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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.31%, DAX +0.61%, CAC40 +0.28%

Dec 04 ,2025

  • Synopsis

    • European equity markets are set for a firmer open amidst a mixed session in Asia on Thursday. Japan's Nikkei 225 leading the gainers following strong gains in tech names while the Topix is also strongly higher. Shanghai and Hong Kong flat, Shenzhen slightly higher. Australia and India also up, Taiwan flat and South Korea lower. Southeast Asia mixed. US futures mixed.

    • Annual Foreign Ministers' Meeting of the Organization for Security and Co-operation in Europe (OSCE) and Meeting of EU transport ministers. Chancellor Merz will meet with the heads of government of the German states for his regular meeting at the Conference of Minister-Presidents. In UK, MPs hold debate on war in Ukraine. EP's Metsola will be in Luxembourg for the EP Bureau away days (through Fri).

    • In central banks, Riksbank's Bunge speech at 8:00CET on stablecoins and digital euro - how do developments affect Sweden, at event hosted by SNS. Austria central bank's Kocher press conf at 11:00CET on results of survey on the financial situation and financial behavior of Austrian households. ECB's Cipollone chairs panel at 14:00CET and ECB's Lane at 16:00 at ECB-IMF conf on fiscal policy and EMU governance. ECB's de Guindos speech at 19:00CET at Cinco Días Business Innovation Awards ceremony. Bank of Italy's Panetta chairs the meeting of the Macroprudential Policy Committee.

    • Macro data due include Switzerland Nov unemployment rate, Germany and UK Nov construction PMI, Sweden Nov preliminary CPI, Austria Q3 final GDP and Eurozone Oct retail sales.

    • In earnings, Vivoryon Therapeutics (VVY.NA) reported 9M net income (€7.6M) vs year-ago (€17.1M) and reaffirmed cash runway whilst Zumtobel Group (ZAG.AV) reported Q2 net income €17.4M vs year-ago €5.6M; reaffirms FY guidance and Aurubis (NDA.GR) is out with Q4 operating net income €45M vs consensus €59M, hiked divi by ~7% and guides FY25/26

    • Elsewhere, Energy Day of the World Energy Council Germany e.V. "Everything in Transition - Where is global energy policy headed?". FT webinar at 14:00GMT title The Budget Decoded. UK Nov new car registrations are out for release.

  • Macro

    • Emmanuel Macron warns of 'disintegration' risk to world order in Xi Jinping meeting - FT

    • Starmer Pushes Ahead With China Reset Despite Spying Fears - Bloomberg

    • Starmer rules out rejoining EU customs union but steps up 'reset' efforts - FT

    • UK New Car Market In November Expected To Fall By Around 1% Ahead Of Budget Introducing New Taxes On Electric Cars - SMMT Preliminary Data, Reuters

    • Merz in Danger With Business Warning Germany Is in 'Free Fall' - Bloomberg

    • Macron Seeks Xi's Support on Ukraine, Calls for China Investment - Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux:

        • VVY.NA (Vivoryon Therapeutics) -- reports 9M net income (€7.6M) vs year-ago (€17.1M); reaffirms cash runway

      • DACHs:

        • ZAG.AV (Zumtobel Group) -- reports Q2 net income €17.4M vs year-ago €5.6M; reaffirms FY guidance

        • NDA.GR (Aurubis) -- reports Q4 operating net income €45M vs consensus €59M; hikes divi by ~7% and guides FY25/26

        • ADXN.SW (Addex Therapeutics) -- reports Q3 net income (CHF1.6M) vs year-ago (CHF1.5M)

      • Nordics:

        • SYSR.SS (Systemair) -- reports Q2 EPS SEK1.28 vs FactSet SEK1.22 [4 est, SEK1.16-1.36]

      • UK:

        • RIO.LN (Rio Tinto) -- releases presentation material in connection with its CMD

    • M&A

      • AEDAS.SM (AEDAS Homes) -- board issues an unfavorable opinion on Neinor Homes' offer; considers offer price inadequate (post EU close 3-Dec)

      • SCOM.KE (Safaricom) -- Vodacom to acquire further 20% of Safaricom for KES34/share, or $2.1B (ZAR36.0B) total

      • INTC (Intel) -- Follow-up: Intel to keep Networking Division inside company after performing strategic review - Bloomberg

      • BA (Boeing) -- FTC requires Boeing to divest several Spirit assets to proceed with merger

      • ULVR.LN (Unilever) -- Clarification: London Times report of price paid to Unilever for Graze was from 1-Dec

      • CPR.IM (Davide Campari-Milano) -- pursuing asset sales as it seeks growth in US market - Bloomberg

      • SDR.LN (Schroders) -- exploring options for Benchmark Capital, including potential sale - Reuters

      • LKOH.RU (Lukoil) -- Bernd Bergmair approaches US Treasury about acquiring Lukoil's international assets - Reuters, citing sources familiar with the matter

      • CEP (Cantor Equity Partners) -- Twenty One Capital and Cantor Equity Partners announce expected closing of business combination and NYSE listing; to commence trading on 9-Dec under ticker symbol 'XXI'

      • ACE.IM (ACEA) -- Plenitude signs agreement with ACEA for acquisition of ACEA Energia

      • 500520.IN (Mahindra & Mahindra) -- Mahindra Overseas Investment Company divests 3.58% stake in CIE Automotive S.A for ~€119M (INR12.53B)

