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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.04%) to 9223.32, DAX +0.36% to 23611.33, CAC40 +0.54% to 7872.02, STOXX 600 +0.28% to 554.95

Sep 23 ,2025

  • Synopsis:

    • European equity markets ended mostly higher Tuesday. UK softer. Retail, autos and travel best performers, while healthcare, telecom and insurance the main laggards. Follows softer close on Monday.

    • Risk appetite supported on optimism around all things AI following ~NVDA~ $100B investment pledge into OpenAI. In macro, focus initially on PMIs and Riksbank decision. Eurozone business activity accelerated to fastest pace in 16 months during Sep, with HCOB Flash Composite PMI rising to 51.2 from Aug's 51.0, beating analyst expectations of stability at 51.0. Conversely, UK private sector growth decelerated markedly in Sep, with S&P Global Flash Composite PMI tumbling to 51.0 from Aug's 12-month high of 53.5, significantly undershooting economist forecasts of 53.0 and marking weakest expansion since May. In Germany, composite PMI beat at 52.4 supported by jump in services while France composite PMI missed at 48.4. Elsewhere, Spain trade balance deficit widens to (€4.01B) vs consensus (€2.8B) and prior (€3.59B). In central banks policy, Riksbank cut rates 25bps to 1.75% in a finely balanced meeting. Board attempting to support economy, seeing high inflation as transitory. Meanwhile, German Institutes revises up 2025 economic growth at 0.2%, 2026 at 1.3%, 2027 at 1.4%, Reuters reports.

    • On the political front, ongoing focus in UK on impact of potential tax hikes in 26-Nov budget. In Germany, Finance Minister Lars Klingbeil presented today plans to invest a record amount of ~€127B in 2026, warning however government would need to control spending to plug a €30B hole in its budget for the next year.

    • In corporate news flow, shares of Ørsted (ORSTED.DC) higher following Court preliminary injunction allowing Revolution Wind impacted construction to resume. Shares of Kingfisher (KGF.LN) jumps after posting better-than-expected H1 numbers this morning with FY adj PBT and FCF also expected to be ahead. Smiths Group (SMIN.LN) released FY results and update on strategy. Out of DACHs, TUI Group (TUI1.GR) issued a pre-close trading update ad group says it is on track to deliver raised FY25 underlying EBIT growth as announced in Aug. Shares of ASM International (ASM.NA) are trading lower following Investor Day update with the group now anticipating Q4 revenue to be below earlier expectations. Renalytix (RENX.LN) drops post revised guidance. Santhera Pharmaceuticals Holding (SANN.SW) also down following H1 numbers and new financing agreements.

    • In M&A headlines, media reports L'Oreal (OR.FP) would only want to buy Armani's money-making beauty operation. Heineken (HEIA.NA) to acquire FIFCO's (FIFCO.CR) beverage and retail businesses. Advanced Drainage Systems (WMS) to acquire NDS from Norma Group (NOEJ.GR) in deal valued at $1.0B (€847.3M) in cash. Tomra Systems ASA (TOM.NO) acquires C&C Consolidated Holdings, LLC for ~$45M plus $15M in performance add-ons.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Sep Ifo survey, Spain Aug PPI and Switzerland Sep economic sentiment index - ZEW.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Retail +1.93%, Autos & Parts +1.81%, Travel & Leisure +1.40%, Oil & Gas +1.23%, Persnl & HHold Goods +1.06%, Chemicals +0.94%, Technology +0.65%, Basic Resources +0.61%, Banks +0.61%, Real Estate +0.57%, Construct & Mtls +0.39%, Utilities +0.32%, Media +0.29%

      • Underperformers:

        • Health Care (1.17%), Telecom (0.19%), Insurance (0.17%), Food & Beverage (0.05%), Financial Svcs +0.18%, Ind Goods & Svcs +0.28%

    • Macro:

      • Central banks:

        • ECB Should Keep 'Room to Maneuver' on Rates, Pereira Says -- Bloomberg

        • Bank of England's balance sheet move risks worsening gilt turbulence, warns official -- FT

      • EU:

        • Indonesia, EU seal trade deal, hope to offset Trump tariffs -- Reuters

      • UK:

        • Senior Labour fixer to stand down in latest departure from Starmer administration -- FT

        • UK forecast to have highest inflation among richest nations -- BBC

      • Germany:

        • What is included in Germany's 2026 draft budget? -- Reuters

        • Germany's Klingbeil announces record investment, but warns of belt-tightening ahead -- Politico

        • German economic institutes revise up 2025 growth forecast to 0.2%, sources say -- Reuters

      • France:

        • French Private Sector Sinks More Than Expected on Political Mess -- Bloomberg

      • Italy:

        • Italy sees trend growth at 0.5% this year, 0.7% in 2026 -- Reuters

    • Company news:

      • Notable Gainers

        • +14.6% KGF.LN (Kingfisher £2.89, +0.37) -- H1 earnings; third tranche of £300M buyback programme

        • +12.0% BITTI.FH (Bittium €14.80, +1.58) -- CMD update; acquires 24.9% stake in MarshallAI

        • +8.5% VICO.SS (Vicore Pharma Holding SEK11.26, +0.86) -- presents new findings from Phase 2a AIR trial of buloxibutid in idiopathic pulmonary fibrosis at the ERS Congress 2025

        • +7.9% MAB1.LN (Mortgage Advice Bureau £7.42, +0.54) -- H1 earnings

        • +7.4% KEYS.LN (Keystone Law Group £6.64, +0.46) -- H1 earnings

        • +6.0% HOFI.SS (Hoist Finance SEK98.50, +5.55) -- Kepler Cheuvreux upgrade

        • +5.5% INSTAL.SS (Instalco SEK28.20, +1.46)

