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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%) , DAX (0.8%), CAC (0.8%)

Mar 05 ,2026

  • Synopsis

    • European equity markets set to open broadly flat to lower Thursday. European equity markets higher ended higher on Wednesday, following the deep selloff in the two previous sessions. Focus remains on US-Iran war situation.

    • Asia equities recovering Thursday albeit with capped gains. Best advances in South Korea where some of this week's losses have been reversed. China National People's Congress underway and as previewed set GDP growth target of 4.5-5.0% (vs around 5% in previous years). Maintains easy policy mix.

    • Busy session for earnings/updates with reports out from the likes of Wizz Air (WIZZ.LN) (profit warning), Campari (CPR.IM), Reckitt Benckiser (RKT.LN), Aviva (AV.LN), Rentokil Initial (RTO.LN), Admiral Group (ADM.LN), Entain (ENT.LN), DHL Group (DHL.GR), and Merck (MRK.GR).

    • European macro data releases include Germany Feb construction PMI, France Jan industrial production, Italy Jan retail sales, Spain Jan industrial production, Eurozone Jan retail sales, Switzerland Feb unemployment rate, Sweden Feb preliminary CPI, Norway Q4 GDP, Austria Q4 final GDP, UK Feb construction PMI

    • In central banks, Riksbank publishes at 9:30CET the minutes from last MPC meeting, whilst ECB does similar at 13:30. ECB's de Guindos in conversation at 9:50CET at 2026 IIF European Summit "Securing Growth - Innovating to Compete", also speaking Klaas Knot at 10:10, Finland central bank's Rehn at 10:35, ECB's Donnery at 11:45 and EU's Dombrovskis at 14:50. Press conf at 11:00CET presenting Bundesbank's Annual Report 2025. Belgium central bank's Wunsch speech in Antwerp at presentation Bank's Annual Report 2025, the event repeated again on Fri in Brussels. Croatia central bank's Vujčić speech at 10:00GMT at Riceland's central bank in Reykjavik topic 'Croatia's Journey from Independence in 1991'. Czech central bank financial stability meeting with a decision on setting the countercyclical capital buffer rate whilst Austria central bank's Kocher in Q+A session at 17:00CET in Innsbruck about money and the economy. Bundesbank's Balz speech at 17:30CET at event on digital assets organised by Accenture and ECB's Lagarde delivers Annual Global Risk Lecture at 18:00CET, organised by Johns Hopkins Univ. in Bologna. In politics, EU-Canada Comprehensive Economic and Trade Agreement (CETA) Joint Committee meeting co-chaired by EU's Šefčovič and Canada's Minister for International Trade Sidhu. EU Justice and Home Affairs Council (Home Affairs). EU's Tzitzikostas delivers a video address at Economist Shipping Summit, other speakers include Maersk Tankers (MAERSK.B.DC) CEO Revsbech. .

  • Macro/politics

    • Israel and Iran launch new strikes as first UK flight bringing citizens home is delayed -- BBC

    • Iran launches wave of missiles at Israel; US Republicans block measure to halt US air campaign -- Reuters

    • Pentagon eyes Ukrainian interceptor drones to counter Iran -- FT

    • Starmer Facing Revolt on UK Immigration Reforms From 100 MPs -- BBG

    • Bank of England to Scenario Plan an AI Shock Amid Job Loss Fears -- BBG

  • Index changes (effective from start of trading on Monday, 23-Mar-26)

    • Confirmed changes to UK's FTSE 100 announced; IG Group and Lion Finance to join, with Easyjet and Hikma Pharmaceuticals leaving; changes take effect from the start of trading on Monday, 23-Mar-26

    • Changes to Italy's FTSE MIB Index announced; Avio to join; Banca Popolare Sondrio leaving

  • Top company news

    • Earnings/updates

      • USA (read-across to EU names)

        • BF.B (Brown-Forman) -- reverses pre-market gains during earnings call; comments on gross margin/cost outlook, pricing environment

      • DACH

        • MRK.GR (Merck KGaA) -- reports Q4 EPS pre one-time items €1.88 vs consensus €1.89; guides 2026

        • GALD.SW (Galderma Group) -- reports FY core net income $871M vs FactSet $706.9M; hikes its divi by 133%, guides FY26 and specifies m/t guidance

        • LEG.GR (LEG Immobilien) -- reports FY AFFO per share €2.92 vs year-ago €2.69

        • R3NK.GR (Renk Group) -- reports FY adj EBIT €230M vs FactSet €219.0M [15 est, €162-234.6M]; hikes divi by 38% and guides FY26 (€58.70)

