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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.19%), DAX (0.22%), CAC40 (0.44%)

Nov 25 ,2025

  • Synopsis

    • European equity markets are set to open lower, with Asia equities largely higher Tuesday although most off their peaks.

    • US-China tensions seemingly abating after Trump described a "very good" call with President Xi, who also noted relations have improved since their summit in South Korea. Discussions involved Ukraine/Russia, fentanyl and soybeans, though Trump made no mention of Taiwan after Xi emphasized importance of unification. Some uncertainty surrounding key sticking points with Bloomberg sources noting US and China still negotiating key details of how Beijing will free up rare earth exports. White House considering allowing sale of advanced NVDA chips to China though final decision up to Trump

    • On today's agenda, Spain's Socialist Party of the Basque Country-Basque Country Left PSE-EE (PSOE) leader Andueza speech at 9:00CET at event hosted by New Economy Forum. Sweden's minister of defense Jonson press conf; news item related to the defense will be presented. Norway's minister of energy Aasland is present at the Haustkonferansen. In Germany, Chancellor Merz will travel to Hamburg as part of his series of inaugural visits to all German states. Employers' Day of the Confederation of German Employers' Associations (BDA) sees Chancellor Merz deliver a speech and participate in a moderated discussion with BDA' President Dulger. UK parliamentary committee discusses water and environmental regulation with Secretary of State at 14:00GMT. Norway's minister for digitalisation and public admin. Tung speech at 11:15CET at a meeting of the Norwegian-Swedish Chamber of Commerce. Amongst events are Risks Nordic Infoline Conf (through Wed), FT's event Future of Asset Management Europe (through Wed) and Autumn Conf jointly hosted by Equinor, Norway's ministry of energy and the IEA. European Automobile Manufacturers' Association (ACEA) releases latest monthly new passenger car registrations for EU + EFTA + UK

    • In central banks, Bank of France hosts seminar giving a comprehensive overview of the key issues, strategies and tools for monetary policy in an environment of geopolitical and economic uncertainty. Villeroy speech at 9:00CET at the ACPR conf. in Paris, Bénassy-Quéré speech at 11:15CET at Investir Day. Bank of Spain's Escrivá speech at 10:00CET (livestream) at VIII Foro Banca, organised by el Economista. ECB's Donnery fireside chat at 14:00GMT at the Climate Finance Week Ireland 2025 (Mon-Thu). Ireland central bank's Financial System conf sees governor Makhlouf speech at 9:15GMT, Netherland central bank's Sleijpen 9:30, both then panellists at 9:45, Cipollone speech at 14:00 and closing remark at 16:00 by Makhlouf. Estonia central bank's Müller attends a meeting of the ECB High-Level Task Force on Simplification and Kaasik attends a meeting of the risk management committee at the ministry of finance.

    • European macro data releases out today include Germany Q3 final GDP, France Nov consumer confidence, Spain Oct PPI, Sweden Oct PPI, Finland Oct unemployment rate, and UK Nov distributive trades - CBI.

    • In earnings news, Straumann Holding (STMN.SW) issued a presentation in connection with its CMD today indicating it expects FY30 revenue growth at around 10% CAGR, whilst In the Netherlands ABN AMRO Bank (ABN.NA) presented roadmap for profitable growth and new financial targets for 2028. In Nordics, Fortum (FORTUM.FH) released a presentation updating its long-term financial targets, strategic targets and strategic KPIs ahead of its Investor Day today.

