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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX (0.8%), CAC (0.5%), IBEX (0.5%), MIB (0.8%)

Mar 26 ,2026

  • Synopsis

    • European equity markets set to open broadly lower. Asia equities tipping lower Thursday. Kospi dragged lower by its memory stocks on reports of an algorithm breakthrough by Google; sharp losses in Hong Kong as its tech stocks also selloff.

    • Crude oil contracts higher but Brent keeping below $100/bl. Market weighing prospects of diplomatic outcome to Iran conflict after regime representatives rejected negotiations. Posturing not altogether surprising with US adamant talks taking place and Iran confirming receipt of peace proposals. Trump repeated Iran desperate for deal while media sources also highlighted Trump's own willingness to end conflict. Familiar hurdles remain, including who represents US and Iran in talks, skepticism differences will be bridged, Iran moves to assert control over Hormuz and charge tolls (inviting Arab pushback), risk of further escalation with US sending more troops and Gulf states weighing joining conflict.

    • European macro data releases out today include Germany Apr consumer confidence - GfK , France Mar business survey, Spain Q4 final GDP, Italy Mar business/consumer confidence, Eurozone Feb M3 money supply, Netherlands Q4 final GDP, Norway Feb unemployment rate, Sweden Feb trade balance, Portugal Q4 final GDP

    • Already out is BRC-Opinium data showing UK consumer expectations of the economy over the next three months fell to its lowest level on record, plunging to minus 53 from minus 30 in February. Expectations for personal finances also fell to a record low of minus 17, down from minus six in February (Standard, Guardian )

    • In central banks, BOE's Breeden is a panellist at 9:30GMT at Resolution Foundation 'Stopping dreams come true' whilst BOE's Taylor text for speech at Exante Data's 10-year annv. macro conf released at 16:00GMT and BOE's Greene takes part in a fireside chat at 16:30GMT at the PEI Infrastructure Investor Global Summit. Norges Bank is expected to leave its benchmark interest rate unchanged at 4.0% at 10:00CET, press conf at 10:30. Denmark central bank press conf at 10:30 CET in connection with its latest economic forecast. Bundesbank publishes its latest monthly report at 12noon CET. Riksbank's Seim speech at 12noonCET at seminar at ABG Sundal Collier. ECB's Montagner panellist at 8:30CET at Eurofi High-Level seminar followed by ECB's de Guindos lecture at 10:00CET at event hosted by Estonia central bank, followed by on-stage conversation with governor Müller. ECB's Machado speech at 10:05CET on "The ECB's perspective on the SIU policy" at Savings and Investment Union (SIU) seminar. Czech central bank minutes of last MPC meeting.

    • Elsewhere, OECD will publish its interim economic outlook. Institute for Macroeconomics and Business Cycle Research (IMK) of the Hans Böckler Foundation releases 2026/27 economic forecast. In Germany, Housing Construction Day, including minister for construction Hubertz. WTO Ministerial Conf. with EU trade ministers' meeting on the sidelines. G7 foreign ministers' meeting planned yo be held in France. EU's Kallas among the attendees at the G7 Foreign Ministers meeting whilst EU's Kubilius signs Secure Connectivity agreements with Norway and Iceland and EU's Virkkunen delivers a keynote speech at EESC Employers' Group debate on AI. EU's Dombrovskis delivers speech for at the Eurofi High Level Seminar and Mînzatu at the Univ College London and EU's Hansen participates in Ministerial Conference (MC14) of the WTO (through Sat). Elsewhere, Joint Expeditionary Force (JEF) - a security cooperation between ten Northern European countries - annual summit

    • On the corporate front, retailer earnings/updates eyed with Next (NXT.LN) and H&M (HM.B.SS) among those reporting.

  • Politics/Macro/World News

    • US and Iran Wrangle Over Talks With No End to War Yet in Sight (Bloomberg)

    • ECB's Nagel says April rate hike 'an option' (Reuters )

    • Bessent discussed ways to recast ties between Fed and Treasury in BoE's image (FT )

    • Trump team examines what oil as high as US$200 a barrel would mean (Bloomberg )

    • Netherlands Q4 GDP +1.8% y/y vs preliminary +1.8% and prior revised +1.7% from +1.8%

  • Top company news

    • Earnings/updates

      • IPH.FP (Innate Pharma) -- reports FY net income (€49.2M) vs FactSet (€49.1M) [2 est, (€50.1)-(48M)]

      • BOL.SS (Boliden) -- informs on consequences of abnormal seismic activity at the Garpenberg mine, anticipates FY25 production ~30% of guided capacity; conf. call tomorrow (26-Mar, 15:00 CET)

