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Back to Daily DR Market Summary

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

Jun 25 ,2026

  • Synopsis

    • European equity markets set for a mixed open. Crude down to pre-war levels amid concerns of near-term oversupply as Hormuz reopens. Gold and silver extending overnight declines.

    • Asian equities mixed Thursday. Memory producers driving outperformance of Japan and South Korean benchmarks. Milder gain in Taiwan with TSMC off highs. Alibaba weighing on Hong Kong following Anthropic distillation accusation.

    • In US after hours moves, MU was up 16% following blowout revenue guidance. LTAs another focus with company announcing 16 deals 3-5 years in length that will contribute ~50% or more of company revenue, reinforcing optimism about better demand visibility. QCOM up 13% post-market after upgrading projected annual revenue from non-handset businesses to $40B by 2029 vs $22B previously. Also forecasting $15B in annual revenue from data center business by 2029. Earlier revealed META among customers for new AI chip and flagged custom chip for China.

    • Among stocks in focus this morning, headline M&A story is Volkswagen (VOW.GR) entering an exclusive arrangement with Bain Capital for the sale of its 51% stake in Everllence, generating ~€7.4B in proceeds, a significant balance sheet move for the struggling automaker. OCI NV (OCI.NA) is also in focus after NNS Holding launched a cash offer at €4.10/share. On earnings, Trigano (TRI.FP) results a mixed bag, while H&M (HM.B.SS) reports Q2 earnings today and will be closely watched. MPC Container Ships (MPCC.NO) raised FY revenue guidance to $460-470M, well above consensus, and separately announced a ~$340M vessel acquisition. Elsewhere, Castellum (CAST.SS) announced a major SEK 13.3B property portfolio sale to Wihlborgs, and Crédit Agricole (ACA.FP) signed a partnership agreement with Spain's Cajamar, taking a 9.9% minority stake. US banks on focus after Federal Reserve's 2026 DFAST stress tests, with all 32 subjected banks passing.

    • On the broker front, notable changes include L'Oreal (OR.FP) upgraded to Buy at Citi, Saab (SAAB.B.SS) upgraded to Buy at Pareto, Swatch Group (UHR.SW) downgraded to Market Perform at Bernstein, Man Group (EMG.LN) cut to Hold at Deutsche Numis, and Lindt & Sprüngli (LISN.SW) initiated at Underperform at Jefferies.

    • European macro data releases out today include Germany Jul consumer confidence - GfK, France Jun consumer confidence, Spain Q1 final GDP, May PPI, UK Jun distributive trades - CBI

    • In central banks, Denmark central bank's speech at 10:40CET at Point Zero Forum. Bank of France's Moulin presents annual report on financial inclusion. BOE's Chaplin speech released at 10:00BST having given the address at the Financial Law and Regulation conf on Wed. Czech central bank releases minutes of last MPC meeting. ECB's Lane panellist at 12noon CET at 21st IEA World Congress. ECB's Cipollone presentation at 14:00CET at International Banking Federation Board meeting and participates at 17:00 in session on the digital euro at Summer Staff Seminar organised by the Italian Senate. ECB publishes latest Economic Bulletin at 10:00CET. There are meetings of the ECB's GovC, General Council, and the General Board of the ESRB.

    • Elsewhere, Chancellor Merz will participate in the Ukraine Recovery Conference in Gdansk, meet with the state premiers for his regular meeting and deliver a speech at the Summer Festival of the CDU/CSU Parliamentary Group for SMEs. EU environment ministers meet with agenda including CO2 emission standards for cars and vans and EU's Dombrovskis participates in the Ukraine Recovery Conf (through Fri).

  • Politics/Macro/World News

    • UK

      • Burnham Team Looks at Treasury Breakup and BOE Reforms (Bloomberg)

      • Reeves backs Burnham to become next prime minister (BBC )

      • Unions combine to try to stop Ed Miliband becoming chancellor (FT )

      • Consumer confidence ticked up again in June (BRC)

      • UK May car manufacturing +3.2% y/y to 49,249 units -- SMMT

    • ECB

      • ECB's Zigman Says Price Stability Is Key, Cheaper Oil Will Help (Bloomberg )

    • Global

      • Magnitude 7.1 earthquake strikes near Caracas, Venezuela- USGS; tsunami threat reported

      • Magnitude 6.9 earthquake strikes near East Coast of Honshu Japan- Japan Meteorological Agency

  • Top company news

    • Earnings/updates

      • DOCM.SW (DocMorris) -- announces accelerated implementation of its "AI-First" strategy; will incur one-off extraordinary costs of CHF 5M and positive cost savings of at least CHF 15M per year

      • ADXN.SW (Addex Therapeutics) -- reports Q1 net income (CHF1.7M) vs year-ago (CHF1.5M)

      • TRI.FP (Trigano) -- reports Q3 revenue €1.16B vs FactSet €1.25B [1 est]

