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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.1%), CAC (0.1%), IBEX (0.1%), MIB (0.2%)

Dec 08 ,2025

  • Synopsis

    • European equity markets set for a softer open. Asia equities trading mixed Monday. Precious metals mixed, crude oil futures slightly higher. Copper steady after Friday's climb to four-month highs, iron ore also higher. Japan final Q3 GDP showed deeper contraction than preliminary estimate, while China exports rebound in November while imports underperform.

    • This week's agenda in Europe sees Eurogroup meeting, OPEC / IEA oil market reports, Nov final CPIs from across the region and UK Oct industrial/manufacturing production as well as earnings/updates from Ashtead Group (AHT.LN), British American Tobacco (BATS.LN), thyssenKrupp (TKA.GR), Berkeley Group (BKG.LN) and TUI Group (TUI1.GR). After the EU close on Wed there's Fed's policy decision and latest economic projections. ECB's pre-rate decision quiet period starts Thu.

    • Note today sees bank holidays (Immaculate Conception Day) in Austria, Italy, Malta, Portugal and Spain, though markets in most of these countries remain open.

    • European macro data releases out today include Germany Oct industrial production, Switzerland Nov consumer confidence - SECO, Denmark Oct manufacturing production, Eurozone Dec Sentix economic index

    • Among stocks in focus: Anheuser-Busch (ABI.BB) to acquire 85% stake in BeatBox for up to ~$490M; Ageas (AGS.BB) purchases BNP Paribas Fortis' 25% stake in AG Insurance for a total amount of €1.9B; Worthington Steel (AS) confirms it is in negotiations with Klöckner (KCO.GR) for a potential takeover; L'Oréal Groupe (OR.FP) intends to acquire an additional 10% in Galderma Group (GALD.SW) from Sunshine SwissCo GmbH; UBS to reportedly cut 10K jobs by 2027; Smith & Nephew (SN.LN) hosting Capital Markets Day

    • In central banks, BOE's Taylor panellist at 14:30GMT at McKinsey Global Institute 'Out of balance - What's next for growth, wealth, and debt' whilst BOE's Lombardelli panellist at 18:30GMT at the London School of Economics (LSE) conf 'Women in economics: progress, challenges and perspectives. ECB's Cipollone lecture at 16:00CET at event hosted by Frankfurt School of Finance & Mgmt.

    • In the UK, following MPs questions on work and pensions, they will consider any Lords amendments to Employment Rights, Planning and Infrastructure Bills, others, whilst committee topics include UK's COP30 activity (Energy and Net Zero Secretary Miliband) at 15:00GMT and Draft Finance Bill 2025-26 (Exchequer Secretary to the Treasury Tomlinson) at 16:00. Norway's foreign minister Eide begins a two-day visit to London, whist the country's PM Støre attends a central board meeting of the Labour Party in Oslo. Chancellor Merz answers questions on ARD's "Arena" program at 20:15 CET at the end of his first year in office. Meeting of EU ministers on the internal market and industry whilst home affairs ministers aim to reach agreement on the Annual Solidarity Pool, the new mechanism that will lead to a fairer sharing of responsibility in the asylum area (through Tue). In Germany, Federal Financial Supervisory Authority (BaFin) conf IT Supervision in the Financial Sector.

  • Politics/Macro/World News

    • France shielding €18bn Russian asset pot from EU 'reparations loan' push (FT)

    • SNB Set to Avoid Negative Rate in Favor of 'Lesser Evil' for Now (Bloomberg )

    • Millionaire former Tory donor Lord Malcolm Offord defects to Reform (Sky News)

    • France's Lescure Says Economy to Grow at Least 0.8% This Year (Bloomberg)

    • Keir Starmer says 'hugely talented' Angela Rayner will return to cabinet (Guardian)

    • UK jobs market slowed again in November before budget, survey shows (Reuters )

