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Back to Daily DR Market Summary

StreetAccount summary - Europe pre-Open: Futures: FTSE (0.62%), DAX (0.35%), CAC40 (0.35%)

May 26 ,2026

  • Synopsis

    • European equity markets are set to open lower, following broad gains on Monday with UK, Denmark, Norway and Swiss markets closed yesterday. Asian equity markets mixed. Mainland China lower. Hang Seng positive. Kospi outperforms amid resumption of memory rally. Nikkei weaker.

    • US-Iran headlines still leaning towards an agreement being struck with negotiations ongoing in Qatar. President Trump posted negotiations proceeding nicely and Pakistan's chief mediator said agreement close. Familiar obstacles line path towards deal and establishment of 60-day negotiating period, including timeline for releasing frozen Iranian assets, control over Strait of Hormuz, Israeli objections against including Lebanon in deal, uranium enrichment and stockpiles. In addition, renewed US strikes against Iranian targets in Strait of Hormuz heightened tensions.

    • Limited fresh catalysts elsewhere. Widely thought that higher-for-longer rate environment not going away amid inflation risks. ECB President Lagarde signaled that June projections will revise up 2026 inflation outlook as effects of the Iran war feed through, with money markets now pricing a rate hike next month unless a sustainable US-Iran peace deal materialises. France's Villeroy said the ECB hasn't yet seen second round effects.

    • Also on today's agenda, Norway's PM Støre speaks at meeting hosted by Voss Labour Party. There's the EEA Council meeting in Brussels, and the Agriculture and Fisheries Council as well as the General Affairs Council meet. German finance minister Klingbeil speaks to Germany's Foreign Press Assn at 10:30CET. The eighth meeting of the Accession Conf. with Albania will be held. Elsewhere, 16th Annual Capital Link Sustainability Forum and Dagens industri host Telco Next, speakers include Telia (TELIA.SS) and Ericsson (ERIC.B.SS) CTOs.

    • In central Banks, Denmark central bank's Nødgaard press conf at 10:00CET as bank summarizes its assessments and recommendations related to financial stability in Denmark. Riksbank's Seim speech at 12noon CET at event at ABG Sundal Collier. Hungary central bank interest rate decision. The benchmark interest rate is expected to be left unchanged at 6.25%. The National Finance Conf. sees speech at 8:45BST from Ireland central bank's Madouros, finance minister Harris at 13:30, as well as O'Keeffe on a panel at 9:50.

    • European macro data releases include, Spain Apr PPI, Sweden Apr PPI, Norway Apr unemployment rate, and UK May shop price inflation - BRC, distributive trades - CBI.

    • In corporate news, out of the DACHs region, LEM Holding (LEHN.SW) reported FY earnings and pointed out that it has drawn takeover interest of certain interested parties, whilst yesterday after markets closed Bloomberg reported that Prosus (PRX.NA) requested that the EU drop a requirement that it sells Delivery Hero (DHER.GR) stake (part of antitrust approval for its acquisition of another delivery platform). In Sweden, Bonesupport holding (BONEX.SS) issued a CMD update indicating that progression in spine with a multicentre study, planned to start in 2027 and a targeted FDA submission no later than 2031.

  • Politics/Macro/World News

    • US launches new strikes on Iran, targeting missile sites and boats - BBC

    • Rachel Reeves tells ministers to 'buy British' in four key industries - The Guardian

    • Major European airlines exposed to €1.5bn-plus in carbon costs, analysis shows - FT

    • ECB should raise rates in June, even if Iran peace deal is struck, Schnabel says - Reuters

    • Russia Tells US to Evacuate Its Diplomats and Citizens From Kyiv - Bloomberg

    • UK May shop price inflation +1.2% vs consensus +1.1% and prior +1.0% - BRC

  • Top company news

    • Earnings/updates

      • LEHN.SW (LEM Holding) -- reports FY net income CHF9.9M vs FactSet CHF15.6M [5 est, CHF13.4-17.5M]; company has drawn takeover interest

      • BONEX.SS (BONESUPPORT HOLDING) -- CMD update: progression in spine with a multicentre study, planned to start in 2027 and a targeted FDA submission no later than 2031

      • MAHA.A.SS (Maha Capital) -- reports Q1 EPS ($0.01) vs FactSet ($0.02)

