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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.70%, DAX +0.93%, CAC40 +0.75%

Mar 25 ,2026

  • Synopsis

    • European equity markets are set for a positive open amidst Asia equities gaining Wednesday in an across-the-region rally. Best gains for the Nikkei and Topix boards, solid advances in Hong Kong and mainland China, South Korea, Taiwan and India as risk sentiment recovers. US futures also higher.

    • Preliminary result of Denmark's general election shows ruling Social Democrats with the most votes at 21.9% but failing to secure a majority in the party's worst election result in more than a century. Coalition talks now begin as both left-wing (84 seats) and right wing (77 seats) blocs fell short of the 90 seats needed for a majority in parliament.

    • Elsewhere, EU's von der Leyen delivers a keynote speech at a business event hosted by the European Australian Business Council whilst EU's Mînzatu participates in the 121st APC Meeting and EU's Lahbib delivers opening and closing remarks at the European Parliament Plenary debate on European Citizens' Initiative. At 12noon CET, Chancellor Merz will answer questions from members of parliament in Bundestag plenary session during his third question time and will discuss current issues and topics in European policy with its members of Bundestag committee. In UK, there's weekly PMQs at 12noon GMT, whilst committee topics include the take-up of electric vehicles at 9:15 and energy resilience at 15:00

    • In central banks, ECB's Lagarde speech at 9:45CET at The ECB and Its Watchers conf. with panellist ECB's Lane at 10:15, Bank of Finland's Rehn at 13:00 and Austria central bank's Kocher at 14:45. Bank of Spain's Núñez and Bundesbank's Mauderer opening remarks at 9:00CET at conf. title 'climate risk and sustainable finance: bridging policy, research and practice'. BOE's Greene panellist at 12noon GMT at Jefferies Pan-European mid-cap conf. Riksbank releases minute of last MPC meeting and SNB publishes quarterly bulletin at 15:00CET.

    • On the macro calendar, Germany Mar IFO business climate, UK Feb CPI, PRI, PPI output/input, Spain Feb PPI, Switzerland Mar expectations - ZEW, Sweden Feb PPI, Denmark Feb retail sales.

    • A light earnings front sees Transgene (TNG.FP) reporting FY net income (€37.5M) vs FactSet (€32.5M) whilst Jenoptik (JEN.GR) reported final FY earnings and appointed Dominic Dorfner as new CEO and Hornbach Holding (HBH.GR) is out with preliminary Q4 adj. EBIT (€34.8M) vs FactSet (€36.3M)

  • Politics/Macro/World News

    • Tough negotiations loom as Denmark's Social Democrats fail to secure a majority - BBC; politico; Reuters

    • Danish premier's party suffers its worst election result since 1903 - FT

    • Nato chief riles Europe by backing Trump's war in Iran - FT

    • Italy's Meloni looks for gas supplies in Algeria - FT

    • Oil and gas companies seize the chance to lobby for Arctic drilling - FT

    • UK offers to host international summit on reopening strait of Hormuz - Guardian

    • Pentagon to order 3K 82nd Airborne troops to the Middle East - media report

    • A ceasefire for a period of one month will be announced according to a mechanism that Witkoff and Kushner are working on -- Israeli Channel 12

  • Top company news

    • Earnings/updates

      • France:

        • TNG.FP (Transgene) -- reports FY net income (€37.5M) vs FactSet (€32.5M) [3 est, (€35.1)-(31.2M)]

      • DACHs:

        • JEN.GR (Jenoptik) -- confirms prelim FY25 earnings and FY26 outlook as per 13-Feb update; hikes divi by 5.3%

        • TIMA.GR (ZEAL Network) -- reports FY net income attributable €41.7M vs FactSet €39.2M [7 est, €32.2-42M]

        • HBH.GR (Hornbach Holding) -- reports preliminary Q4 adj. EBIT (€34.8M) vs FactSet (€36.3M) [3 est, (€39.3)-(34.8M)]

      • Nordics:

        • PUUILO.FH (Puuilo) -- reports Q4 EPS €0.14 vs FactSet €0.13 [5 est, €0.12-0.13]

    • M&A

      • TTE.FP (TotalEnergies) -- EU clears TotalEnergies' acquisition of 50% of a flexible power generation assets portfolio from EPH

      • AV.IM (Antares Vision) --Crane NXT announces final result of offer for Antares Vision; holds 97.03%; to exercise squeeze out of remaining shares

      • BONAV.B.SS (Bonava) -- sells and starts production of a rental project with 61 apartments in Turku, Finland

      • OVH.FP (OVHCloud) -- announces the acquisition of Dragon LLM. Terms were not disclosed. Terms were not disclosed

      • MOL.HB (MOL Hungarian Oil & Gas) -- receives US approval to continue negotiations regarding acquisition of majority stake in NIS

      • OPT.LN (Optima Health Plc (Great Britain)) -- receives Irish FDI Clearance for acquisition of PAM Healthcare Limited

      • TNXT.IM (Tinexta) -- Zinc BidCo (Advent and Nextalia) announces final result of offer for Tinexta; holds 75.87%; reopens offer (post EU close 24-Mar)

