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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.02%, DAX +0.45%, CAC40 +0.21%

Nov 12 ,2025

  • Synopsis

    • European equity markets set to open higher, mirroring higher session in Asia and US futures also indicating higher. US dollar marginally higher, yen weaker and won weakening further. Treasuries and JGBs mixed. Precious metals also mixed, Crude oil futures lower. Base metals quiet. Cryptocurrencies rallying marginally.

    • Movement towards reopening US government driving discussion about release of delayed data releases, including CPI, nonfarm payrolls and retail sales data, and implications for near-term Fed rate path. Concerns over softening US labor market brought into sharper focus by soft weekly ADP payrolls data, leading markets back to pricing in around 70% chance of December Fed rate cut. Fed policymakers less convinced with media reports noting divisions making December line ball decision.

    • On the agenda in Europe today, in central banks, BOE's Mills panellist at 8:20GMT at Singapore fintech festival. ECB's Schnabel speech at 11:30CET at BNP Paribas' annual Global Markets Conf whilst ECB's de Guindos delivers a speech at 12:40CET at FIBI International Banking Conf . BOE's Foulger give a speech at 13:45GMT at the Assn. of Financial Market's annual European government bond conf . Norges Bank publication at 9:30 of latest Financial Stability Report.

    • On the political front, Eurogroup meeting, EU's Dombrovskis, ECB's Lagarde, Cipollone and Buch, among the participants. German Council of Economic Experts presents its annual report. In the UK, weekly PMQs at 12noon GMT followed shortly thereafter by Opposition Day debate .

    • A busy earnings calendar for today; of note, out of DACHs, Bayer AG (BAYN.GR) reported Q3 core EPS from cont ops €0.57 vs consensus €0.34 and confirmed upgraded FY25 guidance. E.ON SE (EOAN.GR) 9M adj net income came in at €2.30B vs consensus €2.32B and group reaffirmed its FY25 guidance. RWE (RWE.GR) posted 9M adj net income of €1.29B vs consensus €979M and confirmed guidance and dividend target for FY25. Elsewhere, ABN AMRO (ABN.NA) announced plans to acquire NIBC Bank from Blackstone (BX) for an estimated transaction price of ~€960M along with Q3 earnings.

    • On the macroeconomics calendar for today, Germany Oct final CPI is due at 7:00 GMT, followed by Italy Sep industrial production at 9:00 GMT and Portugal Oct final CPI at 11:00 GMT.

  • Politics/ Macro/ World News:

    • UK:

      • Starmer allies launch effort to ward off leadership change: Bloomberg

      • UK business seeks to swerve more tax as Reeves prepares budget: Bloomberg

    • Giorgia Meloni's 'middle-class' tax cut sparks political row in Italy: FT

    • French central bank sees slight growth in Q4 as political uncertainty weighs: Reuters

  • Top company news

    • Earnings/updates

      • BAYN.GR (Bayer AG) -- Q3 core EPS from cont ops €0.57 vs consensus €0.34; confirms the upgraded FY25 guidance

      • ABN.NA (ABN AMRO Bank) -- Q3 net income €617M vs consensus €594M

      • EOAN.GR (E.ON SE) -- 9M adj net income €2.30B vs consensus €2.32B; reaffirms its FY25 guidance

      • RWE.GR (RWE) -- 9M adj net income €1.29B vs consensus €979M; guidance and dividend target for FY25 confirmed

      • IFX.GR (Infineon Technologies) -- Q4 adj EPS €0.34 vs consensus €0.42; guides Q1 and FY 2026

      • BNR.GR (Brenntag) -- Q3 EPS €0.78 vs consensus €0.71; now expects FY Operating EBITA to be towards the lower end of the range; strategic review initiated

      • HDD.GR (Heidelberger Druckmaschinen) -- H1 EPS €0.00 vs year-ago (€0.11); FY forecast confirmed

      • SLHN.SW (Swiss Life Holding) -- 9M Gross premiums written CHF16.27B vs StreetAccount CHF16.45B

      • POST.AV (Oesterreichische Post) -- Q3 EPS €0.42 vs year-ago €0.37

      • INH.GR (INDUS Holding) -- Q3 EPS €1.33 vs year-ago €0.68

      • FLS.DC (FLSmidth & Co.) -- Q3 net income DKK394M vs FactSet DKK306.1M [7 est, DKK272-372M]; adjusts FY25 revenue guidance

      • ZIL2.GR (Elringklinger) -- Q3 EPS (€0.07) vs year-ago (€0.89); confirms FY guidance

      • JEN.GR (Jenoptik) -- Q3 EPS €0.37 vs FactSet €0.36 [2 est, €0.32-0.41]; expects FY revenue and EBITDA margin at lower end of guidance range

      • VOE.AV (Voestalpine) -- Q2 EPS €0.54 vs consensus €0.42; confirms FY guidance

      • TPE.GR (PVA TePla) -- Q3 net income (€0.3M) vs year-ago €5.6M

      • SPG.GR (Springer Nature) -- 9M adjusted operating profit €408.3M vs year-ago €379.5M, underlying growth of 9.9%

