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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX flat, CAC (0.2%), IBEX (0.3%), OMXS (0.4%), SMI (0.3%)

Jun 01 ,2026

  • Synopsis

    • European equity markets set to open broadly flat to lower as the new month of trading gets underway. European equities posted moderate gains in May (STOXX Europe 600 +2.41%) despite a volatile backdrop shaped by the Iran conflict, weakening macro data and political instability in the UK. Markets entered the month with Brent crude near $115/bbl and the Stoxx 600 still below pre-conflict levels, but sentiment improved as crude retraced towards $90/bbl and AI-related optimism drove renewed leadership in Technology (closed +11.5% in May).

    • Asian equities advancing Monday. Tech-led rally with chip and memory stocks driving outperformance of South Korean and Taiwan benchmarks.

    • US-Iran ceasefire negotiations continue with press reports noting President Trump sent revised terms back to Tehran, seeking firmer commitments on nuclear concessions and reiterating demands for unrestricted Strait of Hormuz shipping. Release of frozen Iranian funds has been a point of debate. Israel's ground incursion into Lebanon another potential complication after Iran stipulated end to war there before any agreement. While deal expectations are elevated, latest developments reinforced path remains bumpy with risk of derailment. Oil trading higher.

    • China official PMIs showed manufacturing growth stalled as expected in May with new orders and export orders returning to contraction. Non-manufacturing PMI returned to marginal growth with services activity highest since Aug-2025. China RatingDog manufacturing slowed though remained in expansion territory. Asia PMIs showed major chip exporting countries recording expansion in factory activity.

    • European macro data releases out today include Italy, Sweden, Switzerland May manufacturing PMI as well as final reads for Eurozone, France, Germany, UK, Germany Apr retail sales, Switzerland Q1 final GDP, Apr retail sales, Eurozone Apr unemployment rate, M3 money supply, Portugal Apr retails sales, UK May house price index - Nationwide

    • On the corporate front, focus on M&A and strategic developments. EasyJet (EZJ.LN) shares are in focus after Castlelake confirmed it is in early stages of considering a possible takeover offer. Universal Music Group (UMG.NA) rejected an unsolicited proposal from Pershing Square, while Evoke (EVOK.LN) could see an £800M TPG Credit commitment as part of a Bally's/Intralot acquisition deal. Hiab (HIAB.FH) announced a significant $1.035B acquisition of Labrie Environmental Group, and CSG NV (CSG.NA) remains in talks to take a stake in defence group KNDS. On the strategy front, BNP Paribas (BNP.FP) raised profitability targets for its Belgian commercial bank, targeting 25% pre-tax RONE by 2030. In healthcare, Roche (ROP.SW) and Novartis (NOVN.SW) both presented notable data at major medical conferences (ADA and ASCO respectively), while UCB (UCB.BB) and Biogen published positive Phase 3 lupus trial results in The Lancet. Tesco (TSCO.LN) upsized its share buyback programme to £350M.

    • Holidays: Cyprus (Pentecost), Greece (Whit Monday)

    • In central banks, ECB's Schnabel speech at 02:10CET at the 2026 Bank of Korea International Conf (livestream). Bundesbank's Fritzi Köhler-Geib panellist at 11:00CET at Handelsblatt's TECH Conf (Sun-Tue) and again at 16:00 at Bundesbank Invited Speakers Series. Slovak central bank releases its latest Financial Stability Report whilst ECB publishes its latest consumer expectations survey results at 10:00CET. In the UK, parliament kicks-off with MPs questions on defence and then the Health Bill continues its passage. International Labour Organization (ILO) Annual Conf. Meanwhile, EU's Albuquerque meets with the Netherlands central bank as well as with Authority for the Financial Markets (AFM) whilst EU's Kubilius delivers speech at the NATO Parliamentary Assembly session and EU-Pakistan Strategic Dialogue takes place, attendees include EU's Kallas. Norway's minister of labour and inclusion Stenseng participates in the government's national integration conf, ministers of climate and environment Eriksen and transport Nygård attend Electric Vehicle Assn event celebrating reaching 1M electric cars sold. Finnish President Stubb hosts Slovenia's President Musar. The Duke and Duchess of Edinburgh will visit Portugal, celebrating the historical ties and modern relationship between the UK and Portugal (through Wed). Global Solutions Summit 2026: Finding Common Ground in a Fractured World (through Tue). Politico Energy & Climate Forum. France, Italy and Spain May new car registrations.

  • Politics/Macro/World News

    • ECB's Schnabel Sees Risk of Unanchored Inflation Views From War (Bloomberg)

    • BoE governor warns Middle East ceasefire would 'still create uncertainty' (FT )

    • BOE's Mann Warns 'Good Luck' of Low Inflation Era Has Run Out (Bloomberg )

    • ECB must act on inflation sooner rather than later, policymaker Pereira says (Reuters)

    • UK businesses stay downbeat about economy, surveys show (Reuters )

    • EU Weighs Temporary Freeze on Russia Oil Price Cap Over Iran (Bloomberg )

    • Brussels' nightmare French election scenario risks coming true: Bardella vs. Mélenchon (POLITICO )

    • Keir Starmer ally Darren Jones considers centrist challenge to Burnham and Streeting (Times )

  • Top company news

    • Earnings/updates

      • BNP.FP (BNP Paribas) -- presents the growth strategy of its commercial bank in Belgium (CPBB) and raises its profitability targets to 22% pre-tax RONE in 2028 and 25% in 2030

      • OCI.NA (OCI NV) -- Q1 Trading Update: Continued progress in executing its strategic priorities

