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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.15%, DAX (0.09%), CAC40 +0.17%

Aug 26 ,2026

  • Synopsis

    • European equity markets are set for a mixed open amidst mostly higher Asian equities Wednesday. Taiwan and South Korea outperforming. Japan turning higher following negative start. Greater China firming. S&P 500 futures reversed earlier losses.

    • AI trade gaining momentum, led by memory/semis. Nothing specific behind the price action as waiting game continues ahead of NVDA-US's earnings release after US market close on Wednesday (preview commentary upbeat with another big beat and raise expected). Combination of lower oil and rate stabilization helping. Strength extending to China, where semiconductor and AI stocks are among the leading gainers.

    • Oil pullback attributed to reports about progress on Strait of Hormuz with Iran and Oman finalizing their previously announced agreement to establish an alternative and temporary shipping lane. Unclear whether deal includes tolls and an inspection regime, and whether US will accept. There were reports of "significant progress" in Iran-Pakistan mediation talks though US denied it is involved in negotiations with Iran. Axios sources said Rubio told counterparts White House has settled on strategy of continuing economic pressure in favor of restarting military action.

    • In central banks, Riksbank's Hjelm speech at 8:00CET at a breakfast seminar hosted by Handelsbanken on the economic situation and the most recent interest rate announcement. Bundesbank's Payment Transactions Symposium sees Lienenkämper speech at 9:05CET and Balz give closing remarks at 16:30. ECB's Cipollone speech at 12:10. SNB's Martin speech/Q+A at 18:15CET at event at the Univ. of Basel.

    • La Rencontre des Entrepreneurs de France (La REF) annual conf (through Thu) sees several politicians and company execs among the participants including France's minister responsible for industry Martin panellist at 15:15CET; Stellantis (STLAM.IM) CEO Filosa in conversation at 17:15; former minister of the economy, finance Le Maire, TotalEnergies (TTE.FP) CEO Pouyanné panellists at 17:45. A joint press conf with Chancellor Merz and Federal Ministers Klingbeil and Dobrindt is planned following the German Federal Cabinet retreat. Europe Forum (through Thu) featuring a wide range of Finnish and international experts, decision-makers, and influencers as speakers, includes Finnish political parties' debate on European affairs at 11:30CET.

    • In the UK, Ofgem announces the consumer energy price cap for Q4 (Cornwall Insight's latest forecast ~£1,729/year vs Q3 actual £1,663, the Q4 forecast includes the cut in VAT for electricity bills announced by the government in Jul as well as the regulator's changed definition of an 'average household', reflecting the fact that average household energy use has fallen. Under the prior methodology, forecast for the Q4 cap is ~£1,941). Gamescom kicks off (through Sun).

    • Macro data will include Switzerland Aug economic sentiment index, UK Aug distributive trades - CBI and Sweden Jul PPI.

    • Earnings kicked off with Nordic names, Ambu (AMBU.B.DC), Constellation Oil Services Holding (COSH.NO), SED Energy Holdings (ENH.NO) and MPC Container Ships (MPCC.NO), while Ambu also updated its FY25/26 outlook. In Switzerland, SoftwareONE Holding (SWON.SW), Gurit Holding (GURN.SW) and Stadler Rail (SRAIL.SW) reported results, while Gurit also raised FY guidance. Elsewhere, Aroundtown (AT1.GR), DEME Group (DEME.BB) and EDAG Engineering Group (ED4.GR) released results.

  • Macro

    • Labour MPs will push Burnham to back voting reform in first 100 days - Guardian

  • Top company news

    • Earnings/updates

      • Benelux:

        • DEME.BB (DEME Group) -- reports H1 EPS €8.53 vs year-ago €7.08

        • EXM.BB (Exmar) -- reports H1 IFRS EPS $0.67 vs year-ago $0.77

        • KENDR.NA (Kendrion) -- reports Q2 adjusted EBITDA €11.5M vs FactSet €11.0M [1 est]

        • AGFB.BB (Agfa-Gevaert) -- reports Q2 EPS (€0.10) vs year-ago €0.20

      • DACHs:

        • SWON.SW (SoftwareONE Holding) -- reports H1 adj. EPS CHF0.33 vs FactSet CHF0.35 [2 est, CHF0.32-0.38]

        • AT1.GR (Aroundtown) -- reports H1 FFO €0.13 vs FactSet €0.13

        • GURN.SW (Gurit Holding) -- reports H1 net income CHF9.0M vs FactSet CHF3.1M [1 est]; raises FY guidance

        • SRAIL.SW (Stadler Rail) -- reports H1 net income CHF31.2M vs FactSet CHF39.8M [3 est, CHF28-47.5M]; confirms outlook

        • KUD.SW (Kudelski) -- reports H1 adjusted EBITDA ($11.5M) vs FactSet ($15.2M) [1 est]

        • ED4.GR (EDAG Engineering Group) -- reports H1 EBIT €0.3M vs year-ago (€7.6M)

        • KTCG.AV (Kapsch TrafficCom) -- reports Q1 EPS (€0.08) vs year-ago €0.72

        • VIG.AV (Vienna Insurance Group) -- reports H1 result before taxes €641.5M, +20.7%

      • Nordics:

        • AMBU.B.DC (Ambu) -- reports Q3 EPS DKK0.59 vs FactSet DKK0.62 [3 est, DKK0.61-0.63]; updates financial outlook for 2025/26