  • Top company news

    • Earnings/updates

      • ENX.FP (Euronext) -- November trading activity

      • STM.GR (Stabilus) -- confirms preliminary FY25 figures, proposes dividend of €0.35/sh; announces forecast for FY26

      • HBH.GR (Hornbach Holding) -- reports preliminary Q3 adjusted EBIT €27.3M vs year-ago €34.6M

      • BNOR.NO (BlueNord) -- reports preliminary Nov net production 43.3 mboepd

      • Also reporting today

        • Earnings:

          • DACHs: TKMS (TKMS.GR)

        • CMD/Events: Smith & Nephew (SN.LN), Surgical Science Sweden (SUS.SS), Helvetia Holding (HELN.SW) Business Update Call, UCB (UCB.BB) BofA R&D Call

    • M&A

      • ABI.BB (Anheuser-Busch InBev) -- Anheuser-Busch to acquire 85% stake in BeatBox for up to ~$490M; includes path to 100% ownership after five years

      • BNP.FP (BNP Paribas) -- Ageas purchases BNP Paribas Fortis' 25% stake in AG Insurance for a total amount of €1.9B

      • AGS.BB (Ageas) -- Follow-up: Ageas to take full ownership of AG Insurance and formalise long term partnership with BNP Paribas

      • PRU.LN (Prudential) -- announces filing of red herring prospectus for ICICI Asset Management IPO

      • WS (Worthington Steel) -- issues statement regarding Klöckner & Co SE; confirms it is in negotiations with Klöckner for a potential takeover

      • GALD.SW (Galderma) -- L'Oréal Groupe intends to acquire an additional 10% in Galderma Group from Sunshine SwissCo GmbH

      • XLS.SW Grupo Landsteiner to acquire 12 of Xlife Sciences' advanced biotech, medtech and digital health projects for $450M, payable in shares of Grupo Landsteiner

      • SPR (Spirit AeroSystems) -- Boeing acquisition of Spirit AeroSystems may clear 8-Dec - Reuters

      • SPR (Spirit AeroSystems) -- Airbus reaches deal with Boeing regarding carve-out of Spirit AeroSystems - Sunday Times

      • BARC.LN (Barclays) -- reportedly considering submitting an offer for Evelyn Partners Group -- Reuters

      • BN.FP (Danone) -- Tata Consumer Products in advanced talks to acquire Danone's India nutrition business - Economic Times, citing people familiar with the matter

      • SDZ.SW (Sandoz Group) -- completes acquisition of Just-Evotec Biologics EU SAS (JEB SAS) from Evotec

      • EXO.NA (EXOR) -- Exor-owned Gedi Gruppo Editoriale in talks with Antenna Group over potential sale of its editorial assets - Bloomberg

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Consob found no evidence of collusion between BMPS, holders in Mediobanca pursuit - Il Sole 24 Ore

      • HELN.SW (Helvetia Holding) -- Baloise and Helvetia announce completion of merger to form Helvetia Baloise Holding Ltd

      • U96.SP (SembCorp Industries) -- Sembcorp likely to sign deal to buy Alinta Energy this week - Australian Financial Review

    • Healthcare

      • JNJ (Johnson & Johnson) -- presents final OS results from Asia patients of MARIPOSA study of RYBREVANT plus LAZCLUZE

      • LLY (Eli Lilly) -- 's Jaypirca (pirtobrutinib) met its primary endpoint in head-to-head Phase 3 study versus Imbruvica (ibrutinib), data will be highlighted at ASH and published in Journal of Clinical Oncology

      • GMAB.DC (Genmab) -- announces data from multiple clinical trials showing treatment with fixed-duration Epcoritamab led to remissions in first-line DLBCL and FL

      • GMAB.DC (Genmab) -- presents, publishes data from EPCORE FL-1 study of EPKINLY

      • GLPG.NA (Galapagos) -- Presented New ATALANTA-1 Cell Therapy Data in MCL at ASH 2025; remains focused on the intention to wind down the cell therapy activities (

