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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.3%), DAX (0.3%), CAC (0.4%), IBEX (0.4%), MIB (0.3%)

Sep 24 ,2026

  • Synopsis

    • European equity markets set for a broadly lower start, extending losses from the previous session. Volatility in oil prices; slightly lower Thursday after ‌climbing 4% in the previous session as Iran said it remained open to diplomacy to end the US-Iran war, though the two countries remain far apart on ways to do so (Reuters). Asia equities trading mostly lower Thursday. Japan the outlier in a catch-up to prior US tech strength over the holidays. Upcoming Trump-Xi summit remains in the regional spotlight. Bessent told Fox News he reached agreement in a meeting with China Vice Premier He Lifeng to extend the trade truce until 10-Jan. Follows earlier encouraging remarks and flagged Trump and Xi could hold another two meetings this year in Shenzhen and Miami.

    • European macro data releases out today include Germany Sep business climate - IFO, France Sep consumer confidence, manufacturing business climate, Spain Aug PPI, UK Sep distributive trades - CBI, Finland Aug PPI.

    • European Automobile Manufacturers' Association (ACEA) August new car registrations for EU + EFTA + UK +5.3% y/y

    • In central banks, ECB's Schnabel opening conversation at 9:15CET at Women Economic Forum Europe. Riksbank and SNB interest rate decisions at 9:30CET with benchmark interest rates expected to be left unchanged at 1.75% and 0.0%, respectively. The former holds a press conf. at 10:30, the latter at 10:00. Norges Bank interest rate decision at 10:00CET and is expected to leave its benchmark interest rate at 4.25%, unchanged. Austria central bank press briefing at 11:00CET on the occasion of the presentation of the first edition of its market reports on residential and commercial real estate, the same time as Bundesbank's Theurer speaks at the presentation of the BaFin/Bundesbank smaller and less significant institutions (LSIs) stress test results. Also, ECB's Lane lecture at Univ. of Lausanne. Inaugural UK Macro Policy Forum 'Monetary Policy Outlook' sees BOE's Dhingra panellist at 10:30BST and Breeden fireside chat at 14:30. Riksbank's Thedéen speech at 13:30CET on the economic situation and current monetary policy at the West Sweden Chamber of Commerce. BOE's Lombardelli speech at 15:00BST at Poland central bank's Sixth Biennial Conf "Macroeconomic Policy in a Heterogeneous and Imperfectly Rational World". ECB's Montagner fireside chat at 16:45CET at BFF-EBF-SUERF conf "Simplifying Europe's financial services regulation and supervision". Bundesbank's Lienenkämper panellist at 18:00CET at event organised by Generali Deutschland.

    • In corporate news highlights, in M&A, Schneider Electric confirmed a €70/share cash offer for Shelly Group (SLYG.BU) in a deal valued at €1.2B, supported by founders. Continental (CON.GR) agreed to sell Conti Trade Australia to Tuhu Car for ~A$403M, while Quadient (QDT.FP) announced intentions to sell its Lockers business and sold its UK open network for €65M. On earnings, Trigano (TRI.FP) reported FY revenue of €3.80B, slightly below consensus of €3.83B, while OVS (OVS.IM) posted stronger H1 net income of €49.1M with a favourable H2 outlook. BHP Group (BHP.LN) suspended operations at Escondida following a fatal accident. European car registrations rose 5.3% y/y in August per ACEA. Notable broker moves included MTU (MTX.GR) upgraded to buy from sell at Citi, Sabadell (SAB.SM) upgraded to outperform at BNP Paribas, BMW (BMW.GR) downgraded to hold at HSBC, and Akzo Nobel (AKZA.NA) reinstated at Overweight by JPMorgan. Key companies reporting today include H&M (HM.B.SS), Vistry Group (VTY.LN), and Halma (HLMA.LN) trading update.

  • Macro/Politics

    • Global Bond Sell-off Deepens As Oil Holds Above $100 - FT

    • UK And Germany Among Economies Most Exposed To China - FT

    • Andy Burnham Signals He's Reluctant to Raise Taxes in UK Budget - Bloomberg

  • Top company news

    • Earnings/updates

      • CYAD.BB (Celyad Oncology) -- reports H1 net income (€1.2M) vs year-ago (€3.7M)

      • QDT.FP (Quadient) -- reports H1 net income from cont ops €21M vs year-ago €21M; comments on FY26 outlook and FY30 ambitions

      • TRI.FP (Trigano) -- Follow-up: Trigano reports FY revenue

      • TRI.FP (Trigano) -- reports FY revenue €3.80B vs FactSet €3.83B [8 est, €3.75-3.93B]

      • OVS.IM (OVS) -- reports H1 net income €49.1M vs year-ago €45.6M; expectations for H2 are favorable

      • ADMIE.GA (Admie Holdings (IPTO)) -- reports H1 adjusted net income €91.6M, +33% vs year-ago €68.8M

      • PHIL.IM (Philogen) -- reports H1 net income (€19.6M) vs year-ago (€14.9M)

      • Also reporting today

        • Earnings:

          • Benelux: Hyloris Pharmaceuticals (HYL.BB)

          • DACHs: Verbio (VBK.GR)

          • France: Transgene (TNG.FP)

          • Nordics: H&M Hennes & Mauritz (HM.B.SS)

