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Back to Daily DR Market Summary

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

Sep 10 ,2026

  • Synopsis

    • European equity markets are set to open flat to higher. Asian equities weaker Thursday. Japan, Hong Kong, South Korean, Taiwan and Australian benchmarks all notably lower. S&P 500 futures up slightly afterhours.

    • Fighting between US and Iran keeping crude elevated. Two sides increasingly engaging in ship warfare with Tehran vowing to escalate response to US strikes. While Trump said war going to end after midterm elections, media sources say White House advisers have warned conflict could last his entire term. Demand side of the equation getting more attention with China increasing crude purchases. Supply squeeze in refined fuels also fanning concerns about inflationary consequences.

    • European macro data releases out today include Germany Aug final CPI, Italy Jul industrial production, Spain Jul industrial production, Norway Aug CPI, Sweden Jul industrial production, Denmark Aug CPI, Netherlands Jul manufacturing production, Finland Jul industrial production, Austria Jul industrial production, Greece Jul industrial production, Ireland Aug CPI, Portugal Aug final CPI

    • The August 2026 RICS UK Residential Market Survey results continue to portray a relatively challenging backdrop, with activity indicators still in negative territory, albeit gradually moving off the lows recorded earlier in the year. New buyer enquiries series returned a net balance reading of -19% in August (represents the least negative reading since January, having become progressively less downbeat in each of the past five survey results). For agreed sales, the latest net balance reading of -17%, while

    • still consistent with a subdued backdrop, marks the least negative figure since February. Turning to house prices, the headline net balance of -28% is marginally improved from the -29% reading recorded in the previous survey

    • In central banks, ECB interest rate decision at 14:15CET. Benchmark interest rate expected to be increased +25bps to 2.65%. Press conf at 14:45, comments from Bundesbank's Nagel. Also see publication of ECB macroeconomic projections at 15:45CET. Turkey central bank interest rate decision at 13:00CET. Benchmark interest rated expected to be left unchanged at 37.0%. Czech central bank meeting to decide on setting the countercyclical capital buffer rate. Bundesbank's conf on the microstructure of financial markets (through Fri). OPEC oil market report. In politics, Chancellor Merz meets with the President of the United Arab Emirates, Sheikh Mohammed Bin Zayed, as part of the UAE's leader's State visit.

    • Ahead of general election, Swedish political party leaders in tv debate on TV4 at 20:00CET. EU's von der Leyen delivers a speech at the International Space Summit. EU's Albuquerque attends the ECON Committee for the Structured Dialogue and the presentation of the banking Report. Norway's minister of local government and regional development Skjæran speech at 8:30CET during the Housing Bank's housing conf. Elsewhere, Euractiv event at 12:30CET title Flying through global uncertainty - What is Europe's plan for aviation? panellists include two MEPs on the EP Transport Committee and Fitch Ratings event at 14:00BST title Romania and Poland: Fiscal Challenges and Credit Implications. Also, Rīga Conf (through Fri), Norway's minister of foreign affairs panellist at 13:30CET, EU's Dombrovskis fireside chat at 16:30CET title The EU's Place in The World and also a panellist on Fri at 9:00CET title Two Years from The Draghi Report: The State of EU's Competitiveness

    • On the corporate front, Porsche (P911.GR) completed the sale of its Bugatti Rimac and Rimac Group stakes for ~€1B in proceeds, also raising its FY26 Automotive Net Cash Flow Margin guidance. D'Ieteren Group (DIE.BB) beat H1 profits YoY (€482.4M vs €452.4M) while announcing a strategic review of minority stakes in Belron and a CEO change, with Francis Deprez stepping down in December to be replaced by Eric Machiels. Bayer (BAYN.GR) received FDA accelerated approval for sevabertinib in non-small cell lung cancer, while Roche (ROP.SW) secured FDA Priority Review for Enspryng in MOGAD. LVMH (MC.FP) faces sales headwinds in China following a logo-related backlash. AstraZeneca (AZN.LN) features at JPMorgan's CEO conference, and Intesa Sanpaolo (ISP.IM) holds an EGM vote on its Monte dei Paschi acquisition. Notable broker changes include Fortum (FORTUM.FH) upgraded by Goldman Sachs, JPMorgan and Danske Bank (note news yesterday Fortum and Google sign nuclear Power Purchase agreement), Novartis (NOVN.SW) upgraded to hold at HSBC. Key reporters today include Associated British Foods (ABF.LN) (trading update), Fevertree Drinks (FEVR.LN), Playtech (PTEC.LN), and Genus (GNS.LN).

