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
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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