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StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX +0.3%, CAC +0.2%, IBEX +0.1%, CAC +0.1%

Nov 13 ,2025

  • Synopsis

    • European equity markets set to to open broadly higher, in a busy session for earnings/updates with the likes of SIE.GR, G.IM, MRK.GR, DTE.GR, BRBY.LN and PSN.LN among those reporting

    • European macro data releases include UK Q3 preliminary GDP, Sep industrial/manufacturing production, construction output, trade balance, Oct house price balance - RICS, monthly GDP tracker - NIESR, France Q3 unemployment rate, Sweden Oct final CPI, Switzerland Oct PPI, Eurozone Sep industrial production, Ireland Oct CPI

    • In central banks, Norges Bank's Bech-Moen speech at 8:00CET title "Norges Bank Outlook" at a seminar organized by Nordea in London. BOE's Cleland panellist at 7:40GMT at Singapore fintech festival. Bank of France's Villeroy speech at 10:00CET in Paris in connection with the IMF's Regional Economic Outlook for Europe's upcoming note on "Stronger Together: How to Leverage Europe's Hubs to Boost Productivity". BOE's Greene panellist at 12noon GMT at Chatham house event 'Is the age of central bank independence under threat?'. SNB's Tschudin and Thomas Moser speak at 18:30CET at Apéritif 'Marché monétaire'. Bundesbank's Köhler-Geib panellist at 19:15CET at event hosted by Platow. Riksbank releases latest Financial Stability Report at 9:30CET, related press conf. at 11:00. ECB Forum on Banking Supervision (through Fri) with an opening speech by ECB's Buch at 11:00CET, ECB's Donnery panellist at 11:30 and ECB's Machado moderates panel at 16:15. ECOFIN meeting, EU's Dombrovskis, ECB's de Guindos among the participants. ECB economic bulletin published at 10:00CET. EU's von der Leyen participates in EP plenary debate on the conclusions of the European Council meeting of 23-Oct. EU's Micallef speech at the 12th Annual Conf. of The European Strategy and Policy Analysis System 'Europe towards 2040: Charting a course in a new era of conflict and competition'. EU's Dombrovskis participates in the ministerial dialogue between the EU and European Free Trade Assn (EFTA) countries. Norway's minister of finance Stoltenberg attends the Nordic Finance Ministers' meeting as well as ECOFIN meeting. IEA oil market report is due for release. Bundestag Budget Committee reconciliation meeting on the 2026 Federal Budget. Chancellor Merz speech at 14:10CET on final day of German Retail Congress. Frankfurt Financial Center Talks at 12noon CET with Commerzbank (CBK.GR) CEO Bettina Orlopp. Also on Thur, Handelsblatt orgainised event title Decarbonization of industry.

  • Macro/politics

    • Reeves Looks to Woo Budget Watchdog With Plan to Cut Inflation (Bloomberg)

    • EU Prepares New Plan to Implement Trade Agreement With US (Bloomberg )

    • Ineos debt sell-off accelerates amid fears over European chemicals sector (FT )

    • Scotland given same credit rating as UK ahead of debut 'kilts' sale (FT )

  • Top company news

    • Earnings/updates

    • Austria:

      • WIE.AV (Wienerberger): reports 9M EPS €1.56 vs year-ago €0.42; cuts FY outlook

      • Due: PYT.AV (Polytec Holding)

    • Benelux:

      • KBC.BB (KBC Group): reports Q3 net income €1.00B vs consensus €952M; adjusts FY25 total income and NIM guidance upwards

      • AGN.NA (Aegon): Q3 operating capital generation (before holding funding & op. exp.) €340M vs consensus €319.6M; on track to meet all financial targets for 2025

      • SBMO.NA (SBM Offshore): Trading Update: reports YTD directional revenue $3.6B vs year-ago $2.8B; lifts FY guidance

