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StreetAccount Summary - EU Market Recap: FTSE 100 +0.23% to 9309.20, DAX +0.07% to 24293.34, CAC40 (0.44%) to 7938.29, STOXX 600 +0.00% to 559.07

Aug 21 ,2025

  • Synopsis:

    • European equity markets ended the session mixed to lower. Pan-European indices quickly gave up any initial gains and steadily extended falls ahead of the release of US economic data ahead of Wall Street's open. During the afternoon, shares pared losses, becoming range-bound little changed on the day into the close.

    • Norway +0.9% and Belgium, Denmark, Portugal all +0.3% led outperformers, whilst Finland (0.4%) joined the CAC in leading underperformers

    • In addition to headlines regarding the Ukraine/Russia war, backdrop to markets included reports that Israel had begun intensifying attacks on Gaza City ahead of planned offensive.

    • Norges Bank Q3 expectations survey with goods and services inflation 12 months ahead expected to be, by economists +2.8%, social partners +2.7% and households +3.9%, all down 0.1 percentage point from the previous quarter, whilst business leaders expect +4.0%, down 0.4 percentage point from the previous quarter.

    • Bundesbank releases its latest monthly report, saying in Q3, German economic activity could more or less stagnate

    • Denmark central bank's Krogstrup was a panellist at The Danish Environmental Economic Conf 2025, DØRS. Pointed out (speech) that financing for green investments has increased, but needs remain substantial. The most important measures to increase financing are CO2e taxation and emission permits. Sustainable finance can also contribute. The competitiveness agenda in Europe can help boost investment in the green transition.

    • Jackson Hole Economic Policy Symposium gets underway (through Sat, ECB's Lagarde, BOE's Bailey panellist on the final day, full agenda will be available at 01:00BST tomorrow), EU Commissioner Dombrovskis among the attendees. Market participants await Fed Chair Powell's Jackson Hole speech tomorrow.

    • Economic data saw focus on Aug flash PMI releases. Eurozone composite PMI rose to 51.1 from Jul's 50.9, beating expectations of 50.7 and marking 15-month high. France jumped m/m at both manufacturing and services, and topped expectations. Germany manufacturing improved m/m, though services retreated more than expected. There was some reprieve for UK Chancellor Reeves as latest UK public borrowing data came in better than expected (Office for Budget Responsibility commentary on the release), though the press continues to look at how she may raise additional funds to make up the shortfall to meet her self-imposed borrowing rules.

    • The limited M&A news flow included Mediobanca (MB.IM) shareholders voting against takeover of Banca Generali (BGN.IM) and as a result the former will let its offer lapse. Premier Foods (PFD.LN) agreed to acquire Merchant Gourmet

    • Company earnings/ updates included Novonesis (NSIS.B.DC) reported Q2 earnings and also announced its GROW' strategy; targets organic sales CAGR +6-9%, adj. EBITDA margin of ~39% and adjusted ROIC excl. goodwill of ~16% by 2030, and GN Store Nord (GN.DC) reported Q2 earnings and narrowed FY25 organic revenue growth guidance. ALK-Abello (ALK.B.DC), Gubra (GUBRA.DC), DNO (DNO.NO), Salmar (SALM.NO) and Kojamo (KOJAMO.FH) are also among the Nordic names that have released their latest results. In the Netherlands, Aegon (AGN.NA) reported H1 earnings; said on track to meet all 2025 financial target; also announced potential relocation to the US. Also Alfen (ALFEN.NA) reported H1 results and whilst reaffirms FY25 outlook, a lowering of FY26 revenue growth guidance weighed on the shares. From DACH region, CTS Eventim (EVD.GR) released Q2 adj EBITDA €100.2M vs FactSet €129.7M and reaffirms FY25 outlook. Also Sunrise Communications (SUNN.SW) and SBO (SBO.AV). From UK, Hays (HAS.LN), Renishaw (RSW.LN) and WH Smith (SMWH.LN) were out with updates, the latter slumping as an overstatement of expected trading profit in North America will weigh on FT results.

    • In other corporate developments, ALCOX.FP (Nicox) announced positive results from the NCX 470 phase 3 Denali trial in glaucoma patients. AKRBP.NO (Aker BP) announced significant oil discovery in the Yggdrasil area.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +0.85%, Banks +0.60%, Basic Resources +0.35%, Health Care +0.30%, Ind Goods & Svcs +0.17%, Utilities +0.13%

      • Underperformers:

        • Media (1.67%), Chemicals (1.14%), Retail (0.67%), Persnl & HHold Goods (0.62%), Construct & Mtls (0.53%), Financial Svcs (0.51%), Technology (0.51%), Autos & Parts (0.44%), Travel & Leisure (0.33%), Real Estate (0.29%), Food & Beverage (0.29%), Telecom (0.26%), Insurance (0.08%)

    • Macro/Peripheral markets:

      • Germany:

      • Ukraine:

        • US VP Vance says Europe will have to take 'lion's share' of burden for Ukrainian security - Reuters

        • Italian PM Meloni has proposed a postwar security guarantee - The Kyiv Independent

    • Company news:

      • Notable Gainers

        • +19.9% GN.DC (GN Store Nord) -- Q2 EPS DKK1.13 vs consensus DKK0.93; narrows FY25 organic revenue growth guidance

        • +13.1% DEBS.LN (Debenhams Group) -- completes new 3-year facility providing access to funding of up to £175M

        • +13.1% VBX.GR (Voltabox) -- (soon to be Voltatron) takes full control in EKM

        • +9.3% DNO.NO (DNO) -- Q2 net income ($7.3M) vs FactSet $10M [2 est, $9-11M], raises dividend +20% y/y, provides guidance

        • +9.0% PEN.NO (Panoro Energy) -- Q2 net income $11.2M vs FactSet $12.7M [3 est, $10-14M]

        • +7.8% NKR.NO (Nekkar) -- initiated buy at Sparebank 1 Markets

        • +7.6% AGN.NA (Aegon) -- H1 operating capital generation (after holding funding & op. exp.) €423M vs consensus €430M; on track to meet all 2025 financial targets; increases share buyback program by €200M; announces potential relocation to the US

        • +6.9% RSW.LN (Renishaw)

          • Expects FY revenue to be around middle of £700M-£720M range vs FactSet £709.6M [5 est, £700-716.8M]

          • CFO Allen Roberts to step down on 31-Dec-25

        • +6.7% STX.LN (Shield Therapeutics) -- H1 net income ($9.5M) vs year-ago ($15.5M)

        • +5.5% MVIR.SS (Medivir) -- Q2 EPS (SEK0.20) vs year-ago (SEK0.32)

        • +5.2% SALM.NO (Salmar) -- Q2 adj. EPS NOK1.89 vs FactSet NOK1.77 [11 est, NOK0.45-3.97], guides FY Group harvest volume 298,000 tons, +18% y/y

        • +4.9% CAT.B.SS (Catella) -- Q2 EPS SEK3.62 vs FactSet SEK2.65 [1 est]

        • +4.9% ALK.B.DC (ALK-Abello) -- Q2 EPS DKK1.20 vs year-ago DKK0.90; guides FY

        • +4.4% SUNN.SW (Sunrise Communications) -- Q2 adj EBITDAaL CHF254.1M vs consensus CHF246.0M; reaffirms FY25 guidance

        • +4.3% GUBRA.DC (Gubra) -- Q2 adj EBIT DKK2.34B vs FactSet DKK2.43B [1 est]

        • +3.9% ANOT.SS (Anoto Group) -- enters into $400K bridge loan agreement to accelerate growth of the INQ brand; loan to conditionally convert into a convertible loan

        • +3.6% BETCO.SS (Better Collective) -- Q2 EPS €0.08 vs FactSet €0.15 [2 est, €0.14-0.15], reaffirms FY guidance

        • +3.6% ACE.SS (Ascelia Pharma) -- Q2 EPS (SEK0.20) vs FactSet (SEK0.10) [1 est]

        • +3.5% BCVN.SW (Banque Cantonale Vaudoise) -- H1 net income CHF214.6M vs FactSet CHF211.1M [1 est]

        • +3.0% KCC.NO (Klaveness Combination Carriers) -- Q2 EPS $0.11 vs FactSet $0.08 [4 est, $0.07-0.09]

