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StreetAccount Summary - EU Market Recap: FTSE 100 +1.08% to 9288.14, DAX (0.60%) to 24276.97, CAC40 (0.08%) to 7973.03, STOXX 600 +0.23% to 559.09

Aug 20 ,2025

  • Synopsis:

    • European equity markets finished mixed. Food/Beverage, Personal/Household Goods and Utilities amidst leading sectors, while Construction/Materials, Travel/Leisure, and Industrial Goods/Services lag. Asian equity markets mostly lower. US equities mostly weaker in Wednesday midday trading. Treasuries firmer with yield curve steepening. Dollar index off 0.1%. Gold up 0.8%. Bitcoin futures up 0.7%. WTI crude up 1.1%.

    • Macro focus in Europe on UK inflation data. Headline CPI, core inflation and services prices all higher than forecast. Price pressure and ongoing scrutiny on fiscal policy underpinning UK rates. BoE rate cut expectations also seeing some volatility, though sell-side consensus is still for November rate cut. Riksbank left its key policy rate unchanged as expected. Still sees some probability of rate cut this year. Eurozone final CPI unchanged from flash at 2% y/y. President Lagarde said staff to factor in implications of EU-US trade deal in September projections and will help guide future decisions. German producer prices fell more than expected in July.

    • In earnings news, Norwegian companies kicked off the session with Lerøy Seafood Group (LSG.NO), Mowi (MOWI.NO), and Austevoll Seafood (AUSS.NO) reporting Q2 earnings. In Denmark, DFDS (DFDS.DC) reported Q2 earnings and confirmed its previously trimmed FY25 guidance, whilst FLSmidth & Co. (FLS.DC) issued Q2 earnings and reaffirmed previously updated FY25 guidance. In the afternoon, Rockwool (ROCK.B.DC) reported lower-than-expected Q2 numbers and adjusted outlook related to FY25 revenue and earnings. In DACHs, Emmi (EMMN.SW) and Geberit (GEBN.SW) released H1/Q2 earnings. Elsewhere, ASR Nederland ASRNL.NA) reported H1 earnings with results ahead of consensus.

    • Light in M&A headlines; CMB.TECH (CMBT.BB) completes merger with Golden Ocean (GOGL.NO) and Rosebank Industries PLC (ROSE.LN) completes ECI acquisition. Turkish Airlines reportedly to acquire Air Europa (+AIREUROPA) for €275M.

    • In other news, TAG Immobilien (TEG.GR) completes 12.5M-share capital increase at €14.90/sh to raise €185.9M and places €98M tap issue of convertible bonds due 2031 bonds.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food & Beverage +2.32%, Persnl & HHold Goods +1.40%, Utilities +1.01%, Chemicals +0.99%, Real Estate +0.91%, Insurance +0.88%, Health Care +0.83%, Telecom +0.74%, Media +0.40%, Financial Svcs +0.28%

      • Underperformers:

        • Construct & Mtls (1.28%), Travel & Leisure (1.11%), Ind Goods & Svcs (1.00%), Autos & Parts (0.54%), Technology (0.47%), Basic Resources (0.33%), Oil & Gas (0.09%), Banks +0.00%, Retail +0.15%

    • Macro:

      • Central Banks:

        • Economists still expect one more BoE rate cut this year: A Reuters poll

        • Lagarde warns Eurozone growth to slow despite easing trade uncertainty (Bloomberg)

      • UK:

        • UK to reopen trade talks with China (Politico)

        • UK inflation rises more than expected in July (Guardian )

        • UK house price inflation accelerates following rate cuts (FT )

        • UK survey shows pay deals held at 3% for eight month (Reuters )

      • Geopolitics:

        • European leaders doubt Putin's peace sincerity, prefer strategy to humor Trump and push for tougher sanctions on Russia (Politico)

        • Europe accelerates Ukraine security plan with troops and US backstop eyed for lasting peace (Bloomberg)

        • Netanyahu slams Macron: Palestinian state recognition fuels antisemitism, Israel claims (Politico)

    • Peripheral markets:

      • Norway:

        • Norway oil output hits highest in a decade on new Equinor (EQNR.NO) field (Bloomberg )

        • Europe's rich watch Norway's election debate on wealth taxes (FT )

      • Sweden:

        • Riksbank maintained policy rate at 2% today as widely expected; Bank reiterated language from Jun, preserving the possibility of a rate cut later in 2025 while emphasizing vigilance over "unexpectedly high inflation".