      • (NULL) Blackstone reportedly to sell The Shops at Skyview in Flushing, NY to joint venture between TPG and Acadia Realty Trust for $425M

      • (NULL) OpenAI CEO Sam Altman has looked at acquiring or partnering with Stoke Space, says Washington Journal - Times Now

    • Healthcare

      • SAN.FP (Sanofi) -- Transcript Intelligence: Sanofi at Citi Global Healthcare Conference

      • BAYN.GR (Bayer AG) -- Bayer announces results of pediatric study from pivotal clinical development program QUANTI for its low-dose MRI contrast agent gadoquatrane

      • UCB.BB (UCB) -- will present 21 abstracts at the American Epilepsy Society (AES) Annual Meeting 5-9 Dec

      • 4523.JP (Eisai) -- presents new data on continued and expanding benefit of LEQEMBI at CTAD conference

      • TECN.SW (Tecan Group) -- Tecan Group's Chairman Braunschweiler will not stand for re-election at next AGM on 15-Apr-26; proposes Gillner as the new chairman

      • ONT.LN (Oxford Nanopore Technologies) -- Transcript Intelligence: Oxford Nanopore Technologies at Piper Sandler Healthcare Conference

      • MVIR.SS (Medivir) -- announces outcome of fully guaranteed rights issue of approximately SEK 151M

      • FYB.GR (Formycon) -- Formycon, MS Pharma enter into licensing deal for FYB206 in MENA; terms undisclosed

    • Other

      • AGFB.BB (Agfa-Gevaert) -- announces additional measures to adjust cost base of its traditional film activities; intended measures would be executed in 2026 and 2027, and could impact up to 145 employees in Belgium

      • ADS.GR (San Francisco Court) -- rules Adidas did not mislead investors regarding the Kanye West partnership fallout -- filing

      • MC.FP (LVMH) -- reiterates it had never misappropriated shares of Hermes heir Nicolas Puech when it built up a stake in its rival -- Reuters

      • FCT.IM (Fincantieri) -- Index changes: Fincantieri to be included in Italy's FTSE MIB Index, effective after close of business on 19-Dec-25

      • IFCN.SW (Inficon Holding) -- appoints Dimitrij Lisak as new CFO, effective 1-Jul-26

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

      • GLEN.LN (Glencore) -- Transcript Intelligence: Glencore Capital Markets Day

      • WEIR.LN (Weir Group) -- Transcript Intelligence: Weir Group Capital Markets Day

      • URW.FP (Unibail-Rodamco-Westfield) -- URW appoints Kathleen Verelst as Chief Investment Officer

      • EDP.PL (EDP-Energias de Portugal) -- EDP ??chosen by Carrefour Poland for PPA contract to supply renewable energy in Poland

      • VER.AV (Verbund) -- Verbund's Executive board proposes special dividend of €1.15 per share for FY 2025

      • HELN.SW (Helvetia Holding) -- Spanish Directorate-General for Insurance and Pension Funds grants authorisation for the merger between Caser and Helvetia

  • Key rating changes

    • Upgrades

      • ITX.SM (Inditex) -- neutral from underperform at Mediobanca

      • BofA upgrades MBG.GR, PAH3.GR, RNO.FP

      • DWS.GR (DWS Group) -- neutral from underperform at BNP Paribas Exane

      • Goldman Sachs upgrades BCP.PL, CBK.GR, GLE.FP; downgrades BKT.SM, DNB.NO, NDA.SE.SS, others

      • Goldman Sachs upgrades GFC.FP; downgrades GPE.LN, GYC.GR

      • JPMorgan reinstates ALFA.SS, SKF.B.SS; upgrades ENR.GR, SU.FP

      • UBS upgrades CARL.B.DC; downgrades DGE.LN

      • ATCO.A.SS (Atlas Copco) -- to overweight from equal weight at Barclays

      • BOY.LN (Bodycote) -- to overweight from equal weight at Barclays

      • ITX.SM (Inditex) -- to neutral from sell at Alantra Equities

      • SCT.LN (Softcat) -- to overweight from neutral at JPMorgan

      • STLAM.IM (Stellantis) -- to outperform from neutral at Intermonte

    • Downgrades

      • BofA downgrades TEF, TEF.SM

      • ARAMI.FP (Aramis Group) --o neutral from outperform at BNP Paribas Exane

      • SHL.GR (Siemens Healthineers) -- to hold from buy at Deutsche Bank

      • RCO.FP (Remy Cointreau) -- to sell from neutral at UBS

      • AGN.NA (Aegon) -- to neutral from buy at UBS

      • GBT.FP (Guerbet) -- to sell from hold at Portzamparc (earlier, timing uncertain)

    • Initiations

      • NEWA.B.SS (New Wave Group) -- hold at ABG Sundal Collier

      • STORY.B.SS (Storytel) --buy at SEB

      • GFC.FP (Gecina) -- buy at ING

      • MTO.LN (Mitie Group) -- outperform at RBC Capital Markets

    • Other Actions

      • RI.FP (Pernod Ricard) -- resumed hold at Deutsche Bank; prior rating was hold

  • Data

    • Nikkei +2.33% to 51028.42

    • Hang Seng +0.31% to 25840.46

    • Shanghai Composite (0.09%) to 3874.66

    • S&P futures +3.5 vs prior close of 6862.0

    • €-$ (0.0013) or (0.11%) to 1.1659

    • $-¥ +0.05 or +0.03% to 155.30

    • €-¥ (0.15) or (0.08%) to 181.04

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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