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StreetAccount Summary - EU Market Recap: FTSE 100 +0.13% to 9177.24, DAX +0.79% to 24377.50, CAC40 +0.84% to 7870.34, STOXX 600 +0.55% to 553.87

Aug 14 ,2025

  • Synopsis:

    • European equity markets finished higher. STOXX 600 at two-week high. Industrials, utilities, auto & financials the best performers, while basic resources, energy and food/beverage the main laggards. US equity markets lower in midday trading. Treasuries weaker with some curve flattening; yields up 4-5 bp. Dollar index up 0.3%. Gold off 0.6%. Bitcoin futures off 3.5% with focus on Bessent comments about US not buying more crypto. WTI crude up 1.2%, near best levels.

    • No big directional drivers. Fed rate cut expectations supportive for broader sentiment. On the ECB font, nothing new with focus on press reports that markets increasingly expect the ECB to keep rates elevated, with September policy likely on hold and a December cut uncertain. Some analysts say easing may be over, with even talk of a 2026 hike. March 2026 cut odds are ~60%, but five-year swap rates have fallen from 2.4% to ~2.1%. Norges Bank left policy rate unchanged at 4.25% as expected after surprise rate cut in June. Endorsed June forecast for year-end rate just below 4%.

    • Nothing new on trade. Path of resistance for European equity markets remains on the upside. Corporate earnings season cautiously optimistic, though underlying vulnerabilities still evident. Macro picture relatively benign. Attention to turn to geopolitics with Trump-Putin meeting on Friday. Trump has warned of severe consequences if Putin did not agree to a ceasefire after speaking with European leaders. Has played down expectations for a full peace deal.

    • On the macro front, UK growth surprises on the upside with better monthly reading and preliminary Q2 update. Follows better Q1 update, exacerbated by front-running ahead of US tariffs. UK RICS house price update showed challenging market conditions, though longer-term outlook remains positive. UK HMRC data allays fears of big exodus of wealthy non-doms from country. Eurozone second estimate of Q2 GDP unchanged at 0.1% q/q. June production number worse than forecast. Swedish CPI in line with expectations.

    • Amidst busy corporate news flow, out of DACHs region, companies reporting featured ThyssenKrupp (TKA.GR), Wacker Neuson (WAC.GR), RWE (RWE.GR), Bilfinger (GBF.GR), Swiss Re (SREN.SW) , Swissquote Group Holding (SQN.SW). Out of the Nordics, Embracer Group (EMBRAC.B.SS) reported Q1 adj. EPS (SEK0.69) vs FactSet SEK0.66 and now sees FY adj. EBIT of at least SEK 1.0B vs FactSet SEK 2.37B. Still in the Nordics, H. Lundbeck (HLUN.B.DC) increased its FY 2025 adjusted EBITDA growth guidance yesterday after the close. Zealand Pharma (ZEAL.DC) released Q2 numbers and confirmed its FY guidance. From the Benelux, Adyen (ADYEN.NA) reported H1, with shares falling (19%) after commenting about its growth outlook lower. In the UK, Aviva (AV.LN), Antofagasta (ANTO.LN), Admiral Group (ADM.LN) updated the market with their latest earnings.

    • In M&A headlines, National Grid (NG.LN) to sell Grain LNG business for £1.66B to consortium composed by Centrica (CNA.LN) and Energy Capital Partners LLC, part of Bridgepoint Group plc (BPT.LN). UNITE Group (UTG.LN) to acquire Empiric Student Property (ESP.LN) on terms of a recommended cash and share offer of 0.085 New Unite Shares and 32p in cash for each Empiric Share held, valuing Empiric's at ~£634M. FirstCash (FCFS) completes acquisition of H&T Group (HAT.LN), while Covestro (1COV.GR) confirms to acquire Vencorex U.S. and Vencorex Thailand; transaction is expected to close by the end of 2025.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +1.12%, Autos & Parts +1.10%, Ind Goods & Svcs +1.00%, Banks +0.93%, Insurance +0.92%, Construct & Mtls +0.69%, Financial Svcs +0.67%, Travel & Leisure +0.61%, Telecom +0.60%, Retail +0.55%

      • Underperformers:

        • Basic Resources (1.46%), Oil & Gas (0.51%), Food & Beverage (0.27%), Persnl & HHold Goods +0.11%, Technology +0.27%, Health Care +0.43%, Media +0.47%, Real Estate +0.54%, Chemicals +0.55%

    • Macro:

      • Central Banks:

        • Norges Bank kept its policy rate unchanged at 4.25% in August, following June's cut from 4.5% (policy statement)

          • No new forecasts were made; decision was assessed against June projections, which see the rate falling to just below 4% by end-2025 and to ~3% by 2028, with inflation near the 2% target by then.

          • Statement said inflation remains above target, with July CPI at 3.3% and core CPI-ATE at 3.1%, driven mainly by food and services.

        • ECB rates expected to stay high (Reuters)

      • Economy:

        • Eurozone industrial weakness despite stable GDP (Reuters)

      • UK:

        • UK's economy grew 0.3% in Q2 2025, slower than expected but above forecasts (FT, Reuters, Bloomberg)

        • RICS house price update shows challenging market conditions (RICS)

        • HMRC data allays fears of non-dom exodus from UK (FT)

        • Reeves urged to reverse non-dom crackdown to get Britain building (Telegraph)

      • France:

        • French borrowing costs close in on Italy's as investors fret over debts (FT )

      • Geopolitics:

        • European leaders tentatively hopeful after call with Trump ahead of Putin summit (BBC )

        • Putin praises 'sincere' U.S. as Ukraine braces for Trump-Putin summit (Reuters )

    • Peripheral markets:

      • Italy:

        • Italian bosses want Giorgia Meloni to hurry up with reform (The Economist )

      • Spain:

        • EU sending wildfire help to Spain as death toll rises (BBC )

        • BBVA (BBVA.SM) has appealed Spain's ban on integrating Sabadell (SAB.SM) after the deal -- Bloomberg , citing El Espanol

      • Switzerland:

        • Swiss government discusses pharmaceutical industry concerns with Roche and Novartis amid rising US tariffs (Bloomberg)

      • Ireland

        • Budget expected to be delivered on 7-Oct (RTE)

      • Romania:

        • Romania seeks to expand Black Sea task force with Turkey, Bulgaria (Reuters )

      • Hungary:

        • Opposition leader accuses Russia of political interference (Reuters )

    • Company news:

      • Notable Gainers

        • +31.3% AZT.NO (ArcticZymes Technologies NOK25.20, +6.00) -- Q2 earnings

        • +29.8% AUTO.NO (AutoStore Holdings NOK8.68, +2.00) -- Q2 earnings

        • +14.1% ADN1.GR (adesso €83.90, +10.40) -- Q2 earnings

        • +13.5% DOU.GR (Douglas €11.40, +1.36) -- Q3 earnings

        • +13.1% TLT1V.FH (Teleste €3.71, +0.43) -- Q2 earnings

        • +11.7% EKT.GR (EnergieKontor €52.20, +5.45) -- H1 earnings

        • +11.7% FG.SS (Fasadgruppen Group SEK33.30, +3.50) -- Q2 earnings

        • +10.9% TPE.GR (PVA TePla €24.60, +2.42) -- Jefferies upgrade

        • +10.4% DOC.AV (DO & CO €222.00, +21.00) -- Q1 earnings

        • +10.3% TRMD.A.DC (TORM Plc DKK132.65, +12.40) -- Q2 earnings

        • +10.0% STB.LN (Secure Trust Bank £12.10, +1.10) -- H1 earnings

        • +9.4% HLUN.B.DC (H. Lundbeck DKK38.92, +3.34) -- Q2 earnings; raises FY guidance

        • +9.0% FFARM.NA (ForFarmers €4.62, +0.38) -- Kepler Cheuvreux upgrade

        • +7.6% PEXIP.NO (Pexip Holding NOK63.40, +4.50) -- Q2 earnings

        • +6.8% GLJ.GR (GRENKE €18.72, +1.20) -- Q2 earnings

        • +6.7% FLS.DC (FLSmidth & Co. DKK403.80, +25.40) -- prelim earnings

        • +5.7% ADM.LN (Admiral Group £35.60, +1.92) -- H1 earnings

        • +5.6% RUG.SS (Rugvista Group SEK75.60, +4.00) -- Q2 earnings

        • +5.3% NLFSK.DC (Nilfisk Holding DKK100.60, +5.10) -- Q2 earnings

        • +4.6% PBB.GR (Deutsche Pfandbriefbank €5.45, +0.24) -- Kepler Cheuvreux upgrade

        • +4.5% SIP.BB (Sipef €74.40, +3.20) -- H1 earnings

        • +4.0% FAST.NA (Fastned €23.35, +0.90) -- H1 earnings

        • +3.8% NRC.NO (NRC Group NOK7.40, +0.27) -- Q2 earnings

        • +3.4% CNA.LN (Centrica £1.68, +0.05) -- National Grid to sell Grain LNG business for £1.66B to consortium composed by Centrica and Energy Capital Partners LLC, part of Bridgepoint Group plc

          • +1.8% NG.LN (National Grid plc), -1.2% BPT.LN (Bridgepoint Group plc)

        • +3.3% TLX.GR (Talanx €120.30, +3.80) -- H1 earnings

        • +3.1% CLX.LN (Calnex Solutions £0.50, +0.02) -- trading update

        • +2.7% WAC.GR (Wacker Neuson €23.98, +0.63) -- H1 earnings

        • +2.7% JST.GR (JOST Werke €52.80, +1.40) -- Q2 earnings

        • +2.5% AV.LN (Aviva £6.75, +0.16) -- H1 earnings

        • +2.2% RTW.LN (RTW Biotech Opportunities £1.39, +0.03) -- NAV

        • +2.1% RELAIS.FH (Relais Group €17.15, +0.35) -- Q2 earnings

        • +2.0% GABR.DC (Gabriel Holding DKK200.00, +4.00) -- prelim earnings

        • +1.5% GMM.GR (Grammer €6.70, +0.10) -- H1 earnings

        • +1.5% NKT.DC (NKT A/S DKK548.00, +8.00) -- updates FY25 outlook

      • Notable Decliners

        • -22.9% EMBRAC.B.SS (Embracer Group SEK76.96, -22.85) -- Q1 earnings

        • -18.9% FING.B.SS (Fingerprint Cards SEK0.01, -0.00) -- Q2 earnings

        • -16.2% HFG.GR (HelloFresh €7.30, -1.41) -- Q2 earnings; lowers guidance; increases share buyback

        • -13.3% HEX.NO (Hexagon Composites NOK16.90, -2.60) -- Q2 earnings; extends strategic alliance agreement with Mitsui & Co. (8031.JP)

        • -12.2% RLF.SW (RELIEF THERAPEUTICS Holding CHF2.74, -0.38) -- H1 earnings

        • -11.3% NEWA.B.SS (New Wave Group SEK104.40, -13.30) -- Q2 earnings

        • -11.1% BUSER.SS (Bambuser SEK0.55, -0.07) -- Q2 earnings

        • -9.8% HLAG.GR (Hapag-Lloyd €120.10, -13.00) -- Q2 earnings; narrows FY guidance

        • -9.0% TKA.GR (ThyssenKrupp €8.85, -0.87) -- Q3 earnings

        • -7.1% CARL.B.DC (Carlsberg DKK754.20, -57.40) -- H1 earnings

        • -5.1% ADYEN.NA (Adyen €1,391.00, -74.00) -- H1 earnings

        • -5.0% DNORD.DC (D/S Norden DKK226.20, -11.80) -- Q2 earnings; narrows FY guidance; $10M share buyback

        • -4.7% CAPD.LN (Capital £0.90, -0.04) -- H1 earnings

        • -4.2% MLP.GR (MLP €7.77, -0.34) -- H1 earnings

        • -4.2% CABP.LN (CAB Payments Holdings £0.48, -0.02) -- H1 earnings

        • -4.1% RNK.LN (Rank Group £1.40, -0.06) -- FY earnings

        • -3.9% HOLM.B.SS (Holmen SEK364.00, -14.80) -- Q2 earnings

        • -3.5% SREN.SW (Swiss Re CHF145.45, -5.20) -- Q2 earnings

        • -3.4% MBB.GR (MBB €166.00, -5.80) -- H1 earnings

        • -3.3% NA9.GR (Nagarro €51.35, -1.75) -- Q2 earnings

        • -3.1% MEKKO.FH (Marimekko €12.66, -0.40) -- Q2 earnings

        • -2.9% RWE.GR (RWE €34.43, -1.04) -- H1 earnings

        • -2.8% ELO.NO (Elopak NOK48.00, -1.40) -- Q2 earnings

        • -2.8% SQN.SW (Swissquote Group Holding CHF524.00, -15.00) -- H1 earnings

        • -2.6% FNM.SS (Ferronordic SEK43.75, -1.15) -- Q2 earnings

        • -2.4% DPLM.LN (Diploma £53.15, -1.30) -- CFO resigns

        • -2.3% JDC.GR (JDC Group €29.80, -0.70) -- Q2 earnings

        • -2.2% MANTA.FH (Mandatum €5.90, -0.13) -- Q2 earnings

        • -2.1% GFG.GR (Global Fashion Group €0.38, -0.01) -- Q2 earnings

        • -1.6% LXS.GR (Lanxess €23.92, -0.38) -- Q2 earnings; lowers FY guidance and announces further optimization of global production network

