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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.14%), DAX (0.03%), CAC40 (0.12%)

Dec 02 ,2025

  • Synopsis

    • European equity markets are set to open lower. Follows weaker performance on Monday. Asian equity markets mixed. South Korea seeing the biggest gains on positive trade news. Mainland China underperforming with moderate weakness.

    • Early attention in Europe on BoE Financial Policy Committee meeting, which is expected to include simplification of bank capital rules and annual stress test results. Bank has been under pressure to align with government's growth agenda and relax regulations. UK fiscal policy still getting headlines after head of fiscal watchdog OBR Richard Hughes resigned after last week's budget leak error. He will no longer face MPs on Treasury committee today to detail pre-budget process and economic forecasts, which has been scrutinized amid a row that Chancellor Reeves misrepresented forecasts to push through big tax hike.

    • In central banks, ECB's Buch panellist at 9:55CET at event organised by ESMA, Slovenia central bank's Dolenc introductory remarks at 15th Workshop on Exchange Rates (see link Wed), BOE's Evans gives a speech at 13:35GMT at the International Swaps and Derivatives Association trading book capital conf whilst BOE releases financial stability report, Governor Bailey due to speak. Members of Ireland's central bank before parliamentary budgetary oversight committee. OECD releases its latest economic outlook.

    • Also on today's agenda, meeting of EU health ministers and UK parliament committee business includes OBR's latest economic and fiscal forecast at 10:00GMT as well as UK trade with the US, India and EU at 14:00 (includes execs from Jaguar Land Rover, AstraZeneca, and chief negotiator, UK-India Free Trade Agreement at Dept. for Business and Trade Thornley. There's the conclusion of the Budget debate. EU-Armenia Partnership Council whilst EU's Tzitzikostas gives a speech at the Aerospace, Security and Defence Industries Assn of Europe conf. Also on Tue, Handelsblatt's Banking Tech 2025 will explore securing true digital sovereignty and the modernization of banking IT architecture using AI, cloud and strong data governance (through Wed). FT's Global Banking Summit (through Fri).

    • European macro data releases out today include, Italy Oct unemployment rate, PPI, Spain Nov unemployment change, Eurozone Nov flash CPI, Oct unemployment rate, UK Nov shop price inflation - BRC, Netherlands Nov preliminary CPI, Austria Nov preliminary CPI, Finland Nov HICP, Greece Oct unemployment rate, Portugal Oct retail sales, UK Nov house price index - Nationwide.

    • In corporate news, Bilfinger (GBF.GR) presented its new medium-term targets for the period up to 2030 with 8-10% Annual Revenue Growth and 8-9% EBITA Margin ahead of its capital market day today. In Norway, BW LPG (BWLPG.NO) reported Q3 earnings. In France, Compagnie des Alpes (CDA.FP) released FY earnings numbers, hiked dividend by 10% and issued FY25/26 guidance.

    • In M&A, yesterday after the market closed, Reuters reported that Nestle (NESN.SW) was evaluating the potential sale of Blue Bottle Coffee, while Banco Santander (SAN.SM) to reportedly sell ~3.5% stake in Santander Polska (SPL.PW) via an accelerated bookbuild for ~$480M.

  • Politics/Macro/World News

    • UK pension funds dump US equities on fears of AI bubble - FT

    • ECB Refuses To Provide Backstop For €140Bn Ukraine Loan - FT

    • EU takes small steps in uphill struggle to wean savers off cash - Reuters

    • Putin and Trump's envoy set for key Ukraine talks in Moscow - BBC

    • Starmer Says UK Will Adopt Pro-Business Approach With Beijing - Bloomberg

    • Netherlands Nov Preliminary CPI +2.9% y/y vs consensus +3.0% and prior +3.1% (00:30ET)

    • Finland Nov Preliminary HICP +1.4% y/y vs consensus +1.4% and prior +1.4%

  • Top company news

    • Earnings/updates

      • A3M.SM (ATRESMEDIA) -- Nov audience share 26.0% vs prior 25.9%

      • GBF.GR (Bilfinger) -- Capital Markets Day 2025: Mid-Term Targets 2030 with 8-10% Annual Revenue Growth and 8-9% EBITA Margin

