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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.33%), DAX (0.05%), CAC40 +0.15%

Jul 01 ,2026

  • Synopsis

    • European equity markets are set for a softer open amidst Asian equities mixed Wednesday. South Korea under pressure amid memory pullback.

    • Germany's Cabinet meets at the ministry of defense, with NATO's Rutte attending as a guest. A joint press conf. with Chancellor Merz, defence minister and NATO Secretary General is scheduled to follow. In the UK, after MPs question on Science, Innovation and Technology there's weekly PMQs at 12noon BST, whilst the Taxation (Energy and Vehicles) Bill continues its passage through parliament. Committee topics include managing the future of UK oil and gas at 13:45 and risks and opportunities to the sustainability of data centres in the UK at 14:30. EU's Kadis speech at the Committee of the Regions plenary debate on the Ocean Pact and EU's Šefčovič meets with UK's minister for the constitution and EU relations Thomas-Symonds. Also, stricter tariff rules for steel imports into the EU come into effect.

    • In central banks, BOE's Bailey panellist at 14:30BST at ECB Forum on Central Banking, with ECB's Lagarde, Vujcic, Cipollone and Lane also among the speakers/panellists. Elsewhere, Fitch Rating webinar at 14:00BST title European Banks in H2: Resilience Under Pressure, and France, Italy, Spain Jun new car registrations are due to be released.

    • A busy macro front with Italy, Spain, Sweden, Switzerland Jun manufacturing PMI as well as final reads for Eurozone, France, Germany, UK, Eurozone Jun flash CPI, Switzerland May retail sales, Netherlands Q1 final GDP, Jun preliminary CPI, May retail sales, Greece May Unemployment rate, Ireland Jun unemployment rate, Finland Jun preliminary HICP, Austria Jun preliminary CPI, unemployment rate, Portugal May unemployment rate

    • In M&A news, Schneider Electric (SU.FP) announced a definitive agreement to acquire 100% of Cognite Holding B.V. (AKER.NO) in an all-cash transaction valued at $3.1B. The transaction proceeds to Aker represents an uplift to the reported Net Asset Value (NAV) per Q1 2026 of NOK 7.4B or approximately NOK 100 per share. A light morning for earnings sees Biophytis (ALBPS.FP) out with FY results.

  • Politics/Macro/World News

    • Starmer trims budgets to fund extra £15bn for defence - BBC

    • Burnham left with £4.7bn bill for Starmer's new defence investment plan - Guardian

    • Netherlands Q1 GDP +1.4% y/y vs preliminary +1.2%

    • Netherlands May Retail Sales +2.9% y/y vs consensus +2.9% and prior +3.4%

    • Finland May Preliminary HICP +2.7% y/y vs consensus +3.1% and prior +2.8%

  • Top company news

    • Earnings/updates

      • ALBPS.FP (Biophytis) -- reports FY net income (€7.8M) vs FactSet (€34.5M) [1 est]

      • SBO.NO (Selvaag Bolig) -- sold 205 homes in Q2 for NOK 1.65B

      • AGR.AV (Agrana Beteiligungs) -- reports prelim Q1 EBIT €35.4M vs year-ago €5.7M; confirms FY26/27 guidance

    • M&A

      • COFB.BB (Cofinimmo) -- Aedifica completes merger by absorption of Cofinimmo

      • EDPR.PL (EDP Renovaveis) -- sells a 68 MWac (70 MWdc) wind and solar portfolio in Italy for ~ €150M

      • SHEL.LN (Shell Plc) -- to sell interest in Gulf of America platform & Coulomb tieback for total consideration of $1.7B

      • SU.FP (Schneider Electric) -- enters into definitive agreement to acquire 100% of Cognite Holding B.V. in an all-cash transaction valued at $3.1B

      • IPN.FP (Ipsen) -- to acquire Memo Therapeutics AG for €200M in cash plus deferred milestones for a total potential consideration in excess of €700M

      • FMC (FMC Corp) -- Tessenderlo Group to invest $400M in FMC Corp for ~20% stake at $13.30/share

      • PGHN.SW (Partners Group Holding) -- Partners Group invests in Avenue Capital Group's global commercial aviation leasing portfolio

      • WLN.FP (Worldline) -- Crédit Agricole acquires all shares held by the Worldline group in CAWL

