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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.13% to 8864.35, DAX (0.16%) to 23948.90, CAC40 (0.36%) to 7775.90, STOXX 600 (0.27%) to 551.64

Jun 11 ,2025

  • Synopsis:

    • European equity markets ended mostly lower Wednesday, with the Stoxx 600 (0.3%) at session lows. Trade dominating the headlines again, though nothing to really shift the narrative. US and China agreed on a framework for implementing last month's de-escalation in Geneva. As widely previewed, two sides also agreed to dial back select export restrictions, with US getting some relief on rare earths. US and Mexico reportedly near deal that would exempt Mexican steel from 50% tariff, up to a certain limit. US Court of Appeals ruled Trump's IEEPA tariffs can stay in place for at least a couple more months as appeals process plays out. Outside of trade, May US CPI came in cooler than expected, helping to drive rates lower, particularly at the front end.

    • In the UK, FTSE 100 +0.1% and FTSE 250 +0.2% both closed higher. Chancellor Reeves announced spending plans for next three years, which was mostly in line with recent press reports. Reeves announced first zero-based spending review in nearly two decades (FT, BBC, Bloomberg, London Times). In line with previous statements, government set budget from zero and assessed all spending for value for money rather than beginning from existing budgets. Reeves reiterated commitment to fiscal rules, which sees day-to-day spending to be paid for by tax receipts. Will allocate £190B more to day-to-day services over course of review period versus prior government. Departmental spending to increase by real terms 2.3% a year on average. Number includes current financial year which has seen larger spending increase and will ease later in parliament. Some thoughts Reeves might have to allocate more funds if growth underperforms. Public investment to increase by £113B due to change in rules. Highlights of the statement mostly trailed in recent press reports. This included record £29B increase in investment into health service, representing a 3% a year increase. Defense also received £11B real terms increase, while there was also £30B commitment to nuclear power, £39B for affordable homes and £4.5B a year increase for schools.

    • Elsewhere, ECB wage tracker saw sharp pay slowdown in 2025. ECB's Lane backed rate cut, pushes Eurobond reforms for fiscal union and market resilience.

    • Among EU sectors today, Energy outperformed as WTI (July) was up 2.3% to $66.45. Retail was main laggard (1.7%) as heavyweight Inditex (ITX.SM) (4%) reported Q1 earnings slightly lower than expected on multiple levels including on current trading (Store and online sales in constant currency between 1 May and 9 June increased 6% versus the same period in 2024; most investors had expectations at +7%/+8%). Q1 sales and EBIT were lower than consensus, while EPS broadly in line due to higher associate income and a lower tax rate. In M&A developments, The Telegraph reported BT Group (BT.A.LN) is considering a bid for TalkTalk. Demant (DEMANT.DC)4 signed an agreement to acquire KIND Group (KIND), one of the world's leading retailers of hearing aids with around 650 hearing care clinics, for a total consideration of €700M (~ DKK 5.2B) on a cash- and debt-free basis. WSP Global to acquire Ricardo (RCDO.LN)for 430p/share, or EV of £363.1M. Craneware (CRW.LN) board confirmed that it rejected proposal from Bain Capital that valued Craneware at £26.50/sh, while ICG confirmed that it does not intend to make offer for GlobalData (DATA.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +0.43%, Media +0.10%, Banks +0.02%, Energy+0.02%, Technology (0.09%), Construct & Mtls (0.13%), Financial Svcs (0.19%), Health Care (0.24%), Insurance (0.25%)

      • Underperformers:

        • Retail (1.71%), Basic Resources (1.16%), Telecom (0.72%), Real Estate (0.68%), Personal Care Drug and Grocery Stores (0.68%), Autos & Parts (0.66%), Food, Beverage and Tobacco (0.65%), Consumer Products and Services (0.41%), Travel & Leisure (0.33%), Chemicals (0.33%)

    • Macro:

      • Reeves says NHS funding to rise by 3% a year, and confirms £39bn for housing -- BBC

      • Gold overtakes euro as global reserve asset, ECB says -- FT

      • UK close to deal for Eurostar-style dual border controls at Gibraltar airport -- Guardian

      • ECB's Lane Says June Cut Helps Keep Price Undershoot Temporary -- Bloomberg

      • Donald Tusk survives confidence vote to remain Polish PM -- POLITICO

      • Germany: AfD falls to weakest result in months in poll - Union gains ground -- WELT