  • Politics/Macro/World News

    • UK Aug house price balance (28%) vs consensus (31%), prior revised (29%) from (30%) - RICS

    • ECB to Hike Interest Rates Again as Iran War Fans Inflation - Bloomberg

  • Top company news

    • Earnings/updates

      • P911.GR (Porsche) -- completes sale of its stakes in Bugatti Rimac and Rimac Group; sale will generate proceeds of ~€1B; raises FY26 Automotive Net Cash Flow Margin guidance

      • DIE.BB (D'Ieteren Group) -- reports H1 adj profit before tax €482.4M vs year-ago €452.4M; maintains its guidance

      • ACE.IM (ACEA) -- reclassifies certain financial and economic data in previously reported H1 earnings; no changes to EBITDA or attributable net income (post EU close 9-Sep)

      • SCHP.FP (Seche Environnement) -- reports H1 net income €12.2M vs year-ago €15.9M

      • BIOVIC.B.SS (Biovica International) -- reports Q1 EPS (SEK0.07) vs year-ago (SEK0.18)

      • HAUTO.NO (Höegh Autoliners) -- Aug trading update: 1.2M cbm of transported cargo on prorated basis

      • LIN.FP (Linedata Services) -- reports H1 net income €7.5M vs year-ago €8.0M

      • Also reporting today

        • Earnings:

          • Benelux: Brederode (BREB.BB)

          • DACHs: BVZ Holding (BVZN.SW)

          • France: Savencia (SAVE.FP), Compagnie Chargeurs Invest (CRI.FP), Hoffmann Green Cement Technologies (ALHGR.FP)

          • Nordics: Puuilo (PUUILO.FH), ChemoMetec (CHEMM.DC), Biovica International (BIOVIC.B.SS)

          • Southern Europe: Avio (AVIO.IM), El.En. (ELN.IM), Orsero (ORS.IM), SYS-DAT (SYS.IM), FNM (FNM.IM)

          • UK: International Public Partnerships (INPP.LN), Genus (GNS.LN), Playtech (PTEC.LN), Oakley Capital Investments (OCI.LN), Fevertree Drinks (FEVR.LN)

          • Other: Glenveagh Properties (GVR.ID)

        • Trading Update:

          • Associated British Foods (ABF.LN)

        • Traffic: Flughafen Zuerich (FHZN.SW)

        • CMD/Events: AstraZeneca (AZN.LN) JPMorgan CEO conf, Intesa Sanpaolo (ISP.IM) EGM vote on issue of shares in connection with acquisition of Banca Monte dei Paschi di Siena, Truecaller (TRUE.B.SS) EGM vote on proposal to reduce the share capital, Irish Continental Group (IR5B.ID) EGM vote on offer from Bluefin Bidco

    • M&A

      • P911.GR (Porsche) -- completes sale of its stakes in Bugatti Rimac and Rimac Group; sale will generate proceeds of ~€1B; raises FY26 Automotive Net Cash Flow Margin guidance

      • CEM.IM (Cementir Holding) -- issues clarification on recent press rumors concerning CSN Cimentos

      • DIE.BB (D'Ieteren Group) -- announces review of strategic options for minority shareholders' stakes in Belron

      • SHLTN.SW (SHL Telemedicine) -- SHL completes acquisition of additional 27.5% of Mediton and remaining 30% of Medishur

      • NOL.NO (Northern Ocean) -- Northern Ocean reports Hemen Holdings holds ~83% of issued capital following offer

      • SERI.IM (Seri Industrial) -- announces appointment of expert on the fairness of the exchange ratio relating to merger into SE.R.I. S.p.A.

