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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX (0.3%), CAC flat, IBEX (0.1%), MIB (0.2%)

Dec 11 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to lower. Asia equities mostly lower Thursday as a Fed boost is being offset over AI-monetization concerns. Notably there was a sharp selloff in Oracle (ORCL) shares after hours, down some (11%), on the back of its mixed Q2 earnings; heavier CapEx noted as a negative takeaway. Expect some negative ripples in EU tech sector this morning.

    • In the US, FOMC delivered a 25 bp rate cut as expected while details stimulated a lot of discussion. Vote count saw three dissenters for the first time since 2019 (two for hold, one for 50 bp cut). Dot plot continued to signal one more cut in 2026, though was the net result of seven in favor of staying on hold vs eight looking for at least two moves. Markets still pricing in two moves. Forward guidance was discounted to some extent given a new Fed chair will be appointed next year. Powell said Fed sees policy rate now within the broad range of neutral estimates and well positioned to see how economy evolves. 2026 GDP median forecast revised up while inflation shaved slightly. Yet, confidence level somewhat lower given lack of data points due to the government shutdown. Takeaways framed the results as somewhat hawkish and market friendly.

    • In central banks in Europe, SNB interest rate decision at 9:30CET with benchmark interest rate expected to be left unchanged at 0%, press conf 10:00. Russia interest rate decision, benchmark interest rate left unchanged at 5.75% expected. Turkey interest rate decision benchmark interest rate expected to be lowered 200bps to 37.5%. BOE's Bailey is giving evidence at 10:00GMT at the UK Covid-19 Inquiry (livestream). ECB publishes at 10:00CET the report by the high-level task force on future bank capital rules.

    • Elsewhere, OPEC and IEA monthly oil market report. In politics, Eurogroup meeting sees ECB's Lagarde and Cipollone among the attendees. Chancellor Merz hosts NATO Secretary General Rutte, press conf late morning following meeting. Finland's President Stubb visits the Netherlands (through Fri) and EU's Agriculture and Fisheries Council meeting (through Fri). LSE event at 18:00GMT title Türkiye in 2025: structural continuities beneath apparent transformation as well as lecture at 18:30 on the economics of sustainable supply chains.

    • Coffee Stain (COFFEE.B.SS) - spin-off by Embracer Group (EMBRAC.B.SS) - to commence on Nasdaq First North Premier Growth Market in Stockholm.

  • Macro/politics

    • UK Nov house price balance (16%) vs consensus (21%) and prior (19%) - RICS

    • UK pledges to spend extra £1.5bn on NHS medicines as part of Trump tariff deal (FT )

    • Carmakers sound warning over EU's 'very dangerous' local sourcing rules (FT )

  • Top company news

    • Earnings/updates

      • AFX.GR (Carl Zeiss Meditec) -- reports FY EPS €1.61 vs FactSet €1.72 [16 est, €1.36-2.28]; cuts divi by ~8% and guides FY25/26

      • FRA.GR (Fraport) -- reports Nov Frankfurt Airport traffic statistics: passengers 4.8M, +4.0% y/y

      • FHZN.SW (Flughafen Zuerich) -- reports Nov traffic statistics

      • ONTEX.BB (Ontex Group) -- lowers FY outlook: revenue to reduce by mid-single digit like for like vs prior expectations for low single digit, Adj EBITDA now expected in €175- 180M range vs prior €200-210M; announces CEO Gustavo Calvo Paz departure as of 5-May-26; appoints Laurent Nielly as CEO successor

      • THEON.NA (Theon International) -- announces €1B contract revision between OCCAR and THEON/Hensoldt consortium

      • Also reporting tdoay

        • Earnings:

          • DACHs: MVV Energie (MVV1.GR), SCHOTT Pharma (1SXP.GR)

          • UK: NCC Group (NCC.LN), RWS Holdings (RWS.LN)

        • Traffic: Heathrow Airport (+HTR.LN), Aeroflot-Russian Airlines (AFLT.RU)

        • CMD/Events: Munich Re (MUV2.GR), Schneider Electric (SU.FP), Genmab (GMAB.DC) R&D Day, Phoenix Mecano (PMN.SW), Inwido (INWI.SS), Zealand Pharma (ZEAL.DC), Givaudan (GIVN.SW) FY Pre-close Roundtable, Cinclus Pharma Holding (CINPHA.SS) Business Update Call, BASF (BAS.GR) press briefing on the company's latest developments and research activities

    • M&A

      • RHM.GR (Rheinmetall) -- making fresh pitch to acquire part of KNDS - Bloomberg

      • ORSTED.DC (Ørsted) -- Engie, CIP competing for Ørsted's wind business - Bloomberg

      • EDPR.PL (EDP Renovaveis) -- announces completes sale of 207 MWac solar farms portfolio in Italy (post EU close 10-Dec)

      • GCO.SM (Grupo Catalana Occidente) -- Inocsa requests suspension of trading of Grupo Catalana Occidente shares after the stock market close on 16-Dec, instead of 15-Dec (post EU close 10-Dec)

      • RIO.AU (Rio Tinto) -- progressing with non-core asset sales as promotional materials expected to go out before Christmas- The Australian

      • ANTIN.FP (Antin) -- to acquire NorthC Datacenters from DWS

      • DAR (Darling Ingredients) -- and Tessenderlo Group sign definitive agreement to form previously announced New Company called Rousselot

