Aug 19 ,2025
Synopsis:
European equity markets ended mostly higher with pan-European indices closing around best levels. Sweden +1.4%, France +1.3% and Switzerland +1.2% led outperformers whilst Finland (0.5%) and Belgium (0.2%) were the notable laggards.
In geopolitics, Zelensky and European leaders met Trump at White House on Monday. Talks described as positive with discussions largely on security guarantees and Trump open to some US involvement. Trump later said arrangements underway for meeting between Zelensky and Putin with Trump involved in potential trilateral summit. While a big press focus, meetings still did not provide much direction for the market given no suggestions about easing of sanctions and Trump seemingly putting additional secondary tariffs on backburner.
Another quiet macro calendar in Europe. Only Eurozone current account data on the agenda, which widened in June. UK press focused on fiscal developments. Treasury looking at reforming UK property taxes to support growth and raise revenue. Comes as UK borrowing costs on 30-year paper moved near a 27-year high on Monday. Lack of buyers and worries over inflation blamed for move. Money markets betting that BoE will keep rates on hold for the rest of the year.
In political developments, Chancellor Merz participates this afternoon in a video conference of the Coalition of the Willing, following on from the meeting in Washingtont. Following this, the Chancellor will participate in a video conference of the European Council.
In earnings/trading updates, Coloplast (COLO.B.DC) Q3 earnings missed whilst group confirmed FY25 guidance. Out of DACHs, DocMorris (DOCM.SW) shares were sharply lower post worse-than-expected H1 results. Basilea Pharmaceutica (BSLN.SW) also down post H1 numbers and with FY25 operating income guidance now at ~ CHF50M vs prior ~CHF62M. Stratec (SBS.GR) shares were up post Q2 results. In France, Aeroport de Paris (ADP.FP) reported total Paris Aeroport July traffic figures. From the UK, International Workplace Group (IWG.LN) International Workplace Group reported H1 and now expects FY25 adj EBITDA towards the lower end of the range. Tribal Group (TRB.LN) was also out with H1 earnings.
In other corporate developments, Next PLC (NXT.LN) announced non-discretionary share repurchase programme 19-Aug through 17-Sep. Media reported Man Group (EMG.LN) is facing internal resistance as it pushes employees to sign stricter non-compete agreements. On M&A front, Peabody announced that it has terminated purchase agreements with Anglo American Plc (AAL.LN) due to a material adverse change relating to Anglo's steelmaking coal assets.
Digest:
Sectors - STOXX Europe 600:
Outperformers
Autos & Parts +2.45%, Chemicals +2.15%, Retail +1.76%, Food & Beverage +1.59%, Basic Resources +1.55%, Persnl & HHold Goods +1.43%, Construct & Mtls +1.20%, Media +0.85%, Travel & Leisure +0.82%
Underperformers
Real Estate(0.20%), Ind Goods & Svcs +0.25%, Telecom +0.29%, Oil & Gas +0.30%, Insurance +0.30%, Utilities +0.35%, Technology +0.37%, Financial Svcs +0.60%, Banks +0.66%, Health Care +0.67%
Macro/Peripheral markets:
Geopolitics
Trump brokers potential Zelenskyy-Putin summit to end Ukraine war although obstacles remain (Politico, CFR, GMF)
US and Europe draft robust security guarantees for Ukraine to pave way for Putin-Zelenskiy talks (Bloomberg )
Ukraine offers to buy $100B of US weapons financed by Europe in bid to win US security guarantees (FT)
Hamas says now willing to accept Gaza ceasefire in deal preserving 98% of proposal first presented by US, accepted by Israel (FT)
Ukraine talks expose Trump's dreadful attention to detail (FT)
Europe
What did Europe achieve at the Washington summit on Ukraine? (DW)
UK
Hungary
Company news:
Notable Gainers
+16.5% TRB.LN (Tribal Group £0.55, +0.08) -- H1 earnings
+10.1% AMBEA.SS (Ambea AB SEK126.60, +11.60) -- Q2 earnings
+9.0% MED.SW (Medartis Holding CHF82.50, +6.80) -- H1 earnings
+7.7% ODL.NO (Odfjell Drilling NOK76.90, +5.50) -- Q2 earnings
+7.5% HFG.GR (HelloFresh €8.10, +0.56)
+6.5% MTRO.LN (Metro Bank Holdings £1.28, +0.08) -- RBC Capital Markets downgrade
+6.0% PION.B.SS (PION Group SEK6.00, +0.34) -- Q2 earnings; sells subsidiary Roi Rekrytering Sverige AB to Optivio AB for SEK 200K
+4.8% NEWA.B.SS (New Wave Group SEK107.90, +4.90) -- to complete the acquisition of Cotton Classics Handels GmbH on 1-Sep
