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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.02%, DAX (0.49%), CAC40 (0.32%)

Aug 18 ,2026

  • Synopsis

    • European equity markets are set to open mostly lower amidst Asian equities mostly lower Tuesday. South Korea reversing lower following early memory-driven rally. Losses also picking up in markets across Greater China, Japan and Taiwan. S&P 500 futures weakening afterhours.

    • AI trade losing momentum with South Korea memory majors erasing opening rally. Earlier strength tabbed to revenue growth momentum at US frontier labs (and positive implications for hardware demand), and continued tailwinds from recent SanDisk investor day and its optimistic outlook for medium-term revenue growth. China-listed semis and AI stocks also under some pressure following recent positive press coverage about AI hardware market leadership and popularity of open weight models.

    • Bond yield backup in focus with long end Treasuries under pressure and creating spillover effects across regional markets. Some discussion lately about overhangs on Treasuries from Fed credibility doubts, elevated corporate supply and concerns about US fiscal trajectory. Yield backup has also dovetailed with latest oil rally amid US-Iran diplomatic standoff. US 30Y above 5.30% and Japan 10Y highest in 30 years.

    • Crude at highest since late July after President Trump said he wouldn't seek extension of 60-day ceasefire that expired Monday. Trump also threatened to bomb Oman if it got in way of US talks with Iran. While Iran indicated an agreement with Oman on managing Strait of Hormuz has been finalized, US is vowing to maintain naval blockade until waterway is reopened. Iran also responded with fresh threats to escalate conflict if diplomatic stalemate continues much longer.

    • Also on today's agenda, in central banks, ECB Lane panellist at 12:45BST at EEA-ECB. In politics, Ukrainian parliament expected to begin voting on new appointments following July's major government reshuffle (through Fri).,

    • On macro data front, UK focus on labor market data ahead of tomorrow's inflation update. Recent surveys suggest that slowdown in labor market may be easing. German and Eurozone ZEW sentiment data out later. Meanwhile, head of UK business group BCC said resilience alone with not boost growth and cut in costs needed.

    • In earnings news, Coloplast (COLO.B.DC) is the standout beating Q3 net income at DKK1.46B vs consensus DKK1.35B, while Mowi (MOWI.NO) and Odfjell Drilling (ODL.NO) both reported Q2 earnings. In DACHs, Huber+Suhner (HUBN.SW) missed H1 net income at CHF34.7M vs FactSet CHF44.6M though reaffirmed FY guidance, while Basilea Pharmaceutica (BSLN.SW) beat H1 operating income and raised FY guidance. In France, Aéroports de Paris (ADP.FP) reported July traffic of 10.1M passengers, down 1.0% y/y.

  • Politics/Macro/World News

    • Half of homes in Great Britain taking longer to sell than last year amid mortgage volatility - The Guardian

    • Big pharma warns Germany's attempts to curb drug prices will backfire - FT

    • Iran threatens new offensive while US rules out extending ceasefire deal - Reuters

    • Burnham expected to push North Sea oil decision into autumn - The Times

    • Traders Short French Bonds as Fight Over Budget Set to Escalate - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • MED.SW (Medartis Holding) -- reports H1 core EBITDA CHF28.8M vs FactSet CHF28.9M [3 est, CHF26.9-31.4M]

        • HUBN.SW (HUBER+SUHNER) -- reports H1 net income attributable CHF34.7M vs FactSet CHF44.6M [1 est]; reaffirms FY guidance

        • PSPN.SW (PSP Swiss Property) -- reports H1 EPRA EPS CHF2.55 vs year-ago CHF2.33

        • BSLN.SW (Basilea Pharmaceutica) -- reports H1 operating income CHF31.6M vs FactSet CHF20.4M [2 est, CHF19.7-21M]; raises FY guidance

        • EIN.GR (Einhell Germany) -- reports H1 EBIT €65.3M, +2% vs year-ago €64.2M

      • France

        • ADP.FP (Aeroport de Paris) -- Aéroports de Paris reports Total Paris Aeroport July traffic 10.1M, (1.0%) y/y

      • Nordics

        • MOWI.NO (Mowi) -- reports Q2 underlying EPS €0.28 vs FactSet €0.26 [12 est, €0.21-0.29]

        • ODL.NO (Odfjell Drilling) -- reports Q2 EPS $0.23 vs FactSet $0.16 [5 est, $0.14-0.19]

        • ELO.NO (Elopak) -- reports Q2 EPS €0.06 vs FactSet €0.06 [6 est, €0.05-0.07]

        • GIGA.NO (Gigante Salmon) -- reports Q2 net income (NOK11.2M) vs FactSet (NOK14.0M) [4 est, (NOK17.4)-(7M)]

