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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.19%) to 9225.39, DAX (0.36%) to 23632.95, CAC40 +0.15% to 7761.32, STOXX 600 (0.02%) to 552.29

Sep 10 ,2025

  • Synopsis:

    • European equity markets closed mixed with Spain +1.3% and Denmark +1.7% the best performers and Germany (0.4%) and Switzerland (0.5%) the worst performing indices. Retail, banks, and industrial goods and services outperformed. Technology, travel and leisure and chemicals main laggards.

    • Focus on geopolitical tensions after Poland shot down drones in its airspace on Wednesday after Russian air attack on Ukraine, marking first time Warsaw got involved in the war. Latest development comes as Trump pressed EU to impose 100% tariffs on India and China to pressure Putin. US official added administration would match the tariffs. At same time Trump posted on Truth Social US-India negotiations continuing and he will be speaking to PM Modi in coming weeks.

    • Attention also on France after President Macron named ally Sébastien Lecornu as new PM. Lecornu is defense minister and entered politics as parliamentary assistant in the conservative Republicans party and switched support for Macron when he makes his bid for presidency in 2017. Far-right leader Le Pen immediately criticized Lecornu's appointment and said future parliamentary elections are inevitable. Leftwing leader Mélenchon and Green leader Tondelier both denounced the move.

    • The macro front saw a pickup in Norwegian inflation, as expected. Industrial production from Spain and Italy improved.

    • In other news, UK watchdog FCA warns of delays to car finance payouts amid expectations that lenders could challenge £18B redress scheme through judicial reviews.

    • In corporate news, the focus turns to Novo Nordisk (NOVO.B.DC) after it announced this morning that it will streamline operations and cut ~9,000 jobs, net one-off restructuring costs of DKK 8B and cut its FY25 EBIT growth outlook to CER 4-10% from prior 6-August 10-16%. In Spain, Inditex (ITX.SM) reported H1 earnings and said it expects around (4%) currency impact on sales in 2025. In the UK, Vistry Group (VTY.LN), Associated British Foods (ABF.LN), Gym Group (GYM.LN) updated investors with their latest numbers. In France, Alstom (ALO.FP) shares are trading higher after group struck $1.17B deal with NJ Transit in US. CANCOM (COK.GR) to launch share buyback program for up to 3.2M shares.

    • In M&A, Bloomberg reported that Airbus (AIR.FP), Thales (HO.FP) and Leonardo (LDO.IM) could announce a plan to move forward with a three-way merger of their space divisions as early as this month. Munters (MTRS.SS) to acquire €2M newly issued Capsol (CAPSL.NO) shares increasing its stake to ~7%. Artemis chairman Francois-Henri Pinault remarks Artemis' 29% stake in Puma (PUM.GR) is not strategic and company retains all options regarding Puma. Further in media reports, Yancoal (YAL.AU) interested in Anglo American's (AAL.LN) Queensland coal assets involved in disputed deal with Peabody.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Retail +1.41%, Banks +0.86%, Ind Goods & Svcs +0.64%, Oil & Gas +0.57%, Utilities +0.52%, Construct & Mtls +0.39%

      • Underperformers:

        • Technology (1.61%), Travel & Leisure (1.49%), Chemicals (1.23%), Media (1.11%), Telecom (0.86%), Food & Beverage (0.71%), Autos & Parts (0.56%), Real Estate (0.50%), Persnl & HHold Goods (0.39%), Financial Svcs (0.32%), Health Care (0.15%), Insurance (0.13%), Basic Resources (0.06%)

    • Macro:

      • Geopolitics:

        • Trump urges EU for 100% tariffs on India, China to pressure Russia - FT

        • Poland shot down drones that violated its airspace during a Russian attack on Ukraine in early hours of Wednesday - BBC, FT, London Times

        • EU executive floats idea of reparations loan for Ukraine, based on frozen Russian assets - Reuters

        • Israel's airstrike on Qatar condemned by European leaders, US - Politico

        • Swiss voters backing new EU deal 2-1 after U.S. tariff shock - Reuters

        • Washington expresses concern over Spanish measures against shipments to Israel - Reuters

      • Economy:

        • EU lags on Draghi's economic revival plan, implements only 11% - FT

      • Markets:

        • EU bond futures launch to boost trading, lower borrowing costs - Bloomberg

      • UK:

        • Starmer forms Budget board to boost UK growth, mend business ties - FT

        • UK's Kyle pushes China for market access in trade talks - Bloomberg

      • France:

        • Macron appoints Sébastien Lecornu as France's new prime minister - Politico, SkyNews

    • Company news:

      • Notable Gainers

        • +19.5% ANP.LN (Anpario £5.05, +0.83) -- earnings

        • +14.7% ACTI.SS (Active Biotech SEK0.18, +0.02) -- to present positive results from the ocular biodistribution LION study at AAO 2025

        • +13.6% CLAS.B.SS (Clas Ohlson SEK372.80, +44.60) -- reports Q1 EPS SEK3.27 vs FactSet SEK2.93 [3 est, SEK2.84-3.08]

