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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.3%), CAC (0.2%)

Sep 01 ,2026

  • Synopsis:

    • European equity markets set to open marginally lower, with the UK playing catch up after Monday's bank holiday. Note European equity markets ended Monday's session lower, near worst levels

    • Asian equities mixed Tuesday. Taiwan outperforming with MediaTek leading semis after Nvidia (NVDA) agreed to invest $3.5B as part of company's $3.9B offshore convertible offering. Bond markets under pressure with Treasury 10Y yield at highest since early 2025. Market now pricing in ~38 bp of Fed tightening in 2026 following select hawkish takeaways from Fed Chair Warsh's Jackson Hole speech. JGB selloff continues with 10 yield scaling highest in 30 years.

    • European macro data releases out today include Italy, Spain, Sweden, Switzerland Aug manufacturing PMI as well as final reads for Eurozone, Grance, Germany, UK, Germany Jul retail sales, Italy Q2 final GDP, Aug preliminary CPI, Jul unemployment rate, Eurozone Aug flash CPI, Jul unemployment rate, Switzerland Jul retail sales, Finland Aug preliminary HICP, Netherlands Aug preliminary CPI, Jul retail sales, Austria Aug preliminary CPI, unemployment rate, UK Jul mortgage approvals, M4 money supply, Aug shop price inflation - BRC, house price index - Nationwide

    • On Tue, in central banks, Bundesbank's Köhler-Geib speech and panel discussion, ECB's Vujčić speech from 17:30CET at Berlin Business School. In politics, there's EU informal meeting of foreign affairs ministers (through Wed) and EU's Hansen holds a video conf. call with representatives of the agri-food sector on the impact of this summer's droughts and heatwaves. In the UK, Parliament returns after its summer recess, with MPs questions on Ukraine and the Strait of Hormuz, amongst others, whilst committee topics include New Towns: Bricks and Mortar at 14:45BST (gov. minister). Swedish government press conf. at 8:30CET following Food Price Commission's first report on food price developments after food VAT was halved. Elsewhere, EU Arctic Forum and Chatham House event at 14:00BST on implications of Iceland's EU referendum. In addition, there is the release of Aug new car registrations for France, Italy and Spain.

    • In corporate highlights, Swiss Life Holding [SLHN.SW] beat expectations with H1 net income of CHF649M (vs consensus CHF624.5M), announcing a new share buyback program alongside planned job reductions. Partners Group [PGHN.SW] missed on H1 net income at CHF502M (vs CHF553M consensus), though confirmed FY26 client demand guidance of $26-32B, with CEO David Layton transitioning to CIO. On the M&A front, activist fund Elliott Management has taken a position in Air Liquide [AI.FP], while PE firm Epiris is set to launch a formal recommended offer for Gamma Communications [GAMA.LN]. Glencore [GLEN.LN] took a significant $480M provision on its Radiant World exposure, and WPP [WPP.LN] is reportedly considering cutting ~1,000 jobs due to AI. Novartis [NOVN.SW] provided a positive catalyst with its Phase III remibrutinib trials meeting primary endpoints, and Reckitt [RKT.LN] received a favourable jury verdict in its infant formula litigation. Symrise [SY1.GR) to divest its Terpene Ingredients business to Mutares; transaction is expected to result in a non-cash disposal loss amounting to a mid-double-digit million-euro impact. Notable broker moves include upgrade of Reckitt to Overweight at JPMorgan, Straumann [STMN.SW] to Buy at UBS, and Symrise [SY1.GR] to Buy at Jefferies, while Givaudan [GIVN.SW] and Nordea [NDA.FI.FH] among stocks downgraded.

