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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.46%) to 8718.75, DAX (0.61%) to 23498.33, CAC40 (0.76%) to 7558.16, STOXX 600 (0.74%) to 536.98

Jun 25 ,2025

  • Synopsis:

    • European equity markets closed lower following broad gains on Tuesday. Autos, financial services stronger; food/beverage, media and telecom main laggards.

    • Geopolitical tensions easing as Iran-Israel ceasefire holds, pulling crude back below pre-war levels. Attention shifting back to prospect of negotiations after Iran's president said willing to return to talks. White House also pushed back against media reports citing preliminary intelligence assessment that US strikes dealt limited damage to Iran's underground nuclear facilities and likely set back program by only few months.

    • Latest trade headlines mixed after NEC director Hassett said he sees deals coming after Big Beautiful Bill passes, though timing there still uncertain. FT highlighted EU warnings about €95B package of retaliatory tariffs aimed at increasing leverage in negotiations ahead of 9-Jul deadline. Also limited signs of progress in US-Asia talks with Japan's Akazawa set for seventh round of talks this week. South Korea reiterated request for tariff exemptions, including steel and auto levies, following talks this week.

    • In Europe, attention on NATO summit. Comments from Trump ahead of meeting heightened concerns over defense pact. Leaders bracing for Trump to redefine commitment to Article 5. Quiet macro calendar. French consumer confidence weakened in June and final Spanish Q1 GDP unchanged from prior estimate. UK surveys point to weakening in labor market.

    • On a light macro calendar, French consumer confidence came at 88 vs consensus 89 and prior 88. Final Spanish Q1 GDP in line with preliminary, +2.8% y/y and +0.6% q/q; May PPI +1.9% y/y unchanged from prior month and vs consensus +2.0%. Elsewhere, Switzerland Jun ZEW Expectations improves to (2.1) vs consensus (17.0) and prior (22.0).

    • In corporate news, out of the UK, Halfords (HFD.LN) and Babcock International Group (BAB.LN) reported FY earning beats, while THG PLC (THG.LN) said in its AGM update that trading in Q2 has been much improved across both Beauty and Nutrition, with the group returning to CCY revenue growth, underpinned by a strong June exit rate supporting unchanged FY 2025 guidance. In the DACHS, Idorsia (IDIA.SW) launched repurchase offer for its 2025 and 2028 convertible bonds. In Spain, Banco Sabadell (SAB.SM) announced it will present its new 2025 2027 strategic plan on 24 July,

    • On M&A flow, the Economic Times reported that Suntory is interested in acquiring the Imperial Blue whiskey brand from Pernod Ricard (RI.FP). The report says Pernod is currently seeking $600-650M for the brand after cutting the asking price from $1B. Also, Banca Ifis (IF.IM) will pay additional consideration of €0.1775/sh in cash for each illimity Bank (ILTY.IM) share tendered to offer in case acceptances higher than 90%.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 23-Jun to 27-Jun attached) Carlo Gavazzi Holding (GAV.SW), H&M Hennes & Mauritz (HM.B.SS), Harboes Bryggeri (HARB.B.DC), Fluegger Group (FLUG.B.DC), Moonpig Group (MOON.LN), Volex (VLX.LN), Cake Box Holdings (CBOX.LN), Inchcape (INCH.LN),and Serco Group (SRP.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Jul consumer confidence - GfK, Sweden May trade balance, Norway May unemployment rate, UK Jun distributive trades - CBI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +0.43%, Financial Svcs +0.08%, Ind Goods & Svcs +0.02%, Insurance (0.01%), Travel & Leisure (0.24%), Technology (0.47%), Oil & Gas (0.45%), Construct & Mtls (0.43%), Retail (0.47%),

      • Underperformers:

        • Food & Beverage (2.44%), Telecom (1.79%), Media (1.62%), Chemicals (1.44%), Basic Resources (1.32%), Persnl & HHold Goods (1.25%), Health Care (1.17%), Real Estate (1.02%), Utilities (1.03%), Banks (0.87%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Nato members agree 5% defence spending target - FT, The Guardian

        • Putin will not go to BRICS summit in Brazil due to ICC arrest warrant, Kremlin aide says - Reuters

        • Pentagon launches probe into Iran strike intel leak - Politico

      • EU

        • Brussels Set To Disregard ECB Warnings Over Stablecoin Rules - FT

        • EU Commission proposes EU Space Act to boost market access and strengthen space safety - release

        • Euro's Rally Faces Inflection Point as It Climbs Toward $1.20 - Bloomberg

        • EU Sees Trump's 10% Tariff as Trigger to Retaliate - Bloomberg

        • EU to loosen rules on cancer-causing chemicals in cosmetics - Politico

      • UK

        • Public calls for Government action amid economic struggles and failing services - release

