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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.24% to 8853.08, DAX (0.77%) to 23987.56, CAC40 +0.17% to 7804.33, STOXX 600 (0.02%) to 553.12

Jun 10 ,2025

  • Synopsis:

    • European indices ended mixed, with Germany underperforming the region. In politics. Reuters cited French Budget Minister Montchalin, who said France must put finances in order or face risk of being placed under supervision of the IMF or European institutions. Article highlighted PM Bayrou plans to unveil proposals in July and hopes to push through €40B in fiscal consolidation measures for 2026. French budgetary challenges increased with President Macron also talking up need to increase military budget to between 3% and 3.5% of GDP from ~2% now. The FT highlighted this would imply a doubling of yearly spending from last year's levels to €100B in 2030. With minority government struggling to pass fiscal packages, this seems unrealistic. Note, Macron has hinted at calling another snap election, which could happen July the earliest under constitutional law

    • In macro-news, Eurozone Sentix investor confidence index rebound to +0.2 versus consensus -5.5 and prior -8.1 drop. Note that it was the highest level since June 2024 and first positive reading for confidence index in 2025. Expectations index also climbed 10.5 points to 14.3, which resulted in cumulative improvement of 30.1 points in last two months. Current situation index at -13.0 versus prior -19.3 and expectations index at +14.3 versus +3.8. Some of the positive drivers include policy support measures, hopes for positive conclusion to trade negotiations and expansionary fiscal policy in Germany and broader defense spending underpinning growth. Sentiment in Germany still negative at -5.9 versus prior -16.0 but continues to improve and was highest since March 2022. Focus also on the UK labor market data, which showed ongoing moderation in labor market, though unlikely to force BoE off gradual rate cut trajectory. May claimant count up 33.1K, ahead of 9.5K consensus, but prior reading revised down to 21.2K from 5.2K gain initially reported

    • In corporate news, out of the UK, FirstGroup (FGP.LN) posted better-than-expected FY numbers, current trading in line with group's expectations and additional £50M buyback programme. Bellway PLC (BWY.LN) also updated with robust trading through spring selling season. Hochschild Mining (HOC.LN) reported that Mara Rosa mine in Brazil has produced just over 25,000 oz of gold as of end of May vs FY guidance for between 94,000 and 104,000 oz. In the DACHs, Molecular Partners (MOLN.SW) has performed a strategic review of its current operations and headcount, to reduce its current workforce by a potential of ~24% of all positions; cash runway to extend into 2028, beyond prior guidance of 2027. Meyer Burger Technology (MBTN.SW) notes deadline to publish 2024 Annual Report extended to end of July 2025; shares remain suspended. Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA) has officially accepted Merck KGaA's application for marketing authorization of pimicotinib as a Class 1 innovative drug for adult patients with tenosynovial giant cell tumors (TGCT) requiring systemic treatment. Elsewhere, media reports Parvus Asset Management is building a stake in Novo Nordisk (NOVO.B.DC). In M&A news, SoftwareOne Holding (SWON.SW) announced the closing conditions and settlement notification under the voluntary offer in Crayon Group Holding ASA (CRAYN.NO). Media reports Diageo (DGE.LN) is exploring sale of part or all of Indian Premier League cricket franchise Royal Challengers Bengaluru. Frasers Group plc (FRAS.LN) notes announcement by Revolution Beauty (REVB.LN) on 9-Jun-25 and confirms its participation in the Formal Sale Process; currently contemplates that any offer for the issued and to be issued share capital of Revolution Beauty would be all cash. Holder Futrue GmbH (~90% stake) announces €28.00/sh squeeze-out for Pharma SGP Holding SE (PSG.GR)

    • Looking ahead to tomorrow's calendars, on a light reporting front, Inditex (ITX.SM), Vp (VP.LN), Fuller, Smith & Turner (FSTA.LN) and Frontier Developments (FDEV.LN) will be updating their investors, whilst Fnac Darty (FNAC.FP), TAG Immobilien (TEG.GR) and Outokumpu (OUT1V.FH) are hosting their CMDs

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Oil & Gas +1.84%, Autos & Parts +1.75%, Chemicals +1.18%, Health Care +1.17%, Real Estate +0.82%, Persnl & HHold Goods +0.64%, Utilities +0.55%, Travel & Leisure +0.54%, Media +0.51%, Technology +0.41%, Construct & Mtls +0.28%, Basic Resources +0.17%

      • Underperformers: Banks (1.76%), Financial Svcs (1.39%), Insurance (1.08%), Telecom (1.05%), Ind Goods & Svcs (0.57%), Retail (0.43%), Food & Beverage (0.07%)

    • Macro:

      • Russia launches one of war's largest air attacks on Kyiv (Reuters)

      • EU to target Nord Stream and Russian oil cap in new sanctions package (FT)

      • Blackstone Plans $500B Europe Investment, CEO Says (BBG)

      • US-China trade war sideswipes Europe's carmakers (Politico)

      • Big-spending Macron has pushed France perilously close to a debt crisis (Telegraph)

      • UK Sheds Most Jobs Since Pandemic (BBG)

      • Italy, Greece and Spain emerge as winners in bond market anxiety (FT)

      • Govt now focusing on tax cuts for middle class - PM Meloni (Ansa)

      • Austrian school gunman who killed nine was 21-year-old former pupil, officials say (BBC)

    • Company news:

      • Notable Gainers

        • +16.0% XBRANE.SS (Xbrane Biopharma SEK0.27, +0.04) -- upsized SEK240M directed share issue priced at SEK0.23/sh

