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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.17%, DAX +0.69%, CAC40 +0.38%

Mar 20 ,2026

  • Synopsis

    • European and US futures pointing to higher open for now. Asia equities trading mostly lower Friday amid thin volumes. Shanghai's main board and Hong Kong at two-week lows; Australia, Taiwan and Singapore also lower. Some gains for Shenzhen, South Korea and a strong surge in India over morning trading. Market holidays in Japan, Indonesia and Philippines.

    • US equities finished mostly lower in Thursday trading, with the S&P ending just below its 200-day moving average. Big tech was broadly lower with TSLA the notable Mag 7 decliner.

    • Market continues to process implications from ongoing elevation in energy prices with bond yields surging amid continued ramp in central bank rate hike expectations. Overnight selling was most pronounced in Gilts after BOE said no more scope for rate cuts in near-term, leading markets to price in two rate hikes this year. Alongside rise in inflation expectations, surging energy prices also fanning concerns around demand destruction and supply chain disruptions amid shortages of raw materials.

    • In Central Banks: Bundesbank's Nagel speech at 18:30CET title 'Current Economic Prospects for Germany' at the district of Goslar's parliament. Russia interest rate decision at 11:30CET is expected to see a (50bps) cut in the benchmark interest rate to 15.0%.

    • Economic: Germany Feb PPI, Italy Jan trade balance, UK Feb public sector borrowing, Mar industrial trends orders - CBI, Eurozone Jan trade balance

    • Earnings reported so far today: (CFT.SW) Cie Financiere Tradition reports FY net income CHF134.2M vs FactSet CHF132.1M. (FPE3.GR) FUCHS SE reports FY EPS €2.33 vs FactSet €2.32

    • UK: Kazatomprom (KAP.LN), Smiths Group (SMIN.LN), JD Wetherspoon (JDW.LN)

  • Politics/Macro/World News

    • ECB Officials See Possibility of Rate Hike at April Meeting (BBG)

    • Iran attacks wipe out 17% of Qatar's LNG capacity for up to five years, QatarEnergy CEO says (Reuters)

  • Top company news

    • Earnings/updates

      • ALCLS.FP (Cellectis SA) -- reports Q4 EPS ($0.26) vs FactSet ($0.20) [6 est, ($0.32)-0.04]

      • REC.IM (Recordati) -- board approves FY25 accounts, confirms previously issued FY25 preliminary results; Dividend of €1.34/sh

      • NYXH.BB (Nyxoah) -- reports Q4 operating income (€18.6M) vs FactSet (€23.3M) [6 est, (€27.7)-(19.1M)]

      • INW.IM (Infrastrutture Wireless Italiane) -- lowers FY guidance, reviews relationship status with TIM and Fastweb+Vodafone

      • FPE3.GR (FUCHS SE) -- reports FY EPS €2.33 vs FactSet €2.32 [12 est, €2.26-2.35]

      • PNE3.GR (PNE) -- provides forecast for 2026 financial year

    • M&A

      • NOVN.SW (Novartis) -- agrees to acquire pan-mutant-selective PI3Ka inhibitor from Synnovation Therapeutics LLC for $2B upfront and up to $1B in milestone payments

      • ULVR.LN (Unilever) -- in discussions over separating food business and combining it with McCormick - media report

      • SPI.LN (Spire Healthcare Group) -- Bridgepoint preparing to launch bid for Spire Healthcare Group at 230p/share - Sky News

      • ELG.GR (Elmos Semiconductor) -- exploring sale - Reuters citing sources

      • ELG.GR (Elmos Semiconductor) -- Follow-up: Elmos Semiconductor exploring sale as its founders consider exit - Reuters

      • ULVR.LN (Unilever) -- Follow-up: Unilever in discussions over separating food business and combining it with McCormick - Bloomberg

      • OXUR.BB (Oxurion) -- signs a letter of intent for the acquisition of an international CRO

      • CS.SS (Coinshares International) -- CoinShares announces voting results and update on other conditions in connection with pending transaction

      • MOZN.SW (mobilezone holding) -- acquires Swiss e-commerce platform Apfelkiste.ch and retail branding specialist MAREIN; reports that an adjustment to the EBITDA guidance for the 2026 financial year will be communicated upon completion of the transaction

    • Healthcare

      • ROG.SW (Roche Holding) -- Genentech stops development of emugrobart in SMA; Cantor sees opportunity for Scholar Rock

      • RYTM (Rhythm Pharmaceuticals) -- FDA approves Rhythm Pharmaceuticals' IMCIVREE (setmelanotide) for patients with acquired hypothalamic obesity

    • Other

      • MT.NA (ArcelorMittal) -- SEC filing: SCHEDULE 13D/A (Filed by LUMEN INVESTMENTS S.A R.L.)

      • DBK.GR (Deutsche Bank) -- appoints Marie-Jeanne Deverdun and Stefan Hoops to management board, Fabrizio Campelli appointed president

      • BA.LN (BAE Systems) -- UK Ministry of Defense considering delaying replacement program for Type-45 destroyers - London Times

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Feb

      • LHA.GR (Deutsche Lufthansa) -- Transcript Intelligence: Deutsche Lufthansa at OTC Markets Group QX Best Virtual Investor Conference

      • SBRY.LN (J Sainsbury) -- Transcript Intelligence: J Sainsbury at OTC Markets Group QX Best Virtual Investor Conference

      • MIPS.SS (MIPS) -- releases 2025 Annual and Sustainability Report

      • CORRECTION(S): Transcript Intelligence summaries from Gabelli Specialty Chemicals Symposium have all been removed

      • IVC Evidensia in early talks over multibillion-pound London or European IPO - FT

  • Key rating changes

    • Upgrades

      • BAYN.GR (Bayer AG) -- to outperform from neutral at Oddo

      • IFX.GR (Infineon Technologies) -- to overweight from neutral at JPMorgan

      • MONC.IM (Moncler) -- to outperform from neutral at Oddo

      • NDA.SE.SS (Nordea Bank) -- to buy from hold at ABG Sundal Collier

      • RAA.GR (Rational) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • INPST.NA (InPost) -- to hold from buy at Jefferies

    • Initiations

      • GALD.SW (Galderma Group) -- outperform at Oddo

      • TEMN.SW (Temenos) -- buy at Berenberg

  • Data

    • Nikkei +0.00% to 53372.53

    • Hang Seng (0.57%) to 25354.65

    • Shanghai Composite (0.37%) to 3991.91

    • S&P futures +5.8 vs prior close of 6660.0

    • €-$ (0.0031) or (0.27%) to 1.1559

    • $-¥ +0.67 or +0.43% to 158.38

    • €-¥ +0.29 or +0.16% to 183.07

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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