      • BWLPG.NO (BW LPG) -- reports Q3 EPS $0.38 vs FactSet $0.57 [8 est, $0.40-0.70]

      • LINC.SS (Linc's) -- NAV as of 30-Nov was SEK76.9/share

      • CDA.FP (Compagnie des Alpes) -- reports FY net income €107.1M vs FactSet €110.3M [7 est, €101.9-120.7M]; hikes divi by 10% and guides FY25/2

      • Also due to report today includes:

        • Earnings:

          • UK: discoverIE Group (DSCV.LN), Victrex (VCT.LN), Foresight Group Holdings (FSG.LN), NewRiver REIT (NRR.LN), On The Beach Group (OTB.LN), Gooch & Housego (GHH.LN), Mercia Asset Management (MERC.LN), Treatt (TET.LN), Topps Tiles (TPT.LN), Celebrus Technologies (CLBS.LN), IG Design Group (IGR.LN), System1 Group (SYS1.LN)

        • Trading Update:

          • France: Quadient (QDT.FP)

        • CMD/Events: Admicom (ADMCM.FH)

    • M&A

      • NESN.SW (Nestle) -- reportedly evaluating potential sale of Blue Bottle Coffee -- Reuters

        • NESN.SW (Nestle) -- Follow-up: Nestle evaluating potential sale of Blue Bottle Coffee - Reuters

      • OR.FP (L'Oreal) -- to definitely look at investment in Armani and will start working on it very soon - Reuters, citing CFO

      • SAN.SM (Banco Santander) -- to sell ~3.5% stake in Santander Polska via accelerated bookbuild for ~$480M - Reuters

      • TTE.FP (TotalEnergies) -- TotalEnergies, TES, Osaka Gas, Toho Gas, and ITOCHU sign JDOA, granting the Japanese companies combined 33.3% stake in Live Oak project

      • HOLN.SW (Holcim) -- announces three acquisitions in the UK, Germany and France; combined annual permitted processing capacity of ~1.3M tons.

      • GIVN.SW (Givaudan) -- completes the acquisition of Belle Aire Creations

      • SGO.FP (Compagnie de Saint-Gobain) -- completes sale of SFIC Belgium

      • TECN.SW (Tecan Group) -- announces acquisition of Wako Automation assets; terms undisclosed

      • CA.FP (Carrefour) -- completes previously disclosed sale of all its activities in Italy to the NewPrinces Group

      • G.IM (Assicurazioni Generali) -- Italian prosecutors claim Monte dei Paschi CEO Lovaglio conspired with top shareholders to ultimately seize control of Generali, and not Mediobanca - FT

      • SWED.A.SS (Swedbank) -- completes acquisition of Entercard; purchase price at closing was approximately SEK 2.75B

      • SOP.FP (Sopra Steria Group) -- completes the acquisition of Neocase

      • KAR.SS (Karnov Group) -- completes divestment of EHS divisio; to use part of the proceeds to repurchase up to 5% of the shares

      • A531.GR (Aura Minerals) -- completes previously announced acquisition of Mineração Serra Grande Gold Mine

      • TKO.FP (Tikehau Capital) -- intends to merge SOFIDY subsidiary with Tikehau Investment Management

      • LAT1V.FH (Lassila & Tikanoja) -- acquires RecondConcept i Ånge AB for an undisclosed sum

      • JEN.BB (Jensen-Group) -- acquires G.A. Braun for $39.4M

      • JIN.NO (Jinhui Shipping & Transportation) -- signs agreement to sell Supramax vessel for $14.4M

      • EMR Capital in discussion with Indonesian suitor regarding stake in the Kestrel mine - The Australian

      • Sojitz to acquire UGL transport division for ~A$993M (~¥101B) - The Australian

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche receives FDA clearance with CLIA waiver and CE Mark for its first point-of-care test for diagnosing Bordetella infections, including whooping cough (pertussis)

