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Back to Daily DR Market Summary

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

Sep 07 ,2026

  • Synopsis

    • European equity markets are set to open broadly flat to lower. Crude gaining after US and Iran traded more fire. Last week, European equity markets saw a negative weekly performance (Stoxx Europe 600 ended down (0.8%)). Firmer energy prices and a backup in yields were a headwind for regional markets and saw the Stoxx 600 hit its weakest level in over a month.

    • US closed Monday for Labor Day holiday. Asian equities mostly higher Monday. Japan, Taiwan and South Korea outperforming amid rally in semis and memory producers. Greater China mixed with Hong Kong pulling lower amid weakness in financials (major banks under some pressure after Beijing announced CNY300B ($45B) capital replenishment plan).

    • Middle East tensions keeping crude elevated near highest levels since late July. US and Iran remain locked in for tit-for-tat cycle after US struck more Iranian oil tankers in response to IRGC targeting naval ships. No signs of diplomatic off-ramp with US looking to squeeze Iran economically and Iran signaling escalation. US touting success of naval escort mission though actual number of barrels exiting Strait of Hormuz remains disputed by ship trackers.

    • Focus on political dynamics in Germany after the far-right Alternative for Germany (AfD) achieved its best-ever election result in the state election in Saxony-Anhalt. The AfD has reportedly secured 43.8% of the vote, with the conservative CDU on 17.2%, according to the state election commission's interim results. However, the party lacks the majority of seats in parliament needed to govern on its own.

    • In the UK, chancellor Healey plans to give his first major speech in ‌his new role, where he is set to argue UK economy can 'turn corner' despite bond market turmoil. He will also reportedly unveil a £150M fund for companies in the north of England. His speech comes ahead of next month's Budget.

    • In other macro news, Fitch upgraded Portugal to 'A+' from 'A', citing strengthened public finances. Greek PM Kyriakos Mitsotakis on Saturday unveiled a four-year economic plan that includes tax breaks and wage hikes for pensioners and employees, ahead of next year's election. The plan will cost €3.5B by 2030.

    • The measures, with a cost of €3.5 billion ($4.06 billion) by 2030, equal to 1.5% of GDP, include an annual bonus of €400 for pensioners and €500 for public servants, zero tax for up to €20,000 annual income for farmers and families with three children and a reduction of the advance tax payment for self-employed and businesses to 50%.

    • European macro data releases out today include Germany Jul industrial production, Eurozone Q2 final GDP, Sep Sentix economic index, Switzerland Aug unemployment rate, Sweden Aug preliminary CPI, Norway Jul manufacturing production, UK Aug house price index - Lloyds, Greece Q2 GDP, Jul trade balance Also today, Sentix publishes its latest economic outlook.

    • Elsewhere, press confs at Rendez-Vous de Septembre in Monte Carlo include Hannover Re (HNR1.GR) at 8:00CET, Swiss Re (SREN.SW) at 14:15. Euractiv event at17:30CET title Making Europe the New Silicon Valley of the World.

    • On the corporate front, the headline M&A news sees Spire Healthcare (SPI.LN) agreeing to a takeover by the Toscafund consortium at 250p/share in cash, while Multiconsult (MULTI.NO) and Rejlers AB have announced a cross-border merger, with Multiconsult shareholders set to own 54% of the combined entity. EQT AB (EQT.SS) is making a move on Australian firm Parratech in a deal valued at over A$1B. In healthcare, AstraZeneca (AZN.LN) received FDA approval for Etcamah (camizestrant) in first-line HER2- breast cancer with ESR1 mutation. On the negative side, Novartis (NOVN.SW) saw its pelacarsen Lp(a) Horizon Phase III trial fail to meet its primary endpoint. On the broker front, Admiral Group (ADM.LN) was upgraded to overweight at Morgan Stanley, while Ipsos (IPS.FP) was downgraded at Kepler Cheuvreux. Results due from Standard Life (SDLF.LN) and Ashmore Group (ASHM.LN).

