European Equity pre-Market Summary - 2nd September 2026: A slew of bank broker changes and focus on Euro Stoxx 50 reshuffle

Stories:

• GEA Group (G1A GY): -0.9% - Shareholder is reportedly offering 5mln shares. (Newswires)
• Bper Banca (BPE IM) - Co. announces the launch of its EUR 750mln share buyback programme. (Bper Banca)
• Euro Stoxx 50 Reshuffle - Nokia (NOKIA FH) and Engie (ENGI FP) are to join Euro Stoxx 50, replacing Volkswagen (VOW3 GY) and Wolters Kluwer (WKL NA); effective September 21st. (STOXX)
• Novartis (NOVN SW), Aleogen (196170 KS) - Aleogen announces that it has signed an exclusive option and license agreement with Novartis for ALT-B4. Aleogen could receive a total of USD 3.22bln in payments, subject to milestones.

M&A:

• Lottomatica (LTMC IM), Cirsa (CIRSA SM) - The two Cos have agreed in an all-share merger. Cirsa is to be absorbed by Lottomatica.
• Nestle (NESN SW) - Co. has agreed to divest its Vitamins, Minerals and Supplements business to Yellow Wood Partners for USD 1bln. (Nestle)

Broker Moves:

• Barclays (BARC LN): -0.5% downgraded to Equal Weight from Overweight at Morgan Stanley
• NatWest (NWG LN): +0.5% upgraded to Overweight from Equal Weight at Morgan Stanley
• Deutsche Bank (DBK GY): +1.8% upgraded to Buy from Neutral at Goldman Sachs, stating that the Co. is entering an era of higher profitability, driven by improving revenue momentum and positive operating leverage.

• Societe Generale (GLE FP): -0.6% downgraded to Neutral from Buy at Goldman Sachs, citing cautiousness on profitability

• Reckitt Benckiser (RKT LN) downgraded to Neutral from Outperform at BNP Paribas

• L'Oreal (OR FP) upgraded to Outperform from Neutral at BNP Paribas

The numbers after the Co. & ticker are the pre-market indication via Tradegate