    • Company news:

      • Notable Gainers

        • +27.2% RCDO.LN (Ricardo £4.25, +0.91) -- WSP Global (WSP.CN) to acquire Ricardo for 430p/sh

        • +21.8% PHIL.IM (Philogen €27.40, +4.90) -- subsidiary Philochem enter into agreement to license OncoACP3 worldwide rights to RayzeBio for up to $1.35B plus royalties

        • +14.1% BTLS.BB (Biotalys €4.36, +0.54) -- announces progress in the regulatory review of EVOCA in both US and EU

        • +12.6% SYNSAM.SS (Synsam SEK53.60, +6.05) -- Holder Theia Holdings (CVC Capital Partners) to place ~24.4M shares in Synsam AB via DNB Carnegie and SEB

        • +11.1% FDEV.LN (Frontier Developments £3.00, +0.30) -- FY25 trading update: adjusted EBITDA expected to be in the range of £8-9M vs FactSet £6.6M; intends to execute share buyback of up to £10M

        • +9.7% SAG.LN (Science Group £5.10, +0.45) -- enters into a Share Purchase agreement with WSP to sell 12.4M Ricardo shares, equivalent to 19.99% of the issued share capital

        • +8.8% CANTA.SS (Cantargia SEK1.12, +0.09) -- nadunolimab antibody awarded US FDA Fast Track Designation

        • +8.5% FNAC.FP (Fnac Darty €32.60, +2.55) -- presents its 2030 strategic plan and objectives: operating margin >3% by 2030, nearly 4 million subscribers for all services combined by 2030

        • +5.9% FAE.SM (FAES Farma €4.56, +0.26) -- to acquire SIFI, S.p.A.

        • +5.8% SCANFL.FH (Scanfil €8.95, +0.49) -- expands in Northern US by acquiring 80% of ADCO Circuits for $15.5M

        • +3.6% DEMANT.DC (Demant DKK288.00, +10.00) -- to acquire KIND Group for total consideration of €700M (~ DKK 5.2B) on cash- and debt-free basis; suspends share buyback; FY25 outlook unchanged

        • +3.6% SESG.FP (SES €5.20, +0.18) -- European Commission approves unconditionally the acquisition of Intelsat by SES

        • +2.7% EKTA.B.SS (Elekta SEK49.54, +1.32) -- aims to restore gross margin to pre-pandemic levels and reaching an EBIT margin of at least 14% -- CMD (10-Jun)

        • +2.5% BT.A.LN (BT Group £1.81, +0.04) -- BT Group is considering a bid for TalkTalk -- The Telegraph

        • +2.4% NHY.NO (Norsk Hydro NOK56.90, +1.32) -- Issues EUR500 Million Green Bond

        • +2.3% VP.LN (Vp Plc £6.06, +0.14) -- earnings

        • +2.1% AGR.LN (Assura £0.50, +0.01) -- Bidco confirms it has reached agreement with Assura on the terms of a recommended best and final increased cash offer for Assura at 50.42p/sh

        • +1.7% MMB.FP (Lagardere €20.45, +0.35) -- Vivendi reports it acquired 11.3M Lagardere shares for €24.10/share 5-Jun

        • +1.1% BYW6.GR (BayWa €9.09, +0.10) -- sells Cefetra to First Dutch for ~€125M

        • +0.4% FLOW.NA (Flow Traders €28.84, +0.12) -- reports May market statistics

        • +0.1% EQT.SS (EQT AB SEK288.90, +0.40) -- EQT expected to put Icon Group on the block - The Australian

      • Notable Decliners

        • -45.0% ROSE.LN (Rosebank Industries £3.55, -2.90) -- shares restored to trading today

        • -14.9% IBST.LN (Ibstock £1.65, -0.29) -- Q2 Trading Update; now expects FY 2025 adjusted EBITDA to be in the range of £77M to £82M vs FactSet £91.76M

        • -9.9% DATA.LN (GlobalData £1.56, -0.17) -- ICG confirms that it does not intend to make offer for GlobalData

        • -9.9% DATA.LN (GlobalData £1.56, -0.17) -- terminates conditional acquisition proposal discussions with ICG

