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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.19% to 8735.60, DAX +0.64% to 23649.30, CAC40 (0.01%) to 7557.31, STOXX 600 +0.09% to 537.48

Jun 26 ,2025

  • Synopsis:

    • European equity markets ended mostly higher. Follows downbeat performance on Wednesday. Big gains for Basic Resource stocks amid higher metal prices/weaker US dollar. Industrial Goods & Services also sharply higher, led by Defense names, boosted by NATO's backing of increased military spending. Financial services also performing well. Autos & Parts the biggest decliner amid ongoing worries about looming 9-Jul tariff deadline with few deals made between major trading nations and the US. Personal/Household Goods also underperform. US equity markets higher in midday trading. Treasuries mixed with curve steepening. Dollar index down 0.4%. Gold down 0.3%. Bitcoin futures off 0.4%. WTI crude up 2.4% in fairly choppy trading.

    • In notable trade headlines, Trump threatened to double tariffs on Spain due to low NATO spending at summit press conference on Wednesday. German press said EU is bowing to economic pressure from Trump and will now give US tech firms a say in application of the Digital Markets Act (DMA). Press reported Trump also pushing for rollback of EU climate rules as part of trade talks.

    • Quiet macro calendar in Europe. German consumer confidence slightly weaker in latest update as July reading recorded -20.3 outturn versus consensus -19.1 and prior -20.0 revised from -19.9; this was the first drop in four months. UK CBI distributive trade survey down for the ninth consecutive month. The June weighted balance fell to -46% versus prior -27% and most retailers anticipate another rapid fall in July at -49%. Sales volumes were judged to be poor, and the weighted balance fell to 37% versus -19% and July sales seen at -38%. In other developments, UK government considering watering down welfare reforms that will save ~£5B by the end of the parliament. UK business lobby group calls for tax freeze to support growth.

    • In corporate news, Valneva (VLA.FP) confirmed FY25 guidance whilst Trigano (TRI.FP) reported Q3 revenue. Still in France, Worldline (WLN.FP) CEO hosts analysts call after EIC media campaign. In the DACH region, Avolta (AVOL.SW) reaffirmed Destination 2027 medium-term outlook of organic growth +5%-7% ahead of its capital markets day. Out of the Nordics, H&M Hennes & Mauritz (HM.B.SS) posted Q2 numbers with EPS slightly above cons while revenue came in below expectations. In the UK, Inchcape (INCH.LN) H1 update indicated resilient performance amid mixed market conditions and currency headwinds. Serco Group (SRP.LN) issued a positive H1 trading update and announced new Chair. Elsewhere, Nokia): -- plans to cut 9,000 to 14,000 jobs globally as part of a cost-cutting initiative aimed at saving €800M to €1.20B by next year

    • In M&A developments, Shell (SHEL.LN) confirms it has not been actively considering making an offer for BP (BR.LN). EQT's (EQT.SS) BPEA Private Equity agrees to sell Pioneer to CarUX for $1.1B. In an interview, Idorsia (IDIA.SW) incoming CEO says he does not want company to be acquired and wants to remain independent. In the afternoon, Anchor AS said it would not extend current acceptance period beyond 8-Jul and will not increase offer price of NOK 2.20/sh for REC Silicon (RECSI.NO); this follows holder Water Street Capital comments on results of AGM.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +3.86%, Financial Svcs +1.32%, Ind Goods & Svcs +1.11%, Retail +0.83%, Oil & Gas +0.59%, Travel & Leisure +0.47%, Utilities +0.46%, Real Estate +0.36%, Construct & Mtls +0.16%, Telecom +0.15%, Chemicals +0.12%

      • Underperformers:

        • Persnl & HHold Goods (1.54%), Autos & Parts (0.98%), Technology (0.54%), Banks (0.30%), Insurance (0.14%), Health Care (0.12%), Food & Beverage (0.05%), Media +0.09%

    • Macro:

      • Trade:

        • EU leaders shift from defense to trade as Trump looms over Brussels summit (FT, Reuters )

        • EU want to make it easier for US companies to comply with local laws (Handelsblatt)

        • UK government will shift focus to pursuing smaller trade agreements after reaching deals with US, EU and India (Guardian)

      • Economy:

        • ECB economists improve GDP forecasting with ChatGPT (Reuters )

      • Germany:

        • Consumer confidence slightly weaker in latest update (GfK)

      • UK:

        • BCC calls on government to freeze taxes payroll tax hit (London Times)

        • UK household incomes 'will stagnate or shrink' by 2030 (London Times)

        • Starmer preparing to water down welfare reforms (Telegraph)

        • Labour's election fixer under as welfare rebellion looms (FT)

        • Latest publication of the Citi/YouGov public inflation expectations survey published late Wednesday showed a rise in long-term outlook (Reuters)

      • France:

        • French deficit target in reach, but new spending cuts needed, ministry says (Reuters )

        • Pension crisis forcing France into a doom loop it can't escape (Telegraph)

      • EU:

        • Ursula von der Leyen amputates the Green Deal to save its life (Politico)

    • Peripheral markets:

      • Italy:

        • Spain, Italy signed same document at NATO summit, says PM Meloni (ANSA )

      • Spain:

        • Spain's Leader Calls US Levies 'Doubly Unfair' in Trade Spat (Bloomberg )

        • Trump threatens to double tariffs on Spain due to low NATO spending (Axios)

    • Company news:

      • Notable Gainers

        • +20.3% WLN.FP (Worldline €3.41, +0.57) -- CEO hosts analysts call after EIC media campaign

        • +17.3% VLX.LN (Volex £3.70, +0.55) -- FY earnings

        • +12.2% AMG.NA (AMG Critical Materials €21.56, +2.34) -- initiated buy at Deutsche Bank

        • +8.9% FCT.IM (Fincantieri €15.65, +1.28) -- order; Mediobanca upgrade

          • +4.3% LDO.IM (Leonardo €48.14, +1.98)

        • +8.4% BIOVIC.B.SS (Biovica International SEK0.80, +0.06) -- granted new European patent

        • +7.3% RHM.GR (Rheinmetall €1,864.50, +126.50) -- initiated outperform at Mediobanca

        • +6.3% EDEN.FP (Edenred €26.31, +1.56) -- says proposals for reforming meal vouchers in France include measures for which the sector has been waiting

        • +5.9% INSE.LN (Inspired £0.81, +0.05) -- board reaches agreement with HGGC on 81p per share cash offer

        • +5.9% INCH.LN (Inchcape £7.21, +0.40) -- pre-close trading statement

        • +5.7% PROX.BB (Proximus €8.41, +0.46) -- initiated buy at Berenberg

        • +5.5% TRI.FP (Trigano €147.00, +7.70) -- Q3 revenue; Oddo upgrade

        • +5.4% EQT.SS (EQT AB SEK309.30, +15.80) -- EQT's BPEA Private Equity agrees to sell Pioneer to CarUX for $1.1B; Citi upgrade

        • +5.2% ENT.LN (Entain £9.00, +0.45) -- Goldman Sachs upgrade

        • +4.9% CHG.LN (Chemring Group £5.77, +0.27) -- study with Norwegian Government for new facility to produce military explosives progresses to its second phase

        • +4.8% FYB.GR (Formycon €29.60, +1.35) -- notes Teva becomes secondary commercialization partner for Stelara biosimilar FYB202 in Germany

        • +4.6% MYTIL.GA (Metlen Energy & Metals €46.68, +2.07) -- share exchange offer to consolidate the group under a UK-listed ultimate parent company

        • +4.1% VLA.FP (Valneva €2.44, +0.10) -- confirms FY guidance; exclusive vaccine marketing and distribution agreement for Germany with CSL Seqir

        • +3.9% HM.B.SS (H&M Hennes & Mauritz SEK135.00, +5.10) -- Q2 earnings

        • +3.9% DBV.FP (DBV Technologies €1.55, +0.06) -- study update

        • +3.9% IDIA.SW (Idorsia CHF2.04, +0.08) -- Idorsia incoming CEO says does not want company to be acquired; wants to remain independent; mentions financial flexibility options -- AWP, citing interview

        • +2.8% SRP.LN (Serco Group £1.99, +0.05) -- H1 trading update

        • +2.3% ANDR.AV (Andritz €61.50, +1.40) -- to acquire Salico Group for an undisclosed sum

        • +1.9% CREO.LN (Creo Medical Group £0.14, -0.00) -- AGM statement

        • +1.6% CLA.FP (Claranova €2.62, +0.04) -- FTC grants antitrust clearance for Atlantic Park Strategic Capital Fund II's purchase of Claranova's PlanetArt division

      • Notable Decliners

        • -28.0% NFG.LN (Next 15 Group £2.08, -0.81) -- expects profit for FY26 materially below current year expectations

        • -16.9% RECSI.NO (REC Silicon NOK2.14, -0.44) -- Anchor AS will not extend current acceptance period beyond 8-Jul and will not increase offer price of NOK 2.20/sh for REC Silicon

        • -7.8% CA.FP (Carrefour €11.79, -0.99) -- JPMorgan places stock on Negative Catalyst Watch ahead of H1 results

        • -4.3% PZC.LN (PZ Cussons £0.73, -0.03) -- Update on St. Tropez sale and announcement of strategic partnership

        • -3.4% PHLY.NO (Philly Shipyard $3.96, -0.14) -- intends to submit application for delisting of shares from Euronext Expand shortly

        • -2.0% NOKIA.FH (Nokia €4.36, -0.09) -- planning to cut thousands of jobs -- Helsingin Sanomat; CPO steps down

        • -1.5% EBK.GR (EnBW Energie Baden-Wuerttemberg €66.20, -1.00) -- resolves to implement previously announced capital increase

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: Pyrum Innovations (PYRUM.NO)

  • Data:

    • Economics:

      • UK Jun CBI Distributive Trades (46) vs consensus (24) and prior (27)

      • Germany Jul GfK Consumer Confidence (20.3) vs consensus (19.1) and prior revised (20.0) from (19.9)

      • Sweden May Trade Balance SEK3.9B vs consensus SEK8.4B and prior revised SEK6.2B from SEK6.6B

      • Norway May Unemployment Rate 4.5% vs consensus 4.2% and prior revised 4.4% from 4.3%

    • Markets:

      • WTI Crude (Aug 25): +$1.29 or +1.99% to $66.21

      • €-$ +0.0051 or +0.44% to 1.1712

      • £-$ +0.0078 or +0.57% to 1.3743

      • €-£ (0.0012) to 0.8521

      • S&P 500 +0.61%

      • Performance year-to-date

        • FTSE 100: +6.88%

        • DAX: +18.79%

        • CAC: +2.39%

        • MIB: +15.11%

        • Stoxx 600: +5.88%

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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