      • GAM.SW (Gam Holding) -- reports FY underlying net loss (CHF59.8M) vs year-ago (CHF67.8M); return to profitability in 2026 is likely to take longer than previously targeted

      • KTN.GR (Kontron) -- reports FY net income €141.1M vs FactSet €140.3M [8 est, €110.5-161.2M]; Expects 2026 revenue to increase to around €1.75-B to over €1.8B vs FactSet €1.80B [8 est, €1.66-1.89B]; EBITDA €225M before restructuring expenses vs FactSet €244.4M

      • WAC.GR (Wacker Neuson) -- reports FY EPS €1.14 vs FactSet €1.18 [4 est, €1.13-1.23]; revenues and EBIT in line with prelims; guides 2026; Due to low market volumes in the past two years and current economic environment the revenue 2030 expectation is rather at €3.5B

      • S92.GR (SMA Solar Technology) -- reports final FY earnings confirming its preliminary figures

      • SBS.GR (Stratec) -- reports preliminary FY revenue €250.9M vs FactSet €256.2M [6 est, €252.8-262.7M]

      • QDT.FP (Quadient) -- reports FY EPS (€1.91) vs FactSet €1.89 [7 est, €1.54-2.64]; hikes divi by 7% and guides FY26 and FY30

      • FLOW.NA (Flow Traders) -- reports February 2026 ETP market statistics

      • TRI.FP (Trigano) -- reports H1 revenue €1.78B vs year-ago €1.68B; +4.9% LFL; confirms its outlook for improved profitability in FY26

      • DAN.IM (Danieli & C. Officine Meccaniche) -- reports H1 net income €130.9M vs FactSet €116M [2 est, €114-118M]

      • POS.AV (PORR) -- reports FY EPS €3.00 vs FactSet €2.87 [6 est, €2.75-3.06]

      • PEUG.FP (Peugeot Invest) -- reports FY25 revenue o/w dividends received from consolidated companies €362.3M, +45% vs year-ago €250.2M

      • AAD.GR (Amadeus FiRe) -- reports FY EPS (€0.44)

      • Also reporting today

        • Earnings:

          • Austria: CA Immobilien Anlagen (CAI.AV), PORR (POS.AV)

          • Benelux: Exmar NV (EXM.BB), Hyloris Pharmaceuticals (HYL.BB)

          • France: Hoffmann Green Cement Technologies (ALHGR.FP)

          • Germany: Hapag-Lloyd (HLAG.GR), Porsche Automobil Holding (PAH3.GR), Delivery Hero (DHER.GR), Hamburger Hafen und Logistik (HHFA.GR), Deutz (DEZ.GR), KSB (KSB.GR), ProSiebenSat.1 Media (PSM.GR), JOST Werke (JST.GR), Rhoen-Klinikum (RHK.GR), CEWE Stiftung & Co (CWC.GR), Washtec (WSU.GR), PNE (PNE3.GR), SNP Schneider-Neureither & Partner (SHF.GR), Medios (ILM1.GR), IVU Traffic Technologies (IVU.GR), Westwing Group (WEW.GR), Elringklinger (ZIL2.GR), SFC Energy (F3C.GR), LPKF Laser & Electronics (LPK.GR), Heidelberg Pharma (HPHA.GR), Bike24 Holding (BIKE.GR), EDAG Engineering Group (ED4.GR), Pentixapharm Holding (PTP.GR), Mister Spex (MRX.GR), Pentixapharm Holding (PTP.GR), TAKKT (TTK.GR), Bertelsmann

          • Nordics: H&M Hennes & Mauritz (HM.B.SS), Vantage Drilling International Ltd. (VDI.NO), BioPorto (BIOPOR.DC)

          • Southern Europe: TERNA Rete Elettrica Nazionale (TRN.IM)

          • Switzerland: Gam Holding (GAM.SW)

          • UK: Next (NXT.LN), International Public Partnerships (INPP.LN), Serica Energy (SQZ.LN), OXB (OXB.LN), Ceres Power Holdings (CWR.LN), Mears Group (MER.LN), Capricorn Energy (CNE.LN), Arbuthnot Banking Group (ARBB.LN), Tribal Group (TRB.LN)

        • Trading Update:

          • Other: Pepco Group (PCO.PW)

        • CMD/Events: Washtec (WSU.GR), Hexagon (HEXA.B.SS) and spin-off Octave Intelligence investor Day, Ashtead Group (AHT.LN), 3i Group (III.LN)

    • M&A

      • OLPX (Olaplex Holdings) -- Henkel in advanced talks to acquire Olaplex for about $2/share - Bloomberg

