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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.00%, DAX +0.05%, CAC40 +0.06%

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

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