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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.4%, CAC +0.3%, IBEX +0.4%, MIB +0.6%

Dec 15 ,2025

  • Synopsis

    • European equity markets set to open cautiously higher. Recall that last week, the Stoxx Europe 600 closed marginally lower after a choppy end to last week's risk rally. Fed-induced upside was offset by an AI-driven wobble. Sell-side strategists remained optimistic on the outlook but worries over AI and the more hawkish global monetary tone capped the upside. Eurozone money markets showed the ECB more likely to increase rates in 2026 than cut, which was endorsed by senior ECB official Schnabel; and was the catalyst for the German Bund yield push higher and the euro hit a two-month high against the dollar after the Fed's 25 bps rate cut.

    • Asian equities mostly weaker Monday. Tech-heavy Japan, South Korean and Taiwan benchmarks seeing biggest losses. Hang Seng leading China market declines. China activity data falls short of subdued expectations. In company news, China Vanke (2202.HK) promised to revise bond repayment delay plan after failing to win creditor support for its initial proposal.

    • This week sees the last busy period ahead of the holiday period with BOE and ECB interest rate decisions, as well as BoJ, Norges Bank and Riksbank. BoE widely expected to cut rates to 3.75%. Also on this week's agenda is EU leaders summit, Russia's President Putin's televised press conf and Q&A session, Eurozone, France, Germany, UK flash manufacturing/services PMIs, UK Oct unemployment rate as well as earnings/updates from the likes of CECONOMY (CEC.GR), Currys (CURY.LN), EVN (EVN.AV), Pepco Group (PCO.PW) and Yara International (YAR.NO).

    • European macro data releases out today include Switzerland Nov PPI, Eurozone Oct industrial production, Norway Nov trade balance, Finland Nov CPI

    • Focus on UK Dec house price index by Rightmove. Average new seller asking prices down by 1.8% (-£6,695) this month to £358,138. This larger than usual December drop means that prices are 0.6% (-£2,059) lower at the end of 2025 than in 2024. Rightmove adds bigger than usual Rightmove Boxing Day Bounce expected, as those who paused due to Budget uncertainty to join the post-Christmas boost in home-moving activity. Notes very early signs of post-Budget rebound, with number of top-end London sellers up by 24% week-on-week. Overall, Rightmove predicts asking prices will rise by 2% in 2026

    • Among stocks in focus this morning, M&A headlines include Orange (ORA.FP) signing binding agreement with Lorca to acquire their 50% stake in Masfor €4.25B in cash; Swedish Orphan Biovitrum (SOBI.SS) enters into a definitive agreement to acquire Arthrosi Therapeutics, Inc.; Next (NXT.LN) among suitors for Russell & Bromley, reports Sky News; HBM Healthcare Investments (HBMN.SW) to sell majority stake in Swixx Biopharma to SK Capital Partners; Exor board unanimously rejects Tether's unsolicited proposal to acquire Juventus (JUVE.IM). Elsewhere, FT reports AA and RAC private capital owners race to exit ramps. In earnings, HUBER+SUHNER (HUBN.SW) revises FY guidance; expects net sales to be down (~3%) y/y vs prior guidance of flat y/y

    • In central banks today, the first of the Bundesbank monthly report pre-releases at 12noon CET. Bank of Italy's deputy governor Altimari welcome address at conf jointly hosted with ECB and World Bank title 'Trade, value chains and financial linkages in the global economy' (through Tue). Czech central bank publication of latest Financial Stability Report. In Switzerland, SECO publishes its latest economic forecasts.

    • In politics, Border Barriers Council meeting of Nordic Council of Ministers and meeting of EU foreign ministers as well as meeting of EU energy ministers. EU-Angola ministerial meeting takes place the same day as EU-Lebanon Association Council and EU Agri-Food Days (through Wed) with opening speeches at 9:15CET from EU's von der Leyen and Hansen. Norway's PM Støre presents the Government's plan for Norway at 10:00CET (livestream). In UK, MP questions on defence and Employment Rights Bill and Industry and Exports (Financial Assistance) Bill continue passage through parliament. At 14:00GMT committee business sees PM Starmer facing questions on standards in public life and his Government's 'Plan for Change' whilst other committee business includes government's use of external consultants at 15:30.

  • Politics/Macro/World News

    • Bank of England set to cut rates to 3.75% as economic data eases inflation concerns -- FT

    • UK Dec house price index (0.6%) y/y vs prior (0.5%); forecasts 2026 price increase +2% y/y - Rightmove

    • Iron Ore Declines After China Moves to License Steel Exports -- Bloomberg

  • Top company news

    • Earnings/updates

      • VEND.NO (Vend Marketplaces) -- pre-silent newsletter for Q4: Volume trends remain difficult to predict

      • TRUE.B.SS (Truecaller) -- estimates Q4 ad revenues of SEK 210-230M, ~ (30%) in constant currencies

      • FLOW.NA (Flow Traders) -- reports November 2025 ETP market statistics

      • HUBN.SW (HUBER+SUHNER) -- revises FY guidance; expects net sales to be down (~3%) y/y vs prior guidance of flat y/y

      • WAWI.NO (Wallenius Wilhelmsen) -- issues Q4 and FY26 outlook; guides FY26 Adj. EBITDA $1.65-1.75B vs FactSet $1.63B [9 est, $1.40-1.87B]

      • Also reporting today

        • Earnings:

          • France: Abivax (ABVX.FP)

          • UK: MHP (MHPC.LN)

        • Trading Update:

          • Nordics: Yara International (YAR.NO)

    • M&A

      • ORA.FP (Orange) -- signs binding agreement with Lorca to acquire their 50% stake in Masfor €4.25B in cash

      • SOBI.SS (Swedish Orphan Biovitrum) -- Sobi enters into a definitive agreement to acquire Arthrosi Therapeutics, Inc.

