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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.26%, DAX +0.63%, CAC40 +0.40%

Nov 26 ,2025

  • Synopsis

    • European equity markets are set for a firmer open. Follows positive performance on Tuesday. Asian equity markets broadly higher, with strong gains for Nikkei, Kospi and Taiex. US equity futures firmer with S&P up ~0.4%. US markets finished higher on Tuesday, which was the third straight gain for S&P.

    • Focus on the UK 2025 Autumn Budget announcement at 12:30GMT. It will be defining moment for the government after months of speculation over the size of the fiscal gap, waning support for the Labour Party and speculation over future of PM Starmer and Reeves. Chancellor Reeves has said she will prioritize cutting the cost of debt, easing the cost of living and reducing waiting lists in the health service. Her decisions will be underpinned by new macroeconomic forecasts presented by the Office for Budget Responsibility (OBR), the independent fiscal watchdog at 14:30GMT. It has been widely reported that the OBR will cut its long-term forecast for productivity growth after it overestimated the economy's growth potential in prior updates. When taken together with government U-turns on spending cuts and higher borrowing costs, it has been estimated that fiscal consolidation of up to £30B will be needed.

    • In central banks, Bundesbank's Mauderer speech at 10:20CET at Impact Festival (through Thu) and Köhler-Geib panellist at 16:30 at event hosted by the bank. Norges Bank's Bache speaks at 11:00CET to the board of the The United Federation of Trade Unions. Croatia central bank's Vujčić speech at 15:00CET on Euro Area monetary policy outlook at Navigating Tomorrow conf organized by Danske Bank. ECB's Lane fireside chat at 17:05CET at "Macro Outlook" session at conf on Global Market Insights: Navigating the new geopolitical environment, organised by Santander CIB. ECB's Lagarde acceptance speech at 18:00CET at Transatlantikpreis ceremony 2025 at Steuben-Schurz-Gesellschaft and ECB publishes latest Financial Stability Review at 10:00CET.

    • Chancellor Merz will participate in the general debate on the 2026 budget in the German Bundestag and later in the day participates in the Baden-Württemberg Automotive Industry Strategy Dialogue in Stuttgart. Greece's PM Mitsotakis meets with EU's Tzitzikostas. Norway's minister of energy Aasland speech on energy policy at 19:00CET at Bergen Ap meeting.

    • On the macro front, Switzerland Nov economic sentiment index and publication of the DIW Economic Barometer.

    • In earnings, CMB.TECH (CMBT.BB) reported Q3 EPS $0.07 vs FactSet $0.05 whilst in the DACHs region, Aroundtown (AT1.GR) reported Q3 EPS €0.16 vs year-ago €0.09 and Adecco Group (ADEN.SW) reaffirmed long term financial framework in connection with its CMD. In the Nordics, Elekta (EKTA.B.SS) reported Q2 adj. EPS SEK0.64 vs consensus SEK0.61.

    • CMD and Investor Events include Adecco (ADEN.SW), Atlas Copco (ATCO.A.SS), Paxman (PAX.SS), Lassila & Tikanoja (LAT1V.FH), Xplora Technologies (XPLRA.NO), Hargreaves Services (HSP.LN), Infineon Technologies (IFX.GR) business update call, Deutsche Bank (DBK.GR) Capital Market Outlook 2026.

  • Macro

    • Minimum wage to increase by 4.1% from April, with bigger increases for younger workers (BBC, FT )

    • Britons brace for highly uneven impact of Rachel Reeves' 'stealth tax' (FT )

    • As potential Ukraine deal looms, France and Britain map out boots-on-ground role (Politico )

    • North Sea drilling restrictions to be relaxed in new Labour plan (BBC )

  • Top company news

    • Earnings/updates

      • Benelux:

        • CMBT.BB (CMB.TECH) -- reports Q3 EPS $0.07 vs FactSet $0.05 [2 est, $0.02-0.07]

      • DACHS:

        • ADEN.SW (Adecco Group) -- reaffirms long term financial framework - CMD

        • AT1.GR (Aroundtown) -- reports Q3 EPS €0.16 vs year-ago €0.09

        • FLU.AV (Flughafen Wien) -- announces project for the third runway will not continue; adjusts FY net income before minority interests guidance to ~€210M vs prior ~€230M

      • France:

        • TNG.FP (Transgene) -- launches fundraising campaign for ~€105M through issuance of new shares via private placement

      • Nordics:

        • EKTA.B.SS (Elekta) -- reports Q2 adj. EPS SEK0.64 vs consensus SEK0.61; reiterates FY 2025/26 outlook

        • LAT1V.FH (Lassila & Tikanoja) -- hosts a CMD focusing on the New Lassila & Tikanoja and Luotea

        • NORSE.NO (Norse Atlantic) -- reports Q3 net income ($7.8M) vs year-ago ($6.3M)

        • COSH.NO (Constellation Oil Services Holding) -- reports Q3 net income ($37.1M) vs FactSet ($33.9M) [2 est, ($36.9)-(31M)]

      • Southern Europe:

        • EDR.SM (eDreams ODIGEO) -- confirms and expands on short-term guidance

      • Southern Europe:

        • SUS.SS (Surgical Science Sweden) -- notes cancellation of MoU from Intuitive; estimates 2026 revenue impact ~(SEK60M)-(90M) compared to 2025

    • M&A

      • ANA.SM (Acciona) -- negotiates selling its wind assets in Galicia to Xunta for 700M -- Expansion

      • SHLF.NO (Shelf Drilling) -- and Ades International Holding complete merger

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain's CSR receiving interest for building blocks unit Hebel for as much as A$250M (€140.3M) - Australian Financial Review

      • YPFD.AR (YPF) -- Eni agrees to acquire a 50% share and operatorship in the exploration Block OFF-5 in Uruguay's offshore from YPF

      • EVOK.LN (Evoke Plc) -- Evoke evaluating options for selling its Italian unit - Sky News

      • UBXN.SW (u-blox Holding) -- Advent completes previously announced acquisition of u-blox Holding

      • HTRO.SS (Hexatronic Group) -- Hexatronic acquires US-based Communication Zone in a deal worth $20.4M (EV basis) plus $3.5M earnout

      • ALLIX.FP (Wallix Group) -- today announces the acquisition of Malizen

    • Healthcare

      • AZN.LN (AstraZeneca) -- announces FDA approval of Imfinzi in patients with early gastric and gastroesophageal cancers

      • UCB.BB (UCB) -- FDA grants orphan drug designation to zampilimab for IPF

      • VLA.FP (Valneva) -- announces positive final immunogenicity and safety data from Phase 2 study, VLA15-221, of Lyme disease vaccine candidate, VLA15.

      • OXUR.BB (Oxurion) -- has been notified that Atlas Special Opportunities II LLC holds ~6.2M shares in as of 21-Nov

      • TNG.FP (Transgene) -- Trade halt in Transgene pending results of capital release

      • MVIR.SS (Medivir) -- FDA grants orphan drug designation to MIV-711 for osteogenesis imperfecta

      • IBT.B.SS (Infant Bacterial Therapeutics) -- IBT changes the IBP-9414 pathway for approval following discussions with the FDA

    • Other

      • ALAFY.FP (Afyren) -- completes €23M capital increase to finance the optimization and expansion of its world-first biorefinery

      • KEMIRA.FH (Kemira) -- new CFO Tuomas Mäkipeska to start on 1-Apr-26

      • SAN.FP (Sanofi) -- Sanofi headquarters searched as part of an investigation involving Société Générale on suspicions of tax fraud -- Le Monde

      • ALL.LN (Atlantic Lithium) -- receives £1M (~A$2.0M) placement proceeds from Long State; to undertake second placement to raise £2M (~A$4.1M)

      • SAP.GR (SAP) -- o9 Solutions, Inc. files a complaint in the U.S. District Court for the Northern District of Texas against SAP

      • VOW.GR (Volkswagen) -- facing notable decrease in workers taking up early retirement and voluntary redundancy - FT

      • TEF.SM (Telefonica) -- looking to cut over 6K jobs in Spain, says union - Bloomberg

      • NWG.LN (NatWest Group) -- Transcript Intelligence: NatWest Group Investor Meeting - Retail Banking

      • FGR.FP (Eiffage) -- Engie likely loses the €15B Paris district heating contract to.Eiffage -- Le Figaro

      • BEZ.LN (Beazley) -- Transcript Intelligence: Beazley Capital Markets Day

      • TIETO.FH (Tietoevry) -- Transcript Intelligence: Tietoevry Capital Markets Day

      • IOS.GR (IONOS Group) -- SE to commence already communicated 2M shares buyback today

      • European Parliament to vote on EUDR delay tomorrow; TSM sues former exec in intraday themes (25-Nov)

      • Ferrari signs green energy PPA with Shell

      • Venture Global accuses Shell of conducting campaign to damage its LNG business; criticizes its decision to appeal defeat in arbitration case - FT, citing staff note

  • Key rating changes

    • Upgrades

      • CARL.B.DC (Carlsberg) -- overweight from neutral at JPMorgan

      • UBS upgrades ENI.IM, NESTE.FH; downgrades SHEL.LN

      • BOL.SS (Boliden) -- to buy from hold at Deutsche Bank

      • SZG.GR (Salzgitter) -- to buy from hold at Deutsche Bank (earlier, timing uncertain)

    • Downgrades

      • EDR.SM (eDreams ODIGEO) -- equal weight from overweight at Barclays

      • HEN3.GR (Henkel) -- underweight from overweight at JPMorgan

      • IPN.FP (Ipsen) -- to underperform from neutral at BNP Paribas Exane

      • VIRI.FP (Viridien) -- to neutral from outperform at Oddo

      • EGTX.SS (Egetis Therapeutics) -- to sell from hold at Pareto

    • Initiations

      • GLPG.NA (Galapagos) -- market perform at Bernstein

      • GNS.LN (Genus) -- buy at Berenberg

  • Data

    • Nikkei +1.85% to 49559.07

    • Hang Seng +0.42% to 26003.11

    • Shanghai Composite (0.10%) to 3866.11

    • S&P futures +23.3 vs prior close of 6781.5

    • €-$ +0.0018 or +0.16% to 1.1588

    • $-¥ +0.21 or +0.13% to 156.27

    • €-¥ +0.52 or +0.29% to 181.06

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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