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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.23% to 8884.92, DAX (0.74%) to 23771.45, CAC40 (0.14%) to 7765.11, STOXX 600 (0.33%) to 549.84

Jun 12 ,2025

  • Synopsis:

    • European equity markets closed mostly lower mostly off worst levels, following a mostly softer trade on Wednesday. Travel & Leisure the biggest sector decliner on the latest uptick in geopolitical risk, alongside BA stock slumping on news of crash of an Air India 787-8 Dreamliner, with no survivors in Ahmedabad, India. Basic resources, Financial Svcs also lagging while energy advances.

    • US-China framework agreement in London seen to have tamped down recent ramp in tensions though press takeaways highlighted how Geneva truce remains on shaky ground. Episode underlined how export controls likely to remain a source of tensions with China reportedly imposing six-month limit on rare-earth export licenses and US ready to reimpose recent restrictions if Beijing backtracks on its promises. Lack of details also seen prolonging uncertainty surrounding prospects of lasting de-escalation.

    • In other trade developments, Trump repeated threat that at some point in next 1.5-2 weeks US will unilaterally impose trade deal terms on countries that fail to strike deal. Trump echoed remarks by Treasury Secretary Bessent earlier that White House is open to extending July reciprocal tariff deadline if countries negotiating in good faith. However, Trump also said he doesn't think extension will be necessary. Report on Wednesday said the EU believes trade negotiations with the EU could extend beyond July deadline and sees deal in principle as best-case scenario, which would allow further talks to work out details.

    • Middle East the key source of geopolitical tensions with additional reports Israel considering taking military action against Iran. This was reportedly behind recent US decision to partially evacuate personnel from the region. IAEA board of governors passed resolution that Iran in non-compliance with nuclear safeguards obligation in first time for nearly 20 years. US dollar weakness another area of focus, though nothing particularly incremental. DXY down nearly 10% ytd with Trump 2.0 policy uncertainty and deficit concerns high-profile headwinds.

    • On the European macro front, monthly UK activity data saw growth surprise on the downside in April amid fall in services and production output. Overnight, RICS house price balance showed prices at the lowest level in the lowest level in ten months in contrast to other upbeat readings on market. Takeaways from Wednesday's UK spending review highlight likelihood of tax increases later this year. Bank of France cut its growth and inflation forecast amid fallout from US tariffs. IFO institute raised German growth forecasts on fiscal expansion.

    • On the reporting front, Tesco plc (TSCO.LN) shares up +1.7% after strong Q1 numbers; still in the UK. Crest Nicholson Holdings (CRST.LN) and Halma (HLMA.LN) were among few other names from the region to update investors. Elsewhere, BE Semiconductor Industries (BESI.NA) shares are trading sharply higher after raising guidance at its CMD, with Prosus (PRX.NA) and Clas Ohlson (CLAS.B.SS) also issuing updates. In M&A news, Crédit Agricole (ACA.FP) subsidiary agreed to acquire Clariane (CLARI.FP)- owned Petits-fils for €345M

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 09-Jun to 13-Jun attached) no major releases scheduled, whilst the macro-calendar releases will include Germany May final CPI, France May final CPI, Spain final May CPI, Italy Apr trade balance, Eurozone Apr industrial production, trade balance, Finland May final CPI. Holiday: Russia

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.03%, Utilities +0.62%, Health Care +0.45%, Food & Beverage +0.18%, Banks +0.00%, Construct & Mtls (0.23%),

      • Underperformers:

        • Travel & Leisure (2.29%), Basic Resources (1.36%), Financial Svcs (1.26%), Insurance (1.18%), Autos & Parts (1.15%), Technology (1.14%), Real Estate (1.12%), Retail (1.05%), Media (1.04%), Telecom (0.90%), Persnl & HHold Goods (0.52%), Chemicals (0.48%), Ind Goods & Svcs (0.41%),

    • Macro/Peripheral markets:

      • Geopolitics

        • UN watchdog finds Iran failing to comply with nuclear obligations - The Guardian

        • Iran will respond 'forcefully' to any Israeli strike - The Telegraph

        • At least 200 killed as Air India plane to London crashes moments after take-off in Ahmedabad - BBC

        • Most G7 members ready to lower Russian oil price cap without US - Reuters

      • Central Banks

        • ECB's Schnabel Says Rate-Cut Campaign Is Coming to an End - Bloomberg

        • ECB Is in Good Position to Withstand Future Shocks, Lagarde Says - Bloomberg

      • EU

        • Brussels city begs EU for cash to finish Schuman roundabout works - Politico

        • EU and China eye July 24-25 for summit - Politico

        • Bilderberg group meets in Sweden amid US-Europe tensions - Reuters

        • European Pension Funds May Drive Fierce Dollar Selling, Says BNP - Bloomberg

      • UK

        • Reeves refuses to rule out tax rises after economy shrinks - BBC

        • Council tax expected to rise by 5% a year - BBC

        • British exports to US suffer record hit from Trump tariffs - Reuters

        • UK Trade Secretary Reynolds Hopeful of US Deal on Car Tariffs Soon - Bloomberg

      • Germany

        • OECD calls for a change of course in German tax policy - Handelsblatt

        • Health Minister Warken wants more flexible hospital reform - and could thus soften it - Handelsblatt

