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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.58% to 8766.98, DAX +0.27% to 23998.66, CAC40 (0.36%) to 7751.89, STOXX 600 +0.13% to 548.60

May 30 ,2025

  • Synopsis:

    • European equity markets closed mixed to lower with pan-European indices ending around session lows, reversing earlier gains. FTSE100 +0.6%, Portugal and Switzerland ~ +0.4% led outperformers whilst Greece (1.5%), Sweden and France both down (0.4%) led underperformers.

    • Trade continued to dominate the headlines. US Federal Appeals Court temporarily stayed Trade Court's ruling on Wednesday blocking tariffs imposed under International Emergency Economic Powers Act. Analysts also pointed out White House can rely on other statutes to enact tariffs. Situation likely remain to complicated amid view judicial wrangling could stretch trade negotiations while other tariff routes may require trade investigations as a prerequisite.

    • Central bank narrative also in focus. ECB's Panetta said Eurozone disinflation nearly complete but further ECB easing requires caution. Bloomberg survey predicts ECB will cut rates twice in 2025, likely in Jun and Sept, lowering deposit rate to 1.75%, where it's expected to stabilize through 2026. Contrasts with Bank of America and Deutsche Bank expectations for 1.5% terminal rate, and Goldman Sachs seeing downside risks to 1.75% terminal rate based on tariff negotiations. With inflation near ECB's 2% target, officials like Wunsch and Stournaras considered pausing cuts to assess US trade policies. However, prolonged pause risks signaling end of easing, with 30% of analysts noting ECB can pause only once before markets assume rates have bottomed. ECB's Panetta said Eurozone disinflation nearly complete but further ECB easing requires caution

    • In macro updates, a heavy European data calendar included mixed regional inflation data across EU but generally encouraging picture ahead of next week's crucial Eurozone CPI release. Germany's state-level readings show divergent trends, with Bavaria holding steady at 2.1%, Baden-Württemberg declining to 2.2%, while North Rhine-Westphalia and Lower Saxony posted modest increases (Reuters). Patchwork mirrors broader regional patterns, as Italy and Spain both achieved inflation rates of 1.9% in May, falling below ECB's 2% target for the first time in eight months (Bloomberg). France provided notable downside surprise with inflation dropping to 0.6% y/y, significantly below expectations of 0.9%. In addition, the UK LLoyds Bank business barometer jumped to its highest level since last August. UK public's inflation expectations fell to 4% from 4.2% in May. BoE Governor Bailey said demand outlook requires careful approach to BoE rate cuts, while MPC member Taylor renewed call for rate cuts.

    • Among the few earnings/trading updates so far, SBS.GR Stratec (SBS.GR) and Northern Ocean (NOL.NO) posted Q1 numbers. Meanwhile, Pihlajalinna (PIHLIS.FH) cut its 2025 revenue guidance and confirmed its adjusted EBITA guidance. In the UK, shares in hVIVO PLC (HVO.LN) plummeted following company's trading update.

    • On M&A front, Dai-ichi Life Holdings (8750.JP) and M&G (MNG.LN) announced a new long-term strategic partnership, with Dai-ichi Life HD taking a 15% stake in M&G plc. Still in the UK, National Grid (NG.LN) completed the sale of its National Grid Renewables business to Brookfield Asset Managementy. IG Design Group (IGR.LN) to sell its entire interest in Design Group Americas. In another deal, EssilorLuxottica (EL.FP) acquired Optegra clinics. Elsewhere, Banco Santander (SAN.SM) is exploring an expansion in digital assets, including early-stage plans to offer a stablecoin.

    • The week ahead sees an ECB interest rate decision, Bundesbank publish latest economic forecasts, OECD ministerial meeting, May manufacturing/services PMIs from across the region as well as earnings/updates from British American Tobacco (BATS.LN), Remy Cointreau (RCO.FP) and Voestalpine (VOE.AV).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Utilities +0.80%, Health Care +0.75%, Retail +0.51%, Persnl & HHold Goods +0.46%, Food & Beverage +0.38%, Insurance +0.35%, Oil & Gas +0.22%, Real Estate+0.16%, Banks +0.16%, Financial Svcs +0.15%

      • Underperformers

        • Construct & Mtls (1.04%), Technology (0.73%), Travel & Leisure (0.48%), Autos & Parts (0.46%), Basic Resources (0.45%), Ind Goods & Svcs (0.14%), Telecom (0.09%), Media +0.05%, Chemicals +0.09%

    • Macro/Peripheral markets:

      • Geopolitics

        • Von der Leyen calls for European independence on defense, enlargement and unity - Politico

        • Macron toughens stance towards Israel and calls for conditional recognition of a Palestinian state amid Gaza humanitarian crisis - LeParisien

        • Europe has a weaker hand than it thinks on Ukraine - FT

      • Central Banks

        • ECB expected to cut rates twice more in 2025 but faces communication challenge amid trade uncertainty and market expectations - Bloomberg

        • BoE's Bailey defends gradual rate cuts amid inflation uncertainty and global trade risks - Reuters

