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StreetAccount Summary - EU Market Recap: FTSE 100 (0.09%) to 9208.21, DAX (0.73%) to 23596.98, CAC40 (0.31%) to 7674.78, STOXX 600 (0.16%) to 549.21

Sep 05 ,2025

  • Synopsis:

    • European equity markets closed mostly lower Friday, paring earlier gains. Stoxx Europe 600 ended down (0.2%), weighed down by energy sector. Meanwhile, US equites lower in Friday morning trading, also reversing earlier gains. S&P 500 now trading off of Thursday's fresh record close, though still pacing for modest gain for the week. US stocks initially rallied following weaker than expected August payrolls report (22K m/m increase vs consensus for 77K increase) and subsequent Treasury rally, with policy-sensitive 2Y yield lowest since April. Weaker report puts putting more rate cuts on the table, with market now pricing 16% chance of September 50 bp cut, 68 bp of cuts through December, up ~10 bp prior to report.

    • Oil prices lower for a third straight session ahead of the OPEC-8 meeting this Sunday where the group is reported to be considering another production increase. WTI (3.0%) to $61.57 (Oct), Brent (2.8%) to $65.16 (Nov). Saudi Arabia is pushing to further boost OPEC+ output to regain market share, though the plan may face resistance. Among European super sectors, Energy the main laggard down (1.9%). Banks (1.1%) another main laggard today, while Basic Resources and Real Estate outperformed. Gold reached fresh record highs above $3,640/oz.

    • Changing UK political dynamics in focus. Previous foreign secretary David Lammy is to become deputy prime minister and justice secretary, according to latest reports (Guardian, BBC ). Earlier, deputy PM Rayner resigned from all her government roles following an investigation by Sir Laurie Magnus, the PM's adviser on ministerial standards (London Times, FT, BBC). Magnus concluded that while Rayner "acted with integrity," she breached the ministerial code by failing to pay a £40K tax surcharge on her Hove second home. Magnus' report found that Rayner relied on legal advice but ignored warnings that specialist tax guidance was also required. Rayner accepted full responsibility. Press noted PM Starmer allowed Rayner to resign rather than sacking her, calling her a "trusted colleague" and "true friend," and praising her work on housebuilding, renters' rights and the employment rights bill. Lot of conjecture in UK press about who will replace her and impact on Autumn budget (London Times, Telegraph). In other reshuffles today, Home secretary Yvette Cooper has been shuffled over to the foreign office and will be replaced by Shabana Mahmood, according to the Guardian.

    • France will face slew of sovereign debt rating reviews after Monday's confidence vote, which is widely expected to result in collapse of Bayrou government (Reuters). Even in the unlikely scenario that government survives, analysts expect some fiscal slippage due to the concessions needed to retain power. Furthermore, the Socialists have been heavily tipped as the most likely party to lead if Bayrou is voted out, and it has proposed a modest fiscal package worth €22B compared with Bayrou's €44B of deficit cuts. Fitch is the first rating agency to review after the vote on 12-Sep followed by Moody's and S&P Global in October and November, respectively. While the immediate economic fallout is likely to be limited, the debt profile will worsen if politicians cannot agree on fiscal consolidation measures (Bloomberg). In addition, may be some repricing in French bonds as investors demand higher premium. Bund-OAT spread close to 80 bps, having widened from ~65 bps prior to Bayrou's decision to call vote. Contagion risk appears to be contained for now, but any protracted instability might see more selling and increase pressure on policymakers.

