Sep 04 ,2026
Synopsis
European indices are set to open mixed with Asian equities strengthening. Hong Kong outperforming with cloud and model developers underpinning gains. Semis and memory producers driving upside in South Korea and Taiwan. Japan also higher.
S&P 500 futures unchanged.
Yen extended gains Thursday well beyond the Tokyo session, returning to a one-month high vs dollar in the 155 level. Attention among foreign press that initially highlighted suspected FX intervention and/or rate check died down, eventually conforming to the domestic narrative focused on recent policy rhetoric and BOJ rate hike expectations
In central banks, BOE Bailey speech and Q+A at 9:50BST at LSE TRIUM Annv. other speakers include L'Oréal's (OR.FP) chairman Agon at 11:50, Ferrari's (RACE) CEO Vigna at 12:10 and former UK government minister Ashton at 14:10, whilst ECB's Lane speech at 10:10BST at Irish Society for Women in Economics (ISWE)
US equities finished higher in Thursday trading, ending not far from best levels. Breadth was solidly positive; highest proportion of S&P 500 gainers to decliners since early August.
Economic: Germany Jul factory orders, Aug construction PMI, Italy Jul retail sales, Eurozone Jul retail sales, UK Aug construction PMI, Austria Q2 final GDP, Ireland Q2 final GDP
Earnings reported: (BELYS.BB) Belysse Group reports H1 adjusted EBITDA €16.8M vs year-ago €17.3M. (VIL.FP) Viel & Cie reports H1 net income attributable €77.3M, +12% vs year-ago €69.2M.
Politics/Macro/World News
Netherlands moves billions in gold to London in 'crisis preparedness' move (BBC )
Norway Wealth Fund proposes trimming Government bond holdings (BBG )
UK failing to capitalise on Brexit, top Trump trade official says (FT )
UK car sales log strongest August since 2018, preliminary data shows (Reuters)
BOE's pill fears Central Banks being pushed to finance deficits (BBG )
Top company news
Earnings/updates
VOW.GR (Volkswagen) -- Follow-up: Volkswagen unveils further details around Future Plan 2030
VIV.FP (Vivendi) -- reports H1 net income €28M vs year-ago €30M
SL.IM (Sanlorenzo) -- reports H1 net income €49.1M, +5% vs year-ago €46.6M; confirms its 2026 guidance in full
M&A
CABK.SM (CaixaBank) -- Banco BPI agrees to sell its 33.35% stake in Banco de Fomento de Angola to Congolian Financial for an initial €345M (post EU close 3-Sep)
VOW.GR (Volkswagen) -- Follow-up: Volkswagen unveils further details around Future Plan 2030
SPI.LN (Spire Healthcare Group) -- announces PUSU deadline in connection with Toscafund Asset Management offer extended to 4-Sep
EXX.SJ (Exxaro Resources) -- Stanmore Resources to acquire Moranbah South tenements from Exxaro for $105M (~A$145.8M)
Healthcare
IONS (Ionis Pharmaceuticals) -- FDA approves Zanvastro (zilganersen) injection for Alexander disease
IONS (Ionis Pharmaceuticals) -- issues press release on FDA approval of Zanvastro (zilganersen) injection for Alexander disease
FRE.GR (Fresenius) -- launches generic Sugammadex in Simplist ready-to-administer prefilled syringe in US
GNFT.FP (GENFIT) -- to host virtual KOL event focused on MASH diagnostics on 9-Sep-26
POXEL.FP (Poxel) -- appoints Laure-Hélène Mercier as Chair of the board effective 3-Sep-26
Other
VOW3.GR (Volkswagen) -- risks downgrade to 'junk' without sweeping cuts, warns top investor - FT
VOW3.GR (Volkswagen) -- Volkswagen's Supervisory board approves comprehensive future plan for the Group
ALO.FP (Alstom) -- confirms winning landmark C$4.7B contract to renew VIA Rail Canada's long-distance fleet
FGR.FP (Eiffage) -- announces contract to build two steel structures part of new Merwede Bridge in the Netherlands
Key rating changes
Upgrades
ATS.AV (AT & S Austria Technologie & Systemtechnik) -- to outperform from neutral at Oddo
BWLPG.NO (BW LPG) -- to buy from neutral at Sparebank 1 Markets
CON.GR (Continental) -- to outperform from neutral at Oddo
GTT.FP (Gaztransport & Technigaz) -- to buy from hold at Berenberg
PRY.IM (Prysmian) -- to outperform from neutral at Oddo
Downgrades
Daimler Truck Holding (DTG.GR) to equal-weight from overweight at Morgan Stanley
Kuehne & Nagel (KNIN.SW) downgraded to underweight from equal-weight at Morgan Stanley
Data
Nikkei +1.22% to 65000.18
Hang Seng +2.11% to 25744.26
Shanghai Composite +0.53% to 3963.01
S&P futures +8.0 vs prior close.
€-$ +0.0002 or +0.02% to 1.1628
$-¥ +0.53 or +0.34% to 156.33
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