        • +5.4% PHAR.LN (Pharos Energy £0.23, +0.01) -- Egyptian GPC approval for new consolidated concession agreement

        • +4.7% SRP.LN (Serco Group £2.33, +0.10) -- up to $972M (£720M) order over five years

        • +4.6% DXRX.LN (Diaceutics £1.59, +0.07) -- H1 earnings

        • +4.2% DEDI.SS (Dedicare SEK46.55, +1.90) -- acquires WeCare ApS for initial purchase price of DKK 18.9M

        • +4.0% ORSTED.DC (Ørsted DKK116.45, +4.40) -- Clarksons Securities upgrade; Ørsted granted injunction to resume construction on offshore US wind farm - Reuters

        • +3.5% BONEX.SS (BONESUPPORT HOLDING SEK306.00, +10.40) -- initiated buy at Nordea

        • +3.1% VOW3.GR (Volkswagen €92.94, +2.84) -- RBC Capital Markets upgrade

        • +3.0% DLN.LN (Derwent London £17.17, +0.49) -- Kepler Cheuvreux upgrade

        • +2.9% OIZ.ID (Origin Enterprises €3.98, +0.12) -- FY earnings

        • +2.9% GBG.LN (GB Group £2.29, +0.06) -- H1 trading update

        • +2.8% TUI1.GR (TUI Group €8.18, +0.22) -- pre-close trading update

        • +2.7% SHUR.BB (Shurgard Self Storage €32.20, +0.85) -- initiated buy at Citi; Kepler Cheuvreux upgrade

        • +2.5% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK78.04, +1.88) -- Ericsson near decision to propose first ever share buyback program - EFN

        • +2.4% TOM.NO (Tomra Systems NOK156.00, +3.60) -- acquiress C&C Consolidated Holdings for ~$45M plus $15M in performance add-ons

        • +2.2% LAND.LN (Land Securities Group £5.87, +0.13) -- trading update

        • +2.2% TFBANK.SS (TF Bank SEK173.72, +3.70) -- initiated buy at SEB

        • +2.0% ZEAL.DC (Zealand Pharma DKK462.00, +9.10) -- initiated buy at UBS

      • Notable Decliners

        • -23.0% EBQ.LN (Ebiquity £0.14, -0.04) -- FY trading update

        • -14.1% SANN1.SW (Santhera Pharmaceuticals Holding CHF11.84, -1.96) -- H1 earnings; new ~CHF 20M financing agreements

        • -11.5% RENX.LN (Renalytix £0.09, -0.01) -- investor presentation

        • -11.1% NOEJ.GR (Norma Group €15.96, -1.98) -- updates 2025 guidance following sale of its Water Management strategic business unit; sells NDS for $1.0B (€847.3M) in cash

        • -7.8% HVO.LN (hVIVO plc £0.08, -0.01) -- H1 earnings

        • -6.5% OXB.LN (OXB £6.00, -0.41) -- H1 earnings

        • -5.9% MB.IM (Mediobanca €19.88, -1.23) -- Monte Paschi secures 86.3% stake

        • -4.2% IDIA.SW (Idorsia CHF3.73, -0.17)

        • -3.4% SMIN.LN (Smiths Group £22.88, -0.80) -- FY earnings

        • -1.9% CBK.GR (Commerzbank €30.96, -0.59) -- Keefe, Bruyette & Woods

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Quadient (QDT.FP), Infotel (INF.FP), Guerbet (GBT.FP), Latecoere (LAT.FP), Phaxiam Therapeutics (PHXM.FP)

        • Southern Europe: MFE-MEDIAFOREUROPE (MFEB.IM), Admie Holdings (IPTO) (ADMIE.GA)

        • UK: JD Sports Fashion (JD.LN), Pinewood Technologies Group (PINE.LN), Saga (SAGA.LN), EnQuest (ENQ.LN), Redcentric (RCN.LN), TT Electronics (TTG.LN), Avingtrans (AVG.LN), Pharos Energy (PHAR.LN), Everyman Media Group (EMAN.LN)

      • Trading Update:

        • France: Trigano (TRI.FP)

        • Nordics: Harboes Bryggeri (HARB.B.DC)

        • UK: On the Beach Group (OTB.LN)

  • Data:

    • Economics:

      • UK Sep Flash Manufacturing PMI 46.2 vs consensus 47.1 and prior 47.0

        • Flash Services PMI 51.9 vs consensus 53.2 and prior 54.2

      • Eurozone Sep Flash Manufacturing PMI 49.5 vs consensus 50.7 and prior 50.7

        • Flash Services PMI 51.4 vs consensus 50.6 and prior 50.5

      • Germany Sep Flash Manufacturing PMI 48.5 vs consensus 50.0 and prior 49.8

        • Flash Services PMI 52.5 vs consensus 49.5 and prior 49.3

      • France Sep Flash Manufacturing PMI 48.1 vs consensus 50.2 and prior 50.4

        • Flash Services PMI 48.9 vs consensus 49.7 and prior 49.8

      • Spain July Trade Balance (€4.01B) vs consensus

    • Markets:

      • WTI Crude (25-Nov): +$1.59 or +2.55% to $63.87

      • €-$ (0.0010) or (0.08%) to 1.1794

      • £-$ (0.0003) or (0.03%) to 1.3511

      • €-£ (0.0008) to 0.8727

      • S&P 500 (0.16%)

      • Performance year-to-date:

        • FTSE 100: +12.85%

        • DAX: +18.60%

        • CAC: +6.66%

        • MIB: +24.25%

        • Stoxx 600: +9.32%

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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