  • Politics/Macro/World News

    • ECB scrutinising claims Deutsche underplayed financial risks -- FT

    • Reeves asks banks to praise her plans as they escape Budget tax raid -- FT

    • Rachel Reeves urges Labour MPs to back her make-or-break budget - The Guardian

    • French poll shows far-right leader Bardella winning presidential election - Reuters

    • Finland Oct Unemployment Rate 9.6% vs consensus 9.1% and prior 9.1%

  • Top company news

    • Earnings/updates

      • DACHs

        • STMN.SW (Straumann Holding) -- Straumann Group sees FY30 revenue growth at around 10% CAGR -- CMD

        • EFGN.SW (EFG International) -- 10M trading update: net profit CHF275M ex-items vs year-ago more than CHF260M

          • presents 2028 strategic plan; aims to continue delivering double-digit profit growth of around 15% p.a. over the next cycle

        • UQA.AV (UNIQA Insurance Group) -- UNIQA Group is on track for sustainable success' presents 2028 targets -- CMD

        • NCH2.GR (thyssenkrupp nucera) -- guides FY EBIT around €2M vs prior guidance (€7M)-€7M and FactSet €1.9M [8 est, (€4.4)-5.1M]

        • RLF.SW (RELIEF THERAPEUTICS Holding) -- guides revenues >CHF40M in 2027

        • VIG.AV (Vienna Insurance Group) -- reports 9M pretax income €872.8M vs prelim ~€873M

      • Benelux

        • ABN.NA (ABN AMRO Bank) -- CMD update: presents new strategy and financial outlook for 2026-2028; targets Return on equity (ROE) of at least 12% by 2028

      • Nordics

        • TIETO.FH (Tietoevry) -- Tieto updates its strategy along with financial targets and capital allocation policy

        • EGTX.SS (Egetis Therapeutics) -- reports Q3 EPS (SEK0.20) vs FactSet (SEK0.20) [2 est, (SEK0.20)-(0.19)]

        • SANOMA.FH (Sanoma) -- aims to deliver high single-digit growth in adjusted operating profit in 2026-2030 -- CMD

        • ADMCM.FH (Admicom) -- announces 2026-2028 mid-term financial targets, revises dividend policy

        • ANDF.NO (Andfjord Salmon Group) -- operational update; total standing biomass at Kvalnes currently 306t live salmon

        • IWS.NO (Integrated Wind Solutions) -- reports Q3 net income attributable €4.7M vs year-ago €1.9M

        • PLSV.NO (Paratus Energy Services) -- reports Q3 net income $46.0M vs year-ago $5.6M

        • TCM.DC (TCM Group) -- reports Q3 net income DKK9.6M vs FactSet DKK12.7M [3 est, DKK11-14M]; narrows FY25 outlook

        • ALIG.SS (Alimak Group) -- sets new financial and sustainability targets valid through 2028; Revenue growth target +8-12%

        • FORTUM.FH (Fortum) -- expects its comparable operating profit to improve by €330M by 2030 -- CMD

      • Southern Europe

        • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- reports 9M net income €26.8M vs year-ago €13.2M (post EU close 24-Nov)

      • Also due to report today includes

        • Earnings:

          • Nordics: L E Lundbergföretagen (LUND.B.SS), Vestjysk Bank (VJBA.DC)

          • Southern Europe: Greek Organisation of Football Prognostics (OPAP.GA), Fourlis Holdings (FOYRK.GA)

          • UK: Compass Group (CPG.LN), EasyJet (EZJ.LN), Cranswick (CWK.LN), Telecom Plus (TEP.LN), Molten Ventures (GROW.LN), Renew Holdings (RNWH.LN), AO World (AO.LN), GB Group (GBG.LN), Marston's (MARS.LN), Supreme (SUP.LN), Brickability Group (BRCK.LN), Accsys Technologies (AXS.LN), Severfield (SFR.LN), Intercede Group (IGP.LN)

        • Trading Update:

          • UK: Intertek Group (ITRK.LN), Beazley (BEZ.LN)

        • CMD/Events: Stora Enso (STERV.FH) from 9:00GMT link, Natwest Group (NWG.LN) Retail Banking at 15:30GMT (Zoom registration), Peab (PEAB.B.SS), Alimak Group (ALIG.SS), Beazley (BEZ.LN)

    • M&A

      • ABN.NA (ABN AMRO Bank) -- agrees to sell Alfam to Rabobank for an undisclosed sum

      • BPT.LN (Bridgepoint Group) -- reportedly will announce tomorrow it is buying a majority stake in ht.digital for £200M - Sky News

