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StreetAccount Summary - EU Market Recap: FTSE 100 +0.11% to 9226.68, DAX (0.48%) to 23527.05, CAC40 (0.30%) to 7830.11, STOXX 600 (0.13%) to 553.40

Sep 22 ,2025

  • Synopsis:

    • European indices ended mixed, with Denmark underperforming the region. In geopolitcs, Russian military provocations escalating as Europe grapples with internal divisions over Ukraine support. Three Russian fighter jets violated Estonian airspace for 12 minutes Friday, marking fifth such incident this year. Follows drone incursions into Poland and Romania, with Russia's largest aerial assault deploying 805 drones against Kyiv in Sep. French President Macron dismissed Trump's demands for deeper energy cuts from Russia as addressing a very marginal issue, noting EU has reduced oil and gas consumption by over 80%. However, Slovakia and Hungary resist further cuts until alternatives emerge. Europe debates utilizing $300B in frozen Russian assets for Ukraine, but financial analysis reveals Russia outspends Western supporters significantly. European defense costs run three to four times higher than Russia's, making matching Moscow's $500B defense spending nearly impossible without fundamental policy changes. With Europe unprepared for modern drone warfare and facing legal constraints on defensive measures, analysts conclude there exists no path to victory based on current policies

    • In macro-news, attention on consumer confidence indicator for Sep, which came in-line at (14.9) vs consensus (15.0) and prior (15.5). Furthermore, European flash PMIs for Sep released tomorrow. Goldman Sachs forecasts Eurozone composite PMI to hold steady at 51.0, slightly below consensus of 51.1, while Bank of America expects both manufacturing and services to show modest deterioration, remaining barely above 50. SEB noted composite PMI may still indicate modest economic activity growth, with manufacturing and services sectors converging after previous divergence. Recent US-EU trade deal clarity may dampen tariff concerns, though export orders remain weak. Input and output price trends will be closely watched, particularly elevated service prices that pose ongoing inflation risks. Goldman Sachs suggested France faces headwinds from political instability following Bayrou government collapse. Consumer sentiment has deteriorated sharply in uncertainty-sensitive sectors. Consensus sees manufacturing at 50.2 versus 50.4 prior and services steady at 49.8. Germany seen providing mixed signals after strong Aug manufacturing momentum. While output PMI hit three-year highs, recent high-frequency data suggests softening, including weaker export activity and declining truck toll mileage through Sep. Consensus sees manufacturing at 50.1 versus 49.8 prior and services at 49.5 versus 49.3 prior. Peripheral economies expected to rebound in services activity, helping counterbalance core economy weakness. UK composite PMI forecast to retreat to 52.5 from Aug robust 53.5, as analysts believe previous reading overstated growth momentum. Consumer confidence surveys point to potential services sector moderation. Consensus expects manufacturing steady at 47 and services at 53.4 versus 54.2 prior

    • On the reporting front, Friday after the close, Porsche AG (P911.GR) adjusted its FY25 forecast as well as medium-term expectations downward, and also cutting its dividend; as a consequence, Volkswagen AG (VOW3.GR) also cut its FY25 guidance on back of Porsche announcement. This morning, Fugro ((FUR.NA) withdrew its FY25 financial guidance, estimating a revenue impact of ~€100M and anticipating 20% revenue growth no longer realistic

    • In M&A banking news, BBVA (BBVA.SM) modified its offer for Sabadell (SAB.SM), taking out the prior cash component, now offering one BBVA share for every 4.8376 SAB shares whilst - in the Netherlands - wires reported that KBC (KBC.BB) is said to study a potential deal for ABN Amro (ABN.NA). Elsewhere, Ericsson (ERIC.B.SS) will power the majority of VodafoneThree's next-generation UK network in a SEK 12.5B partnership, Davide Campari-Milano (CPR.IM) appointed a new CFO, and the UK Government approved the second runway at Gatwick, 51% owned by Vinci (DG.FP). In Russia-related developments, the Brunello Cucinelli (BC.IM) CEO told the FT that his company's Russian operations are complying with EU rules, whilst local press reported that an OMV (OMV.AV) executive was dismissed over suspected spying for Russia

