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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.07%), DAX (0.36%), CAC40 (0.32%)

Sep 18 ,2026

  • Synopsis

    • European indices are set to open lower while Asian equities are advancing. South Korea outperforming amid memory rally. Semis underpinning Taiwan's advance. Greater China firming amid strength in Hong Kong-listed tech platforms and AI model developers. Japan experiencing upswing in BOJ aftermath.

    • BOJ hiked by 25 bp as expected in a 7-2 vote. Cited inflation impacts from oil/Middle East.

    • US equities were higher in Thursday trading as S&P 500, Nasdaq both posted best day since 4-Aug. S&P 500 still slightly lower for the week, though Nasdaq fractionally higher WTD. AI trade a standout as semis/memory rallied, while big tech also saw solid gains.

    • Friday sees, in central banks, ECB release results of its latest consumer expectations survey at 10:00CET. Also, Eurogroup meeting at 9:00BT (arrivals from 7:45) - ECB's Lagarde and Cipollone among the attendees and an informal ECOFIN meeting at +/- 14:15BST (through Sat) - ECB's Lagarde, Cipollone and Buch among the attendees, with ECB Lagarde press conf at 12:30CET.

    • Economic data due today: Germany Aug PPI, UK Aug retail sales, Italy Jul construction output, Eurozone Jul construction output, Portugal Aug PPI

    • Earnings:

      • DACHs: Nuernberger Beteiligungs (NBG6.GR)

      • Southern Europe: Ellaktor (ELLAKTOR.GA)

  • Politics/Macro/World News

    • China presses Iran to help rein in Houthis after Saudi appeal, sources say (Reuters )

    • ECB to hold fire until final rate hike in December, survey shows (Bloomberg )

  • Top company news

    • Earnings/updates

      • REXR (Rexford Industrial Realty) -- completes $1.2B industrial portfolio sale

      • DG.FP (VINCI SA) -- Vinci reports Aug airport passenger traffic (0.8%) y/y

      • VIRP.FP (Virbac) -- reports H1 net income €87.1M, +6% vs year-ago €82.2M

      • SCT.LN (Softcat) -- to acquire GDT Topco for $1.05B

      • RBT.FP (Robertet) -- reports H1 net income €54.2M, (7%) vs year-ago €58.5M

      • BOI.FP (Boiron) -- reports H1 net income €4.9M vs year-ago €11.4M

    • M&A

      • EQT.SS (EQT AB) -- EQT Real Estate confirms the acquisition of logistics portfolio from Rexford Industrial Realty

      • SCT.LN (Softcat) -- to acquire GDT Topco for $1.05B

      • AES (AES Corp.) -- receives regulatory approval in Ohio for acquisition by consortium led by Global Infrastructure Partners and EQT - 8-K

      • HSBA.LN (HSBC Holdings) -- NAB is suspected to be looking at buying HSBC's Australian deposit book -- The Australian

      • REXR (Rexford Industrial Realty) -- completes $1.2B industrial portfolio sale

      • AX1.AU (Accent Group) -- Frasers Group extends on-market takeover offer period for Accent Group to 29-Jan

      • AKTR.GA (Intrakat SA of Technical & Energy Projects) -- Aktor and Depa sign MoU for the acquisition of 51% stake in a portfolio of Hybrid Renewable Energy/Battery Energy Storage projects

      • MGH.AU (MAAS Group) -- FIRB approves Heidelberg's proposed acquisition of MAAS's construction materials business

      • A1OS.GR (All for One Group) -- EU clears VINCI Energies' acquisition of All for One Group

    • Healthcare

      • ONCO.SS (Oncopeptides) -- announces EU's CHMP adopted a positive opinion recommending an extension of the therapeutic indication for Pepaxti (melflufen) to earlier lines of therapy

      • ADOC.FP (Adocia) -- to present AdoShell scalability and Phase 3 BioChaperone Lispro at EASD 2026

    • Other

      • NESN.SW (Nestle) -- notes Russia's presidential decree yesterday that places Nestlé Russia under temporary external administration; is assessing the situation and its options

      • DHL.GR (DHL Group) -- Transcript Intelligence: DHL Group Business Update Call

      • LHA.GR (Deutsche Lufthansa) -- exercises options for 20 Boeing 737 MAX 10 aircraft; part of 2023 order (post EU close 17-Sep)

      • SAAB.B.SS (Saab) -- awarded $51.5M US Navy contract modification (yesterday, post-close)

      • VK.FP (Vallourec) -- to supply premium tubular solutions for the first phase of the Prinos CO2 Carbon Storage project in Greece

      • FGR.FP (Eiffage) -- Eiffage, member of the NSORe JV, wins a second contract for an offshore converter station in Germany

      • AKRBP.NO (Aker BP) -- holder Nemesia offering 14M shares via a placement at NOK353/share - Bloomberg citing terms sheet

      • RBI.AV (Raiffeisen Bank International) -- denies allegations of Grizzly Research report

      • SCT.LN (Softcat) -- announces proposed equity issue to part-fund acquisition of GDT

      • SOI.FP (SOITEC) -- launches €500M convertible bond offering due 2033

      • TRMD.A.DC (TORM Plc) -- SEC filing: SCHEDULE 13D/A (Filed by Hafnia Ltd)

      • AAF.LN (Airtel Africa) -- said to trim IPO size to the ~$800M range from prior $1.5-$2.0B range as it looks to start the listing process next week - Bloomberg

      • CFM International awarded $489.7M US Navy contract (yesterday, post-close)

  • Key rating changes

    • Upgrades

      • IFX.GR (Infineon Technologies) upgraded to outperform from neutral at Oddo

      • V1NC.GR (Vincorion SE) upgraded to outperform from neutral at Oddo

      • BYIT.LN (Bytes Technology Group) -- to buy from hold at Berenberg

      • ORSTED.DC (Ørsted) -- to buy from hold at ABG Sundal Collier

      • R3NK.GR (Renk Group) -- to buy from neutral at Goldman Sachs

      • SOI.FP (SOITEC) -- to overweight from equal weight at Barclays

      • WIX.LN (Wickes Group) -- to hold from sell at Deutsche Numis

    • Downgrades

      • EL.FP (EssilorLuxottica) -- to reduce from buy at Kepler Cheuvreux (earlier, timing uncertain)

      • ORA.FP (Orange) -- to underweight from equal-weight at Morgan Stanley

      • BKT.SM (Bankinter) -- to hold from buy at Bestinver Securities

      • GBF.GR (Bilfinger) -- to market perform from outperform at Bernstein

    • Initiations

      • STMN.SW (Straumann Holding) -- re- buy at Berenberg

  • Data

    • Nikkei +1.80% to 65292.91

    • Hang Seng +0.82% to 24806.04

    • Shanghai Composite +1.06% to 3916.69

    • S&P futures +16.0 vs prior close of 7707.3

    • €-$ +0.0006 or +0.05% to 1.1482

    • $-¥ +1.33 or +0.85% to 157.31

    • €-¥ +1.60 or +0.89% to 180.60

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