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Back to Daily DR Market Summary

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

Jun 18 ,2026

  • Synopsis

    • European equity markets set for a softer open. US equities were lower in Wednesday trading as stocks ended not far from worst levels after post-FOMC meeting selloff. S&P 500 now slightly down for the week.

    • Asian equities mixed Thursday. US-Iran MoU signing lifting risk appetite with semis/memory driving outperformance of Japan, South Korea and Taiwan benchmarks. Internet platforms weighing on Hong Kong.

    • Yesterday, European equity markets closed mostly higher, with IBEX +1.4%, OMX Copenhagen +1.2%, AEX +1.2% among the leading regional outperformers, while CAC 40 (0.2%) bucked the trend. Tech, banks were the top performers; autos the main laggard on back of the BMW.GR profit warning.

    • Hawkish FOMC and subsequent market reaction (25 bp hike now priced in by September, 38 bp of hikes through year-end) was the big story Wednesday. 9 out of 18 officials (Warsh did not submit) penciled in at least one rate hike for 2026. Median dot for both 2027 and 2028 also went higher. In addition, FOMC statement was meaningfully curtailed and did not feature any discussion of forward guidance. However, did highlight strong productivity, mentioned supply shock impact on inflation and reaffirmed ample reserve policy

    • Central banks feature on today's European agenda: kicking things off is SNB interest rate decision at 9:30CET, press conf 10:00. No change expected in the 0.00% benchmark interest rate. Norges Bank interest rate decision at 10:00CET; widely expected to keep its policy rate unchanged at 4.25% on Thursday, having already hiked from 4.00% in May. The accompanying MPR-the first full update since March-is expected to shift the rate path from roughly even odds of another increase to a clearer signal of one more hike before year-end. BOE interest rate decision at 12noon BST and the benchmark interest rate is expected to be left unchanged at 3.75%. Czech Republic central bank interest rate decision at 14:30CET, with benchmark interest rate expected to be left unchanged at 1.75%. Turkey central bank releases minutes of last MPC meeting.

    • Also of note todayis the Makerfield by election - polling 7:00-22:00BST - candidates - results are expected early on Fri. There are also by-elections in Aberdeen South as well as Arbroath & Broughty Ferry.

    • European macro data releases out today include UK May claimant count change, Apr unemployment rate, Switzerland May trade balance (monthly watch export data), Eurozone Apr construction output, Netherlands May unemployment rate, Portugal May PPI

    • Also on today's agenda: Ireland central bank publishes its latest Quarterly Bulletin. Ifo latest economic forecast.

    • Today's UK labor market update expected to see continuation of recent dynamics, which include ongoing rise in jobless claims and further pressure on wage growth. Surveys like the May PMI and recent KPMG/REC monthly jobs report have also showed permanent hiring has slowed and wage growth remains subdued. May Claimant count forecast to rise by 25.8K versus prior 26.5K increase and unemployment rate to remain 5% but economists see risk of a 5.1% reading. Wage growth is forecast to ease, with the consensus for average earnings excluding bonus at 3.2% versus prior 3.3%, while with a bonus it is forecast at 4% versus 4.1%. Private sector pay growth is expected to moderate to 2.9% to a fresh low for the current labor market cycle. Recall that the last update was the softest level for wages since the second half of 2020.

    • Relatively quiet on the corporate agenda; Tesco (TSCO.LN) will issue a Q1 trading statement, and Besi (BESI.NA) holds an investor day (the group is increasing long-term financial targets)

  • Politics/Macro/World News

    • Makerfield voters seek 'change' as Burnham anticipates by-election win (FT)

    • US and Iran presidents sign ceasefire agreement, but Trump says he could still resume attacks (Reuters )

  • Top company news

    • Earnings/updates

      • BESI.NA (BE Semiconductor Industries) -- increases long-term operating margin from 40%-55% to 45%-55% -- CMD

      • DG.FP (VINCI SA) -- Vinci reports May airport passenger traffic +0.1%

      • RUM (Rumble) -- closes acquisition of Northern Data; raises FY revenue outlook to €170-190M

      • OVS.IM (OVS) -- reports Q1 pretax income €7.1M vs FactSet €6.2M

      • SKIS.B.SS (SkiStar) -- reports Q3 EPS SEK3.43 vs FactSet SEK2.90 [4 est, SEK2.76-3.02] (SEK 145.10)

      • NCOD.NO (Norcod) -- reports Q1 net income (NOK18.5M) vs year-ago (NOK49.8M)

      • TNIE.GR (tonies) -- targets revenues exceeding €1.4B by FY30 and adjusted EBITDA margin between 16-18% mid-term - CMD

      • Also reporting today

        • UK: XPS Pensions Group (XPS.LN), Tesco (TSCO.LN)

    • M&A

      • THEON.NA (Theon International) -- Theon enters into exclusivity agreement for the acquisition of HGH Systèmes Infrarouges

      • VOLV.B.SS (Volvo) -- Volvo, Renault Group and CMA-CGM has completed agreement on strategic change for Flexis

