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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.3%), DAX (0.4%), CAC (0.5%)

Apr 09 ,2026

  • Synopsis

    • European equity markets indicate a weaker open amidst lower trading in Asia and softer US futures. Bonds mixed. US 10-year flat at 4.29%. Asian yields backing up after big drop in prior session. Dollar slightly firmer versus yen, little changed elsewhere. Oil gains, with WTI crude more than 3% higher after falling 16.3% on Wednesday, the weakest session since April 2020. Gold down. Industrial metals mixed. Bitcoin lower.

    • Regional sentiment generally softer attributed mainly to continued conflict in the Middle East since the US-Iran ceasefire and conflicting takes on the terms of agreement. Key development was Israeli strikes on Lebanon in its biggest offensive in the country yet, prompting Iran to declare Strait of Hormuz closed again while threatening a heavy response and withdrawal from the truce. Whether Lebanon was covered in the ceasefire quickly emerged as one key point of contention. US VP Vance identified the circulation of three different 10-point proposals and two of them were false including the first which was circulated in the press. President Trump in a series of social media posts clarified the US 15-point proposal includes no uranium enrichment, though will discuss tariff and sanctions relief. Reiterated conditions include no nuclear weapons and Strait of Hormuz will be open.

    • Monetary policy implications continue to fuel fluctuations in the bond market. Some thoughts that full recovery to pre-conflict levels unlikely given uncertainty over durability of ceasefire and oil prices maintaining elevated levels. Level of traffic through Strait of Hormuz is very limited with shipping firms wary of Iran attacks. In addition, damage to regional energy infrastructure will take time to fix. Market pricing in approximately two ECB rate hikes and one BoE hike by year end.

    • On the agenda for today, in central banks, Poland central bank is expected to leave its benchmark interest rate unchanged at 3.75%. Austria central bank event at 11:00CET; Netherlands central bank's Sleijpen speech at 12:45CET. Iceland central bank publishes Annual Report at 15:00BST. BOE releases its latest credit conditions survey. In macro releases, latest update from RICS showed notable weakening in UK housing market. German Feb industrial production, trade balance and Mar new car registrations due along with Spain Feb industrial production, Denmark Feb trade balance, Norway Mar PPI, Greece Feb industrial production and Ireland Mar CPI.

  • Politics/Macro/World News

    • Shipping Stalls As Tehran Dictates Terms In Hormuz - FT

    • EU Will Still Be Hit By 'Stagflationary Shock', Brussels Warns - FT

    • Italy's Giorgia Meloni attempts political reset after referendum defeat -- Politico

    • UK Mar house price net balance (23%) vs consensus (18%) and prior revised (14%) from (12%) - RICS

    • Netherlands Mar CPI +2.7% vs preliminary +2.7%

  • Top company news

    • Earnings/updates

      • BCP.PL (Banco Comercial Portugues) -- provides Q1 estimated provisions against legal risk related to FX mortgage loans portfolio booked by Bank Millennium, S.A.

      • CLAS.B.SS (Clas Ohlson) -- Mar sales+11% to SEK902M, +8% organic growth

      • CSH.GR (CENIT) -- confirms prelim FY25 earnings and FY26 outlook as per 24-Mar update; no div for FY25

      • FAGR.BB (Fagron) -- Q1 revenue €263.4M vs FactSet €260.7M [3 est, €259.9-261.3M

      • SALM.NO (Salmar) -- Q1 Trading Update: consolidated harvest volumes (1,000 tgw) 60.3

      • OVH.FP (OVHCloud) -- H1 net income €5.9M vs year-ago €7.2M

      • ENX.FP (Euronext) -- Mar trading activity

    • M&A

      • ADKO.AV (Addiko Bank) -- Raiffeisen Bank International to submit public tender offer for Addiko Bank at €23.05/sh

      • LAND.SW (Landis+Gyr Group) -- completes divestiture of EMEA business

      • ALSN.SW (ALSO Holding) -- expects merger with Westcoast's two synergy-relevant operations (France and UK cloud business) to be completed by 1-Jul-26

      • ACR.NO (Axactor) -- acquires €3B unsecured NPL portfolio from Banco Sabadell in Spain

      • MERY.FP (Mercialys) -- acquires a retail park adjacent to its Shop•Park Toulouse Fenouillet for €18M

      • EG7.SS (Enad Global 7) -- EG7 enters into a letter of intent regarding a potential acquisition of Cold Iron

      • YACHT.IM (Ferretti) -- KKCG Maritime reiterates offer for Ferretti is fair, comments on two directors who formally dissented from Ferretti board's rejection decision

      • LBIRD.FP (Lumibird) -- to acquire long-term distribution partner BIZ MEDIC SDN BHD in Malaysia

