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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.6%, DAX +0.8%, CAC +0.7%, IBEX +0.5%, MIB +0.9%

Nov 20 ,2025

  • Synopsis

    • European equity markets set to open broadly higher. Asian markets mixed Thursday. Japan, Taiwan and South Korean benchmarks up strongly with chip stocks taking cues from NVDA's post-earnings rally. S&P 500 and Nasdaq futures up more than 1% afterhours with NVDA +5%. Note that September employment report hits on Thursday and the US November flash PMIs are out on Friday.

    • In Europe, tech sector could see some positive ripples after NVDA delivered another beat and raise. Reiterated expectations for $500B in Blackwell and Rubin revenue through 2026, with potential to exceed that total. Did not make any H20 sales in China due to Beijing restrictions, and Q4 guidance assumes no China contribution. Touched on rising input costs (memory) but still aiming to keep GMs in mid-70s. Downplayed bubble concerns, pointing to AI proliferation. Addressed circularity concerns by pointing to growth potential of OpenAI and Anthropic.

    • European macro data releases include Germany Oct PPI, Switzerland Oct trade balance (monthly watch data), Spain Sep trade balance, Denmark Q3 preliminary GDP, Eurozone Nov flash consumer confidence, Sep construction output, UK Nov industrial trends orders - CBI. Netherlands Oct Unemployment Rate 4.0% vs consensus 3.8% and prior 4.0%.

    • In the UK, the British Retail Consortium notes it has been a tumultuous month of Budget speculation and consumer confidence took a tumble, according to the latest Consumer Sentiment Monitor. Consumers are feeling more pessimistic about the economy, with pessimism at its highest since April 2025. Those stating they are comfortable with their personal financial situation is at its lowest since February 2025. Those who feel their personal finances are going to get worse over the next 3 months is at its highest level since the Monitor was launched in March 2024.

    • Among stocks in focus, Novartis (NOVN.SW) announces mid-term sales guidance rolled forward to +5-6% cc CAGR for 2025-30, following upgrade of 2024-29 guidance. BNP Paribas (BNP.FP) raises its CET1 ratio target to 13% by 2027; to launch €1.15B share buyback program in November 2025. Valeo (FR.FP) is hosting its Capital Markets Day, outlining its financial trajectory for the next three years to 2028. Expects FY28 sales between €22-24B, operating margin of 6-7% and FCF after interest of at least €500M

    • In central banks, Riksbank's Seim speech at 8:30CET at event hosted by Stockholm Chamber of Commerce and panelist at 17:00 at event hosted by Swedish Bankers' Assn. Bundesbank's latest monthly report released at 12noon CET. Lithuania central bank's Šimkus speech at 8:30CET at Real Estate Conf. BOE's Dhingra speech at 18:30GMT at the Marshall-Paley Lecture 'Navigating the future of trade and tariffs'. Norges Bank releases its Q4 Expectations survey at 10:00CET.

    • In politics, EU Indo-Pacific Ministerial Forum (through Fri) and European Economic Area Council. EU foreign affairs ministers meet and EU's von der Leyen, European Council President Costa and President of South Africa Ramaphosa, participates in the EU-South Africa Leaders' Meeting.

  • Politics/Macro/World News

    • UK

      • Rachel Reeves under pressure to scale back Budget raid on expensive homes -- FT

      • Sentiment around economy declined significantly this month, with the NET reaching the lowest level since April 2025 -- BRC Consumer Sentiment Monitor (link )

    • Germany will not reach defence spending target of 3.5% in 2029 -- Reuters

    • Italy eyes first rating upgrade from Moody's in 23 years -- Reuters

    • US military officials in Ukraine for talks on ending war -- BBC

  • Top company news

    • Earnings/updates

      • NOVN.SW (Novartis) -- announces mid-term sales guidance rolled forward to +5-6% cc CAGR for 2025-30, following upgrade of 2024-29 guidance - Meet Management

      • BNP.FP (BNP Paribas) -- raises its CET1 ratio target to 13% by 2027; to launch €1.15B share buyback program in November 2025

      • FR.FP (Valeo) -- expects FY28 sales between €22-24B, operating margin of 6-7% and FCF after interest of at least €500M -- Elevate 2028