+4.1% SBS.GR (Stratec €26.90, +1.05) -- Q2 earnings
+2.7% JYSK.DC (Jyske Bank DKK701.00, +18.50) -- Q2 earnings
+2.5% CANTA.SS (Cantargia SEK2.92, +0.07) -- appoints new CEO
+2.4% HUBN.SW (HUBER+SUHNER CHF111.00, +2.60) -- H1 earnings
+2.1% ROCK.B.DC (Rockwool DKK290.05, +6.05)
+2.1% TIETO.FH (Tietoevry €15.40, +0.31) -- court ruling on a customer dispute remains valid; contributes to Tietoevry's second-half financial performance
+1.9% LAGR.B.SS (Lagercrantz Group SEK228.80, +4.20) -- acquires Aktiebolaget Qvintus
+1.7% GLEN.LN (Glencore £2.93, +0.05) -- submits RIGI applications in respect of its Argentine copper projects
+1.5% BMPS.IM (Banca Monte dei Paschi di Siena €8.29, +0.13)
+1.4% MB.IM (Mediobanca €21.45, +0.30) -- ECB authorizes Mediobanca's acquisition of Banca Generali
+1.4% AAL.LN (Anglo American £21.61, +0.30) -- Anglo American notes the statement made by Peabody Energy purporting to terminate its agreements to acquire Anglo's steelmaking coal business in Australia
Notable Decliners
-22.5% BICO.SS (BICO Group SEK27.08, -7.86) -- Q2 earnings; repurchased convertible bonds to a total nominal amount of SEK 98M
-12.9% DOCM.SW (DocMorris CHF6.68, -0.99) -- H1 earnings
-12.6% IWG.LN (International Workplace Group £2.01, -0.29) -- H1 earnings
-11.3% MULTI.NO (Multiconsult NOK181.00, -23.00) -- Q2 earnings
-9.5% LDO.IM (Leonardo €44.60, -4.70) -- sector move
-8.1% BSLN.SW (Basilea Pharmaceutica CHF48.60, -4.30) -- H1 earnings
-7.1% BAB.LN (Babcock International Group £9.73, -0.75)
-6.9% SAAB.B.SS (Saab SEK495.75, -36.80) -- acquires Swedish company Deform
-6.2% IDIA.SW (Idorsia CHF2.56, -0.17) -- sector move; publishes end results of repurchase offer for its 2025 and 2028 convertible bonds
-6.1% KOG.NO (Kongsberg Gruppen NOK285.05, -18.55)
-5.3% STAR.B.SS (Starbreeze SEK0.18, -0.01) -- Q2 eanrings
-4.5% RHM.GR (Rheinmetall €1,573.50, -74.50) -- sector move
-4.4% FPIP.SS (FormPipe Software SEK28.50, -1.30) -- Q2 earnings
-3.8% HO.FP (Thales €229.60, -9.10) -- sector move
-3.8% MTHH.DC (MT Hojgaard Holding DKK378.00, -15.00) -- Q2 earnings
-3.4% BA.LN (BAE Systems £17.30, -0.60) -- sector move
-3.2% PSPN.SW (PSP Swiss Property CHF133.10, -4.40) -- Q2 earnings
-2.6% ARGX.BB (argenx €558.40, -15.00)
-2.5% AEIN.GR (Allgeier €17.75, -0.45) -- signs agreements to acquire a majority stake in all4cloud
-1.9% NANO.LN (Nanoco Group £0.13, -0.00) -- FY trading update
-1.2% COLO.B.DC (Coloplast DKK604.40, -7.60) -- Q3 earnings; organises its businesses into two distinct business units
EU companies reporting tomorrow:
Earnings:
Austria: FACC (FACC.AV), Kapsch TrafficCom (KTCG.AV), Oberbank (OBS.AV)
Benelux: ASR Nederland (ASRNL.NA), Alfen (ALFEN.NA), Deceuninck (DECB.BB), Biotalys (BTLS.BB)
Denmark: Rockwool (ROCK.B.DC), FLSmidth & Co. (FLS.DC), DFDS (DFDS.DC), GrønlandsBANKEN (GRLA.DC), Lollands Bank (LOLB.DC), TCM Group (TCM.DC)
Finland: Dovre Group (DOV1V.FH)
Germany: Ensurge Micropower (B7X.GR)
Norway: Mowi (MOWI.NO), Lerøy Seafood Group (LSG.NO), DOF Group (DOFG.NO), Austevoll Seafood (AUSS.NO), Norconsult (NORCO.NO), LINK Mobility Group Holding (LINK.NO), Cloudberry Clean Energy (CLOUD.NO), MediStim (MEDI.NO), Zaptec (ZAP.NO), Petronor E&P (PNOR.NO), Norsk Titanium (NTI.NO), Arctic Fish Holding (AFISH.NO), Next Biometrics Group (NEXT.NO), BerGenBio (BGBIO.NO)
Sweden: SynAct Pharma (SYNACT.SS), SinterCast (SINT.SS), Better Collective (BETCO.SS), Sveafastigheter (SVEAF.SS), Samhällsbyggnadsbolaget i Norden (SBB.B.SS), Paxman (PAX.SS), Cinclus Pharma Holding (CINPHA.SS), Infant Bacterial Therapeutics (IBT.B.SS)
Switzerland: Geberit (GEBN.SW), Emmi (EMMN.SW), Gurit Holding (GURN.SW), Liechtensteinische Landesbank (LLBN.SW), Sensirion Holding (SENS.SW), Implenia (IMPN.SW), Hypothekarbank Lenzburg (HBLN.SW)
UK: Costain Group (COST.LN), Lion Finance Group (BGEO.LN), Ithaca Energy (ITH.LN), OSB Group (OSB.LN), Kenmare Resources (KMR.LN)
Data:
Economics:
Portugal Jul PPI (3.7%) y/y vs consensus (3.3%) and prior (3.0%); +0.1% m/m vs consensus +0.5% and prior +0.9%
Markets:
WTI Crude (Sep 25): ($0.61) or (0.96%) to $62.81
€-$ +0.0008 or +0.07% to 1.1671
£-$ (0.0003) or (0.02%) to 1.3501
€-£ +0.0006 to 0.8642
S&P 500 (0.25%)
Performance year-to-date
FTSE 100: +12.49%
DAX: +22.74%
CAC: +8.15%
MIB: +25.81%
Stoxx 600: +9.93%
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE