Dec 09 ,2025
Synopsis
European equity indices are set to open little changed at this time, amidst mostly lower trading in Asia with US futures mostly unchanged. US equities finished lower in Monday trading, ending not far from worst levels. US dollar unchanged, AUD higher on RBA's 'hawkish hold', NZD also stronger, quiet elsewhere. Treasury yields mostly higher, JGBs mixed. Crude lower, precious metals mixed. Iron ore at its lowest level in four weeks ahead of key government strategy meetings in Beijing this week. Cryptocurrencies weaker with bitcoin back below $90K.
Rate backup remains one of the bigger stories as a hawkish cut has become the consensus for Wednesday's FOMC. Treasury market also dealing with more supply this week, global central banks have recently tilted more hawkish and more talk of "run it hot" trade. Of note, RBA left cash rate unchanged at 3.60% as expected. Decision was unanimous and board judged it appropriate to remain cautious. In other news, Ukraine is preparing to present a revised peace plan to the White House and Zelensky rules out giving up land.
On the agenda for today, Siemens (SIE.GR) hosts CMD today and Anglo American (AAL.LN) and Teck Resources (TECK.B.CN) host a merger call.
UK Worldpanel by Numerator (formerly Kantar's Worldpanel division) releases grocery market share figures. Amidst light macroeconomic data, Germany Oct Trade Balance and Norway Nov PPI are due at 7:00 GMT, followed by Greece Nov CPI at 10:00 GMT.
Politics/Macro/World News
Ukraine to share revised peace plan with US on Tuesday, Zelenskiy says - Reuters
French premier faces razor-edge vote on welfare financing - FT
ECB Renews Request for Italy to Reconsider Gold Reserves Plan - Bloomberg
UK Nov retail sales +1.2% y/y vs consensus +2.4% and prior +1.5% - BRC
Netherlands Nov CPI +2.9% y/y vs preliminary +2.9%
Top company news
Earnings/updates
TKA.GR (ThyssenKrupp) -- FY EPS €0.75 vs consensus €0.27; expects FY25/26 adj EBIT between €500-900M
OCI.NA (OCI NV) -- OCI Global Q3 trading update: cont ops maintained profitability
MRX.GR (Mister Spex) -- Black Friday 2025 performance: +16% store revenue growth y/y
SYDB.DC (Sydbank) -- selects Bankdata as future provider of IT solutions for AL Sydbank; consequently will exit BEC with related exit fee impacting 2025 guidance
RUSTA.SS (Rusta) -- Q2 EPS SEK0.7 vs FactSet SEK0.46 [3 est, SEK0.43-0.49]
M&A
OCI.NA (OCI NV) -- Orascom Construction to buy OCI Global for shares
SPIE.FP (SPIE) -- acquires Cyqueo in Germany
DKSH.SW (DKSH Holding) -- to buy remaining 25.7% of its Malaysian subsidiary; aims to delist the company from the Malaysian Stock Exchange
CEP (Twenty One) -- Capital completes business combination with Cantor Equity Partners
INWI.SS (Inwido) -- acquires Victorian House Window Group for £60M
VMX.FP (Verimatrix) -- agrees to sell XTD assets to Guardsquare for an initial ~ $8.5M
EU clears Warburg Pincus' acquisition of Sebia
Healthcare
ROG.SW (Roche) -- launches new PCR test to help improve diagnostic accuracy for women affected by vaginitis in countries following the CE Mark
ROG.SW (Roche Holding) -- Genentech presents Lunsumio data showing potential across earlier treatment lines in indolent and aggressive lymphomas
ROG.SW (Roche Holding) -- European Commission approves Roche's Gazyva/Gazyvaro for adults with active lupus nephritis
SN.LN (Smith & Nephew) -- Transcript Intelligence: Smith & Nephew Capital Markets Day
GMAB.DC (Genmab) -- reports data from Phase 1b/2 EPCORE CLL-1 trial evaluating epcoritamab-bysp as monotherapy and in combination for treatment of RT
OSE.FP (OSE Immunotherapeutics) -- unveils 2026-2028 Strategic Plan With Four Opportunities for Value Creation
4523.JP (Eisai) -- Eisai, Biogen's anti-Aß protofibril antibody LEQEMBI included in National Reimbursement Drug List
Other
RNO.FP (Renault) , F (Ford) -- sign partnership agreement to develop two Ford-branded passenger electric vehicles and sign LOI for a European light commercial vehicle collaboration
EVT.GR Novo Holdings selling up to ~9.4M shares in Evotec -- wires (8-Dec, post European market close)
ULVR.LN (Unilever) -- share consolidation ratio set at 8 new shares for every 9 existing shares (12:51 ET/17:51 GMT/18:51 CET)
SKA.B.SS (Skanska) -- signs additional contract with an existing client for data center in Virginia, US, for $105M, ~ SEK 1B
VOW3.GR (Volkswagen) -- Piëch family reliant on steady dividends from Volkswagen amid debt repayment obligations - Bloomberg
ENR.GR (Siemens Energy) -- Activist Engine Capital builds stake in Siemens Energy; presses company to spin off wind business - FT
NDX1.GR (Nordex Group) -- wins orders for 102 MW in France and Belgium
ASM.NA (ASM International) -- intends to reappoint Hichem M'Saad for second term, for four years, as member of the Management board and as CEO
LAGR.B.SS (Lagercrantz Group) -- appoints Karin Mellegård Djärf as CFO
ARB.LN (Argo Blockchain) -- provides update on court sanction hearing
Key rating changes
Upgrades
EMG.LN (Man Group) -- to overweight from neutral at JPMorgan
EQT.SS (EQT AB) -- to overweight from neutral at JPMorgan
ETE.GA (National Bank of Greece) -- to outperform from neutral at Autonomous Research
RBI.AV (Raiffeisen Bank International) -- to outperform from neutral at Autonomous Research
ALV.GR (Allianz) -- to outperform from market perform at Keefe, Bruyette & Woods
G.IM (Assicurazioni Generali) -- to outperform from market perform at Keefe, Bruyette & Woods
BIRG.ID (Bank of Ireland Group) -- to outperform from neutral at Mediobanca
RED.SM (Redeia Corporacion) -- to outperform from market perform at Bernstein
REL.LN (RELX) -- to buy from hold at Deutsche Numis
EPI.A.SS (Epiroc) -- to outperform from neutral at BNP Paribas Exane
WKL.NA (Wolters Kluwer) -- to buy from hold at Deutsche Bank
Downgrades
HFG.GR (HelloFresh) -- to underweight from equal-weight at Morgan Stanley
SREN.SW (Swiss Re) -- to hold from buy at Berenberg
Initiantions
ROSE.LN (Rosebank Industries) -- buy at Berenberg
MICC.NA (The Magnum Ice Cream Co. N.V.) -- buy at UBS
HBAN.SW (Helvetia Baloise Holding) -- outperform at Autonomous Research
BILI.A.SS (Bilia) -- buy at Handelsbanken
FLS.DC (FLSmidth & Co.) -- neutral at UBS
RTO.LN (Rentokil Initial) -- buy at Kepler Cheuvreux
Data
Nikkei +0.14% to 50655.10
Hang Seng (1.27%) to 25438.48
Shanghai Composite (0.42%) to 3907.48
S&P futures +5.8 vs prior close of 6855.8
€-$ +0.0005 or +0.04% to 1.1644
$-¥ +0.10 or +0.06% to 156.02
€-¥ +0.20 or +0.11% to 181.66
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".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE