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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.63%, DAX +0.62%, CAC40 +0.15%

Sep 30 ,2026

  • Synopsis

    • European equity markets are set for a positive open amidst mixed Asian equities Wednesday. Japan and Taiwan leading while South Korea erased opening gains. Greater China benchmarks little changed. S&P 500 futures higher afterhours. Bonds firming with Treasury yields down 1-2 bp at the long end. Japan 2Y yield holding declines after auction drew firmer demand than prior month's sale. Aussie curve bull steepening following soft CPI.

    • Rates stabilizing after Treasury 30Y yield touched highest in 24 years. Some reprieve from pullback in oil, and NY Fed's Williams downplaying urgency for near-term hike. Hawkish trend in monetary policy expectations, inflation pressures stemming in large part from higher oil prices and broadening Middle East conflict, AI investment boom, resilient US economic growth, and fiscal concerns remain the more widely cited drivers of the yield backup.

    • UK auto output rebounded in August. Dovish MPC member Taylor said he did not see a compelling case for a rate hike after hawkish-leaning comments from senior officials late last week. Press digests PM Burnham's speech from Tuesday, which include nationalization of utilities, changes to the state pension guarantee, electoral reform and closer ties with Europe.

    • Informal meeting of EU health ministers (through Thu). Chancellor Merz will deliver a keynote address at the annual meeting of the "Made for Germany" initiative, and at the conclusion of the event will hold a joint press statement with the CEO's of Siemens (SIE.GR) and Deutsche Bank (DBK.GR). EU's Šefčovič participates in the G20 Trade Ministerial (through Thu).

    • In central banks, ECB's Elderson panellist at 4:20CET at 24th International Conf of Banking Supervisors. Riksbank's Jansson gives a speech at 8:30BST about the economic situation and the latest interest rate decision at a breakfast seminar arranged by Nordea. ISDA Derivatives Trading and Treasury Forum sees BOE's Benjamin speaking at 11:25BST and Evans panellist at 14:50. LSE's CFM-RCM Lecture Series speaker at 18:00BST is the Honorary Governor of the Bank of France Villeroy. Riksbank releases minutes of last MPC meeting at 9:30CET. BOE releases minutes of last FPC meeting and SNB Quaretrly Bulletin is released at 15:00CET. Among the central bankers, politicians and company execs speaking at 8th Annual EC-EIB-ESM Capital Markets Seminar: Financing Europe, is ECB's Schnabel at 17:45CET.

    • A busy macro front sees Germany Sep unemployment rate, preliminary CPI, Aug retail sales, France Aug consumer goods spending, PPI, Sep preliminary CPI, Italy Sep business/consumer confidence, preliminary CPI, UK Q2 final GDP, Sep house price index - Nationwide, Switzerland Sep economic sentiment index, Netherlands Aug PPI, Sweden Aug retail sales, Denmark Q2 final GDP, Aug unemployment rate, Greece Jul retail sales, Aug unemployment rate, PPI, Portugal Sep preliminary CPI, Aug unemployment rate, retail sales, Ireland Sep unemployment rate, Austria Aug PPI

    • A slow earnings calendar sees Avantium (AVTX.NA), Santhera Pharmaceuticals Holding (SANN.SW), SkiStar (SKIS.B.SS) and GenSight Biologics (SIGHT.FP) out with reports.

  • Macro

    • Move to rejoin EU among options for UK, says Burnham - BBC

    • UK business morale hits 17-month low, Lloyds says - Reuters

    • Vanguard warns France is 'degrading credit' as borrowing costs surge - FT

  • Top company news

    • Earnings/updates

      • Benelux

        • AVTX.NA (Avantium) -- reports H1 EPS (€0.88) vs year-ago (€1.08)

      • DACHs

        • SANN.SW (Santhera Pharmaceuticals Holding) -- reports H1 EPS (CHF1.50) vs year-ago (CHF3.04)

      • Nordics

        • SKIS.B.SS (SkiStar) -- reports Q4 EPS (SEK2.87) vs FactSet (SEK3.11) [4 est, (SEK3.20)-(3.00)]

      • Southern Europe

        • SIGHT.FP (GenSight Biologics) -- reports H1 net income €10.3M vs year-ago €7.0M

        • ALTHX.FP (THX Pharma) -- reports H1 net income (€0.1M) vs year-ago (€1.1M)

        • JUVE.IM (Juventus Football Club) -- reports FY net income (€66.0M) vs year-ago (€58.1M)

    • M&A

      • TRIFOR.DC (Trifork Group) -- convenes EGM to approve special dividend and increase capital band

      • ARCAD.NA (Arcadis) -- to sell majority of its Greater China business to management team; terms undisclosed

      • XERS (Xeris Biopharma Holdings) -- H. Lundbeck (HLUN.B.DC) has expressed interest in buying Xeris Biopharma Holdings -- Bloomberg

      • TRN.IM (TERNA Rete Elettrica Nazionale) -- completes the sale of its electricity transmission assets in Peru

      • AKER.NO (Aker ASA) -- announces conditions for completion of merger with Aker BioMarine satisfied; merger to take place on 1-Oct-26 after the close