          • Southern Europe: Solaria Energia (SLR.SM), Athens Water Supply & Sewage Co. (EYDAP.GA)

          • UK: Raspberry Pi Holdings (RPI.LN), CVS Group (CVSG.LN), Vistry Group (VTY.LN), DFS Furniture (DFS.LN), Capricorn Energy (CNE.LN), Hansard Global (HSD.LN), tinyBuild (TBLD.LN)

        • Trading Update:

          • UK: Halma (HLMA.LN), On The Beach Group (OTB.LN)

        • CMD/Events: C&C Group (CCR.LN), Victrex (VCX.LN), Arjo (ARJO.B.SS), Yit (YIT.FH), AKVA Group (AKVA.NO), HIAG Immobilien Holding (HIAG.SW), Solstad Offshore (SOGG.NO) EGM

    • M&A

      • FMC (FMC Corp) -- Tessenderlo Group completes minority equity investment in FMC Corp

      • CON.GR (Continental) -- Tuhu Car to acquire Conti Trade Australia from Continental at enterprise value of A$403M (HK$2.25B)

      • SLYG.BU (Shelly Group) -- Schneider Electric confirms €70/sh in cash offer for Shelly Group supported by founders in transaction valued at €1.2B

      • QDT.FP (Quadient) -- announces intention to sell Lockers business; sells UK open network for €65M

      • HLS.AU (Healius) -- agrees to terms on sale of Agilex Biolabs to Novotech - Australian Financial Review, citing people with knowledge of the matter

      • INTEA.B.SS (Intea Fastigheter AB) -- Holder Svenska Handelsbanken Pensionsstiftelse to place ~20.1M class D shares in Intea Fastigheter AB

      • Flock Safety exploring options including potential sale - Semafor

    • Healthcare

      • SAN.FP (Sanofi) -- NICE recommends Sanofi's Sarclisa with pomalidomide and dexamethasone to treat relapsed and refractory multiple myeloma

      • PHM.SM (Pharma Mar) -- UK MHRA approves Zepzelca for maintenance treatment of ES-SCLC in adults

      • HLS.AU (Healius) -- Trading halted in Healius pending announcement regarding the Agilex Biolabs sale process

    • Other

      • PSON.LN (Pearson) -- SEC filing: SCHEDULE 13D/A (Filed by Cevian Capital II GP LTD)

      • PSON.LN (Pearson) -- enters into relationship agreement with holder Cevian Capital's Alexander Svensson to serve on the board - 13D/A

      • AM.FP (Dassault Aviation) -- signs a cooperation agreement with AED Cluster Portugal

      • CDI.FP (Christian Dior) -- Christian Dior announces Arnault family group to pursue simplification of its corporate structures

      • SESG.FP (SES) -- confirms interim dividend of €0.25

      • AMG.NA (AMG Critical Materials) -- announces first day of trading on Frankfurt Stock Exchange is expected to be 30-Sep-26

      • HAFNI.NO (Hafnia) -- files for ordinary shares offering of indeterminate size - 424B5

      • HAFNI.NO (Hafnia) -- ordinary share offering to raise a gross armount of the NOK equivalent of ~$300M

      • BHP Group suspends operations at Escondida following fatal accident -- Reuters

      • European Automobile Manufacturers' Association (ACEA) August new car registrations for EU + EFTA + UK +5.3% y/y

      • Shell and partners set to double capacity of LNG Canada project -- Bloomberg

      • Trading halted in Healius pending announcement regarding the Agilex Biolabs sale process

      • U.S. Regulators plan to speed authorizations of vapes, tobacco pouches - media report

  • Key rating changes

    • Upgrades

      • SAB.SM (Banco de Sabadell) -- to outperform from neutral at BNP Paribas Exane

      • MTX.GR (MTU) -- to buy from sell at Citi

      • COV.FP (Covivio) -- to outperform from market perform at Bernstein

      • WDP.BB (Warehouses de Pauw) -- to outperform from market perform at Bernstein

      • TEL.NO Telenor upgraded to buy from hold at Kepler Cheuvreux (

    • Downgrades

      • GETI.B.SS (Getinge) -- to hold from buy at Pareto

      • HIAB.FH (Hiab) -- to hold from buy at SEB

      • SMIN.LN (Smiths Group) -- to neutral from buy at Citi

      • SGRO.LN (Segro) -- to market perform from outperform at Bernstein

      • BMW.GR (BMW) -- to hold from buy at HSBC

    • Initiations/other

      • MEDCL.FP (MedinCell) -- outperform at Oppenheimer (intraday, timing uncertain)

      • OPTIMA.GA (Optima Bank) -- buy at UBS

      • BYLOT.GA (Bally's Intralot) -- overweight at Barclays

      • ALWN.GA (Allwyn AG) -- equal weight at Barclays

      • AKZA.NA (Akzo Nobel) -- reinstated overweight at JPMorgan

  • Data

    • Nikkei +1.24% to 65822.61

    • Hang Seng (0.44%) to 24725.88

    • Shanghai Composite (0.82%) to 3904.38

    • S&P futures (23.3) vs prior close of 7772.5

    • €-$ (0.0007) or (0.06%) to 1.1379

    • $-¥ (0.12) or (0.08%) to 158.20

    • €-¥ (0.21) or (0.12%) to 180.04

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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