      • Due: NYXH.BB (Nyxoah), AGFB.BB (Agfa-Gevaert), DEME.BB (DEME Group), BANQ.BB (Banqup Group)

    • Denmark:

      • ZEAL.DC (Zealand Pharma): reports Q3 EPS (DKK5.75) vs year-ago (DKK3.77) KBHL.DC (Copenhagen Airports): reports Q3 net income DKK519M, +18% y/y

      • Due: ALK.B.DC (ALK-Abello), SWON.SW (SoftwareONE Holding)

    • Finland:

      • Due: ORTHEX.FH (Orthex), Finnair (FIA1S.FH) capital markets update

    • France:

      • IPH.FP (Innate Pharma): reports 9-Months revenue €2.3M vs year-ago €10.2M

      • Due: ALO.FP (Alstom), UBI.FP (Ubisoft), VLA.FP (Valneva), FGR.FP (Eiffage), CLA.FP (Claranova), ALICA.FP (ICAPE), FORSE.FP (Forsee Power)

    • Germany:

      • SIE.GR (Siemens AG): reports Q4 EPS pre-PPA €2.30 vs consensus €2.68; anticipates FY26 EPS pre PPA of €10.40-11.00

      • FRA.GR (Fraport): reports Oct Frankfurt Airport traffic statistics: passengers 6.02M, +5.9% y/y

      • MRK.GR (Merck KGaA): reports Q3 EPS pre €2.32 vs consensus €2.19; confirms and narrows its FY25 guidance

      • S92.GR (SMA Solar Technology): reports Q3 EPS (€2.94) incl. items and unclear if comparable to FactSet €0.99 [1 est]

      • TLX.GR (Talanx): guides FY26 net income of ~€2.7B vs FactSet €2.55B

      • DTE.GR (Deutsche Telekom): reports Q3 adjusted net income €2.67B vs consensus €2.48B; share buy-backs of up to €2B planned for 2026

      • FYB.GR (Formycon): reports 9M adjusted EBITDA (€21.7M) vs year-ago €2.9M

      • Due GYC.GR (Grand City Properties): reports 9M FFO I €0.80 vs year-ago €0.82 Due: EBK.GR (EnBW), HLAG.GR (Hapag-Lloyd), R3NK.GR (Renk Group), OBCK.GR (Ottobock), GBF.GR (Bilfinger), WAC.GR (Wacker Neuson), PSM.GR (ProSiebenSat.1), SIX2.GR (Sixt), OHB.GR (OHB), VH2.GR (Friedrich Vorwerk), DMP.GR (Dermapharm), HHFA.GR (Hamburger Hafen), DEQ.GR (Deutsche EuroShop), DUE.GR (Duerr), TNIE.GR (tonies), MBB.GR (MBB), PNE3.GR (PNE), MLP.GR (MLP), COK.GR (CANCOM), CWC.GR (CEWE), JST.GR (JOST Werke), GLJ.GR (GRENKE), SFQ.GR (SAF-HOLLAND), MUX.GR (Mutares), PBB.GR (Deutsche Pfandbriefbank), IXX.GR (init innovation), EKT.GR (EnergieKontor), GFT.GR (GFT Technologies), PCZ.GR (ProCredit), HTG.GR (HomeToGo), HAW.GR (Hawesko), AAG.GR (Aumann), NVM.GR (Novem Group), PWO.GR (PWO), VTAG.GR (Voltabox), MRX.GR (Mister Spex), DEX.GR (Delticom), C3RY.GR (Cherry), STR.AV (STRABAG), DHER.GR (Delivery Hero), PSG.GR (PharmaSGP)

    • Italy:

      • G.IM (Assicurazioni Generali): reports 9M net income €3.22B vs consensus €3.15B; Combined ratio 92.3% vs consensus 91.9%; SII 214% vs consensus 213%; confirms 2025-2027 growth targets

