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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.48%), DAX (1.02%), CAC40 (0.92%)

Mar 03 ,2026

  • Synopsis

    • European equity markets are set to open lower, whilst Asia equities back on the defensive Tuesday with some steep losses in places: South Korea's Kospi down more than 6.0% as it marks to market from yesterday's action with some very steep losses in the tech sector. Japan's Topix and Nikkei down very sharply as exporters underperform.

    • US and Israel continue military strikes against Iran, with Tehran lobbying retaliatory missiles and drones against US interests in Gulf countries, causing minor damage to US embassy in Riyadh. There remains lack of clarity surrounding war objectives and timeline with Trump giving 4-5 week war timeline but also warning conflict could go on for longer. Key question surrounds potential for enduring energy disruptions with Strait of Hormuz crude flows having dwindled. Spike in LNG prices getting attention after Qatar halted output, heightening concerns of energy supply shock that stokes inflationary pressures.

    • On today's agenda, In UK, Office for Budget Responsibility (OBR) will publish new forecasts for the economy and public finances. Chancellor Reeves will respond to the 'spring forecast' in a statement to the House of Commons at ~12noon GMT following MPs questions on Foreign, Commonwealth and Development Office. It's expected that the Chancellor won't make any major policy announcements (FT, BBC, Institute of Fiscal Studies). The main conclusions of OBR's updated outlook for the economy and public finances will be presented (livestream ~14:30) by the Budget Responsibility Committee after the Chancellor's statement. Parliamentary Committee topics include defence in the high north at 10:30 and regular evidence session with ministers for science, innovation and technology at 14:00. German Chancellor will meet with US President Trump for talks in the Oval Office. EU's Hansen attends the Farm Europe 2026 Global Food Forum and Bruegel and India International Centre assess the EU-India relations in the light of the signing of the Free Trade Agreement. Amongst events on Tue, SZ Digital Summit (through Wed), UK Finance household finance review, Moody's event Credit Trends UK 2026 and Bloomberg Invest event in New York (through Wed) speakers include Deutsche Bank's (DBK.GR) Managing Director, New York & Head of Private Bank, US.

    • In central banks, Sweden parliamentary committee hearing at 9:00CET on the Riksbank's Annual Report 2025 and the current monetary policy, opening remarks at 9:05 by Riksbank's Thedéen. The final day of Norges Bank's conf sees opening remarks at 9:15CET by State Secretary at the Ministry of Finance Reitan. EIB Group Forum (through Thu) "A strong Europe in a changing world" sees ECB's Cipollone panellist at 11:45CET. Other speakers include EU's Dombrovskis at 16:45. Austria central bank's Kocher and Federal minister Holzleitner opening remarks at 16:30CET at event hosted by the bank and EU's Albuquerque has a working lunch with Kocher. Netherlands central bank's Sleijpen speech at 16:10CET at Financial Study Assn at the Univ. of Groningen.

    • European macro data reelases out today include: Italy Feb preliminary CPI, Spain Feb unemployment change, Eurozone Feb flash CPI, Netherlands Feb preliminary CPI, Greece Jan unemployment rate, UK Feb shop price inflation - BRC, Finland Feb preliminary HICP, Austria Feb preliminary CPI, unemployment rate, Portugal Jan unemployment rate.

    • In earnings news, DACHs names kicked off the session with Kuehne & Nagel (KNIN.SW), VAT Group (VATN.SW) and Beiersdorf (BEI.GR) amongst other in the region to update investors with their latest numbers. Beiersdorf Q1 and FY26 guidance disappoints. In France, Thales (HO.FP) reported positive FY earnings figures this morning and issued targets for 2026. Elsewhere, Lottomatica Group (LTMC.IM) released its end of year numbers.

