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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.88%) to 9195.66, DAX (1.77%) to 23329.24, CAC40 (1.00%) to 7818.22, STOXX 600 (1.14%) to 550.79

Sep 16 ,2025

  • Synopsis:

    • European equity markets closed lower. Follows mostly firmer levels on Monday. Insurance, Financial Services and Banks the worst performing sectors. Basic Resources, Energy and Auto/Parts outperform. US equities lower in Tuesday morning trading, near worst levels. Follows stocks finishing higher on Monday, with both S&P and Nasdaq hitting fresh ATHs (and Nasdaq 100 up for 10th straight session).

    • US and China concluded talks in Madrid, agreeing to framework deal on TikTok ownership. Trump said meeting went well and he will be speaking to President Xi on Friday. Talks occurred against backdrop of tensions after China accused NVDA of violating anti-monopoly laws and launched probe into US analog chips. Press sources have also highlighted divisions over trade and fentanyl. Trump's positive assessment seen keeping alive expectations of a meeting with Xi, which may happen at next month's APEC summit in South Korea.

    • European macro calendar picks up today. UK labor market data showed increase in jobless claims and softer wage growth. Eurozone industrial production recovered somewhat in July. ZEW survey saw improvement in economic sentiment for Germany and euro area. Limited impact from data with markets waiting for key central bank decisions. Wednesday's Fed meeting the main event. Futures pricing in a 25bp cut with a 50bp reduction only seen as an outside possibility (despite Trump this weekend predicting a "big cut").

    • In other developments, pressure remains on UK PM Starmer after third senior ally departs in two weeks after publication of old message where he made lewd jokes about another Labour MP. French press highlights latest Bank of France growth forecasts will make fiscal consolidation effort more challenging.

    • Elsewhere, US officials in India for resumption of trade talks following thaw in tensions. On Fed front, US appeals court blocked President Trump from firing Fed Governor Cook. In mostly party-line vote Senate confirmed Stephen Miran to Fed board, allowing him to participate in this week's FOMC meeting.

    • In corporate news, out of France, Guerbet (GBT.FP) revised downward its financial targets for 2025 and now expects restated EBITDA margin in the range of 12-13% vs prior guidance of above 15%, saying business activity in France continues to be impacted by supply reforms. BNP Paribas (BNP.FP) announced strong growth momentum initiated in 2025 have enabled the group to confirm its net income target and its growth trajectory, marking the conclusion of the 2022-2026 strategic plan. VusionGroup (VU.FP) reported H1 earnings, whilst Aeroport de Paris (ADP.FP) released Total Paris Aeroport August traffic. Rubis (RUI.FP) commented on recent media reports regarding potential transactions on its share capital; siad group was committed to exploring and considering the potential options that could arise in the context of discussions that, to date, remain very preliminary. Kering (KER.FP) confirmed security breach as client data from Gucci, Balenciaga, McQueen brands was stolen by hackers.

    • Elsewhere, Tietoevry (TIETO.FH) updated its 2025 guidance and now sees adjusted EBITDA margin of 12.7-13.3% vs prior guidance 12%-13%. Novo Nordisk (NOVO.B.DC) issued results from INFORM survey of people taking semaglutide for weight management (Wegovy). In the UK, Trustpilot Group (TRST.LN) shares are higher post H1 numbers and new £30M ($40M) share buyback. Kier Group (KIE.LN) also trading higher post FY25 numbers and group added FY26 was trading slightly ahead of the board's expectations. Unilever PLC (ULVR.LN) announces the appointment of Srinivas Phatak as its new CFO, effective immediately.