      • JUVE.IM (Juventus Football Club) -- Tether submits proposal to acquire Juventus Football Club

        • JUVE.IM (Juventus Football Club) -- Follow-up: Agnelli family not planning to sell its stake in Juventus to Tether or anyone else - Bloomberg

        • JUVE.IM (Juventus Football Club) -- Exor board unanimously rejects Tether's unsolicited proposal to acquire Juventus

      • RIO.AU (Rio Tinto) -- Australian miner Ioneer said to be eying a bid for Rio Tinto's US Boron unit in California - Bloomberg

      • RIO.AU (Rio Tinto) -- surrenders almost 150,000 hectares of land in WA and is set to offload Mt Cattlin as part of plans to downsize lithium interests - The Australian

      • TECK.B.CN (Teck Resources) -- Teck obtains final court approval for merger of equals with Anglo American

      • DHER.GR (Delivery Hero) -- Despite pressure from holders, Delivery Hero board continues to support CEO Niklas Östberg - FT

      • TIT.IM (Telecom Italia) -- EU announces provisional deadline of 28-Jan to rule on Italian Treasury-led consortium's acquisition of Sparkle

      • REP.SM (Repsol) -- EU sets a provisional deadline of 28-Jan to rule on Stonepeak's acquisition of a 43.8% stake in the Outpost solar project from Repsol

      • NXT.LN (Next) -- among suitors for Russell & Bromley - Sky News

      • SIKA.SW (Sika Group) -- Sika acquires Sweden-based Finja; price not disclosed

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- completes business combination with NeuroX; deal announced 8-Oct

      • HBMN.SW (HBM Healthcare Investments) -- to sell majority stake in Swixx Biopharma to SK Capital Partners; investment by SK Capital values company in excess of €1.5B

    • Healthcare

      • SAN.FP (Sanofi) -- provides update on tolebrutinib regulatory submission in non-relapsing secondary progressive multiple sclerosis

      • IDYA (IDEAYA Biosciences) -- receives written notice of GlaxoSmithKline Intellectual Property's previously announced decision to terminate agreement with IDYA - 8-K

      • ALCLS.FP (Cellectis SA) -- SEC filing: SCHEDULE 13D/A (Filed by Bpifrance Participations SA)

      • HNSA.SS (Hansa Biopharma) -- announces reorganization of its European and International Commercial and Medical Affairs operations, effective 11-Dec-25

      • 532523.IN (Biocon) -- signs settlement, license agreement to market Yesafili worldwide; terms undisclosed

    • Other

      • Nasdaq announces results of the semi-annual review of the OMX Copenhagen 25 Index; Changes effective at market open on 22-Dec

        • Additions: FLSmidth & Co. (FLS.DC)

        • Deletions: Nordea Bank (NDA.DK.DC)

      • FER.SM (Ferrovial) -- terminates share-buyback program commenced 2-Jun, to implement new up-to-€800M buyback program

      • DANSKE.DC (Danske Bank) -- confirms conclusion of US Department of Justice probation

      • KOG.NO (Kongsberg Gruppen) -- awarded $240.9M US Air Force fixed-price contract

      • MF.FP (Wendel) -- Transcript Intelligence: Wendel Investor Day

      • SUNN.SW (Sunrise Communications) -- announces termination of sponsored Class B ADS program will take effect on 30-Jan-26

      • Estimated weekend box office revenues in US, Canada $76.9M, (18.4%) y/y - Box Office Mojo

      • Rio Tinto completes due diligence for Zesty Green, clearing the way for first cash contribution from Rio Tinto of A$3M to the Project

  • Key rating changes

    • Upgrades

      • SAN.SM (Banco Santander) -- to outperform from neutral at Autonomous Research

      • NESTE.FH (Neste) -- to buy from hold at Berenberg

      • BNP.FP (BNP Paribas) -- to market perform from underperform at Keefe, Bruyette & Woods

      • BPT.LN (Bridgepoint Group) -- to buy from hold at Deutsche Numis

    • Downgrades

      • EDR.SM (eDreams ODIGEO) -- to neutral from outperform at BNP Paribas Exane

      • ADP.FP (Aeroport de Paris) -- to underperform from market perform at Bernstein

      • SN.LN (Smith & Nephew) -- to sector perform from outperform at RBC Capital Markets

      • BARN.SW (Barry Callebaut) -- to equal-weight from overweight at Morgan Stanley

      • RKT.LN (Reckitt Benckiser) -- to equal-weight from overweight at Morgan Stanley

      • DEMANT.DC (Demant) -- to equal-weight from overweight at Morgan Stanley

      • DIA.IM (Diasorin) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • SCA.B.SS (Svenska Cellulosa) -- buy at Sparebank 1 Markets

      • PLNW.FP (Planisware) -- buy at Kepler Cheuvreux

      • VK.FP (Vallourec) -- buy at Goldman Sachs

      • TEN.IM (Tenaris) -- neutral at Goldman Sachs

  • Data

    • Nikkei (1.31%) to 50168.11

    • Hang Seng (1.22%) to 25661.08

    • Shanghai Composite (0.53%) to 3868.81

    • S&P futures +20.8 vs prior close of 6830.8

    • €-$ (0.0003) or (0.03%) to 1.1736

    • $-¥ (0.83) or (0.53%) to 155.09

    • €-¥ (0.98) or (0.54%) to 182.01

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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