    • Healthcare

      • ROP.SW (Roche Holding) -- US FDA grants Priority Review for Roche's Enspryng for MOGAD, an autoimmune disease with no approved treatments

      • BAYN.GR (Bayer AG) -- FDA grants accelerated approval to sevabertinib for locally advanced or metastatic non-squamous non-small cell lung cancer

      • DBV.FP (DBV Technologies) -- Transcript Intelligence: DBV Technologies at Cantor Global Healthcare Conference

      • SOBI.SS (Swedish Orphan Biovitrum) -- Sobi receives US FDA Fast Track Designation for pacritinib in VEXAS syndrome

      • GNFT.FP (GENFIT) -- Transcript Intelligence: GENFIT Investor Meeting - Key Opinion Leader

      • OSE.FP (OSE Immunotherapeutics) -- Welcomes First Patient Dosed by Veloxis in the Phase 2 RENGEVITY-201 Trial Evaluating Pegrizeprument (VEL-101) for the Prevention of Organ Rejection in Kidney Transplant Recipients

    • Other

      • STMPA.FP (STMicroelectronics) -- Transcript Intelligence: STMicroelectronics at Citi Global TMT Conference

      • IHG.LN (InterContinental Hotels Group) -- and ALAND sign Master Development agreement to launch portfolio of Staybridge Suites in Australia

      • MC.FP (LVMH) -- sees its sales drop in China after Molly Tea logo case fuels backlash -- Bloomberg

      • BA.LN (BAE Systems) -- awarded $38.2M US Navy contract modification

      • DIE.BB (D'Ieteren Group) -- CEO Francis Deprez to step down in December; appoints as Eric Machiels as new CEO

      • HEM.SS (Hemnet Group) -- to pause share buy-back program

      • DOCM.SW (DocMorris) -- completes private placement of Convertible Bonds due 2031

      • 6LL.GR (Lime) -- Transcript Intelligence: Lime at Goldman Sachs Communacopia + Technology Conference

      • BOC Aviation to purchase twelve Airbus A320NEO aircraft from Airbus

      • Rio Tinto signs project agreement for Winu copper-gold mine

  • Key rating changes

    • Upgrades

      • TEF.SM (Telefonica) -- to neutral from underperform at BNP Paribas Exane

      • ADEN.SW (Adecco) -- to hold from underperform at Jefferies

      • SPIE.FP (SPIE) -- to buy from hold at Jefferies

      • NOVN.SW (Novartis) -- to hold from reduce at HSBC

      • AYV.FP (Ayvens) -- to outperform from neutral at Oddo

      • FORTUM.FH (Fortum) -- to neutral from sell at Goldman Sachs

      • FORTUM.FH (Fortum) -- to neutral from underweight at JPMorgan

      • SRG.IM (Snam) -- to buy from neutral at UBS

      • TE.FP (Technip Energies) -- to outperform from sector perform at RBC Capital Markets

      • FORTUM.FH (Fortum) -- to hold from sell at Danske Bank

    • Downgrades

      • TEL2.B.SS (Tele2) -- to neutral from outperform at BNP Paribas Exane

      • DCC.LN (DCC) -- to hold from buy at Jefferies

    • Initiations

      • ZEG.LN (Zegona Communications) -- initiated outperform at BNP Paribas Exane

      • ABVX.FP (Abivax) -- buy at Goldman Sachs

      • BA.LN (BAE Systems) -- neutral at BNP Paribas Exane

      • KOG.NO (Kongsberg Gruppen) -- buy at Deutsche Bank

      • GBF.GR (Bilfinger) -- hold at Berenberg

      • NTG.DC (NTG Nordic Transport Group) -- overweight at Morgan Stanley

  • Data

    • Nikkei (0.11%) to 65073.39

    • Hang Seng (1.32%) to 24940.89

    • Shanghai Composite (0.50%) to 3931.79

    • S&P futures +20.5 vs prior close of 7643.8

    • €-$ +0.0007 or +0.06% to 1.1640

    • $-¥ +0.04 or +0.03% to 153.58

    • €-¥ +0.13 or +0.07% to 178.76

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