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Back to Daily DR Market Summary

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

Nov 24 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, after last week's losses when the Stoxx Europe 600 declined (2.3%); worst week since August. Global stocks endured their sharpest weekly decline in months as the AI bubble narrative cracked despite Nvidia's (NVDA) strong results. Investors questioned whether massive capex will ever translate into productivity gains, driving a rotation out of tech and growth names. A hawkish Fed tone and mixed US jobs data further clouded December rate-cut odds.

    • Asia equities higher almost everywhere Monday. Corporate news underpinning gains in Australia, notably M&A developments in the mining sector. BHP (BHP.AU) confirms it is no longer considering a combination with Anglo American (AAL.LN) following preliminary discussions.

    • The week ahead sees UK Autumn Budget, G20 Summit, Q3 final GDPs and Nov preliminary CPIs from across the region, Germany Nov unemployment change as well as earnings/updates from the likes of easyJet (EZJ.LN), Elekta (EKTA.B.SS), Intertek Group (ITRK.LN), Kingfisher (KGF.LN), Pennon Group (PNN.LN) and Vienna Insurance Group (VIG.AV). Of note, US markets closed Thu (Thanksgiving Day) with a shortened session on Fri. Fed's Beige Book released on Wed.

    • European macro data releases out today include Germany Nov Ifo business climate. Also due for release are European Automobile Manufacturers' Association (ACEA) Nov new passenger car registrations for EU + EFTA + UK.

    • Stocks in focus this morning include Julius Baer (BAER.SW) as it reports 10M Trading Update: AuM grew to CHF 520B, +8% from the end of June, and +4% YTD. 1&1 AG (1U1.GR)acquires 1&1 Versatel GmbH for ~€1.3B. Stellantis (STLAM.IM) may sell out of Comau, according to Corriere della Sera. Bayer (BAYN.GR) reports unexpected positive phase III results for asundexian in cardiology.

    • In central banks, Bundesbank's Mauderer speech at 9:50CET event hosted by National Bank of the Republic of North Macedonia and Nagel panellist at 18:45 at event hosted by FPS Rechtsanwaltsgesellschaf. ECB's Cipollone presentation at 12noon CET at Cassa Depositi e Prestiti, Elderson speech at 13:45 at the ECB-NGFS workshop and Lagarde speech at 15:45 at BratislavAI Forum on Artificial Intelligence and Education. Bank of Italy's Signorini's speech in the evening at the conf 'The Autonomy of the Bank of Italy: Between Politics and Economics'. Slovak central bank publishes its latest financial stability report. First of the ECB Financial Stability Review pre-release at 10:00CET.

    • On the politics front, EU's Šefčovič hosts a business roundtable and implementation dialogue on EU-US trade and investment relations with US Secretary of Commerce Lutnick and US Trade Representative Greer. EU trade ministers meet (through Tue) with discussions on EU-US and EU-China trade relations amongst items on the agenda, with EU's Šefčovič among the participants, EU-Africa Summit (through Tue) in Luanda, Angola. EU's von der Leyen, Chancellor Merz among the participants. US trade envoy Greer reportedly to visit London. International Energy Agency's Birol meets with Norway's PM on Oslo at 15:00CET and country's energy minister Aasland at 16:00. Amongst events, 4th Digital Ministers' Conference (DMK) whilst Economist hosts 'How sustainability drives profitable growth: from theory to best practices' includes speaker from Heidelberg Materials.

  • Politics/Macro/World News

    • ECB's Lagarde Says Monetary Policy Can't Solve Debt Problems -- Bloomberg

    • China's Premier pitches to German Chancellor closer collaboration in strategic industries -- Reuters

    • Investors warn Rachel Reeves against delaying fiscal pain in UK Budget -- FT

    • UK to Cut Business Energy Bills in Pre-Budget Charm Offensive -- Bloomberg

    • French lower house rejects contentious budget bill over tax proposals -- France24

    • Moody's Ratings upgrades Italy's ratings to Baa2, changes outlook to stable -- link

    • European banks offer investors sweeteners as rally fades -- FT

    • Europe's IPO Bankers See a Revival Next Year, for Real This Time -- Bloomberg

    • US tariff cut to 15% for Switzerland could take effect early December, says economy minister -- Reuters

  • Top company news

    • Earnings/updates

      • BAER.SW (Julius Baer Group) -- 10M Trading Update: AuM grew to CHF 520B, +8% from the end of June, and +4% YTD; completes credit review; to manage down a subset of loan book positions, Victoria McLean to join as Chief Compliance Officer at end of Feb-26

      • PRX.NA (Prosus) -- reports H1 core HEPS from cont ops +24% vs 17-Nov guidance "+20.1-28.5% y/y"

      • IVA.FP (Inventiva) -- reports 9M revenue €4.5M compared to none generated for the same period in 2024

      • POXEL.FP (Poxel) -- issues update on its proposed recovery plan; to host webinar on 26-Nov

      • Also reporting today

        • Earnings:

          • DACHs: 2G Energy (2GB.GR)

          • Nordics: United International Enterprises (UIE.DC)

          • UK: Cerillion (CER.LN)

        • Trading Update:

          • UK: Rosebank Industries (ROSE.LN)

        • CMD/Events: Alfa Laval (ALFA.SS), Circio Holding (CRNA.NO) R&D and corporate update webcast (Teams link), UNIQA Insurance Group (UQA.AV) 35 years UNIQA at the Vienna Stock Exchange

    • M&A

      • AAL.LN (Anglo American), BHP.AU (BHP Group) -- BHP confirms it is no longer considering a combination with Anglo American following preliminary discussions

      • UBI.FP (Ubisoft Entertainment) -- Ubisoft announces the completion of Tencent's strategic investment in vantage studios

      • JTC.LN (JTC) -- Warburg Pincus confirms that it does not intend to make firm offer for JTC

      • 1U1.GR (1&1 AG) -- acquires 1&1 Versatel GmbH for ~€1.3B

      • CRI.FP (Compagnie Chargeurs Invest) -- enters into exclusive negotiations agreement with KPS Capital Partners regarding a contemplated sale of Novacel

      • RIO.AU (Rio Tinto) -- progressing with non-core asset sales - The Australian

      • STLAM.IM (Stellantis) -- may sell out of Comau - Corriere della Sera

      • EL.FP (EssilorLuxottica) -- willing to serve as cornerstone investor in Giorgio Armani - Il Sole 24 Ore

      • FAGR.BB (Fagron) -- announces acquisitions of a book of business from Amara (Poland) and Magilab (Hungary); price not disclosed

      • AEDAS.SM (AEDAS Homes) -- Neinor Homes maintains offer price of €21.335 for Aedas Homes

      • RIEN.SW (Rieter Holding) -- announces new Group structure as of 1-Jan-26

      • SPRINT.SS (Sprint Bioscience) -- Sprint Bioscience sells its TREX1 cancer program to Gilead for $14M up front

      • Daily Mail reaches agreement with Telegraph in a deal valued at up to £500M - Reuters

      • Three European airlines express interest in TAP - Bloomberg

    • Healthcare

      • AZN.LN (AstraZeneca) -- today announces plans to invest $2B to expand its long-standing manufacturing footprint in Maryland

      • BAYN.GR (Bayer AG) -- Bayer's OCEANIC-STROKE study of asundexian meets primary, secondary endpoints

      • SDZ.SW (Sandoz Group) -- launches Afqlir (aflibercept) in Europe for patients with retinal diseases

      • FYB.GR (Formycon) -- Formycon's Klinge Biopharma concludes exclusive agreement with NTC for commercialization of FYB203 in Italy

      • MED.SW (Medartis Holding) -- appoints Peter Hackel as new CFO effective 1-Jan-26; succeeds Dirk Kirsten

      • CRNA.NO (Circio Holding) -- presents data that further strengthens and broadens its circVec circular RNA expression platform; will hold related webcast today

    • Other

      • IOS.GR (IONOS Group) -- resolves to launch share buyback program for up to 2M shares

      • SIX2.GR (Sixt) -- criticizes EU plans to phase out combustion engines and the lack of charging infrastructure for EVs - FAZ

      • BNP.FP (BNP Paribas) -- to commence €1.15B buyback

      • FR.FP (Valeo SE) -- Valeo believes car market is undergoing "Darwinian transformation"; warns of European job losses without EU protection from Chinese competition - FT, citing CEO

      • A2A.IM (A2A) -- launches buyback program for the purchase of treasury ordinary shares

      • Estimated weekend box office revenues in US, Canada $184.7M, (8.8%) y/y - Box Office Mojo

      • Trump administration reportedly mulls permitting Nvidia H200 sales to China and EU rejects draft COP30 agreement in intraday themes

  • Key rating changes

    • Upgrades

      • ITX.SM (Inditex) -- to outperform from sector perform at RBC Capital Markets

      • TLX.GR (Talanx) -- to neutral from underperform at Oddo

      • RED.SM (Redeia Corporacion) -- to outperform from neutral at BNP Paribas Exane

      • QQ.LN (QinetiQ Group) -- to buy from hold at Kepler Cheuvreux (

    • Downgrades

      • SLR.SM (Solaria Energia) -- to sector perform from outperform at RBC Capital Markets

      • ANE.SM (Corporación Acciona Energías Renovables) -- to neutral from outperform at BNP Paribas Exane

      • SRG.IM (Snam) -- to neutral from outperform at BNP Paribas Exane

      • ANA.SM (Acciona) -- to underperform from neutral at BNP Paribas Exane

      • NG.LN (National Grid) -- to underperform from outperform at BNP Paribas Exane

    • Initiations

      • NEM.GR (Nemetschek) -- buy at Jefferies

    • Other Actions

      • GSF.NO (Grieg Seafood) -- reinstated buy at DNB Carnegie; prior rating was hold

  • Data

    • Nikkei +0.00% to 48625.88

    • Hang Seng +1.88% to 25693.83

    • Shanghai Composite +0.11% to 3839.28

    • S&P futures +31.0 vs prior close of 6620.3

    • €-$ +0.0006 or +0.05% to 1.1522

    • $-¥ +0.27 or +0.17% to 156.73

    • €-¥ +0.40 or +0.22% to 180.56

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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