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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.42%, DAX +0.54%, CAC40 +0.25%

Dec 12 ,2025

  • Synopsis

    • European equity markets are set to open higher, following firmer close on Thursday. Asian equity markets broadly higher with Japanese markets and Hang Seng leading gains. US equity futures firmer with S&P up ~0.1%.

    • European markets taking their cue from positive US close and broad strength in Asia, with rotation the primary theme. Erosion in AI confidence induced by Oracle (ORCL) results shifted buying interest to sectors such as materials and financials as well as small caps. But Broadcom AVGO earnings beat was cited as a late support factor for tech. In secondary Fed takeaways, markets were reassured that rate cuts remained on the cards.

    • Survey of economists showed majority expect next ECB move will be an interest rate hike, which aligns with market expectations and ECB Executive board member Schnabel. Banking stocks in Europe have responded positively this week on backup in Eurozone yields. Elsewhere, the EU is set to approve a deal Friday that would let the bloc extend its freeze on Russian assets using emergency powers that will enable it to lend money to Ukraine.

    • On the macro data front, attention on monthly UK activity data highlighting a weak economic backdrop ahead of next week's BoE decision. Markets almost fully priced for 25-bps rate cut.

    • On today's agenda, Latvia central bank's Kazāks panellist at 9:00CET at Fintech Latvia Assn. event, the same time as Bank of Italy's Panetta speech on 10th anniv. of the adoption of the Single Resolution Mechanism. ECOFIN meeting also takes place with ECB's de Guindos among the attendees.

    • In corporate news, Kesko (KESKOB.FH) reported November sales this morning, whilst yesterday after markets closed Loomis (LOOMIS.HF) announced impairment of goodwill and provisions in Q4 2025. In France, Wendel (MF.FP) issues presentation ahead of its Investor Day today indicating that it expects returns to shareholders to exceed €1.6B by 2030. In M&A, Poste italiane (PST.IM) increased its stake in Tim's to 27.32% by acquiring an additional 2.51% stake from Vivendi (VIV.FP).

  • Politics/Macro/World News

    • France seeks to delay crunch vote on EU's Mercosur mega deal - Politico

    • UK GDP report to show if economy struggled in October before the budget - The Guardian

    • Economists Agree With ECB's Schnabel That Next Move Will Be Hike - Bloomberg

    • UK Borrowing Penalty Fades as Reeves Wins Trust in Bond Markets - Bloomberg

  • Top company news

    • Earnings/updates

      • LOOMIS.SS (Loomis) -- announces impairment of goodwill and provisions in Q4 2025

      • KESKOB.FH (Kesko) -- reports Nov sales €1.05B, +3.9% y/y, +0.8% comparable

      • MF.FP (Wendel) -- announces returns to shareholders projected to exceed €1.6B by 2030 -- Investor Day

      • Also due to report today includes:

        • Earnings:

          • Nordics: Sectra (SECT.B.SS), Fluegger Group (FLUG.B.DC)

        • Traffic: DFDS (DFDS.DC)

        • CMD/Events: Helios Towers (HTWS.LN) JPM Telecoms Towers Call Series

    • M&A

      • BNP.FP (BNP Paribas) -- enters exclusive discussions with Holmarcom for sale of 67% stake in BMCI in Morocco

      • APGN.SW (APG SGA) -- NZZ agrees to acquire an additional 20% of APG|SGA from JCDecaux and Pargesa Asset Management at CHF220/share

      • HEN3.GR (Henkel) -- FTC preparing to challenge Henkel's proposed acquisition of part of Pittsburgh Paint Co., owned by American Industrial Partners -- Bloomberg, citing sources

      • PAC (Grupo Aeroportuario del Pacifico) -- announces shareholder approval of the business combination of the Cross Border Xpress and technical assistance services

      • G.IM (Assicurazioni Generali) -- BPCE (Natixis) and Generali jointly agree to end negotiations related to the establishment of a Joint Venture in Asset Management

      • SPIE.FP (SPIE) -- signs agreement to acquire Artemys in France; price not disclosed

      • MIPS.SS (MIPS) -- acquires head and body protection brand, Koroyd, for €40M plus potential earn-outs of €25M

      • COLR.BB (Colruyt Group) -- Colruyt announces collective agreement on job protection plan related to previously announced sale of stores

      • VID.SM (Vidrala) -- announces an agreement for the acquisition of Cristalerías Toro

      • 6268.JP (Nabtesco) -- extends closing date for sale of hydraulic equipment business to January 2026