        • +9.2% CAPSL.NO (Capsol Technologies NOK6.90, +0.58) -- Munters to acquire €2M newly issued Capsol shares increasing its stake to ~7%

        • +7.9% COK.GR (CANCOM €24.50, +1.80) -- to launch share buyback program for up to 3.2M shares

        • +7.6% GYM.LN (Gym Group £1.46, +0.10) -- reports H1 adjusted EPS 2.7p vs year-ago 0.3p

        • +6.4% ALO.FP (Alstom €20.98, +1.26) -- to supply NJ TRANSIT with additional 200 Multilevel III commuter rail cars and 12 ALP 45 dual-power locomotives; order valued at ~€1.0B

        • +6.4% ITX.SM (Inditex €45.37, +2.72) -- reports H1 net income €2.79B vs consensus €2.83B; expects around (4%) currency impact on sales in 2025; RBC Capital Markets upgrade

        • +5.6% MTRS.SS (Munters Group SEK127.20, +6.70) -- acquires €2M newly issued Capsol shares

        • +5.5% IMP.A.SS (Implantica SEK63.80, +3.30) -- production ramp-up

        • +5.2% AGR.AV (Agrana Beteiligungs €11.95, +0.60) -- prelim Q2 earnings

        • +5.0% ENR.GR (Siemens Energy €95.52, +4.54) -- EuroStoxx50 addition

        • +4.8% SEYE.SS (Smart Eye SEK86.00, +3.90) -- order

        • +4.7% PHARM.NA (Pharming Group €1.27, +0.06) -- index changes

        • +4.6% RUSTA.SS (Rusta SEK74.00, +3.25) -- store opening update

        • +4.5% AFX.GR (Carl Zeiss Meditec €42.80, +1.84) -- initiated overweight at Barclays

        • +3.7% NOVO.B.DC (Novo Nordisk DKK351.15, +12.45) -- to streamline operations; to cut ~9,000 jobs, net one-off restructuring costs of DKK8B and cuts FY25 EBIT growth outlook

        • +3.6% HO.FP (Thales €236.40, +8.20) -- Airbus, Thales and Leonardo could announce plan to move forward with three-way merger of their space divisions as early as this month - Bloomberg

          • +2.4% ETL.FP (Eutelsat Communications €2.96, +0.07)

          • +2.4% LDO.IM (Leonardo €48.35, +1.14)

        • +3.3% RHM.GR (Rheinmetall €1,830.00, +58.50) -- Rheinmetall CEO Armin Papperger confident about achieving ambitious 2030 targets for profitability and revenue -- Bloomberg, citing interview

        • +2.7% FDEV.LN (Frontier Developments £3.84, +0.10) -- reports FY EPS 40.7p vs FactSet 26.5p [7 est, 5.9-45.6p]

        • +2.4% SPM.IM (Saipem €2.38, +0.06) -- awarded new offshore contract by Turkish Petroleum OTC for Sakarya gas field development worth ~$1.5B

        • +2.3% SHL.GR (Siemens Healthineers €48.33, +1.09) -- Siemens Healthineers in early talks on Diagnostics segment sale -- Bloomberg, citing sources

        • +2.0% EL.FP (EssilorLuxottica €264.80, +5.10) -- initiated overweight at Barclays

        • +1.7% AAL.LN (Anglo American £25.33, +0.43) -- Yancoal interested in Anglo American's Queensland coal assets involved in disputed deal with Peabody - The Australian

        • +1.4% PAF.LN (Pan African Resources $0.78, +0.01) -- FY HEPS 5.89c vs guidance 5.68-6.10c

      • Notable Decliners

        • -19.3% W7L.LN (Warpaint London £2.30, -0.55) -- earnings

        • -14.1% SQZ.LN (Serica Energy £1.53, -0.25) -- reports temporary reduction in Triton FPSO production, cuts FY production guidance to 29-32K boepd vs prior 33-35K boepd

        • -13.3% CAML.LN (Central Asia Metals £1.50, -0.23) -- reports H1 EPS $0.06 vs FactSet $0.11 [1 est]; launches share buyback programme for up to a maximum consideration of $10M

        • -12.8% ABF.LN (Associated British Foods £19.54, -2.88) -- H2 trading update: Primark sales growth expected to be around 1%; Grocery sales expected to be in line with prior year

        • -9.4% NEXI.IM (Nexi SpA €4.76, -0.49) -- target price decreased to €4.10 (Street low) from €4.50 at Barclays

        • -8.8% ARB.LN (Argo Blockchain £0.02, -0.00) -- enters First restated Restructuring Plan Support agreement and executed a Loan with Growler

        • -7.8% PIG.FP (Haulotte Group €2.39, -0.20) -- reports H1 net income (€21M) vs year-ago €15M

        • -6.1% PUIG.SM (Puig Brands €14.93, -0.97) -- reports H1 adj. net income €247M vs FactSet €256.7M [6 est, €246-273M]; reaffirms FY outlook

        • -6.0% HFG.GR (HelloFresh €7.56, -0.48) -- Morgan Stanley downgrade

        • -5.7% VTY.LN (Vistry Group £5.76, -0.35) -- reports H1 adj EPS 17.6p vs year-ago 25.2p; FY guidance remains unchanged

