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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.21% to 9228.11, DAX +1.35% to 23674.53, CAC40 +0.87% to 7854.61, STOXX 600 +0.80% to 555.01

Sep 18 ,2025

  • Synopsis:

    • European indices ended higher Thursday. Follows narrowly mixed performance on Wednesday. Technology, autos/parts and industrials the best performer while utilities, basic resources and travel/leisure the main laggards.

    • BoE maintained key bank rate at 4.0% in 7-2 vote split as expected; slowed pace of balance sheet reduction for year ahead at £70B versus prior £100B. Statement said it is focused on squeezing out existing and emerging inflation. Traders now see 45bps of cuts by end-2026. Norges Bank cut rates by 25 bps to 4.00%, but signals future rate path likely to be higher than projected in June. Further cuts expected over next year if outlook holds.

    • In politics, President Trump holds talks with UK PM Starmer today in second day of state visit. UK government is talking up investment worth total of £150B from US businesses. In Germany, parliament approved its annual budget allowing for total investment of ~€116B, made possible thanks to a €500B infrastructure fund and an exemption from debt rules for defence spending approved in March, Reuters reports. Not much in the way of French political developments after PM Lecornu met Socialist leadership for talks on Wednesday. Press reports major French business groups worried about impact of political paralysis. Elsewhere, EU tells the UK it will not get an improved trade deal unless it makes concessions on youth mobility.

    • Amidst a light macro-calendar, BRC update showed drop in UK consumer confidence due to high inflation.

    • In M&A news, Roche (ROG.SW) acquired 89bio (ETNB) for $14.50/sh in cash plus non-tradeable CVR of $6.00/sh, representing a total equity value of ~$2.4B; still in the DACHs, Deutsche Bank's asset manager DWS (DWS.GR) will begin the sale process of its data center business, North C, in the coming weeks; in another deal, Kone (KNEBV.FH) is reportedly weighing a bid for all or part of TK Elevator. In rumoured M&A deals, CVC has made two offers that were refused by Allfunds (ALLFG.NA).

    • On the reporting front, Next (NXT.LN) issued H1 earnings, whilst Pets at Home Group Plc (PETS.LN) posted a profit downgrade and its CEO stepped down; in the Netherlands, Wolters Kluwer (WKL.NA) said it is accelerating its €1B 2025 share buyback and also reiterated guidance; SIG Combibloc Group (SIGN.SW) updated FY25 guidance and paused cash dividend for 2025. Elsewhere, the ECB sold over €150M of Worldline (WLN.FP) bonds.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Aug PPI, UK Aug retail sales, Sep consumer confidence - GfK and France Sep business survey.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +4.08%, Autos & Parts +1.18%, Ind Goods & Svcs +0.97%, Financial Svcs +0.90%

      • Underperformers:

        • Utilities (0.64%), Basic Resources (0.52%), Travel & Leisure (0.39%), Food & Beverage (0.25%), Telecom (0.21%), Chemicals (0.03%), Real Estate (0.01%), Media +0.09%, Construct & Mtls +0.27%, Retail +0.28%, Insurance +0.31%, Persnl & HHold Goods +0.32%, Banks +0.61%, Health Care +0.63%, Oil & Gas +0.77%

    • Macro:

      • UK:

        • Bank of England raises alarm over new tax raid -- Telegraph

      • Germany:

        • Germany approves 2025 budget, ushering in new era of spending -- Reuters

        • Germany Lifts Debt Sales for Defense, Infrastructure Boost -- Bloomberg

      • France:

        • Workers across France strike over budget cut plans -- BBC

        • Why France and Italy's 10-year borrowing costs match for the first time -- Reuters

      • Italy:

        • Italy seen in line for Fitch upgrade as fiscal outlook improves -- Reuters

        • Italy first in EU to pass comprehensive law regulating use of AI -- Guardian

        • Italy Considers Tying €200,000 Flat Tax Regime to Investment Requirements -- imidaily

    • Company news:

      • Notable Gainers

        • +20.7% CURN.SW (Curatis Holding CHF14.10, +2.50) -- issues FDA meeting update; corticorelin on track for Phase 3

        • +19.4% NANO.FP (Nanobiotix €10.40, +1.76) -- trial results

        • +14.2% TPRO.IM (Technoprobe €8.46, +1.06) -- initiated buy at UBS

        • +12.0% JUP.LN (Jupiter Fund Management £1.42, +0.15) -- Peel Hunt upgrade

        • +10.0% RSW.LN (Renishaw £34.40, +3.20) -- FY earnings

        • +9.2% ELK.NO (Elkem NOK26.86, +2.26) -- enters exclusive sales process for Silicones division