      • CA.FP (Carrefour) -- completes sale of Romania to Paval Holding

      • SKA.B.SS (Skanska) -- divests rental multifamily project in Sollentuna, Sweden, for about SEK 570M

      • SDR.LN (Schroders) -- nearing sale of Benchmark Capital to Söderberg & Partners for more than £200M - FT

      • INRN.SW (Interroll Holding) -- acquires Interroll AS; terms undisclosed

    • Healthcare

      • 1AST.GR (ASTA Energy Solutions) -- signs Long-Term agreement (LTA) with ANDRITZ

      • ALCOX.FP (Nicox) -- NCX 470 New Drug Application Submitted in the United States by Kowa, with Associated €3M Milestone Payment

      • ALZCUR.SS (AlzeCure Pharma) -- enters into out-licensing and collaboration agreement with QuantumCell ApS regarding global rights to AlzeCure's Alzheimer's platform NeuroRestore, including leading drug candidate ACD856

      • ABVX.FP (Abivax) -- announces launch of public offering of ~$600M ADSs

      • TENX (Tenax Therapeutics) -- enters into amendment to license agreement with Orion Corporation - 8-K

      • IDIA.SW (Idorsia) -- appoints Roland Wandeler as CEO, effective 1-Oct-26

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera notes topline results from Catalyst Pharmaceuticals Phase 1 Clinical Study of AGAMREE

      • EMEIS.FP (Emeis SA) -- appoints Jean-Marc Boursier, Deputy CEO, as Chief Operating Officer effective 1-Sep-26

      • ATT.SS (Attendo) -- Martin Tivéus resigns as President and CEO of Attendo AB

    • Other

      • XK4.GR (Gabler Group) -- announces order with volume of ~ €17M

      • ABVX.FP (Abivax) -- announces temporary trading halt of its shares on Euronext Paris following ADS offering

      • SAN.FP (Sanofi) -- announces availability of aide-mémoire for Q2 2026 results

      • BMW.GR (Bayerische Motoren Werke) -- commences third tranche of share buyback of up to €625M

      • ATS.AV (AT & S) -- core owners selling €120M stake; offering by holders prices at €200/share -- Bloomberg

      • GALD.SW (Galderma) -- receives CRL from the FDA with comments regarding manufacturing site for RelabotulinumtoxinA

      • PIRC.IM (Pirelli & C.) -- Board majority nominated Marco Tronchetti Provera as Executive Chairman; board was informed of multi-year investment plan for the US of between ~ $1-1.2B

      • DTE.GR (Deutsche Telekom) -- to begin third tranche of 2026 share-buyback program today

      • SGSN.SW (SGS) -- Compass launches for data-driven global supply chain risk management and compliance

      • SAAB.B.SS (Saab) -- has today signed a contract with the Swedish Defence Materiel Administration (FMV) for 16 Gripen E fighter aircraft for Ukraine

      • GTT.FP (Gaztransport & Technigaz) -- receives order from Hudong-Zhonghua Shipbuilding for tank design of three new LNG carriers

      • KOG.NO (Kongsberg Gruppen) -- signs NOK 4.7B order for Joint Strike Missile

      • ECB weighing doubling minimum reserve requirements to 2% from 1% of banks' customer deposits - Reuters

      • Transocean Ltd. announces agreement with Equinor for the use of three of its harsh environment semisubmersible rigs on the Norwegian shelf valued at over $1B over 7 rig years

  • Key rating changes

    • Upgrades

      • AI.FP (Air Liquide) -- to buy from underperform at BofA

      • DIA.SM (Distribuidora Internacional De Alimentacion) -- to strong buy from buy at Alantra Equities

      • LUMO.FH (Lumo Homes) -- to buy from neutral at Goldman Sachs

      • TECN.SW (Tecan Group) -- to buy from neutral at UBS

      • WRT1V.FH (Wartsila) -- to neutral from underweight at JPMorgan

  • Data

    • Nikkei +0.87% to 70674.13

    • Hang Seng closed

    • Shanghai Composite +0.51% to 4115.10

    • S&P futures (20.0) vs prior close of 7548.3

    • €-$ (0.0018) or (0.16%) to 1.1406

    • $-¥ +0.12 or +0.08% to 162.70

    • €-¥ (0.14) or (0.08%) to 185.56

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