        • -4.1% BCHN.SW (Burckhardt Compression Holding CHF633.00, -27.00) -- Kepler Cheuvreux downgrade

        • -3.4% RUI.FP (Rubis €28.22, -0.98) -- reports H1 net income €163.0M vs FactSet €141.0M [3 est, €138-143M]; confirms FY outlook

        • -3.0% SAP.GR (SAP €223.35, -6.95) -- ORCL sympathy / Transcript Intelligence: SAP at Goldman Sachs Communacopia + Technology Conference

        • -3.0% AMG.NA (AMG Critical Materials €26.80, -0.84) -- AMX Inclusions

        • -3.0% ATYM.LN (Atalaya Mining £5.39, -0.17) -- Affiliates of Fairfax Financial Holdings Limited sold 8.2M ordinary shares

        • -2.9% WDP.BB (Warehouses de Pauw €21.30, -0.64) -- BNP Paribas Exane downgrade

        • -2.6% RAND.NA (Randstad €36.94, -0.99) -- Morgan Stanley downgrade

        • -2.6% PUM.GR (Puma €18.94, -0.51) -- Pinault says Artemis' 29% stake in Puma is not strategic - Reuters (16:30 CET)

        • -2.5% NTI.NO (Norsk Titanium NOK1.24, -0.03) -- launches previously announced private share placement of an offering of up to 40.7M new shares at a subscription price of NOK 1.00 per share

        • -2.5% RI.FP (Pernod Ricard €91.76, -2.36) -- Morgan Stanley downgrade

        • -2.4% ANTIN.FP (Antin Infrastructure Partners €10.72, -0.26) -- CFO appointment

        • -2.2% TRMD.A.DC (TORM Plc DKK142.40, -3.15) -- clarifies it has not been involved in the potential transaction between Hafnia and Oaktree

        • -1.9% GALE.SW (Galenica CHF85.70, -1.65) -- completes acquisition of Diagnostics Group; deal was announced 2-Jul-25

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: R&S Group Holding (RSGN.SW), BVZ Holding (BVZN.SW), SHL Telemedicine (SHLTN.SW)

        • France: Vetoquinol (VETO.FP), Vranken-Pommery Monopole (VRAP.FP)

        • Nordics: ChemoMetec (CHEMM.DC), Puuilo (PUUILO.FH), Rusta (RUSTA.SS), Biovica International (BIOVIC.B.SS)

        • Southern Europe: Tamburi Investment Partners (TIP.IM), SeSa (SES.IM), Avio (AVIO.IM), Antares Vision (AV.IM), Toscana Aeroporti (TYA.IM), Orsero (ORS.IM), Equita Group (EQUI.IM), Esprinet (PRT.IM)

        • UK: Energean (ENOG.LN), Playtech (PTEC.LN), Oakley Capital Investments (OCI.LN), Fevertree Drinks (FEVR.LN), RTW Biotech Opportunities (RTW.LN), Scancell Holdings (SCLP.LN), Distribution Finance Capital Holdings (DFCH.LN), Lords Group Trading (LORD.LN)

      • Trading Update:

        • DACHs: PharmaSGP Holding (PSG.GR)

        • UK: Trainline (TRN.LN)

      • Traffic: Fraport AG Frankfurt Airport Services Worldwide (FRA.GR), Flughafen Wien (FLU.AV), Heathrow Airport (+HTR.LN), Aeroflot-Russian Airlines (AFLT.RU)

      • CMD/events: Elecnor (ENO.SM), Eurocommercial Properties (ECMPA.NA), Hexatronic Group (HTRO.SS)

  • Data:

    • Economics:

      • Jul Industrial Production:

        • Italy +0.9% y/y vs cons (0.2%) and prior revised (0.7%) from (0.9%); +0.4% m/m vs cons (0.1%) and prior +0.2%

        • Spain +2.5% y/y vs consensus +2.5% and prior revised +1.9% from +2.3%

        • Sweden +3.8% y/y vs consensus +7.4% and prior revised +13.8% from +12.8%; (0.7%) m/m vs consensus (0.2%) and prior +1.5%

        • Austria +1.8% y/y vs prior revised +2.0% from +0.6%

      • Aug CPI

        • Norway +3.5% y/y vs consensus +3.5% and prior +3.3%; (0.6%) m/m vs consensus (0.6%) and prior +0.8%

        • Denmark +2.0% y/y vs consensus +2.5% and prior +2.3%; (0.7%) m/m vs consensus (0.2%) and prior +1.5%

    • Markets:

      • WTI Crude (Oct 25): +$0.93 or +1.48% to $63.56

      • €-$ +0.0011 or +0.09% to 1.1722

      • £-$ +0.0024 or +0.18% to 1.3551

      • €-£ (0.0006) to 0.8652

      • S&P 500 +0.45%

      • Performance year-to-date

        • FTSE 100: +12.88%

        • DAX: +18.70%

        • CAC: +5.16%

        • MIB: +23.03%

        • Stoxx 600: +8.80%

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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