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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.58%) to 8791.80, DAX (1.12%) to 23057.38, CAC40 (1.34%) to 7553.45, STOXX 600 (0.83%) to 535.86

Jun 19 ,2025

  • Synopsis:

    • European equity markets closed mostly lower near worst levels with Stoxx 600 at lowest since early May. Nordics buck the lower trend except for Sweden lower. Energy, healthcare and utilities outperform; travel/leisure, Construct & Mtls and Banks biggest laggards.

    • Market sentiment remains defensive amid Middle East tensions. President Trump held another National Security Council meeting on Wednesday after earlier saying he had idea on how to proceed but no decision made yet. Media sources noted Trump has approved plans for strike on Iran, which may happen in coming days. However, Trump waiting to see if Tehran abandons nuclear program and said to be mindful about being drawn into prolonged conflict. Prospects for diplomatic outcome remain unclear with Iran's foreign minister to hold talks with EU on Friday, while Trump said he is not looking for ceasefire but total victory. Elsewhere, German adviser to Merz said EU is pushing for UK-style trade deal with the US.

    • Central bank policy in focus. BoE held rates at 4.25% as expected. Vote split was 6-3. Markets discounting 80% chance of Aug cut. SNB cut key rate by 25 bps to 0%, as expected. Cited deflation risk and franc strength. Reiterated willingness to intervene in the FX market if needed. Norges Bank unexpectedly cut rates by 25 bps to 4.25%. Highlighted that inflation has declined and outlook is lower than previously expected. No surprise as FOMC left policy unchanged. Median dot still showed two rate cuts for 2025, though 2026 and 2027 dots saw a hawkish shift.

    • In macro developments, latest Swiss trade data showed large narrowing in trade surplus to CHF3.83B versus consensus CHF5.9B and prior CHF6.33B revised from CHF6.36B. Was due to a big fall in exports by 10.2% m/m versus prior 3.7% drop revised down from 3.3%. Imports up 0.5% m/m versus prior 10.4% fall revised down from 10.0%. Widely tracked Swiss watch export data recorded a 9.5% fall to CHF2.09B. Note that it followed an 18.2% jump in April driven by a 149.2% spike in US shipments as manufacturers rushed deliveries ahead of US levies; of note, shares in Swatch Group (UHR,SW) down ~(2%) at the open. Netherlands May Unemployment Rate 3.8% vs consensus 3.7% and prior 3.8%.

    • In M&A developments, Barclays (BARC.LN) is reportedly among other firms interested in buying Banco Sabadell (SAB.SM) British unit TSB, with NatWest (NWG.LN) choosing not to bid for it; Congatec will acquire a majority stake in Kontron (KTN.GR) subsidiary JUMPtec and Frasers Group (FRAS.LN) confirmed it does not intend to make an offer for Revolution Beauty; in the Nordics, Stora Enso (STERV.FH) initiated the strategic review of its Swedish forest assets Saab (SAAB.B.SS) signed an intent with France's DGA for the Saab GlobalEye sale

    • On the syndicate front, Thor Medical (TRMED.NO) completeed its offering to raise NOK11.4M and private placement to raise NOK75M at NOK2.50/share, Hansa Biopharma (HNSA.SS) placed 10.6M shares at SEK22/each, Mandatum (MANTA.FH) holder Altor Fund Manager cut its stake to 11.41% from 16.59% and MIBA Genossenschaft placed 110k shares in Emmi (EMMN.SW). On a light reporting calendar, UK names Whitbread (WTB.LN) and Hays Plc (HAS.LN) posted their most recent numbers

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 16-Jun to 20-Jun attached) Berkeley Group Holdings (BKG.LN), Record (REC.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany May PPI, France Jun business confidence, UK Jun consumer confidence - GfK, May retail sales, PSNB, Eurozone Jun flash consumer confidence.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +0.79%, Health Care +0.26%, Utilities +0.03%, Telecom (0.14%), Insurance (0.39%), Media (0.44%), Food & Beverage (0.61%), Real Estate (0.64%),

      • Underperformers:

        • Travel & Leisure (2.29%), Construct & Mtls (1.84%), Banks (1.65%), Persnl & HHold Goods (1.54%), Technology (1.54%), Basic Resources (1.43%), Autos & Parts (1.37%), Chemicals (1.37%), Retail (1.34%), Financial Svcs (1.02%), Ind Goods & Svcs (1.00%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Iran's leader 'cannot continue to exist', Israeli defence minister says after hospital strike - BBC, The Guardian

        • Ukraine and Russia exchange POWs in latest swap - Reuters

        • Russia on brink of recession, says economy minister - FT

      • Central Banks

        • Bank holds interest rates but hints at future cuts - BBC

        • Norway central bank cuts rates in surprise move, eyes further reduction - Reuters

        • ECB's Villeroy Says If Policy Needs to Change, Loosening More Likely - Bloomberg

        • Swiss central bank cuts interest rates to zero - FT

      • EU

        • Google should lose bid to overturn €4.1B EU Android fine, says court adviser - Politico

        • EU states agree on joint procurement - Handelsblatt

        • EU weighs UK-style trade deal with US - FT

        • Nine EU countries call for talks on ending trade with Israeli settlements - Reuters

