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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.35%), DAX (0.78%), CAC40 (0.5%)

Dec 16 ,2025

  • Synopsis

    • European equity markets are set to open lower, following broad strength on Monday. Asian equity markets lower, with steep losses in Hong Kong, South Korea and Japan. US equity futures softer, with S&P off ~0.6%.

    • Markets in risk-off mode. AI trade under scrutiny amid continued discussions about bubble and debt risks. There is a semblance of a waiting game ahead of potential catalysts with US nonfarm payrolls today and CPI data Thursday that could shape market expectations surrounding Fed rate path. Central bank policy updates also due in Europe this week, though only BoE set to cut and most now at the end of their easing cycles. Overseas, most economists see RBA hiking cash rate in February.

    • On today's agenda, EU Commission due to release proposals for automotive sector, including CO2 emissions and on carbon border tariff, as well as present plan for affordable housing. In France, following questions to the government at 15:00CET, National Assembly's final reading of the draft social security financing bill for 2026. Leaders to meet in Helsinki for Eastern Flank Summit - discussions to focus on security, EU's Kubilius among the participants. Meeting of EU environment ministers. In UK, Finance Bill continues its passage through parliament whilst committee topics include the future of farming, and fisheries and the marine environment at 10:00GMT, work of the FCA at 10:00 and asylum and returns policy at 14:30. Fitch webinar at 14:00GMT on Global Automotive Credit Outlook 2026.

    • In central banks, Bank of France's Villeroy speech at 14:00CET at a green finance research event in Paris, ECB's Machado speech at 14:30CET at biannual Forum on Regulatory & European affairs B20 hosted by Portugal's central bank. Hungary central bank interest rate decision at 14:00CET. No change to the 6.5% benchmark interest rate is expected.

    • In other news, US has suspended implementation of its technology deal with UK amid frustration over progress of trade talks with UK. Prospect of Ukraine ceasefire agreement edging closer after US offered Kyiv Nato-style security guarantees, but deal on territorial concessions still elusive. Elsewhere, Trump sues BBC for $10B over 2024 documentary edit.

    • European macro data releases out today include, Eurozone, France, Germany, UK flash manufacturing/services PMI, Germany Dec ZEW survey, UK Nov claimant count change, Oct unemployment rate, Italy Nov final CPI, Oct trade balance, and Eurozone Oct trade balance.

    • In corporate news, Abivax (ABVX.FP) reported 9M earnings this morning, while Kongsberg Automotive (KOA.NO) has conducted a strategy review and issued a presentation updating its long-term target ahead of its CMD, setting a long-term EBIT target of 6.5%. In M&A, Holcim (HOLN.SW) agreed to acquire a majority stake in Cementos Pacasmayo for a transaction value of ~ $1.5B on a 100% basis. Elsewhere, Teck Resources and Anglo American (AAL.LN) received regulatory approval from the Government of Canada under the Investment Canada Act for the merger of equals. In other corporate developments, UBS Group (UBSG.SW) Chief Operations and Technology Officer Mike Dargan is to step down at the end of December.

  • Politics/Macro/World News

    • US puts £31bn tech 'prosperity deal' with Britain on ice - The Guardian

    • UK and South Korea strike trade deal - BBC

    • EU-Mercosur trade deal hangs in the balance - FT

    • EU to relent on combustion engines ban after auto industry pressure - Reuters

    • US promises Ukraine 'Article 5-like' security, but it's a limited time offer - Politico

  • Top company news

    • Earnings/updates

      • ABVX.FP (Abivax) -- reports 9M net income (€254.1M) vs year-ago (€136.9M)

      • ANDF.NO (Andfjord Salmon Group) -- reports Q3 net income (NOK45.2M) vs FactSet (NOK51.6M) [3 est, (NOK72)-(36M)]

      • KOA.NO (Kongsberg Automotive) -- sets long-term EBIT target of 6.5% -- CMD

      • FLU.AV (Flughafen Wien) -- reports Nov total group passenger traffic +8.2% to 2.2M

      • Also due to report today:

        • Earnings:

          • Nordics: Per Aarsleff Holding (PAAL.B.DC)

          • UK: Hollywood Bowl Group (BOWL.LN)

        • Trading Update:

          • UK: Sthree (STEM.LN)

        • Traffic: Aeroport de Paris (ADP.FP), VINCI (DG.FP)

        • EGM: Mendus (IMMU.SS), BE Group (BERG.SS), ACOMO (ACOMO.NA)

        • CMD/Events: Novonesis (NSIS.B.DC) spotlight educational session on Dairy (webcast)

    • M&A

      • HOLN.SW (Holcim) -- agrees to acquire a majority stake in Cementos Pacasmayo; transaction value of ~ $1.5B on a 100% basis implies

