Dec 19 ,2025
Synopsis
Europe eyeing a flat open. Asia equities higher almost everywhere Friday: Technology stocks leading the gainers with advances in South Korea, Taiwan and Japan. Australia also higher, India up in early trades. Greater China boards also up but Hang Seng still heading for a weekly loss. US futures mixed,
US equities were higher in Thursday trading though stocks ended off best levels. S&P, Nasdaq saw solid rebounds after falling by more than 1% on Wednesday, though still on pace for weekly declines.
Economic: Germany Jan consumer confidence - GfK, Nov PPI, France Nov PPI, Italy Dec business/consumer confidence, UK Dec consumer confidence - GfK, distributive trades - CBI, Nov retail sales, PSNB, Sweden Nov retail sales, Denmark Nov retail sales, Eurozone Dec flash consumer confidence
In corporate news: (D6H.GR) Datagroup reports FY EPS €2.64 vs year-ago €3.13. (HBH.GR) Hornbach Holding reports full Q3 numbers: EPS €0.64 vs year-ago €1.06. (LHYFE.FP) Lhyfe confirms its objective of doubling 2025 sales with c. €10M reached by year end vs FactSet €10.57M
Politics/Macro/World News
Top company news
Earnings/updates
COFB.BB (Cofinimmo) -- acquires new development projects in Finland; Lowers FY total divestment and investment vs initial guidance
NOBA.SS (NOBA Bank Group) -- AB (publ) acquires DBT Capital AB for SEK403M
M&A
KER.FP (Kering) -- announces the phased acquisition of jewelry name, Raselli Franco Group, with an initial 20% stake for €115M and a pathway to 100% by 2032
RF.FP (Eurazeo) -- agrees to sell ~ €260M in assets previously carried on its balance sheet as part of its Elevate strategy
BP.LN (BP) -- FTC grants antitrust clearance for transaction involving BP and Toreador Evergreen Holdings
BP.LN (BP) -- Follow-up: FTC grants antitrust clearance for BP's sale of interests in certain Permian and Eagle Ford midstream assets to Sixth Street
SU.FP (Schneider Electric) -- completes transaction to acquire remaining 35% stake in India Private Limited from Temasek to reach full ownership.
BAS.GR (BASF SE) -- US FTC grants antitrust clearance for BASF and Carlyle's (CG) agreement to create standalone coatings company
RWE.GR (RWE) -- to sell Polish offshore wind development project to PGE; terms not disclosed
NEXI.IM (Nexi SpA) -- Nexi confirms board resolved not to proceed with proposed transaction with TPG
CLN.SW (Clariant) -- announces divestment of its business in Venezuela for USD ~1.8M (CHF ~ 1.4M) to CMV Química, C.A
IBAB.BB (Ion Beam Applications) -- acquires ORA for €15-20M
DAE.SW (Dätwyler Holding) -- Dätwyler to acquire 51% stake in Capsul'in; terms undisclosed
OERL.SW (OC Oerlikon Corp.) -- Oerlikon receives all necessary regulatory clearances to divest Barmag to Rieter; closing scheduled for beginning of February
NOBA.SS (NOBA Bank Group) -- AB (publ) acquires DBT Capital AB for SEK403M
SPEC.LN (Inspecs Group) -- Safilo Group says it has acquired a significant equity stake (25%) in Inspecs Group plc for approximately £21.7M
FTC grants antitrust clearance for acquisition of Aligned Data Centers by AIP-MGX-GIP consortium
TikTok signs binding agreements to sell US entity to JV majority-owned by American investors - Axios
Healthcare
GLPG.NA (Galapagos) -- announces topline results from two Phase 3-Enabling studies with selective TYK2 inhibitor GLPG3667 in dermatomyositis and systemic lupus erythematosus
EMEIS.FP (Emeis SA) -- raises €3.15B in new financing; provides update on associated debt restructurings
EGTX.SS (Egetis Therapeutics) -- initiates New Drug Application in the USA for Emcitate (tiratricol) for MCT8 deficiency
Other
BP.LN (BP) -- Incoming BP CEO Meg O'Neill given mandate to look at all aspects of the business afresh on their merits, with key focus to be the US - Bloomberg, citing person familiar with the matter
WPP.LN (WPP Group) -- WPP CEO Cindy Rose working on restructuring of group in mission to turn it from holding company into operating company - FT, citing CEO
PUM.GR (Puma) -- announces additional financing with bridge loan of €500M and additional confirmed credit lines of €108M
GTT.FP (Gaztransport & Technigaz) -- GTT receives order from HD KSOE for LNG tank design on new methane carrier
SCR.FP (SCOR SE) -- SCOR renews its contingent capital program
CAN.LN (Canal+ SA) -- signs €1.8B in financing as part of its refinancing strategy
HTO.GA (Hellenic Telecommunications Organization) -- announces final extraordinary dividend relating to the sale of TKRM will be €0.1019/share (gross)
ARB.LN (Argo Blockchain) -- SEC filing: SCHEDULE 13D (Filed by Growler Mining Tuscaloosa, LLC)
Poland awarded 3.4 GW capacity across three projects in its first offshore wind tender
Trump orders marijuana reclassification; Equinor among winners of Poland offshore wind auction in intraday themes (18-Dec)
UK November car manufacturing (14.3%) y/y to 65,932 units - SMMT
Key rating changes
Downgrades
CCC.LN (Computacenter) -- to hold from buy at Peel Hunt
RIEN.SW (Rieter Holding) downgraded to neutral from buy at UBS
ARCAD.NA (ARCADIS) downgraded to neutral from buy at UBS
Initiations
SDZ.SW (Sandoz Group) -- neutral at Oddo
EMSN.SW (EMS-Chemie Holding) -- neutral at Oddo
AB.FP (AB Science) -- buy at Maxim Group
ALSN.SW (ALSO Holding) initiated outperform at Oddo
TE.FP (Technip Energies) initiated buy at Goldman Sachs
AXFO.SS (Axfood) initiated buy at Handelsbanken
EPEN.SS (Ependion) initiated hold at Danske Bank
Data
Nikkei +1.03% to 49507.21
Hang Seng +0.82% to 25706.45
Shanghai Composite +0.42% to 3892.49
S&P futures (6.5) vs prior close of 6830.5
€-$ (0.0008) or (0.07%) to 1.1716
$-¥ +0.63 or +0.41% to 156.18
€-¥ +0.61 or +0.33% to 182.97
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