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StreetAccount Summary - Europe Pre-Open: FTSE (0.6%), DAX (1.2%), CAC (1.1%), MIB (1.3%), IBEX (1.2%)

Jun 08 ,2026

  • Synopsis

    • European equity markets set to open broadly lower, with focus on latest geopolitical tensions. WTI Crude +4.52% to $94.63/ bbl. In a post on X, the IDF announced the air force struck targets in western and central Iran. No other details were provided. Comes after Iran fired a barrage of missiles at Israel in response to weekend strikes against Hezbollah targets in Beirut. Latest escalation comes after Trump conducted series of press interviews urging against escalation. Talks have seemingly made little headway in recent weeks though Trump claimed an agreement is close with a couple of areas of disagreement left (access to frozen Iranian assets being one of them). Diplomatic efforts have dovetailed with sporadic fighting along Strait of Hormuz with US shooting down more Iranian drones over weekend.

    • Asian equities under pressure Monday. Tech selloff driving heavy losses in South Korea, Japan and Taiwan. Greater China markets also lower. AI/tech selloff continues with Asian semis, chip equipment, memory and robotics names all under pressure. No specific catalyst for volatility, which follows Friday's steep pullback in US semis punctuated by SOX's 10% drop (worst day since Mar-2020). Momentum unwind seemingly gaining traction from latest back in bond yields following strong US nonfarm payrolls data that drove hawkish repricing of Fed rate path. Preceding run-up had also been accompanied by longstanding concerns about overheating signals, crowded positioning and extreme concentration.

    • On the European corporate front, focus on Italian banking sector M&A on news Intesa Sanpaolo (ISP.IM) offered to acquire Banca Monte dei Paschi di Siena (BMPS.IM) in share and cash offer; then to sell part to Unipol Assicurazioni (UNI.IM). Intesa's offer came shortly after Banco BPM (BAMI.IM) made its own proposal of merger of equals with Monte dei Paschi .

    • European macro data releases out today include Germany Apr factory orders, Switzerland May consumer confidence - SECO, Eurozone Jun Sentix economic index

    • In central banks, Bundesbank Balz speech at 9:00CET at conf organised by ESTA and Köhler-Geib is in discussion at 20:00 at event hosted by Königsteiner Forum. Bank of France's Moulin fireside chat at 14:30CET at Europlace Paris Finance Forum (through Tue) after finance minister Lescure speech at 13:00. OECD Berlin and BDI panel discussion at 17:00CET on 'Foundations for Growth and Competitiveness in Germany and the OECD'. Chancellor Merz participates in a virtual exchange of the so-called "Friends of Competitiveness" ahead of the following week's EU Council meeting. In the UK, Steel Industry (Nationalisation) Bill continues its passage through parliament whilst committee topics include Sizewell C nuclear power station at 13:00BST (government ministers, others). Meeting of Sweden's Financial Stability Council at 9:30CET with subsequent press briefing at ~13:00. EU Transport ministers meet, EU's Tzitzikostas among the participants. EU's Kadis speech at The Neptune Forum (Sat-Mon). EU's Dombrovskis speech at Future Circular Collider (FCC) Seminar (Mon-Fri). Norway's minister of finance Stoltenberg speech at 14:00CET at Norges Bank Investment Management/Government Pension Fund Global event. Economist hosts annual World Cancer Series Europe (through Tue). SuperReturn International private equity conf (through Fri), speakers include senior execs from KKR, Blackstone, CVC, Ares, EQT, Thoma Bravo, Carlyle, General Atlantic, Silver Lake, Goldman Sachs, Bain Capital, Vista and Brookfield as well as UBS Asset Management, ABN Amro, HSBC, Julius Baer, Citi, others, and London Tech Week (through Fri). Magnora Data Center (MDATA.NO) commence trading on Euronext Growth Oslo.

  • Politics/Macro/World News

    • UK Plans Hospital, School Funding Cuts to Boost Defense Budget (Bloomberg)

    • European leaders ready to support ceasefire talks between Ukraine, Russia (Reuters)

    • ECB Risks Repeating 2011 Mistake With Rate Hike, Economists Warn (Bloomberg )

    • Britain's banks demand a seat at the Brexit negotiating table (POLITICO)

    • New Referendum Would Flip Brexit Result 10 Years on, Poll Finds (Bloomberg)

  • Top company news

    • Earnings/updates

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

      • KARN.SW (Kardex Holding) -- guides H1 EBIT to ~60% of year-ago's €48.9M, implying ~ €29.3M

      • Also reporting today

        • Earnings:

          • No major releases scheduled

        • Traffic: Icelandair Group (ICEAIR.IR)

        • CMD/Events: Epiroc (EPI.A.SS), Suominen (SUY1V.FH) EGM vote on rights issue, Vicore Pharma Holding (VICO.SS) business update call

