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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.15%, DAX +0.06%, CAC40 +0.03%

Nov 28 ,2025

  • Synopsis

    • European equity markets are set to open higher, with Asia equities trading mixed Friday in a quiet session. US equity futures higher with S&P up ~0.1%. Bond yields firmer. US 10-year up 1 bp at 4.00%. Similar moves in regional Asian benchmarks. Dollar firmer. Oil up. Gold gains. Industrial metals higher. Bitcoin little changed after moving above $90K in prior session.

    • Limited fresh catalysts. In the absence of other news, path of least resistance is higher. Revival in December Fed rate cut expectations has aided sentiment this week. Some pushback against recent AI bubble concerns amid a still-strong demand outlook. European narrative has been positive. Focus on forward-looking indicators, fading currency headwinds and diminishing tariff impact. Some positive headlines on Ukraine war, though some skepticism it will lead to breakthrough on ceasefire agreement.

    • Lot of macro data to digest at month-end. German retail sales, import prices and labor market updates due. Final French GDP on the agenda. Latest monthly inflation updates to begin with French, German and Spanish readings ahead of Eurozone update next week. In the UK, think tanks weigh in on budget. Analysis warns of further fiscal pressures. Elsewhere, Labour government has abandoned part of his plans on workers' rights reform to make it less onerous on firms. Update from property portal Zoopla showed house price stagnation in run up to budget.

    • On the agenda for today, in central banks, Bundesbank's Balz and Nagel speak. Representatives of the Riksbank, the Swedish FSA, the Swedish National Debt Office and the government gather at 9:30CET for a meeting of the Financial Stability Council. ECB's Montagner speaks at 10:10 CET. EU's Dombrovskis holds a video conf with ECB's de Guindos. Bundestag sees the conclusion of budget week.

    • Light on the corporate calendar while busy day for macroeconomic releases. Of note, Germany Oct retail sales are due at 07:00 GMT, Nov unemployment rate due at 8:00 GMT and preliminary CPI at 13:00 GMT. France Nov preliminary CPI, Q3 final GDP, Oct consumer goods spending and Oct PPI are all out at 7:45 GMT. Italy Q3 final GDP out at 9:00 GMT, followed by Nov preliminary CPI at 10:00 GMT. Spain Nov preliminary CPI and Oct retail sales out at 8:00 GMT. Amidst other releases are Switzerland Q3 final GDP, Nov leading indicator - KOF, Oct retail sales, UK Nov house price index - Nationwide and more.

  • Politics/Macro/World News

    • ECB officials look beyond inflation to bigger threats for Europe ( Bloomberg )

    • Billionaire Haven Switzerland Set to Reject 50% Inheritance Tax (Bloomberg )

    • Rutte hails 'renewed energy' on Ukraine peace as Putin pours cold water (FT )

    • Belgium says using frozen Russian assets to fund Ukraine will endanger a peace deal (FT )

    • Putin says US-Ukraine text could form basis for future peace deal (Reuters )

    • UK October car manufacturing (23.8%) y/y to 59,010 units - SMMT

  • Top company news

    • Earnings/updates

      • OHLA.SM (Obrascon Huarte Lain) -- 9M net income attributable (€45.6M) vs year-ago (€58.3M)

      • CPI.AV (CPI Europe) -- 9M FFO €186.1M vs year-ago €230.9M

      • DESN.SW (Dottikon ES Holding) -- H1 net income CHF47.6M, +47% vs year-ago CHF32.3M

      • DDRIL.NO (Dolphin Drilling AS) -- Q3 EPS ($0.06) vs year-ago ($0.14)

      • SRB.LN (Serabi Gold) -- Q3 EPS $0.21 vs year-ago $0.11; on track for FY gold production guidance

      • ARCH.NO (Archer Limited) -- confirms prelim Q3 earnings as per 4-Nov update

    • M&A

      • DHER.GR (Delivery Hero) -- under pressure from several large shareholders to conduct strategic review - Bloomberg

      • PGHN.SW (Partners Group Holding) -- Digital Realty Trust, Equinix among bidders entering into next round of bidding for Partners Group-owned atNorth - Bloomberg (27-Nov, 9:17 ET, 15:17 CET)

      • CTPNV.NA (CTP NV) -- CTP announces acquisition of Italy's VLD S.r.l. for €241M

      • AAL.LN (Anglo American) -- Canada grants national-security approval for Anglo American's purchase of Teck TECK.B.CN -- Globe and Mail (roughly 11:30 ET/16:30 GMT)

      • HSBA.LN (HSBC Holdings) -- NAB considered the only serious contender for HSBC's Australian business - The Australian

      • PUM.GR (Puma) -- ASICS Corp clarifies that there is no truth in media reports suggesting its interest in acquisition of Puma

      • SMCP.FP (SMCP) -- was informed today of the initiation of a process to sell shares representing up to 51.2% of its share capital.

      • TC1.GR (Tele Columbus) -- ~97.67% holder Kublai to implement a squeeze-out to acquire remaining stake in the company

    • Healthcare

      • GNFT.FP (GENFIT) -- appoints Pejvack Motlagh as new Chief Medical Officer

    • Other

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Banca Monte dei Paschi di Siena, in response to press reports published today, announces that it has received notification from the Milan Public Prosecutor's Office of a search warrant

      • ARCAD.NA (ARCADIS) -- announces four new data center wins in Germany; combined value of the wins is €8M

  • Key rating changes

    • Upgrades

      • HEIA.NA (Heineken) -- to buy from hold at Deutsche Bank

      • JMAT.LN (Johnson Matthey) -- to overweight from neutral at JPMorgan

      • MOWI.NO (Mowi) -- to buy from hold at Berenberg

      • MONC.IM (Moncler) -- to overweight from neutral at JPMorgan

      • SFER.IM (Salvatore Ferragamo) -- at JPMorgan

    • Downgrades

      • ABI.BB (Anheuser-Busch InBev) -- to hold from buy at Deutsche Bank

      • AZE.BB (Azelis Group) -- to neutral from overweight at JPMorgan

      • BRBY.LN (Burberry Group) -- to underweight from neutral at JPMorgan

      • EZJ.LN (EasyJet) -- to outperform from market perform at Bernstein

      • EVK.GR (Evonik Industries) -- to neutral from overweight at JPMorgan

      • IMCD.NA (IMCD) -- to neutral from overweight at JPMorgan

      • WCH.GR (Wacker Chemie)-- to underweight from neutral at JPMorgan

      • WTB.LN (Whitbread) -- to underperform from outperform at Bernstein

    • Initiations

      • RAA.GR (Rational) -- buy at Goldman Sachs

      • SWON.SW (SoftwareONE Holding) -- buy at Berenberg

    • Other Actions

      • HIK.LN (Hikma Pharmaceuticals) -- resumed buy at Peel Hunt; prior rating was buy

      • KIT.NO (Kitron) -- resumed buy at Nordea; prior rating was buy

  • Data

    • Nikkei +0.17% to 50253.91

    • Hang Seng (0.29%) to 25871.27

    • Shanghai Composite +0.26% to 3885.48

    • S&P futures +7.0 vs prior close of 6828.0

    • €-$ (0.0013) or (0.11%) to 1.1584

    • $-¥ +0.12 or +0.08% to 156.43

    • €-¥ (0.04) or (0.02%) to 181.21

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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