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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.29%), DAX (0.18%), CAC40 (0.25%)

Dec 10 ,2025

  • Synopsis

    • European equity markets are indicated for a lower open amidst Asia equities trading largely lower Wednesday. Modest losses across the region as Japan, Greater China, Australia and South Korea main benchmarks all decline while Taiwan's Taiex is ahead. Small gains for India too but Southeast Asia is lower. US futures flat,

    • In the UK, weekly PMQs at 12noon GMT followed by Opposition Day Debate (subject tba), whilst committee business includes 2025 Budget (Chancellor Reeves) at 10:00GMT, Railways Bill and Transition to State Pension age both 9:15 and cost of energy 15:00. Chancellor Merz hosts Croatian PM Plenković. EU Commission expected to present proposals for phasing out combustion engines and proposal for new regulations for Europe's electricity grids. Also present package for an environmentally friendly industry.

    • In central banks, AMF-BCBS-FSI jointly organised event (through Thu) sees Riksbank's Thedéen speech at 6:20CET and ECB's Machado panellist at 8:45. FT's The Global Boardroom event sees BOE's Bailey pre-recorded fireside chat at 10:45GMT and ECB's Lagarde speech at 10:55. Latvia central bank Kazāks participates in the "MNI Connect" investor discussion, whilst bank members participate on the meeting of the parliamentary Budget and Finance (Tax) Committee. ECB's Donnery panellist at 13:30CET on final day ECB's Technological innovations conf. Ireland central bank's Makhlouf speech at 18:00GMT topic Economic Resilience: Rethinking Global Systems in the Face of Crises at RIA.

    • In macro, Italy Nov final CPI, Sweden, Greece and Austria Oct industrial production, Norway and Denmark Nov CPI whilst Netherlands Oct manufacturing production and Finland Oct industrial production are already on the tape.

    • On the corporate front, CMD updates out from a slew of companies including Aegon (AGN.NA) saying operating result expected to grow by ~5% p.a. between 2025 and 202, also announced new €400M buyback and ambition to become leading US life insurance and retirement group. Husqvarna (HUSQ.B.SS) presented new long-term financial and sustainability targets ahead of CMD and announced transformational cost-out program whilst Storebrand (STB.NO) raised targets for for Group result from NOK 5B in 2025 to NOK 7B in 2028 in connection with today's CMD. Temenos (TEMN.SW) announced it will start new up-to-CHF100M share buyback program tomorrow.

    • Other companies hosting CMDs/Investor Events today include Deutsche Börse (DB1.GR), Sberbank Russia (SBER.RU), Klaveness Combination Carriers (KCC.NO) and Kitron (KIT.NO).

    • Other events on Wed, LSE event at 18:30GMT title Pharmaceutical policy at a crossroads: perspectives from Europe and the US, Fitch Ratings live online briefing at 14:00GMT on CEE 2026 Economic and Fiscal Outlook. EU Chamber of Commerce in China due to publish report on supply chains.

  • Politics/Macro/World News

    • EU races to bypass Viktor Orbán on Russian assets before summit - FT

    • Germany sees high hurdles to winning ECB presidency - FT

    • Netherlands Oct Manufacturing Production +0.2% m/m vs consensus +0.2% and prior revised (0.2%) from +0.1%

    • Finland Oct Industrial Production +2.3% y/y vs consensus (1.2%) and prior revised (1.5%) from (1.8%)

  • Top company news

    • Earnings/updates

      • Benelux:

        • AGN.NA (Aegon) -- operating result expected to grow by ~5% p.a. between 2025 and 2027; new €400M buyback and ambition to become leading US life insurance and retirement group -- CMD

      • DACHs:

        • TEMN.SW (Temenos) -- to start new up-to-CHF100M share buyback program tomorrow

      • France:

        • MEDCL.FP (MedinCell) -- reports H1 net income (€16.1M) vs FactSet (€7.9M) [2 est, (€8.6)-(7.2M)]

      • Nordics:

        • HUSQ.B.SS (Husqvarna) -- presents new long-term financial and sustainability targets at today's Capital Markets Day; announces transformational cost-out program

        • STB.NO (Storebrand) -- target for Group result increased from NOK 5B in 2025 to NOK 7B in 2028 -- CMD

        • CLAS.B.SS (Clas Ohlson) -- reports Q2 EPS SEK4.85 vs FactSet SEK4.94 [4 est, SEK4.79-5.10]

        • KIT.NO (Kitron) -- outlines the way forward to €1.5B in revenue; reaffirms FY guidance - CMD

        • KCC.NO (Klaveness Combination Carriers) -- presents strategy for 2026-2030 at CMD today

    • M&A

      • SHEL.LN (Shell Plc) -- in advanced talks to acquire LLOG Exploration Offshore; deal valued at over $3B - Reuters, citing sources

      • BHP.AU (BHP Group) -- South32 considering bid for BHP's West Musgrave nickel mine - The Australian

      • ULVR.LN (Unilever) -- allocating ~€1.5B per year for M&A, with heavy focus on deals in the US - Reuters, citing CEO (9-Dec, 15:14 GMT)

      • TECK.B.CN (Teck Resources) -- announces shareholder approval of merger with Anglo American

      • RF.FP (Eurazeo) -- will acquire a majority stake in Water Direct. Terms were not disclosed

