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Back to Daily DR Market Summary

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

Dec 18 ,2025

  • Synopsis

    • European equity markets set to open broadly flat to lower. Focus on central bank policy decisions starting with Riksbank interest rate decision at 9:30CET, press conf 11:00 (livestream). No change in 1.75% benchmark interest rate expected. Norges Bank interest rate decision at 10:00CET, press conf 10:30. Benchmark interest rate expected to be left unchanged at 4.0%. BOE interest rate decision at 12noon GMT along with MPC minutes. Press conf 12:30. A (25bps) cut in the benchmark interest rate to 3.75% is expected. Recall yesterday's data showed UK inflation eased to lowest level in eight months. ECB interest rate decision at 14:15CET, press conf 14:45. Its 2.15% benchmark interest rate is expected to be left unchanged. ECB staff's latest macroeconomic projections also due to be released. Czech central bank interest rate decision at 14:30CET. No change expected to 3.5% benchmark interest rate. Turkey central bank minutes of last MPC meeting. ECB's Buch panellist at 11:00CET at DIW conf "Fiscal Policy, Debt, and Inequality".

    • Asia equities mostly lower Thursday. Shallow tech pullback relative to the more pronounced weakness in US, where AI trade came under fresh scrutiny amid more negative headlines surrounding ORCL.

    • European macro data releases include France Dec business confidence, Switzerland Nov trade balance (and Swiss monthly watch export data), Netherlands Nov unemployment rate, Eurozone Oct construction output, Portugal Nov PPI

    • Among stocks in focus this morning, BP (BP.LN) has appointed Meg O'Neill (Woodside Energy Group CEO) as bp's next CEO, effective 1-Apr-26; Murray Auchincloss has decided to step down from his position as CEO and director of the board, effective 18-Dec. Carol Howle, current EVP, supply, trading & shipping of bp, will serve as interim CEO until O'Neill joins as CEO. Rheinmetall (RHM.GR) to sell activities of civil division Power Systems; targeting sale in Q1 of 2026. Also updates FY25 guidance. Aeroport de Paris (ADP.FP) eyed on French Transport Regulatory Authority decision to not approve airport charges. Accor (AC.FP) postpones launch of the new €100M share buyback program from Q4 of 2025 to Q1 of 2026; cites progress of discussions on the disposal of its stake in Essendi (formerly AccorInvest). Pharma stocks eyed. Endpoints News, citing sources, reported on Wednesday that several 'large drugmakers' will take part in 'most favored nation' festivities at the White House on Friday. Perhaps unsurprising, but specifics are lacking, however the deals are expected to mimic the five previously announced MFN deals that began with Pfizer's Bourla on 30-Sep. The article lists 12 companies that received Presidential demands to cut prices that have not yet announced. Bloomberg reports Novartis (NOVN.SW) and Roche (ROG.SW) reportedly close to agreement with US government on drug pricing.

    • In politics, EPP Summit as well as EU leaders summit (through Fri, provisional agenda). EU's von der Leyen participating in both. In UK, parliamentary committee topics include National Savings and Investments' transformation program at 10:00GMT.

  • Politics/Macro/World News

    • Bank of England expected to cut interest rates -- BBC, Reuters

    • ECB to Hold With Economy on Sturdier Footing -- Bloomberg

    • France's budget D-day set for Friday -- POLITICO

    • US, Russia to hold talks on Ukraine war in Miami this weekend -- POLITICO

    • UK to water down regulations for financial benchmarks -- FT

    • Netherlands Nov Unemployment Rate 4.0% vs consensus 4.0% and prior 4.0%

  • Top company news

    • Earnings/updates

      • OVS.IM (OVS) -- reports Q3 pretax income €27M vs year-ago €24.1M

      • SKIS.B.SS (SkiStar) -- reports Q1 EPS (SEK5.04) vs FactSet (SEK5.12) [4 est, (SEK5.28)-(5.00)]

      • Also reporting today

        • Earnings:

          • DACHs: EVN (EVN.AV), Douglas (DOU.GR), Bertrandt (BDT.GR)

          • France: EXEL Industries (EXE.FP)

          • Nordics: Biovica International (BIOVIC.B.SS), Harboes Bryggeri (HARB.B.DC), Roblon (RBLN.B.DC)

          • Southern Europe: SeSa (SES.IM)

          • UK: Currys (CURY.LN), FRP Advisory Group (FRP.LN)

        • Trading Update:

          • Nordics: Borregaard (BRG.NO)

        • EGM: STMicroelectronics (STMPA.FP), OptiCept Technologies (OPTI.SS)

    • M&A

      • RHM.GR (Rheinmetall) -- to sell activities of civil division Power Systems; targeting sale in Q1 of 2026; updates financial '25 guidance for its continued operations

      • AC.FP (Accor) -- postpones launch of the new €100M share buyback program from Q4 of 2025 to Q1 of 2026

