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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.67% to 9177.99, DAX +0.46% to 23594.80, CAC40 +0.86% to 7719.71, STOXX 600 +0.66% to 546.76

Sep 03 ,2025

  • Synopsis:

    • European equity markets ended higher with pan-European indices closing just below session highs. Greece +1.5%, France +0.9% and Italy +0.7% led the outperformers. Norway (0.8%), Portugal (0.4%) led the underperformers.

    • In political developments, in the UK, Chancellor Reeves confirmed Autumn Budget will be held on 26-Nov and reiterated commitment to her fiscal rules in video message (FT, Bloomberg, Guardian). The Guardian noted that Reeves has been exploring several revenue-raising measures over the summer, including a property tax overhaul, pension tax changes, inheritance tax, increase in bank levies and freezing of income tax bands (CityAM).Meanwhile in France, PM Bayrou set to meet Socialists today as he looks to avoid government collapse in next week's confidence vote.

    • In macro updates, Eurozone final composite PMIs revised slightly lower. UK services PMI at highest in 16 months. Eurozone PPI softer than forecast. Central bank commentary also in focus. More ECB officials endorsing steady hand ahead of next week's policy meeting. BoE Governor Bailey and three other members of the MPC to appear before lawmakers to discuss last month's rate decision later.

    • Nothing particularly incremental on trade. President Trump said not considering lowering 50% tariffs on India though trade talks still ongoing according to India's commerce minister. Trump's claim India offered to reduce tariffs to "nothing" also interpreted as signal both sides keeping communication lines open. US envoy to NATO said Trump avoiding secondary tariffs on China over Russian crude purchases to allow room for negotiations. At same time, Trump took aim at China military parade in accusing Beijing, Russia and North Korea of conspiring against US.

    • In corporate news, Helvetia Holding (HELN.SW) and Swiss Life Holding (SLHN.SW) reported H1 earnings, with the latter indicating that its Swiss Life 2027 program is on track. In the UK, Watches of Switzerland Group (WOSG.LN) issued an AGM trading statement and said it's on track to deliver a good H1 FY26, despite increased tariffs on Swiss imports. M&G Plc (MNG.LN) posted H1 adjusted operating profit of £378.0M, below consensus. AUMA reached £354.6B, with total net flows of £2.10B. The company maintains a Solvency II Ratio of 230% and proposes an interim dividend of 6.7p/share. Ashtead Group (AHT.LN) is out with Q1 earnings and reaffirmed FY guidance for revenue and capex, increased it for FCF.

    • On M&A front, the FT reported that Brazil's competition authority, Cade, has launched an investigation into Anglo American's (AAL.LN) plan to sell its nickel operation for up to $500M to MMG Limited.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Health Care +1.77%, Retail +1.59%, Basic Resources +1.47%, Travel & Leisure +1.12%, Ind Goods & Svcs +1.05%, Persnl & HHold Goods +1.04%, Real Estate+0.99%, Technology +0.84%, Financial Svcs +0.81%

      • Underperformers

        • Oil & Gas (0.85%), Telecom (0.58%), Insurance (0.42%), Food & Beverage (0.17%), Autos & Parts (0.11%), Chemicals +0.27%, Construct & Mtls +0.29%, Media +0.32%, Banks +0.43%, Utilities +0.47%

    • Macro/Peripheral markets:

      • EU

        • Trump's tariffs threaten to choke European chemicals recovery (Reuters)

        • EU to propose Mercosur trade deal, facing France-led opposition (Reuters)

        • EU offers safeguards to ease farmers' fears over Mercosur trade deal (FT)

      • ECB

        • France's Villeroy says Eurozone inflation is well under control (Bloomberg)

        • Estonia's Muller says it makes sense to keep rates on hold (Bloomberg)

        • Slovenia's Dolenc says next ECB move could be to hike rates (Bloomberg)

      • Geopolitics

        • Putin willing to meet Zelenskyy if he 'comes to Moscow' (Euronews)

      • UK

        • City grandee sounds bond market alarm as borrowing costs hit new high (Telegraph)

        • Starmer to push for welfare cuts after No 10 reset (Telegraph)

        • UK 'could meet half its energy needs' by scrapping oil and gas levy (London Times)

        • Investor group submits last-ditch rescue plan for Thames Water (Reuters, Bloomberg)

      • France

        • France's Villeroy says Eurozone inflation is well under control (Bloomberg)

        • French Finance Minister Lombard urges 2026 budget compromise (FT)

        • Macron prepares for post-Bayrou era with leaders of Common Core (Les Echos)

        • Macron has not ruled out seeking compromises with Socialists (Les Echos)

        • Socialists declare they are ready to govern, eyeing Bayrou's exit (Le Monde)

      • Spain

        • Spain and UK to deepen post-Brexit ties with new strategic deal (Euractiv )

    • Company news:

      • Notable Gainers

        • +20.9% MOB.SS (Moberg Pharma SEK9.82, +1.70) -- to hold EGM on 29-Sep; shareholders proposals include to revoke issuance authorization

