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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.1%), CAC (0.1%), IBEX (0.1%), MIB (0.2%)

Nov 17 ,2025

  • Synopsis

    • European equity markets set to open broadly lower. Recall that last week, European markets gave back initial gains to close just slightly positive. Stoxx 600 ended up only 0.81% after being up over 3% during the week.

    • The week ahead sees aggregate results of the 2025 SREP, Eurozone, France, Germany, UK Nov flash manufacturing/services PMIs, Switzerland Q3 preliminary GDP as well as earnings/updates from Babcock International Group (BAB.LN), Imperial Brands (IMB.LN), RTL Group (RRTL.GR), Smiths Group (SMIN.LN) and UNIQA Insurance Group (UQA.AV). In the US, focus on Nvidia earnings as well as catch up in US econ data (including a full September Jobs Report Thursday).

    • Asian equities mixed Monday. South Korean stocks outperforming with tech and shipbuilding giants rallying following investment pledges. Taiwan also higher. Losses picking up in Japan amid flare-up in tensions with China. Hang Seng leading declines in China with internet platforms and autos lower. Japan Q3 GDP logs smaller than expected contraction.

    • European macro data releases out today include Switzerland Q3 preliminary GDP, Italy Oct final CPI, Norway Oct trade balance, Ireland Oct trade balance

    • In the UK, Rightmove figures show average UK prices for homes put on the market fell by (1.8%) in the four weeks to 8-Nov (biggest for this time of year since 2012); weakness seen in the run-up to Rachel Reeves's Budget on 26 November. (Reuters, Guardian)

    • Among stocks in focus this morning is WPP (WPP.LN) following Sunday Times article that Havas, Apollo, KKR looking at the company. DKSH (DKSH.SW) is among bidders for HBM Healthcare Investments's (HBMN.SW) stake in Swixx Biopharma, reports .Bloomberg. Sky News reported that former UK Chancellor George Osborne, firmer Barclays finance director Naguib Kheraj, and former McKinsey global managing partner Kevin Sneader are the candidates on short list to be next chairman of HSBC (HSBA.LN).

    • In central banks, Bundesbank's Mauderer speech at 10:00CET at 11th China Day, DFV Euro Finance Group. Denmark central bank's Nødgaard speech at 11:00CET at Investor Day at the Danish Shareholders' Assn. Bank of Italy's Panetta's speech at 11:30CET (livestream) at the inauguration of the 2025/2026 academic year of the Fiscal Police. BOE Mann opening remarks at 13:20GMT at King's College London Understanding business conditions expectations and uncertainty Conf. ECB's Lane lecture at 15:30CET at Univ. of Galway and ECB's Cipollone at EP committee hearing (livestream) on the digital euro at 17:00CET. Netherland central bank's press conf. in Amsterdam. Portugal central bank releases its latest Official Bulletin. European Commission publishes its autumn economic forecast; related press conf at 11:00CET.. Opening Conf of "Euro Finance Week", speakers include ECB's de Guindos at 9:00CET and Chancellor Merz at 16:00.

    • On the political front, German-Chinese financial dialogue sees finance Minister Klingbeil, Bundesbank's Nagel among the participants. Meeting of EU Agriculture and Fisheries Council, EU's Hansen among the participants. 7th Accession Conf. with Albania. EU General Affairs Council meets whilst EU's Kubilius delivers opening speech at the conf "Defending Baltics". Süddeutsche Zeitung Economic Summit (through Wed) with speech and interview by Chancellor Merz at 10:45CET.

  • Macro/politics

    • Fitch Upgrades Greece to 'BBB'; Outlook Stable -- link

    • Spain's deficit to fall below Germany's for the first time in two decades -- FT

    • Bond Traders Eye Make-or-Break Data to Chart the Fed's Next Move -- Bloomberg

    • German finance minister lands in Beijing as trade gulf widens, supply chains wobble -- Reuters

  • Top company news

    • Earnings/updates

      • 2Q5.GR (Lunai Bioworks) -- reports Q1 GAAP EPS $0.13 vs year-ago ($2.76) - 10-Q

      • PLX.FP (Pluxee) -- trims FY26 outlook after regulatory reform announced in Brazil

      • ELN.IM (El.En.) -- reports Q3 EBIT €20.4M vs year-ago €19.6M; reaffirms FY revenue and EBIT guidance

      • SOLG.LN (SolGold) -- reports Q1 EPS (1.1cps) vs year-ago (0.3cps)

      • SRG.IM (Snam)-- Snam and ADIA terminate agreement relating to Open Grid Europe stake; Snam reaffirms FY adj. net income and net debt guidance

      • PRX.NA (Prosus) -- Trading Statement: Expects H1 core HEPS from cont. ops up between +20.1-28.5% y/y

      • Also reporting today

        • Earnings:

          • DACHs: JDC Group (JDC.GR)

          • Southern Europe: Solaria Energia (SLR.SM), EuroGroup Laminations (EGLA.IM)

          • UK: Big Yellow Group (BYG.LN), Sirius Real Estate (SRE.LN), Polar Capital Holdings (POLR.LN)

        • CMD/Events: Siemens Healthineers (SHL.GR), Informa (INF.LN), Embracer Group (EMBRAC.B.SS) Coffee Stain Group, SUSS MicroTec (SMHN.GR), Solaria Energia (SLR.SM)

    • M&A

      • HBMN.SW (HBM Healthcare Investments) -- DKSH among bidders for HBM Healthcare Investments's stake in Swixx Biopharma - Bloomberg