    • M&A

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Intesa Sanpaolo offers to acquire Banca Monte dei Paschi di Siena in share and cash offer; then to sell part to Unipol Assicurazioni

        • BAMI.IM (Banco BPM) -- proposes exploring merger of equals with Monte dei Paschi

        • Unipol agrees to acquire part of BMPS from Intesa Sanpaolo; intends to offer BPER Banca (BPE.IM) a combination with the bank

      • FRAS.LN (Frasers Group) -- exploring option of placing a £500M bid for Metrocentre in Gateshead - Sky News

      • UAL (United Airlines) -- CEO still likes idea of combining with American Airlines - Aviation Week

      • ORA.FP (Orange) -- Talks continue between Altice France group and Bouygues Telecom, Free-iliad Group and Orange

      • TEMN.SW (Temenos) -- enters definitive agreement to acquire Switzerland-based fintech company additiv AG; terms undisclosed

      • TATE.LN (Tate & Lyle) -- Ingredion in advanced talks to buy Tate & Lyle for 615p/share - Bloomberg

      • TTALO.FH (Terveystalo) -- to acquire Silmäasema to accelerate growth and increase presence in the growing eye care market for €574M

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- acquires Apparition Geoservices GmbH; terms undisclosed

      • CEZ.CP (CEZ) -- Elevion Group B.V. and Techem Energy Services GmbH sign agreement to acquire Techem Solutions GmbH; terms undisclosed

      • MOL.HB (MOL Hungarian Oil & Gas) -- receives new U.S. approval to continue NIS negotiations

      • NB2.GR (Northern Data) -- Rumble now holds 85.2% of Northern Data

      • Orange, Bouygues, Free-iliad sign MoU to acquire SFR from Altice France for EV of €20.35B

    • Healthcare

      • AZN.LN (AstraZeneca) -- announces Ultomiris demonstrated 43.4% reduction in proteinuria vs placebo in adults with immunoglobulin A nephropathy at 34 weeks in I CAN Phase III trial

      • NOVO.B.DC (Novo Nordisk) -- announces new real-world evidence in adults with type 2 diabetes (T2D) treated with once-weekly semaglutide 1 mg

      • NOVO.B.DC (Novo Nordisk) -- to present new data on Wegovy across a wide range of cardiometabolic conditions at the ADA 2026 Scientific Sessions

      • NOVO.B.DC (Novo Nordisk) -- reports Phase 3 results from REIMAGINE 1-3 trials presented at ADA 2026

      • SAN.FP (Sanofi) -- Sanofi's Sarclisa subcutaneous approved in the EU as the first anticancer treatment administered via an on-body injector

      • ZEAL.DC (Zealand Pharma) -- announces presentation of additional data from Phase 2 ZUPREME-1 trial

      • ZEAL.DC (Zealand Pharma) -- Boehringer Ingelheim reports positive results from SYNCHRONIZE-1 and SYNCHRONIZE-MASLD Phase III trials

      • CEVI.SS (CellaVision) -- appoints Steve Ferguson as CEO

    • Other

      • AIR.FP (Airbus SE) -- Airbus notifying some customers of delays for A320neo deliveries - Bloomberg

      • CARL.B.DC (Carlsberg) -- may file to list its Indian unit this month - Bloomberg

      • KOG.NO (Kongsberg Gruppen) -- awarded $240.9M USAF contract

      • CO.FP (Casino Guichard-Perrachon) -- announces progress of the project to adapt and strengthen Casino Group's financial structure; extends deadline for holding the Annual Ordinary Shareholders' Meeting

      • CO.FP (Casino Guichard-Perrachon) -- Contrary to news reports, Casino Guichard-Perrachon has not signed agreement with banks

      • NEL.NO (NEL ASA) -- Nel et al settle with Iwatani Corporation of America

      • Estimated weekend box office revenues in US, Canada $180.4M, +60% y/y - Box Office Mojo

      • Oral GLP-1 formulations driving shifts in obesity drug market; disruption in food makers leading to adaptation

      • Weekly AI movers include Marvell and Broadcom (5-Jun)

  • Key rating changes

    • Downgrades

      • HBR.LN (Harbour Energy) -- to hold from buy at Jefferies

    • Other Actions

      • BOY.LN (Bodycote) -- reinstated overweight at Barclays; prior rating was overweight

      • EVD.GR (CTS Eventim) -- to underperform from neutral at BNP Paribas Exane

  • Data

    • Nikkei (4.51%) to 63585.45

    • Hang Seng (1.78%) to 24517.50

    • Shanghai Composite (2.29%) to 3935.60

    • S&P futures (12.3) vs prior close of 7400.5

    • €-$ +0.0004 or +0.03% to 1.1519

    • $-¥ +0.01 or +0.01% to 160.26

    • €-¥ +0.09 or +0.05% to 184.60

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