      • LAND.SW (Landis+Gyr Group) -- confirms mid-term growth expectations through FY28 at CMD; expects mid-single-digit revenue CAGR

      • B8FK.GR (Biofrontera AG) -- reports Q1 EBITDA €0.1M vs year-ago (€0.1M)

      • Also reporting today

        • Earnings:

          • France: CATANA Group (ALCAT.FP)

          • UK: Sirius Real Estate (SRE.LN), Cerillion (CER.LN)

        • Sales: Moscow Exchange MICEX (MOEX.RU)

    • M&A

      • UMG.NA (Universal Music Group) -- board declines unsolicited Pershing Square proposal

      • EZJ.LN (EasyJet) -- Castlelake confirms early stages of considering possible offer for easyJet

      • CSG.NA (CSG NV) -- CSG still pursuing deal to take stake in KNDS; remains in talks with KNDS stakeholders - FT, citing CEO

      • HIAB.FH (Hiab) -- agrees to acquire Labrie Environmental Group for $1.035B (enterprise value)

      • NCC.LN (NCC Group) -- completes the sale of Escode; intends to return £185M to shareholders

      • OPM.FP (OPmobility) -- and Yanfeng finalize the strengthening of their Chinese joint venture YFPO

      • RECT.BB (Recticel) -- acquires 100% of Isopanel Group

      • MUX.GR (Mutares SE & Co KGaA) -- Mutares SE & Co KGaA portfolio company F.lli Ferrari signed agreement for partial sale of Benelux operations to HMF Group

      • EVOK.LN (Evoke) -- TPG Credit may commit as much as £800M as part of a deal for Bally's Intralot to buy Evoke -- Sky News

      • TFIN.IM (Trevi-Finanziaria Industriale) -- announces Polaris Capital Management signs an irrevocable subscription commitment in respect of rights issue (post EU close 29-May)

    • Healthcare

      • NOVN.SW (Novartis) -- presents results of subgroup analysis in trial with Pluvicto and data for 225Ac-PSMA-617, from the Phase 1 AcTION trial, at ASCO

      • ROP.SW (Roche Holding) -- Roche to present new data advancing its obesity portfolio at the ADA's 2026 Scientific Sessions, including enicepatide and petrelintide

      • EXEL (Exelixis) -- announces results from subgroup analysis of phase 3 cabinet pivotal trial evaluating CABOMETYX (cabozantinib) in non-functional and functional neuroendocrine tumors at ASCO 2026

      • BAYN.GR (Bayer AG) -- Bayer presents primary results of Phase II ARACOG (AFT-47) head-to-head trial at ASCO; trial met its primary endpoint

      • UCB.BB (UCB) -- and Biogen announce publication in The Lancet of positive dapirolizumab pegol Phase 3 study results in systemic lupus erythematosus

      • SDZ.SW (Sandoz Group) -- calls on EU to do more to prevent antibiotics industry from being decimated by cheap Chinese imports - FT, citing CEO

      • ORNBV.FH (Orion) -- Pharma announces first results from Phase 1/2 TEADES trial with ODM-212 in patients with advanced solid tumours (30-May)

      • IBAB.BB (Ion Beam Applications) -- IBA launches Cyclone iKure, a dedicated cyclotron for routine Astatine-211 (At-211) production.

      • CRNA.NO (Circio Holding) -- Circio and GenAssist jointly announce gene therapy research collaboration for muscle diseases and in vivo cell therapy

    • Other

      • BRBY.LN (Burberry Group) -- Burberry releases 2025 annual report; postpones net zero GHG target to 2050 from 2040 (28-May)

      • TSCO.LN (Tesco plc) -- Tesco increases first tranche of the current share buyback program to up to £350M from £250M

      • LDO.IM (Leonardo) -- Romanian Ministry of Internal Affairs order for two C-27J Spartan aircraft

      • IDEX.NO (IDEX Biometrics) -- appoints Kjell-Arne Besseberg as CEO and interim CFO with immediate effect

      • EDEN.FP (Edenred) -- has entered into share buyback agreement with investment services provider for maximum amount of €50M, which will run until 31-Oct-26

      • EQT.SS (EQT AB) -- EQT sets target fund size for EQT Infrastructure VII at €21B

      • SBMO.NA (SBM Offshore) -- signs contracts for Petrobras' FPSOs SEAP-I and SEAP-II

      • BWLPG.NO (BW LPG) -- enters into agreement for eight 90'cbm Panamax newbuildings with Hyundai Heavy Industries

      • Estimated weekend box office revenues in US, Canada $177.7M, +20.9% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • Goldman Sachs upgrades SGRO.LN; downgrades CAST.SS

      • ARIS.IM (Ariston Holding) -- to equal weight from underweight at Barclays

      • SQN.SW (Swissquote Group Holding) -- to neutral from sell at UBS

    • Downgrades

      • Goldman Sachs downgrades CAST.SS

      • BIM.FP (bioMerieux) -- to neutral from buy at UBS

      • ADYEN.NA (Adyen) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • OCTV (Octave Intelligence Plc) -- neutral at Goldman Sachs

  • Data

    • Nikkei +0.83% to 66879.75

    • Hang Seng +0.75% to 25370.80

    • Shanghai Composite (0.15%) to 4062.63

    • S&P futures +23.0 vs prior close of 7595.8

    • €-$ (0.0003) or (0.03%) to 1.1657

    • $-¥ +0.07 or +0.04% to 159.44

    • €-¥ +0.02 or +0.01% to 185.81

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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