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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (1.25%), DAX (1.39%), CAC40 (0.53%)

Nov 18 ,2025

  • Synopsis

    • European equity markets are set to open lower, following a softer performance on Monday. Asian equity markets under pressure, with Nikkei and Kospi underperforming amid weakness in tech stocks. US equity futures lower with S&P down 0.6%.

    • Broad risk-off session characterized by steep losses in large-cap semis and NVDA suppliers ahead of latter's results on Wednesday and a high bar for earnings. Concerns have grown about weak market breadth and AI fundamentals. Market conviction in a December Fed rate cut expectations waning with CME's FedWatch showing 43% chance vs 62% a week ago, reflecting ongoing policymaker divide. Market also awaits several higher profile macro events, including FOMC minutes, Fedspeak barrage and Sep NFP and flash PMIs.

    • On today's agenda, Chancellor Merz and President Macron due to speak at 15:45CET and 16:00 respectively at European Digital Sovereignty summit. Franco-German Chamber of Commerce and Industry (AHK) provides information on trade and investment between the two countries. Denmark local elections take place. Sweden's King and Queen visit Canada (through Thu) along with defence minister, Jonson, industry minister Busch and representatives of some 60 Swedish companies including Saab (SAAB.A.SS). UK parliament sees MPs question on Energy Security and Net Zero at 11:30GMT, whilst committee topics include affordability of home ownership as well as cryptocurrencies both at 10:00 and UK's fiscal framework at 15:00. Chancellor Merz and French President Macron expected to attend Summit on European Digital Sovereignty in Berlin. EU's Kubilius participates in the EU Enlargement Forum Panel discussion "The Geopolitical Imperative for Enlargement", EU's von der Leyen delivers a speech. DI hosts M&A 2025.

    • In central banks, Bundesbank's Köhler-Geib opening remarks at 8:45CET at Annual Workshop of ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision (through Wed). ECB's Machado speech at 9:30CET at "Banca do Futuro" conf on the reform of SREP and AI in banking supervision whilst ECB's Tuominen gives a speech at 9:40CET at Symposium on the current hybrid threat environment and financial stability organised by Commerzbank and Hybrid CoE. 22nd European SSM Round Table sees Ireland central bank's Makhlouf speech at 9:00GMT. BOE Pill speech gives fireside chat at 13:00GMT at Natixis Corporate and Investment Banking debate on the conduct of monetary policy in an uncertain world. BOE Dhingra speech at 17:00GMT at the Knoop Annual Lecture held at the Univ. of Sheffield. Slovenian central bank's Dolenc press conf. after annual consultations with IMF. Hungary central bank announces interest rate decision. ECB Banking Supervision press conf at 11:00CET on the aggregate results of the 2025 Supervisory Review and Evaluation Process (SREP), ECB's Buch makes introductory statement (livestream), Elderson participates.

    • There are no major economic data releases in Europe today, leaving focus on overseas developments. Comments from hawkish BoE official Mann late Monday suggest policy debate will remain divided even with expectations high for a December rate cut. BoE raises deposit guarantee to £120K to keep pace with inflation, which will mean banks and other financial services firms will have to pay higher contribution to scheme. German press discusses difficulties facing Chancellor Merz in passing pension reform.

    • In earnings news, Amundi (AMUN.FP) unveiled its 2025-2028 strategic plan "Invest for the Future" indicating it expects to deliver €300B of cumulative net inflows over the period and sees an EPS of more than €7 in 2028, while Crédit Agricole (ACA.FP) announced its new medium-term plan, ACT 2028, aims for a net income of over €8.5B by 2028 and payment of an interim dividend from 2026. ABB Limited (ABBN.SW) raises target range for its annual operational EBITA margin to 18-22% vs prior 16-19% - CMD. In DAHCs, ams-OSRAM (AMS.SW) and Flughafen Wien (FLU.AV) reported Q3 earnings and confirmed their outlook for 2025.

    • In M&A, Akzo Nobel (AKZA.NA) and Axalta Coating Systems announced an all-stock merger of equals. Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each Axalta share. Elsewhere, Amundi (AMUN.FP) and ICG (ICG.LN) announced a 10-year long-term strategic and equity partnership in which Amundi will take a 9.9% economic stake in ICG.

