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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (1.00%), DAX (1.02%), CAC40 (0.85%)

Jun 23 ,2026

  • Synopsis

    • European equity markets are set to open lower, with Asia markets down almost everywhere Tuesday. South Korea's Kospi down more than 8% now despite circuit breakers; Taiwan lower, Japan's Nikkei and Topix paring Monday's gains. Greater China markets lower with Hang Seng at 12-month low.

    • Crude oil remains the key barometer for the Middle East situation; latest declines came on the back of progress in US-Iran talks in Switzerland, following notable headline volatility over the weekend.

    • On today's agenda, EU's Roswall hosts the 11th EU-China Environment Policy Dialogue. In Germany, BaFin hosts Capital Market Conf and Chancellor Merz speech at 9:25CET at BDI Industry Day. Also, it's the Annual Congress of the Assn for Energy Services, Efficiency and Contracting, with the energy transition in focus, and German Banking Assn press conf. at 10:30CET on competitiveness and regulation. Potsdam Conf on National Cybersecurity 2026. European Automobile Manufacturers' Association (ACEA) May new car registrations for EU + EFTA + UK. Trading in Savox's (SAVOX.FH) shares is expected to commence on the prelist of Nasdaq Helsinki, and on the official list on or ~ Thu.

    • In central banks, Bundesbank's Theurer speech at 9:05CET at Börsen-Zeitung Banking Day whilst ECB's Lane gives a speech at EP committee at 10:30CET (livestream). Bundesbank's Mauderer panellist at 10:35CET at Global Roundtable, United Nations Environment Program Finance Initiative and Köhler-Geib at 11:20 at Point Zero Forum (through Thu). BOE's Mutton panelist at Point Zero Forum and again on Wed. Almedalen Weed sees Rikbank's Bunge on panel at 13:00CET and in conversation at 16:30. Barclays and CEPR monetary policy forum sees BOE's Taylor speech at 14:15BST, ECB's Vujčić speech at 14:55 and then on panel with Taylor at 15:15. ECB's Elderson fireside chat at 15:15CET at UN Environment Program Finance Initiative Global Roundtable (through Thu). BOE's Dhingra panellist at 18:30BST at King's College London experts series: Brexit ten years on whilst BOE's CCBS 'Transformative artificial intelligence (AI): Implications for structural change and monetary policy' conf (through Wed). Hungary central bank interest rate decision at 14:00CET whilst Slovak central bank publishes economic and monetary development, Summer 2026. World Economic Forum's Annual Meeting of the New Champions (through Thu).

    • European macro data releases out today including Eurozone, France, Germany, UK Jun flash manufacturing/services PMI, France Jun business confidence, Spain Apr trade balance, UK Jun industrial trends orders - CBI.

    • In earnings news, Lonza Group (LONN.SW) reported restated H1 financials reflecting Capsules & Health Ingredients as discontinued operations. Also in DACHs, Brenntag (BNR.GR) released preliminary Q2 earnings. In the Netherlands, Signify (LIGHT.NA) issued 2029 medium-term objectives and updated capital allocation policy ahead of its capital markets day today. In Italy, Italgas (IG.IM) indicated it sees EBITDA of €3.3B in 2032 and reaffirmed its FY26 guidance and divi policy ahead of its CMD today.

    • In M&A, following Castlelake's 3rd rejected offer at 625p/share for EasyJet (EZJ.LN) on Monday, Reuters reported that EasyJet will engage with the group if the offer price is at least £7/share.

  • Politics/Macro/World News

    • Romania parliament rejects liberal PM-designate Adrian Vestea - France24

    • Labour MPs mull leadership challenge to prevent Burnham 'coronation' - BBC

    • Netherlands to open up €1.5tn slice of pensions market to foreign providers - FT

    • US waives Iran sanctions, Trump says he will 'do what I have to' if Tehran misbehaves - Reuters

    • Top carmakers warn EU tech sovereignty drive will raise costs - FT

  • Top company news

    • Earnings/updates

      • LONN.SW (Lonza Group) -- reports restated 1H25 financials reflecting Capsules & Health Ingredients as discontinued operations

      • BNR.GR (Brenntag) -- reports preliminary Q2 operating EBITDA €450M vs FactSet €376.1M [4 est, €308-412.3M]

      • LIGHT.NA (Signify) -- sees FY29 adj EBITA margin of ~10%; does not intend to resume buybacks announced in 2025 -- CMD

      • THEON.NA (Theon International) -- receives new orders of €70M

      • IG.IM (Italgas) -- sees EBITDA of €3.3B in 2032; reaffirms FY26 guidance and divi policy -- CMD

      • FLOW.NA (Flow Traders) -- presents 2030 financial ambitions as part of strategy update 'Horizon 2030' - CMD

      • Also due to report today:

        • Earnings:

          • UK: Dialight (DIA.LN), Severfield (SFR.LN), Intercede Group (IGP.LN), Gear4music (Holdings) (G4M.LN)

        • CMD/Events: argenx (ARGX.BB) R&D Day, Novonesis (NSIS.B.DC) spotlight educational session on Household Care

    • M&A

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- Avolta agrees to acquire DFS Okinawa for an undisclosed sum

      • RWE.GR (RWE) -- announces placing of up to 74.4M shares via an accelerated bookbuilding process that starts immediately; to part fund increasing stake in Amprion

      • EZJ.LN (EasyJet) -- holding out for at least £600M more from Castlelake - Reuters, citing FT

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- announces board approves plans of demerger by way of spin-off and partial demerger

      • ARYN.SW (Aryzta) -- acquires Société Européenne des Beurres for an undisclosed sum

      • 532454.IN (Bharti Airtel) -- completes previously announced acquisition of 595.2M shares of of Airtel Africa from ICIL

      • NKR.NO (Nekkar) -- exercises FiiZK call option

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's Cenrifki (tolebrutinib) approved in the EU as the first disability-targeting medicine for secondary progressive multiple sclerosis without relapses

      • LONN.SW (Lonza Group) -- Trading halted in Lonza Group pending news

      • DRW3.GR (Drägerwerk) -- Draeger, Inc. announces FDA Clearance for Evita V800 Software 3.10

      • CANTA.SS (Cantargia) -- Transcript Intelligence: Cantargia Investor Meeting - Key Opinion Leader

    • Other

      • ENI.IM (Eni) -- and BP's JV, Azule Energy and its partners have approved the $5.1B offshore oil project in Angola - Reuters

      • PRY.IM (Prysmian) -- receives notice to proceed for Italy-Tunisia electrical interconnector

      • PRY.IM (Prysmian) -- secures framework agreement in Greece for island connections

      • TSCO.LN (Tesco plc) -- Street Takeaways - Tesco plc Q1 Trading Update

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for May

      • RWE.GR (RWE) -- RWE's 74.4M share placement priced at €54.00/sh

      • FR.FP (Valeo SE) -- Valeo and Nissan sign contract for smart EV charging with V2G (Vehicle-to-Grid)

      • AVOL.SW (Avolta) -- awarded 10-year contract at Orlando International Airport across travel retail and F&B

      • SPM.IM (Saipem) -- announces new offshore contract awarded by Azule Energy for Greater PAJ project in Angola worth total of $1B

      • CNA.LN (Centrica) -- planning to purchase more US LNG - Bloomberg

      • ELUX.B.SS (Electrolux) -- announces the final outcome of the oversubscribed rights issue

      • European Automobile Manufacturers' Association (ACEA) May new car registrations for EU + EFTA + UK +3.6% y/y

      • Morgan Stanley's look into nicotine pouch momentum reaffirm its conviction in BATS.LN and PM

      • Regional Gaming Revenues - Massachusetts May 2026

      • Volvo Cars, Stellantis warn European carmakers face higher costs and smaller markets if EU pushes too hard to reduce reliance on US technology - FT

  • Key rating changes

    • Upgrades

      • DWS.GR (DWS Group) -- to outperform from neutral at BNP Paribas Exane

      • FEVR.LN (Fevertree Drinks) -- to hold from sell at Peel Hunt

      • G1A.GR (GEA Group) -- to equal-weight from underweight at Morgan Stanley

      • KNOS.LN (Kainos Group) -- to buy from hold at Panmure Liberum

      • XFAB.FP (X-FAB Silicon Foundries) -- to outperform at Bernstein

      • TELIA.SS (Telia Co.) -- to equal weight from underweight at Barclays

      • DEMANT.DC (Demant) -- to overweight from equal-weight at Morgan Stanley

      • QIA.GR (Qiagen) -- to overweight from equal-weight at Morgan Stanley

      • SOON.SW (Sonova Holding) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • RMS.FP (Hermes) -- to hold from buy at HSBC

      • YAR.NO (Yara International) -- to hold from buy at Jefferies

      • EPI.A.SS (Epiroc) -- to sell from neutral at UBS

      • TEL.NO (Telenor) -- to underweight from equal weigh at Barclays

      • BIM.FP (bioMerieux) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • DKSH.SW (DKSH Holding) -- overweight at Barclays

      • SMG.SW (SMG Swiss Marketplace Group) -- buy at Berenberg

  • Data

    • Nikkei (2.67%) to 70419.79

    • Hang Seng (1.43%) to 23427.85

    • Shanghai Composite (0.74%) to 4132.10

    • S&P futures (67.8) vs prior close of 7541.3

    • €-$ (0.0007) or (0.06%) to 1.1422

    • $-¥ +0.08 or +0.05% to 161.66

    • €-¥ (0.01) or (0.01%) to 184.66

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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