    • EU companies reporting tomorrow:

      • Earnings:

        • Denmark: Pandora (PNDORA.DC), NKT (NKT.DC), Schouw & Co (SCHO.DC), Tivoli (TIV.DC), BioPorto (BIOPOR.DC)

        • Finland: Fortum (FORTUM.FH), Tokmanni Group (TOKMAN.FH), Viking Line (VIK1V.FH), Anora Group (ANORA.FH), Afarak Group (AFAGR.FH)

        • Germany: First Sensor (SIS.GR), Deutsche Rohstoff (DR0.GR), Allgeier (AEIN.GR), H&R (2HRA.GR)

        • Norway: Sea1 Offshore (SEA1.NO), AKVA Group (AKVA.NO), Vistin Pharma (VISTN.NO), IDEX Biometrics (IDEX.NO)

        • Sweden: NIBE Industrier (NIBE.B.SS), Bure Equity (BURE.SS), Boozt Fashion (BOOZT.SS), Smart Eye (SEYE.SS), Bjorn Borg (BORG.SS), Fractal Gaming Group (FRACTL.SS), Viking Supply Ships (VSSAB.B.SS), Arla Plast (ARPL.SS), Enad Global 7 (EG7.SS), Doro (DORO.SS), Novotek (NTEK.B.SS), Precise Biometrics (PREC.SS)

        • Switzerland: VZ Holding (VZN.SW), mobilezone holding (MOZN.SW), Glarner Kantonalbank (GLKBN.SW)

  • Data:

    • Economics:

      • Eurozone

        • Q2 GDP +1.4% y/y vs preliminary +1.4%; +0.1% q/q vs preliminary +0.1%

        • Jun Industrial Production +0.2% y/y vs consensus +1.7% and prior revised +3.1% from +3.7%; (1.3%) m/m vs consensus (0.9%) and prior revised +1.1% from +1.7%

      • France Jul CPI +1.0% y/y vs preliminary +1.0%; +0.2% m/m vs preliminary +0.2%

        • EU Harmonized: +0.9% y/y vs preliminary +0.9%; +0.3% m/m vs preliminary +0.3%

      • UK

        • Jun

          • Construction Output y/y +1.5% vs prior revised to +1.2% from +1.2%

          • Industrial Production +0.2% y/y vs consensus (0.3%) and prior revised (0.2%) from (0.3%); +0.7% m/m vs consensus +0.3% and prior revised (1.3%) from (0.9%)

          • Trade Balance (£22.2B) vs prior revised to (£21.69B) from (£21.69B)

        • Q2 Preliminary GDP +1.2% y/y vs consensus +1.0% and prior +1.3%; +0.3% q/q vs consensus +0.1% and prior +0.7%

      • Switzerland Jul PPI (0.9%) y/y vs consensus (0.6%) and prior (0.7%); (0.2%) m/m vs consensus 0.0% and prior (0.1%)

      • Sweden Jul CPI +0.8% y/y vs preliminary +0.8%; +0.2% m/m vs preliminary +0.2%

      • Finland Jul CPI +0.2% y/y vs consensus +0.4% and prior +0.2%; +0.2% m/m vs consensus +0.4% and prior (0.2%)

        • EU Harmonized: +2.0% y/y vs preliminary +2.0%

    • Markets:

      • WTI Crude (Sep 25): +$1.08 or +1.72% to $63.73

      • €-$ (0.0060) or (0.51%) to 1.1646

      • £-$ (0.0044) or (0.32%) to 1.3531

      • €-£ (0.0018) to 0.8605

      • S&P 500 (0.25%)

      • Performance year-to-date

        • FTSE 100: +12.29%

        • DAX: +22.44%

        • CAC: +6.63%

        • MIB: +24.77%

        • Stoxx 600: +9.11%

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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