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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.10%, DAX +0.20%, CAC40 +0.24%

Aug 25 ,2026

  • Synopsis

    • European equity markets are set to open higher, while Asian equities mostly lower Tuesday. South Korea and Taiwan lagging with memory/semis under pressure. Japan has swung higher while China markets paring earlier losses.

    • Trade tensions in focus after Bloomberg sources noted US set to impose 7.5% tariff on China over allegations of excess manufacturing capacity, which would return tariffs on China back to around 20%. However, unclear whether that would prompt retaliation with China previously noting 20% duty consistent with trade truce. President Trump also announced Canadian cars, truck auto parts, steel to be hit with 50% tariffs starting in 2027. US autos finished lower Monday though regional spillover limited with Japan and South Korean peers mixed.

    • Treasury Secretary Bessent's 'Economic D-Day' announcement seen to have fallen short of preceding rhetoric. Bessent announced new sanctions on 60 individuals, entities and vessels but China or its banks weren't named as targets, which fit with skepticism about US antagonizing Beijing and risking retaliation/economic blowback. Crude muted following announcement with Iran defiant and few signs of visible a offramp for both sides to achieve a negotiated outcome.

    • Also on today's agenda, in central banks, Riksbank publishes minutes of last MPC meeting at 9:30CET. Hungary central bank interest rate decision at 14:00CET. The benchmark interest rate is expected to be cut by (25bps) to 5.50%. German Federal Cabinet convenes for a two-day retreat at Neuhardenberg Palace. Guests from business, trade, and startups will also participate. Chancellor Merz will deliver a brief press statement before the event begins. VW Works meeting with CEO Oliver Blume on plans for further cost-cutting measures.

    • On macro front in Europe, Germany Q2 final GDP, Aug IFO survey, France Aug consumer confidence, Spain Jul PPI, Norway Jul unemployment rate, Denmark Jul retail sales, Finland Jul unemployment rate.

    • In corporate news, yesterday after markets closed Bloomberg reported that Siemens Energy (ENR.GR) was retaining Goldman to advise on potential sale of majority stake in steam turbine business. Also in DACHs, Molecular Partners (MOLN.SW), Arbonia (ARBN.SW), TX Group (TXGN.SW) and Swiss Marketplace Group (SMG.SW) reported H1 earnings. In Nordics, Salmar (SALM.NO) released its Q2 earnings numbers and issued guidance for 2026 financial year.

  • Politics/Macro/World News

    • EU leaders begin heart-to-heart budget talks as year-end deadline looms large - FT

    • EU plans anti-China alliance for the car industry - Handelsblatt

    • Iran says it is ready for what US calls 'greatest financial offensive ever' - BBC

    • Andy Burnham rules out early election as he admits UK faces 'challenging' financial outlook - FT

    • I won't be unrealistic about tax rises, says Burnham - The Times

    • Burnham Plans US Trip Next Month to Lobby Trump on Ukraine Needs - Bloomberg

    • Finland Jul Unemployment Rate 9.9% vs consensus 9.8% and prior 10.0%

  • Top company news

    • Earnings/updates

      • MOLN.SW (Molecular Partners) -- reports H1 EPS (CHF0.70) vs year-ago (CHF1.00)

      • SALM.NO (Salmar) -- reports Q2 EPS NOK3.90 vs FactSet NOK5.72 [11 est, NOK4.52-7.80]

      • ARBN.SW (Arbonia) -- reports H1 EBIT (CHF4.5M) vs FactSet (CHF1.9M) [2 est, (CHF2.1)-(1.6M)]

      • TXGN.SW (TX Group) -- reports H1 EBIT CHF67.1M ex-items vs FactSet CHF55.3M [1 est]

      • BANQ.BB (Banqup Group) -- reports H1 net income (€21.1M) vs year-ago (€20.3M)

      • DMP.GR (Dermapharm Holding) reports H1 earnings inline with prelim. release: EPS €1.32 vs year-ago €1.01; reaffirms FY guidance

      • SMG.SW SMG (Swiss Marketplace Group) -- reports H1 adjusted EBITDA CHF101.5M vs FactSet CHF100.4M [2 est, CHF100.3-100.6M]; narrows FY revenue growth guidance to +11-12% vs prior +10-12%

      • ISLAX.NO (Icelandic Salmon) -- reports Q2 operational EBIT (€3.2M) vs FactSet (€3.7M) [3 est, (€4.7)-(1.9M)]

      • Also due to report today includes:

        • Earnings:

          • Germany: innoscripta (1INN.GR), Gabler Group (XK4.GR)

          • Norway: Cadeler (CADLR.NO), Constellation Oil Services Holding (COSH.NO), Klaveness Combination Carriers (KCC.NO)

          • Sweden: Keo Capital (KEOC.SS), Lasernet Group (LASER.SS), Isofol Medical (ISOFOL.SS)

          • Switzerland: Luzerner Kantonalbank (LUKN.SW), SMG Swiss Marketplace Group (SMG.SW), ORIOR (ORON.SW)

          • UK: Chesnara (CSN.LN), Gulf Keystone Petroleum (GKP.LN)

        • CMS/Events: Gjensidige Forsikring (GJF.NO), Circio Holding (CRNA.NO) EGM, Lenzing (LNZ.AV) EGM

    • M&A

      • ENR.GR (Siemens Energy) -- retains Goldman to advise on potential sale of majority stake in steam turbine business -- Bloomberg

    • Healthcare

      • FME.GR (Fresenius Medical Care) -- SEC filing: SCHEDULE 13D/A (Filed by Fresenius SE & Co. KGaA)

      • LKFT.NA (Lakefront Biotherapeutics) -- confirms FDA grants Orphan Drug Designation to gamgertamig for the treatment of pemphigus

    • Other

      • BORR.NO (Borr Drilling) -- director Tor Olav Trøim (Drew Holdings Ltd) acquired 200,000 shares on 24-Aug - Filing

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded one-month extension to largest seismic streamer acquisition contract offshore Indonesia.

      • MELE.BB (Melexis) -- signs Master Purchase Agreement with BYD

      • +AGGREKO (Aggreko) -- files Registration Statement for Proposed NYSE IPO

      • +AGGREKO (Aggreko) -- Follow-up: Aggreko files for NYSE IPO of indeterminate size - F-1

      • NWG.LN (NatWest Group) -- NatWest planning to expand in US - FT

      • GXI.GR (Gerresheimer) -- announces Uwe Röhrhoff steps down as Interim CEO

  • Key rating changes

    • Upgrades

      • DRX.LN (Drax Group) -- to neutral from sell at UBS

      • KIT.NO (Kitron) -- to buy from hold at Pareto

      • AF.FP (Air France-KLM) -- to hold from reduce at Kepler Cheuvreux

    • Downgrades

      • DKSH.SW (DKSH Holding) -- to hold from buy at Berenberg

    • Initiations

      • JUP.LN (Jupiter Fund Management) -- buy at Berenberg

      • CLA.B.SS (Cloetta) -- neutral at Sparebank 1 Markets

      • DIGIS.SM (DIGI Spain Telecom SL) -- buy at CaixaBank

    • Others

      • AUTO.NO (AutoStore Holdings) -- transferred buy at SEB; prior rating was hold

  • Data

    • Nikkei +0.41% to 65796.01

    • Hang Seng (0.13%) to 25484.67

    • Shanghai Composite +0.20% to 3889.92

    • S&P futures +9.3 vs prior close of 7669.8

    • €-$ (0.0012) or (0.10%) to 1.1655

    • $-¥ +0.22 or +0.14% to 159.32

    • €-¥ +0.10 or +0.05% to 185.68

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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