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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.30% to 8837.91, DAX (0.08%) to 24304.46, CAC40 +0.19% to 7804.87, STOXX 600 +0.32% to 553.64

Jun 06 ,2025

  • Synopsis:

    • European equity markets closed broadly higher Friday with Germany's Dax (0.1%) bucking the trend amid weakness in auto and defence names. OMX Copenhagen outperformed, +2.1%, amid strength in healthcare names while most other European indices saw gains of less than 0.5%. Note that Sweden was closed for National Day holiday.

    • Wall Street boosted by solid May employment numbers, though report also showed downward adjustments for prior two months and hotter hourly earnings growth (note FY Fed-cut expectations moving lower). Also some help from potential de-escalation of Trump-Musk feud, with reports noting a call could take place this morning (though White House pushed back on this). However, earnings takeaways have leaned negative with the high bar for AVGO (and several other names), tariff headwinds facing LULU and billings disappointment at DOCU. Nevertheless, former still delivered on the AI narrative, which has been a tailwind for broader risk sentiment this week. Nothing too incremental on trade following Trump-Xi call on Thursday, though Nikkei discussed how US-Japan talks complicated by White House infighting.

    • European markets digested Thursday's ECB policy update. After cutting rates for the eight time by 25 bps, statement and comments by President Lagarde suggest a July pause. Outlook thereafter uncertain given trade dynamics and impact of European fiscal policy.

    • On macro calendar, notable upward revision in Eurozone Q1 GDP and Eurozone retail sales met expectations. German industrial production missed after upside surprise in factory orders data on Thursday. German trade surplus fell sharply in April amid surge in imports and fall in exports amid US trade tariffs. French industrial production also below forecast. UK house price data from Halifax surprised on the downside in contrast to recent Nationwide measure. Eurozone retail sales for April also on the tape.

    • In terms of European sector performance, Financial Services saw a late surge as UBS (UBSG.SW) shares reacted positively to the regulatory proposals made by the Swiss government; UBS reaffirmed its capital return intentions for 2025. Citi commented on the Swiss Federal Council proposals, saying the outcome was mixed; firm said the incremental CET1 requirement of $26bn is at the upper-end of expectations but the minimum transition period of 6-8 years from entry into force provides a long lead time. Energy higher in European trade on little news. WTI crude up 1.75% and on track for solid weekly gains (coming after two straight weeks of decline) as investors have balanced last weekend's smaller-than-feared OPEC+ production hike against a continued lack of progress toward Russia-Ukraine peace and signs a US nuclear deal with Iran may still be a long way off. Healthcare sector also outperformed today. DEMANT.DC up ~6% after being upgraded to buy at Kepler Cheuvreux citing potential new hearing aid launch and pragmatic management approach. Consumer Products & Services lagged. ADS.GR and PUM.GR seeing some limited read-across from Lululemon's guidance cut.

    • The week ahead sees UK Chancellor deliver spending review, May CPIs from across the region, UK Apr unemployment rate as well as earnings/updates from Halma (HLMA.LN), Bellway (BWY.LN), Inditex (ITX.SM), and Tesco (TSCO.LN). Of note, on Mon there's bank holiday (Whit Monday) in Austria, Belgium, Cyprus, Denmark, France, Germany, Greece, Hungary, Luxembourg, Netherlands and in certain regions in Spain (Community Day). Not all markets are closed, however. There's also a bank holiday in Portugal (National Day) on Tue.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Financial Svcs +1.34%, Health Care +1.01%, Energy+0.82%, Banks +0.68%, Technology +0.61%, Insurance +0.49%, Retail +0.36%

      • Underperformers:

        • Basic Resources (1.35%), Chemicals (0.45%), Telecom (0.46%), Media (0.28%), Ind Goods & Svcs (0.25%), Food, Beverage and Tobacco (0.16%), Autos & Parts (0.13%), Consumer Products and Services (0.09%), Construct & Mtls (0.08%), Utilities +0.14%, Real Estate +0.18%, Personal Care Drug and Grocery Stores +0.26%

    • Macro:

      • EU

        • ECB's Stournaras: Another rate cut dependent on economy weakening further -- Reuters

      • Germany

        • Friedrich Merz underlines Germany's long-term reliance on US after positive Donald Trump meeting -- FT

      • Netherlands

        • Dutch economy is set to grow by 1.1% in 2025; Uncertainty and trade tensions will continue to mute economic growth at around 1% a year for the following two years -- De Nederlandsche Bank

        • Dutch snap election set for Oct. 29 -- POLITICO

      • Russia

        • Russia lowers interest rates to 20% in first cut since 2022 as inflation pressures ease -- CNBC, BBG

      • Scotland

        • Labour wins pivotal Scottish by-election over SNP and Reform -- FT

    • Company news:

      • Notable Gainers

        • +35.6% WAGA.FP (Waga Energy €21.80, +6.05) -- EQT enters exclusive negotiations with Waga Energy's founders to acquire a majority stake at €21.55/share plus earn-out

        • +11.3% PINE.LN (Pinewood Technologies Group £4.48, +0.45) -- acquisition agreement for Lithia's (LAD) 51% interest in Pinewood North America LLC for total consideration of $76.5M

        • +11.0% CAN.LN (Canal+ SA £2.21, +0.22) -- confirms 2025 revenue and EBITA outlook

        • +10.1% SDI.LN (SDI Group £0.80, +0.07) -- acquisition of Severn Thermal Solutions for net consideration of £4.75M