        • -8.5% BIOVIC.B.SS (Biovica International SEK0.67, -0.06) -- targets FY25 revenue SEK8.5M vs FactSet SEK10M [2 est, SEK9-11M]

        • -8.3% VRCI.LN (Verici Dx £0.01, -0.00) -- to carry out equity fundraising

        • -7.9% APOTEA.SS (Apotea SEK90.00, -7.70) -- Holders to place ~8.8M shares in Apotea AB via DNB Carnegie and SEB

        • -6.0% CORE.A.SS (Corem Property Group SEK5.40, -0.34) -- share issue

        • -5.6% CREO.LN (Creo Medical Group £0.15, -0.01) -- receives FDA clearance for SpydrBlade Flex device multi-modal endoscopic device

        • -4.4% ITX.SM (Inditex €47.10, -2.17) -- earnings

        • -4.2% CGS.LN (Castings £2.62, -0.12) -- earnings

        • -4.0% FSTA.LN (Fuller, Smith & Turner £6.18, -0.26) -- reports FY EPS 34.2p ex-items vs FactSet 30.6p [5 est, 30.1-32.3p]

        • -4.0% ORK.NO (Orkla NOK110.30, -4.60) -- Orkla India has filed draft red herring prospectus in connection with proposed IPO

        • -2.4% KTCG.AV (Kapsch TrafficCom €7.20, -0.18) -- divests majority shareholding in and ceded control of Kapsch Telematic Services IOOO, Belarus; remains substantially economically entitled to its business success

        • -2.0% CRW.LN (Craneware £19.65, -0.40) -- Bain Capital announces it has no intention to make an offer for Craneware plc

        • -2.0% CRW.LN (Craneware £19.65, -0.40) -- board confirms that it rejected proposal from Bain Capital that valued Craneware at £26.50/sh; confirms trading in year to 30-Jun-25 has been strong

        • -1.8% CBRAIN.DC (cBrain DKK198.40, -3.60) -- CFO steps down

        • -1.8% OXB.LN (OXB £3.28, -0.06) -- provides AGM Update: good operational and commercial progress in the year 2025 to date; remains on track to deliver outlook

        • -0.9% RECSI.NO (REC Silicon NOK2.09, -0.02) -- Pareto issues statement related to mandatory offer by Anchor AS for the shares in REC Silicon ASA

        • -0.9% WDP.BB (Warehouses de Pauw €21.42, -0.20) -- acquires five urban distribution sites in Belgium with a total property value of €30M

        • -0.7% BAMI.IM (Banco BPM €10.04, -0.07) -- UniCredit expected to win EU antitrust approval for Banco BPM acquisition after offering to divest 206 branches - Reuters

        • -0.3% OUT1V.FH (Outokumpu €3.45, -0.01) -- CMD update: presents financial targets for 2026-2030 including EBITDA run-rate improvement of €250M

        • -0.1% DHL.GR (DHL Group €41.06, -0.06) -- UK's CMA to investigate the anticipated acquisition by EVRi of DHL eCommerce UK, and DHL Group's acquisition of a minority stake in EVRi.

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: MPH Health Care (93M1.GR)

        • Nordics: Clas Ohlson (CLAS.B.SS), Norcod (NCOD.NO)

        • UK: Halma (HLMA.LN), IDOX (IDOX.LN), Norcros (NXR.LN), Benchmark Holdings (BMK.LN), Motorpoint Group (MOTR.LN)

      • Trading Update:

        • UK: Tesco (TSCO.LN)

      • Traffic: Flughafen Zurich (FHZN.SW), DFDS (DFDS.DC)

      • CMD/events: BE Semiconductor Industries (BESI.NA), Frequentis (FQT.GR), Nekkar (NKR.NO), AKVA Group (AKVA.NO)

  • Data:

    • Economics:

      • None

    • Markets:

      • WTI Crude (Jul 25): +$1.47 or +2.26% to $66.45

      • €-$ +0.0065 or +0.57% to 1.1490

      • £-$ +0.0048 or +0.36% to 1.3547

      • €-£ +0.0017 to 0.8480

      • S&P 500 +0.20%

      • Performance year-to-date

        • FTSE 100: +8.46%

        • DAX: +20.29%

        • CAC: +5.35%

        • MIB: +17.51%

        • Stoxx 600: +8.67%

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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