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StreetAccount Summary - EU Market Recap: FTSE 100 (0.10%) to 9692.07, DAX (0.07%) to 23693.71, CAC40 +0.16% to 8087.42, STOXX 600 +0.10% to 576.22

Dec 03 ,2025

  • Synopsis:

    • European indices ended mixed, In politics, France's social security budget risks failure in next week's National Assembly vote as centre-right parties reject government's compromise with Socialists (LeMonde, LeParisien). Philippe's Horizons party, part of governing coalition, announced it cannot support budget due to pension reform suspension, high deficits, and increased CSG social tax on investment income. Les Républicains also opposes the investment tax hike. Vote counts suggest 218 supporters (Macronists, Modem, Socialists, independents) facing 227 opponents (Rassemblement National, La France Insoumise, Communists), assuming Horizons and Greens abstain. Philippe proposed using Article 49.3 to bypass parliament, though this would violate government's promise to Socialists and risk radicalizing opposition parties demanding parliamentary dissolution. Germany may follow in France's footsteps as pension debate heats up. Youth wing of Merz' own CDU/CSU opposes Friday's crucial pension reform vote, threatening coalition with the SPD (Handelsblatt, SZ, Bloomberg). Tuesday test vote revealed 10-20 conservative lawmakers refusing to back legislation, jeopardizing coalition's slim 12-seat majority in the Bundestag. Reform package would raise pensions faster through 2031, expands mothers' pensions for pre-1992 births, and offers €2,000 monthly tax-free earnings for workers beyond retirement age. Core dispute concerns post-2031 pension trajectories

    • On the macro front, Eurozone final composite PMI came at 52.8 versus flash 52.4 and prior 52.5, leaving it at a 30-month high and above long-term average of 52.4. Was the sixth consecutive month of gains and indicative of a solid rate of expansion. Details of the release showed acceleration in output was a result of stronger services sector momentum, as factory production activity slowed to a nine-month low. Breadth of growth is also encouraging. In terms of country, strongest growth seen in Italy and Spain, while French economy saw first expansion in 15 months. Final UK PMI saw an upward revision with composite reading at 51.2 versus flash 50.5 and prior 52.2 and services sector index at 51.3 versus flash 50.5 and prior 52.3. Details showed weakening in demand amid fragile client confidence. Survey was carried out before the Budget, which was cited as a factor and contributed to heightened risk aversion and elevated policy uncertainty. Furthermore, ECB President Lagarde stated that inflation to stay near 2% target in the coming months but risks to the outlook continue to be two-sided and uncertainty remains higher than usual. She highlighted that the next ECB staff projections, to be published 18-Dec, will shed further light on the outlook for growth and inflation

    • On the earnings front, out of France, Airbus (AIR.FP) lowered its 2025 commercial aircraft deliveries guidance and reaffirmed financial guidance. Guerbet (GBT.FP) cut its FY25 financial targets. In Spain, Inditex (ITX.SM) reported better-than-expected 9M numbers and added Autumn/Winter collections had been well received by customers with Nov sales +10.6% (ex-FX). Further in retail, Hugo Boss (BOSS.GR) announced strategic updates and provided initial FY26 outlook with sales in constant currency to decline mid-to-high single digit in 2026 (vs consensus of ~2% y/y growth) and EBIT between €300-350M vs consensus €406M. In the UK, MONY Group (MONY.LN) provided a trading update for period 1-Jul to 30-Nov; group continued to deliver growth in revenue and adjusted EBITDA over the period, despite headwinds in insurance and PPC costs, and management's FY expectations remain unchanged. Big Yellow Group (BYG.LN) provided property rates update following Nov 2025 UK Budget. Weir Group (WEIR.LN) kept FY guidance unchanged ahead of its CMD. Spire Healthcare Group (SPI.LN) issued a trading update and reported revenue growth of 3.6% y/y in the four-month period from July to Oct. In other corporate news flow, Temenos (TEMN.SW) named CFO/interim CEO Takis Spiliopoulos as CEO, effective immediately. In M&A news, Smiths Group (SMIN.LN) sold Smiths Detection to CVC Capital Partners (CVC.NA) for £2.0B (EV basis) and Elis (ELIS.FP) announced the acquisition of Muller in France

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Retail +3.54%, Basic Resources +2.60%, Technology +1.32%, Autos & Parts +1.07%, Ind Goods & Svcs +0.83%, Oil & Gas +0.60%, Media +0.20%, Health Care +0.12%

      • Underperformers: Insurance (1.36%), Banks (0.88%), Chemicals (0.67%), Construct & Mtls (0.55%), Real Estate (0.45%), Telecom (0.40%), Persnl & HHold Goods (0.37%), Financial Svcs (0.14%), Travel & Leisure (0.01%), Utilities +0.08%, Food & Beverage +0.10%

    • Macro:

      • Macron arrives in China for talks with Xi on Ukraine war, trade (F24)

      • Xi Courts Macron in Diplomatic Effort to Isolate Japanese PM (BBG)

      • ECB urges Italy to reconsider proposal on central bank's $300 billion gold (Reuters)

      • Russia denies Putin rejected all of US peace plan, as No 10 hits out at 'Kremlin claptrap' (BBC)

      • Italy Slams Brakes on NATO Program to Buy US Weapons for Ukraine (BBG)

      • The UK-US trade deal isn't done yet. Here's what's still on the table (Politico)