      • DOKA.SW (dormakaba Holding) -- dormakaba acquires Avant-Garde, a US maker of entrance systems; terms not disclosed

      • KOG.NO (Kongsberg Gruppen) -- announces publication of demerger plan of Kongsberg Maritime

      • ACE.IM (ACEA) -- agrees to acquire Aquanexa for ~ €205M (Enterprise Value) (

      • SOP.FP (Sopra Steria Group) -- enters exclusive talks to acquire Starion and Nexova through its subsidiary CS Group

      • CTNK.GR (centrotherm international) -- Centrotherm AcquiCo AG submits request for squeeze-out of minority shareholders of centrotherm international AG

      • ACR.NO (Axactor) -- to sell smaller-sized portfolios in Germany and Spain for a total proceeds of approx €15M

      • Ocean Winds JV completes the sale of a 20.25% stake in the îles d'Yeu & Noirmoutier 500 MW offshore wind farm to Allianz Global Investors (post EU close 17-Dec)

    • Healthcare

      • Novartis (NOVN.SW) and Roche (ROG.SW) reportedly close to agreement with US government on drug pricing -- Bloomberg

      • JNJ (Johnson & Johnson) -- FDA approves subcutaneous RYBREVANT FASPRO across all RYBREVANT indications

      • GSK.LN (GSK Plc) -- GSK formally asks FDA to amend label on leucovorin - Endpoints News

      • ABVX.FP (Abivax) -- to present abstracts evaluating obefazimod in inflammatory bowel disease at ECCO 2026

    • Other

      • BP.LN (BP) -- bp board has appointed Meg O'Neill as bp's next CEO, effective 1-Apr-26; Murray Auchincloss has decided to step down from his position as CEO and director of the board, effective 18-Dec. Carol Howle, current EVP, supply, trading & shipping of bp, will serve as interim CEO until O'Neill joins as CEO

      • SESG.FP (SES) -- notes Moody's Rating Action, reiterates intention to de-lever and return to credit metrics that are commensurate with investment grade

      • FGR.FP (Eiffage) -- The Council of Paris approves the selection of Dalkia/Eiffage/RATP Solutions Ville consortium for Paris district heating network concession renewal

      • WHA.NA (Wereldhave) -- announces the proposed appointment of Marcel Eggenkamp as CFO

      • TEF.SM (Telefonica) -- Telefónica announces intention to end listing on NYSE

      • AVOL.SW (Avolta) -- awarded Shanghai Pudong International Airport concession

      • JD.LN (JD Sports Fashion) -- PLC completes £100M share buyback

      • ADP.FP (Aeroport de Paris) -- comments on French Transport Regulatory Authority decision to not approve airport charges

      • IDR.SM (Indra Sistemas) -- Indra Group and GMV enter MoU to develop systems for armed forces

      • SBMO.NA (SBM Offshore) -- signs contract extension of FPSOs Mondo and Saxi Batuque

      • ARCAD.NA (ARCADIS) -- has been awarded two significant new contracts with National Highways in the United Kingdom

      • RBI.AV (Raiffeisen Bank International) -- announces that Michael Höllerer to succeed Johann Strobl as CEO on 1-Jul-26

      • KOG.NO (Kongsberg Gruppen) -- awarded $80.2M US Navy contract modification

      • VAR.NO (Vår Energi) -- sanctioned ten high quality project in 2025

  • Key rating changes

    • Upgrades

      • OXB.LN (OXB) -- to buy from hold at Deutsche Numis

      • RAA.GR (Rational) -- to buy from neutral at UBS

      • TYRES.FH (Nokian Renkaat) -- to buy from sell at Danske Bank

      • HM.B.SS (H&M) -- to neutral at Oddo

    • Downgrades

      • EVO.SS (Evolution) -- to underweight from overweight at Barclays

      • BUFAB.SS (Bufab) -- to hold from buy at ABG Sundal Collier

    • Both

      • Autonomous Research upgrades AGN.NA, LGEN.LN, VIG.AV; downgrades NN.NA, SREN.SW, ZURN.SW

    • Initiations

      • ALIV.SS (Autoliv) -- buy at Sparebank 1 Markets

      • IFCN.SW (Inficon Holding) -- neutral at Oddo

      • COTN.SW (COMET Holding) -- outperform at Oddo

      • TXGN.SW (TX Group) -- neutral at Oddo

  • Data

    • Nikkei (1.03%) to 49001.50

    • Hang Seng (0.32%) to 25387.91

    • Shanghai Composite +0.26% to 3880.24

    • S&P futures +6.8 vs prior close of 6778.5

    • €-$ +0.0004 or +0.03% to 1.1747

    • $-¥ +0.17 or +0.11% to 155.87

    • €-¥ +0.30 or +0.16% to 183.10

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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