      • VLA.FP (Valneva) -- reports 9M net income (€65.2M) vs year-ago €24.7M

      • MFEB.IM (MFE-MEDIAFOREUROPE) -- reports 9M net income €243.1M, +153% vs year-ago €96.2M; reaffirms FY LFL annual target

      • SOI.FP (SOITEC) -- reports H1 net income (€67M) vs FactSet (€30M) [2 est, (€40.6)-(19.4M)]

      • THULE.SS (Thule Group) -- updated long-term financial goals

      • ELIOR.FP (Elior Group) -- reports FY net income (cont ops) €87M vs StreetAccount €39.3M

      • CRBN.NA (Corbion) -- expects ~18% adj EBITDA margin by 2028 and organic sales growth of ~3-6% p.a. -- CMD

      • PRS.NO (Prosafe) -- reports oct fleeet utilization 100%

      • CLCO.NO (Cool Co.) -- reports Q3 Adjusted EBITDA $52.6M vs FactSet $56.3M [5 est, $55.8-57M]

      • CENER.GA (Cenergy Holdings) -- Cenergy Holdings reports Q3 net income €52.4M, +20% vs year-ago €43.8M

      • FSKRS.FH (Fiskars) -- expects FY 2025 comparable EBIT to be in the range of €75-85M vs prior guidance €90-100M and FactSet €88.7M

      • POS.AV (PORR) -- reports Q3 EPS €0.89 vs year-ago €0.73

      • GIMB.BB (Gimv) -- reports H1 NAVPS €53.90 vs year-ago €53.30

      • Also reporting today

        • Earnings:

          • Austria: UNIQA Insurance Group (UQA.AV), BKS Bank (BKS.AV), SBO (SBO.AV),

          • DACHs: CTS Eventim (EVD.GR), Datagroup (D6H.GR), IVU Traffic Technologies (IVU.GR), Allane (LNSX.GR), Nabaltec (NTG.GR), NFON (NFN.GR), MPH Health Care (93M1.GR), Carlo Gavazzi Holding (GAV.SW)

          • Denmark: Nilfisk Holding (NLFSK.DC),

          • France: TotalEnergies EP Gabon (EC.FP)

          • Norway: Subsea 7 (SUBC.NO), Cadeler (CADLR.NO), Cool Co. (CLCO.NO), Panoro Energy (PEN.NO), Petronor E&P (PNOR.NO)

          • Southern Europe: Altri (ALTR.PL)

          • Sweden: Viva Wine Group (VIVA.SS), Cinclus Pharma Holding (CINPHA.SS), Done.ai Group (DONE.SS), Sensys Gatso Group (SGG.SS)

          • UK: Halma (HLMA.LN), LondonMetric Property (LMP.LN), Investec (INVP.LN), Mitie Group (MTO.LN), Grainger (GRI.LN), Nationwide Building Society (NBS.LN), XPS Pensions Group (XPS.LN), Partners Group Private Equity (PEY.LN), Norcros (NXR.LN), Liontrust Asset Management (LIO.LN), Tracsis (TRCS.LN)

        • Trading Update:

          • Benelux: Ion Beam Applications (IBAB.BB)

          • France: Amplitude Surgical (AMPLI.FP), GENFIT (GNFT.FP)

          • UK: JD Sports Fashion (JD.LN), Breedon Group (BREE.LN)

        • CMD/Events: Siemens Energy (ENR.GR), Inficon Holding (IFCN.SW), RENK Group (R3NK.GR), Audax Renovables (ADX.SM), WashTec (WSU.GR)

    • M&A

      • SIKA.SW (Sika Group) -- acquires Awazil Al Khaleej Industrial Co. for an undisclosed sum

      • KIT.NO (Kitron) -- announces acquisition of DeltaNordic

      • AXTA (Axalta Coating Systems) -- holder Artisan Partners is urging shareholders to vote against the proposed purchase by AkzoNobel (AKZA.NA) (19-Nov prior to close) -- Reuters

      • GALP.PL (Galp Energia SGPS) -- TotalEnergies, Chevron emerge as front-runners in auction for 40% operating stake in Galp's Mopane discovery in Namibia - Reuters, citing sources (19-Nov, 11:34 ET/17:34 CET)

      • DOKA.SW (dormakaba Holding) -- dormakaba invests in RealSense

      • BKT.SM (Bankinter) -- to merger with subsidiary company Consumer Finance, EFC, S.A.

      • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- Euronext announces successful outcome of its voluntary share exchange tender offer for Hellenic Exchanges

      • MRK.LN (Marks Electrical Group) -- Frasers Group raises stake in Marks Electrical Group to 17.8% from 14.0% -- filing

      • EQT interest in Aidacare believed to be waning - The Australian

    • Healthcare

      • REGN (Regeneron) -- EYLEA HD (aflibercept) injection 8 mg approved by FDA for the treatment of macular edema following retinal vein occlusion (RVO) and for monthly dosing across approved indications

      • REGN (Regeneron) -- Follow-up: EYLEA HD (aflibercept) injection 8 mg approved by FDA for the treatment of macular edema following retinal vein occlusion (RVO) and for monthly dosing across approved indications

      • NOVN.SW (Novartis) -- announces plans to build flagship manufacturing hub in North Carolina

      • BAYN.GR (Bayer AG) -- FDA approves Hyrnuo for HER2-mutant non-small cell lung cancer

      • IVA.FP (Inventiva) -- SEC filing: SCHEDULE 13D/A (Filed by BIOTECHNOLOGY VALUE FUND L P)

      • IVA.FP (Inventiva) -- SEC filing: SCHEDULE 13D/A (Filed by Samsara BioCapital, L.P.)

      • ADXN.SW (Addex Therapeutics) -- files $150M equity shelf - F-3

      • FYB.GR (Formycon) -- Formycon, Bioeq, Sandoz reach agreement for commercialization of Epruvy in Germany; terms undisclosed

    • Other

      • VOD.LN (Vodafone Group) -- Vodafone preparing fresh push into cloud, AI and cybersecurity to help support higher dividends - FT, citing CEO

      • DBK.GR (Deutsche Bank) -- to focus on more profitable business areas as part of new strategy -- Handelsblatt, citing CEO interview

      • TTE.FP (TotalEnergies) -- rejects accusations it has responsibilities in alleged killing of civilians in 2021 at LNG site in Mozambique - Bloomberg

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Oct

      • AVOL.SW (Avolta) -- awarded two 10-year contracts at Washington Dulles International Airport

      • BAER.SW (Julius Baer Group) -- Julius Baer selects Temenos to replace its core banking system in Switzerland - Reuters

      • GET.FP (Getlink) -- Eurotunnel challenges unjustified plan to increase business rates in Great Britain; the increase could amount to ~€15M in 2026

      • BB.FP (Bic) -- appoints Grégory Lambertie as Chief Financial & Digital Officer, effective 5-Jan-26

      • CO.FP (Casino Guichard-Perrachon) -- Daniel Kretinsky to offer debt-for-equity swap to Casino creditors - BFM Business

      • Major record labels license their works to Klay; terms unreported - Bloomberg (19:26 ET/09:26 JT/01:26 CET)

      • US looks to acquire ten nuclear reactors; administration to weaken endangered species protections in intraday themes

  • Key rating changes

    • Upgrades

      • KRX.ID (Kingspan Group) -- to buy from hold at Deutsche Numis

      • NOKIA.FH (Nokia) -- to buy from hold at SEB

    • Downgrades

      • NKT.DC (NKT A/S) -- to reduce from hold at Kepler Cheuvreux

    • Initiations

      • CLA.B.SS (Cloetta) -- re- buy at Handelsbanken

      • GLJ.GR (GRENKE) -- buy at Berenberg

      • OIZ.ID (Origin Enterprises) -- buy at Kepler Cheuvreux

    • Other Actions

      • CABK.SM (CaixaBank) -- transferred overweight at JPMorgan; prior rating was neutral

      • RED.SM (Redeia Corporacion) -- reinstated neutral at JPMorgan; prior rating was underweight

  • Data

    • Nikkei +2.65% to 49823.94

    • Hang Seng (0.23%) to 25770.81

    • Shanghai Composite (0.16%) to 3940.24

    • S&P futures +85.0 vs prior close of 6661.5

    • €-$ (0.0017) or (0.15%) to 1.1522

    • $-¥ +0.55 or +0.35% to 157.70

    • €-¥ +0.37 or +0.20% to 181.69

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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