.53 vs FactSet SEK0.57 [1 est]

        • RAIVV.FH (Raisio) -- reports Q3 comparable EPS €0.05 vs FactSet €0.04 [5 est, €0.04-0.05]

        • NORDH.NO (Nordhealth) -- reports Q3 net income (€2.1M) vs FactSet (€0.8M)

      • Southern Europe

        • INW.IM (Infrastrutture Wireless Italiane) -- reports Q3 net income €92.1M vs FactSet €91.5M [1 est]

        • BFF.IM (BFF Bank SpA) -- reports Q3 adjusted net income €42.8M vs FactSet €34.2M

        • TPRO.IM (Technoprobe) -- reports 9M EBITDA €146.1M, +53.3% y/y; guides Q4

        • OPTIMA.GA (Optima Bank) -- reports 9M net income €123.4M, +14% vs year-ago €108.2M

      • Benelux

        • BSGR.NA (B&S Group) -- Q3 trading update: revenue €585.5M vs year-ago €592.1M; reconfirms FY25 outlook

        • TWEKA.NA (TKH Group) -- reports Q3 adj EBITA €38.7M vs FactSet €44.6M; outlook reiterated

      • Also dur to report today includes:

        • Earnings:

          • Benelux: Kendrion (KENDR.NA)

          • Denmark: Scandinavian Tobacco Group (STG.DC), Copenhagen Airports (KBHL.DC), H+H International (HH.DC), Jeudan (JDAN.DC)

          • Finland: Kamux (KAMUX.FH)

          • Germany: Munich Re (MUV2.GR), Porsche Automobil Holding (PAH3.GR), Deutsche Wohnen (DWNI.GR), KSB (KSB.GR)

          • Italy: Recordati (REC.IM), A2A (A2A.IM), Italmobiliare (ITM.IM), Philogen (PHIL.IM), doValue (DOV.IM), IGD SIIIQ (IGD.IM), B&C Speakers (BEC.IM), Sabaf (SAB.IM)

          • Norway: Webstep (WSTEP.NO)

          • Spain: Vocento (VOC.SM)

          • Sweden: NOBA Bank Group (NOBA.SS), AlzeCure Pharma (ALZCUR.SS), Vivesto (VIVE.SS), Coinshares International (CS.SS)

          • UK: Vodafone Group (VOD.LN), DCC (DCC.LN), Air Astana (AIRA.LN), Oxford Instruments (OXIG.LN), Avon Technologies (AVON.LN), AB Dynamics (ABDP.LN), Dialight (DIA.LN)

          • Other: CEZ (CEZ.CP), Bank of Cyprus Holdings (BOCH.CY)

        • Traffic: Heathrow Airport (+HTR.LN), Aeroflot-Russian Airline (AFLT.RU)

        • CMD/Events: SKF (SKF.B.SS), Marks & Spencer Group (MKS.LN), Titan (TITC.BB), Heidelberg Pharma (HPHA.GR) R&D

    • M&A

      • SAN.SM (Banco Santander) -- Santander considering selling some or all of its 13% stake in Polish unit via book buildings over the coming months - Bloomberg (10-Nov, 16:10 CET)

      • CVC.NA (CVC Capital Partners) -- CVC's Syntegon draws interest from several suitors - Bloomberg

      • MOBA.NO (Morrow Bank) -- to acquire SEK ~640M Swedish performing loan portfolio from Moank

      • ABBN.SW (ABB Limited) -- ABB does not expect E-Mobility IPO to be ready to proceed until after 2026 - Handelsblatt (10-Nov, 17:02 CET)

      • TECK.B.CN (Teck Resources) -- Teck spoke about merging with unidentified Anglo rival for two years

      • NEXI.IM (Nexi SpA) -- CDP opposes Nexi selling majority stake in digital banking solutions business to TPG - Reuters (10-Nov, 12:50 ET/18:50 CET)

      • BAMI.IM (Banco BPM) -- UniCredit files appeal with Italy's top administrative court over government-set terms for Banco BPM bid - Reuters

      • OVS.IM (OVS) -- to acquire home products company Kasanova

      • SBNOR.NO (Sparebanken Norge) -- announces Norwegian Financial Supervisory Authority approval of merger with Oslofjord Sparebank

      • Bain Capital preparing to bring Estia Health to market - Australian Financial Review

    • Healthcare

      • IDIA.SW (Idorsia) -- announces publication of a new analysis from Phase 3 PRECISION study in the Journal of Hypertension

    • Other

      • HTWS.LN (Helios Towers) -- holder placing ~41M shares via accelerated bookbuilding process through BofA and Jefferies

      • LDO.IM (Leonardo) -- discloses CFO Alessandra Genco has stepped down from her role

      • RDC.GR (Redcare Pharmacy) -- CFO Jasper Eenhorst steps down

      • European Commission reportedly exploring ways to ban Huawei and ZTE from EU members' mobile networks -- Bloomberg

      • FHFA's Pulte says reviewing potential implementation of FICO's 10T credit score

  • Key rating changes

    • Upgrades

      • AUTO.NO (AutoStore Holdings) -- to hold from sell at SEB

      • BEIJ.B.SS (Beijer Ref) -- to buy from hold at Berenberg

      • ROG.SW (Roche Holding) -- to hold from sell at Deutsche Bank

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

      • GIVN.SW (Givaudan) -- to buy from hold at Jefferies

      • LXS.GR (Lanxess) -- to hold from underperform at Jefferies

    • Downgrades

      • INGA.NA (ING Groep) -- to underperform from market perform at Keefe, Bruyette & Woods

      • HLUN.B.DC (H. Lundbeck) -- to underperform from hold at Jefferies

      • INW.IM (Infrastrutture Wireless Italiane) -- to neutral from overweight at JPMorgan

      • SIGN.SW (SIG Combibloc Group) -- to hold from buy at Berenberg

      • NB2.GR (Northern Data) -- to hold from buy at Canaccord Genuity

      • CRDA.LN (Croda International) -- to hold from buy at Jefferies

      • EVK.GR (Evonik Industries) -- to underperform from hold at Jefferies

    • Others:

      • YAR.NO (Yara International ) -- transferred buy at Jefferies

      • WCH.GR (Wacker Chemie) -- transferred hold at Jefferies

      • CLN.SW (Clariant) -- transferred underperform at Jefferies

      • SDF.GR (K+S AG) -- transferred underperform at Jefferies

  • Data

    • Nikkei (0.14%) to 50842.93

    • Hang Seng (0.22%) to 26591.27

    • Shanghai Composite (0.40%) to 4002.49

    • S&P futures (5.0) vs prior close of 6856.8

    • €-$ (0.0004) or (0.03%) to 1.1553

    • $-¥ +0.06 or +0.04% to 154.20

    • €-¥ +0.02 or +0.01% to 178.15

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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