        • +8.9% CNE.LN (Capricorn Energy £2.22, +0.18) -- H1 earnings

        • +7.0% ALLFG.NA (Allfunds Group €0.00, +0.41) -- CVC Capital Partners likely the suitor that has been looking at Allfunds recently

        • +6.3% DHER.GR (Delivery Hero €29.54, +1.75) -- resumed hold at Stifel

        • +6.2% NOVO.B.DC (Novo Nordisk DKK391.70, +23.00) -- discloses 25 mg Wegovy OASIS 4 Ph3 study data

        • +6.0% WKL.NA (Wolters Kluwer €116.35, +6.55) -- accelerates €1B 2025 share buyback program; reiterates guidance

        • +5.3% SGG.SS (Sensys Gatso Group SEK40.65, +2.05) -- contract

        • +4.8% EMBRAC.B.SS (Embracer Group SEK100.36, +4.56) -- SEK 500M share buyback

        • +4.0% HEALTH.FH (Nightingale Health €2.49, +0.10) -- FY earnings

        • +3.8% EQT.SS (EQT AB SEK343.40, +12.50) -- completes acquisition of majority stake in share capital of Waga Energy; EQT AB evaluating US IPO of Reworld at potential $1B+ valuation - Bloomberg; EQT considering options for student transportation company First Student including a US IPO - Bloomberg

        • +3.6% DWS.GR (DWS Group €53.55, +1.85) -- Deutsche Bank's asset manager DWS to begin sale process of data center business, North C, in the coming weeks - FT

        • +3.2% CAP.FP (Capgemini €126.90, +3.90) -- obtains all antitrust and regulatory consents, approvals or clearances

        • +3.1% INCH.LN (Inchcape £6.85, +0.21) -- initiated buy at UBS

        • +3.1% DEME.BB (DEME Group €127.20, +3.80) -- initiated buy at Kepler Cheuvreux

        • +3.0% AEVS.SW (AEVIS VICTORIA CHF13.50, +0.40) -- H1 earnings

        • +2.9% BTLS.BB (Biotalys €4.54, +0.13) -- H1 earnings

        • +2.6% CADLR.NO (Cadeler NOK53.10, +1.35) -- contract

        • +2.6% REL.LN (RELX £35.61, +0.90) -- Kepler Cheuvreux upgrade

      • Notable Decliners

        • -24.4% SIGN.SW (SIG Combibloc Group CHF9.82, -3.06) -- updated FY25 guidance

        • -15.5% PETS.LN (Pets At Home Group £1.92, -0.35) -- CEO steps down, now expects FY26 underlying PBT in the range £90-100M vs prior guidance £110-120M

        • -12.2% SAA.LN (M&C Saatchi £1.50, -0.21) -- H1 earnings

        • -7.0% SPEC.LN (Inspecs Group £0.40, -0.03) -- H1 earnings

        • -4.6% CCR.LN (C&C Group £1.52, -0.07) -- trading update; CFO to step down

        • -4.1% KRN.GR (Krones €120.60, -5.20) -- BNP Paribas Exane downgrade

        • -3.5% NXT.LN (Next £116.30, -4.25) -- H1 earnings

        • -3.1% BARN.SW (Barry Callebaut CHF1,083.00, -34.00) -- Deutsche Bank downgrade

        • -2.9% PUM.GR (Puma €22.60, -0.67) -- Two investors apparently ready to acquire 29% Puma stake owned by the French billionaire Pinault family -- Manager magazine

        • -2.0% VENDA.NO (Vend Marketplaces NOK377.20, -7.80) -- trading update

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Waga Energy (WAGA.FP)

      • Trading Statement:

        • UK: Investec (INVP.LN)

  • Data:

    • Economics:

      • Switzerland Aug

        • Trade Balance CHF4.01B vs cons CHF5.22B and prior revised CHF4.62B from CHF4.59B

        • Swiss Watch Exports (16.5%) to CHF 1.64B

    • Markets:

      • WTI Crude (25-Oct): ($0.39) or (0.61%) to $63.66

      • €-$ (0.0031) or (0.26%) to 1.1783

      • £-$ (0.0073) or (0.54%) to 1.3553

      • €-£ +0.0025 to 0.8695

      • S&P 500 +0.68%

      • Performance year-to-date:

        • FTSE 100: +12.91%

        • DAX: +18.91%

        • CAC: +6.42%

        • MIB: +23.76%

        • Stoxx 600: +9.34%

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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