      • ECB Will Present Proposals to Simplify Banking Rules Next Week (BBG)

      • Top ex-EU diplomat Federica Mogherini accused of corruption and fraud (Guardian)

      • Norway government secures budget backing, preventing cabinet fall (Reuters)

    • Company news:

      • Notable Gainers

        • +19.5% COPN.SW (Cosmo Pharmaceuticals CHF77.50, +12.80) -- study results

        • +15.0% ZIG.LN (Zigup Plc £3.92, +0.51) -- H1 earnings

        • +9.0% ITX.SM (Inditex €53.48, +4.41) -- 9M earnings

        • +6.6% G4M.LN (Gear4music (Holdings) £3.05, +0.19) -- trading update

        • +6.4% WAC.GR (Wacker Neuson €25.80, +1.55) -- potential acquisition of majority stake and takeover by Doosan Bobcat

        • +6.3% BWLPG.NO (BW LPG NOK126.50, +7.50)

        • +6.3% STX.LN (Shield Therapeutics £0.12, +0.01) -- loan facility extension

        • +4.6% MSAB.B.SS (Micro Systemation SEK63.40, +2.80) -- SEK 19.3M order

        • +3.7% AIR.FP (Airbus SE €197.64, +7.14) -- reaffirms 2025 financial guidance

        • +3.5% DOV.IM (doValue €2.64, +0.09) -- new agreement with Banco Santander

        • +2.6% TEMN.SW (Temenos CHF74.60, +1.90) -- new CEO

        • +2.4% HEIJM.NA (Heijmans €62.55, +1.45) -- €80M contract

        • +2.2% SNR.LN (Senior £1.87, +0.04) -- multi-year contract by Airbus

        • +1.9% BMY.LN (Bloomsbury Publishing £5.03, +0.10) -- new collaboration with Google Cloud

        • +1.8% LSEG.LN (London Stock Exchange Group £89.02, +1.58) -- announces new collaboration with OpenAI

        • +1.2% SMIN.LN (Smiths Group £24.60, +0.30) -- sale of Smiths Detection to funds advised by CVC Capital Partners

      • Notable Decliners

        • -23.6% SIGHT.FP (GenSight Biologics €0.11, -0.03)

        • -19.8% GBT.FP (Guerbet €14.30, -3.54) -- cuts FY25 outlook; Oddo downgrade

        • -16.6% SPI.LN (Spire Healthcare Group £1.86, -0.37) -- trading update

        • -10.1% BOSS.GR (Hugo Boss €35.20, -3.95) -- announces strategic updates and provides initial FY26 outlook

        • -8.9% TKA.GR (ThyssenKrupp €8.88, -0.87)

        • -6.1% PAG.LN (Paragon Banking Group £7.93, -0.52) -- FY earnings

        • -5.2% ETL.FP (Eutelsat Communications €1.98, -0.11)

        • -4.9% AZA.SS (Avanza Bank Holding SEK341.20, -17.60) -- Nov net inflow

        • -3.7% SBRY.LN (J Sainsbury £3.14, -0.12) -- holder Qatar Holding to place up to 97.5M shares

        • -2.8% JM.SS (JM SEK132.20, -3.80) -- CMD update

        • -2.8% TBCG.LN (TBC Bank Group £39.95, -1.15)

        • -0.5% FUM.LN (Futura Medical £0.01, -0.00) -- Lombard Odier Asset Management's board representative steps down

    • EU companies reporting tomorrow:

      • Benelux: Vivoryon Therapeutics (VVY.NA)

      • DACHs: Aurubis (NDA.GR), Zumtobel Group (ZAG.AV)

      • Nordics: Systemair (SYSR.SS)

      • UK: AJ Bell (AJB.LN), SSP Group (SSPG.LN), Baltic Classifieds Group (BCG.LN), Watches of Switzerland Group (WOSG.LN), Premier Miton Group (PMI.LN)

      • CMD/Events: Rio Tinto (RIO.LN), Electrolux (ELUX.B.SS), Cellectis (ALCLS.FP) webinar dedicated to French shareholders

    • EU macro data scheduled for tomorrow:

      • Switzerland Nov unemployment rate, Germany Nov construction PMI, Sweden Nov preliminary CPI, Austria Q3 final GDP, Eurozone Oct retail sales, UK Nov construction PMI

  • Data:

    • Economics:

      • Nov Services PMI

        • Eurozone 53.6 vs preliminary 53.1

        • France 51.4 vs preliminary 50.8

        • Italy 55.0 vs consensus 53.9 and prior 54.0

        • Germany 53.1 vs preliminary 52.7

        • Spain 55.6 vs consensus 56.1 and prior 56.6

        • UK 51.3 vs preliminary 50.5

        • Sweden 59.1 vs consensus 54.6 and prior revised 55.9 from 55.4

      • Switzerland Nov CPI 0.0% y/y vs consensus +0.1% and prior +0.1%

    • Markets:

      • WTI Crude (Jan 26): +$0.79 or +1.35% to $59.43

      • €-$ +0.0039 or +0.34% to 1.1666

      • £-$ +0.0120 or +0.91% to 1.3333

      • €-£ (0.0052) to 0.8748

      • S&P 500 +0.27%

      • Performance year-to-date

        • FTSE 100: +18.59%

        • DAX: +19.01%

        • CAC: +9.57%

        • MIB: +26.90%

        • Stoxx 600: +13.51%

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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