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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.14% to 9208.37, DAX +0.13% to 23359.18, CAC40 (0.40%) to 7786.98, STOXX 600 (0.03%) to 550.63

Sep 17 ,2025

  • Synopsis:

    • European equity markets finish mostly higher. Follows weaker performance on Tuesday. Tech, retail and healthcare best performers, while energy, basic resources, autos/parts and chemicals lag. US equities mixed in very quiet Wednesday midday trading, though near worst levels. Treasuries mixed into the FOMC decision with yields up 2 bp at the front of the curve. Dollar index up 0.1% after a 0.6% slump in prior session. Gold down 0.1%. Bitcoin futures down 1%. WTI crude off 0.6%. Market in waiting mode for FOMC. With 25 bp rate cut widely expected, focus will be on dissents, dot plot and signaling from Powell.

    • Focus in Europe in the mornings was on latest UK inflation data, maintaining highest level since Jan-24. August reading came in at 3.8% y/y vs consensus 3.8% and prior 3.8%; core CPI in line with forecast at 3.6% versus prior 3.8%; services prices at 4.7% versus consensus 4.8% and prior 5.0%. ONS highlighted airfares made the largest downward contribution, but offset by restaurants and hotels, and motor fuels. Food price inflation also rose for fifth consecutive month, consistent with recently industry updates. Implications for policy likely to be limited. Final Eurozone Aug CPI came in at +2.0% y/y vs preliminary +2.1%.

    • Trump's visit to the UK also in the spotlight. UK PM Starmer has given up on securing tariff-free exports of British steel US after negotiators hardened their stance into Trump's visit (Telegraph). UK steel producers face levies of 25% and hoped for a reduction to zero levy negotiated by Starmer in May, but details never ironed out. Focus is on a series of reciprocal investment deals announced into the visit. US tech firms have unveiled £31B worth of investment, with OpenAI (+OPENAI), Nscale (1190Y.E) and Nvidia (NVDA) announcing a UK version of Stargate.

    • Elsewhere, the UK fiscal watchdog OBR has warned Chancellor Reeves they are preparing to cut productivity forecasts, which will mean a breach of her fiscal rules and need for tax increases. Recall that after last year's October budget several sell-side economists warned that OBR's productivity forecasts were too optimistic. A Treasury source said the OBR will look to make one big adjustment rather than take a more piecemeal approach.

    • In corporate news, PostNL (PNL.NA) issued a presentation ahead of its Capital Markets Day announcing a new strategy and its 2028 financial ambition, indicating a FY28 normalised EBIT of €175M. In France, Innate Pharma (IPH.FP) reported H1 earnings, whilst yesterday, after the market closed, VINCI SA (DG.FP) reported August airport passenger traffic. Out of the UK, Barratt Redrow (BTRW.LN) FY25 results broadly inline, with slight PBT and EBIT beats on margin gains; sales rates remain stable, FY26 guidance unchanged, but management flagged taxation and Budget-related risks. Galliford Try Holdings (GFRD.LN) is also out with FY earnings, hiked dividend by 17.4% and launched new £10M share buyback program. McBride (MCB.LN) also released FY numbers with a final dividend per share of 3.0.p. Moonpig Group (MOON.LN) maintained FY26 adj EBITDA growth forecast and said it was on track to deliver FY26 guidance.

    • In M&A, Puma shares jump (PUM.GR)ed as much as +13% in midday trading on article in manager magazine that Pinault (Artemis) apparently wants to sell off the remaining Puma stake in whole or in part, and that two players are already warming up to gain control of Puma. Further in the press, IlSole24Ore reported that Generali (G.IM) has reopened discussions with Natixis regarding the €1.9T asset management alliance. BFMTV reports that Fnac Darty (FNAC.FP) is looking to buy Engie Home Services, a subsidiary of Engie (ENGI.FP), according to several sources close to the two groups. Equinor (EQNR.NO) acquires Koch's direct lithium extraction business. OsteoCentric reported Integrum (INTEG.B.SS) tender offer will not be completed as the 90% acceptance condition was not satisfied; Integrum disagrees.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.49%, Retail +1.07%, Health Care +0.58%, Real Estate +0.40%, Persnl & HHold Goods +0.24%, Financial Svcs +0.19%, Insurance +0.18%, Telecom +0.08%, Food & Beverage +0.01%, Travel & Leisure (0.01%)

      • Underperformers:

        • Basic Resources (1.21%), Oil & Gas (1.07%), Autos & Parts (0.64%), Ind Goods & Svcs (0.56%), Banks (0.41%), Chemicals (0.41%), Construct & Mtls (0.34%), Utilities (0.15%), Media (0.06%)

    • Macro:

      • ECB:

        • ECB urged to stay agile on rates amid lingering uncertainty (Bloomberg)

      • Geopolitics:

        • Trump's UK visit blends royal pomp with Epstein questions (Reuters)

        • UK abandons hope of axing US tariffs on steel during Trump visit (Telegraph)

