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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.4%), DAX (0.4%), CAC (0.2%)

Oct 01 ,2026

  • Synopsis

    • European equity markets set to open broadly lower as a new quarter gets underway. In Q3, European indices saw mixed performances with STOXX 600 (0.69%), FTSE 100 +1.22%, DAX +0.63%, CAC 40 (4.47%) for the quarter. European equities spent Q3 swinging between record highs and rising anxiety. Some of those anxieties certainly remain including high bond yields and geopolitical tensions.

    • Oil prices lower. Reuters source said Iran has received US response to its proposal to revive ceasefire. While two sides mostly agree on the steps, sequencing remains the sticking point. Fits with other reports this week noting two sides remain at a stalemate with US wanting firmer commitments on nuclear issue and rejecting Iran's demands to return to June MoU. President Trump threatening to resume military conflict, declaring conflict will end soon "one way or the other." US rejection of Iran's offer to reopen Hormuz backed by its view Tehran has lost leverage over the strait. According to Kpler, Hormuz seven-day crude volumes averaging 13.5M bpd, matching pre-war levels (CNBC). Middle East crude volumes have reached 19.5M bpd, above pre-war level of about 17M bpd. Greater concern revolves around refined fuels, with Hormuz seven-day average totalling 677K bpd compared to 3.6M bpd pre-conflict. With diesel prices at record high President Trump said he is still thinking about an export ban but signalled skepticism after warning that doing so could negatively impact gasoline (CNBC)

    • US equities ended mostly lower in Wednesday trading, near worst levels. Stocks faded into the close, finishing near session lows despite Mag 7 outperformance. Breadth was negative, as the equal-weight S&P lagged the cap-weighted index, on track for a seventh straight weekly decline. After hours, Micron's (MU) revenue and guidance topped estimates, though flagged narrower margins due to increased employee compensation. Anticipates tight memory market through 2028, upgraded financial commitments under long-term customer agreements and locked in most of its 2027 HBM supply agreements.

    • Asian equities mostly higher Thursday. BOJ Tankan showed Japan manufacturer and non-manufacturer sentiment remained elevated though large firm capex projections were softer. BOJ Summary of Opinions showed some members backed further rate hikes amid upside inflation risks.

    • European macro data releases out today include Italy, Spain, Sweden, Switzerland Sep manufacturing PMIs as well as final reads for Eurozone, France, Germany and UK, Italy Aug unemployment rate, Eurozone Aug unemployment rate, Switzerland Sep CPI, Aug retail sales, Netherlands Aug retail sales, Austria Sep unemployment rate, Ireland Sep HICP rate. France, Italy, Spain Sep new car registrations are due for release.

    • In central banks, ECB's Machado speech/panellist at 9:30CET at Alvarez & Marsal Crisis Management Forum and Cipollone remarks/panellist at 10:20CET at Eurocommerce's Payments Day. A conf in celebration of Charles Goodhart hosted by BOE includes opening remarks by BOE's Bailey at 9:00BST and ECB's Schnabel panellist at 16:30. Irish Funds Annual Global Funds Conf sees Taoiseach Martin address at 10:10BST and Ireland central bank's Makhlouf speech at 10:15. OMFIF achievement award for Bank of France's Villeroy and fireside chat with Bundesbank's Nagel from 10:30BST (livestream). Bundesbank's Köhler-Geib is a panellist at 11:30CET at event organised by Jacques Delors Friends of Europe Foundation. ECB's Montagner speech at 12:15CET at S&P Global Ratings' European Financial Institutions Conf. Riksbank's Jansson gives a speech at 11:30BST at the Swedish Chamber of Commerce in Great Britain about the economic situation and Swedish monetary policy. BOE's Mann speech at 13:00BST at Nomura investor conf and Mills speech at 14:10 at Hogan Lovells and Global Digital Finance Digital Assets Summit. TSI-Kongress (through Fri) sees Bundesbank's Theurer speech at 14:30CET, whilst other speakers include Commerzbank's CEO at 10:00. ECB's Lagarde welcome address at 15:30CET and chairs panel at 15:45 at 10th annual conf of the European Systemic Risk Board (through Fri). Netherlands central bank's Sleijpen speech at 16:00CET at event hosted by Sustainable Finance Cluster. Chancellor Merz will hold bilateral talks with both the Dutch PM Jetten and the NATO Secretary General Rutte, focusing on security, European, and foreign policy issues. EU Home Affairs Council meets. EU's Serafin delivers a speech at the Capital Markets Seminar in Luxembourg. Amongst events are Baltic Digital Euro conf and Tech Strategy Summit.

