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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.13%), DAX (0.23%), CAC40 +0.04%

Mar 24 ,2026

  • Synopsis

    • European equity markets are set to open mixed to lower, following Monday's mostly firmer close in volatile trade. Asian equity markets firmer, though off the best levels.

    • Focus firmly on Middle East developments after President Trump talked up possibility of ending conflict with Iran amid positive conversations, though has been denied by Iranian media. Trump also claimed Iran agreed to reopen Strait of Hormuz. Press sources note US envoy Steve Witkoff on route to Pakistan to meet with Iranian officials, though no confirmation who will represent Tehran (Iran's powerful parliamentary speaker refuted reports it is him). In addition, no letup in fighting with US and Israel carrying out more strikes and Iran retaliating against Gulf states. Media sources also noted Gulf states nearing decision to join fight against Iran.

    • Also on today's agenda, In politics, Denmark general election (YouGov, Stratfor, Copenhagen Post). In Germany, at 10:00CET there's an online discussion on Agora Verkehrswende/ Climate Neutrality Foundation's study about pricing for public electric vehicle charging. EU's Kubilius panellist at the Paris Forum for Defense and Strategy 2026 and delivers speech at POLITICO's Competitive Europe Summit. EU's von der Leyen delivers a speech before the Australian parliament. Norway's minister of climate and environment Eriksen attends the Biogas Conf and Chancellor Merz will participate in the second meeting of the Strategy Group for Technology and Innovation. Also on Tue, European Automobile Manufacturers' Association (ACEA) Feb new car registrations for EU + EFTA + UK.

    • In central banks, ECB's Machado speech at 9:40CET at Landesbank Baden-Württemberg Fixed Income Forum followed by ECB's Cipollone remarks at 14:00CET at hearing on the digital euro before EP Committee and ECB's ECB's Lane concluding remarks at 16:45 CET at ECB conf on Forecasting Techniques. Bundesbank's Lienenkämper speech (livestream) at 16:00CET at event hosted by German Banking Assn as part of European Money Week and Theurer panellist at 17:00 and Köhler-Geib speech/panellist at 18:00 at event hosted by the bank. Hungary central bank is expected to cut its benchmark interest rate by (25bps) to 6.0%. Norges Bank's Børsum lecture at 11:10CET at Financial Industry Day event. Austria central bank publishes Annual Report; Governor Kocher press conf at 11:00CET presenting the current interim forecast for inflation and economic growth in Austria for 2026-28. Latvia central bank's Kazāka interview on Delfi TV.

    • On European macro front, attention on flash PMIs, which will provide first-look at impact on activity from Iran conflict. Eurozone PMI forecast to maintain modest rate of expansion and UK activity seen picking further from prior update. UK Chancellor Reeves will outline in the Commons later potential impact on the economy from Middle East tensions and outline principles that will guide any further support in the coming months if energy bills remain elevated. Elsewhere, several economists believe market overestimating likely peak of UK interest rates.

    • In earnings news, in the DAHCs region, Inficon Holding (IFCN.SW), Dräger (DRW3.GR) and INDUS Holding (INH.GR) all reported FY earnings. In France, Abivax (ABVX.SW) released FY numbers and updates on ABTECT Phase 3 Trials, whilst Sanofi (SAN.FP) published Q1 2026 aide-mémoire indicating that currency impacts on sales are estimated at around (8%). In the Netherlands, EXOR (EXO.NA) issued its end of year results and proposed a dividend of €0.49 per share. Other notable companies due to report earnings today includes, Kingfisher (KGF.LN), Bellway (BWY.LN), Fevertree Drinks (FEVR.LN), Transgene (TNG.FP) and Gamma Communications (GAMA.LN),

    • In M&A, Puig (PUIG.SM) confirmed that it's holding discussions regarding a possible business combination with The Estée Lauder Companies Inc.(EL), which would involve the potential merger of the business of both companies. Elsewhere, SK Hynix will purchase KRW11.950T (€6.91B) worth of EUV scanners from ASML (ASML.NA). The assets will be acquired over a period of two years, with payments to be made in installments upon the acquisition of each individual equipment.