        • RNO.FP (Renault) -- Follow-up: Renault notes it has acquired full ownership of Flexis

      • IAG.LN (International Consolidated Airlines Group) -- International Consolidated Airlines warns EU competition rules make it very difficult for it to bid for easyJet - FT, citing CEO

      • RUM (Rumble) -- closes acquisition of Northern Data; raises FY revenue outlook to €170-190M

      • MUX.GR (Mutares SE & Co KGaA) -- Mutares weighing options for Efacec, including Lisbon IPO or sale - Bloomberg

    • Healthcare

      • GSK.LN (GSK Plc) -- announces Utebzi (tebipenem pivoxil) approved in the US for adults with complicated urinary tract infections (cUTIs)

      • ROP.SW (Roche Holding) -- FDA approves first generic of Xofluza, made by Norwich Pharma (private)

      • ROP.SW (Roche Holding) -- FDA Accepts Supplemental Biologics License Application for Genentech's Lunsumio and Polivy Combination for People With Relapsed or Refractory Large B-Cell Lymphoma

      • BAYN.GR (Bayer AG) -- Bayer's $7.25B Roundup settlement sent back to to Missouri state court - Reuters

      • NYXH.BB (Nyxoah) -- receives $15M (€13.8M) in proceeds from second tranche of loan facility with the European Investment Bank (EIB)

      • AB.FP (AB Science) -- announces United States Patent Office grants patent for methods of treating metastatic castrate resistant prostate cancer (mCRPC) with its lead compound masitinib

      • MVIR.SS (Medivir) -- to carry out a directed share issue of SEK 130M by way of accelerated bookbuilding

      • MVIR.SS (Medivir) -- completes directed share issue of ~SEK 140M

      • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: SCHEDULE 13D/A (Filed by R01 Fund LP)

      • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: SCHEDULE 13D/A (Filed by Framework Ventures IV L.P.)

      • ONCIN.NO (Oncoinvent) -- reaches 50% enrollment milestone in Phase 2 Radspherin ovarian cancer trial

      • KURN.SW (Kuros Biosciences) -- Transcript Intelligence: Kuros Biosciences Capital Markets Day

    • Other

      • DGE.LN (Diageo) -- CEO Dave Lewis asks executives to cut jobs - Reuters, citing FT

      • IAG.LN (International Consolidated Airlines Group) -- International Consolidated Airlines Group's British AIrways signs SAF purchase deal with EcoCeres

      • SCHP.SW (Schindler Holding) -- increases size of buyback program by up to CHF200M, to up to CHF700M

      • DNB.NO (DNB Bank) -- completes capital reduction

      • VAR.NO (Vår Energi) -- ASA sanctions Balder Next New Wells project to support long-term production from the Balder area

      • KEMIRA.FH (Kemira) -- and IFF joint venture relocates planned biobased materials manufacturing site to Hanko, Finland

      • ELUX.B.SS (Electrolux) -- announces preliminary outcome of rights issue shows the rights issue has been oversubscribed; will receive gross proceeds of SEK 9.06B before deduction of transaction costs

      • AF.FP (Air France-KLM) -- signs new multi-purpose credit facility for €1B

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- announces Pelotas Sul Phase 1 multi-client 3D seismic survey in the Pelotas Basin offshore southern Brazil

      • FCT.IM (Fincantieri) -- and REPUBLIKORP establish strategic partnership for multi-role naval shipbuilding in Indonesia

      • AVIO.IM (Avio) -- announces successful launch of Amazon Leo satellites

      • V2X, Aviation Training Consulting, CAE USA and Rolls Royce named principal contractors for $235.9M sale to Government of Kuwait (15-Jun, timing uncertain)

  • Key rating changes

    • Upgrades

      • CAML.LN (Central Asia Metals) -- to buy from hold at Berenberg

      • OXIG.LN (Oxford Instruments) -- to buy from add at Peel Hunt

      • SAMPO.FH (Sampo) -- to outperform from neutral at Mediobanca

      • GJF.NO (Gjensidige Forsikring) -- to neutral from underperform at Mediobanca

      • BOL.SS (Boliden) -- to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • SCR.FP (SCOR) -- to neutral from outperform at Mediobanca

      • HEXA.B.SS (Hexagon) -- to underweight from equal weight at Barclays

      • AAL.LN (Anglo American) -- to hold from buy at Berenberg

      • MTLN.LN (Metlen Energy & Metals Plc) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • GKP.LN (Gulf Keystone Petroleum) -- buy at DNB Carnegie

      • PIERCE.SS (Pierce Group) -- buy at Pareto

  • Data

    • Nikkei +1.95% to 71262.84

    • Hang Seng (1.94%) to 23839.44

    • Shanghai Composite (0.18%) to 4100.83

    • S&P futures +53.3 vs prior close of 7492.8

    • €-$ +0.0011 or +0.10% to 1.1513

    • $-¥ (0.02) or (0.01%) to 160.63

    • €-¥ +0.17 or +0.09% to 184.93

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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