    • In corporate news highlights, in M&A, Fresenius [FRE.GR] made a significant move acquiring the remaining 45% of mAbxience for up to €750M, fully consolidating its biosimilars platform. Land Securities [LAND.LN] is expected to raise equity to fund a rumoured £500M acquisition of Metrocentre, while Air France and Lufthansa submitted improved binding offers for a stake in TAP. Nu Holdings [NU] clarified it is not pursuing a deal with Monzo. On the healthcare front, Roche [ROP.SW] reported positive Phase III data for Genentech's Giredestrant in ER-positive advanced breast cancer. Sika [SIKA.SW] hosting an investor day highlighting growth initiatives including its Fast Forward program and the Akkim acquisition. Continental [CON.GR] shares expected to open higher following upbeat pre-close call BT Group [BT.A.LN] is in focus after reports that Epiris sought a waiver on Openreach payments tied to a potential TalkTalk rescue deal. Partners Group [PGHN.SW] may raise eyebrows after its Global Value Fund informed investors it cannot meet redemption requests for June-August. Notable broker moves: Berenberg upgraded Telenor [TEL.NO] to Buy but downgraded Tele2 [TEL2.B.SS] to Sell, while Iberdrola [IBE.SM] was upgraded to buy from neutral at Goldman Sachs.

  • Politics/Macro/World News

    • Burnham clears path to EU summit with post-Brexit breakthrough (FT)

    • AI boom could trigger market shocks, Bank of England boss warns (BBC)

    • ECB's Schnabel Says Coming Months to Clarify Rate-Hike Path (BBG)

    • Netherlands ditches wealth tax over exodus fears (Telegraph )

  • Top company news

    • Earnings/updates

      • SIKA.SW (Sika Group) -- hosts investor day today; outlines key group-wide initiatives for growth, with a focus on adhesives; updates on Fast Forward program, acquisition of Akkim, and Sika's innovation and go-to-market strategies

      • OXUR.BB (Oxurion) -- reports H1 EPS (€0.01) vs year-ago (€0.24)

      • WIHN.SW (WISeKey International Holding) -- reports H1 net income ($36.4M) vs year-ago ($22.3M)

      • KOF.FP (Kaufman & Broad) -- reports Q3 net income €10.1M vs FactSet €11.1M [1 est]

      • Also reporting today

        • Earnings:

          • Nordics: Stolt-Nielsen (SNI.NO)

          • UK: James Halstead (JHD.LN)

        • Trading Update:

          • UK: Renew Holdings (RNWH.LN), Topps Tiles (TPT.LN)

        • CMD/Events: Rational (RAA.GR) pre-close call, Esprinet (PRT.IM), 2G Energy (2GB.GR)

    • M&A

      • NU (Nu Holdings) -- provides statement regarding media reports; is not pursuing a transaction with Monzo

      • FRE.GR (Fresenius) -- acquires remaining 45% of mAbxience for up to €750M, taking full ownership of its biosimilars platform

      • CAP.FP (Capgemini) -- completes sale of Government Solutions

      • BT.A.LN (BT Group) -- Epiris has approached BT Group to seek waiver of payments to Openreach as it progresses negotiations about rescue deal for TalkTalk's PXC network -- Sky News (earlier)

      • G.IM (Assicurazioni Generali) -- Generali announces that it has approved the merger by incorporation of Alleanza Assicurazioni S.p.A. into Generali Italia S.p.A.