    • Looking ahead to tomorrow's calendars, Poxel (POXEL.FP), Philogen (PHIL.IM), Smiths Group (SMIN.LN), Kingfisher (KGF.LN), Raspberry Pi Holdings (RPI.LN), OXB (OXB.LN), Mortgage Advice Bureau (MAB1.LN), Henry Boot (BOOT.LN) and TUI Group (TUI1.GR) will be updating their investors. On the macro-calendar, a slew of Sep preliminary manufacturing/services PMI s for Eurozone, France, Germany and UK, together with Spain Jul trade balance are the main releases

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Basic Resources +1.37%, Utilities +0.80%, Technology +0.64%, Health Care +0.41%, Oil & Gas +0.37%, Insurance +0.21%, Ind Goods & Svcs +0.20%, Financial Svcs (0.01%)

      • Underperformers: Autos & Parts (2.02%), Food & Beverage (1.18%), Telecom (1.05%), Persnl & HHold Goods (1.00%), Chemicals (0.90%), Construct & Mtls (0.69%), Banks (0.61%), Travel & Leisure (0.59%), Real Estate (0.55%), Retail (0.53%), Media (0.13%)

    • Macro:

      • France to join countries recognizing Palestinian state ahead of UN General Assembly (CNN)

      • German jets intercept Russian plane as Trump vows to defend Poland and Baltics (Independent)

      • Rome gloats as France becomes Italy and Italy becomes France (Politico)

      • Gaza protests in Italy block ports, clashes erupt in Milan (Reuters)

      • Nigel Farage vows to ditch indefinite leave to remain for migrants (FT)

      • Sweden unveils $8.5-billion budget to boost growth with tax cuts, military spending, before election (Reuters)

      • EU cyber agency says airport software held to ransom by criminals (BBC)

    • Company news:

      • Notable Gainers

        • +24.7% ATORX.SS (Alligator Bioscience SEK5.05, +1.00) -- final 30-month OPTIMIZE-1 results

        • +14.5% ORY.SM (Oryzon Genomics €3.60, +0.46) -- to sponsor first Phelan-McDermid syndrome (PMS) burden of illness stud

        • +9.2% ITM.LN (ITM Power £0.76, +0.06) -- 150MW capacity reservation agreement with RWE

        • +6.1% OSE.FP (OSE Immunotherapeutics €6.01, +0.35)

        • +5.2% MYCR.SS (Mycronic SEK229.65, +11.30) -- $48-52M order

        • +4.5% GSP.IM (Gas Plus €5.98, +0.26)

        • +3.3% ABN.NA (ABN AMRO Bank €26.63, +0.84) -- KBC is said to study potential deal for ABN Amro - Bloomberg

        • +2.3% ROG.SW (Roche Holding CHF271.10, +6.00) -- results for phase III evERA study

        • +0.9% GURN.SW (Gurit Holding CHF12.80, +0.12) -- new CFO

        • +0.3% ANOD.B.SS (Addnode Group SEK116.00, +0.40) -- new financial targets

        • +0.1% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK76.28, +0.10) -- to power the majority of VodafoneThree's next-generation UK network in SEK 12.5B partnership

      • Notable Decliners

        • -14.3% OCI.NA (OCI NV €4.12, -0.69) -- potential merger with Orascom Construction

        • -9.1% FUR.NA (Fugro €9.22, -0.92) -- withdraws FY25 financial guidance; KBC downgrade

        • -8.9% GNFT.FP (GENFIT €3.29, -0.32)

        • -8.2% PAH3.GR (Porsche Automobil Holding SE €32.26, -2.89) -- Porsche AG profit warning sympathy

        • -7.1% VOW3.GR (Volkswagen €90.38, -6.90) -- Porsche AG profit warning sympathy; Intesa Sanpaolo downgrade

