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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%) , DAX (0.5%), CAC (0.3%)

Dec 01 ,2025

  • Synopsis

    • European equity markets set to open broadly lower. Recall last week European equities rebounded strongly, with the Stoxx Europe 600 gaining 2.3% as positioning normalized following the previous week's drawdown.

    • This week sees catalysts including Nov manufacturing/services PMIs from across the region, Switzerland Nov CPI as well as earnings/updates from Aurubis (NDA.GR), Inditex (ITX.SM) and Paragon Banking Group (PAG.LN).

    • Asia equities trading mixed Monday. China official PMIs showed factory activity contracted further in November while non-manufacturing turned negative for first time in three years amid drag from property downturn. RatingDog PMI confirmed manufacturing contraction.

    • European macro data releases out today include Italy, Norway, Spain, Sweden, Switzerland Nov manufacturing PMI with final reads for Eurozone, France, Germany and UK, UK Oct mortgage approvals, M4 money supply, Switzerland Oct retail sales, Netherlands Oct retail sales, Austria Nov unemployment rate, Ireland Nov HICP

    • In the UK, post-budget updates coming through from business groups. Institute of Directors confidence index remains near record-low, while KPMG said growth will remain weak next year and predict household spending to remain soft. Press focused on accusations from MPs that Chancellor Reeves misled the cabinet and the country on state of public finances to justify tax hikes despite receiving better forecasts from fiscal watchdog OBR.

    • In central banks today, Denmark central bank's Thomsen speech at 11:30CET at Finance Denmark's annual meeting. Latvia central bank's Brikše gives an interview to LTV "Rīta panorāma". Riksbank's Thedéen gives a speech at 14:00CET on the independence and mandate of central banks at event hosted by SNS. BOE's Dhingra speech at 15:30GMT at the UK Trade Policy Observatory (UKTPO) annual conf. In politics, Chancellor Merz hosts Poland's PM Tusk with press conf ~16:15CET and then chair the German-Polish government consultations. In UK, MPs continue the Budget debate whilst PM Starmer speech at the Lady Mayor's Banquet in London. Finland's PM Orpo hosts Sweden's PM Kristersson. Norway's PM Støre speech at 13:20CET at the Unio conf. EU-Kazakhstan Cooperation Council and EU's Kallas chairs meeting of EU defence ministers. EP President Metsola, Cypriot President Christodoulides press conf in Nicosia at 18:15CET in connection with EP political group leaders meetings (Mon-Tue) to prepare for the upcoming Cypriot Presidency of the EU Council. In events, Handelsblatt Euroforum Seminar title 'Introduction to the Energy Industry' (through Wed) and Handelsblatt conf 'Mobility Meets Defence' speakers include execs from Rheinmetall (RHM.GR), Daimler Truck (DTG.GR) part of CTI Symposium (through Wed). France, Italy, Spain Nov new car registrations is due for release.

  • Macro/politics

    • Oil rises on OPEC+ output plan, supply worries -- Reuters

    • Swiss voters reject new tax on super-rich and civic duty for women -- POLITICO

    • Keir Starmer to defend Budget after Rachel Reeves accused of misleading public -- FT

    • ECB's Nagel Says Interest Rates Currently in a 'Good Place -- Bloomberg

    • Norway Budget Talks Fall Short, Raising Risk of Cabinet Crisis -- Bloomberg

  • Top company news

    • Earnings/updates

      • HAFNI.NO Hafnia reports Q3 EPS $0.18 vs FactSet $0.19 [9 est, $0.15-0.21]

      • Also reporting today

        • Earnings:

          • UK: Peel Hunt (PEEL.LN), Solid State (SOLI.LN), Eco Animal Health Group (EAH.LN)

        • Trading Update:

          • DACHs: innoscripta (1INN.GR)

        • CMD/Events: Novartis (NOVN.SW) Social Impact & Sustainability 16:00CET

    • M&A

      • BlackRock, Brookfield and Apollo among infrastructure investors pursuing opportunities for deals with oil and gas companies - FT

      • KARN.SW (Kardex Holding) -- acquires controlling stake in Rocket Solution; terms undisclosed

      • GRG.LN (Activist) -- wants Greggs to cut costs to avoid being taken over - Sunday Times

    • Other

      • EZJ.LN (EasyJet) -- Costs mean EasyJet may base more planes outside of London - Mail on Sunday

      • HSBA.LN (HSBC) -- agrees deal with Mistral to develop generative AI model for various tasks - FT

      • EOAN.GR (E.ON) --urges Germany to slow pace of wind and solar expansion - Süddeutsche Zeitung

      • UHR.SW (Swatch) -- Activist investor Steven Wood accuses Swatch Group of "worst-in-class" governance - Reuters, citing FT

      • DTE.GR Deutsche Telekom, Schwarz Group planning to jointly build AI gigafactory - Handelsblatt

  • Key rating changes

    • Upgrades

      • VACN.SW (VAT Group) -- to outperform from neutral at BNP Paribas Exane

      • RKT.LN (Reckitt Benckiser) -- to overweight from equal weight at Barclays

      • CFR.SW (Richemont) -- to buy from hold at Deutsche Bank

      • DSCV.LN (discoverIE Group) -- to buy from hold at Deutsche Numis

      • LEG.GR (LEG Immobilien) -- to buy from hold at Deutsche Bank

    • Downgrades

      • BVI.FP (Bureau Veritas) -- to underperform from sector perform at RBC Capital Markets

      • VIV.FP (Vivendi) -- to hold from buy at Kepler Cheuvreux

      • TTE.FP (TotalEnergies) -- to hold from buy at HSBC

      • AMS.SW (ams-OSRAM) -- to underweight from neutral at JPMorgan

      • ALLFG.NA Allfunds Group downgraded to equal-weight from overweight at Morgan Stanley (

  • Data

    • Nikkei (1.89%) to 49303.28

    • Hang Seng +0.67% to 26031.85

    • Shanghai Composite +0.53% to 3909.13

    • S&P futures (45.8) vs prior close of 6859.5

    • €-$ +0.0002 or +0.02% to 1.1598

    • $-¥ (0.56) or (0.36%) to 155.58

    • €-¥ (0.62) or (0.34%) to 180.41

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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