    • EU Technology sector in focus today with mixed newsflow. with Hexagon AB (HEXA.B.SS) surging after agreeing to sell its Design & Engineering unit to Cadence for €2.7B. ASML. (ASML.NA) gained on a UBS upgrade, while Nordic Semiconductor (NOD.NO) in focus after a NOK1.05B placement to strengthen its balance sheet. Spotlight also on news Trump threatening "very substantial" tariffs on chip makers which aren't shifting production to US. However chip stocks boosted by AVGO beating fiscal Q3 expectations. On a down note for the sector, Temenos (TEMN.SW) fell on CEO resignation but reconfirmed guidance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate +1.42%, Basic Resources +1.07%, Travel & Leisure +0.70%, Construct & Mtls +0.57%, Utilities +0.43%, Consumer Products and Services +0.36%, Ind Goods & Svcs +0.27%, Technology +0.09%, Personal Care Drug and Grocery Stores (0.04%), Food, Beverage and Tobacco (0.05%), Media (0.12%), Retail (0.15%), Telecom (0.18%)

      • Underperformers:

        • Energy(1.88%), Banks (1.11%), Insurance (0.68%), Autos & Parts (0.34%), Financial Svcs (0.28%), Health Care (0.25%)

    • Macro:

      • ECB

        • ECB Rate Cuts Are Over and Inflation Will Hold at 2%, Poll Shows -- Bloomberg

      • UK

        • Angela Rayner resigns as deputy prime minister and housing secretary over failing to pay enough tax on a flat -- BBC

        • David Lammy to replace Angela Rayner as Deputy Prime Minister -- Telegraph

        • Farage tells members to expect election in next two years as Rayner quits -- ES

        • Powell and Murray go in reshuffle after Rayner steps down -- Guardian

      • France

        • Macron Feels the Heat as His Prime Minister Faces the Chop -- Bloomberg

      • Norway

        • Norwegians to pick new parliament in tightly fought election clouded by geopolitical angst -- Reuters

      • EU-Mercosur

        • France's Farmers Push to Block EU-Mercosur Trade Agreement -- Bloomberg

      • Italy

        • Why Italy is bucking the super-rich clampdown -- CNBC

      • Oil

        • Saudi Arabia Wants OPEC+ to Speed Up Next Oil Supply Boost -- Bloomberg

    • Company news:

      • Notable Gainers

        • +16.2% ORX.SS (Orexo SEK23.45, +3.25) -- announces positive pharmacokinetic in-vivo data

        • +15.9% AVTX.NA (Avantium €11.00, +1.37) -- Kepler Cheuvreux upgrade

        • +14.0% G4M.LN (Gear4music (Holdings) £2.95, +0.37) -- trading update

        • +9.8% INPST.NA (InPost €0.00, +1.02) -- Allegro's CEO on Friday denied that the company was in dispute with any of its partners

        • +8.4% PEEL.LN (Peel Hunt £1.11, +0.09) -- trading update

        • +7.9% NWRN.SW (Newron Pharmaceuticals CHF9.36, +0.68) -- data presentation at 2025 WCBP

        • +7.4% HEXA.B.SS (Hexagon SEK109.30, +7.55) -- sale of Design & Engineering business to Cadence (CDNS) for €2.7B

        • +7.3% TLW.LN (Tullow Oil £0.11, +0.01) -- new CEO appointment

        • +6.3% BICO.SS (BICO Group SEK24.30, +1.40) -- to develop integrated lab automation solutions for a global pharma company

        • +5.6% MINEST.SS (Minesto SEK3.34, +0.18) -- kicks off microgrid project for Swedish Energy Agency

        • +4.0% SMHN.GR (SÜSS MicroTec €25.70, +0.98) -- Broadcom (AVGO) sympathy

        • +4.0% SIX2.GR (Sixt €83.95, +3.25) -- initiated buy at UBS

        • +3.9% SGSN.SW (SGS CHF84.70, +3.22) -- BNP Paribas Exane upgrade

        • +3.8% STMPA.FP (STMicroelectronics €22.97, +0.83) -- BNP Paribas Exane upgrade

        • +3.8% TKA.GR (ThyssenKrupp €0.00, +0.36) -- steel workers reportedly approve restructuring plan

        • +2.4% VCP.LN (Victoria £0.68, +0.02) -- AGM statement

        • +2.4% SOI.FP (SOITEC €33.35, +0.77) -- Broadcom (AVGO) sympathy

        • +2.2% VWS.DC (Vestas Wind Systems DKK124.65, +2.75) -- factory acquisition

        • +2.2% BAB.LN (Babcock International Group £10.97, +0.23) -- Rosyth shipyard expected to win £1bn Danish navy contract -- BBC