      • VOW3.GR (Volkswagen) -- Audi Group and UST form strategic partnership, as UST acquires majority stake in Italdesign; terms undisclosed

      • AKZA.NA (Akzo Nobel) -- AkzoNobel completes sale of AkzoNobel India to JSW Group

      • IDR.SM (Indra Sistemas) -- board determines strategic fit of potential transaction with Escribano Mechanical and Engineering

      • WG.LN (John Wood Group) -- has reached an agreement to sell its UK Transmission & Distribution engineering business to UI Telecoms & Power Holdco Limited, for a cash consideration of £57.5M

      • DKSH.SW (DKSH Holding) -- DKSH Performance Materials acquires Invita (NZ) Limited in New Zealand and Invita Australia Pty Limited in Australia

      • ICAD.FP (Icade) -- completes sale of healthcare assets in Italy to BNP Paribas REIM; deal announced 8-Aug

    • Healthcare

      • SAN.FP (Sanofi) -- announces NMPA in China approves Qfitlia and Cablivi

      • ZEAL.DC (Zealand Pharma) -- targets five launches, +10 clinical pipeline programs, and industry-leading cycle times from idea to clinic by 2030 - CMD

      • ROG.SW (Roche Holding) -- Roche announces CE mark approval for its vitro diagnostic menu

      • RYTM (Rhythm Pharmaceuticals) -- to announce preliminary data on 11-Dec from exploratory Phase 2 Trial evaluating setmelanotide in Prader-Willi syndrome

      • ZEAL.DC (Zealand Pharma) -- and OTR Therapeutics enter multi-program strategic collaboration and license agreement to develop novel therapeutics for metabolic diseases

      • GALD.SW (Galderma Group) -- announces first patient enrollment for phase II study investigating the efficacy and safety of nemolizumab in treating patients living with Chronic Pruritus of Unknown Origin

      • GNFT.FP (GENFIT) -- reports encouraging early Phase 1B data for GNS561 plus MEK inhibitor in KRAS-mutated cholangiocarcinoma

      • VLA.FP (Valneva) -- Valneva's Chikungunya vaccine IXCHIQ demonstrates strong antibody persistence and safety in children in final Phase 2 results.

      • ADXN.SW (Addex Therapeutics) -- enters ATM offering agreement for up to 3.3M ADSs - 424B5

      • ACTI.SS (Active Biotech) -- announces outcome in the previously announced rights issue

      • OSE.FP (OSE Immunotherapeutics) -- Transcript Intelligence: OSE Immunotherapeutics Analyst Meeting - Strategic Plan 2026-2028

    • Other

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- completes €993M buyback program

      • DB1.GR (Deutsche Börse) -- Transcript Intelligence: Deutsche Börse Capital Markets Day

      • AGN.NA (Aegon) -- Transcript Intelligence: Aegon Capital Markets Day

      • SGSN.SW (SGS) -- chair Calvin Grieder intends to step down at Annual General Meeting 26-Mar; no reason given

      • P911.GR (Porsche) -- threatening to cut a quarter of jobs around Stuttgart HQ - FT, citing works council

      • ADP.FP (Aeroport de Paris) -- Groupe ADP announces 2027-2034 economic regulation agreement (ERA) proposal

      • CVC.NA (CVC Capital Partners) -- promotes Peter Rutland to president - Bloomberg

      • NTGY.SM (Naturgy Energy Group) -- J.P. Morgan announces the beginning of an accelerated bookbuild process of shares of Naturgy Energy Group, S.A.

      • ACKB.BB (Ackermans & Van Haaren) -- Ackermans & Van Haaren's portfolio company DEME secures foundation and cable installation contracts for BC-Wind offshore wind farm in Poland

      • HUSQ.B.SS (Husqvarna) -- releases presentation material in connection with its CMD

      • ARB.LN (Argo Blockchain) -- announces court agrees to sanction Restructuring Plan

  • Key rating changes

    • Upgrades

      • JPMorgan upgrades RS1.LN; reinstates EXPN.LN, SRP.LN

      • ETL.FP (Eutelsat Communications) -- to hold from sell at Deutsche Bank

      • RHM.GR (Rheinmetall) -- to outperform from market perform at Bernstein

      • RI.FP (Pernod Ricard) -- to overweight from equal weight at Barclays

      • SBRY.LN (J Sainsbury) -- to hold from reduce at Kepler Cheuvreux, to outperform from neutral at BNP Paribas Exane

      • NDX1.GR (Nordex) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • IBE.SM (Iberdrola) -- to hold from buy at Jefferies

      • GALP.PL (Galp Energia SGPS) -- to hold from buy at Berenberg

    • Both

      • JPMorgan upgrades VAR.NO; downgrades AKRBP.NO, HBR.LN

    • Initiations

      • ALC.SW (Alcon AG) -- outperform at Oddo

      • THULE.SS (Thule Group) -- neutral at UBS

      • SYSR.SS (Systemair) -- buy at ABG Sundal Collier

      • LIAB.SS (Lindab International) -- hold at ABG Sundal Collier

  • Data

    • Nikkei (0.90%) to 50148.82

    • Hang Seng (0.01%) to 25537.60

    • Shanghai Composite (0.84%) to 3867.75

    • S&P futures (55.0) vs prior close of 6891.8

    • €-$ (0.0005) or (0.04%) to 1.1692

    • $-¥ (0.06) or (0.04%) to 155.96

    • €-¥ (0.18) or (0.10%) to 182.29

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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