      • 6406.JP (Fujitec) -- EQT completes tender offer for 79.3% stake in Fujitec; to acquire remaining stake from Oasis by 22-Dec

      • AMZN (Amazon.com) -- Ubisoft acquires "March of Giants" game from Amazon; terms not disclosed

      • TECK.B.CN (Teck Resources) -- and Anglo American receive regulatory approval from Government of Canada under the Investment Canada Act

      • SOON.SW (Sonova Holding) -- Sonova acquires advancing integrated hearing care SilentCloud; price not disclosed

      • IPN.FP (Ipsen) -- completes acquisition of ImCheck Therapeutics

      • ZIM (Zim Integrated Shipping Services) -- MSC has submitted bid to Zim Integrated Shipping Services' board -- Calcalist (14-Dec)

      • LKOH.RU (Lukoil) -- US Treasury rejects Xtellus led offer for the foreign assets of Russia's Lukoil - Reuters

      • RF.FP (Eurazeo) -- MCH Private Equity and Eurazeo sell majority stake in Fermax

      • UN0.GR (Uniper) -- launches sale of its 20% stake in OPAL gas pipeline

      • WOR.AU (Worley) -- SPIE Global Services Energy announces acquisition of Australia's Worley Power Services; price not disclosed

      • GCO.SM (Grupo Catalana Occidente) -- shares to be suspended with effect from market close on 16-Dec for the orderly execution and settlement of squeeze-out transaction (15-Dec)

      • WAGA.FP (Waga Energy) -- EQT announces results of its mandatory simplified cash tender offer for Waga Energy's remaining shares

      • Peet's, Costa, GE HealthCare, Häagen-Dazs and Lawson among companies seeking PE partners in China and exploring selling stakes in their China units amid increasing competition - FT

    • Healthcare

      • AZN (AstraZeneca) -- FDA approves Enhertu and companion diagnostic devices for metastatic HER2-positive breast cancer

      • AZN.LN (AstraZeneca) -- issues press release following FDA approval of Enhertu

      • GSK.LN (GSK Plc) -- UK MHRA approves Exdensur (depemokimab) for asthma in adults and adolescents aged 12 years and older

      • SAN.FP (Sanofi) -- Dren Bio (private) annonuces expanded collaboration in autoimmune diseases with Sanofi; $100M upfront and up to $1.7B in milestones (8:05ET)

      • SAN.FP (Sanofi) -- ADEL enters exclusive worldwide license agreement with Sanofi for ADEL-Y01

      • ALLO (Allogene Therapeutics) -- reports on result for Servier in arbitration with Cellectis

      • ALCLS.FP (Cellectis SA) -- announces arbitral decision in dispute with Servier

      • AB.FP (AB Science) -- announces a new publication on biorxiv that identifies AB8939 as a promising drug candidate for treating refractory acute myeloid leukemia and potentially other cancers

      • BICO.SS (BICO Group) -- appoints Jesper Hagberg as Chief Operations & Digital Officer; will be joining company on 7-Jan-26

    • Other

      • UBSG.SW (UBS Group) -- Group Chief Operations and Technology Officer Mike Dargan to step down at the end of December

      • BA.LN (BAE Systems) -- awarded $117.7M US Navy contract modification

      • KNIN.SW (Kuehne & Nagel) -- Kuehne+Nagel, SWISS sign MoU regarding SAF; terms undisclosed

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group announces Quatrim redemption

      • CPI.LN (Capita) -- Street Takeaways - Capita 11-month trading update

      • HDF Energy and ABB to jointly develop a multi-MW maritime hydrogen fuel cell system

      • Rhodes Ridge JV approves $191M (A$294M / ¥29.65B) feasibility study

  • Key rating changes

    • Upgrades

      • AED.BB (Aedifica) -- to outperform from market perform at Bernstein

    • Downgrades

      • VACN.SW (VAT Group) -- to neutral from buy at Goldman Sachs

      • WALL.B.SS (Wallenstam) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • RBI.AV (Raiffeisen Bank International) -- outperform at Oddo

      • MICC.NA (Magnum Ice Cream Co) -- hold at Deutsche Bank

    • Other Actions

      • RWE.GR (RWE) -- resumed buy at Deutsche Bank; prior rating was buy

  • Data

    • Nikkei (1.56%) to 49383.29

    • Hang Seng (2.01%) to 25114.95

    • Shanghai Composite (1.11%) to 3824.99

    • S&P futures (42.3) vs prior close of 6881.0

    • €-$ (0.0003) or (0.03%) to 1.1753

    • $-¥ (0.35) or (0.23%) to 154.86

    • €-¥ (0.47) or (0.26%) to 181.97

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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