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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.17%, DAX +0.34%, CAC40 +0.20%

Aug 28 ,2026

  • Synopsis

    • European equity markets are set to open higher, with Asian equities mostly higher Friday. Japan and Taiwan outperforming while South Korea pulling back amid weakness in memory majors. Hong Kong leading China market gains with mainland flat.

    • Focus on Fed Chair Warsh's speech at Jackson Hole later. Heightened anticipation amid the recent Treasury buybacks and implications for Fed policy. Lack of detail on the Fed's reaction function after the July FOMC has also led to uncertainty. Few articles have highlighted calls for Warsh to convince markets he will act decisively against inflation. There are thoughts that Warsh may avoid commenting directly on bond market or yields.

    • Still no concrete progress on reopening Strait of Hormuz, though recent reports said Iran and Oman reached an agreement on revenue sharing, raising hopes it could reopen soon. Secretary of Iran's Supreme National Security Council said Iran preparing a list of conditions for reopening Strait of Hormuz. US has rebuffed calls to return to June's MoU with media sources saying Trump has settled on strategy of continuing economic pressure. There are thoughts that US efforts in shuttling crude through the Strait is helping to cap oil prices.

    • Also on today's agenda, in central banks, ECB's Schnabel panellist at 17:55CET at Economic Policy Symposium in Jackson Hole. Former PM and Chancellor Gordon Brown at the Edinburgh International Book Festival at 11.45BST.

    • On the macro data front, French and Spanish flash CPI due. Confidence indicators will also be published from Eurozone, Italy and Switzerland. German unemployment data also on the agenda. In the UK, the Lloyds Bank business barometer rose to the highest level since the start of the Iran war and followed positive business sentiment indicator from Barclays on Thursday. Ahead of the UK's October budget, Treasury analysis shows wealth tax could lead to lower tax revenues. Other reports suggested PM Burnham is not expected to reform welfare spending until next year.

    • In earnings news, Flughafen Zuerich (FHZN.SW) reported H1 results broadly in line with consensus, guiding for ~3% passenger growth and EBITDA in line with the prior year, though consolidated profit is expected to decline due to fee reductions and the opening of Noida Airport. In Belgium, Ackermans & Van Haaren (ACKB.BB) reported H1 earnings, guiding for full-year net profit growth of more than 10%, while ecticel (RECT.BB) beat H1 estimates on revenue and adjusted EBITDA, guiding for full-year adjusted EBITDA of ~€70M. In Nordics, Hafnia (HAFNI.NO), BW LPG (BWLPG.NO), AF Gruppen (AFG.NO) and Intrum (INTRUM.SS) are amongst other companies in the region to update investors with their latest numbers.

  • Politics/Macro/World News

    • Welfare reform delayed until after budget - The Telegraph

    • Radical left Mélenchon courts Greens as presidential bid gains steam - Politico

    • EU industrial push strains ties with Switzerland and Norway - FT

    • Six EU net contributors demand hundreds of billions in cuts to bloc's long-term budget - Reuters

    • Iran war diplomacy turns toward reopening Strait of Hormuz - Reuters

    • Russia says UK 'playing with fire' amid reports CIA chief has warned Kremlin not to attack Nato - The Guardian

    • Government parliamentary groups want to make Germany more resilient by the end of the year - Handelsblatt

  • Top company news

    • Earnings/updates

      • DAHCs

        • FHZN.SW (Flughafen Zuerich) -- reports H1 net income attributable CHF163.7M vs FactSet CHF165.4M [4 est, CHF159-170.7M]

        • STR.AV (STRABAG SE) -- reports H1 net income €119.9M vs FactSet €124.2M [1 est]

        • CFT.SW (Cie Financiere Tradition) -- reports H1 IFRS net income CHF79.1M vs FactSet CHF75.1M [2 est, CHF73.1-77M]

        • BTS.AV (Bank fur Tirol und Vorarlberg) -- publishes H1 Report

        • V3V.GR (FamiCord) -- reports Q2 EPS (€0.06) vs year-ago €0.04

      • France

        • DG.FP (VINCI SA) -- VINCI reports Jul airport passenger traffic +0.4% y/y

      • Nordics

        • PRS.NO (Prosafe) -- reports Q2 EBITDA $9.7M vs FactSet $6.5M [2 est, $5-8M]

        • SIVE.SS (Sivers Semiconductors) -- reports Q2 EPS (SEK0.38) vs FactSet (SEK0.10) [1 est]

        • VOIM.NO (VOIM ASA) -- reports H1 EPS ($0.03) vs year-ago $0.01

        • VTURA.NO (Ventura Offshore Holding) -- reports Q2 EPS $0.19 vs FactSet $0.06 [3 est, $0.05-0.08]