        • UK provides update on UK-Switzerland Free Trade Agreement following seventh round of negotiations - release

        • UK to host Trump for full state visit later this year - BBC

        • Starmer suggests welfare bill revolt just 'noises off' as he denies being bad at politics - The Guardian

      • France

        • France's Socialists submit no-confidence bill amid pensions dispute, weakening Bayrou - Reuters

      • Germany

        • ifo Export Expectations fell slightly in June - release

        • SPD wants to make citizens with high salaries pay a second time - Handelsblatt

      • Spain

        • Regulator CNMV approves new procedure to make IPO process easier - release

      • Portugal

        • Portugal Reiterates It Will Meet NATO Defense Spending Goal - Bloomberg

      • Poland

        • Poland Floats New Bank Tax to Bolster Budget After Elections - Bloomberg

    • Company news:

      • Trading Higher:

        • +23.6% RECSI.NO (REC Silicon NOK2.17, +0.49) -- updates on acceptances under the recommended voluntary offer by Anchor AS

        • +12.9% THG.LN (THG Plc £0.32, +0.04) -- AGM trading statement

        • +12.5% LBIRD.FP (Lumibird €18.10, +2.00) -- subsidiary contract award

        • +12.1% SDG.LN (Sanderson Design Group £0.50, +0.06) -- AGM trading statement

        • +11.9% BFSA.GR (Befesa €27.30, +2.98) -- upgraded to overweight from equal-weight at Morgan Stanley

        • +11.4% BAB.LN (Babcock International Group £11.66, +1.18) -- reports FY EPS 49.1p vs FactSet 48.3p [9 est, 44.6-50.2p]; launches £200M share buyback programme

        • +10.4% MAGI.SS (MAG Interactive SEK11.25, +1.05) -- earnings

        • +9.5% CLARI.FP (Clariane €5.44, +0.46) -- upgraded to outperform from neutral at Oddo

        • +7.0% GABR.DC (Gabriel Holding DKK195.00, +13.00) -- raises FY revenue and EBIT guidance

        • +6.9% MCAP.SS (MedCap SEK440.00, +28.50) -- Unimedic Pharma AB acquires XGX Pharma ApS in Denmark for an initial cash payment of DKK135M for 100% of the company's shares plus potential additional payment of up to DKK140M

        • +6.4% SBS.GR (Stratec €26.95, +1.65) -- upgraded to buy from hold at Kepler Cheuvreux

        • +6.2% DONE.SS (Done.ai Group SEK10.28, +0.59) -- initiates evaluation of incorporating blockchain infrastructure

        • +5.3% FYB.GR (Formycon €28.00, +1.40) -- commercialization partnership

        • +4.8% IDIA.SW (Idorsia CHF1.97, +0.09) -- convertibles repurchase offer launch

        • +4.0% WIHN.SW (WISeKey International Holding CHF10.70, +0.40) -- service agreement

        • +3.6% EVT.GR (Evotec €7.20, +0.25) -- joins NURTuRE-AKI consortium

        • +3.5% HSP.LN (Hargreaves Services £7.30, +0.24) -- trdaing update

        • +3.0% ANE.SM (Corporación Acciona Energías Renovables €19.17, +0.57) -- ACCIONA Energia sells wind farm in Peru for up to $253M

        • +2.8% STLAM.IM (Stellantis €8.57, +0.24) -- upgraded to buy at Jefferies

        • +2.8% FCT.IM (Fincantieri €14.43, +0.39) -- Fincantieri and Leonardo JV signs through life sustainment management in-service support contract for FREMM Frigates

        • +2.6% LDO.IM (Leonardo €46.46, +1.18) -- Fincantieri and Leonardo JV signs through life sustainment management in-service support contract for FREMM Frigates

        • +2.5% AFX.GR (Carl Zeiss Meditec €58.00, +1.40) -- to buy from hold at MWB

        • +2.4% HPOL.B.SS (HEXPOL SEK91.50, +2.10) -- upgraded to buy from hold at SEB, upgraded to buy from hold at Nordea

        • +2.3% MB8.GR (Moberg Pharma €0.69, +0.02) -- update post review of its resource allocation

        • +2.0% ALESE.FP (Entech Smart Energies €7.93, +0.15) -- convertible bonds issuance

      • Trading Lower:

        • -37.6% WLN.FP (Worldline €3.55, -1.73) -- issues press release following publication of articles by the European journalism network EIC

        • -29.6% ULTP.LN (Ultimate Products £0.51, -0.22) -- trading update

        • -14.9% PHIL.IM (Philogen €23.40, -4.00) -- withdraws marketing authorization application for Nidlegy in EU