      • LOGI.B.SS (Logistea) -- acquires ~SEK1.01M portfolio in Denmark

      • HWG.LN (Harworth Group) -- Goodweather Holdings offer for Harworth Group declared unconditional

      • ANIC.LN (Agronomics) -- Agronomics provides update on Liberation Bioindustries

    • Healthcare

      • CANTA.SS (Cantargia) -- announced the presentation of a poster on nadunolimab in combination with RAS inhibition in pancreatic ductal adenocarcinoma (PDAC) at the AACR Conference on Pancreatic Cancer

      • ROP.SW (Roche Holding) -- Genentech's Fenebrutinib Is the First BTK Inhibitor to Receive U.S. FDA Filing Acceptance in Both Relapsing and Primary Progressive Multiple Sclerosis

      • ROP.SW (Roche Holding) -- Roche launches newborn screening test for three severe genetic conditions

      • UCB.BB (UCB) -- presents new data at EADV 2026 supporting earlier use of BIMZELX for treating hidradenitis suppurativa

      • GMAB.DC (Genmab) -- NICE recommends Genmab's Darzalex with bortezomib, lenalidomide and dexamethasone for untreated multiple myeloma when a stem cell transplant is suitable

      • DBV.FP (DBV Technologies) -- submits BLA to FDA for VIASKIN Peanut Patch in children aged 4-7 Years

      • FRE.GR (Fresenius) -- FDA publishes warning letter sent to Fresenius Kabi for CGMP violations observed at Illinois facility

      • ZEAL.DC (Zealand Pharma) -- to present additional data from Phase 2 ZUPREME-1 trial for petrelintide at EASD

      • GALD.SW (Galderma Group) -- Galderma's New Data Show Sustained Improvements with Nemluvio (nemolizumab) for up to Three Years in Patients With Moderate-to-severe Atopic Dermatitis

      • EKTA.B.SS (Elekta) -- announces new phase 2 data on the Leksell Gamma Knife at ASTRO

      • ALM.SM (Almirall) -- to show new data for its biologic treatments, lebrikizumab in AD and tildrakizumab in PsO at EADV 2026

      • RENX.LN (Renalytix) -- Transcript Intelligence: Renalytix Investor Meeting

    • Other

      • 1AST.GR (ETV Montana Tech Holding) -- successfully completes placement of 500,000 shares in ASTA Energy Solutions AG at €60.00 per share

      • NDX1.GR (Nordex Group) -- secures 175 MW of new orders in France, Portugal and Spain

      • MAIRE.IM (MAIRE) -- awarded licensing, process design package and proprietary equipment supply in China based on its NX STAMI urea technology

      • BA.LN (BAE Systems) -- awarded $137.7M US Navy contract

      • LR.FP (Legrand) -- Transcript Intelligence: Legrand Capital Markets Day

      • IDR.SM (Indra Sistemas) -- announces management changes

      • NKT.DC (NKT A/S) -- Transcript Intelligence: NKT A/S Investor Day

      • KOG.NO (Kongsberg Gruppen) --

        • announces NOK 10B contract for NASAMS air defense system

        • announces NOK 1.5B contract with the Netherlands

      • Corby Spirit & Wine announces extension of Hiram Walker agreements

      • UK August vehicle manufacturing +5.7% y/y to 40,872 units - SMMT

  • Key rating changes

    • Upgrades

      • NKT.DC (NKT) -- to hold from reduce at Kepler Cheuvreux

      • BAER.SW (Julius Baer Group) -- equal-weight from underweight at Morgan Stanley

      • NSI.NA (NSI) -- neutral from underperform at Oddo

      • Macquarie upgrades GGP.AU, GGP.LN, WAF.AU; downgrades DPM.AU, DPM.CN (pre-Australia open)

      • Macquarie upgrades RIO.AU, RIO.LN; downgrades AMI.AU

      • Oddo upgrades FORTUM.FH, RED.SM, VER.AV; downgrades ENG.SM

      • Pareto upgrades DIS.IM, TRMD.A.DC

      • HAFNI.NO (Hafnia) -- to buy from hold at Pareto

      • KOG.NO (Kongsberg Gruppen) -- to buy from hold at DNB Carnegie

    • Downgrades

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- underperform from neutral at Oddo

      • CBK.GR (Commerzbank) -- to hold from buy at Deutsche Bank

      • G.IM (Assicurazioni Generali) -- to hold from buy at Jefferies

    • Initiations

      • DOCM.SW (DocMorris) -- overweight at Cantor Fitzgerald

      • SINCH.SS (Sinch) -- sell at Pareto

      • ZEG.LN (Zegona Communications) -- buy at Goldman Sachs

  • Data

    • Nikkei +2.12% to 66870.76

    • Hang Seng +0.04% to 24534.40

    • Shanghai Composite +0.41% to 3846.12

    • S&P futures +13.3 vs prior close of 7732.0

    • €-$ +0.0000 or +0.00% to 1.1342

    • $-¥ (0.38) or (0.24%) to 156.91

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