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StreetAccount Summary - EU Market Recap: FTSE 100 (0.39%) to 9213.98, DAX (0.56%) to 23534.83, CAC40 (0.41%) to 7795.42, STOXX 600 (0.66%) to 550.22

Sep 25 ,2025

  • Synopsis:

    • European equity markets closed lower with pan-European indices ending near session lows. Portugal (0.0%), Finland (0.2%), Norway (0.3%) were among the outperformers. Greece (1.5%), Switzerland and Denmark both down ~ (0.9%) led the underperformers.

    • In trade developments, headlines have leaned more hawkish with US opening tariff probes into medical equipment, robotics and industrial machinery. Followed positive development with US confirming lower tariffs on EU autos and other sectors. Meanwhile in geopolitics, Brussels preparing mechanisms to use Russia's frozen assets to back €170B in "reparation loans" for Ukraine. EU Commission proposes using Russian cash balances at Belgium's Euroclear to purchase zero-interest EU bonds, transferring capital to Ukraine in tranches (FT). German Chancellor Merz recently shifted Berlin's position, backing €140B loan using these assets exclusively for military equipment (FT). Loans would only require repayment if Russia compensates Ukraine for war damages.

    • In central banks updates, SNB left its key rate unchanged at 0% as expected, marking its first pause after seven consecutive cuts since March 2024. Statement said inflation has moved back into the SNB's 0-2% target range in recent months, easing concerns of deflation. Also reaffirmed high hurdles for reintroducing negative rates, which Reuters noted were unpopular with savers and pension funds when applied in 2014-2022. Reiterated that it is ready to intervene in FX market if necessary. ECB latest economic bulletin released. In UK, BoE's Greene urged caution on rate cuts amid inflation risks.

    • Looking at the macroeconomic calendar, Germany's GfK Consumer Climate Indicator edged higher to (22.3) heading into Oct-2025, up from revised (23.5) in Sep and beating analyst expectations of (23.3) (Reuters). While improvement marks pause in recent downward trend, consumer sentiment remains deeply entrenched in negative territory. French consumer confidence remained stagnant in Sep at 87, unchanged from Aug's two-year low and well below long-term average of 100, as political turmoil continues to undermine household sentiment following France's second government collapse in less than a year (Bloomberg). Elsewhere, European car sales higher as EV and hybrid demand grows

    • In corporate news, H&M Hennes & Mauritz (HM.B.SS) traded notably higher following solid Q3 earnings. From the Netherlands, OCI NV (OCI.NA) H1 EPS from continuing operations at $0.22, down from $0.49 year-over-year. Revenue increased by 11% to $566.9M. The company is in discussions regarding the sale of its European Nitrogen assets, which may conclude by year-end. In the DACHs, Evonik Industries (EVK.GR) adjusted its FY outlook: now expects FY adj. EBITDA ~ €1.9B vs prior guidance €2.0B - €2.3B, with the company most recently anticipating to reach the lower end of the range.

    • In the UK, Halma (HLMA.LM) raised its FY26 revenue guidance, now expecting low double-digit organic growth, driven by strong performance in photonics. DFS Furniture (DFS.LN) reported adjusted annual profit before tax and brand amortisation of £30.2M versus estimate of £27.9M; considers resuming dividend payments in H1-26 and plans for profit growth in FY26. Mitchells & Butlers (MAB.LN) and Babcock International Group (BAB.LN) are also out with their respective updates.

    • On M&A front, Knorr-Bremse (KBX.GR) acquired duagon Group for purchase price of ~€500M. Elsewhere, Neinor (HOME.SM) takeover bid for Aedas Homes (AEDAS.SM) moved forward after Spain ruled no foreign investment approval is needed. Still in Spain, the CNMV informed that that modification of the characteristics of the takeover bid for Banco de Sabadell (SAB.SM) submitted by BBVA (BBVA.SM) has been authorised. In management changes, Merck KG (MRK.GR) appointed Kai Beckmann as future Chair of the Executive board and CEO of Merck, effective 1-May-26, succeeding current Chair and CEO Belén Garijo.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Basic Resources +0.60%, Retail +0.39%, Oil & Gas +0.21%, Utilities +0.20%, Travel & Leisure +0.13%, Telecom +0.11%, Insurance (0.01%), Media (0.04%), Technology (0.34%), Food & Beverage (0.39%), Persnl & HHold Goods (0.47%), Autos & Parts (0.52%), Chemicals (0.61%)