      • Co-operative Group and Southern Co-op agree to combine

    • Healthcare

      • BIM.FP (bioMerieux) -- launches BIOFIRE SPOTFIRE molecular testing to advance mycoplasma detection in pharmaceutical quality control

      • BSLN.SW (Basilea Pharmaceutica) -- wins additional CARB-X funding of $6M to advance clinical development of antibiotic BAL2420

      • GALD.SW (Galderma Group) -- announces interim data from two ongoing investigator-initiated trials highlight the role of Sculptra and Restylane in addressing aesthetic changes associated with weight loss medications and menopause

      • IDIA.SW (Idorsia) -- Chief Medical Officer Alberto Gimona to retire; appoints Amer Joseph as new Chief Medical Officer

      • EGTX.SS (Egetis Therapeutics) -- CMO Kristina Sjöblom Nygren to step down; appoints Tiago Nunes as new CMO effective 1-May

    • Other

      • ASC.IM (Ascopiave) -- receives writ of summons before the Court of Law in Venice (post EU close 8-Apr)

      • ENDUR.NO (Endur ASA) -- subsidiary signs agreement for Salfjord fish-farming facility in Norway; minimum contract value ~NOK 700-800M

      • EVO.SS (Evolution) -- requests permission to add Playtech as defendant in ongoing U.S. defamation lawsuit

      • EGL.PL (Mota-Engil SGPS) -- awarded ~€113M contract by Petrobras in Brazil

      • TEMN.SW (Temenos) -- completes share buyback program

      • VK.FP (Vallourec) -- and and Fervo Energy announce five-year supply agreement to support the scaled deployment of geothermal energy across the United States

      • TE.FP (Technip Energies) -- awarded contract for Long Son Petrochemicals enhancement project in Vietnam

      • DEC.FP (JCDecaux) -- awarded advertising tender for Western Sydney International Airport

      • VEND.NO (Vend Marketplaces) -- completes up-to-NOK2B buyback program

      • AMG.NA (AMG Critical Materials) -- places 3.3M newly issued ordinary shares at €34.00/sh, generating proceeds in excess of €110M

  • Key rating changes

    • Upgrades

      • ASSA.B.SS (Assa Abloy) -- to buy from hold at Pareto

      • BOL.SS (Boliden) -- to equal-weight from underweight at Morgan Stanley

      • DCC.LN (DCC) -- to outperform from neutral at BNP Paribas Exane

      • DNB.NO (DNB Bank) -- to overweight from equal weight at Barclays; to buy from hold at Nordea

      • GJF.NO (Gjensidige Forsikring) -- to buy from hold at ABG Sundal Collier

      • MEL.SM (Melia Hotels International) -- to hold from reduce at Kepler Cheuvreux

      • NDA.GR (Aurubis) -- to equal-weight from underweight at Morgan Stanley

      • RXL.FP (Rexel) -- to buy from hold at Jefferies

      • SAB.SM (Banco de Sabadell) -- to buy from hold at Bestinver Securities

      • SWED.A.SS (Swedbank) -- to equal weight from underweight at Barclays

    • Downgrades

      • ALFA.SS (Alfa Laval) -- to hold from buy at Pareto

      • AUTO.NO (AutoStore Holdings) -- to Hold from Buy at Arctic Securities

      • CWR.LN (Ceres Power Holdings) -- to sell from hold at Peel Hunt

      • DIA.IM (Diasorin) -- to neutral from buy at UBS

      • NETC.DC (Netcompany Group) -- to hold from buy at ABG Sundal Collier

      • NHY.NO (Norsk Hydro) -- to neutral from buy at UBS

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to equal weight from overweight at Barclays

      • SHB.A.SS (Svenska Handelsbanken) -- to underweight from equal weight at Barclays

      • TEL2.B.SS (Tele2) -- to sell from hold at SEB

    • Initiations

      • ALMB.DC (Alm. Brand) -- neutral at Autonomous Research

      • BUCN.SW (Bucher Industries) -- neutral at Oddo

      • CIBUS.SS (Cibus Nordic Real Estate) -- buy at Kepler Cheuvreux

      • HAYPP.SS (Haypp Group) -- buy at Deutsche Bank

      • SPSN.SW (Swiss Prime Site) -- hold at Deutsche Bank

      • WIX.LN (Wickes Group) -- buy at Berenberg

  • Data

    • Nikkei (0.49%) to 56033.16

    • Hang Seng (0.16%) to 25851.55

    • Shanghai Composite (0.72%) to 3966.08

    • S&P futures (9.8) vs prior close of 6823.8

    • €-$ +0.0001 or +0.01% to 1.1663

    • $-¥ +0.28 or +0.18% to 158.86

    • €-¥ +0.30 or +0.16% to 185.23

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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