      • CAPT.NO (Capital Tankers) -- reports Q1 EPS $0.21 vs FactSet $0.07

      • Also due to report today includes:

        • Earnings:

          • Nordics: Saniona (SANION.SS), Next Biometrics Group (NEXT.NO)

          • UK: Atalaya Mining (ATYM.LN), Diaceutics (DXRX.LN), Calnex Solutions (CLX.LN)

        • Trading Update:

          • DACHs: innoscripta (1INN.GR)

          • France: Inventiva (IVA.FP), Maat Pharma (MAAT.FP)

          • UK: Kingfisher (KGF.LN)

        • CMD/Events: Odfjell (ODF.NO), Kempower (KEMPOWR.FH), AlzeCure Pharma (ALZCUR.SS) business update call at 14:00 CEST focusing on ACD137

    • M&A

      • DHER.GR (Delivery Hero) -- confirms approach by Uber Technologies' with respect to potential takeover offer

        • DHER.GR (Delivery Hero) -- UBER considering increasing bid for Delivery Hero - FT

        • DHER.GR (Delivery Hero) -- Some Delivery Hero investors seeking more than €40/share, says FT - Reuters

        • DHER.GR (Delivery Hero) -- Prosus requests EU to drop forced divestment of Delivery Hero stake -- Bloomberg

      • ORSTED.DC (Ørsted) -- considering sale of US onshore renewables assets - Bloomberg

      • 857.HK (PetroChina) -- Woodside Energy seen as 'increasingly likely' to exercise pre-emptive rights over PetroChina's 10.67% stake in Browse JV - The Australian

      • INDT.SS (Indutrade) -- acquires PHACOTEC Produkt-Service GmbH in Germany. Financial terms were not disclosed

      • JAR.LN (Jardine Matheson Holdings) -- to buy I-MED from Permira for EV of A$3.4B ($2.43B) - Australian Financial Review

      • EAST.SS (Eastnine) -- completes sale of two properties in Riga, Latvia for ~€38M

      • Bain agrees to sell Estia Health to Stonepeak for ~A$2.5B (~$1.8B) - Australian Financial Review

    • Healthcare

      • GNFT.FP (GENFIT) -- announces seven posters accepted at EASL Congress showcasing Acute on-Chronic Liver Failure (ACLF) assets and new real-world data

      • HNSA.SS (Hansa Biopharma) -- announces late-breaking abstract from ConfIdeS phase 3 trial selected for oral presentation at ATC 2026

    • Other

      • STERV.FH (Stora Enso) -- to reorganise its Skutskär production unit in Sweden to focus on fluff pulp and increase competitiveness; to impact a maximum of 80 persons at Skutskär

      • KINV.B.SS (Kinnevik) -- appoints Helena Saxon as new CEO with effect from 1 August

      • HPOL.B.SS (HEXPOL) -- CEO and President Klas Dahlberg to step down effective 1-Aug; current board member Henrik Elmin will become new CEO and President

      • KAMBI.SS (Kambi Group) -- CEO Werner Becher acquired 20,900 shares on 20 May for total value SEK 3.3M - filing

      • Estimated weekend box office revenues in US, Canada $217.4, (34.2%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • GSK.LN (GSK Plc) -- to buy from hold at Kepler Cheuvreux

      • QQ.LN (QinetiQ Group) -- upgraded to buy from hold at Peel Hunt

    • Downgrades

      • DHER.GR (Delivery Hero) -- to underperform from neutral at Oddo

      • MNDI.LN (Mondi) -- to neutral from outperform at Davy

      • GYC.GR (Grand City Properties) -- to hold from buy at Jefferies

      • VOD.LN (Vodafone Group) -- to underperform from neutral at BofA

    • Initiations

      • YPSN.SW (Ypsomed Holding)-- underperform at Jefferies

      • EPRO.B.SS (Electrolux Professional) -- buy at Danske Bank

  • Data

    • Nikkei (0.36%) to 64925.97

    • Hang Seng +0.19% to 25655.08

    • Shanghai Composite (0.63%) to 4126.37

    • S&P futures +46.3 vs prior close of 7491.0

    • €-$ (0.0016) or (0.14%) to 1.1630

    • $-¥ +0.11 or +0.07% to 159.02

    • €-¥ (0.14) or (0.08%) to 184.90

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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