        • +0.5% STLAM.IM (Stellantis €7.90, +0.04) -- White House moves to make it easier for companies to deploy self-driving cars - Bloomberg

        • +0.4% PION.B.SS (PION Group SEK5.70, +0.02) -- to divest the Norwegian operations to Dreamwork Group for SEK3.5M

      • Notable Decliners

        • -15.9% TEMN.SW (Temenos CHF62.30, -11.25) -- CEO steps down, effective immediately

        • -7.8% STF.FP (Stef €122.60, -10.20) -- earnings

        • -7.8% BIOA.B.SS (BioArctic SEK278.60, -24.60) -- Nordea downgrade

        • -7.4% BELYS.BB (Belysse Group €1.01, -0.08) -- earnings

        • -6.9% DKSH.SW (DKSH Holding CHF54.80, -4.00) -- BNP Paribas Exane downgrade

        • -5.2% VIL.FP (Viel & Cie €16.90, -0.90) -- earnings

        • -4.4% ASHM.LN (Ashmore Group £1.59, -0.08) -- earnings

        • -3.0% ADM.LN (Admiral Group £33.86, -1.02) -- Peel Hunt downgrade

        • -2.7% GNS.LN (Genus £27.00, -0.75) -- Kepler Cheuvreux downgrade

        • -1.9% SOF.BB (Sofina €252.60, -5.00) -- earnings

        • -0.9% SAB.SM (Banco de Sabadell €3.26, -0.03) -- BBVA publishes exemption document related to Sabadell takeover; take-up period starts on 8-Sep and ends on 7-Oct; raises synergies to €900M post merger with one year delay

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Medacta Group (MOVE.SW)

        • France: Abivax (ABVX.FP), Seche Environnement (SCHP.FP)

        • Southern Europe: NewPrinces (NWL.IM), Pharmanutra (PHN.IM), SECO (IOT.IM), Aeroporto Guglielmo Marconi di Bologna (ADB.IM), Valsoia (VLS.IM)

        • UK: Phoenix Group Holdings (PHNX.LN), Concurrent Technologies (CNC.LN)

      • Traffic: Icelandair Group (ICEAIR.IR)

      • CMD/events: Idorsia (IDIA.SW) aprocitentan (TRYVIO/JERAYGO) investor Q&A webcast, Intralot (INLOT.GA) CMD

  • Data:

    • Economics:

      • UK

        • Aug Retail Sales +1.1% y/y vs consensus +2.0% and prior revised to +0.9 from +1.7%

        • Aug Halifax House Prices +2.2% y/y vs consensus +2.0% and prior revised to +2.5% from +2.4%

      • Germany Jul Factory Orders (2.9%) m/m vs consensus +0.5% and prior revised to (0.2%) from (1.0%)

      • France Jul Trade Balance (€5.6B) vs consensus (€7.3B) and prior revised to (€7.2B) from (€7.6B)

      • Austria Q2 GDP (0.1%) y/y vs preliminary +0.1%; +0.3% q/q vs preliminary +0.1%

      • Italy Jul Retail Sales +1.8% y/y vs consensus +0.4% and prior +1.0%; 0.0% m/m vs consensus +0.2% and prior +0.6%

      • Eurozone Q2 GDP +1.5% y/y vs preliminary +1.4%; +0.1% q/q vs preliminary +0.1%

    • Markets:

      • WTI Crude (Oct 25): ($1.96) or (3.09%) to $61.52

      • €-$ +0.0099 or +0.85% to 1.1750

      • £-$ +0.0105 or +0.78% to 1.3540

      • €-£ +0.0006 to 0.8679

      • S&P 500 (0.40%)

      • Performance year-to-date

        • FTSE 100: +12.67%

        • DAX: +18.52%

        • CAC: +3.98%

        • MIB: +21.77%

        • Stoxx 600: +8.19%

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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