      • AUSS.NO (Austevoll Seafood) -- Q3 adj EPS (NOK0.50) vs FactSet NOK0.76 [7 est, (NOK0.02)-1.50]

      • REC.IM (Recordati) -- 9M adjusted net income €493.1M, +11% vs year-ago €445.4M

      • YPSN.SW (Ypsomed Holding) -- H1 net income CHF139.1M vs FactSet CHF106.2M [2 est, CHF52.7-159.6M]

      • STG.DC (Scandinavian Tobacco Group) -- Q3 EPS DKK3.40 vs FactSet DKK3.70 [1 est]

      • YUBICO.SS (Yubico) -- Q3 EPS SEK0.74 vs FactSet SEK0.62 [3 est, SEK0.50-0.73]

      • LSG.NO (Lerøy Seafood Group) -- Q3 EPS (NOK0.34), likely not comparable to FactSet (NOK0.01) [11 est, (NOK0.24)-0.17]

      • AEF.IM (Aeffe) -- prelim. 9M EBITDA (€11.9M) vs year-ago €90.9M; postpones the approval and publication of Q3 report

      • KWS.GR (KWS SAAT SE & Co. KGaA) -- Q1 EPS (€0.30) vs year-ago (€1.24)

      • DOV.IM doValue reports 9M net income €11.6M ex-items vs year-ago €4.8M; reaffirms FY guidance (post EU close 11-Nov)

      • NANOFH.FH Nanoform Finland reports Q3 EPS (€0.06) vs FactSet (€0.06) [1 est]

      • ZEHN.SW (Zehnder Group) -- reaffirms average annual revenue growth and EBIT margin targets in the medium term - CMD

    • M&A

      • ABN.NA (ABN AMRO) -- to acquire NIBC Bank from Blackstone (BX) for an estimated transaction price of ~€960M

      • LKOH.RU (Lukoil) -- Lukoil's failed sale of its international assets to Gunvor could trigger fire sale of its assets and fuel talk of possible takeover by Rosneft - FT

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- Public Property Invest ASA announces acquisition of NOK 37B social infrastructure real estate portfolio from SBB

      • TECK.B.CN (Teck Resources) -- held talks with Vale's base metals unit before agreeing to merge with Anglo American - Globe & Mail (~12:00 ET)

      • EQNR.NO (Equinor) -- PRIO SA completes acquisition of 40% interest in Peregrino field from Equinor Brasil under phase one of the transaction

      • SPIE.FP (SPIE) -- SPIE, announces the signing of agreement to acquire 89% of PIK AG; financial details not provided

      • SBB.D.SS (Samhällsbyggnadsbolaget i Norden) -- to host webcast regarding Public Property Invest transaction on Wed 12-Nov at 0830 CET

      • EPRO.B.SS (Electrolux Professional) -- to acquire assets of Royal Range; terms not disclosed

      • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- Hellenic Exchanges-Athens Stock Exchange's board publishes reasoned opinion on the revised offer submitted by Euronext (post EU close 11-Nov)

      • PUBLI.NO (Public Property Invest) -- announces a contemplated private placement of up to 153.6M new ordinary shares in connection with acquisition of social infrastructure portfolio from SBB

    • Healthcare

      • DBV.FP (DBV Technologies) -- Last patient visit completed in VITESSE trial of DBV Technologies's VIASKIN Peanut patch in peanut allergic children aged 4-7 years

      • EVT.GR (Evotec ) --receives milestone payment from Bristol Myers Squibb (BMY) following IND acceptance in strategic protein degradation partnership

      • MOLN.SW (Molecular Partners) -- presents new data for DLL3 targeting radiotherapy MP0712 at TRP Summit Europe 2025

      • ADOC.FP (Adocia) -- announces filing of patent for new long-acting peptides platform in diabetes and obesity AdoXLong

    • Other

      • LDO.IM (Leonardo) -- completes sale of 2.6M Avio shares priced at €37.75/sh

      • PLX.FP (Pluxee) -- acknowledges the Brazilian government's communication on the Workers' Food Program

  • Key rating changes

    • Upgrades

      • LR.FP (Legrand) -- to buy from hold at Kepler Cheuvreux

      • TTE.FP (TotalEnergies) -- to outperform from underperform at Mediobanca

    • Downgrades

      • HAG.GR (HENSOLDT) -- to neutral from overweight at JPMorgan

      • KOJAMO.FH (Kojamo) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • CITYVA.FH (Cityvarasto) -- buy at SEB

      • CHEMM.DC (ChemoMetec) -- buy at Berenberg

      • SMG.SW (SMG Swiss Marketplace Group) -- hold at Jefferies

      • TBTG.LN The Beauty Tech Group initiated buy at Berenberg

    • Other Actions

      • WG.LN (John Wood Group) -- resumed buy at Peel Hunt; prior rating was buy

  • Data

    • Nikkei +0.43% to 51063.31

    • Hang Seng +0.80% to 26910.29

    • Shanghai Composite +0.13% to 4008.07

    • S&P futures +19.5 vs prior close of 6871.5

    • €-$ (0.0001) or (0.01%) to 1.1582

    • $-¥ +0.43 or +0.28% to 154.59

    • €-¥ +0.50 or +0.28% to 179.05

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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