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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.86%) to 9354.57, DAX (1.82%) to 23830.99, CAC40 (0.18%) to 8174.20, STOXX 600 (0.95%) to 566.24

Oct 17 ,2025

  • Synopsis:

    • European indices ended in negative territory, but finished off the morning session's lows. In macro-news, Eurozone bond yields posted multi-month lows on read-across from US credit stress jitters. Money markets discounting 80% chance of ECB rate cut by Jul-2026. Yet ECB policymakers gathering in Washington reinforced message that rates in a "good place" at 2%, with no immediate changes expected at this month's meeting. Bundesbank President Nagel expressed comfort with current settings. Malta's Scicluna echoed caution, noting uncertainty over US tariffs but expects "more intense" debate in Dec. Chief Economist Lane emphasized data-dependent approach . However, views diverge on the next move. France's Villeroy sees downside inflation risks making cuts "more plausible," while Ireland's Makhlouf worries more about overshooting the target. Market sentiment also mixed. Traders reportedly see ~50% probability of cuts by Mar-2026. Most analysts maintain hawkish outlook, with only 30% expecting cuts by Apr-2026. Deutsche Bank recently forecasted next move will be a rate hike in Q4-2026, not cuts. In the UK, Bloomberg cited sources, who said UK Chancellor Reeves will use budget to reset the narrative in Gilt markets, which is likely to mean building bigger fiscal buffer and some unpopular tax and spending decisions. Note, UK yields recording biggest weekly drop since late March, with 10-year down more than 20 bps to move under 4.50%. Reeves has ruled out direct wealth tax but said those with the "broadest shoulders" should pay their fair share. In interview on at the IMF summit

    • Nothing particularly incremental on US-China trade situation with both sides accusing the other of inflaming tensions. Market still largely discounting the confrontational rhetoric, instead looking ahead to some kind of de-escalation. In France, PM Lecornu still faces difficult budget talks after surviving two no confidence votes on Thursday. Socialists have said they would still vote down government if its demands for further concessions are not met

    • Amidst a rising number of Q3 earnings announcements, Continental (CON.GR), EssilorLuxottica (EL.FP), Lagardere (MMB.FP) and Volvo (VOLV.B.SS) issued their most recent numbers whilst - in the UK - Pearson (PSON.LN) and Man Group (EMG.LN) also reported before the open. In the banking sector, wires reported that Deutsche Bank AG (DBK.GR) CEO isn't seeing any credit deterioration in its loan book despite a number of recent implosions

    • In M&A news, after failing to acquire Sabadell (SAB.SM), BBVA (BBVA.SM) announced it will accelerate shareholder remuneration; in another deal, Smiths Group (SMIN.LN) sold Smiths Interconnect to Molex. Elsewhere, the FT reported that German tax authorities are pursuing Asos (ASC.LN) over tens of millions of euros of unpaid customs duties and local German press wrote that Porsche (P911.GR) is set to get a new CEO as VW CEO Oliver Blume will give up his double role from 2026

    • Looking ahead to next week calendars (please see our StreetAccount Summary - Europe Week Ahead: Oct 20-24 attached below), key earnings/updates include Atlas Copco (ATCO.A.SS), Barclays (BARC.LN), DNB Bank (DNB.NO), Nokia (NOKIA.FH), Orange (ORA.FP), Roche Holding (ROG.SW), Sanofi (SAN.FP), SAP (SAP.GR), Skandinaviska Enskilda Banken (SEB.A.SS), UniCredit (UCG.IM), Unilever (ULVR.LN) and Vivendi (VIV.FP) among other names. Macro-data will include Eurozone, France, Germany, UK Oct flash manufacturing/services PMIs

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Food & Beverage +1.47%, Autos & Parts +0.88%, Telecom +0.58%, Persnl & HHold Goods +0.56%, Chemicals +0.28%, Utilities +0.04%, Media +0.02%, Health Care (0.05%), Retail (0.40%), Oil & Gas (0.72%), Travel & Leisure (0.81%), Real Estate (0.81%), Technology (0.90%)

      • Underperformers: Banks (2.51%), Ind Goods & Svcs (2.28%), Basic Resources (2.02%), Insurance (2.00%), Financial Svcs (1.85%), Construct & Mtls (1.06%)

    • Macro:

      • France's Macron gets momentary relief as crisis drags on (Reuters)

      • Macron wagers there's little to 'no appetite for an election', outside the political fringes (F24

      • Poland Denies Extradition of Nord Stream Suspect to Germany (BBG)

      • Brussels wants to grab another €25B from frozen Russian assets for Ukraine (Politico)

      • Kremlin says Rubio and Lavrov to speak in coming days to prepare Putin-Trump summit (Reuters)

      • Putin-Trump summit in Hungary forces EU leaders to mull airspace exemptions (Politico)

      • China Warns UK of "consequences" if London Embassy Rejected (BBG)

      • Italy aims to raise flat tax for rich foreigners by 50% (FT)

      • PM Meloni presents govt's 2026 budget (Ansa)

    • Company news:

      • Notable Gainers

        • +13.7% ELLAKTOR.GA (Ellaktor €1.49, +0.18) -- commences share buyback

        • +13.0% EL.FP (EssilorLuxottica €311.80, +35.90) -- Q3 revenue; BofA downgrade

        • +11.3% CON.GR (Continental €60.46, +6.20) -- prelim Q3 earnings; Deutsche Bank upgrade

        • +6.9% RENX.LN (Renalytix £0.09, +0.01)

        • +6.4% EMG.LN (Man Group £1.99, +0.12) -- Q3 trading statement

        • +6.0% BBVA.SM (Banco Bilbao Vizcaya Argentaria €16.69, +0.94) -- takeover bid for Sabadell will not proceed; to accelerate shareholder remuneration

        • +2.3% PSON.LN (Pearson £11.28, +0.26) -- 9M trading update

        • +1.7% SMIN.LN (Smiths Group £24.12, +0.40) -- announces proposed sale of Smiths Interconnect to Molex

      • Notable Decliners

        • -19.2% QTCOM.FH (Qt Group €38.46, -9.16) -- lowers 2025 outlook

        • -16.1% ALCLS.FP (Cellectis SA €3.52, -0.66) -- R&D Day

        • -12.9% TOM.NO (Tomra Systems NOK118.50, -17.60) -- Q3 earnings

        • -9.1% AB.FP (AB Science €1.30, -0.13) -- completes €2.8M private placement; study update

        • -8.0% ITM.LN (ITM Power £0.79, -0.07)

        • -7.6% NORION.SS (Norion Bank SEK62.20, -5.10) -- Q3 earnings

        • -6.8% SAB.SM (Banco de Sabadell €3.02, -0.22) -- BBVA announces that the takeover bid for company will not proceed

        • -6.4% NOVO.B.DC (Novo Nordisk DKK343.80, -23.35) -- LLY and NVO trading lower after-hours following President Trump's comments on GLP-1 drug costs coming down 'pretty fast' - Bloomberg

        • -6.1% DBK.GR (Deutsche Bank €28.73, -1.85) -- isn't seeing any credit deterioration in its loan book despite a number of recent implosions -- Bloomberg, citing CEO

        • -5.8% JLP.LN (Jubilee Metals Group £0.03, -0.00) -- Q1 operational update

        • -5.7% BARC.LN (Barclays £3.60, -0.21) -- sector move

        • -5.6% TRX.LN (Tissue Regenix Group £0.09, -0.00) -- appoints CFO

        • -5.5% BIRG.ID (Bank of Ireland Group €13.11, -0.76) -- sector move

        • -5.1% GLE.FP (Societe Generale €53.96, -2.88) -- sector move

        • -4.9% POXEL.FP (Poxel €0.38, -0.02) -- FY earnings

        • -4.0% BNP.FP (BNP Paribas €75.11, -3.09) -- sector move

        • -3.9% HTG.LN (Hunting £3.11, -0.13)

        • -3.5% STAN.LN (Standard Chartered £13.86, -0.50) -- sector move

        • -3.4% SAN.SM (Banco Santander €8.31, -0.29) -- sector move

        • -3.2% HEX.NO (Hexagon Composites NOK9.83, -0.33) -- Composites Acquisition of SES Composites successfully completed

        • -3.2% UBSG.SW (UBS Group CHF30.19, -1.01) -- sector move

        • -3.1% BAB.LN (Babcock International Group £11.47, -0.37)

        • -2.1% ASC.LN (Asos £2.33, -0.05) -- German tax authorities pursuing Asos over tens of millions of euros of unpaid customs duties - FT

        • -2.1% COTN.SW (COMET Holding CHF193.60, -4.10) -- Q3 revenue

        • -1.9% PRX.NA (Prosus €57.53, -1.12) -- will hold 98.19% of Just Eat Takeaway.com shares; Just Eat Takeaway.com to delist on 17-Nov-25

    • EU companies reporting on Monday:

      • Nordics: Sandvik (SAND.SS)

      • Trading Update:

        • DACHs: Aryzta (ARYN.SW)

        • France: Forvia (FRVIA.FP), ATOS (ATO.FP), Thermador Groupe (THEP.FP), SergeFerrari Group (SEFER.FP)

  • Data:

    • Economics:

      • Eurozone Sep CPI +2.2% y/y vs preliminary +2.2%; +0.1% m/m vs preliminary +0.1%

      • Sweden Sep Unemployment Rate 8.3% vs consensus 8.6% and prior 8.4%

      • Austria Sep CPI +4.0% y/y vs preliminary +4.0%; (0.2%) m/m vs preliminary CPI (0.2%)

    • Markets:

      • WTI Crude (Nov 25): ($0.11) or (0.19%) to $57.35

      • €-$ (0.0019) or (0.16%) to 1.1670

      • £-$ (0.0029) or (0.22%) to 1.3406

      • €-£ +0.0004 to 0.8705

      • S&P 500 (0.24%)

      • Performance year-to-date

        • FTSE 100: +14.46%

        • DAX: +19.70%

        • CAC: +10.75%

        • MIB: +22.15%

        • Stoxx 600: +11.55%

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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