      • BAYN.GR (Bayer AG) -- Solicitor General supports U. S. Supreme Court review of the petition for a writ of certiorari in Durnell case

      • BAYN.GR (Bayer AG) -- Bayer announces its MEDRAD Centargo multi-patient CT injector secures 510(k) clearance from US FDA to expand use of compatible contrast agent presentations

      • ONCIN.NO (BerGenBio) -- Oncoinvent announces preliminary results of rights issue

      • AMBEA.SS (Ambea AB) -- Ambea holder Bolero Holdings S.à r.l. announces intention to sell ~4.2M shares in Ambea (~5% of the share capital of the company) by way of book building

      • AMBEA.SS (Ambea AB) -- holder Bolero Holdings S.à r.l. sale of ~4.2M shares priced at SEK137/sh

      • ATORX.SS (Alligator Bioscience) -- enters into additional subscription undertakings and top guarantee commitments for upcoming rights issue

      • KURN.SW (Kuros Biosciences) -- announces enrollment of first patient in ASTRA study

    • Other

      • OR.FP (L'Oreal) -- Transcript Intelligence: L'Oreal Capital Markets Day

      • ITX.SM (Inditex) -- Zara products on sale in Russia despite Inditex's insistence it would not return to the country - FT

      • BA.LN (BAE Systems) -- awarded $184.4M US Navy contract modification

      • EQT.SS (EQT AB) -- EQT considering imposing charges on institutional investors to put money into deals amid influx of money from wealthy individuals - FT

      • IVG.IM (Iveco Group) -- Iveco's IDV to supply 658 additional trucks to the Italian Army

      • ENAV.IM (ENAV) -- signs contract with TELEDIFE for the modernization of radar surveillance systems at six Italian Air Force bases; total value of ~€102M with new SLA agreement

      • RRTL.GR (RTL Group) -- planning to cut between 800 and 1,000 jobs in Germany - WiWo (1-Dec, 16:24 CET)

      • TRE.SM (Tecnicas Reunidas) -- Técnicas Reunidas announces full repayment of SEPI loan

      • Eli Lilly lowers cash price of weight-loss drug for consumers; BP scraps UK hydrogen project in intraday themes (1-Dec)

      • Italy Nov new passenger car registrations 124,222; (0.0%) y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • BANB.SW (Bachem Holding) -- to buy at UBS

      • BKT.SM (Bankinter) -- Bankinter transferred overweight at JPMorgan; prior rating was underweight

      • BLND.LN (British Land Co.) -- to buy from hold at Panmure Liberum

      • CPR.IM (Davide Campari-Milano) -- to overweight from equal weight at Barclays

      • EBS.AV (Erste Group Bank) -- to overweight from equal weight at Barclays

      • HYQ.GR (Hypoport) -- to outperform from neutral at BNP Paribas Exane

      • TRE.SM (Tecnicas Reunidas) -- to hold from sell at Bestinver Securities

      • BPSO.IM (Banca Popolare di Sondrio) -- to buy from hold at Deutsche Bank

    • Downgrades

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- to equal-weight from overweight at Morgan Stanley

      • DG.FP (VINCI SA) -- to equal-weight from overweight at Morgan Stanley

      • KBC.BB (KBC Group) -- to underweight from equal weight at Barclays

      • SHOT.SS (Scandic Hotels Group) -- to underweight from equal-weight at Morgan Stanley

      • CE.IM (Credito Emiliano) -- to hold from buy at Deutsche Bank

    • Other Actions

      • AGS.BB (Ageas) -- resumed neutral at Goldman Sachs; prior rating was neutral

  • Data

    • Nikkei +0.00% to 49303.45

    • Hang Seng (0.01%) to 26031.83

    • Shanghai Composite (0.53%) to 3893.26

    • S&P futures (7.0) vs prior close of 6826.8

    • €-$ (0.0001) or (0.01%) to 1.1611

    • $-¥ +0.29 or +0.19% to 155.78

    • €-¥ +0.34 or +0.19% to 180.86

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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