      • Spain

        • Spanish Prime Minister's Top Aid Resigns Amid Corruption Accusation - okdiario

      • Italy

        • Italy Seeks More Time to Reach NATO's New Defense Spending Goal - Bloomberg

    • Company news:

      • Trading Higher:

        • +17.1% CLAS.B.SS (Clas Ohlson SEK320.40, +48.60) -- Q4 earnings

        • +14.6% CLARI.FP (Clariane €4.78, +0.58) -- confirms sale of its Petits-fils network to Crédit Agricole subsidiary

        • +14.3% G4M.LN (Gear4music (Holdings) £1.63, +0.22) -- purchases assets from Administrators of Jamm Co 2019

        • +7.7% MOLN.SW (Molecular Partners CHF3.00, +0.22) -- trial data presentation

        • +6.9% BGO.LN (Bango £0.95, +0.06) -- strategic partnership with Korean telco KT

        • +4.7% PAY.LN (PayPoint £7.92, +0.36) -- FY earnings

        • +4.0% BESI.NA (BE Semiconductor Industries €125.70, +4.70) -- CMD update: upgrades targets

        • +2.8% FNOX.SS (Fortnox SEK89.82, +2.46) -- EQT X and First Kraft hold 80.5% of the shares of Fortnox, declares offer unconditional

        • +2.8% HLMA.LN (Halma £32.14, +0.84) -- FY earnings

        • +2.6% AKVA.NO (AKVA Group NOK79.60, +2.00) -- confirms FY guidance

        • +2.3% 93M1.GR (MPH Health Care €20.30, +0.45) -- Q1 earnings

        • +2.2% TTE.FP (TotalEnergies €54.64, +1.16) -- and Mistral AI announce collaboration to accelerate artificial intelligence

        • +2.1% IMP.A.SS (Implantica SEK41.25, +0.85) -- study publication

        • +1.8% TSCO.LN (Tesco plc £3.92, +0.07) -- Q1 sales

      • Trading Lower:

        • -17.1% CER.LN (Cerillion £16.38, -3.25) -- CEO Louis Hall to place minimum of 1.3M ordinary shares in Cerillion at 1500p/sh through Panmure Liberum

        • -6.9% ZAL.NO (Zalaris NOK79.40, -5.80) -- concludes strategic review

        • -3.2% SREN.SW (Swiss Re CHF138.90, -4.50) -- Barclays downgrade

        • -2.4% EQT.SS (EQT AB SEK284.00, -6.90) -- EQT X and First Kraft hold 80.5% of the shares of Fortnox, declares offer unconditional

        • -2.0% THULE.SS (Thule Group SEK266.60, -5.60) -- DNB Carnegie downgrade

        • -1.9% NANOFH.FH (Nanoform Finland €0.74, -0.02) -- trial update

        • -1.6% SALME.NO (Salmon Evolution NOK6.07, -0.10) -- enters credit facility of up to NOK 250M; amends EBITDA covenant requirements through 2025

        • -1.6% ERA.FP (Eramet €46.86, -0.78) -- Kepler Cheuvreux downgrade

    • EU companies reporting tomorrow:

      • Traffic: Fraport AG Frankfurt Airport Services Worldwide (FRA.GR)

  • Data:

    • Economics:

      • Netherlands May CPI +3.3% y/y vs preliminary 3.3%

      • Germany GDP 2025 +0.3%vs prior forecast +0.2%, 2026 +1.5% vs prior +0.8% - New government measures expected to boost growth by 0.1% in 2025 and 0.7% in 2026 - IFO

      • UK Apr

        • Construction Output +3.3% y/y vs consensus +0.9% and prior +1.4%

        • Visible Trade Balance (£23.21B) vs consensus (£20.5B) and prior (£19.87B)

        • Industrial Production (0.3%) y/y vs consensus (0.2%) and prior (0.7%)

    • Markets:

      • WTI Crude (Jul 25): ($0.06) or (0.09%) to $68.09

      • €-$ +0.0089 or +0.77% to 1.1577

      • £-$ +0.0043 or +0.31% to 1.3590

      • €-£ +0.0039 to 0.8519

      • S&P 500 +0.19%

      • Performance year-to-date

        • FTSE 100: +8.71%

        • DAX: +19.40%

        • CAC: +5.21%

        • MIB: +16.86%

        • Stoxx 600: +8.32%

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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