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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.03%), DAX +0.00%, CAC40 +0.04%

Sep 03 ,2026

  • Synopsis

    • European equity markets are set to open mixed, while Asian equities rebounding Thursday. South Korea outperforming amid mild recovery in memory majors. Japan and Taiwan logging moderate gains while Hong Kong off highs.

    • Semis and memory producers staging partial recovery following Wednesday drawdown. Bond market rebound helping AI and other growth pockets as yields reverse lower following recent backup. Sentiment getting lift from oil stabilization as markets weigh prospect an end to current round of fighting between US and Iran after Trump downplayed likelihood of extended campaign. Some attention also to positive revenue guidance updates from afterhours US tech reporters.

    • Crude stabilizing following almost 10% rally this week due to resumption of US strikes, Iranian retaliation against commercial vessels and American bases across region. President Trump said not interested in negotiations though added strikes will be short-lived with aim of combating Iranian efforts to threaten ships in Strait of Hormuz. Heightened tensions fanning concerns about impact on crude supply and refined products with particular focus on diesel.

    • Also on today's agenda, in central banks, Riksbank's Hjelm speech at 9:20CET at UBS Nordic Financial Services Conf. and Bundesbank's Köhler-Geib speech at 14:00CET at event hosted by International Bankers Forum. In politics, EU's Zaharieva takes part in the Central and Еastern Europe (CEE) AI Summit and there's EU informal meeting of the General Affairs Council (through Fri). Also, Baltic Energy conf. and Fitch Ratings webinar at 14:30BST title Global Reinsurance Outlook 2027: A Controlled Descent. It's the PUSU deadline in respect of Toscafund Asset Management possible offer for Spire Healthcare Group (SPI.LN). Germany Aug new car registrations ro be released.

    • European macro data releases out today include Italy, Spain, Sweden Aug services PMI and final reads for Eurozone, France, Germany, UK, Eurozone Jul PPI, Switzerland Q2 final GDP, Aug CPI.

    • In corporate news, Voltalia (VLTSA.FP) reported H1 earnings and announced it will suspend 2027 net result target and 2028 dividend payment. Also in France, SOITEC (SOI.FP) updated its guidance for 2027 due to accelerating demand for Photonics-SOI, greater visibility on near-term customer requirements, and the group's ability to adjust capacity to meet that demand. Elsewhere, Clas Ohlson (CLAS.B.SS) released its Q1 earnings numbers and confirmed its financial target. In M&A, bp (BP.LN) and Shell (SHEL.LN) have agreed terms for Shell to acquire a 50% stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil, in addition to a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene. Elsewhere, Bloomberg reported that Elliott Investment Management acquired a stake in Deutsche Telekom (DTE.GR) to oppose a full combination with T-Mobile US.

  • Politics/Macro/World News

    • Burnham tries to calm bond market fears as sell-off threatens crucial first budget - The Guardian

    • EU and Nato vow to step up pressure on Russia after 'new escalation' in Germany - BBC

    • Iran attacks targets in Kuwait again - Handelsblatt

    • Sweden's election frontrunner vows green reset - FT

    • Europe's Gas Gamble Risks Higher Prices in Global Supply Fight - Bloomberg

    • Europe's Industrial Firms Turning More Upbeat, Survey Suggests - Bloomberg

  • Top company news

    • Earnings/updates

      • SOI.FP (SOITEC) -- provides guidance update

      • VLTSA.FP (Voltalia) -- reports H1 net income (€43.3M) vs year-ago (€39.7M); suspends 2027 net result target and 2028 dividend payment

      • CLAS.B.SS (Clas Ohlson) -- reports Q1 EPS SEK4.75 vs FactSet SEK4.46 [5 est, SEK4.22-4.64]; confirms financial targets

      • INTEG.B.SS (Integrum) -- reports Q1 net income SEK1.2M vs year-ago (SEK12.5M)

      • GIMB.BB (Gimv) -- reports H1 NAVPS €57.2 vs €53.2 as at 31-Dec

      • REHN.SW (Romande Energie Holding) -- reports H1 net income CHF47.2M vs FactSet CHF45.9M [3 est, CHF32.7-55.1M]; remains confident ~H2 of the year

      • ZAG.AV (Zumtobel Group) -- reports Q1 net income €4.2M vs year-ago (€4.0M); outlook confirmed

      • Also due to report today includes:

        • Earnings:

          • France: Vivendi (VIV.FP)

          • Southern Europe: Sanlorenzo (SL.IM)

          • UK: Rosebank Industries (ROSE.LN), Grafton Group (GFTU.LN), Hilton Food Group (HFG.LN), Alfa Financial Software Holdings (ALFA.LN), Brooks MacDonald Group (BRK.LN), Camellia (CAM.LN), Tribal Group (TRB.LN), Gem Diamonds (GEMD.LN)