      • 9688.HK (ZAI Lab) -- ZAI Lab's VYVGART, NUZYRA, ZEJULA renewed in China's NRDL

      • UCB.BB (UCB) -- presents positive results from GEMZ phase 3 study at the American Epilepsy Society (AES) meeting

      • HLUN.B.DC (H. Lundbeck) -- announces Phase 2 long-term data for bexicaserin in rare childhood-onset epilepsies at AES

      • SOBI.SS (Swedish Orphan Biovitrum) -- to present latest clinical data & insights across hematology portfolio at ASH 2025

      • MOLN.SW (Molecular Partners) -- to present updated data from Phase 1/2a trial of MP0533 at ASH Annual Meeting

      • 13.HK (Hutchmed) -- provides 2025 NRDL update; continue to include ELUNATE, ORPATHYS and SULANDA

      • PRTC.LN (PureTech Health) -- PureTech Health's Gallop Oncology reports Phase 1B trial results for LYT-200

      • BINV.SS (BioInvent International) -- to present data on BI-1808 at ASH Annual Meeting

      • NWRN.SW (Newron Pharmaceuticals) -- initiates its ENIGMA-TRS 2 Phase III study in the US with evenamide as an add-on therapy for patients with TRS

      • CRNA.NO (Circio Holding) -- announces 88% underwritten and presubscribed NOK 50M rights issue with strong support from existing shareholders

      • 1877.HK (Shanghai Junshi Biosciences) -- presents results on toripalimab at ESMO Asia Congress

    • Other

      • UBSG.SW (UBS Group) -- UBS to cut 10K jobs by 2027 - SonntagsBlick

      • VOW3.GR (Volkswagen) -- to invest €160B by 2030 - FAZ

      • SAN.SM (Banco Santander) -- Banco de España designates Banco Santander as a Global Systemically Important Institution for 2027

      • BA.LN (BAE Systems) -- Land & Armaments L.P. awarded $198.4M US Army contract modification

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- board unanimously renews full trust in CEO Luigi Locaglio; working groups of Mediobanca merger process continue at full speed

      • OVH.FP (OVHCloud) -- acknowledges the announcement by Deep Code SAS, a company controlled by Miroslaw Klaba, regarding the sale of 3.6M shares

      • Estimated weekend box office revenues in US, Canada $153.5M, +11.9% y/y - Box Office Mojo

      • ICICI Prudential Asset Management IPO price band set at INR2,061-2,165/share

      • LG Energy Solution wins KRW2.060T ($1.20B) EV battery supply contract with Mercedes-Benz (pre-Korea open)

  • Key rating changes

    • Upgrades

      • SHOT.SS (Scandic Hotels Group) -- to buy from neutral at UBS

      • KBX.GR (Knorr-Bremse) -- to buy from hold at Deutsche Bank

      • SZG.GR (Salzgitter) -- to buy from neutral at UBS

      • VOD.LN (Vodafone Group) -- to overweight from equal weight at Barclays

      • GF.SW (Georg Fischer) -- to buy from hold at Kepler Cheuvreux

      • SYDB.DC (Sydbank) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • RBC Capital Markets downgrades AMRZ, HEI.GR, SIKA.SW

      • UBS downgrades SW.FP, TRN.LN

      • ENEL.IM (Enel) -- to market perform from outperform at Bernstein

    • Both

      • Deutsche Bank upgrades BZU.IM, GEBN.SW; downgrades SIKA.SW

    • Initiations

      • AG1.GR (Auto1 Group) -- buy at Jefferies

      • PNDX.B.SS (Pandox) -- buy at UBS

  • Data

    • Nikkei +0.18% to 50581.94

    • Hang Seng (1.04%) to 25812.65

    • Shanghai Composite +0.52% to 3923.20

    • S&P futures +11.5 vs prior close of 6878.3

    • €-$ +0.0021 or +0.18% to 1.1663

    • $-¥ (0.00) or (0.00%) to 155.22

    • €-¥ +0.37 or +0.20% to 181.05

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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