      • AFK.NO (Arendals Fossekompani) -- EU sets a provisional deadline of 30-Apr to rule on TA Associates' acquisition of stake in Volue

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- announces triple agonist UBT251 showed a mean HbA1c reduction of up to 2.16% after 24 weeks in phase 2 trial in Chinese patients with type 2 diabetes

      • GRF.SM (Grifols) -- preparing IPO of US Biopharma business

      • UCB.BB (UCB) -- selects Georgia as the location for its new U.S. biologics manufacturing facility

      • DBV.FP (DBV Technologies) -- joins CAC Mid 60 and SBF 120 indices, effective 23-Mar

    • Other

      • DOCM.SW (DocMorris) -- CEPD N.V. submits shareholder proposal for inclusion on agenda of AGM of DocMorris AG expected to be held on 12-May-26

      • SCMN.SW (Swisscom) --Fastweb + Vodafone terminates MSA with INWIT at the end of March 2028; will initiate discussions to agree on migration plan

      • VOD.LN (Vodafone Group) -- Transcript Intelligence: Vodafone Group at New Street Research and BCG Future of Connectivity Leaders Conference

      • VOW.GR (Volkswagen) -- in missile defense deal with Israel's Iron Dome maker - FT

      • DSY.FP (Dassault Systemes) -- proposes FY25 dividend of €0.27/sh, an increase of 3.8% over FY24's €0.26

      • BN.FP (Danone) -- announces joint venture with Arcor focused on local dairy market

      • TIT.IM (Telecom Italia) -- Transcript Intelligence: Telecom Italia at New Street Research and BCG Future of Connectivity Leaders Conference

      • BT.A.LN (BT Group) -- Transcript Intelligence: BT Group at New Street Research and BCG Future of Connectivity Leaders Conference

      • HEN3.GR (Henkel) -- to pass costs on to consumers if manufacturing costs rise drastically - Handelsblatt

      • MOWI.NO (Mowi) -- publishes its 2025 Integrated Annual Report, including sustainability reporting

      • ELE.SM (Endesa) -- commences fifth tranche of previously disclosed share buyback program

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- resolves to establish progressive order of candidates, including Fabrizio Palermo as sole candidate for CEO

      • CAST.SS (Castellum AB) -- initiates new share buy-back program

      • SOLB.BB (Solvay) -- releases 2025 integrated report

      • TIETO.FH (Tietoevry) -- to maintain parallel listing on Nasdaq Stockholm

      • IPS.FP (Ipsos) -- appoints Alexandre Boissy as Deputy CEO, effective 7-Apr-26

      • Australian government announce subsidies for Rio Tinto's Boyne aluminium smelter - Australian Financial Review

      • Goldman Sachs' recent beer distribution survey creates optimism around STZ

      • Meta Platforms delays EU launch of new display-equipped Ray-Ban smart glasses - Bloomberg

      • NASA suspends Gateway project; rumored Amazon AI tools hit software names in intraday themes (24-Mar)

      • PEXA Group completes remortgage implementation program with NatWest now transacting live on PEXA UK's platform

      • Rio Tinto confirms agreement with Australian government regarding Boyne aluminium smelter

  • Key rating changes

    • Upgrades

      • NSIS.B.DC (Novonesis) -- to buy from sell at Citi

      • CRDA.LN (Croda International) -- overweight from equal-weight at Morgan Stanley

      • Erste Group initiates RTX; upgrades NFLX; downgrades AEM, DG.FP, PG (earlier, timing uncertain)

      • Morgan Stanley upgrades BP, BP.LN, EQNR, others; downgrades GALP.PL, SHEL, SHEL.LN; revises target on E, ENI.IM, TTE, and TTE.FP; sector upgraded

      • Morgan Stanley upgrades NPN.SJ, PRX.NA

      • DGE.LN (Diageo) -- to neutral from underperform at BNP Paribas Exane

      • LXS.GR (Lanxess) -- to overweight from underweight at JPMorgan

      • MAIRE.IM (MAIRE) -- to buy from hold at Kepler Cheuvreux

      • SIGN.SW (SIG Combibloc Group) -- to buy from neutral at UBS

      • SRAIL.SW (Stadler Rail) -- to neutral from sell at UBS

    • Downgrades

      • ALK.B.DC (ALK-Abello) -- ALK-Abello resumed hold at Nordea; prior rating was buy

    • Initiations

      • PCZ.GR (ProCredit Holding) -- buy at Berenberg

      • TLX.GR (Talanx) -- overweight at JPMorgan

      • VICO.SS (Vicore Pharma Holding) -- buy at Guggenheim Securities

  • Data

    • Nikkei +2.87% to 53749.62

    • Hang Seng +0.30% to 25138.50

    • Shanghai Composite +1.17% to 3926.62

    • S&P futures +38.5 vs prior close of 6606.0

    • €-$ (0.0009) or (0.08%) to 1.1599

    • $-¥ +0.28 or +0.18% to 158.98

    • €-¥ +0.18 or +0.10% to 184.38

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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