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Back to Daily DR Market Summary

StreetAccount Summary - European Market Recap: StreetAccount Summary - EU Market Recap: FTSE 100 (0.01%) to 9701.80, DAX +0.51% to 23710.86, CAC40 (0.28%) to 8074.61, STOXX 600 +0.07% to 575.65

Dec 02 ,2025

  • Synopsis:

    • European equity markets closed mixed. Banks, utilities, technology and insurance best performers; media, food/beverage, Consumer Products and Services and basic resources lag. Follows weaker performance on Monday. Asian equity markets mixed.

    • Press reports continue to highlight Hassett as Trump's pick to replace Powell at the Fed. AI disruption theme also in focus with OpenAI CEO declaring a "code red" to improve ChatGPT amid competitive pressures.

    • Attention in Europe on BoE Financial Policy Committee meeting. Cut tier one bank capital requirements to 13% of risk-weighted assets versus prior 14%; maintain countercyclical capital buffer at 2% and minimum leverage ratio at 3.25%. UK fiscal policy still getting headlines after head of fiscal watchdog OBR Richard Hughes resigned after last week's budget leak error. He will no longer face MPs on Treasury committee today to detail pre-budget process and economic forecasts, which has been scrutinized amid a row that Chancellor Reeves misrepresented forecasts to push through big tax hike.

    • Elsewhere, positive trade developments after US said reduced 15% tariff on South Korea retroactive from 1-Nov.

    • On the macro-front, main focus on Eurozone inflation, edging up in Novemebr to +2.2% vs prior +2.1%, making another cut in the key interest rate less likely. Comments from governing council officials signal ECB's comfort with current wait-and-see stance. Nationwide UK house price data came in ahead of expectations and BRC shop price inflation eased amid competition and seasonal discounting.

    • In corporate news flow, out of DACHs, Bilfinger (GBF.GR) hosts Capital Markets Day today and presents mid-term targets 2030 with 8-10% Annual Revenue Growth and 8-9% EBITA Margin. Roche (ROG.SW) receives FDA clearance with CLIA waiver and CE Mark for its first point-of-care test for diagnosing Bordetella infections, including whooping cough. Shares of Bayer (BAYN.GR) gaining after group announced its MEDRAD Centargo multi-patient CT injector secures 510(k) clearance from US FDA to expand use of compatible contrast agent presentations; further, Solicitor General supports U. S. Supreme Court review of the petition for a writ of certiorari in Durnell case. In the UK, Victrex (VCT.LN), On The Beach Group (OTB.LN) are trading higher post FY numbers. Ryanair Holdings (RYA.ID) and Wizz Air Holdings (WIZZ.LN) shares softer post November traffic numbers.

    • In M&A, media reports L'Oreal (OR.FP) to definitely look at investment in Armani and will start working on it very soon. Further in market headlines, Banco Santander (SAN.SM) to sell ~3.5% stake in Santander Polska via accelerated bookbuild for ~$480M. Nestle (NESN.SW) reportedly evaluating potential sale of Blue Bottle Coffee.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 01-Dec to 05-Dec attached) Glencore (GLEN.LN), Hugo Boss (BOSS.GR) virtual strategy update at 10:00CET (registration link), Tui (TUI1.GR) presents the 2026 summer program, Jm (JM.SS), The Weir Group (WEIR.LN), MONY Group (MONY.LN), Inditex (ITX.SM), Paragon Banking Group (PAG.LN), NextEnergy Solar Fund (NESF.LN), Victorian Plumbing Group (VIC.LN), and SDI Group (SDI.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Italy, Spain, Sweden Nov services PMI as well as final reads for Eurozone, France, Germany and UK, Switzerland Nov CPI, Eurozone Oct PPI, and Ireland Nov unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +1.02%, Utilities +0.45%, Insurance +0.29%, Ind Goods & Svcs +0.19%, Health Care +0.31%, Energy+0.16%, Technology +0.13%,

      • Underperformers:

        • Media (1.82%), Basic Resources (1.08%), Food, Beverage and Tobacco (1.04%), Consumer Products and Services (1.01%), Chemicals (0.78%), Personal Care Drug and Grocery Stores (0.70%), Retail (0.32%), Travel & Leisure (0.60%), Financial Svcs (0.19%), Telecom (0.11%), Autos & Parts (0.16%), Construct & Mtls (0.11%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Kremlin touts gains in Pokrovsk ahead of meeting with US envoy - FT

        • Putin threatens to 'cut Ukraine off from the sea' after attacks on tankers - Reuters

      • EU

        • Police detain Federica Mogherini in EU fraud probe - FT

        • EU won't sign weak climate deals at COP in the future, Poland warns - Politico

      • UK

        • Reeves speech did not mislead on challenges facing UK ahead of Budget, says OBR official - BBC

        • Lammy's jury trial plans are 'massive mistake', say Labour MPs and peers - The Guardian

        • UK's Biggest Banks Show Resilience in Latest BOE Stress Test - Bloomberg

        • Bank of England sounds alarm as foreign hedge funds snap up UK debt - The Telegraph

      • France

        • Macron heads to China as Europe walks tightrope between rivalry and reliance - Reuters

        • French Premier's Budget Push Faces Key Stretch Ahead of Vote - Bloomberg

      • Germany

        • Wadephul will apparently travel to China next week - Handelsblatt

        • Leadership of the Union parliamentary group wants vote on Friday - Handelsblatt

        • Even German Banks Worry About Bundesbank Push to Limit AT1 Use - Bloomberg

      • Norway

        • Norway's Labor, Partners Resume Talks to Break Budget Deadlock - Bloomberg

      • Hungary

        • Hungary PM Orban's Fidesz narrows gap on opposition rival, opinion poll shows - Reuters

        • Hungary Requests More Than $20 Billion in EU Defense Funds - Bloomberg

      • Bulgaria

        • Bulgarian government withdraws budget proposal after largest protests in a decade - Politico

    • Company news:

      • Trading Higher:

        • +11.7% GHH.LN (Gooch & Housego £5.78, +0.60) -- FY earnings

        • +11.6% BAYN.GR (Bayer AG €34.01, +3.52) -- MEDRAD Centargo multi-patient CT injector secures 510(k) clearance from US FDA ,Solicitor General supports U. S. Supreme Court review of the petition for a writ of certiorari in Durnell case

        • +11.1% OTB.LN (On The Beach Group £2.15, +0.21) -- FY earnings

        • +8.8% HYQ.GR (Hypoport €134.20, +10.80) -- BNP Paribas Exane upgrade

        • +8.1% MTRS.SS (Munters Group SEK173.50, +13.00) -- order

        • +7.1% VCT.LN (Victrex £6.69, +0.44) -- FY earnings

        • +5.1% HOT.GR (Hochtief €308.80, +15.00) -- Sojitz to acquire UGL transport division for ~A$993M (~¥101B) - The Australian

        • +4.4% BANB1.SW (Bachem Holding CHF53.80, +2.25) -- UBS upgrade

        • +3.6% EBS.AV (Erste Group Bank €97.30, +3.35) -- Barclays upgrade; Santander Bank Polska holder Banco Santander places 3.6M shares at PLN482/share

        • +3.4% EDPR.PL (EDP Renovaveis €11.83, +0.39) -- CaixaBank upgrade

        • +2.8% KIT.NO (Kitron NOK60.85, +1.65) -- Sparebank 1 Markets upgrade

        • +2.7% BKT.SM (Bankinter €14.04, +0.37) -- transferred overweight at JPMorgan

        • +2.6% BAVA.DC (Bavarian Nordic A/S DKK192.20, +4.80) -- to launch share buy-back program of up to DKK 500M

        • +2.3% GBF.GR (Bilfinger €101.40, +2.30) -- CMD

        • +2.1% JEN.BB (Jensen-Group €59.20, +1.20) -- acquires G.A. Braun for $39.4M

      • Trading Lower:

        • -20.2% PANR.LN (Pantheon Resources £0.20, -0.05) -- operational update

        • -6.2% BWLPG.NO (BW LPG NOK119.00, -7.90) -- Q3 earnings

        • -5.3% CLBS.LN (Celebrus Technologies £1.35, -0.08) -- H1 earnings

        • -5.2% FDJU.FP (La Francaise des Jeux €23.18, -1.26) -- JPMorgan downgrade

        • -4.8% SHOT.SS (Scandic Hotels Group SEK86.45, -4.35) -- Morgan Stanley downgrade

        • -3.4% PNDORA.DC (Pandora DKK742.80, -26.20) -- ABG Sundal Collier downgrade

        • -2.8% BONEX.SS (BONESUPPORT HOLDING SEK186.80, -5.30) -- CERAMENT V application in the US transferred to the De Novo process

        • -2.4% NOVO.B.DC (Novo Nordisk DKK307.05, -7.40) -- Omeros Corporation closes asset purchase and license agreement with company for clinical-stage MASP-3 inhibitor zaltenibart

        • -2.0% SFR.LN (Severfield £0.29, -0.01) -- H1 earnings

        • -1.2% SRP.FP (SRP Groupe €0.39, -0.01) -- announces postponement of the general shareholders' meeting

    • EU companies reporting tomorrow:

      • Earnings:

        • Southern Europe: Inditex (ITX.SM)

        • UK: Paragon Banking Group (PAG.LN), NextEnergy Solar Fund (NESF.LN), Victorian Plumbing Group (VIC.LN), SDI Group (SDI.LN)

      • Trading Update:

        • UK: MONY Group (MONY.LN)

      • CMD/Events: Glencore (GLEN.LN), Hugo Boss (BOSS.GR) virtual strategy update at 10:00CET (registration link), Tui (TUI1.GR) presents the 2026 summer program, Jm (JM.SS), The Weir Group (WEIR.LN)

  • Data:

    • Economics:

      • Nov Preliminary CPI

        • Netherlands +2.9% y/y vs consensus +3.0% and prior +3.1% (00:30ET)

        • Eurozone +2.2% y/y vs consensus +2.1% and prior +2.1%

        • Austria +4.1% y/y vs consensus +4.0% and prior +4.0%

      • Finland Nov Preliminary HICP +1.4% y/y vs consensus +1.4% and prior +1.4%

      • Oct Unemployment Rate

        • Italy 6.0% vs consensus 6.1% and prior revised 6.2% from 6.1%

        • Eurozone 6.4% vs consensus 6.3% and prior revised 6.4% from 6.3%

        • Greece 8.6% vs consensus 8.3% and prior revised 8.7% from 8.2%

      • Spain Nov Unemployment Change (18.8K) vs consensus (12.4K) and prior +22.1K

      • UK Nov Nationwide House Prices +1.8% y/y vs consensus +1.4% and prior +2.4%

      • Italy Oct PPI +0.1% y/y vs consensus +0.8% and prior +1.1%

    • Markets:

      • WTI Crude (Jan 26): ($0.23) or (0.39%) to $59.09

      • €-$ (0.0007) or (0.06%) to 1.1605

      • £-$ (0.0026) or (0.20%) to 1.3188

      • €-£ +0.0012 to 0.8800

      • S&P 500 +0.11%

      • Performance year-to-date

        • FTSE 100: +18.71%

        • DAX: +19.10%

        • CAC: +9.40%

        • MIB: +26.82%

        • Stoxx 600: +13.40%

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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