        • +14.9% TPE.GR (PVA TePla €29.62, +3.84) -- CMD

        • +9.9% VLA.FP (Valneva €3.82, +0.34) -- study update

        • +9.6% HOC.LN (Hochschild Mining £3.37, +0.30) -- issues update on Volcan Gold Project

        • +9.0% OHB.GR (OHB SE €70.00, +5.80) -- appoints new CFO

        • +7.1% BIOA.B.SS (BioArctic SEK339.40, +22.40) -- Eisai initiates rolling submission of sBLA to the FDA for lecanemab-irmb SC-AI

        • +6.4% VIRI.FP (Viridien €60.75, +3.65) -- Bernstein upgrade

        • +6.1% WOSG.LN (Watches of Switzerland Group £3.38, +0.20) -- agm trading update, Deutsche Bank upgrade

        • +4.4% ADS.GR (Adidas €171.20, +7.25) -- Jefferies upgrade

        • +3.8% ABVX.FP (Abivax €71.60, +2.60)

        • +3.2% AIR.FP (Airbus SE €184.94, +5.82) -- Air cargo operators warn that they face capacity crunch amid aging jet fleets and delays in Boeing and Airbus delivering new aircraft - FT

        • +2.9% NOKIA.FH (Nokia €3.75, +0.11) -- BNP Paribas Exane upgrade

        • +2.4% AGN.NA (Aegon €6.56, +0.16) -- places 12.5M shares in a.s.r. at €56/each

        • +2.1% TRMD.A.DC (TORM Plc DKK140.85, +2.95) -- Hafnia enters into a preliminary agreement to acquire 14.45% of TORM's shares from Oaktree

          • Fearnley downgrade

        • +1.8% SFZN.SW (Siegfried Holding CHF84.20, +1.50) -- RBC Capital Markets upgrade

        • +1.6% ASML.NA (ASML Holding €627.60, +9.90)

      • Notable Decliners

        • -21.0% RECSI.NO (REC Silicon NOK1.58, -0.42) -- final results for the mandatory offer from Anchor AS to acquire all remaining shares in company

        • -16.8% HFG.LN (Hilton Food Group £6.83, -1.38) -- H1 earnings

        • -10.3% ALHGR.FP (Hoffmann Green Cement Technologies €4.41, -0.51) -- H1 earnings

        • -10.2% DBG.FP (Derichebourg €5.26, -0.60) -- adjusts FY guidance

        • -9.4% STX.LN (Shield Therapeutics £0.06, -0.01) -- provides update on H1 2025 results

        • -3.5% PSON.LN (Pearson £10.48, -0.38)

        • -3.4% PUM.GR (Puma €20.08, -0.71) -- JPMorgan downgrade

        • -2.8% CRN.LN (Cairn Homes £1.81, -0.05) -- H1 earnings

        • -2.1% DSV.DC (DSV A/S DKK1,349.50, -29.00)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: CVC Capital Partners (CVC.NA), Vivoryon Therapeutics (VVY.NA), Sofina (SOF.BB), Exmar NV (EXM.BB), Compagnie du Bois Sauvage (COMB.BB)

        • DACHs: Zumtobel Group (ZAG.AV)

        • France: bioMerieux (BIM.FP), Stef (STF.FP), Linedata Services (LIN.FP)

        • Nordics: Sectra (SECT.B.SS), Andfjord Salmon Group (ANDF.NO), The Kingfish Company (KING.NO)

        • Southern Europe: Sanlorenzo (SL.IM), Sabaf (SAB.IM)

        • UK: International Public Partnerships (INPP.LN), Genus (GNS.LN), Grafton Group (GFTU.LN), Apax Global Alpha (APAX.LN), W.A.G. Payment Solutions (WPS.LN), Alfa Financial Software Holdings (ALFA.LN), Funding Circle Holdings (FCH.LN), Brooks MacDonald Group (BRK.LN), Gem Diamonds (GEMD.LN)

  • Data:

    • Economics:

      • Services PMI Aug

        • Sweden 53.4 vs consensus 48.5 and prior revised 49.0 from 48.8

        • Spain 53.2 vs consensus 54.9 and prior 55.1

        • UK 54.2 vs preliminary 53.6

        • Germany 49.3 vs preliminary 50.1

        • Eurozone 50.5 vs preliminary 50.7

        • France 49.8 vs preliminary 49.7

        • Italy 51.5 vs consensus 51.5 and prior 52.3

      • Eurozone Jul PPI +0.2% y/y vs consensus +0.1% and prior +0.6%; +0.4% m/m vs consensus +0.2% and and prior +0.8%

    • Markets:

      • WTI Crude (Oct 25): ($1.74) or (2.65%) to $63.85

      • €-$ +0.0041 or +0.35% to 1.1682

      • £-$ +0.0057 or +0.43% to 1.3451

      • €-£ (0.0006) to 0.8684

      • S&P 500 +0.35%

        • Performance year-to-date

        • FTSE 100: +12.30%

        • DAX: +18.51%

        • CAC: +4.59%

        • MIB: +22.28%

        • Stoxx 600: +7.71%

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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