        • ALNG.NO (ALNG ASA) -- reports Q2 net income ($6.4M) vs year-ago ($3.1M)

        • NORDH.NO (Nordhealth) -- reports H1 net income (€9.0M) vs year-ago (€5.8M)

        • BAHN.B.SS (Bahnhof) -- reports Q2 EPS SEK0.52 vs year-ago SEK0.53

        • NOBA.SS (NOBA Bank Group) -- reports Q2 operating income SEK1.08B ex-items, +19% vs year-ago SEK903M

        • COLO.B.DC (Coloplast) -- reports Q3 net income DKK1.46B vs consensus DKK1.35B

      • Southern Europe

        • BAMI.IM (Banco BPM) -- issues a clarification on the CET1 ratio as of 30-Jun following the regulatory treatment of interim profits (post EU close 17-Jun)

      • Also due to reprt today includes:

        • Earnings

          • Benelux: EVS Broadcast Equipment (EVS.BB), Alfen (ALFEN.NA)

          • Finland: SAVOX Communications (SAVOX.FH), Gofore (GOFORE.FH), Orthex (ORTHEX.FH)

          • Germany: JDC Group (JDC.GR)

          • Norway: Multiconsult (MULTI.NO), Salmon Evolution (SALME.NO), Nordic Mining (NOM.NO)

          • Sweden: Alcadon Group (ALCA.SS)

          • Switzerland: SKAN Group (BVHN.SW), Phoenix Mecano (PMN.SW)

          • UK: BHP Group (BHP.LN)

        • CMD/Events: Nordhealth (NORDH.NO), Elmos Semiconductor (ELG.GR) EGM vote on the generational transition on the Supervisory Board

    • M&A

      • RAMP (LiveRamp Holdings) -- shareholders approve Publicis acquisition at Special Meeting - 8-K

      • HEN3.GR (Henkel) -- Court grants FTC's motion to block Henkel's purchase of Liquid Nails -- Reuters (earlier)

      • DOKA.SW (dormakaba Holding) -- acquires Azure Access Technology Inc.

      • LAGR.B.SS (Lagercrantz Group) -- acquires 88% stake in bf1 Solutions Limited

      • CLOUD.NO (Cloudberry Clean Energy) -- and Orron Energy have received all regulatory approvals for Swedish wind asset acquisition

      • LEON.SW (Leonteq) -- has been notified by Rainer-Marc Frey, Freienbach, Switzerland, that he indirectly, through H21 Macro Limited, holds 4.3M shares, representing 23.3% of outstanding shares of Leonteq

      • Chelsea holders Mark Walter and Todd Boehly in talks to sell their stakes to Clearlake - FT

    • Healthcare

      • SAN.FP (Sanofi) -- FDA grants orphan drug designation to Dynavax's rF1V Vaccine with CpG 1018 for the prevention of plague (Yersinia pestis)

      • BAYN.GR (Bayer AG) -- announces LYNKUET (elinzanetant) receives expanded market authorization in Canada for treatment of moderate to severe vasomotor symptoms caused by adjuvant endocrine therapy (AET) related to breast cancer

    • Other

      • MANTA.FH (Mandatum) -- Altor Invest 8 AS to sell 22.4M shares in Mandatum plc

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded multi-year AI-powered seismic foundation model contract

  • Key rating changes

    • Upgrades

      • HEM.SS (Hemnet Group) -- to overweight from underweight at JPMorgan

      • KRX.ID (Kingspan Group) -- to buy from hold at Jefferies

      • WTB.LN (Whitbread) -- to market perform from underperform at Bernstein

    • Downgrades

      • LXS.GR (Lanxess) -- to underperform from neutral at BNP Paribas Exane

      • G.IM (Assicurazioni Generali) -- to neutral from overweight at JPMorgan

      • OXB.LN (OXB) -- to hold from buy at Deutsche Numis

      • PPGN.SW (PolyPeptide Group) -- to hold from buy at Berenberg

      • SCR.FP (SCOR SE) -- to sell from neutral at UBS

      • PLNW.FP (Planisware) -- to neutral from buy at UBS

      • LAND.LN (Land Securities Group) -- to add from buy at Peel Hunt

      • RMS.FP (Hermes) -- to sector perform from outperform at RBC Capital Markets

  • Data

    • Nikkei (2.23%) to 67679.53

    • Hang Seng (0.36%) to 25361.17

    • Shanghai Composite (0.25%) to 3972.55

    • S&P futures (32.3) vs prior close of 7768.8

    • €-$ (0.0008) or (0.07%) to 1.1575

    • $-¥ +0.19 or +0.12% to 159.65

    • €-¥ +0.11 or +0.06% to 184.76

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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