        • Bank of England policymaker plays down inflation risk in call for rate cuts - FT

      • UK

        • UK public's year-ahead inflation expectations dip, longer-term outlook unchanged in May survey - Reuters

        • UK business confidence hits nine-month high as market optimism and trade prospects improve -ThisisMoney

        • Dismay as UK prepares to sign 'values-free' £1.6bn trade deal with Gulf states -Guardian

      • Portugal

        • Portugal's president renames Montenegro as PM after snap election, Chega surges to main opposition - Reuters

      • Ireland

        • Apt mortgage approvals volume +5.8% y/y, +4.7% m/m, by value +13.6% y/y, +5.1% m/m - Banking and Payments Federation of Ireland release

    • Company news:

      • Notable Gainers

        • +32.3% IGR.LN (IG Design Group £0.84, +0.21) -- IG Design Group to sell its entire interest in Design Group Americas, Inc; Due to Disposal, expects publication of audited FY financial results to be later than expected

        • +10.2% SBS.GR (Stratec €28.20, +2.60) -- Q1 earnings

        • +8.6% SLR.SM (Solaria Energia €7.60, +0.60) -- UBS upgrade

        • +5.5% MNG.LN (M&G Plc £2.37, +0.12) -- Dai-ichi Life and company announce new long-term strategic partnership; Dai-ichi Life to acquire 15% stake the group

        • +4.9% PEBB.LN (The Pebble Group £0.41, +0.02) -- The Pebble Group discloses Harwood Capital LLP directly holding shares and voting rights in the company equal to 5.977%

        • +4.4% ALPH.LN (Alpha Group International £31.90, +1.35) -- extend PUSU deadline for Corpay possible offer

        • +2.8% DRX.LN (Drax Group £6.60, +0.18) -- confirms that its cash offer for entire issued share capital of HEIT has lapsed

        • +1.7% BEZ.LN (Beazley £9.47, +0.15) -- re-initiated buy at Berenberg

        • +1.4% HSX.LN (Hiscox £12.70, +0.17) -- re-initiated buy at Berenberg

        • +0.5% HCM.LN (Hutchmed £2.07, +0.01)

      • Notable Decliners

        • -47.5% HVO.LN (hVIVO plc £0.09, -0.08) -- trading update

        • -5.1% SYSR.SS (Systemair SEK89.30, -4.80) -- transferred buy at DNB Carnegie

        • -5.0% SAN.FP (Sanofi €87.39, -4.57) -- study update

        • -4.9% SOI.FP (SOITEC €43.72, -2.27) -- HSBC downgrade

        • -3.3% A3M.SM (ATRESMEDIA €5.95, -0.20) -- Santander downgrade

        • -1.7% YAR.NO (Yara International NOK366.00, -6.20) -- Nordea downgrade

        • -1.3% EMEIS.FP (Emeis SA €10.25, -0.13) -- initiated reduce at Kepler Cheuvreux

    • EU companies reporting on Monday:

      • Earnings:

        • DACHs: Addex Therapeutics (ADXN.SW)

        • France: Abivax (ABVX.FP), CATANA Group (ALCAT.FP)

        • Nordics: BW Offshore (BWO.NO)

        • UK: Sirius Real Estate (SRE.LN)

  • Data:

    • Economics:

      • Finland Q1 GDP +0.8% y/y vs preliminary +1.2%

      • Germany Apr Retail Sales +2.3% y/y vs consensus +1.8% and prior revised 3.3% from +2.2%

      • Sweden Q1 GDP +0.9% y/y vs preliminary +1.1%

      • Spain May Preliminary CPI +1.9% y/y vs consensus +2.1% and prior +2.2%; 0.0% m/m vs consensus +0.1% and prior +0.6%

      • Switzerland May KOF Leading Indicators 98.5 vs consensus 98.4 and prior 97.1

      • Eurozone Apr M3 Money Supply +3.9% y/y vs consensus +3.7% and prior +3.6%

      • Italy

        • Q1 GDP +0.7% y/y vs preliminary +0.6%; +0.3% q/q vs preliminary +0.3%;

        • CPI +1.7% y/y vs consensus +1.7% and prior +1.9%; 0.0% m/m vs consensus +0.1% and prior +0.1%

      • Greece

        • Mar Retail Sales +0.3% y/y vs consensus +2.1% and prior revised +5.6% from +4.6%

        • Apr Unemployment Rate 8.3% vs consensus 9.0% and prior revised 8.9% from 9.0%

    • Markets:

      • WTI Crude (Jul 25): ($0.56) or (0.92%) to $60.38

      • €-$ (0.0020) or (0.18%) to 1.1348

      • £-$ (0.0015) or (0.11%) to 1.3477

      • €-£ (0.0002) to 0.8424

      • S&P 500 (0.35%)

        • Performance year-to-date

        • FTSE 100: +7.27%

        • DAX: +20.54%

        • CAC: +5.03%

        • MIB: +17.19%

        • Stoxx 600: +8.07%

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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