      • SFSN.SW (SFS Group) -- SFS Group's Hoffmann SE is acquiring three partner companies Gödde GmbH, Oltrogge Werkzeuge GmbH and Hch. Perschmann GmbH

      • GCO.SM (Grupo Catalana Occidente) -- Inocsa's squeeze-out price in connection with acquisition of Grupo Catalana Occidente to be adjusted to €45.10/share following dividend declaration

      • PYT.AV (Polytec Holding) -- divests UK operating business to WHS Group, terms undisclosed

      • Multiple bidders for in administration Gym chain Derrimut 24:7 - Australian Financial Review

      • Pacific Equity Partners considering move to merge Estia with Opal- The Australian

      • Healthscope receivers reject Calvary bid for 12 hospitals - The Australian

    • Healthcare

      • AZN.LN (AstraZeneca) -- CEO had undisclosed family investment office that financially backed organization that is a major partner of the company - London Times (9-Dec, 12:40 ET/17:40 GMT)

      • BAYN.GR (Bayer AG) -- AskBio gene therapies for Parkinson's and Congestive Heart Failure receive SAKIGAKE designations in Japan (8:00ET)

      • 4568.JP (Daiichi Sankyo) -- initiates phase 3 DESTINY-Ovarian01 trial evaluating trastuzumab deruxtecan (T-DXd / DS-8201) as first-line maintenance therapy for HER2-expressing advanced ovarian cancer

      • IDIA.SW (Idorsia) -- announces publication of new analysis from Phase 3 PRECISION study in Hypertension

      • EGTX.SS (Egetis Therapeutics) -- enters into an expanded exclusive distribution agreement with Er-Kim Ilaç Sanayi ve Ticaret A.S.

      • BICO.SS (BICO Group) -- CFO Jacob Thordenberg to leave, effective 30-Apr-26

    • Other

      • MICC.NA (The Magnum Ice Cream Co) -- Index changes: The Magnum Ice Cream Co confirms its inclusion on AEX Index as of 8-Dec

      • FNAC.FP (Fnac Darty) -- announces full buy-in of UK pension scheme

      • VIRI.FP (Viridien) -- announces new seismic reimaging program over block 22 offshore Angola to support upcoming licensing round

      • PUUILO.FH (Puuilo) -- appoints Annu von Weymarn as interim CFO effective 1-Jan-26

      • NDX1.GR (The Nordex Group) -- announces it has been awarded significant contracts by Alliant Energy

      • MELE.BB (Melexis) -- launches new share buy-back program of up to €50M

      • ASRNL.NA (a.s.r.) -- announces Lard Friese will step down from the Supervisory board

      • SCYR.SM (Sacyr Vallehermoso) -- Hoilder Nerifan, S.L. is contemplating selling 40.8M existing ordinary shares of tSacyr Vallehermoso

      • THG.LN (THG Plc) -- holder Frasers Group lowers stake to ~ 10.77% vs prior ~12.61% as of 8-Dec

      • IPS.FP (Ipsos) -- CFO Dan Lévy to step down

      • NOS.PL (NOS SGPS) -- NOS releases Gender Equality Plan

      • DHER.GR (Delivery Hero) -- will release comprehensive shareholder letter, highlighting commitment of Management Board and Supervisory Boards to addressing current share price performance

      • CFE and Befimmo conclude transaction regarding settlements and claims related to ZIN IN NO(O)RD project

  • Key rating changes

    • Upgrades

      • Deutsche Bank upgrades SBRY.LN, WIX.LN; downgrades BME.LN, KGF.LN

      • BNP Paribas Exane upgrades ACS.SM, HOT.GR; downgrades DG.FP, FRA.GR

      • BNP Paribas Exane upgrades SRT3.GR, STMN.SW; downgrades GXI.GR, SHL.GR

      • VWS.DC (Vestas Wind Systems) -- to buy from reduce at Kepler Cheuvreux

    • Downgrades

      • KNOS.LN (Kainos Group) -- hold from buy at Deutsche Numis

      • RACE.IM (Ferrari) -- neutral from outperform at Oddo

      • BFF.IM (BFF Bank) -- hold from buy at Deutsche Bank

      • FER.SM (Ferrovial) -- market perform from outperform at Bernstein

      • SRG.IM (Snam) -- market perform from outperform at Bernstein

      • CON.GR (Continental) -- to equal weight from overweight at Barclays

      • UNI.SM (Unicaja Banco) -- to underperform from neutral at Oddo

    • Initiations

      • RACE.IM (Ferrari) -- equal-weight at Morgan Stanley

      • MICC.NA (The Magnum Ice Cream Co. N.V.) --

        • overweight at Morgan Stanley

        • equal weight at Barclays

        • buy at ING

      • BRAV.SS (Bravida Holding) -- buy at ABG Sundal Collier

      • EKTA.B.SS (Elekta) -- neutral at Sparebank 1 Markets

  • Data

    • Nikkei (0.10%) to 50602.80

    • Hang Seng +0.09% to 25456.41

    • Shanghai Composite (0.18%) to 3902.61

    • S&P futures +2.8 vs prior close of 6848.3

    • €-$ +0.0010 or +0.09% to 1.1637

    • $-¥ (0.18) or (0.12%) to 156.71

    • €-¥ (0.08) or (0.04%) to 182.33

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".

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