      • LAND.LN (Land Securities Group) -- Landsec expected to sell shares to fund rumored £500M purchase of Metrocentre -- Sky News

      • GF.SW (Georg Fischer) -- GF completes divestment of the Precicast Group

      • ELV.AU (Elevra Lithium) -- issues Ewoyaa sale update

      • ANTIN.FP (Antin Infrastructure Partners) -- acquires US-based HP Helicopters; terms undisclosed

      • NHF.AU (NIB Holdings) -- completes the sale of Australian and New Zealand travel insurance businesses to Allianz Partners

      • COMB.BB (Compagnie du Bois Sauvage) -- Compagnie du Bois Sauvage announces its participation in the capital increase of Eaglestone; its stake in Eaglestone will increase from 30% to 47.1% of the share capital

      • 2020.NO (2020 Bulkers) -- 2020 Bulkers' board resolves to approve the issuance of consideration shares and private placement shares

      • Air France, Lufthansa submit "improved binding offers" for stake in TAP - Bloomberg, citing statement from Parpublica

    • Healthcare

      • ROP.SW (Roche Holding) -- Genentech's Giredestrant Combination Significantly Improved Progression-Free Survival in ER-positive Advanced Breast Cancer in Phase III evERA Data Published in The New England Journal of Medicine

      • ALCLS.FP (Cellectis SA) -- Transcript Intelligence: Cellectis SA at Stifel Virtual Cardiometabolic Forum

    • Other

      • BA.LN (BAE Systems) -- awarded $230.1M US Navy contract modification

      • BA.LN (BAE Systems) -- awarded $146.7M USAF contract

      • VWS.DC (Vestas Wind Systems) -- Vestas announces new order in Australia for 346 MW

      • FSECURE.FH (F-Secure) -- to renew its operating model to drive profitable growth and increased agility through AI-native ways of working; changes to generate gross annual cost savings of around €13M (

      • HO.FP (Thales) -- to distribute an interim ordinary cash dividend of €1.05/share for the current 2026 financial year

      • FER.SM (Ferrovial) -- announces commercial close reached with TDOT for I-24 Southeast Choice Lanes in Tennessee

      • DSFIR.NA (DSM-Firmenich) -- completes €540M share repurchase program

      • ENGI.FP (ENGIE) -- Belgian State and ENGIE Group extend target date for concluding the Heads of Terms until 4-Nov

      • PGHN.SW (Partners Group Holding) -- Partners Group's Global Value Fund tells investors it wont meet redemption requests in June, July or August - Australian Financial Review, citing investors

      • ANA.SM (Acciona) -- signs sanitation contract for 85 municipalities in Paraíba, Brasil

      • HAVAS.NA (Havas NV) -- announces that it has initiated a program to support the liquidity of Havas' ordinary shares; for the duration of the Liquidity Program, the Share Buyback Program, announced on 13-May, will be suspended

      • CO.FP (Casino Guichard-Perrachon) -- announces extension of consents from RCF and Quatrim creditors and maturity deferral for operational financing

      • THEON.NA (Theon International) -- provides contracts update

      • Artisan Partners Asset Management sends letter to the board of UBS Group AG, no longer sees Switzerland as desirable location for UBS

  • Key rating changes

    • Upgrades

      • ASKER.SS (Asker Healthcare Group) -- to hold from sell at DNB Carnegie

      • SAGA.B.SS (Sagax) -- to buy from hold at SEB

      • TEL.NO (Telenor) -- to buy from hold at Berenberg

      • IBE.SM (Iberdrola) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • TEL2.B.SS (Tele2) -- to sell from hold at Berenberg

    • Initiations/other

      • Berenberg initiates DIGIS.SM, EN.FP

  • Data

    • Nikkei +3.23% to 68913.12

    • Hang Seng +0.00% to 24613.27

    • Shanghai Composite +0.00% to 3842.19

    • S&P futures +48.8 vs prior close of 7715.5

    • €-$ (0.0006) or (0.05%) to 1.1326

    • $-¥ +0.91 or +0.58% to 158.33

    • €-¥ +0.93 or +0.52% to 179.29

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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