        • +12.7% FGP.LN (FirstGroup £2.18, +0.25) -- FY earnings; buyback

        • +11.3% TAM.LN (Tatton Asset Management £6.68, +0.68) -- FY earnings

        • +9.1% VTY.LN (Vistry Group £6.52, +0.55)

        • +8.0% SWON.SW (SoftwareONE Holding CHF8.02, +0.60) -- takeover offer for Crayon Group fulfilled; initiated buy at Pareto

        • +7.9% BWY.LN (Bellway £28.84, +2.10) -- trading update

        • +6.9% SAFE.LN (Safestore Holdings £6.67, +0.43) -- H1 earnings

        • +6.7% GN.DC (GN Store Nord DKK101.30, +6.38)

        • +6.0% NOVO.B.DC (Novo Nordisk DKK519.80, +29.45) -- Parvus Asset Management building a stake in Novo -- FT

        • +3.7% BIOVIC.B.SS (Biovica International SEK0.73, +0.03) -- three new work orders within Pharma Services business worth SEK2.5M

        • +3.1% BNOR.NO (BlueNord NOK606.00, +18.00) -- May production 37.9 mboepd

        • +3.1% SCYR.SM (Sacyr Vallehermoso €3.57, +0.11) -- sale of three Colombian concession assets

        • +2.9% BPOST.BB (bpost €2.01, +0.06) -- cash tender offer for its outstanding €650M 1.250% fixed rate bonds

        • +2.2% MERY.FP (Mercialys €11.02, +0.24) -- acquires Saint-Genis 2 shopping center

        • +1.9% DOC.AV (DO & CO €180.00, +3.40) -- proposes dividend of €2.00/sh for FY24/25

        • +0.5% IDIA.SW (Idorsia CHF2.03, +0.01) -- new CEO

        • +0.2% NEXT.NO (Next Biometrics Group NOK4.55, +0.01) -- NOK6.3M purchase order

      • Notable Decliners

        • -31.7% MBTN.SW (Meyer Burger Technology CHF0.75, -0.35) -- 2024 Annual Report publication deadline extended to end of July 2025

        • -22.0% HOC.LN (Hochschild Mining £2.35, -0.66) -- expects FY gold production below guidance at its Mara Rosa operation in Brazil

        • -10.5% SEDANA.SS (Sedana Medical SEK11.22, -1.32) -- pivotal US studies meet first key secondary endpoint

        • -8.7% GBG.LN (GB Group £2.48, -0.24) -- FY earnings

        • -4.8% UBSG.SW (UBS Group CHF26.53, -1.35)

        • -3.2% GMS.LN (Gulf Marine Services £0.21, -0.01) -- request to call for GM determined invalid

        • -3.1% STR.AV (STRABAG SE €79.00, -2.50) -- announces syndicated guarantee facility of €2.5B and syndicated cash credit facility of €0.5B

        • -2.1% DTE.GR (Deutsche Telekom €32.93, -0.70) -- T-Mobile US may be preparing to get a new CEO -- Handelsblatt

        • -0.6% CVSG.LN (CVS Group £12.82, -0.08) -- response to CMA announcement; UK's CMA extends market investigation into veterinary services for household pets

        • -0.2% RR.LN (Rolls-Royce Holdings £8.87, -0.02) -- small modular reactor (SMR) technology selected by Great British Nuclear

        • -0.1% GOFORE.FH (Gofore €18.62, -0.02) -- May net sales

    • EU companies reporting tomorrow:

      • Southern Europe: Inditex (ITX.SM)

      • UK: Vp (VP.LN), Fuller, Smith & Turner (FSTA.LN), Frontier Developments (FDEV.LN)

      • Traffic: Aeroflot-Russian Airlines PJSC (AFLT.RU), Heathrow Airport Holdings (+HTR.LN)

      • CMD/events: Fnac Darty (FNAC.FP), TAG Immobilien (TEG.GR), Outokumpu (OUT1V.FH)

  • Data:

    • Economics:

      • Eurozone Jun Sentix Investor Confidence +0.2 vs consensus (5.3) and prior (8.1)

      • UK

        • May Claimant Count Change +33.1K vs consensus +9.5K and prior revised (21.2K) from +5.2K

        • Apr ILO Unemployment Rate 4.6% vs consensus 4.6% and prior 4.5%

      • Italy Apr Industrial Production y/y (wda) +0.3% vs consensus (2.0%) and prior (1.8%)

      • Netherlands Apr Manufacturing Production (1.0%) m/m vs consensus +0.7% and prior revised +0.5% from (0.6%)

      • Denmark May CPI +1.6% y/y vs consensus +1.7% and prior +1.5%

      • Norway May

        • CPI +3.0% y/y vs consensus +2.4% and prior +2.5%

        • May PPI (0.1%) y/y vs consensus +1.5% and prior +2.1%

      • Sweden Apr Industrial Production +5.0% y/y vs consensus (2.8%) and prior (3.5%)

      • Switzerland May SECO Consumer Sentiment (36.5) vs consensus (38.0) and prior (42.4)

      • Greece

        • May CPI +2.5% y/y vs consensus +2.2% and prior +2.0%

        • Apr Industrial Production (4.3%) y/y vs consensus (4.3%) and prior revised +1.6% from +1.7%

    • Markets:

      • WTI Crude (Jul 25): +$0.83 or +1.27% to $66.12

      • €-$ (0.0001) or (0.01%) to 1.1420

      • £-$ (0.0044) or (0.33%) to 1.3509

      • €-£ +0.0024 to 0.8454

      • S&P 500 +0.11%

      • Performance year-to-date

        • FTSE 100: +8.32%

        • DAX: +20.49%

        • CAC: +5.74%

        • MIB: +17.61%

        • Stoxx 600: +8.96%

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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