  • Macro headlines

    • UK Aug shop price inflation +1.5% vs consensus +1.0% and prior +0.9% - BRC

    • Burnham signals fresh moves on living costs as political battle lines harden - FT

  • Top company news:

    • Earnings/updates

      • SLHN.SW Swiss Life Holding reports H1 net income CHF649M vs FactSet CHF624.5M [4 est, CHF606-645M]; to launch new share buyback program; discloses job reductions

      • PGHN.SW Partners Group Holding reports H1 net income CHF502M vs consensus CHF553M; $26-32B in expected gross new client demand confirmed for FY26; Partners Group Holding announces rotations to the Executive Team; CEO David Layton to become new CIO

      • DOKA.SW dormakaba Holding reports FY net profit CHF97.0M vs FactSet CHF99.9M [8 est, CHF82.7-106.9M]

      • Also reporting today

        • Earnings:

          • Benelux: Aedifica (AED.BB), Van de Velde (VAN.BB)

          • DACHs: InnoTec TSS (TSS.GR)

          • Southern Europe: eDreams ODIGEO (EDR.SM)

          • UK: Bunzl (BNZL.LN), Ashtead Technology Holdings (AT.LN), Michelmersh Brick Holdings (MBH.LN)

        • Sales: Moscow Exchange MICEX-RTS (MOEX.RU)

        • CMD/Events: Continental (CON.GR) webcast at 14:00CET on new reporting structure from Q3 of 2026 onwards (registration link), Logwin (TGHN.GR), Medartis Holding (MED.SW) - Octavian, BELIMO Holding (BEAN.SW), Geratherm Medical (GME.GR), Hapag Lloyd (HLAG.GR) online event on current news at 11:00CET

    • M&A

      • AI.FP Elliott Management has acquired position in Air Liquide -- FT

      • SY1.GR Symrise to divest its Terpene Ingredients business to Mutares; transaction is expected to result in a non-cash disposal loss amounting to a mid-double-digit million-euro impact

      • GAMA.LN PE firm Epiris to launch today formal offer for Gamma Communications with recommendation expected from board -- tweet by Sky News Mark Kleinman

      • DOKA.SW dormakaba Holding to purchase Mankel family's 47.5% stake in operating business for CHF2.13B

    • Other

      • RKT.LN Reckitt's Mead Johnson comments on favorable jury verdict in Inman bellwether case in infant formula multi-district litigation

      • GLEN.LN (Glencore) -- has taken $480M provision on its exposure to Radiant World - Bloomberg

      • NOVN.SW Novartis announces Phase III REMODEL-1/-2 trials with remibrutinib met their primary endpoint

      • SRB.LN Serabi Gold CFO Colm Howlin has stepped down, effective 28-Aug

      • WPP.LN WPP may let 1K people go due to AI - FT

  • Key rating changes

    • Upgrades

      • ORSTED.DC Ørsted upgraded to outperform from sector perform at RBC Capital Markets

      • STMN.SW Straumann Holding upgraded to buy from neutral at UBS

      • SY1.GR Symrise upgraded to buy from hold at Jefferies

      • KAP.LN Kazatomprom upgraded to overweight from neutral at JPMorgan

      • RKT.LN Reckitt Benckiser upgraded to overweight from neutral at JPMorgan

      • DNB.NO DNB Bank upgraded to equal-weight from underweight at Morgan Stanley

      • SWED.A.SS Swedbank upgraded to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • ATEA.NO Atea downgraded to neutral from buy at Sparebank 1 Markets

      • SDLF.LN Standard Life downgraded to neutral from buy at UBS

      • GIVN.SW Givaudan downgraded to hold from buy at Jefferies

      • NDA.FI.FH Nordea Bank downgraded to equal-weight from overweight at Morgan Stanley

    • Other

      • KNOW.SS Knowit initiated neutral at Sparebank 1 Markets

      • CTEK.SS CTEK AB initiated buy at Sparebank 1 Markets

      • VIRI.FP Viridien initiated buy at Goldman Sachs

      • CLAS.B.SS Clas Ohlson initiated neutral at Sparebank 1 Markets

  • Data:

    • Nikkei +0.23% to 66465.66

    • Hang Seng (0.94%) to 25325.94

    • Shanghai Composite +0.10% to 3990.42

    • S&P futures +2.5 vs prior close of 7699.0

    • €-$ (0.0010) or (0.09%) to 1.1609

    • $-¥ +0.14 or +0.09% to 159.88

    • €-¥ (0.02) or (0.01%) to 185.56

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.
Please refer to "Terms Of Use".

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