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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.34%, DAX +0.31%, CAC40 +0.32%

Sep 23 ,2026

  • Synopsis

    • European equity markets are set for a positive open. Asia equities trading mixed Wednesday. Hong Kong and mainland China softer, contrasting with gains in South Korea, Taiwan and Australia. Japan remains closed for holiday. Sectors mixed across the region. Taiwan tech majors mostly firmer, South Korea mixed, Hong Kong and China lower. Follows solid 2.06% gain in SOX index though US big tech was mixed. META (META) fell back moderately following an outsized rally in the prior session. US Treasury futures up near overnight highs with no cash trading in Asia due to the Japan holiday.

    • Easing crude oil prices widely cited as the underlying driver overnight. Saudi restart of East-West pipeline alleviated supply concerns. Brent put options saw record volumes Tuesday. Sentiment also supported by signs of progress towards a US-Iran settlement, though tempered by Trump's indication that an agreement might be reached after the midterms. Iran reportedly offered to reopen the Strait of Hormuz within seven days if US eases military pressure. Lower oil and recent stabilization in US yields alleviated brakes on AI optimism. But META Muse implications posing a headwind against other sectors at risk of disruption/displacement. Some talk of markets hedging for slower Fed rate hikes reflecting views that risks are skewed to the downside from what's currently priced in.

    • Back in Europe, EU's Šefčovič meets with Andrew Puzder, US Ambassador to the European Union. In Germany, conference of agriculture ministers (AMK) (through Fri). German Insurance Association (GDV) Insurance Day, speakers include minister of justice Hubig, among others. Norway's minister of justice and emergency preparedness Aas-Hansen gives the opening speech at 10:00CET at Digital Robustness Conf (through Thu).

    • In central banks, ECB's Vujčić fireside chat at 9:00CET at Supervision Innovators Conf "Digital banking, digital supervision: innovation, resilience and scale" (through Thu) with Ireland central bank's McMunn speech at 14:00. Denmark central bank's Thomsen will present a new forecast for the Danish economy at press conf at 10:30CET, the same time as the bank's Nødgaard delivers speech at Nordic Fintech Week (through Thu). BOE's Smith speech at 14:00BST at Florence School of Banking and Finance whilst Bundesbank's Mauderer delivers a speech at 17:45CET at the general meeting of Austrian Society for Banking Studies.

    • IATA Cargo Experts Conf (through Thu) and Moody's Rating event at 8:30BST title The Future of Casualty & Financial Lines. Ahead of next week's event, press conf on the program of the East German Energy Forum topic of "Security in Uncertain Times".

    • Macro data due include Eurozone, France, Germany, UK Sep flash manufacturing/services PMIs, Portugal Q2 final GDP and Norway Aug unemployment rate.

    • Corporate updates include Adyen (ADYEN.NA) and EXOR (EXO.NA) in Benelux, while KWS SAAT (KWS.GR) reported FY results in DACHs and EFG International (EFGN.SW) resolved litigation with Kuwait's PIFSS. In Southern Europe, Pirelli (PIRC.IM) approved an approximately €1B U.S. investment plan. Elsewhere, Digia (DIGIA.FH) lowered its 2026 EBITA operating profit guidance.

  • Macro

    • Netherlands Q2 GDP +1.6% y/y vs preliminary +1.3%

      • +0.6% q/q vs preliminary +0.4%

    • Zelenskiy Says Russia Planning New Mass Attack On Ukraine - Reuters

    • Oil Tanker Costs Hit Record $1.2M A Day As Iran War Disrupts Shipping - FT

    • Burnham passes his first Trump test - but papers over the cracks - Politico

    • UK to fight Russian disinformation and push new global AI standards, Burnham says - BBC

    • Global banks warn UK windfall tax will trigger shift away from London - FT

  • Top company news

    • Earnings/updates

      • Benelux

        • ADYEN.NA (Adyen) -- appoints Niclas Neglen as CFO; effective 1-Feb-27

        • EXO.NA (EXOR) -- reports NAV per share at 30-Jun-26 €157.9 vs year-ago €180.42

        • NYR.BB (Nyrstar) -- reports H1 EBIT (€1.3M) vs year-ago (€2.9M)

      • DACHs

        • EFGN.SW (EFG International) -- EFG resolves litigation with PIFSS of Kuwait; settlement will result in a marginal additional impact of ~CHF5M

        • KWS.GR (KWS SAAT SE & Co. KGaA) -- reports FY EPS €4.80 vs FactSet €5.57 [4 est, €5.01-5.79]

      • France

        • ALSEN.FP (Sensorion) -- reports H1 net income (€20.7M) vs FactSet (€14.6M) [1 est]

      • Nordics

        • PYRUM.NO (Pyrum Innovations) -- reports H1 net income (€7.0M) vs year-ago (€4.6M); adjusts FY26 guidance downward