        • EU plans sanctions on Chinese firms to align with Trump's Russia strategy (Politico)

        • Denmark leads large military exercise in Greenland, without US (Reuters )

        • European Commission calls for freezing of free trade with Israel over Gaza (TheGuardian )

        • EU explores using €170B of Russia's frozen assets to fund Ukraine (FT )

        • EU pushes €6B 'drone wall' to counter Russian threats (FT)

        • Philippines and UK discuss troop agreement amid regional Asia tensions (Reuters)

        • EU unveils deal with India as Russia sanctions package looms (Bloomberg )

        • EU wraps up trade deal with Indonesia in push for new markets (Bloomberg )

      • UK:

        • UK inflation holds at 3.8%, BoE likely to keep rates steady (Reuters)

        • UK fiscal watchdog OBR warns Chancellor Reeves to expect productivity cuts (Guardian)

        • UK watchdog to waive some rules for cryptoasset providers (FT )

      • France:

        • French PM Lecornu seeks Socialist support in budget talks (Bloomberg, FT)

      • Switzerland:

        • Swiss property tax reform faces tight vote as support wanes (Bloomberg)

      • Germany:

        • Fiscal expansion may not translate into substantial growth (Reuters)

    • Peripheral markets:

      • Slovakia:

        • Slovakia resists Trump pressure to quickly halt Russian energy (Bloomberg )

      • Spain:

        • EU tech chief sounds alarm over Spain's Huawei contract (Politico )

    • Company news:

      • Notable Gainers

        • +15.5% PUM.GR (Puma €22.96, +3.09) -- Two investors apparently ready to acquire 29% Puma stake owned by the Pinault family -- Manager magazine

        • +12.9% MCB.LN (McBride £1.21, +0.14) -- FY adj EPS 21.1p vs FactSet 21.4p [3 est, 20.8-21.9p]

        • +11.9% PZC.LN (PZ Cussons £0.74, +0.08) -- FY adj EPS 7.3p vs year-ago 8.0p

        • +10.5% GFRD.LN (Galliford Try Holdings £4.77, +0.45) -- FY adj EPS 34.4p vs FactSet 31.0p [6 est, 30.3-32.0p]; hikes dividend by 17.4%; launches ew £10M share buyback program

        • +10.5% GFRD.LN (Galliford Try Holdings £4.77, +0.45) -- earnings

        • +10.3% IMP.A.SS (Implantica SEK66.50, +6.20) -- American Foregut Society (AFS) Annual Meeting feedback

        • +7.5% MOON.LN (Moonpig Group £2.13, +0.15) -- AGM Trading Update; overall group trading momentum has continued through the start of the year, in line with expectations

        • +6.9% WIHN.SW (WISeKey International Holding CHF9.59, +0.62) -- Paris Space Week

        • +6.3% NXQ.LN (Nexteq £0.85, +0.05) -- mass production purchase order from a Brazilian state video lottery operator;

        • +5.9% CAPSL.NO (Capsol Technologies NOK7.90, +0.44) -- awarded first carbon capture study for European metal production plant

        • +5.5% TNG.FP (Transgene €1.16, +0.06) -- H1 net income (€19.3M) vs year-ago (€16.5M); cancer vaccine positive data

        • +5.2% YNGA.LN (Young & Co.'s Brewery £8.30, +0.41) -- YTD (24 weeks ended 15-Sep) LFL sales +5.6% y/y

        • +3.7% CNA.LN (Centrica £1.69, +0.06) -- upgraded to overweight from equal-weight at Morgan Stanley

        • +3.6% NDX1.GR (Nordex €20.74, +0.72) -- enters Ecuadorian market with first order for 112 MW wind project

        • +3.5% TRUE.B.SS (Truecaller SEK43.78, +1.50) -- initiated buy at ABG Sundal Collier

        • +3.3% SAP.GR (SAP €217.75, +6.90) -- SAP at Jefferies Structural Winners Series

        • +3.2% FYB.GR (Formycon €22.45, +0.70) -- license agreement

        • +2.9% NOVO.B.DC (Novo Nordisk DKK369.50, +10.40) -- upgraded to buy from hold at Berenberg

        • +2.6% TENG.LN (Ten Lifestyle Group £0.59, +0.02) -- trading update

        • +2.4% BGBIO.NO (BerGenBio NOK1.19, +0.03) -- updates on the contemplated Rights Issue and Merger

        • +2.1% BTRW.LN (Barratt Redrow £3.74, +0.08) -- FY adj EPS before PPA 30.8p vs FactSet 29.7p [17 est, 23.4-37.4p]; expects FY26 total home completions of between 17,200-17,800

        • +1.2% GL9.ID (Glanbia €14.11, +0.17) -- signs agreement to sell SlimFast US and certain other jurisdictions

        • +1.0% GAW.LN (Games Workshop Group £147.50, +1.50) -- trading update: trading to 31-Aug is in line with the board's expectations for the current financial year, declares a dividend of £0.85p/share