      • EMMN.SW (Emmi) -- acquires The English Cheesecake Company Ltd. for an undisclosed sum

      • Sandisk to replace Interpublic Group in the S&P 500, effective 28-Nov; other changes noted below due to M&A closings

    • Healthcare

      • JNJ (Johnson & Johnson) -- ASH posts late-breaker abstract of results from Johnson & Johnson's Phase 3 MajesTEC-3 study of teclistamab in R/R multiple myeloma (~12:00ET)

      • REGN (Regeneron) -- EC approves Regeneron's Dupixent to treat moderate-to-severe CSU

      • NOVN.SW (Novartis) -- receives FDA approval for Itvisma, the only gene replacement therapy for children two years and older, teens, and adults with SMA

      • NYXH.BB (Nyxoah) -- SEC filing: SCHEDULE 13D/A (Filed by Cochlear Ltd)

      • MEDCL.FP (MedinCell) -- to receive $3M grant from the Gates Foundation to advance mdc-STM malaria program.

      • XBRANE.SS (Xbrane Biopharma) -- resolves to issue 420,517 warrants to Fenja Capital II A/S under the conditional financing solution

      • ATORX.SS (Alligator Bioscience) -- announces final terms of ~SEK123M Rights Issue

    • Other

      • DBK.GR (Deutsche Bank) -- ECB reviewing allegations Deutsche Bank used netting practices to underplay risks in its balance sheet - FT

      • IAG.LN (International Consolidated Airlines Group) -- completes €500M second tranche of its €1,000M share buyback programme

      • ENGI.FP (ENGIE) -- enters India's utility-scale energy storage market with a 280 MW battery project

      • VRLA.FP (Verallia) -- CFO Nathalie Delbreuve to leave as of 28-Nov-25

      • VIS.SM (Viscofan) -- to commence up to €30M or 500,000 shares buyback

      • SMWH.LN (WH Smith) -- UK FCA engaging with WH Smith over accounting errors at the company's US business, but has yet to decide on formal investigation - FT

      • European Automobile Manufacturers' Association (ACEA) Nov new passenger car registrations for EU + EFTA + UK +4.9% y/y

  • Key rating changes

    • Upgrades

      • NOVN.SW (Novartis) -- to buy from neutral at BofA

      • GSK.LN (GSK) -- to neutral from underperform at BofA

      • CON.GR (Continental) -- to buy from hold at Jefferies

      • LONN.SW (Lonza Group) -- to overweight from equal-weight at Morgan Stanley

      • OVH.FP (OVHCloud) -- to overweight from underweight at Morgan Stanley

      • VOLV.B.SS (Volvo) -- to buy from hold at SEB

      • OR.FP (L'Oreal) -- to buy from neutral at Rothschild & Co Redburn

    • Downgrades

      • FR.FP (Valeo SE) -- to market perform from outperform at Bernstein

      • SLR.SM (Solaria Energia) -- to hold from buy at Berenberg

      • MGAM.LN (Morgan Advanced Materials) -- to sector perform from outperform at RBC Capital Markets

      • PIRC.IM (Pirelli & C.) -- to hold from buy at Jefferies

      • LONN.SW (Lonza Group) -- to neutral from buy at BofA

      • ZEAL.DC (Zealand Pharma) -- to underperform from buy at BofA

    • Initiations

      • CLNX.SM (Cellnex Telecom) -- re buy at Bestinver Securities

      • ENGI.FP (ENGIE) -- outperform at Mediobanca

        • outperform at RBC Capital Markets

  • Data

    • Nikkei +0.07% to 48659.52

    • Hang Seng +0.33% to 25802.43

    • Shanghai Composite +0.86% to 3869.87

    • S&P futures (5.0) vs prior close of 6721.3

    • €-$ (0.0003) or (0.03%) to 1.1518

    • $-¥ (0.19) or (0.12%) to 156.72

    • €-¥ (0.30) or (0.17%) to 180.48

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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