        • +6.3% ADXN.SW (Addex Therapeutics CHF0.06, -0.00) -- GABAB Pam candidate demonstrates robust anti-tussive activity in multiple chronic cough preclinical models

        • +5.8% CAM.LN (Camellia £55.00, +3.00) -- completes tender offer for 215K shares at 5,400p/sh

        • +4.9% HCO.FP (HighCo €3.64, +0.17) -- completes sale of High Connexion

        • +3.8% UBSG.SW (UBS Group CHF0.00, +1.02) -- Swiss Federal Council announces measures for banking stability

        • +2.3% BLC.FP (Bastide Le Confort Medical €28.60, +0.65) -- Bastide announces disposal of Dorge Medic and Dyna-Médical subsidiaries

        • +1.4% UPG.BB (Banqup Group €3.61, +0.05) -- completes divestment of 21 Grams Group

        • +0.9% APAX.LN (Apax Global Alpha £1.13, +0.01) -- to invest an additional c.€3M indirectly in WGSN following IWSR acquisition

        • +0.6% A5G.ID (AIB Group €7.10, +0.04) -- Fiserv to acquire remaining 49.9% of AIB Merchant Services; terms undisclosed

        • +0.6% AGR.LN (Assura £0.49, -0.00) -- and Bidco receive clearances from the State Administration for Market Regulation of the People's Republic of China, the Israeli Competition Authority and the Korea Fair Trade Commission

        • +0.6% VK.FP (Vallourec €15.53, +0.08) -- completes the acquisition of Thermotite do Brasil

        • +0.5% INGA.NA (ING Groep €18.60, +0.09) -- could slow pace of share buybacks due to temporary higher capital target for this year - Bloomberg (5-Jun 16:28 CET)

        • +0.3% IMCD.NA (IMCD €117.45, +0.40) -- to acquire 100% of the shares in Ferrer Alimentación, S.A. and Medir Ferrer Y Compañía, S.A..x

      • Notable Decliners

        • -6.7% SCHP.FP (Seche Environnement €89.30, -6.40) -- signs a unilateral purchase offer with a view to acquiring Groupe Flamme for ~€300M

        • -5.9% BGO.LN (Bango £0.87, -0.06) -- earnings; new loan agreement

        • -5.1% AVCT.LN (Avacta Group £0.32, -0.02) -- earnings

        • -3.8% SAVE.LN (Savannah Energy £0.06, -0.00) -- earnings

        • -2.2% LNDR.IM (Landi Renzo €1.24, -0.03) -- prelim sales

        • -2.0% ANX.LN (Anexo Group £0.60, -0.01) -- earnings

        • -1.7% VOW3.GR (Volkswagen €0.00, -1.60) -- faces investment cuts; VW brand's profitability targets in jeopardy - WiWo

        • -1.3% DSY.FP (Dassault Systemes €32.94, -0.41) -- CMD update

        • -0.6% GET.FP (Getlink €16.17, -0.10) -- May Eurotunnel Freight Shuttle traffic

        • -0.3% HSHP.NO (Himalaya Shipping NOK62.90, -0.20) -- May commercial update: achieved average time charter equivalent earnings of ~$25,100 per day, gross

        • -0.2% BAMI.IM (Banco BPM €10.41, -0.02) -- Unicredit proposes sale of ~200 branches to EU Commission in Banco BPM offer remedies -- La Repubblica

    • EU companies reporting Monday:

      • No companies of note reporting.

  • Data:

    • Economics:

      • Denmark

        • Apr Trade Balance DKK37.8B vs consensus DKK29.1B and prior revised DKK26.4B from DKK27.2B

        • Apr Manufacturing Production +2.0% m/m vs consensus +2.5% and prior (3.2%)

      • Germany

        • Apr Trade Balance €14.6B vs consensus €20.2B and prior revised €21.2B from €21.1B

        • Apr Industrial Production (1.4%) m/m vs consensus (1.0%) and prior revised +2.3% from +3.0%

      • France

        • Apr Trade Balance (€8.0B) vs consensus (€6.0B) and prior revised (€6.3B) from (€6.2B)

        • Apr Manufacturing Production (1.4%) m/m vs consensus +0.3% and prior revised +0.1% from +0.2%

      • UK May Halifax House Price Index +2.5% y/y vs consensus +3.2% and prior +3.2%

      • Eurozone

        • Q1 GDP +1.5% y/y vs 2nd estimate +1.2%

        • Apr Retail Sales +2.3% y/y vs consensus +1.4% and prior revised +1.9% from +1.5%

      • Austria Q1 GDP (0.5%) y/y vs preliminary (0.7%)

      • Norway Apr Manufacturing Production +2.8% m/m vs consensus +0.3% and prior 0.0%

      • Greece Q1 GDP +2.2% y/y vs consensus +2.3% and prior revised +2.5% from +2.6%

    • Markets:

      • WTI Crude (Jul 25): +$1.11 or +1.75% to $64.48

      • €-$ (0.0046) or (0.40%) to 1.1399

      • £-$ (0.0041) or (0.30%) to 1.3531

      • €-£ (0.0009) to 0.8424

      • S&P 500 +0.90%

      • Performance year-to-date

        • FTSE 100: +8.14%

        • DAX: +22.08%

        • CAC: +5.75%

        • MIB: +18.69%

        • Stoxx 600: +9.07%

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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