        • -11.8% LIO.LN (Liontrust Asset Management £3.87, -0.49) -- earnings

        • -11.3% CYAD.BB (Celyad Oncology €0.39, -0.05) -- strategic review

        • -10.5% HOFI.SS (Hoist Finance SEK84.25, -9.50) -- downgraded to hold from buy at Kepler Cheuvreux

        • -9.9% KTCG.AV (Kapsch TrafficCom €6.70, -0.68) -- earnings

        • -9.2% NCC.B.SS (NCC SEK169.90, -17.00) -- downgraded to hold from buy at Nordea

        • -6.9% ALCJ.FP (Crossject €1.55, -0.11) -- capital increase

        • -6.6% MOL.IM (Moltiply Group €45.00, -3.10) -- completes sale of 1M treasury shares at €44/sh through Equita SIM

        • -5.8% RANA.NO (Rana Gruber NOK68.30, -4.10) -- Eiendom AS sells 920,000 shares in Rana Gruber ASA

        • -5.0% STERV.FH (Stora Enso €9.20, -0.47) -- BNP Paribas Exane downgrade

        • -4.9% DNO.NO (DNO ASA NOK12.93, -0.65) -- downgraded to hold from buy at ABG Sundal Collier

        • -4.8% MRK.LN (Marks Electrical Group £0.60, -0.03) -- earnings

        • -4.2% PEN.NO (Panoro Energy NOK23.45, -1.00) -- downgraded to hold from buy at ABG Sundal Collier downgrade

        • -4.2% BNOR.NO (BlueNord NOK511.00, -22.00) -- downgraded to hold from buy at ABG Sundal Collier

        • -4.1% OKEA.NO (Okea NOK17.36, -0.72) -- downgraded to hold from buy at ABG Sundal Collier

        • -3.2% WPP.LN (WPP Group £5.12, -0.17) -- downgraded to underweight from equal weight at Barclays

        • -2.9% BBOX.LN (Tritax Big Box REIT £1.48, -0.04) -- agrees recommended cash and share offer for Warehouse valuing the offer at 114.2p/Warehouse share incl dividends and the total share capital at £485.2M

        • -2.9% AKRBP.NO (Aker BP NOK259.90, -7.80) -- downgraded to hold from buy at ABG Sundal Collier

        • -2.8% UMG.NA (Universal Music Group €26.97, -0.76) -- downgraded to neutral from buy at UBS

        • -2.7% KOG.NO (Kongsberg Gruppen NOK371.90, -10.40) -- downgraded to sell from hold at Pareto

        • -2.0% KRX.ID (Kingspan Group €71.30, -1.45) -- UK's CMA considering whether Kingspan's acquisition of Coverworld creates a relevant merger situation

        • -2.0% SAB.SM (Banco de Sabadell €2.67, -0.06) -- Banco Sabadell to present its new 2025 2027 Strategic Plan on 24-Jul

        • -1.8% JM.SS (JM SEK150.70, -2.70) -- acquires building rights for residential development in Stockholm for SEK 176M

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Carlo Gavazzi Holding (GAV.SW)

        • Nordics: H&M Hennes & Mauritz (HM.B.SS), Harboes Bryggeri (HARB.B.DC), Fluegger Group (FLUG.B.DC)

        • UK: Moonpig Group (MOON.LN), Volex (VLX.LN), Cake Box Holdings (CBOX.LN)

      • Trading Update:

        • UK: Inchcape (INCH.LN), Serco Group (SRP.LN)

      • CMD/events: Munich Re (MUV2.GR) meetings with management, BNP Paribas (BNP.FP) Deep Dive Commercial & Personal Banking in France 14:00BST, Avolta (AVOL.SW) 10:30CEST, IP Group (IPO.LN) 15:00BST

  • Data:

    • Economics:

      • Switzerland Jun ZEW Expectations (2.1) vs consensus (17.0) and prior (22.0)

      • Spain

        • May PPI +1.9% y/y vs consensus +2.0% and prior +1.9%

        • Q1 GDP +2.8% y/y vs preliminary +2.8%; +0.6% q/q vs preliminary +0.6%

      • Finland May Unemployment Rate 10.5% vs consensus 9.7% and prior 10.0% (1:00CET)

      • France Jun Consumer Confidence 88 vs consensus 89 and prior 88

    • Markets:

      • WTI Crude (Aug 25): +$1.06 or +1.65% to $65.43

      • €-$ +0.0014 or +0.12% to 1.1625

      • £-$ +0.0006 or +0.04% to 1.3619

      • €-£ +0.0007 to 0.8535

      • S&P 500 +0.01%

      • Performance year-to-date

        • FTSE 100: +6.68%

        • DAX: +18.03%

        • CAC: +2.40%

        • MIB: +15.01%

        • Stoxx 600: +5.78%

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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