        • COSH.NO (Constellation Oil Services Holding) -- reports Q2 adjusted EBITDA $126.4M vs FactSet $110.0M [3 est, $105-117.1M]

        • ENH.NO (SED Energy Holdings) -- reports Q2 EPS $0.03 vs FactSet $0.03 [5 est, $0.03-0.04]

        • MPCC.NO (MPC Container Ships) -- reports Q2 EPS $0.09 ex-items vs FactSet $0.08 [4 est, $0.07-0.08]

        • IRLAB.A.SS (IRLAB Therapeutics) -- reports Q2 EPS (SEK0.23) vs year-ago (SEK0.62)

        • NYKD.NO (Nykode Therapeutics) -- reports Q2 net income ($7.2M) vs year-ago $0.9M

        • CAPSL.NO (Capsol Technologies) -- reports Q2 EPS (NOK0.28) vs year-ago (NOK0.38)

        • IBT.B.SS (Infant Bacterial Therapeutics) -- reports Q2 EPS (SEK2.21) vs year-ago (SEK1.42)

        • MGN.NO (Magnora) -- reports Q2 EPS (NOK0.41) vs year-ago (NOK0.28)

        • IG.DC (InstallatørGruppen) -- reports Q2 net income (DKK18.0M) vs FactSet DKK9.5M [2 est, DKK3-16M]; Reiterates FY outlook

    • M&A

      • ENR.GR (Siemens Energy) -- begins preparations to separate Transformation of Industry segment into standalone company

      • BAMI.IM (Banco BPM) -- acknowledges unsolicited offer from Banca Monte dei Paschi di Siena; Board will make its own assessment of offer within required timeframe (post EU close 25-Aug)

      • ARX.CN (ARC Resources) -- announces receipt of investment Canada Act approval

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Italy will not sell its stake in Banca Monte dei Paschi di Siena before M&A battle is concluded -- Reuters

      • AX1.AU (Accent Group) -- Frasers Group calls for resignation of Accent Group Chairman Lawrence Myers - Australian Financial Review

      • LUS1.GR (Lang & Schwarz) -- has acquired all the shares of P3 Finance GmbH previously held by P3Group GmbH

      • Gunvor in talks to buy Haynesville shales assets in TX and LA from Silver Hill Energy Partners for $1.2-1.5B - Reuters

    • Healthcare

      • CRNA.NO (Circio Holding) -- and Full Circles Therapeutics jointly announce in vivo cell therapy research (

      • ANAB (AnaptysBio) -- NICE recommends AnaptysBio's Jemperli to treat previously treated advanced or recurrent endometrial cancer with high microsatellite instability or mismatch repair deficiency

      • GUBRA.DC (Gubra A/S) -- Gubra announces achievement of milestone from AbbVie following initiation of a Phase 2 clinical trial of ABBV-295

      • ADXN.SW (Addex Therapeutics) -- sells 437,869 ADSs through it's At the Market offering agreement with H.C. Wainwright & Co.

    • Other

      • YIT.FH (YIT) -- to carry out Oulu Passenger Rail Yard project; value to YIT €30M and will be recorded in the order book for Q3 of the year

      • OVH.FP (OVHCloud) -- CFO Stéphanie Besnier to step down to pursue new opportunities outside the group on 31-Aug

      • LHA.GR (Deutsche Lufthansa) -- Transcript Intelligence: Deutsche Lufthansa at MWB Research German Select Online Conference

      • GTT.FP (Gaztransport & Technigaz) -- receives order from the Jiangnan shipyard for the design of the tanks for four new LNG carriers.

      • AKRBP.NO (Aker BP) -- starts production from the Skarv Satellites

      • DUE.GR (Duerr) -- Transcript Intelligence: Duerr at MWB Research German Select Conference

  • Key rating changes

    • Upgrades

      • TESB.BB (Tessenderlo Group) -- hold from reduce at Kepler Cheuvreux

      • SALM.NO (Salmar) -- hold from sell at Nordea

      • EOAN.GR (E.ON SE) -- to buy from hold at Berenberg

      • KCR.FH (Konecranes) -- to buy from hold at SEB

    • Downgrades

      • TECN.SW (Tecan Group) -- neutral from outperform at Oddo

      • HM.B.SS (H&M Hennes & Mauritz) -- hold from buy at Handelsbanken

      • SAP.GR (SAP) -- to neutral from buy at UBS

      • FER.SM (Ferrovial) -- to neutral from buy at UBS

      • DOCM.SW (DocMorris) -- to hold from buy at Jefferies

      • FIE.GR (Fielmann Group) -- to hold from buy at DZ Bank (earlier, timing uncertain)

    • Initiations

      • VBG.B.SS (VBG Group) -- neutral at Sparebank 1 Markets

      • OHB.GR (OHB SE) -- outperform at Oddo

    • Other Actions

      • SECU.B.SS (Securitas) -- reinstated neutral at JPMorgan

      • SALM.NO (Salmar) -- re-instated buy at Arctic Securities

  • Data

    • Nikkei +0.64% to 66278.79

    • Hang Seng +0.73% to 25697.34

    • Shanghai Composite +0.55% to 3910.77

    • S&P futures (6.0) vs prior close of 7692.0

    • €-$ (0.0010) or (0.09%) to 1.1665

    • $-¥ (0.21) or (0.13%) to 159.01

  • Editor's Note: This comment was revised to to include futures in headline (26-Aug-2026, 01:56 ET)

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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