  • Politics/Macro/World News

    • Brussels urges calm as Iran crisis sends European gas prices soaring - FT

    • Netanyahu says US-Israel war on Iran 'not going to take years' - Reuters

    • Germany's Merz aims to sweet talk Trump on Ukraine and tariffs - Politico

    • Rachel Reeves's plans could be hit by Middle East conflict, say economists - The Guardian

    • Russia's Central Bank Sues EU in Luxembourg Over Frozen Assets - Bloomberg

    • Netherlands Feb Preliminary CPI +2.4% y/y vs consensus +2.5% and prior +2.4%

    • Finland Feb Preliminary HICP +1.8% y/y vs consensus +1.0% and prior +1.0%

  • Top company news

    • Earnings/updates

      • DACHs

        • KNIN.SW (Kuehne & Nagel) -- reports FY net income CHF925M vs consensus CHF916M

        • VACN.SW (VAT Group) -- reports FY EPS CHF7.15 vs FactSet CHF7.42 [17 est, CHF7.00-8.04]

        • SIGN.SW (SIG Combibloc Group) -- reports Q4 adjusted net income €78.1M vs FactSet €73.3M

        • BUCN.SW (Bucher Industries) -- reports FY EPS CHF23.22 vs FactSet CHF20.18 [7 est, CHF16.46-22.10]

        • BEI.GR (Beiersdorf) -- reports FY EPS €4.25 vs FactSet €4.38 [20 est, €4.18-4.48]

        • FORN.SW (Forbo Holding) -- reports FY EPS CHF48.75 vs FactSet CHF48.05 [4 est, CHF45.53-50.02]

        • HT5.SW (HOCN Ltd.) -- reports FY net income (CHF1.6M) vs year-ago (CHF178.6M)

        • VPBN.SW (VP Bank) -- reports FY net income CHF47.0M vs FactSet CHF41.8M [2 est, CHF40.7-42.8M]

        • ARBN.SW (Arbonia) -- reports FY adj. EBIT CHF2.8M vs FactSet CHF5.2M [4 est, CHF3.5-6.6M]; guides 2026; also sees 2029 FCF of CHF 55 - 65M

        • S92.GR (SMA Solar Technology) -- reports FY EPS (€5.22) vs FactSet (€5.51); guides FY26

      • France

        • HO.FP (Thales) -- reports FY net income €2.01B vs FactSet €1.66B [16 est, €1.25-1.97B]

        • THEP.FP (Thermador Groupe) -- reports FY net income attributable €44.1M vs FactSet €46.5M [4 est, €45.2-48.6M]

      • Nordics

        • BWLPG.NO (BW LPG) -- reports Q4 EPS $0.69 vs FactSet $0.60 [6 est, $0.48-0.79]

      • Southern Europe

        • OPTIMA.GA (Optima Bank) -- reports FY net income €170.0M vs FactSet €165.4M [3 est, €162-167.3M]

        • LTMC.IM (Lottomatica Group) -- reports FY adjusted net income €369.4M vs FactSet €348.5M

      • Also due to report today includes:

        • Earnings:

          • Austria: Palfinger (PAL.AV)

          • Benelux: ASM International (ASM.NA), Allfunds Group (ALLFG.NA)

          • Germany: Schaeffler (SHA0.GR),

          • France: Euroapi (EAPI.FP)

          • Nordics: Nordhealth (NORDH.NO)

          • UK: Fresnillo (FRES.LN), Aberdeen Group (ABDN.LN), Inchcape (INCH.LN), International Workplace Group (IWG.LN), Greggs (GRG.LN), Keller Group (KLR.LN), Kier Group (KIE.LN), Johnson Service Group (JSG.LN), XP Power (XPP.LN), Reach (RCH.LN), Synectics (SNX.LN)

        • CMD/Events: Bank of Cyprus Holdings (BOCH.CY), Vanquis Banking Group (VANQ.LN)

    • M&A

      • TPG (TPG, Inc.) -- TPG launches sale process for Made Group - The Australian

      • (OTHER) FOUR (Shift4 Payments) -- Shift4 completes previously announced acquisition of Worldline's North American subsidiaries

      • SPIE.FP (SPIE) -- announces agreement for acquisition of ROFA Industrial Automation AG

      • FAGR.BB (Fagron) -- completes acquisition of Vepakum

      • SOLG.LN (SolGold) -- announces court sanction of scheme of arrangement

      • CAPMAN.FH (Capman) -- to acquire 409-unit property in Barkarby, Stockholm from Slättö; terms not disclosed

    • Healthcare

      • GLPG.NA (Galapagos) -- Transcript Intelligence: Galapagos at TD Cowen Health Care Conference

      • IDIA.SW (Idorsia) -- Transcript Intelligence: Idorsia at TD Cowen Health Care Conference