      • Due: ENEL.IM (Enel), TRN.IM (Terna), ACE.IM (ACEA), REY.IM (Reply), IRE.IM (Iren), CRL.IM (Carel), MOL.IM (Moltiply Group), RWAY.IM (Rai Way), ARN.IM (Alerion Cleanpower), FM.IM (Fiera Milano), MN.IM (Arnoldo Mondadori), WIIT.IM (WIIT), TXT.IM (TXT e-Solutions), CAI.IM (Cairo Communication), AV.IM (Antares Vision), TYA.IM (Toscana Aeroporti), ADB.IM (Aeroporto Bologna), ORS.IM (Orsero), PRT.IM (Esprinet), DAL.IM (Datalogic), IEG.IM (Italian Exhibition), FNM.IM (FNM), ECNL.IM (Aquafil), TFIN.IM (Trevi-Finanziaria), WBD.IM (Webuild), FRU.MIL.IM (Multitude)

      Norway:

      • PRS.NO (Prosafe): reports Q3 EPS $0.64 vs FactSet ($0.03)

      • GSF.NO (Grieg Seafood): reports Q3 EPS cont ops (NOK3.50) vs FactSet (NOK0.50)

      • Due: NORBT.NO (Norbit), ENDUR.NO (Endur), ELMRA.NO (Elmera Group), NCOD.NO (Norcod), IDEX.NO (IDEX Biometrics)

      Portugal:

      • Due: RENE.PL (Redes Energeticas Nacionais)

    • Sweden:

      • EMBRAC.B.SS (Embracer Group): reports Q2 EPS (SEK0.67) vs FactSet SEK0.18

      • BETCO.SS (Better Collective): reports Q3 EPS €0.03 vs FactSet €0.12

      • Due: BIOA.B.SS (BioArctic), MTG.B.SS (Modern Times Group), SUS.SS (Surgical Science), MEKO.SS (MEKO), BYGGP.SS (ByggPartner Gruppen), IBT.B.SS (Infant Bacterial Therapeutics), FNM.SS (Ferronordic), QSYS.SS (Qualisys), IMMU.SS (Mendus), ISOFOL.SS (Isofol Medical), NORVA.SS (Norva24)

      Switzerland:

      • FHZN.SW (Flughafen Zuerich): reports Oct traffic statistics: ~3.2M passengers, +6.7% y/y

      • COTN.SW (COMET Holding): revises mid-term targets; pushes back semiconductor cycle peak, new USD/CHF assumption - CMD

      • SWON.SW (SoftwareONE): reports Q3 adj EBITDA CHF65.2M vs FactSet CHF67.5M; reiterates FY25 guidance

      • Due: AERO.SW (Montana Aerospace)

      Spain:

      • Due: ACS.SM (ACS), CAF.SM (CAF), TLGO.SM (Talgo), COL.SM (Inmobiliaria Colonial), ANA.SM (Acciona), ANE.SM (Acciona Energías Renovables)

    • UK:

      • Due: III.LN (3i Group), ICG.LN (ICG), BRBY.LN (Burberry), QQ.LN (QinetiQ), BME.LN (B&M), PFD.LN (Premier Foods), WIZZ.LN (Wizz Air), ATYM.LN (Atalaya Mining), MRK.LN (Marks Electrical), AV.LN (Aviva), SPX.LN (Spirax), CTEC.LN (ConvaTec), PSN.LN (Persimmon), GFTU.LN (Grafton),

    • M&A

      • EPC (Edgewell Personal Care) -- announces sale of feminine care business to Essity

      • TTE.FP (TotalEnergies) -- exploring sale of some renewable energy assets in Asia - Bloomberg

      • BP.LN (BP) -- in active discussions with Stonepeak for sale of Castrol unit - Reuters, citing sources

      • CA.FP (Carrefour) -- Peninsula sells its stake in Carrefour; transaction has been completed and no new market impact is expected by Peninsula