    • In M&A headlines, ADES and BidCo raise cash consideration Shelf Drilling (SHLF.NO) to NOK18.50/sh. Kemira (KEMIRA.FH) to acquire Water Engineering, Inc. with purchase price ~$150M in cash.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 15-Sep to 19-Sep attached) Bolloré (BOL.FP), Sidetrade (ALBFR.FP), Solutions 30 (S30.FP), Innate Pharma (IPH.FP), Catering International Services (ALCIS.FP), OVS (OVS.IM), Gas Plus (GSP.IM), Barratt Redrow (BTRW.LN), IP Group (IPO.LN), Advanced Medical Solutions Group (AMS.LN), Galliford Try Holdings (GFRD.LN), McBride (MCB.LN), Mavi Giyim Sanayi ve Ticaret (MAVI.E.TI), and EXOR (EXO.NA) will be amongst other names to update investors, whilst the macro-calendar releases will include Sweden Aug unemployment rate, UK Aug CPI, RPI, Eurozone Aug final CPI, Austria Aug final CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +0.31%, Energy(0.07%), Autos & Parts (0.40%), Health Care (0.49%), Consumer Products and Services (0.56%), Technology (0.71%), Retail (0.78%), Food, Beverage and Tobacco (0.88%), Travel & Leisure (1.00%), Personal Care Drug and Grocery Stores (1.10%), Chemicals (1.10%),

      • Underperformers:

        • Insurance (2.24%), Financial Svcs (1.99%), Banks (1.93%), Construct & Mtls (1.54%), Ind Goods & Svcs (1.40%), Real Estate (1.33%), Utilities (1.30%), Telecom (1.23%),

    • Macro/Peripheral markets:

      • Geopolitics

        • UN inquiry finds top Israeli officials incited genocide in Gaza - Reuters

        • Romania charges Russia-linked far-right candidate with plotting 'coup' - FT

      • EU

        • EU economy falls behind global rivals due to 'complacency', warns Mario Draghi - FT

        • Sweden, Finland Urge EU to Rethink Climate Targets for Forests - Bloomberg

      • UK

        • Burnham ally surges ahead in race for Labour deputy leadership - The Telegraph

        • Maria Caulfield, former Tory health minister, defects to Reform - The Guardian

        • Investment deals pave way for Trump arrival in Britain - Reuters

        • State pension likely to rise by 4.7% in April - BBC

      • Germany

        • 851 billion in new loans - Klingbeil expects decline - Handelsblatt

        • German investor morale unexpectedly rises in September, ZEW finds - Reuters

        • Merz announces agreement on active pension - Handelsblatt

      • Spain

        • Spanish government raises 2025 GDP growth forecast to 2.7% from 2.6% - Reuters

      • Italy

        • Italian Bank Stocks Dip on Plan to Raise €3 Billion From Lenders - Bloomberg

      • Switzerland

        • IMF Cuts Switzerland's Growth Forecast on US Tariffs - Bloomberg

      • Denmark

        • Denmark pledges $253 million for Greenland's infrastructure, healthcare - Reuters

    • Company news:

      • Trading Higher:

        • +31.8% SHLF.NO (Shelf Drilling NOK13.84, +4.40) -- ADES and BidCo raise cash consideration for company to NOK18.50 for share

        • +15.5% TUNE.LN (Focusrite £1.78, +0.26) -- FY trading update

        • +12.8% VU.FP (VusionGroup €245.60, +27.20) -- H1 earnings; Gilbert Dupont upgrade

        • +8.4% BINV.SS (BioInvent International SEK29.50, +2.30) -- initiated buy at DNB Carnegie

        • +8.0% EYE.LN (Eagle Eye Solutions Group £2.70, +0.21) -- confirms prelim. FY results

        • +7.0% KIE.LN (Kier Group £2.05, +0.14) -- FY earnings

        • +6.5% GLE.LN (MJ Gleeson £3.50, +0.22) -- FY earnings

        • +6.3% NWRN.SW (Newron Pharmaceuticals CHF8.94, +0.56) -- H1 earnings

        • +5.2% BRCK.LN (Brickability Group £0.55, +0.03) -- AGM statement

        • +5.1% EMBRAC.B.SS (Embracer Group SEK93.16, +4.55)

        • +3.8% SPR.LN (Springfield Properties £0.96, +0.03) -- FY earnings

        • +3.1% KER.FP (Kering €262.35, +7.95) -- confirms security breach; CIC Market Solutions upgrade