        • -7.0% RENX.LN (Renalytix £0.10, -0.01) -- £4.5M fundraise

        • -4.2% POS.AV (PORR €29.60, -1.30)

        • -3.9% SAB.SM (Banco de Sabadell €3.21, -0.13) -- BBVA modifies offer to one BBVA share for every 4.8376 SAB share

        • -2.9% ALCJ.FP (Crossject €1.70, -0.05) -- secures additional $11.3M BARDA funding for ZEPIZURE

        • -2.7% BBVA.SM (Banco Bilbao Vizcaya Argentaria €15.98, -0.44) -- modifies offer to one BBVA share for every 4.8376 SAB share

        • -2.6% STLAM.IM (Stellantis €8.23, -0.22) -- Porsche AG profit warning sympathy

        • -2.6% VBK.GR (Verbio €10.89, -0.29) -- announces suspension of dividend for the financial year 2024/25

        • -2.3% CREO.LN (Creo Medical Group £0.12, -0.00) -- H1 earnings

        • -1.3% MBG.GR (Mercedes-Benz Group €50.79, -0.69) -- Porsche AG profit warning sympathy

        • -1.3% SAP.GR (SAP €224.70, -2.85) -- in talks with EU antitrust regulators to address concerns about software business practices -- Reuters,

        • -1.1% BMW.GR (Bayerische Motoren Werke €82.34, -0.92) -- Porsche AG profit warning sympathy

        • -0.9% KBC.BB (KBC Group €99.34, -0.86) -- is said to study potential deal for ABN Amro - Bloomberg

        • -0.6% CPR.IM (Davide Campari-Milano €5.60, -0.04) -- new CFD

        • -0.6% DG.FP (VINCI SA €116.95, -0.65) -- UK Government approves second runway at Gatwick

        • -0.4% BC.IM (Brunello Cucinelli €103.30, -0.45) -- CEO states company's Russian operations comply with EU rules -- FT

        • -0.4% OMV.AV (OMV €45.14, -0.18) -- executive dismissed over suspected spying for Russia

        • -0.2% LLOY.LN (Lloyds Banking Group £0.82, -0.00) -- Curve schedules EGM amidst anger over proposed £120M takeover by Lloyds Banking Group -- Sky News

        • -0.1% BAYN.GR (Bayer AG €27.46, -0.04) -- announces progress for two potential therapies against Parkinson's disease

    • EU companies reporting tomorrow:

      • DACHs: Xlife Sciences (XLS.SW)

      • France: ABC arbitrage (ABCA.FP), Carbios (ALCRB.FP), Poxel (POXEL.FP)

      • Southern Europe: Philogen (PHIL.IM)

      • UK: Smiths Group (SMIN.LN), Kingfisher (KGF.LN), Raspberry Pi Holdings (RPI.LN), OXB (OXB.LN), Mortgage Advice Bureau (MAB1.LN), Henry Boot (BOOT.LN), Yu Group (YU.LN), Fonix (FNX.LN), Keystone Law Group (KEYS.LN), Diaceutics (DXRX.LN), Mpac Group (MPAC.LN), hVIVO (HVO.LN), Real Estate Investors (RLE.LN)

      • Trading Update: TUI Group (TUI1.GR)

  • Data:

    • Economics:

      • Eurozone Sep Flash Consumer Confidence (14.9) vs consensus (15.0) and prior (15.5)

    • Markets:

      • WTI Crude (Oct 25): ($0.13) or (0.21%) to $62.55

      • €-$ +0.0025 or +0.21% to 1.1774

      • £-$ +0.0033 or +0.25% to 1.3501

      • €-£ (0.0003) to 0.8720

      • S&P 500 +0.15%

      • Performance year-to-date

        • FTSE 100: +12.89%

        • DAX: +18.17%

        • CAC: +6.09%

        • MIB: +24.09%

        • Stoxx 600: +9.02%

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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