        • Trading Update:

          • France: Bastide Le Confort Medical (BLC.FP)

        • Sales: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), flatexDEGIRO (FTK.GR)

        • CMD/Events: Novartis (NOVN.SW) - Jefferies "Back to School" Healthcare Fireside Chat , Sto SE & Co (STO3.GR)

    • M&A

      • DTE.GR (Deutsche Telekom) -- Elliott reported to build stake in Deutsche Telekom - Bloomberg

      • APO (Apollo Global Management) -- Carlyle, Oaktree, and Bain among PE firms preparing bids for a minority stake in the Italian Serie A's international media rights business - Reuters

      • BP.LN (BP) -- Shell acquires 30% interest in Conifer exploration prospect operated by BP; terms not disclosed

      • BP.LN (BP) -- Follow-up: bp issues press release on sale of exploration prospect stakes to Shell

      • DTE.GR (Deutsche Telekom) -- Follow-up: Elliott builds stake in Deutsche Telekom - Bloomberg

      • DHER.GR (Delivery Hero) -- Delivery Hero's Management and Supervisory boards recommend shareholders accept Uber's takeover offer

      • SIKA.SW (Sika Group) -- Sika closes acquisition of Akkim

      • ARX.CN (ARC Resources) -- announces closing of acquisition by Shell

      • DOKA.SW (dormakaba Holding) -- Swiss Takeover Board rules that Mankel, Kaba families are not acting in concert with regards to dormakaba

      • BRKN.SW (Burkhalter Holding) -- acquires AZ systems holding AG; terms not disclosed

      • Abu Dhabi's G42 in early discussions to raise "billions of dollars" -- Bloomberg

      • Blackstone, Macquarie, JSW Neo, Inox Clean among bidders for Actis's BluPine Energy - Economic Times

    • Healthcare

      • JNJ (Johnson & Johnson) -- Johnson & Johnson's talquetamab injection to be granted breakthrough therapy designation by China's NMPA for combination use with pomalidomide in multiple myeloma

      • BAYN.GR (Bayer AG) -- releases presentation material in connection with its Crop Science investor event

      • IVA.FP (Inventiva) -- announces last patient visit in NATiV3 phase 3 clinical trial of lanifibranor in MASH

      • 13.HK (Hutchmed) -- signs licensing agreement with GSK for KRAS-EGFR-antibody conjugate cancer therapy

      • NYXH.BB (Nyxoah) -- announces ACCCESS U.S. pivotal study meets primary safety and efficacy endpoints in complete concentric collapse patients

      • BIOA.B.SS (BioArctic) -- China's NMPA approves BioArctic's Leqembi SC-AI formulation for initiation treatment

      • TNG.FP (Transgene) -- provides update on TG4050

      • OSE.FP (OSE Immunotherapeutics) -- Transcript Intelligence: OSE Immunotherapeutics Analyst Meeting - Key Opinion Leader

    • Other

      • VOD.LN (Vodafone Group) -- VodafoneThree to launch Vodafone TV in October; price undisclosed

      • ENI.IM (Eni) -- signs strategic contract in Venezuela and becomes Operator of the super giant Junín-5 oil field

      • HOLN.SW (Holcim) -- launches calcined clay line in the Czech Republic to scale its sustainable offering

      • EDEN.FP (Edenred) -- appoints Fabrizio Ruggiero as COO, Benefits & Engagement

      • Index changes: Confirmed changes to FTSE 100 announced, matching indicative changes announced 26-Aug

      • PepsiCo shifting global media account to Publicis Groupe from Omnicon - AdAge

  • Key rating changes

    • Upgrades

      • ARIS.IM (Ariston Holding) -- to equal-weight from underweight at Morgan Stanley

      • LR.FP (Legrand) -- to buy from hold at Deutsche Bank

      • NIBE.B.SS (NIBE Industrier) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • ESSITY.B.SS (Essity) -- to sell from buy at UBS

      • AT.LN (Ashtead Technology Holdings) -- to sector perform from outperform at RBC Capital Markets

    • Initiations

      • PRU.LN (Prudential) -- buy at Berenberg

      • SSE.LN (Scottish and Southern Energy) -- outperform at Bernstein

  • Data

    • Nikkei (0.39%) to 64073.02

    • Hang Seng (0.38%) to 25215.65

    • Shanghai Composite (0.17%) to 3934.65

    • S&P futures (0.3) vs prior close of 7676.5

    • €-$ +0.0009 or +0.08% to 1.1599

    • $-¥ (1.30) or (0.82%) to 157.41

    • €-¥ (1.34) or (0.73%) to 182.58

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