  • Politics/Macro/World News

    • Germany's far-right AfD hails big victory in east, but falls short of majority (BBC)

    • AfD wants to form a government in Saxony-Anhalt - but how? (DW )

    • Bardella 'Certain' to Oppose Tax Increase in French Budget Fight (Bloomberg)

    • Chancellor to say UK economy 'turning a corner' despite bond market turmoil (BBC, Guardian )

    • EU set to give Greenland funding boost amid Trump threats (RTE)

    • Greek PM PM reiterates pledge to hold elections in spring 2027 (ekathimerini)

    • Greek PM unveils plan to boost incomes ahead of elections (Reuters )

    • Fitch Upgrades Portugal to 'A+'; Outlook Stable (link )

    • OPEC+ keeps oil output policy unchanged for October (Reuters )

  • Top company news

    • Earnings/updates

      • Earnings:

        • DACHs: Burkhalter Holding (BRKN.SW)

        • Southern Europe: Aeroporto Guglielmo Marconi di Bologna (ADB.IM), Valsoia (VLS.IM)

        • UK: Standard Life (SDLF.LN), Ashmore Group (ASHM.LN), Gamma Communications (GAMA.LN), IQE (IQE.LN), Concurrent Technologies (CNC.LN), Team Internet Group (TIG.LN)

      • Trading Update:

        • UK: Kainos Group (KNOS.LN)

    • M&A

      • SPI.LN (Spire Healthcare Group) -- Spire Healthcare agrees to be bought by Toscafund consortium for 250p/share in cash

      • MULTI.NO (Multiconsult) - Multiconsult ASA and Rejlers AB announce that their respective boards of Directors have adopted a joint cross-border merger plan for the combination of the companies under which each Multiconsult shareholder will receive 0.9725 Rejlers class B shares for every Multiconsult share, corresponding to 54% ownership for Multiconsult shareholders and 46% ownership for Rejlers shareholders in the combined company.

      • CTT.PL (CTT - Correios de Portugal) -- CTT - Correios de Portugal, Cajamar end talks over potential deal for Banco CTT - Bloomberg (17:26 CET)

      • EQT.SS (EQT AB) -- Parratech receives takeover offer from EQT AB valued at more than A$1B (€620M) -- Australian Financial Review

      • SIP.BB (Sipef) -- signs agreement to acquire Tiabam from AGRIBAM

      • Portugal to seek improved offers for TAP from Lufthansa, Air France-KLM - Bloomberg

      • After receiving approaches, Castore exploring sale - Sky News

      • EU clears Associated British Foods and Wilmar JV's acquisition of Hebei Mauri Food

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA approves Etcamah (camizestrant) in 1L HER2- breast cancer with ESR1 mutation

      • AZN.LN (AstraZeneca) -- Follow-up: FDA approves companion diagnostic for Etcamah in 1L HER2- breast cancer with ESR1 mutation

      • NOVN.SW (Novartis) -- announces pelacarsen Lp(a)Horizon Phase III trial did not meet its primary endpoint

      • ROIV (Roivant Sciences) -- Roivant to present topline results from PHocus study of mosliciguat 8-Sep, to host same-day investor call at 08:00 ET

      • ADXN.SW (Addex Therapeutics) -- SEC filing: SCHEDULE 13D/A (Filed by Dyer Timothy Mark)

    • Other

      • HNR1.GR (Hannover Re) -- comments on outlook for renewals as at 1-Jan-27; anticipates slightly lower prices with broadly stable terms and conditions

      • EL.FP (EssilorLuxottica) -- CEO revamps management roles after the departure of Leonardo Maria Del Vecchio - FT

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Jul

      • Estimated weekend box office revenues in US, Canada $88.5M, (29%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • ADM.LN (Admiral Group) -- to overweight from equal-weight at Morgan Stanley

      • ASC.LN (Asos) -- to equal weight from underweight at Barclays

      • GETI.B.SS (Getinge) -- to buy from hold at ABG Sundal Collier

      • ANE.SM (Corporación Acciona Energías Renovables) -- to buy from neutral at JB Capital Markets

      • ANA.SM (Acciona) -- to neutral from underweight at JB Capital Markets

    • Downgrades

      • IPS.FP (Ipsos) -- to hold from buy at Kepler Cheuvreux

      • ACKB.BB (Ackermans & Van Haaren) -- to neutral from outperform at Oddo

    • Initiations

      • R3NK.GR (Renk Group) -- equal-weight at Morgan Stanley

      • BC8.GR €36.24) initiated neutral with €38 target, 5% upside (FactSet average target €42.58; range €38-48)

      • Bytes Technology Group (BYIT.LN 423p) initiated underweight

  • Data

    • Nikkei +1.99% to 66314.52

    • Hang Seng (0.95%) to 25406.70

    • Shanghai Composite +0.17% to 3936.61

    • S&P futures (2.5) vs prior close of 7722.0

    • €-$ +0.0001 or +0.01% to 1.1615

    • $-¥ (0.24) or (0.15%) to 155.83

    • €-¥ (0.28) or (0.15%) to 180.96

    • WTI Crude (Oct 26): +$1.19 or +1.30% to $92.67

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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