        • DIGIA.FH (Digia) -- lowers its 2026 guidance for EBITA operating profit; guidance for net sales remains unchanged

      • Southern Europe

        • PIRC.IM (Pirelli & C.) -- Pirelli's board approves U.S. multi-year investment plan of approximately €1B

    • M&A

      • ARCAD.NA (Arcadis) -- comments on WSP's decision to not proceed with its offer

      • MUX.GR (Mutares) -- sells Prénatal Netherlands (Moeder & Kind B.V.) to company's CEO, Jochem van Bueren, in fully financed transaction

      • INPST.NA (InPost) -- Offer for InPost declared unconditional ; delisting to take place on 23-Oct-26

      • LKOH.RU (Lukoil) -- US government and Gulf billionaires back Todd Boehly bid for Lukoil assets - FT

      • 2020.NO (2020 Bulkers) -- enters binding share purchase agreement to acquire AHTS AS

      • NOVN.SW (Novartis) -- BoomRay enters exclusive global license agreement with Novartis for novel radioligand therapy asset; Boomray to receive up to $900M, plus potential royalties (earlier, pre-open EU)

      • SHEL.LN (Shell Plc) -- completes sale of interest in Gulf of America platform as well as Coulomb tieback

      • ZIM (Zim Integrated Shipping Services) -- Hapag-Lloyd CEO headed to Israel to present new takeover offer Zim -- Calcalist

      • WAF.GR (Siltronic) -- Wacker Chemie to further reduce its stake in Siltronic; accelerated bookbuild launched for sale of ~2.2M shares in Siltronic

      • ARCAD.NA (ARCADIS) -- WSP withdraws proposed offer for Arcadis

      • GMI.SW (Groupe Minoteries) -- announces buyer for Steiner Mühle AG site in Zollbrück

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- willing to consider upgrading its US listing - FT

      • SAN.FP (Sanofi) -- Transcript Intelligence: Sanofi at Bank of America Global Healthcare Conference

      • ROP.SW (Roche Holding) -- Genentech announces Phase III IMAgINATION study evaluating investigational sefaxersen in adults with primary IgA nephropathy (IgAN) met its primary endpoint

      • FME.GR (Fresenius Medical Care) -- investigating cybersecurity incident involving unauthorized access to limited number of internal systems

      • GALD.SW (Galderma Group) -- to present 19 abstracts, including two oral presentations, at the 2026 EADV Congress, with new data on skin diseases and skin longevity

      • ONCIN.NO (Oncoinvent) -- completes 1.5M-share private placement priced at NOK90/sh

    • Other

      • KMAR.NO (Kongsberg Maritime) -- appoints Jan Erik Hoff as CFO on permanent basis; Hoff has served in the role on interim basis since June this year

      • OSE.FP (OSE Immunotherapeutics) -- announces presentation of Combi-TED Phase 2 Topline results of Tedopi in Non-Small Cell Lung Cancer at the ESMO 2026 Meeting

      • SAMPO.FH (Solidium Oy) -- offering of part of its holding in Sampo plc representing 70M A shares i.e. ~2.6% of the outstanding shares

      • WPP.LN (WPP Group) -- Diageo to name WPP CFO Joanne Wilson as its new CFO - Sky News

      • SKA.B.SS (Skanska) -- awarded $271.2M US Navy contract

      • EXO.NA (EXOR) -- announces €500M share buyback

      • RBI.AV (Raiffeisen Bank International) -- obtains default judgment against Rasperia in Austria

      • WCH.GR (Wacker Chemie) -- completes sale of shares in Siltronic

      • Interparfums, Inc. announces exclusive worldwide license agreement with PUMA (PUM.GR)

      • Nth Cycle announces binding term sheet for strategic partnership with Glencore with 10-year projected value of over $1B

      • Trump says meeting with Iran production; Meta AI agent raises disruption concerns in intraday themes (22-Sep)

  • Key rating changes

    • Upgrades

      • CABK.SM (CaixaBank) -- buy from neutral at UBS

      • Jefferies upgrades FR.FP; downgrades DCH.LN

      • BP.LN (BP) -- to overweight from neutral at JPMorgan

      • LSG.NO (Lerøy Seafood Group) -- to buy from hold at Pareto

    • Initiations

      • G1A.GR (GEA Group) -- market perform at Bernstein

      • ANDR.AV (Andritz) -- outperform at Bernstein

      • HPOL.B.SS (HEXPOL) -- buy at Pareto

      • KRN.GR (Krones) -- market perform at Bernstein

      • MTLN.LN (Metlen Energy & Metals Plc) -- overweight at JPMorgan

  • Data

    • Nikkei closed

    • Hang Seng (0.94%) to 24852.85

    • Shanghai Composite (0.39%) to 3936.79

    • S&P futures +5.5 vs prior close of 7831.8

    • €-$ (0.0024) or (0.21%) to 1.1425

    • $-¥ +0.29 or +0.18% to 157.68

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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