      • CA.FP (Carrefour) -- board welcomes Saadé family as new core shareholder with stake ~ 4%ESSITY.B.SS (Essity) -- to hold conference call and audio webcast on 13-Nov regarding acquisition of Edgewell Personal Care's feminine care business

      • ARMADA acquires Poseidon Industrial LLC; terms not disclosed

    • Healthcare

      • NOVN.SW (Novartis) -- Phase III trial for next-generation malaria treatment KLU156 (GanLum) meets primary endpoint, with potential to combat antimalarial resistance

      • IPH.FP (Innate Pharma) -- Transcript Intelligence: Innate Pharma at Stifel Healthcare Conference

      • IVA.FP (Inventiva) -- announces launch of ~$125M ADS offering

      • 2Q5.GR (Lunai Bioworks) -- SEC filing: SCHEDULE 13D/A (Filed by William Anderson Wittekind)

      • BINV.SS (BioInvent International) -- Transcript Intelligence: BioInvent International at Stifel Healthcare Conference

      • VICO.SS (Vicore Pharma Holding) -- completes 46.9M-share secondary at SEK9.7/share

      • VICO.SS (Vicore Pharma Holding) -- to carry out a directed share issue of ~ $40M (~ SEK 379M) through accelerated bookbuilding procedure, commencing immediately

      • CANTA.SS (Cantargia) -- Transcript Intelligence: Cantargia at Stifel Healthcare Conference

      • EGTX.SS (Egetis Therapeutics) -- Transcript Intelligence: Egetis Therapeutics at Stifel Healthcare Conference

    • Other

      • SIE.GR (Siemens AG) -- Siemens plans to deconsolidate its remaining stake in Siemens Healthineers (currently circa 67%)

      • TTE.FP (TotalEnergies) -- signs 15yr renewable energy deal with Alphabet to power data centers

      • SSE.LN (Scottish and Southern Energy) -- SSE PLC prices equity issue of 97.9M new ordinary shares to raise gross proceeds of approximately £2.0B

      • EDP.PL (EDP-Energias de Portugal) -- EDP planning to invest $2B in renewable energy and battery projects in Asia through 2030 - Bloomberg

      • GE Vernova, Siemens Energy in talks to supply gas turbines to $7B Syria project - Reuters

      • Glencore planning to invest in Chuangxin's upcoming Hong Kong IPO - Bloomberg

      • Rio Tinto to place Jadar lithium project on care and maintenance - Australian Financial Review

      • Volkswagen provides update on JV with Rivian

  • Key rating changes

    • Upgrades

      • AQ.SS (AQ Group) -- to buy from hold at DNB Carnegie

      • OCI.NA (OCI NV) -- to buy from hold at HSBC

      • SYDB.DC (Sydbank) -- to buy from hold at SEB

      • EQNR.NO (Equinor) -- to buy from neutral at Sparebank 1 Markets

    • Downgrades

      • VWS.DC (Vestas Wind Systems) -- to hold from buy at Berenberg

      • RWE.GR (RWE) -- to reduce from hold at Kepler Cheuvreux

      • TPE.GR (PVA TePla) -- to hold from buy at Jefferies (earlier, timing uncertain)

    • Initiations

      • ITRK.LN (Intertek Group) -- add at Peel Hunt

      • AALB.NA (Aalberts) -- outperform at Bernstein

      • PPGN.SW (PolyPeptide Group) -- buy at Berenberg

      • UTG.LN (UNITE Group) -- outperform at Oddo

  • Data

    • Nikkei +0.43% to 51281.83

    • Hang Seng +0.60% to 27083.55

    • Shanghai Composite +0.69% to 4027.65

    • S&P futures +15.0 vs prior close of 6875.8

    • €-$ (0.0010) or (0.08%) to 1.1585

    • $-¥ +0.10 or +0.07% to 154.91

    • €-¥ (0.02) or (0.01%) to 179.46

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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