        • +1.4% SUS.SS (Surgical Science Sweden) -- Q2 net income (SEK20.1M) vs FactSet SEK17.8M [3 est, (SEK21)-43M], shares reverse initial falls

          • On earnings/updates: SPSN.SW (Swiss Prime Site), FLOW.NA (Flow Traders), EGTX.SS (Egetis Therapeutics) and reversing initial falls KAR.SS (Karnov Group)

      • Notable Decliners

        • -42.2% SMWH.LN (WH Smith) -- Expects FY Group headline adjusted pretax income ~ £110M due to ~£30M overstatement of expected Headline trading profit in North America

        • -20.3% ONCO.SS (Oncopeptides)

          • Q2 EPS (SEK0.30) vs year-ago (SEK0.48)

          • To carry out rights issue of ~ SEK150M and provides update regarding the potential partnership in Japan

        • -17.1% EVD.GR (CTS Eventim) -- Q2 adj EBITDA €100.2M vs FactSet €129.7M [4 est, €124.2-137.8M]; upholds FY25 outlook

        • -16.4% SENS.SW (Sensirion Holding) -- hold from buy at Berenberg

        • -7.6% ACTI.SS (Active Biotech) -- Q2 EBIT (SEK11.2M) vs year-ago (SEK10.6M)

        • -7.1% POS.AV (PORR) -- Q2 EPS €0.52 vs year-ago €0.42

        • -7.0% CBRAIN.DC (cBrain) -- H1 net income DKK24.1M vs FactSet DKK33.7M [2 est, DKK32-35.4M]

        • -7.0% NSIS.B.DC (Novonesis)

          • Q2 adj EBITDA €370.6M vs consensus €388.5M; narrows FY organic sales growth guidance, reaffirms adj. EBITDA margin

          • Announces 'GROW' strategy; targets organic sales CAGR of 6-9%, adjusted EBITDA margin of ~39% and adjusted ROIC excl. goodwill of ~16% by 2030

        • -6.4% BKW.SW (BKW) -- H1 net income CHF203.3M vs FactSet CHF206.6M [2 est, CHF200.7-212.4M]; reaffirms FY guidance

        • -6.3% KIN.BB (Kinepolis Group) -- H1 net income €7.5M vs year-ago €0.7M

        • -6.1% SFZN.SW (Siegfried Holding) -- H1 core net profit CHF65.7M vs FactSet CHF72.5M [4 est, CHF69.1-76M]

        • -5.8% SEE.LN (Seeing Machines) -- FY revenue $62-63M vs FactSet $58M [2 est, $56.9-59.1M]

        • -5.1% SBO.AV (SBO) -- H1 EPS €1.18 vs year-ago €1.58

        • -4.6% ALFEN.NA (Alfen) -- H1 adj net income €1.4M vs FactSet (€3M), reaffirms FY25 guidance, lowers FY26 revenue growth guidance

        • -3.7% CGS.LN (Castings) -- AGM statement: management expects FY results to be in line with market expectations

        • -3.4% BGN.IM (Banca Generali) -- Mediobanca's (MB.IM) offer to lapse after shareholders vote against takeover

        • -3.2% KOJAMO.FH (Kojamo) -- Q2 FFO €0.16 vs FactSet €0.16, reaffirms FY guidance

        • -3.1% CANTA.SS (Cantargia) -- Q2 EPS (SEK0.16) vs year-ago (SEK0.24)

        • -3.0% ORON.SW (ORIOR) -- H1 net income CHF1.3M vs FactSet CHF0.8M [2 est, (CHF0.4)-2M]

        • -2.9% IMMU.SS (Mendus) -- Q2 EPS (SEK0.45) vs year-ago (SEK0.76)

        • -2.8% DOCM.SW (DocMorris) -- Drugstore chain dm CEO discusses online business entry possibilities -- Manager Magazin

          • -2.2% RDC.GR (Redcare Pharmacy)

        • -2.2% SCATC.NO (Scatec) -- hold from buy at Fearnley

        • -2.2% MMK.AV (Mayr-Melnhof Karton) -- Q2 EPS €7.25 including items vs year-ago €1.30

        • -2.1% TESB.BB (Tessenderlo Group) -- H1 net income (€9.0M) vs year-ago €61.4M, reaffirms FY guidance

        • -1.7% HAS.LN (Hays) -- FY EPS 1.3p vs FactSet 1.5p [11 est, 1.2-2.1p], current trading in Jul/Aug has been in line with expectations

        • -1.7% NDA.FI.FH (Nordea Bank) -- underweight from equal weight at Barclays

        • -1.7% GEBN.SW (Geberit) -- hold from buy at Kepler Cheuvreux

        • -1.6% TNIE.GR (tonies) -- H1 adj EBITDA €3.8M vs year-ago €3.9M; guidance for FY25 signals strong profitable growth

        • -1.5% OTEC.NO (Otello Corp.) -- H1 EPS NOK0.59 including items vs year-ago (NOK0.10)

        • -1.4% LRE.LN (Lancashire Holdings) -- hold from add at Peel Hunt

          • In earnings/updates: COLUM.DC (Columbus), FGR.FP (Eiffage)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: What's Cooking Group (WHATS.BB)

        • DACHs: UNIQA Insurance Group (UQA.AV), Allreal Holding (ALLN.SW), Lang & Schwarz (LUS1.GR), The Platform Group (TPG.GR)

        • Denmark: Ambu (AMBU.B.DC), Bavarian Nordic (BAVA.DC), HusCompagniet (HUSCO.DC)

        • Finland: Apetit (APETIT.FH), Modulight (MODU.FH)

        • Norway: Höegh Autoliners (HAUTO.NO), Prosafe (PRS.NO), Hofseth BioCare (HBC.NO)

        • Sweden: NIBE Industrier (NIBE.B.SS), Synsam (SYNSAM.SS), BTS Group (BTS.B.SS), Vicore Pharma Holding (VICO.SS), SaltX Technology Holding (SALT.B.SS), I-Tech (ITECH.SS), GARO (GARO.SS), Pierce Group (PIERCE.SS), Sleep Cycle (SLEEP.SS), Duroc (DURC.B.SS)

        • UK: National Atomic Company Kazatomprom (KAP.LN)

  • Data:

    • Economics:

      • Aug flash manufacturing PMI

        • France 49.9 vs consensus 48.0, prior 48.2

        • Germany 49.9 vs consensus 48.8, prior 49.1

        • Eurozone 50.5 vs consensus 49.5, prior 49.8

        • UK 47.3 vs consensus 48.2, prior 48.0

      • Aug flash services PMI

        • France 49.7 vs consensus 48.5, prior 48.5

        • Germany 50.1 vs consensus 50.4, prior 50.6

        • Eurozone 50.7 vs consensus 50.8, prior 51.0

        • UK 53.6 vs consensus 51.8, prior 51.8

      • Netherlands Jul unemployment rate 3.8% vs consensus 3.7%, prior 3.8%

      • Norway Q2 GDP +0.8% q/q vs consensus +0.5%, prior (0.1%)

      • Switzerland Jul trade balance CHF4.59B vs consensus CHF5.2B, prior revised CHF5.73B from CHF5.79B

        • Jul watch exports +6.9% to CHF 2.40B

      • UK

        • Aug industrial trends orders (33) vs consensus (28), prior (30) - CBI release

        • Jul public sector net borrowing £1.05B vs consensus £2.1B, prior revised £22.56B from £20.68B

      • Eurozone

        • Aug flash consumer confidence (15.5) vs consensus (14.9), prior (14.7)

        • Jun construction output +1.7% y/y vs consensus +1.7%, prior revised +3.6% from +2.9%

    • Markets:

      • WTI Crude (Oct 25): +$0.33 or +0.53% to $63.04

      • €-$ (0.0028) or (0.24%) to 1.1623

      • £-$ (0.0027) or (0.20%) to 1.3428

      • €-£ (0.0004) to 0.8656

      • S&P 500 (0.14%)

      • Performance year-to-date:

        • FTSE 100: +13.90%

        • DAX: +22.02%

        • CAC: +7.55%

        • MIB: +25.82%

        • 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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