        • Riksbank keeps powder dry as inflation surge tests dovish resolve (Bloomberg, DI)

    • Company news:

      • Notable Gainers

        • +13.9% MEDI.NO (MediStim NOK262.00, +32.00) -- Q2 net income NOK43.0M vs FactSet NOK34.7M [2 est, NOK32-37.3M]

        • +10.4% ITH.LN (Ithaca Energy £1.97, +0.19) -- H1 adjusted net income $128.7M, +3% vs year-ago $124.7M

        • +7.3% EMMN.SW (Emmi CHF777.00, +53.00) -- H1 net income CHF97.2M vs consensus CHF97.5M; raises FY organic revenue growth based in H1 performance; reaffirms EBIT

        • +5.9% IMPN.SW (Implenia CHF60.60, +3.40) -- H1 consolidated profit CHF33.3M, unclear if comparable to FactSet net profit CHF34M [1 est]

        • +5.6% CTEC.LN (ConvaTec Group £2.44, +0.13) -- $300M share buyback program

        • +2.9% SBB.D.SS (Samhällsbyggnadsbolaget i Norden SEK8.36, +0.24) -- Q2 EPS (SEK0.62) vs year-ago (SEK1.68)

        • +2.1% FLNG.NO (Flex LNG NOK261.50, +5.50) -- Q2 adj EPS $0.46 vs FactSet $0.39 [6 est, $0.31-0.46]

        • +1.8% ASRNL.NA (ASR Nederland €62.20, +1.12) -- H1 operating result per share €3.98 vs consensus €3.61

        • +0.4% LSG.NO (Lerøy Seafood Group NOK49.22, +0.18) -- Q2 EPS NOK0.75 ex-items vs FactSet NOK0.62 [11 est, NOK0.45-0.89]

        • +0.3% MOWI.NO (Mowi NOK204.60, +0.60) -- Q2 underlying EPS €0.25 vs FactSet €0.24 [10 est, €0.21-0.32]; raises 2025 harvest volume guidance

        • +0.2% OSB.LN (OSB Group £5.47, +0.01) -- H1 EPS 37.3p vs year-ago 44.4p; on track to meet 2025 guidance

        • +0.1% FLS.DC (FLSmidth & Co. DKK408.80, +0.40) -- Q2 net income DKK260M vs FactSet DKK343.7M [3 est, DKK281-443.0M]

      • Notable Decliners

        • -17.1% COST.LN (Costain Group £1.35, -0.28) -- earnings

        • -16.2% ROCK.B.DC (Rockwool DKK243.15, -46.90) -- earnings

        • -11.8% NEXT.NO (Next Biometrics Group NOK3.75, -0.50) -- Q2 EPS (NOK0.17) vs year-ago (NOK0.06)

        • -9.9% FEVR.LN (Fevertree Drinks £8.50, -0.93) -- Barclays downgrade

        • -9.4% ALC.SW (Alcon AG CHF65.56, -6.80) -- Q2 EPS $0.76 ex-items vs FactSet $0.72 [18 est, $0.67-0.78] (

        • -8.3% CBRAIN.DC (cBrain DKK214.50, -19.50) -- ABG Sundal Collier downgrade

        • -4.4% SINT.SS (SinterCast SEK109.50, -5.00) -- earnings

        • -4.3% SDF.GR (K+S AG €11.86, -0.53) -- Berenberg downgrade

        • -4.1% ENSU.NO (Ensurge Micropower NOK1.28, -0.05) -- earnings

        • -3.9% AUSS.NO (Austevoll Seafood NOK95.50, -3.90) -- Q2 EPS NOK1.30 vs FactSet NOK2.18 [8 est, NOK1.43-3.57]; comments on US tariffs

        • -3.6% KMR.LN (Kenmare Resources £3.17, -0.12) -- H1 adj net income $6.1M vs FactSet $6.3M; on track to achieve its 2025 production and cost guidance

        • -3.1% SGO.FP (Compagnie de Saint-Gobain €97.50, -3.15) -- announces CSR agrees to sell property adjacent to the new Western Sydney Airport for A$575M

        • -3.0% GEBN.SW (Geberit CHF613.20, -19.20) -- earnings

        • -2.8% IBT.B.SS (Infant Bacterial Therapeutics SEK51.70, -1.50) -- Q2 EPS (SEK1.42) vs year-ago (SEK3.17)

        • -2.8% KTCG.AV (Kapsch TrafficCom €7.06, -0.20) -- earnings

        • -2.6% BICO.SS (BICO Group SEK26.36, -0.70) -- DNB Carnegie downgrade

        • -2.3% SYNACT.SS (SynAct Pharma SEK17.88, -0.42) -- Q2 EPS (SEK0.56) vs year-ago (SEK0.51)

        • -1.9% BGBIO.NO (BerGenBio NOK1.16, -0.02) -- H1 EPS (NOK1.39) vs year-ago (NOK2.73)

        • -1.5% DFDS.DC (DFDS DKK101.60, -1.50) -- Q2 net income (DKK87M) vs FactSet DKK59M [2 est, DKK50-68M].

