Sep 14 ,2026
Synopsis:
European equity markets closed mostly lower Monday. German DAX, French CAC and Spanish IBEX were under pressure but FTSE 100 and Swiss SMI gained. Follows the second consecutive week of lower levels. Health care, media and food&beverage were the best performing sectors. Basic resources, construction and utilities lagged.
Lot of moving parts for investors to digest. AI trade under pressure after Anthropic CEO Amodei called for slowing development of AI models amid safety concerns. OpenAI CEO Altman also rules out IPO this year due to 'unacceptable' safety risks. Oil also sharply higher following weekend Middle East developments. Lot of focus on Houthi capture of strategic locations along Yemen's southern coast, giving it leverage over Bab el-Mandeb Strait in risk to shipping. Saudi Arabia shut East-West pipeline due to damage from drone strike. Planned meeting between Iran and Gulf foreign ministers on Monday to discuss Strait of Hormuz management postponed amid lack of consensus.
European markets have experienced heightened sensitivity to energy dynamics due to dependency on energy imports. Recall that last week's energy price gains were the catalyst for a steepening in rate hike expectations. Interest rate swaps market showing ECB and BoE potentially hiking rates up to four times over the next year. Note, however, that the BoE is widely expected to leave rates on hold this week. Elsewhere, speculation that Eurozone governments negotiating package for three top ECB roles to be agreed by year-end, with President Lagarde set to announce early departure.
Quiet macro data calendar with final Swedish CPI unchanged from flash, while Swiss producer prices accelerated in August. Meanwhile, ECB executive board member Schnabel said recent energy price developments are quite concerning.
In M&A news, Uniper (UN0.GR) sold its 20% stake in OPAL gas pipeline to Hy24. On the rumours mill, the FT reported that Recordati (REC.IM) holders are unhappy with CVC's (CVC.NA) take-private bid and also that Euronext (ENX.FP) is willing to merge with Deutche Börse (DB1.GR). Telefónica (TEF.SM) reportedly is once again eyeing control of Zegona's (ZEG.LN) Spanish operations.
On a light reporting front, ISS (ISS.DC) issued new mid-term financial targets and GlobalData (DATA.LN) posted earnings and also lowered its FY guidance.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Health Care +2.74%, Media +2.44%, Food & Beverage +2.22%, Persnl & HHold Goods +1.43%, Insurance +0.70%, Chemicals +0.43%, Travel & Leisure (0.37%), Telecom (0.47%)
Underperformers:
Basic Resources (2.52%), Construct & Mtls (2.38%), Utilities (2.16%), Technology (2.12%), Ind Goods & Svcs (1.95%), Banks (1.08%), Oil & Gas (0.76%), Autos & Parts (0.74%), Real Estate (0.61%), Retail (0.55%), Financial Svcs (0.55%)
Macro:
ECB:
EU:
France:
Poll shows French extreme candidates steam ahead in 2027 presidential race - Reuters
Germany:
CDU projected to become strongest party Lower Saxony's local elections, but AfD triples vote - Handlelsblatt
Ireland:
Italy:
Meloni sees Italy 2026 growth at 1%, matching Eurozone - Reuters
Sweden:
UK:
Sovereign credit rating reviews after the close Fri included:
Italy BBB+ affirmed, outlook stable - Fitch
Slovenia A+ affirmed, outlook stable - Fitch
ESFS AA+ reaffirmed, outlook stable - Scope
ESM AAA reaffirmed, outlook stable - Scope
Netherlands AAA reaffirmed, outlook stable - Scope
Spain A+ reaffirmed, outlook to stable from positive - Scope
UK AA reaffirmed, outlook stable - Scope
S&P performed annual reviews of the credit ratings of Croatia, Serbia and Spain
Company news:
Notable Gainers
+21.2% TRB.LN (Tribal Group £0.81, +0.14) -- proposed acquisition by Main Capital Partners for c. £189.3M
+9.1% PANR.LN (Pantheon Resources £0.12, +0.01) -- H1 earnings
+8.2% MPE.LN (M.P. Evans Group £20.40, +1.54) -- H1 earnings
+8.0% KEYS.LN (Keystone Law Group £6.65, +0.49) -- H1 earnings
+6.6% CAP.FP (Capgemini €110.15, +6.80) -- to sell Capgemini Government Solutions