      • GLEN.LN (Glencore) -- EU clears Glencore's acquisition of FincoEnergies

      • TALO (Talos Energy) -- Grupo Carso notes acquisition through Zamajal of additional 30.1% of Mexican subsidiary of Talos Energy, an entity holding a 17.4% interest in Zama oil field was completed

      • TKA.GR (ThyssenKrupp) -- Jindal Steel's talks with thyssenkrupp over acquiring TKSE could be scrapped due to differences over pension liabilities, ?investments and energy costs - Reuters

      • PSM.GR (ProSiebenSat.1 Media) -- ProSiebenSat.1 divests comparison platforms billiger-mietwagen.de and CamperDays; financial details not provided

      • SPIE.FP (SPIE) -- signs agreement for acquisition of SGS Industrial Services

      • GLO.FP (GL Events) -- French Competition Authority approves GL Events' acquisition of event venues operated by Fimalac

      • Chinese consortium emerges as late contender in contest to acquire TPG Capital's Made Group - The Australian

      • EU sets a provisional deadline of 4-May to rule on Bain Capital's acquisition of Tingstad Group

    • Healthcare

      • UCB.BB (UCB) -- receives positive CHMP opinion for new ZILBRYSQ (zilucoplan) pre-filled pen in EU for adults living with generalized myasthenia gravis

      • PRTC.LN (PureTech Health) -- Seaport Therapeutics announces publication in Science Translational Medicine featuring GlyphAllo as the first triglyceride-mimetic prodrug to achieve therapeutically relevant drug levels in humans

      • POXEL.FP (Poxel) -- confirms additional Tranche D PDR bond financing from IPF for €3.75M as part of the continuation plan

    • Other

      • DG.FP (VINCI SA) -- signs share purchase agreement with an investment services provider as part of buyback program

      • SIKA.SW (Sika Group) -- invests in MESH AG in CHF2.9M fundraising round to advance robot-supported construction technologies

      • NEXI.IM (Nexi SpA) -- CEO Paolo Bertoluzzo steps down, effective immediately

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- board revokes powers of CEO Luigi Lovaglio, with immediate effect

      • MRL.SM (MERLIN Properties SOCIMI) -- to issue up to 56.3M shares via accelerated bookbuild through Goldman and Morgan Stanley

      • MRL.SM (MERLIN Properties SOCIMI) -- Follow-up: MERLIN Properties SOCIMI holders Banco Santander and Nortia Capital have pre-emptive subscription commitments in connection with previously disclosed capital increase

      • MRL.SM (MERLIN Properties SOCIMI) -- places 56.3M shares at €13.64/share through Banco Santander, Goldman, JPMorgan and Morgan Stanley

      • CADLR.NO (Cadeler) -- to carry out a private placement of new shares, up to 10% of the outstanding share capital in the company, through DNB Carnegie and Jefferies

      • Mobimo announces Wangen-Brüttisellen approved the Torfmatt project

      • Nufarm amends Carinata offtake agreement with bp, extended to 2050

  • Key rating changes

    • Upgrades

      • Keefe, Bruyette & Woods upgrades ABN.NA, INGA.NA

      • CBG.LN (Close Brothers Group) -- to buy from neutral at UBS

      • CBK.GR (Commerzbank) -- to outperform from market perform at Keefe, Bruyette & Woods

      • HEI.GR (Heidelberg Materials) -- to outperform from neutral at Oddo

      • LDO.IM (Leonardo) -- to buy from hold at Deutsche Bank

      • METSO.FH (Metso Corp.) -- to buy from hold at Danske Bank

      • STMPA.FP (STMicroelectronics) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • Keefe, Bruyette & Woods downgrades SAB.SM, UNI.SM

      • NOKIA.FH (Nokia) -- to hold from buy at SEB

      • EVO.SS (Evolution) -- to sell from neutral at Goldman Sachs

      • RED.SM (Redeia Corporacion) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • INTRUM.SS (Intrum) -- neutral at Sparebank 1 Markets

      • HBX.SM (HBX Group International) -- buy at Berenberg

      • SYSR.SS (Systemair) -- buy at Sparebank 1 Markets

  • Data

    • Nikkei (0.27%) to 53603.65

    • Hang Seng (1.91%) to 24852.53

    • Shanghai Composite (1.27%) to 3882.10

    • S&P futures (22.5) vs prior close of 6640.8

    • €-$ +0.0008 or +0.07% to 1.1566

    • $-¥ (0.16) or (0.10%) to 159.31

    • €-¥ (0.07) or (0.04%) to 184.25

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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