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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.98%), DAX (1.35%), CAC40 (1.12%)

Nov 21 ,2025

  • Synopsis

    • European indices are set open sharply lower mirroring Asian equities also sharply lower. Steep initial losses on major benchmarks, led by tech-heavy Japan, Korea and Taiwan. Greater China indexes also under pressure.

    • US equities were lower in Thursday trading as stocks ended near worst levels. S&P posted fifth decline of past six days, while S&P 500, Nasdaq pacing for worst weekly performance since April (Liberation Day).

    • S&P 500 futures recovering afterhours.

    • No signs of a thaw in China-Japan tensions after Beijing repeated demands for PM Takaichi to retract her Taiwan comments. Visit by senior Japan diplomat to Beijing this week did little to ease frictions while Takaichi showing no signs of backing down.

    • In Macro data: European flash PMI releases will reveal whether Europe's industrial sector has achieved sustainable footing after prolonged stagnation

    • Other data include: France Nov business confidence, UK Oct retail sales, Nov consumer confidence - GfK, Norway Q3 GDP, Ireland Oct PPI

    • In central banks, Frankfurt European Banking Congress sees ECB's Lagarde speech at ~9:00CET and Bundesbank's Nagel speech at 14:00.

    • In earnings; (INTEG.B.SS) Integrum reports Q2 EPS (SEK0.35) vs year-ago (SEK0.46). (BEKB.BB) Bekaert reports Q3 revenue €880M, (8%) y/y and LFL sales (1%) y/y. (ACKB.BB) Ackermans & Van Haaren reports Q3 net cash position of €437.1M vs H1 €430.9M.

    • In M&A: Veolia acquires Enviri's Clean Earth for an Enterprise Value of $3B (or ~€2.6B); to be funded through existing financial resources and debt

  • Politics/Macro/World News

    • US plan for Ukraine-Russia peace calls on Kyiv to cede land under its control (FT )

    • Will US Sanctions on Russian Oil Upend the Global Market? (BBG )

  • Top company news

    • Earnings/updates

      • GNFT.FP (GENFIT) -- reports 9M revenue €39.2M, (34%) vs year-ago €59.7M

      • EVD.GR (CTS Eventim) -- reports Q3 adj EBITDA €137.3M vs year-ago €120.7M; keeps FY guidance unchanged

      • THULE.SS (Thule Group) -- releases presentation material in connection with its CMD

      • BEKB.BB (Bekaert) -- reports Q3 revenue €880M, (8%) y/y and LFL sales (1%) y/y; expects FY Sales of around €3.7B vs FactSet €3.74B

      • ACKB.BB (Ackermans & Van Haaren) -- reports Q3 net cash position of €437.1M vs H1 €430.9M; well on track to achieve a FY25 net profit that will be at least 15% higher than the previous year

      • PHOR.RU (PhosAgro) -- reports 9M adjusted net income RUB89.3M, +22% vs year-ago RUB73.0M

    • M&A

      • BX (Blackstone) -- EQT nearing deal to acquire majority stake in Desotec from Blackstone - Bloomberg (20-Nov, 12:00 ET/18:00 CET)

      • FRAS.LN (Frasers Group) -- PLC announces acquisition of Braehead Shopping Centre; price not disclosed

      • TKTT.FP (Tarkett) -- announces reopening of the public buyout offer for period of 10 trading days from 24-Nov-25 until 5-Dec-25 inclusive

      • PKTM.SW (PIERER Mobility) -- Pierer Mobility announces sale of FELT Bicycles to minority shareholders for purchase price in the mid-single-digit million range

      • SPEC.LN (Inspecs Group) -- Safilo Group confirms approach to Inspecs regarding potential acquisition of Eschenbach Group and BoDe businesses

      • Generali, BFF Bank and BPCE advance to second round of bidding to acquire GamaLife from Apax Partners - Reuters

      • Asurion in advanced talks to acquire CVC-backed Domestic & General Group - Bloomberg

      • Bouygues, Free and Orange weighing expanded bid to acquire SFR that would also include other assets from Altice France - FT

    • Healthcare

      • GNFT.FP (GENFIT) -- announces effectiveness of voluntary delisting of American Depositary Shares from Nasdaq Stock Market

      • OXUR.BB (Oxurion) -- has been notified that Atlas Special Opportunities II LLC holds 9,352,288 shares in as of 18-Nov

    • Other

      • UBSG.SW (UBS Group) -- UBS completes 2025 share repurchase program

      • VOW.GR (Volkswagen) -- CEO Oliver Blume losing support from Porsche - Handelsblatt

      • ENR.GR (Siemens Energy) -- Transcript Intelligence: Siemens Energy Capital Markets Day

      • TEF.SM (Telefonica) -- awarded exclusive media rights of UEFA Champions League and UEFA Europa League

      • KINV.B.SS (Kinnevik) -- CEO Georgi Ganev to leave Kinnevik; will remain as CEO for 12 month or until a new appointment has been made

      • BKT.SM (Bankinter) -- to proceed with early voluntary redemption of all its €35oM Perpetual Non-Cumulative Contingent Convertible Additional Tier 1 Preferred Securities

      • KOG.NO (Kongsberg Gruppen) -- announces Martin Wien Fjell has accepted the future position as CFO; takes up role upon completion of the demerger of Kongsberg Maritime

      • CAE signs agreement with Saab for GlobalEye training platforms

      • Regional Gaming Revenues - Massachusetts October 2025

  • Key rating changes

    • Upgrades

      • Barclays upgrades SCA.B.SS; downgrades UPM.FH

    • Downgrades

      • AMS.SW (ams-OSRAM) -- to hold from buy at Jefferies

    • Initiations

      • RBREW.DC (Royal Unibrew) -- outperform at Bernstein

      • DOC.AV (DO & CO) -- outperform at Oddo

    • Other Actions

      • RTO.LN (Rentokil Initial) -- transferred overweight at JPMorgan; prior rating was neutral

      • BNZL.LN (Bunzl) -- transferred overweight at JPMorgan; prior rating was neural

  • Data

    • Nikkei (2.32%) to 48668.70

    • Hang Seng (1.49%) to 25451.12

    • Shanghai Composite (1.96%) to 3853.96

    • S&P futures +16.5 vs prior close of 6557.5

    • €-$ +0.0019 or +0.16% to 1.1548

    • $-¥ (0.34) or (0.22%) to 157.12

    • €-¥ (0.13) or (0.07%) to 181.39

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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