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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX (0.1%), CAC (0.1%), IBEX +0.1%, MIB flat

Aug 24 ,2026

  • Synopsis

    • European equity markets are set to open little changed. Asian equities mostly lower Monday. Hong Kong and South Korea seeing the largest declines with semis/memory, LLMs and tech platforms under pressure. Crude pulling lower amid latest attempt to revive US-Iran diplomacy.

    • Recall that last week, European equities closed the week lower, with Stoxx 600 down 0.56%, as the relentless backup in long-end bond yields overshadowed an otherwise encouraging run of macro data. Germany's 30-year yield hit its highest since 2011 and UK gilts touched levels last seen in 2007, with the move increasingly tied to the US side of the equation - a $40T Treasury debt pile, heavy issuance, and the Treasury's long-dated buyback plan all feeding into a broader "debasement trade" narrative pressuring sovereign debt and lifting havens like gold. French OAT-Bund spread widened to 84bps, the most since October, as investors turned bearish on French bonds ahead of the 2027 election and looming budget fight

    • This week's agenda sees Jackson Hole Economic Policy Symposium, Q2 final GDPs, Aug preliminary CPIs from across the region, Germany Aug unemployment rate as well as earnings/updates from Accelleron Industries (ACLN.SW), Ageas (AGS.BB), AL Sydbank (ALSYDB.DC), Delivery Hero (DHER.GR), Elekta (EKTA.B.SS), Pernod Ricard (RI.FP), Prudential (PRU.LN), STRABAG (STR.AV), SoftwareONE Holding (SWON.SW) and Vienna Insurance Group (VIG.AV).

    • Quiet agenda for European macro data releases today with just Finland Jul PPI up for release. In central banks, Norges Bank's Bache to deliver Schweigaard Lecture at 10:15CET at Univ. of Oslo. Riksbank's Bunge panellist at 14:15CET at event organised by the Swedish House of Finance and the Stockholm School of Economics. In Norway there's ONS 2026 - a global energy forum (through Thu), speakers include Equinor (EQNR.NO) CEO Opedal, Norwegian government ministers Eriksen, Aasland and Myrseth, Siemens Energy (ENR.GR) CEO Bruch. World Water Week, EU's Roswall delivering speeches at several related events.

  • Politics/Macro/World News

    • Warsh seeks to soothe investors' nerves as signs of economic strain mount (FT)

    • Andy Burnham to give Ukraine missile blueprints on first trip as PM (Times)

    • UK productivity showing sustained improvement, economists say (Reuters )

    • Germany: Most voters expect Merz to leave office early (DW )

    • Bessent to outline financial measures targeting Iran, countries that aid it

  • Top company news

    • Earnings/updates

      • ALLN.SW (Allreal Holding) -- reports H1 net income (ex-revaluation gains) CHF75.6M vs FactSet CHF87.1M [1 est]; reaffirms FY guidance

      • BWO.NO (BW Offshore) -- reports Q2 net income ($102.1M) vs year-ago $134.2; cuts FY guidance

      • Also reporting today

        • Earnings:

          • DACHs: Metall Zug (METN.SW), Addex Therapeutics (ADXN.SW)

        • CMD/Events: DEUTZ (DEZ.GR) EGM

    • M&A

      • BGN.IM (Banca Generali) -- acknowledges the communication issued by BMPS concerning a public voluntary exchange offer for (post EU close 21-Aug)

      • SHEL.LN (Shell Plc) -- Exxon, LyondellBasell among parties interested in Shell's US chemical assets - FT

      • PGHN.SW (Partners Group Holding) -- Partners Group's private credit strategy to exit Gong cha; terms undisclosed

      • PINE.LN (Pinewood Technologies Group) -- Ridgeview Partners provides update on letter of intent given by Feoh Investments in connection with acquisition of Pinewood Technologies Group

      • FSG.LN (Foresight Group Holdings) -- Foresight Group looking to sell two wind farms in South Australia - Australian Financial Review

      • SHLTN.SW (SHL Telemedicine) -- District Court in Israel requires SHL Telemedicine to pay full consideration under arbitration decision in return for remaining 30% stake in Mediton and Medishur; amount to be paid has no material impact on SHL

      • ESUN.SW (Edisun Power Europe) -- acquires the business operations of SMARTENERGY Group AG

      • Vista hires Evercore and Barclays to explore sale of Allvue Systems - Reuters

    • Healthcare

      • BIIB (Biogen) -- Follow-up: Empaveli label updated to describe additional benefit within existing indication

      • 128940.KS (Hanmi Pharmaceutical Co.) -- signs technology transfer agreement with Genentech for HM17321(LA-UCN2)

    • Other

      • PHIA.NA (Koninklijke Philips) -- SEC filing: SCHEDULE 13D/A (Filed by Exor N.V.)

      • SAN.SM (Banco Santander) -- plans to cancel 462.7M own shares, representing ~3.08% of the bank's share capital (post EU close 21-Aug)

      • BA.LN (BAE Systems) -- named principal contractor for $364M sale to Government of Italy

      • BNP.FP (BNP Paribas) -- to respond to plaintiffs in Sudan litigation

      • SUNN.SW (Sunrise Communications) -- Salt and Sunrise have signed a MoU to assess an expansion of their existing cooperation on mobile network infrastructure in rural and less densely populated areas

      • BOSS.GR (Hugo Boss) -- announces previously announced share buyback program will be implemented starting 24-Aug-26

      • AMG.NA (AMG Critical Materials) -- to apply for secondary listing on the Frankfurt Stock Exchange

      • Estimated weekend box office revenues in US, Canada $128.9M, +63.9% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • Barclays upgrades CLNX.SM, INW.IM

      • Barclays upgrades SAFE.LN, SGRO.LN

      • DPLM.LN (Diploma) -- to overweight from neutral at JPMorgan

      • NIBE.B.SS (NIBE Industrier) -- to buy from hold at DNB Carnegie

      • SAND.SS (Sandvik) -- to buy from hold at SEB

    • Downgrades

      • Barclays downgrades BYG.LN, MRL.SM, SHUR.BB, SPSN.SW, UTG.LN

      • KNOS.LN (Kainos Group) -- to neutral from outperform at BNP Paribas Exane

      • CHEMM.DC (ChemoMetec) -- to hold from buy at SEB

    • Initiations

      • SAGA.B.SS (Sagax) -- buy at Danske Bank

  • Data

    • Nikkei (0.51%) to 65679.72

    • Hang Seng (2.03%) to 25481.79

    • Shanghai Composite (1.09%) to 3862.75

    • S&P futures (12.3) vs prior close of 7691.3

    • €-$ +0.0003 or +0.03% to 1.1681

    • $-¥ +0.01 or +0.00% to 158.92

    • €-¥ +0.06 or +0.03% to 185.63

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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