        • +3.0% AOF.GR (ATOSS Software €104.60, +3.00) -- initiated buy at Metzler Capital Markets

        • +1.9% FNTL.LN (Fintel £2.30, +0.04) -- H1 earnings

        • +1.7% EKF.LN (EKF Diagnostics Holdings £0.31, +0.01) -- H1 earnings

      • Trading Lower:

        • -25.6% STEM.LN (Sthree £1.45, -0.48) -- Q3 trading update

        • -22.1% GBT.FP (Guerbet €15.06, -4.28) -- downgrades FY25 outlook; CIC Market Solutions downgrade

        • -13.7% RENX.LN (Renalytix £0.10, -0.01)

        • -6.7% HEAD.LN (Headlam Group £0.65, -0.04) -- H1 earnings

        • -5.0% GRNG.SS (Gränges SEK123.20, -6.50) -- Nordea downgrade

        • -3.9% TEL2.B.SS (Tele2 SEK159.05, -6.40) -- reinstated underperform at BofA

        • -3.5% SCHP.SW (Schindler Holding CHF303.20, -10.80) -- Schindler Holding investor sells ~600,000 registered shares in accelerated book building deal -- Reuters, citing bookrunner

        • -3.2% RAND.NA (Randstad €36.33, -1.16) -- Kepler Cheuvreux downgrade

        • -3.1% EZJ.LN (EasyJet £4.61, -0.15) -- JPMorgan downgrade

        • -2.9% OR.FP (L'Oreal €381.00, -11.25) -- Jefferies downgrade

        • -2.8% DOM.LN (Domino's Pizza Group £1.99, -0.06) -- Deutsche Numis downgrade

        • -2.7% PGH.LN (Personal Group Holdings £3.63, -0.10) -- H1 earnings

        • -2.4% PSM.GR (ProSiebenSat.1 Media €6.37, -0.15) -- adjusts FY outlook

        • -2.4% BRG.NO (Borregaard NOK201.00, -5.00) -- emporary disruption in production of speciality cellulose at facility in the Sarpsborg site; negative impact on Q3 EBITDA between NOK 40-50M

        • -1.8% ANA.SM (Acciona €164.70, -3.00) -- Citi downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: EXOR (EXO.NA)

        • France: Bolloré (BOL.FP), Sidetrade (ALBFR.FP), Solutions 30 (S30.FP), Innate Pharma (IPH.FP), Catering International Services (ALCIS.FP)

        • Southern Europe: OVS (OVS.IM), Gas Plus (GSP.IM)

        • UK: Barratt Redrow (BTRW.LN), IP Group (IPO.LN), Advanced Medical Solutions Group (AMS.LN), Galliford Try Holdings (GFRD.LN), McBride (MCB.LN)

        • Other: Mavi Giyim Sanayi ve Ticaret (MAVI.E.TI)

      • CMD/events: Novo Nordisk (NOVO.B.DC) R&D day, PostNL (PNL.NA), Fielmann Group (FIE.GR)

  • Data:

    • Economics:

      • UK Aug Claimant Count Change +17.4K vs consensus +20.3K and prior revised +33.3K from (6.2K)

      • Italy Aug Final CPI +1.6% y/y vs preliminary +1.6%

      • Germany Sep ZEW Economic Sentiment Indicator 37.3 vs consensus 26.3 and prior 34.7

      • Eurozone Jul Industrial Production +1.8% y/y vs consensus +1.7% and prior revised +0.7% from +0.2%

    • Markets:

      • WTI Crude (Oct 25): +$1.06 or +1.67% to $64.36

      • €-$ +0.0076 or +0.65% to 1.1839

      • £-$ +0.0047 or +0.35% to 1.3645

      • €-£ +0.0027 to 0.8677

      • S&P 500 (0.17%)

      • Performance year-to-date

        • FTSE 100: +12.51%

        • DAX: +17.18%

        • CAC: +5.93%

        • MIB: +24.32%

        • Stoxx 600: +8.50%

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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