      • OVH.FP (OVHCloud) -- reports Q3 revenue €289.6M vs FactSet €285.0M [1 est]

      • MPCC.NO (MPC Container Ships) -- Follow-up: MPC Container Ships guides FY revenue $460-470M vs prior guidance $450-460M and FactSet $422.8M [4 est, $414.3-432M]

      • Also reporting today

        • Earnings:

          • DACHs: Carlo Gavazzi Holding (GAV.SW)

          • Nordics: H&M Hennes & Mauritz (HM.B.SS), Fluegger Group (FLUG.B.DC), Harboes Bryggeri (HARB.B.DC)

          • UK: Volex (VLX.LN), Moonpig Group (MOON.LN), Halfords Group (HFD.LN)

        • Trading Update:

          • UK: Serco Group (SRP.LN)

        • CMD/Events: Hansa Biopharma (HNSA.SS)

    • M&A

      • VOW.GR (Volkswagen) -- enters into exclusive arrangement with Bain Capital for sale of its 51% stake in Everllence, generating proceeds of ~€7.4B

      • OCI.NA (OCI NV) -- NNS Holding (Cyprus) to launch offer for OCI NV at €4.10/share cash

      • CAST.SS (Castellum AB) -- signs agreement with Wihlborgs to divest property portfolio for total underlying property value of SEK 13.3B

      • ACA.FP (Credit Agricole) -- Crédit Agricole S.A. and BCC-Grupo Cajamar sign agreement for partnership; entails Crédit Agricole S.A. obtaining minority stake of 9.9% in Banco de Crédito Social Cooperativo

      • MPCC.NO (MPC Container Ships) -- to acquire four 7,000 TEU vessels with three-year charter for ~$340M total

      • GIMB.BB (Gimv) -- signs agreement to acquire France's provider of tree and vegetation critical management services Groupe Cap Vert from Ambienta

    • Healthcare

      • IONS (Ionis Pharmaceuticals) -- Ionis Pharmaceuticals' Tryngolza receives FDA approval for adults with severe hypertriglyceridemia

      • SN.LN (Smith & Nephew) -- SEC filing: SCHEDULE 13D/A (Filed by Cevian Capital II GP LTD)

      • IBAB.BB (Ion Beam Applications) -- wins contract for a ProteusONE system in Brazil

    • Other

      • TTE.FP (TotalEnergies) -- annnounces entry into Bab Gas Cap Concession in Abu Dhabi

      • TSCO.LN (Tesco plc) -- Tesco Mobile considering relaunching broadband services - FT

      • OCDO.LN (Ocado Group) -- Ocado shareholders push board to intensify search for new CEO to replace Tim Steiner - FT

      • CHG.LN (Chemring Group) -- Chemring's Alloy Surface Co awarded $300.0M US Army contract

      • All Subjected Banks in Federal Reserve Stress Test Pass

      • Federal Reserve releases 2026 Dodd-Frank Act Stress Test (DFAST) for 32 banks:

      • Follow-up: Federal Reserve releases 2025 Dodd-Frank Act Stress Test (DFAST) for 32 banks

  • Key rating changes

    • Upgrades

      • OR.FP (L'Oreal) -- to buy from neutral at Citi

      • FNTN.GR (Freenet) -- to neutral from sell at UBS

      • GURN.SW (Gurit) -- to buy from neutral at UBS

      • NCAB.SS (NCAB Group) -- to buy from hold at SEB

      • SAAB.B.SS (Saab) -- to buy from hold at Pareto

      • SKA.B.SS (Skanska) -- to hold from sell at Handelsbanken

      • SIKA.SW (Sika Group) -- to neutral from underperform at BofA

    • Downgrades

      • UHR.SW (Swatch Group) -- to market perform from outperform at Bernstein

      • EMG.LN (Man Group) -- to hold from buy at Deutsche Numis

    • Initiations

      • ITH.LN (Ithaca Energy) -- buy at Berenberg

      • LISN.SW (Lindt & Spruengli) -- underperform at Jefferies

      • DOM.LN (Domino's Pizza Group) -- underweight at JPMorgan

      • Kepler Cheuvreux initiates BIM.FP, DIA.IM, QIA.GR

      • Kepler Cheuvreux initiates GJF.NO, SAMPO.FH, STB.NO, and TRYG.DC

    • Other Actions

      • VU.FP (VusionGroup) -- transferred buy at Berenberg; prior rating was buy

  • Data

    • Nikkei +4.68% to 72412.43

    • Hang Seng (1.57%) to 23044.82

    • Shanghai Composite +0.10% to 4114.98

    • S&P futures +43.8 vs prior close of 7428.3

    • €-$ +0.0003 or +0.03% to 1.1363

    • $-¥ +0.02 or +0.02% to 161.82

    • €-¥ +0.08 or +0.04% to 183.86

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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