+5.3% CPR.IM (Davide Campari-Milano €6.02, +0.30) -- Morgan Stanley and UBS upgrade
+5.0% ROP.SW (Roche Holding CHF361.40, +17.20) -- Medilink presents, publishes data from TAISHAN-302 trial of Tam-Peli
+4.6% GSK.LN (GSK Plc £18.53, +0.82) -- Jideytro and Ris-Rez trial data
+3.9% AXFO.SS (Axfood SEK246.10, +9.20) -- Handelsbanken upgrade
+3.4% NAE.FP (Esso €106.00, +3.50)
+3.3% AZN.LN (AstraZeneca £120.98, +3.90) -- trial update
+3.1% HACK.SS (Hacksaw SEK93.15, +2.80) -- extends its partnership with bet365 to Spain
+2.9% AMBU.B.DC (Ambu DKK67.30, +1.90) -- acquires Tims Medical for $45M upfront payment and additional milestone payments of up to $20M
+2.8% TELIA.SS (Telia Co. SEK46.77, +1.29) -- Handelsbanken upgrade
+2.6% SAN.FP (Sanofi €75.14, +1.88) -- and Cheplapharm to create new strategic partnership in mature medicines
+2.1% ERF.FP (Eurofins Scientific €72.34, +1.46) -- obtains ISO/IEC 17065 accreditation from A2LA
Notable Decliners
-21.0% KEOC.SS (Keo Capital AB SEK7.03, -1.87) -- chairman Paolo Fidanza stands down for personal reasons, effective immediately
-17.9% DATA.LN (GlobalData £0.59, -0.13) -- H1 earnings
-12.6% SOI.FP (SOITEC €123.05, -17.75) -- sector move
-12.0% AIXA.GR (Aixtron €33.04, -4.50) -- sector move
-11.9% CER.LN (Cerillion £7.80, -1.05) -- trading update
-10.6% AMS.SW (ams-OSRAM CHF16.32, -1.93) -- sector move
-10.1% NOKIA.FH (Nokia €8.59, -0.97)
-8.9% HOT.GR (Hochtief €379.00, -37.20) -- contract
-8.3% ASM.NA (ASM International €761.60, -68.60) -- sector move
-8.0% ENR.GR (Siemens Energy €132.24, -11.60)
-7.9% SZG.GR (Salzgitter €50.70, -4.40)
-7.9% IFX.GR (Infineon Technologies €53.95, -4.61) -- sector move
-7.0% BESI.NA (BE Semiconductor Industries €175.05, -13.30) -- sector move
-6.8% STMPA.FP (STMicroelectronics €41.64, -3.04) -- sector move
-6.7% ALBLD.FP (Bilendi €9.95, -0.71)
-6.1% ASML.NA (ASML Holding €1,386.20, -90.60) -- sector move
-5.6% ANTO.LN (Antofagasta £35.79, -2.11) -- Berenberg upgrade
-5.4% OXIG.LN (Oxford Instruments £26.10, -1.50)
-4.7% MTRS.SS (Munters Group SEK140.35, -6.95) -- management changes
-4.5% RSW.LN (Renishaw £49.14, -2.30)
-4.3% IMMU.SS (Mendus SEK6.87, -0.31) -- loan facility update
-3.8% FRES.LN (Fresnillo £28.98, -1.16) -- CFO Mario Arreguín to retire; appoints Rodrigo Sandoval as new CFO Designate
-3.6% NDX1.GR (Nordex €37.88, -1.42) -- order
-2.7% MT.NA (ArcelorMittal €62.42, -1.72) -- statement regarding missile strike on Ukraine plant
-2.4% CAML.LN (Central Asia Metals £1.65, -0.04) -- M&A update
-1.8% ORX.SS (Orexo SEK13.04, -0.24) -- FDA acceptance of Investigational New Drug (IND) Application for OX640 for the Treatment of Anaphylaxis
EU companies reporting tomorrow:
Earnings:
France: Aelis Farma (AELIS.FP)
Southern Europe: GEK Terna (GEKTERNA.GA)
UK: Kier Group (KIE.LN), Trustpilot Group (TRST.LN), Princes Group (PRN.LN), IP Group (IPO.LN), McBride (MCB.LN), Everplay (EVPL.LN), LSL Property Services (LSL.LN), Sylvania Platinum (SLP.LN), Fintel (FNTL.LN), MJ Gleeson (GLE.LN), Eagle Eye Solutions Group (EYE.LN), Personal Group Holdings (PGH.LN), Springfield Properties (SPR.LN), EKF Diagnostics Holdings (EKF.LN), Mpac Group (MPAC.LN), accesso Technology Group (ACSO.LN), Alumasc Group (ALU.LN), hVIVO (HVO.LN)
Trading Update:
Nordics: Borregaard (BRG.NO)
Traffic: Aeroport de Paris (ADP.FP), Flughafen Wien (FLU.AV)
CMD/Events: Axa (CS.FP), DOF Group (DOFG.NO), Revenio Group (REG1V.FH), Studsvik (SVIK.SS), Sensorion (ALSEN.FP) 1:50 reverse stock split
Data:
Economics:
Switzerland Aug PPI (0.7%) y/y vs consensus (1.3%), prior (2.1%)
Aug CPI
Sweden +0.3% y/y vs preliminary +0.3%
Finland +2.2% y/y vs consensus +2.0%, prior +2.1%
Markets:
WTI Crude (Oct 26): +$3.31 or +3.31% to $103.36
€-$ (0.0052) or (0.45%) to 1.1548
£-$ (0.0037) or (0.27%) to 1.3484
€-£ (0.0013) to 0.8564
S&P 500 (0.48%)
Performance year-to-date
FTSE 100: +7.71%
DAX: +3.88%
CAC: (0.39%)
MIB: +14.87%
Stoxx 600: +7.40%
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