        • INTRUM.SS (Intrum) -- reports Q2 EPS SEK1.32 vs FactSet SEK0.22 [2 est, SEK0.16-0.28]

        • TRMED.NO (Thor Medical) -- reports H1 net income (NOK56.8M) vs year-ago (NOK31.8M)

        • BWLPG.NO (BW LPG) -- reports Q2 EPS $0.79 vs FactSet $1.17 [7 est, $1.04-1.31]

        • PLSV.NO (Paratus Energy Services) -- reports Q2 EPS $0.02

        • AFG.NO (AF Gruppen) -- reports Q2 EPS NOK2.99 vs FactSet NOK2.50 [3 est, NOK2.27-2.62]

        • TOBII.SS (Tobii) -- reports Q2 EPS (SEK0.02) vs FactSet SEK0.02 [1 est] (unclear if comparable); continues to conduct strategic review

        • HAFNI.NO (Hafnia) -- reports Q2 EPS $0.55 vs FactSet $0.54 [9 est, $0.50-0.61]

      • Benelux

        • ECMPA.NA (Eurocommercial Properties) -- reports H1 direct investment result per share €1.26 vs year-ago €1.25

        • RECT.BB (Recticel) -- reports H1 operating income €18.6M ex-items vs FactSet €16.3M [1 est]

        • ACKB.BB (Ackermans & Van Haaren) -- reports H1 net income €339.6M, +24% vs year-ago €273.2M

      • Also due to report today includes:

        • Earnings:

          • Austria: CPI Europe (CPI.AV)

          • Benelux: KBC Ancora (KBCA.BB)

          • Denmark: PARKEN Sport & Entertainment (PARKEN.DC), HusCompagniet (HUSCO.DC)

          • Finland: Aiforia Technologies (AIFORIA.FH)

          • Germany: Allane (LNSX.GR)

          • Other: Aeroflot (AFLT.RU)

          • Sweden: KDventures AB (KDV.B.SS)

          • Switzerland: Jungfraubahn Holding (JFN.SW), Edisun Power Europe (ESUN.SW)

    • M&A

      • VOTR.GR (Voltabox) -- Voltatron acquires Kurz Elektronik GmbH for cash and new shares; updates guidance

      • SHEL.LN (Shell Plc) -- has ended multi-year talks with Unimot SA over stake in Schwedt refinery in Germany - Bloomberg

      • AES (AES Corp.) -- announces CFIUS approval for acquisition by consortium led by Global Infrastructure Partners and EQT - 8-K

      • DBRG (DigitalBridge Group) -- confirms entrance into an agreement to acquire PLUS ES; financial terms undisclosed

      • G.IM (Assicurazioni Generali) -- will evaluate MPS's proposal for Banca Generali

      • IR5B.ID (Irish Continental Group) -- adjourns Scheme Meetings to 10-Sep

      • Anthropic discussed acquiring MatX for $7B - Reuters, citing people briefed on the matter

    • Healthcare

      • NVAX (Novavax, Inc.) -- FDA approves Nuvaxovid 2026-27 formula; all three COVID-19 vaccines now authorized

    • Other

      • DSY.FP (Dassault Systemes) -- releases sustainability report

      • DG.FP (VINCI SA) -- VINCI reports Jul Autoroutes' intercity networks traffic (1.8%) y/y

      • EVK.GR (Evonik Industries) -- announces investment in new GMP drug product manufacturing facility to expand lipid-based drug delivery capabilities

      • CADLR.NO (Cadeler) -- files form F-4 for redomiciliation to the UK

  • Key rating changes

    • Upgrades

      • ITP.FP (Interparfums) -- to outperform from neutral at Oddo

      • SHEL.LN (Shell Plc) -- to buy from hold at Erste Group

      • SIE.GR (Siemens AG) -- to buy from hold at Erste Group

    • Downgrades

      • FLS.DC (FLSmidth & Co.) -- to hold from buy at Danske Bank, we're told (earlier, timing uncertain)

      • 8TRA.GR (TRATON) -- to neutral from buy at UBS

      • BOL.SS (Boliden) -- to hold from buy at Handelsbanken

      • ABBN.SW (ABB Limited) -- to hold from buy at Erste Group

      • Tesco plc (TSCO.LN) -- to hold from buy at Erste Group

    • Initiations

      • SDZ.SW (Sandoz Group) -- initiated buy at Erste Group

  • Data

    • Nikkei +0.38% to 66380.62

    • Hang Seng +0.37% to 25660.74

    • Shanghai Composite +0.01% to 3956.88

    • S&P futures (9.5) vs prior close of 7742.5

    • €-$ (0.0006) or (0.05%) to 1.1646

    • $-¥ +0.12 or +0.07% to 159.51

    • €-¥ +0.02 or +0.01% to 185.74

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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