      • UK

        • Britain's biggest bank to cut UK investments in snub to Reeves - The Telegraph

        • London's productivity sinks to below pre-pandemic levels - FT

        • UK to Invest £725 Billion in Infrastructure Over Next 10 Years - Bloomberg

      • France

        • French Lawmakers Accuse Government of Weakening Dividend Tax Law - Bloomberg

      • Germany

        • German government wants to enable gas production off Borkum - Handelsblatt

      • Spain

        • Spain wants to opt out from NATO's 5% defence spending target - Reuters

      • Finland

        • Finnish parliament votes to exit landmines treaty due to Russia threat - Reuters

    • Company news:

      • Trading Higher:

        • +14.7% STERV.FH (Stora Enso €9.74, +1.25) -- initiates strategic review of Swedish forest assets

        • +14.5% ETL.FP (Eutelsat Communications €2.85, +0.36) -- and France's Armed Forces Ministry reach framework agreement for low orbit satellite services for NEXUS Program; Oddo upgrade

        • +11.9% CAPD.LN (Capital £0.85, +0.09) -- contract

        • +11.8% ENRO.SS (Eniro Group SEK0.46, +0.05)

        • +7.3% ILM1.GR (Medios €12.10, +0.82) -- adopts public share buyback offer for up to 1M shares at a price of €12.50

        • +7.2% AET.LN (Afentra £0.51, +0.03) -- and Maurel et Prom to jointly acquire additional interests in Blocks 3/05 and 3/05A in Angola

        • +5.8% ACC.NO (Aker Carbon Capture NOK0.27, +0.01)

        • +4.0% IVSO.SS (INVISIO SEK335.00, +13.00) -- order

        • +3.7% NESTE.FH (Neste €11.57, +0.41) -- Santander upgrade

        • +3.4% AVCT.LN (Avacta Group £0.31, +0.01) -- trial update

      • Trading Lower:

        • -20.3% KMR.LN (Kenmare Resources £3.09, -0.80) -- has terminated offer discussions with Consortium (Oryx Global and Michael Carvill)

        • -11.2% NCC.LN (NCC Group £1.47, -0.18) -- H1 earnings

        • -10.7% TRMED.NO (Thor Medical NOK2.54, -0.31) -- completes PrimaryBid offering to raise NOK11.4M and private placement to raise NOK75M at NOK2.50/share

        • -9.8% HAS.LN (Hays Plc £0.63, -0.07) -- trading update

        • -9.3% BREE.LN (Breedon Group £3.86, -0.40)

        • -6.8% XPS.LN (XPS Pensions Group £3.49, -0.26) -- FY earnings; new Chairman

        • -5.7% OXUR.BB (Oxurion €0.03, -0.00) -- LoI to acquire 70% of a preclinical microbiology CRO

        • -5.4% ANP.LN (Anpario £3.95, -0.23) -- AGM statement

        • -4.8% ADEN.SW (Adecco Group CHF22.80, -1.14) -- HAS.LN sympathy

        • -3.8% MT.NA (ArcelorMittal €25.85, -1.02) -- completes acquisition of Nippon Steel's interest in AM/NS Calvert

        • -3.7% MANTA.FH (Mandatum €5.48, -0.21) -- Mandatum holder Altor Fund Manager cuts stake to 11.41% from 16.59% as at 18-Jun - Filing

        • -3.3% WOSG.LN (Watches of Switzerland Group £4.05, -0.14) -- May Swiss Watch Exports (9.5%) to CHF 2.09B

        • -3.2% EMMN.SW (Emmi CHF791.00, -26.00) -- MIBA Genossenschaft places 110,000 shares in Emmi AG

        • -2.9% ACKB.BB (Ackermans & Van Haaren €214.60, -6.40) -- ING downgrade

        • -2.7% CFR.SW (Richemont CHF147.30, -4.00) -- May Swiss Watch Exports (9.5%) to CHF 2.09B

        • -2.4% PGHN.SW (Partners Group Holding CHF992.00, -24.30) -- Goldman Sachs downgrade

        • -2.4% VALMT.FH (Valmet €25.93, -0.64) -- DNB Carnegie downgrade

        • -2.1% UHR.SW (Swatch Group CHF132.70, -2.80) -- May Swiss Watch Exports (9.5%) to CHF 2.09B

        • -2.1% AKSO.NO (Aker Solutions NOK36.40, -0.78) -- DNB Carnegie downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • UK: Berkeley Group Holdings (BKG.LN), Record (REC.LN)

  • Data:

    • Economics:

      • Netherlands May Unemployment Rate 3.8% vs consensus 3.7% and prior 3.8%

      • Switzerland May Trade Balance CHF3.83B vs consensus CHF5.9B and prior revised CHF6.33B from CHF6.36B

        • May Swiss Watch Exports (9.5%) to CHF 2.09B

      • Eurozone Apr Construction Output +3.0% y/y vs consensus (1.6%) and prior revised (1.3%) from (1.1%)

    • Markets:

      • WTI Crude (Jul 25): +$2.33 or +3.10% to $77.47

      • €-$ (0.0017) or (0.15%) to 1.1467

      • £-$ +0.0011 or +0.08% to 1.3432

      • €-£ (0.0017) to 0.8538

      • S&P 500 +0.00%

      • Performance year-to-date

        • FTSE 100: +7.57%

        • DAX: +15.81%

        • CAC: +2.34%

        • MIB: +13.91%

        • Stoxx 600: +5.56%

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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