        • -1.5% DFDS.DC (DFDS DKK101.60, -1.50) -- Jul Freight volume +3.4%, +1.2% adjusted for route changes

        • -1.5% IAG.LN (International Consolidated Airlines Group £3.88, -0.06) -- Turkish Airlines to acquire Air Europa for €275M - EFE (19-Aug, timing uncertain)

        • -0.9% SENS.SW (Sensirion Holding CHF75.60, -0.70) -- H1 net income CHF10.4M vs year-ago (CHF2.6M)

        • -0.9% TEG.GR (TAG Immobilien €15.25, -0.14) -- completes 12.5M-share capital increase at €14.90/share to raise €185.9M; places €98M tap issue of convertible bonds due 2031

        • -0.6% ROSE.LN (Rosebank Industries £3.37, -0.02) -- earnings; completes ECI acquisition

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Mayr-Melnhof Karton (MMK.AV), PORR (POS.AV), SBO (SBO.AV)

        • Benelux: Aegon (AGN.NA), Tessenderlo Group (TESB.BB), Kinepolis Group (KIN.BB)

        • Denmark: GN Store Nord (GN.DC), United International Enterprises (UIE.DC), Novonesis (NSIS.B.DC), Gubra (GUBRA.DC), Columbus (COLUM.DC), Gabriel Holding (GABR.DC)

        • Finland: Kojamo (KOJAMO.FH), Nanoform Finland (NANOFH.FH), Orthex (ORTHEX.FH)

        • Germany: CTS Eventim (EVD.GR), tonies (TNIE.GR), Nabaltec (NTG.GR), NFON (NFN.GR)

        • Norway: DNO (DNO.NO), Salmar (SALM.NO), SATS (SATS.NO), Kid ASA (KID.NO), B2 Impact (B2I.NO), Endur (ENDUR.NO), Elmera Group (ELMRA.NO), Icelandic Salmon (ISLAX.NO), Agilyx (AGLX.NO), Panoro Energy (PEN.NO), Otello Corp. (OTEC.NO), Nekkar (NKR.NO), Awilco LNG (ALNG.NO), Atlantic Sapphire (ASA.NO)

        • Southern Europe: Multitude (FRU.MIL.IM)

        • Sweden: Hufvudstaden (HUFV.A.SS), Karnov Group (KAR.SS), Surgical Science Sweden (SUS.SS), Catella (CAT.B.SS), Egetis Therapeutics (EGTX.SS), ByggPartner Gruppen (BYGGP.SS), Oncopeptides (ONCO.SS), Scandinavian Enviro Systems (SES.SS), Cantargia (CANTA.SS), Wastbygg Gruppen (WBGR.B.SS), Ascelia Pharma (ACE.SS), Sensys Gatso Group (SGG.SS), Mendus (IMMU.SS), Medivir (MVIR.SS), Active Biotech (ACTI.SS), Immunovia (IMMNOV.SS)

        • Switzerland: BKW (BKW.SW), Swiss Prime Site (SPSN.SW), Banque Cantonale Vaudoise (BCVN.SW), Siegfried Holding (SFZN.SW), Sunrise Communications (SUNN.SW), SoftwareONE Holding (SWON.SW), ORIOR (ORON.SW)

        • UK: Hays (HAS.LN), Benchmark Holdings (BMK.LN)

  • Data:

    • Economics:

      • Eurozone Jul CPI +2.0% y/y vs preliminary +2.0%; 0.0% m/m vs preliminary 0.0%

        • Jul core CPI +2.3% y/y vs preliminary +2.3%

      • UK Jul

        • CPI +3.8% y/y vs consensus +3.7% and prior +3.6%; +0.1% m/m vs consensus (0.1%) and prior +0.3%

          • Core +3.8% y/y vs consensus +3.7% and prior +3.7%

        • RPI +4.8% y/y vs consensus +4.5% and prior +4.4%; +0.4% m/m vs consensus +0.1% and prior +0.4%

      • Germany Jul PPI (1.5%) y/y vs consensus (1.3%) and prior (1.3%); (0.1%) m/m vs consensus +0.1% and prior +0.1%

      • Denmark Q2 Preliminary GDP +1.9% y/y vs consensus +3.4% and prior revised +2.5% from +2.3%; +1.3% q/q vs consensus +0.4% and prior (1.3%)

      • Austria Jul CPI +3.6% y/y vs preliminary +3.5%

    • Markets:

      • WTI Crude (Sep 25): +$0.81 or +1.30% to $63.16

      • €-$ +0.0006 or +0.05% to 1.1655

      • £-$ (0.0031) or (0.23%) to 1.3459

      • €-£ +0.0027 to 0.8660

      • S&P 500 (0.51%)

      • Performance year-to-date

        • FTSE 100: +13.64%

        • DAX: +21.94%

        • CAC: +8.02%

        • MIB: +25.39%

        • Stoxx 600: +10.14%

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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