        • PBB.GR (Deutsche Pfandbriefbank) --reports FY net income (€284M) vs FactSet (€224.7M) [6 est, (€255.3)-(185.5M)]

        • FYB.GR (Formycon) -- guides FY25 adjusted EBITDA (€7M) vs prior guidance (€20M)-(€10M) and FactSet (€18.7M) [6 est, (€24.4)-(16M)]

        • BOSN.SW (Bossard Holding) -- reports FY net income CHF74.6M vs FactSet CHF72.0M [6 est, CHF68-75.3M]

        • RSGN.SW (R&S Group Holding) -- reports FY EPS CHF1.56 vs FactSet CHF1.49 [5 est, CHF1.44-1.55]

      • Italy

        • CPR.IM (Davide Campari-Milano) -- reports FY adj net income €386.1M vs consensus €366M; hikes divi by 54% and guides FY26

        • NEXI.IM (Nexi) -- SpA reports Q4 EBITDA €508.6M vs FactSet €623.5M [5 est, €511-1.04B] (€3.39)

        • AMP.IM (Amplifon) -- reports Q4 net income €49.6M vs FactSet €49.7M [7 est, €38-60M]

      • UK

        • WIZZ.LN (Wizz Air Holdings) -- expects F26 profits to be below guidance

      • Nordics

        • STG.DC (Scandinavian Tobacco Group) -- reports Q4 EPS DKK2.60 ex-items vs FactSet DKK3.61 [2 est, DKK3.52-3.70]; guides FY26 adj. EPS in range of DKK9 - 11 vs FactSet DKK11.67

        • EKTA.B.SS (Elekta) -- reports Q3 Adj. EPS SEK0.88 vs consensus SEK0.84; confirms FY guidance

        • SYSR.SS (Systemair) -- reports Q3 EPS SEK0.63 vs FactSet SEK0.76 [4 est, SEK0.64-0.88]

      • Benelux

        • CENER.BB (Cenergy Holdings) -- Cenergy Holdings reports Q4 net income €45.8M vs FactSet €53.1M [1 est]

        • CENER.BB (Cenergy Holdings) -- Follow-up: Cenergy Holdings reports Q4 results; to propose dividend of €0.26 per share

      • Also reporting today

        • Earnings:

          • Austria: Andritz (ANDR.AV), Zumtobel Group (ZAG.AV),

          • Belgium: Elia Group (ELI.BB), Viohalco (VIO.BB), Jensen-Group (JEN.BB), Van de Velde (VAN.BB)

          • France: Savencia (SAVE.FP)

          • Germany: Dürr (DUE.GR), GFT Technologies (GFT.GR), Ströer (SAX.GR)

          • Netherlands: Universal Music Group (UMG.NA), Banijay Group (BNJ.NA), TKH Group (TWEKA.NA), ACOMO (ACOMO.NA), MotorK (MTRK.NA)

          • Nordics: Schouw & Co (SCHO.DC), SOrthex (ORTHEX.FH), Nightingale Health (HEALTH.FH)

          • Southern Europe: Snam (SRG.IM), Azimut Holding (AZM.IM), Italmobiliare (ITM.IM), Ascopiave (ASC.IM), Tinexta (TNXT.IM), Piaggio & C (PIA.IM), Redes Energeticas Nacionais (RENE.PL), CrediaBank (CREDIA.GA)

          • Other: Turkcell (TCELL.E.TI), Permanent TSB Group Holdings (PTSB.ID), Moscow Exchange MICEX (MOEX.RU)

          • Switzerland: Cherry (C3RY.GR)

          • UK: Reckitt Benckiser (RKT.LN), Aviva (AV.LN), Rentokil Initial (RTO.LN), Admiral Group (ADM.LN), Entain (ENT.LN), Harbour Energy (HBR.LN), ITV (ITV.LN), Serco Group (SRP.LN), OSB Group (OSB.LN), Grafton Group (GFTU.LN), Coats Group (COA.LN), Lancashire Holdings (LRE.LN), Elementis (ELM.LN), Spire Healthcare Group (SPI.LN), Hunting (HTG.LN), PageGroup (PAGE.LN), Funding Circle Holdings (FCH.LN), CAB Payments Holdings (CABP.LN), Foxtons Group (FOXT.LN), RM (RM.LN), Hansard Global (HSD.LN), Greencoat Renewables (GRP.LN)

        • Traffic: Norwegian Air Shuttle (NAS.NO), Finnair (FIA1S.FH)

        • CMD/Events: Sligro Food Group (SLIGR.NA), Nexi (NEXI.IM), Piraeus Bank (TPEIR.GA)

    • M&A

      • SNR.LN (Senior) -- Arcline Investment Management exploring making firm acquisition offer for Senior - Bloomberg, citing people familiar with the matter

      • SPEC.LN (Inspecs Group) -- Risk Capital Ltd announces satisfaction of NSIA condition

    • Healthcare

      • SN.LN (Smith & Nephew) -- confident it can withstand fall in revenues from slowdown in China business, tariff uncertainty and Middle East war - FT, citing CEO

      • COLO.B.DC (Coloplast) -- appoints Gavin Wood as CEO

      • VLA.FP (Valneva) -- Transcript Intelligence: Valneva at TD Cowen Health Care Conference

      • HNSA.SS (Hansa Biopharma) -- PDUFA Action Date for Hansa Biopharma's Imlifidase BLA Set for 19-Dec-26

      • CVSG.LN (CVS Group) -- Transcript Intelligence: CVS Group Investor Meeting

      • COPN.SW (Cosmo Pharmaceuticals) -- announces strategic R&D collaboration to advance AI-based detection of early neoplasia in Barrett's esophagus

      • VICO.SS (Vicore Pharma Holding) -- Transcript Intelligence: Vicore Pharma Holding at TD Cowen Health Care Conference

    • Other

      • STMPA.FP (STMicroelectronics) -- Transcript Intelligence: STMicroelectronics at Morgan Stanley Technology, Media & Telecom Conference

      • TOM2.NA (TomTom) -- announces co-Founder Harold Goddijn and Alain De Taeye to step down; Chief Revenue Officer Mike Schoofs nominated as CEO

      • DGE.LN (Diageo) -- files automatic mixed shelf of indeterminate amount - F-3ASR

      • LOGN.SW (Logitech International) -- Transcript Intelligence: Logitech International at Morgan Stanley Technology, Media & Telecom Conference

      • YAR.NO (Yara International) -- US Department of Justice probes Fertilizer market for possible price fixing - Bloomberg

      • ZURN.SW (Zurich Insurance Group) -- publishes Annual Report 2025 including Sustainability report

      • AVOL.SW (Avolta) -- extends concessions for 45 travel retail and F&B stores at Zurich Airport

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- finalizes 20-name list for 15-Apr AGM

      • IVG.IM (Iveco Group) -- releases publishes 2025 Annual Report (includes Sustainability Statement)

      • A531.GR (Aura Minerals) -- Transcript Intelligence: Aura Minerals Non-Deal Roadshow

      • Saipem and Capsol partner on industrial-scale CO2 capture solutions

      • Tehran denies reports it reach out to negotiation conflict end; DoJ investigating fertilizer producers in intraday themes (4-Mar)

  • Key rating changes

    • Upgrades

      • 8TRA.GR (TRATON) -- to buy from hold at Pareto

      • AIA.GA (Athens International Airport) -- to equal weight from underweight at Barclays

      • ALFA.SS (Alfa Laval) -- to equal-weight from underweight at Morgan Stanley

      • DSV.DC (DSV A/S) -- to buy from hold at ABG Sundal Collier

      • ITX.SM (Inditex) -- to buy from hold at Deutsche Bank

      • KER.FP (Kering) -- to market perform from underperform at Bernstein

      • SCT.LN (Softcat) -- to neutral from sell at UBS

    • Downgrades

      • DOM.LN (Domino's Pizza Group) -- to sell from hold at Deutsche Numis

      • AKRBP.NO (Aker BP) -- to sell from hold at ABG Sundal Collier

      • VTY.LN (Vistry Group) -- to underweight from equal weight at Barclays

      • SGRO.LN (Segro) -- to hold from add at Peel Hunt

      • TFI.FP (TF1) -- to underweight from equal weight at Barclays

      • VAR.NO (Vår Energi) -- to sell from hold at ABG Sundal Collier

      • FLU.AV (Flughafen Wien) -- to neutral from outperform at Oddo

      • KLR.LN (Keller Group) -- to hold from buy at Deutsche Numis

    • Initiations

      • CSG.NA (CSG NV) -- overweight at JPMorgan, outperform at BNP Paribas Exane, overweight at Morgan Stanley, buy at Kepler Cheuvreux

  • Data

    • Nikkei +1.90% to 55278.06

    • Hang Seng +0.11% to 25278.34

    • Shanghai Composite +0.55% to 4104.74

    • S&P futures (18.8) vs prior close of 6876.0

    • €-$ (0.0025) or (0.21%) to 1.1611

    • $-¥ (0.05) or (0.03%) to 157.02

    • €-¥ (0.47) or (0.26%) to 182.28

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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