      • PERR.FP (G+¬rard Perrier Industrie) -- Gérard Perrier Industrie announces the acquisitions of A.Q.L.E, Somalec and Somalec Supply

      • Apollo Global Management reportedly exploring IPO or sale of Invited (formerly ClubCorp) for $3B - Reuters, citing sources

      • TIT.IM (Poste italiane) -- increases its stake in Tim's to 27.32% by acquiring an additional 2.51% stake from Vivendi

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- FDA publishes Warning Letter sent to Novo Nordisk concerning Catalent Indiana LLC

      • GSK.LN (GSK Plc) -- receives FDA approval for Blujepa for uncomplicated urogential gonorrhea in some adult and pediatric patients 12 and older

      • GSK.LN (GSK Plc) -- issues press release following FDA approval for Blujepa

      • ROG.SW (Roche Holding) -- Transcript Intelligence: Roche Holding at San Antonio Breast Cancer Symposium

      • SN.LN (Smith & Nephew) -- Transcript Intelligence: Smith & Nephew Capital Markets Day

      • INVA (Innoviva) -- reports positive Zoliflodacin Phase 3 Data for the Treatment of Uncomplicated Urogenital Gonorrhea published in The Lancet

      • GMAB.DC (Genmab) -- Transcript Intelligence: Genmab R&D Day

      • ZEAL.DC (Zealand Pharma) -- Transcript Intelligence: Zealand Pharma Capital Markets Day

      • PPGN.SW (PolyPeptide Group) -- PolyPeptide and Lupin Manufacturing Solutions form strategic alliance to meet growing demand for Peptide supply in metabolic therapies

      • AB.FP (AB Science) -- announces a new publication on MedRxiv highlighting the clinical benefit of masitinib in patients with ALS before any complete loss of function

      • IBT.B.SS (Infant Bacterial Therapeutics) -- and BioConnection announce partnership

    • Other

      • STMPA.FP (STMicroelectronics) -- Transcript Intelligence: STMicroelectronics at Barclays Global Technology Conference

      • MUV2.GR (Munich Re) -- sets new 2030 climate targets

      • EQT.SS (EQT AB) -- EQT announces intention to sell part of its shareholding in Enity Holding

      • EQT.SS (EQT AB) -- completes sale of part of its shareholding in Enity Holding

      • ARCAD.NA (ARCADIS) -- announce Heather Polinsky as next CEO as part of succession planning; effective 1-Mar-26

      • SOP.FP (Sopra Steria Group) -- Sopra Steria appoints Rajesh Krishnamurthy as new CEO

      • CO.FP (Casino Guichard-Perrachon) -- Casino, creditors fighting over restructuring - BFM Business

      • QDT.FP (Quadient) -- announced its subsidiary Serensia by receives final accreditation from the French Tax Authority (DGFiP) as a registered e-invoicing platform

      • GenusPlus Group - Acconia JV awarded ~A$1.6B Western Renewables Link contract by AusNet

      • Rio Tinto agrees to keep Tomago smelter open as Australian government announces deal to subsidize energy - Australian Financial Review

  • Key rating changes

    • Upgrade

      • IHG.LN (InterContinental Hotels Group) -- to buy from hold at Jefferies

      • CNA.LN (Centrica) -- to overweight from neutral at JPMorgan

      • CIRSA.SM (Cirsa Enterprises) -- to overweight from equal-weight at Morgan Stanley

      • LTMC.IM (Lottomatica Group) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

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

      • WTB.LN (Whitbread) -- to hold from buy at Jefferies

      • PNN.LN (Pennon Group) -- to neutral from overweight at JPMorgan

      • SVT.LN (Severn Trent) -- to neutral from overweight at JPMorgan

      • UU.LN (United Utilities Group) -- to neutral from overweight at JPMorgan

      • FORTUM.FH (Fortum) -- to underweight from neutral at JPMorgan

      • PTEC.LN (Playtech) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • BAER.SW (Julius Baer Group) -- outperform at Oddo

      • MICC.NA (Magnum Ice Cream Co) -- neutral at Goldman Sachs

      • EFGN.SW (EFG International) -- neutral at Oddo

    • Others

      • ORSTED (Ørsted) -- reinstated neutral at JPMorgan

  • Data

    • Nikkei +1.37% to 50836.55

    • Hang Seng +1.83% to 25996.98

    • Shanghai Composite +0.46% to 3891.04

    • S&P futures +1.8 vs prior close of 6907.3

    • €-$ (0.0003) or (0.03%) to 1.1737

    • $-¥ +0.19 or +0.12% to 155.77

    • €-¥ +0.22 or +0.12% to 182.83

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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