  • Politics/Macro/World News

    • ECB Must Be Vigilant In Face Of Stagflation Risks, Vujcic Says - Bloomberg

    • Carmakers Rush To Secure Aluminium As Middle East War Hits Supply - FT

    • Danes vote in an election clouded by Trump's Greenland desires - Reuters

    • EU and Australia clinch trade and security pacts - FT

    • Iran dismisses Trump claim of talks; von der Leyen says global energy situation is 'critical' - The Guardian

  • Top company news

    • Earnings/updates

      • DACHs

        • NWRN.SW (Newron Pharmaceuticals) -- reports FY net income (€13.2M) vs FactSet (€9.4M) [4 est, (€23.6)-2M]

        • NA9.GR (Nagarro) -- reports prelim FY EBIT €83M vs FactSet €110.4M [4 est, €104-117.7M]; guides FY26

        • TTR1.GR (technotrans) -- reports FY EPS €1.66 vs FactSet €1.54 [2 est, €1.54-1.54]

        • IFCN.SW (Inficon Holding) -- reports FY earnings in line with prelim. release; Net income $85.8M vs FactSet $86.6M [8 est, $83.4-89.5M]; guides 2026

        • CURN.SW (Curatis Holding) -- reports FY net loss (CHF1.4M) vs year-ago (CHF4.3M); guides FY26

        • BVHN.SW (SKAN Group) -- reports FY EPS CHF0.72 vs FactSet CHF0.81 [3 est, CHF0.62-1.00]

        • GLKBN.SW (Glarner Kantonalbank) -- reports FY net income CHF21.8M vs FactSet CHF25.7M [1 est]

        • INH.GR (INDUS Holding) -- reports FY EPS €2.77 vs FactSet €3.00 [8 est, €2.63-3.95]

        • DRW3.GR (Dräger) -- confirms prelim FY25 earnings and FY26 guidance as per 15-Jan update

      • France

        • ABVX.FP (Abivax) -- reports FY net income (€336.1M) vs FactSet (€266.7M) [12 est, (€396.9)-(170.0M)]

        • ABCA.FP (ABC arbitrage) -- reports FY net income €25.1M vs FactSet €27M [1 est]

        • SAN.FP (Sanofi) -- announces Q1 currency impacts are estimated at around (8%) on sales -- Q1 aide memoire

      • Benelux

        • EXO.NA (EXOR) -- reports FY net income (€3.79B) vs year-ago €14.67B

      • Nordics

        • BO.DC (Bang & Olufsen) -- reports preliminary Q3 revenue DKK621M vs FactSet DKK667.5M [2 est, DKK659-676M]

        • COSH.NO (Constellation Oil Services Holding) -- reports Q4 net income ($100.4M) vs year-ago ($40.7M)

        • STB.NO (Storebrand) -- issues Q1 2026 pre-silent newsletter ahead of 29-Apr-26 results

      • Southern Europe

        • EXAI.IM (Expert.ai) -- confirms revenues and EBITDA targets for 2025 as set out in the previously disclosed 2025-26 Strategic Plan (post EU close 23-Mar)

        • NTH.SM (Naturhouse Health) -- reports FY net income €10.1M vs year-ago €9.9M (post EU close 23-Mar)

        • AV.IM (Antares Vision) -- reports FY net income (€21.2M) vs FactSet (€1.4M) [2 est, (€3.8)-1M] (post EU close 23-Mar)

      • Also due to report today includes:

        • Earnings:

          • France: Transgene (TNG.FP)

          • Southern Europe: Sabaf (SAB.IM)

          • UK: Kingfisher (KGF.LN), Bellway (BWY.LN), Fevertree Drinks (FEVR.LN), Gamma Communications (GAMA.LN), M.P. Evans Group (MPE.LN), Chesnara (CSN.LN), Everplay (EVPL.LN), YouGov (YOU.LN), S4 Capital (SFOR.LN), EKF Diagnostics Holdings (EKF.LN), Xaar (XAR.LN), Personal Group Holdings (PGH.LN), Michelmersh Brick Holdings (MBH.LN), Real Estate Investors (RLE.LN), Staffline Group (STAF.LN)

        • CMD/Events: Orexo (ORX.SS) R&D

    • M&A

      • GILD (Gilead Sciences) -- to acquire Ouro Medicines for total of $1,675M in upfront cash consideration and up to $500M in contingent milestone payments