      • WPP.LN (WPP Group) -- Havas, Apollo, KKR looking at WPP - Sunday Times

      • BSGR.NA (B&S Group) -- Sarabel announces result of tender offer for B&S Group shares; ownership will increase to ~97.25%

      • GS (Goldman Sachs) -- Affinity Equity Partners gives Goldman Sachs preferential negotiation rights to acquire Burger King's Japan business - Nikkei

      • SIE.GR (Siemens AG) -- Siemens, International Finance Corp and Fullerton Fund Management may acquire at least 49% in Hygenco Green Energies - Mint

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- Relief Therapeutics shareholders approve business combination with NeuroX

      • FNAC.FP The French government is looking to curb JD.com entry into the capital of Fnac Darty -- BFMTV

      • 2020.NO (2020 Bulkers) -- sells each of its 2020 built Newcastlemax vessels, Bulk Sydney and Bulk Santos for total consideration of $145.5M

      • NOL.NO (Northern Ocean) -- Northern Ocean subsidiary to sell the Deepsea Bollsta rig to Odfjell Drilling for $480M cash

      • ALPRO.FP (Prodware) -- files draft memorandum in response to the public delisting offer followed by a mandatory delisting initiated by PHAST

    • Healthcare

      • GALD.SW (Galderma Group) -- Galderma announced that it presented new data from its Injectable Aesthetics portfolio and pipeline at the American Society for Dermatologic Surgery (ASDS) 2025 Annual Meeting, held in Chicago from November 13-16

      • SDZ.SW (Sandoz Group) -- Sandoz launches TYRUKO (natalizumab-sztn) in US, as first and only multiple sclerosis biosimilar

      • TECN.SW (Tecan Group) -- CFO Tania Micki to step down in May 2026 to take up external position

      • SFZN.SW (Siegfried Holding) -- CFO Reto Suter to step down

      • 2Q5.GR (Lunai Bioworks) -- SEC filing: 10-Q

      • FAGR.BB (Fagron) -- completes share buy-back program

      • FYB.GR (Formycon) -- Formycon's biosimilar candidate FYB208 shows high analytical comparability to Dupixent

      • ONCIN.NO (BerGenBio) -- Oncoinvent announces commencement of subscription period for previously disclosed fully underwritten NOK130M rights issue

    • Other

      • AIR.FP (Airbus SE) -- Pratt & Whitney has delivered enough engines for Airbus to meet its 2025 delivery target - Bloomberg

      • AIR.FP (Airbus SE) -- flydubai expected to award lion's share of jet order to Airbus SE - Reuters

      • Berlin and Paris govts might downsize €100B flagship defence project following feuding by Airbus and Dassault -- FT

      • UBSG.SW (UBS Group) -- Swiss bondholders exploring ways to settle with UBS as last month's court ruling could result in years of appeals and proceedings - FT

      • DGE.LN (Diageo) -- Shareholders want finance director Nik Jhangiani to stay at Diageo - Sunday Times

      • LOGN.SW (Logitech International) -- Logitech discloses cybersecurity incident relating to exfiltration of data; incident has not impacted products, business operations, or manufacturing

      • HSBA.LN (HSBC Holdings) -- Three candidates on short list to be next chairman of HSBC - Sky News

      • SAAB.B.SS (Saab) -- receives orders for Arexis system for German Eurofighter

      • SAAB.B.SS (Saab) -- Colombia orders 17 Gripen E/F fighter planes from Saab; order value is €3.1B (SEK34.07B)

      • CLN.SW (Clariant) -- to expand capacity in China; warns of more production shifting away from Europe amid higher energy and labor costs - FT, citing CEO

      • FLS.DC (FLSmidth & Co.) -- CEO Mikko Keto steps down; expected to leave the company during H1 2026

      • SIGN.SW (SIG Combibloc Group) -- SIG Group AG appoints FLSmidth current CEO Mikko Keto as its new CEO

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- announces Pelotas Norte Phase I multi-client 3D survey offshore southern Brazil

      • SLR.SM (Solaria Energia) -- seeking financial partner for new European data center platform - Bloomberg

      • Calix executes Joint Development agreement with Rio Tinto to provide over A$35M of value for Zesty Green Iron Demonstration Plant in Kwinana, WA

      • With new leaders in place, Renault, Nissan looking at invigorating their alliance - FT

  • Key rating changes

    • Upgrades

      • HEI.GR (Heidelberg Materials) -- to overweight from equal weight at Barclays

      • (NULL) -- Barclays upgrades HEI.GR; downgrades BZU.IM

      • VOE.AV (Voestalpine) -- to buy from neutral at UBS

      • ENR.GR (Siemens Energy) -- to outperform from neutral at Santander

    • Downgrades

      • MT.NA (ArcelorMittal) -- to neutral from buy at UBS

      • BNP.FP (BNP Paribas) -- to hold from buy at Deutsche Bank

      • ELE.SM (Endesa) -- to neutral from overweight at JPMorgan

      • OMV.AV (OMV) -- to hold from buy at Berenberg

      • AZM.IM (Azimut Holding) -- to hold from buy at Deutsche Bank

      • BZU.IM (Buzzi SpA) -- to equal weight from overweight at Barclays

  • Data

    • Nikkei (0.10%) to 50323.91

    • Hang Seng (0.93%) to 26324.82

    • Shanghai Composite (0.41%) to 3973.95

    • S&P futures +24.8 vs prior close of 6755.3

    • €-$ (0.0015) or (0.13%) to 1.1608

    • $-¥ +0.10 or +0.06% to 154.68

    • €-¥ +0.53 or +0.30% to 179.53

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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