      • MOLN.SW (Molecular Partners) -- Transcript Intelligence: Molecular Partners at TD Cowen Health Care Conference

      • OSE.FP (OSE Immunotherapeutics) -- pauses development of OSE-230; to focus its resources on late-stage, high-potential assets lusvertikimab (OSE-127) and Tedopi

      • IBT.B.SS (Infant Bacterial Therapeutics) -- announce that results from its Phase III trial with IBP-9414 in very low birth weight infants have now been published in Pediatric Research

    • Other

      • UBSG.SW (UBS Group) -- Swiss lawmakers warn UBS to tone down lobbying campaign over capital reforms - FT

      • ADYEN.NA (Adyen) -- Transcript Intelligence: Adyen at Morgan Stanley Technology, Media & Telecom Conference

      • KER.FP (Kering) -- announces new organizational structure with the creation of two Group centers of excellence (Industry and Client)

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Cie Generale des Etablissements Michelin to implement partial share buyback management agreement for shares worth €750M

      • DG.FP (VINCI SA) -- to implement €5B share buyback programme

      • SIKA.SW (Sika Group) -- Sika signs commercial partnership with Cabnda's Giatec Scientific Inc.

      • ZURN.SW (Zurich Insurance Group) -- launches a placement of new shares via accelerated bookbuild through Goldman Sachs and Morgan Stanley

      • ZURN.SW (Zurich Insurance Group) -- places 7.1M new shares at CHF550/per share through Goldman Sachs and Morgan Stanley

      • NTGY.SM (Naturgy Energy Group) -- announces accelerated bookbuilt offering among qualified investors of up to 110.8M ordinary shares being sold by seller representing 11.4% of shares outstanding

      • PIRC.IM (Pirelli & C.) -- Pirelli notes termination of Pirelli Shareholders' Agreement

      • RECSI.NO (REC Silicon) -- Chairman Tae Won Jun intends to resign for personal reasons

      • IPS.FP (Ipsos) -- announces launch of an up to €100M share buyback program

      • Rock Tech Lithium and Siemens partnering to develop lithium conversion capacity

      • Crypto assets well higher today, bringing solid w/w gains; CRCL rally continues post strong earnings last week (2-Mar)

      • Italy Feb new passenger car registrations 157,334 units; +14.0% y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • AJB.LN (AJ Bell) -- to buy from neutral at UBS

      • IGG.LN (IG Group Holdings) -- to buy from neutral at UBS

      • AZA.SS (Avanza Bank Holding) -- to neutral from sell at UBS

      • AKRBP.NO (Aker BP) -- to outperform from market perform at Bernstein

      • EMMN.SW (Emmi) -- to neutral from sell at UBS

      • MEL.SM (Melia Hotels International) -- to neutral from sell at UBS

      • S92.GR (SMA Solar Technology) -- to buy from hold at Jefferies

      • NOVO.B.SS (Novo Nordisk) -- to equal-weight from underweight at Morgan Stanley

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

    • Downgrades

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- to underweight from equal-weight at Morgan Stanley

      • WRT1V.FH (Wartsila) -- to underweight from equal-weight at Morgan Stanley

      • KGX.GR (Kion Group) -- to neutral from outperform at BNP Paribas Exane

      • BEZ.LN (Beazley) -- to sector perform from outperform at RBC Capital Markets

      • RBREW.DC (Royal Unibrew) -- to equal-weight from overweight at Morgan Stanley

      • SIGN.SW (SIG Combibloc Group) -- to hold from buy at Jefferies

    • Initiations

      • REC.IM (Recordati) -- outperform at BNP Paribas Exane

      • BKW.SW (BKW AG) -- neutral at Oddo

      • BERG.B.SS (Bergman & Beving) -- buy at Sparebank 1 Markets

  • Data

    • Nikkei (3.06%) to 56279.05

    • Hang Seng (0.99%) to 25801.93

    • Shanghai Composite (1.35%) to 4126.18

    • S&P futures (55.3) vs prior close of 6888.3

    • €-$ (0.0024) or (0.21%) to 1.1667

    • $-¥ (0.08) or (0.05%) to 157.29

    • €-¥ (0.47) or (0.26%) to 183.48

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.
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