      • GILD (Gilead Sciences) -- Follow-up: Gilead Sciences to acquire Ouro Medicines for total of $1,675M in upfront cash consideration and up to $500M in contingent milestone payments

      • PUIG.SM (Puig Brands) -- discloses confirmation of merger discussions with Estee Lauder

      • EL (Estée Lauder) -- The Estée Lauder Companies' statement on potential transaction with Puig

      • EL (Estée Lauder) -- near deal to combine with Puig (PUIG.SM) -- FT

      • PLSV.NO (Paratus Energy Services) -- enters into agreement with Borr Drilling and CME to sell subsidiary Fontis' drilling operations and jack-up fleet for $400M

      • CON.GR (Continental) -- Apollo and Bain are reportedly among private equity firms bidding on Continental AG's industrial unit Contitech - Bloomberg

      • FEN.LN (Frenkel Topping Group) -- Frenkel Topping Group issues Update on FCA Condition and Proposed Extension of Long Stop Date

      • GI Partners reportedly exploring sale of American Residential Services, LLC (private) - Reuters

    • Healthcare

      • REGN (Regeneron) -- Japan approves Regeneron's Dupixent to treat adults with BP

      • ROG.SW (Roche Holding) -- Roche launches cobas eplex respiratory pathogen panel 3 (RP3)

      • BAYN.GR (Bayer AG) -- Activist Jeff Ubben seeking to sell stake in Bayer - Bloomberg

      • GALD.SW (Galderma Group) -- to present latest updates on its innovations across its portfolio at 2026 American Academy of Dermatology Annual Meeting, March 27-31 in Denver, Colorado

      • PHARM.NA (Pharming Group) -- announces approval of Joenja (leniolisib) in Japan for the treatment of APDS in patients aged 4 years and older

    • Other

      • SIE.GR (Siemens AG) -- Siemens warns Europe could face disaster if it prioritizes AI independence over practical adoption and global collaboration - FT, citing CEO

      • ENGI.FP (ENGIE) -- signs Power Purchase Agreement with Egyptian Electricity Transmission Co for 900MW wind farm

      • GALP.PL (Galp Energia SGPS) -- releases 2025 Annual Integrated Report

      • SAAB.B.SS (Saab) -- and Cohere sign MOU on advanced AI collaboration

      • IDR.SM (Indra Sistemas) -- Spain's government faces battle to remove Escribano brothers from Indra board amid SEPI report - El Mundo

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- expected to remove executive powers of CEO Luigi ?Lovaglio - Reuters

      • TCELL.E.TI (Turkcell) -- Secures $1B Murabaha Syndication Facility to Boost 5G and Future Connectivity

      • TRST.LN (Trustpilot Group) -- holder Advent Global Opportunities Master Limited Partnership announces intention to sell up to 21.6M shares in by way of accelerated bookbuild

      • Bill to ban prediction market sports betting introduced; TotalEnergies exits US wind leases in intraday themes (23-Mar)

      • European Automobile Manufacturers' Association (ACEA) February new car registrations for EU + EFTA + UK +1.7% y/y

      • Follow-up: AEVEX Corp files for NYSE IPO of indeterminate size - S-1

  • Key rating changes

    • Upgrades

      • BC8.GR (Bechtle) -- to buy from hold at Berenberg

      • SZG.GR (Salzgitter) -- to equal-weight from underweight at Morgan Stanley

      • TKA.GR (ThyssenKrupp) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • SAP.GR (SAP) -- to neutral from overweight at JPMorgan

      • BEI.GR (Beiersdorf) -- to hold from buy at Berenberg

    • Initiations

      • SRE.LN (Sirius Real Estate) -- outperform at Oddo

  • Data

    • Nikkei +1.43% to 52252.28

    • Hang Seng +2.26% to 24932.47

    • Shanghai Composite +1.50% to 3870.54

    • S&P futures (17.3) vs prior close of 6634.8

    • €-$ (0.0025) or (0.22%) to 1.1590

    • $-¥ +0.17 or +0.11% to 158.62

    • €-¥ (0.18) or (0.10%) to 183.83

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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