        • +1.0% AMS.LN (Advanced Medical Solutions Group £2.10, +0.02) -- H1 adj. EPS 5.7p vs FactSet 6.4p [1 est]

      • Notable Decliners

        • -41.9% MINEST.SS (Minesto SEK1.91, -1.37) -- rights issue

        • -20.2% HEX.NO (Hexagon Composites NOK12.92, -3.28) -- private placement

        • -12.4% EKOP.BB (Ekopak €5.22, -0.74) -- resumed reduce at Kepler Cheuvreux

        • -7.2% NORBT.NO (Norbit NOK198.60, -15.40) -- holder shares sale

        • -6.9% DEC.LN (Diversified Energy Co. £10.45, -0.77) -- secondary pricing

        • -5.6% IPO.LN (IP Group £0.52, -0.03) -- H1 net income (£43M) vs year-ago (£109.9M)

        • -5.2% KRN.GR (Krones €126.60, -7.00) -- CMD update: confirms its outlook 2025

        • -4.5% HKY.NO (Havila Kystruten NOK1.26, -0.06) -- trading update

        • -3.5% SOLG.LN (SolGold £0.17, -0.01) -- drilling reports

        • -3.5% TPE.GR (PVA TePla €26.08, -0.94) -- downgraded to underperform from neutral at BNP Paribas Exane

        • -3.4% PSM.GR (ProSiebenSat.1 Media €5.97, -0.21) -- profit warning; downgraded to neutral from outperform at Oddo

        • -3.3% BGN.IM (Banca Generali €48.44, -1.66) -- Generali may review asset management deal with Natixis -- citywire.com, citing IlSole24Ore

        • -3.1% LSL.LN (LSL Property Services £2.86, -0.09) -- reports H1 EPS 11.0p ex-items vs year-ago 11.0p

        • -2.9% INTEG.B.SS (Integrum SEK21.90, -0.65) -- OsteoCentric reports Integrum tender offer will not be completed as the 90% acceptance condition was not satisfied; Integrum disagrees

        • -2.6% ATORX.SS (Alligator Bioscience SEK4.03, -0.11) -- Aptevo Therapeutics (APVO) announces mipletamig delivers 100% remission rate in cohort 3 of RAINIER trial for AML

        • -1.6% NORION.SS (Norion Bank SEK68.70, -1.10) -- buyback

        • -1.2% DG.FP (VINCI SA €116.40, -1.45) -- August airport passenger traffic +5.2%, y/y

        • -0.9% IPH.FP (Innate Pharma €1.78, -0.02) -- H1 net income (€21.3M) vs FactSet (€26.2M) [1 est]

        • -0.9% ENGI.FP (ENGIE €17.88, -0.16) -- Fnac Darty submits offer to acquire Engie Home Services -- BFMTV

        • -0.4% PNL.NA (PostNL €1.00, -0.00) -- expects FY28 normalised EBIT of €175M -- CMD

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Viohalco (VIO.BB), Biotalys (BTLS.BB)

        • DACHs: AEVIS VICTORIA (AEVS.SW)

        • France: Altamir (LTA.FP), Savencia (SAVE.FP)

        • Nordics: Nightingale Health (HEALTH.FH)

        • Southern Europe: Ellaktor (ELLAKTOR.GA)

        • UK: Next (NXT.LN), Renishaw (RSW.LN), Judges Scientific (JDG.LN), M&C Saatchi (SAA.LN), Capricorn Energy (CNE.LN), Tissue Regenix Group (TRX.LN)

      • Trading Update:

        • France: Boiron (BOI.FP)

        • Nordics: Borregaard (BRG.NO)

      • CMD/events: Axfood (AXFO.SS), MilDef Group (MILDEF.SS)

  • Data:

    • Economics:

      • Eurozone Aug Final CPI +2.0% y/y vs preliminary +2.1%; +0.1% m/m vs preliminary +0.2%

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

      • UK

        • Aug CPI +3.8% y/y vs consensus +3.8% and prior +3.8%; +0.3% m/m vs consensus +0.3% and prior +0.1%

          • Core +3.6% y/y vs consensus +3.6% and prior +3.8%

        • Jul RPI +4.6% y/y vs consensus +4.6% and prior +4.8%; +0.4% m/m vs consensus +0.5% and prior +0.4%

      • Sweden Aug Unemployment Rate 8.4% vs consensus 8.1% and prior 8.0%

    • Markets:

      • WTI Crude (Oct 25): ($0.23) or (0.36%) to $64.29

      • €-$ (0.0022) or (0.18%) to 1.1847

      • £-$ +0.0011 or +0.08% to 1.3658

      • €-£ (0.0023) to 0.8673

      • S&P 500 (0.13%)

      • Performance year-to-date

        • FTSE 100: +12.67%

        • DAX: +17.33%

        • CAC: +5.50%

        • MIB: +22.72%

        • Stoxx 600: +8.47%

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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