  • Politics/Macro/World News

    • ECB's top supervisor seeks new powers to override bank capital barriers - FT

    • Italy's light touch on inheritance tax comes at a cost, economists say - Reuters

    • UK to Raise Cap on Bank Deposit Insurance to £120,000 Next Month - Bloomberg

    • UK government's housebuilding target under threat as councils face exodus of planners - FT

    • China and Germany agree to work on closer commercial ties, end trade tensions - Reuters

  • Top company news

    • Earnings/updates

      • France

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport October traffic 9.3M, +2.4%

        • AMUN.FP (Amundi) -- expects to deliver €300B of cumulative net inflows over the period; EPS of more than €7 in 2028 -- 2025-2028 Strategic Plan

        • ACA.FP (Crédit Agricole) -- aims for a net income of over €8.5B by 2028; payment of an interim divi from 2026 -- Strategic Plan ACT 2028

      • UK

        • BYG.LN (Big Yellow Group) -- reports H1 EPS 38.0p vs FactSet 28.5p [1 est]; hikes dividend by 5%, y/y

        • ICG.LN (ICG) -- reports H1 EPS 102.8p vs vs year-ago 57.6p

      • DACHs

        • ARYN.SW (Aryzta) -- reaffirms FY guidance

        • TTR1.GR (technotrans) -- reports 9M EPS €1.15 vs year-ago €0.66

        • ZURN.SW (Zurich Insurance Group) -- remains on track to deliver against its targets for 2025-27 - Investor Update

        • AMS.SW (ams-OSRAM) -- reports Q3 EPS €0.27 vs FactSet €0.10 [3 est, €0.08-0.11]; confirms FY guidance

        • KWS.GR (KWS SAAT SE & Co. KGaA) -- CMD; confirms mid-term financial targets and presents growth strategy

        • ABBN.SW (ABB Limited) -- raises target range for its annual operational EBITA margin to 18-22% vs prior 16-19% - CMD

        • 9Q9.GR (Azerion Group) -- reports Q3 adjusted EBITDA €14.4M vs year-ago €12.8M

        • F3C.GR (SFC Energy) -- reports 9M net income (€1.2M) vs year-ago €8.2M; refines FY25 guidance

        • FLU.AV (Flughafen Wien) -- reports Q3 EPS €1.09 vs year-ago €1.07; confirms FY guidance

      • Nordics

        • MAS.NO (Måsøval) -- reports Q3 EPS (NOK0.59) ex-items vs FactSet (NOK0.25) [4 est, (NOK0.33)-(0.20)]

        • ALMB.DC (Alm. Brand Group) -- aims for a insurance service result target of DKK 2.35B in 2028; additional DKK600M buyback in 2026 -- CMD

        • SKA.B.SS (Skanska) -- raises its financial target for Construction to an operating margin of ~4.0% -- CMD

        • SYNSAM.SS (Synsam) -- reports Q3 EPS SEK0.90 vs FactSet SEK0.79 [3 est, SEK0.75-0.82]

        • MAHA.A.SS (Maha Capital) -- reports Q3 EPS from continuing operations $0.02 vs year-ago ($0.25)

      • Also due to report today includes:

        • Earnings:

          • DACHs: RTL Group (RRTL.GR), M1 Kliniken (M12.GR)

          • Nordics: SP Group (SPG.DC)

          • UK: Imperial Brands (IMB.LN), Diploma (DPLM.LN), Great Portland Estates (GPE.LN), Greencore Group (GNC.LN), Tatton Asset Management (TAM.LN), Trifast (TRI.LN), Gear4music (Holdings) (G4M.LN), Calnex Solutions (CLX.LN)

        • Trading Update:

          • Southern Europe: Mota-Engil SGPS (EGL.PL)

          • UK: Softcat (SCT.LN), Crest Nicholson Holdings (CRST.LN)

        • Traffic: Flughafen Wien (FLU.AV), VINCI (DG.FP)

        • CMD/Events: Rheinmetall (RHM.GR), Rational (RAA.LN), GFT Technologies (GFT.GR), Amundi (AMUN.IM)

    • M&A

      • AKZA.NA (Akzo Nobel) -- Akzo Nobel and Axalta Coating Systems announce all-stock merger of equals, creating a global coatings leader with $17B in revenue and an enterprise value of $25B

        • AKZA.NA (Akzo Nobel) -- Follow-up: Akzo Nobel and Axalta Coating Systems announce all-stock merger of equals. Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each Axalta share

      • AMUN.FP (Amundi) -- and ICG announce 10-year long-term strategic and equity partnership; Amundi to take 9.9% economic stake in ICG

      • CTEC.LN (ConvaTec Group) -- Novo Holdings A/S to sell ~155M ordinary shares in Convatec Group plc

      • HSBA.LN (HSBC Holdings) -- Interested parties waiting on HSBC to decide how to proceed with HSBC Australian business sale process - Australian Financial Review

      • AMUN.FP (Amundi) -- and ICG announce 10-year long-term strategic and equity partnership; to take 9.9% economic stake in ICG

      • WG.LN (John Wood Group) -- announces court meeting and general meeting approve acquisition by Sidara

      • Akzo Nobel, Axalta Coating Systems in advanced talks for merger - Bloomberg

    • Healthcare

      • SHL.GR (Siemens Healthineers) -- Transcript Intelligence: Siemens Healthineers Capital Markets Day

      • NANO.FP (Nanobiotix) -- Transcript Intelligence: Nanobiotix at Jefferies Global Healthcare Conference

      • OSE.FP (OSE Immunotherapeutics) -- Announces Positive Recommendation from Independent Data Monitoring Committee (IDMC) to Continue Pivotal Phase 3 ARTEMIA Trial Evaluating Tedopi in Non-Small Cell Lung Cancer

    • Other

      • DBK.GR (Deutsche Bank) -- Transcript Intelligence: Deutsche Bank Investor Day

      • HSBA.LN (HSBC Holdings) -- HSBC board at odds over which candidate should progress in race to succeed Mark Tucker as chair - FT

      • ENG.SM (Enagas) -- announces interim dividend of €0.4 gross per share to be paid on 23-Dec-25

      • RUI.FP (Rubis) -- launches up to €8M share buyback program

      • RUI.FP (Rubis) -- comments on French Competition Authority decision, notes fine of €64.2M

      • VENDA.NO (Vend Marketplaces) -- reports final results of previously announced share issue

      • TRMD.A.DC (TORM Plc) -- SEC filing: SCHEDULE 13D/A (Filed by Oaktree Capital Group Holdings GP, LLC)

      • PRS.NO (Prosafe) -- appoints Halvdan Kielland as interim CFO

      • 57L.GR (Sono Group) -- SEC filing: NT 10-Q

      • Clean Energy Fuels holder Total notes it reserves right to two board appointments as both previously designated board members resign - 13D/A

      • Coffee Stain releases presentation material in connection with yesterday's Capital Markets Event

      • Jotun A/S board resolves to distribute additional dividend of NOK3,000/share

      • Regional Gaming Revenues - New Jersey Month October 2025

      • Rio Tinto to reduce production at Yarwun by 40% from Oct-26, to extend the operation's life until 2035

  • Key rating changes

    • Upgrades

      • SKF.B.SS (SKF) -- to buy from hold at Deutsche Bank

      • SLR.SM (Solaria Energia) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • OXIG.LN (Oxford Instruments) -- to add from buy at Peel Hunt

    • Initiations

      • CURY.LN (Currys) -- buy at Peel Hunt

  • Data

    • Nikkei (3.22%) to 48702.98

    • Hang Seng (2.02%) to 25852.06

    • Shanghai Composite (0.96%) to 3934.00

    • S&P futures (45.8) vs prior close of 6692.0

    • €-$ +0.0004 or +0.03% to 1.1597

    • $-¥ (0.16) or (0.10%) to 155.10

    • €-¥ (0.11) or (0.06%) to 179.86

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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