      • Underperformers

        • Health Care (1.93%), Construct & Mtls (1.46%), Real Estate(1.18%), Financial Svcs (1.14%), Ind Goods & Svcs (0.76%), Banks (0.72%)

    • Macro/Peripheral markets:

      • Central Banks:

        • Economists expect SNB to leave rates on hold today (Bloomberg)

        • BoE's Greene urges caution on rate cuts amid inflation risks (Reuters)

        Geopolitics:

        • US confirms EU trade deal, lowers auto tariffs (Bloomberg) although EU-US trade deal falls short of WTO rules (Politico)

        • Trump shifts Ukraine stance, pressures Europe (Bloomberg, FT)

        • Germany backs EU plan to use Russian assets for Ukraine (Politico)

        • EU's von der Leyen supports shooting down Russian jets (Politico)

        • G7 considers price floors to counter China's rare earth dominance (Mining)

        • EU pushes Hungary to end Russian energy purchases (Bloomberg)

      • EU:

        • European car sales rise, EV and hybrid demand grows (Bloomberg)

      • UK:

        • UK vehicle production falls, JLR cyberattack looms (Reuters)

        • UK seeks to resolve pharma pricing dispute (FT)

        • Andy Burnham hints at Labour leadership challenge (Telegraph)

        • Reform UK ally backs radical civil service cuts (FT)

      • Spain:

        • Pedro Sanchez to run for re-election in 2027 (Bloomberg)

      • Ireland

        • ESRI issues latest economic forecast (ESRI)

        • National AI Leadership Forum unites sectors to secure Ireland's AI future (release)

      • Germany

        • Bosch anticipates a further reduction of around 13,000 jobs, particularly at its Mobility locations in Germany (release)

    • Company news:

      • Notable Gainers

        • +11.2% HNSA.SS (Hansa Biopharma SEK36.82, +3.70) -- topline results from the US Phase 3 ConfIdeS trial of imlifidase

        • +9.8% HM.B.SS (H&M Hennes & Mauritz SEK171.25, +15.25) -- Q3 earnings

        • +9.1% IVA.FP (Inventiva €5.10, +0.43)

        • +6.7% SSPG.LN (SSP Group £1.67, +0.11) -- Activist Irenic Capital seeking to elicit takeover interest in SSP Group after boosting stake - FT

        • +6.3% OTB.LN (On The Beach Group £2.18, +0.13)

        • +6.3% CAU.LN (Centaur Media £0.42, +0.03) -- to sell MWCR to Haymarket Media Group for £3.9M in cash

        • +5.3% MTC.LN (Mothercare £0.03, -0.00) -- FY earnings

        • +4.8% BONAV.B.SS (Bonava SEK11.00, +0.50)

        • +3.2% AZA.SS (Avanza Bank Holding SEK343.20, +10.50) -- Handelsbanken upgrade

        • +3.0% VBK.GR (Verbio €11.32, +0.33) -- prelim. FY earnings

        • +2.4% RAA.GR (Rational €660.50, +15.50) -- BNP Paribas Exane upgrade

        • +2.1% DOM.SS (Dometic Group SEK49.10, +1.02) -- RVIA reports August total RV shipments

        • +2.1% TWEKA.NA (TKH Group €34.62, +0.70) -- presents 'Capitalize & Execute 2028' strategy at today's CMD

        • +2.0% SEE.LN (Seeing Machines £0.03, -0.00) -- FY earnings

        • +1.9% TXGN.SW (TX Group CHF197.00, +3.60) -- launches up to 662,500 shares buyback programme

        • +1.7% STAR.B.SS (Starbreeze SEK0.17, -0.00)

        • +1.5% RNO.FP (Renault €34.91, +0.53) -- (ACEA) Aug new passenger car registrations; UK August car manufacturing SMMT

          • mulling ways it could support France's defense efforts -- Bloomberg, citing internal memo

        • +1.5% PTEC.LN (Playtech £3.64, +0.06) -- commences £43.7M (€50.0M) buyback

        • +1.5% AKER.NO (Aker ASA NOK768.00, +11.00) -- participates in Nscale's $1.1B Series B funding round

        • +1.4% HLMA.LN (Halma £33.86, +0.48) -- H1 trading update

        • +1.4% RYA.ID (Ryanair Holdings €23.59, +0.33) -- CEO says fleet to grow from 600 Boeing and 30 Airbus to ~800 Boeing and 200 Airbus in the coming years -- wires

        • +1.3% DFS.LN (DFS Furniture £1.52, +0.02) -- FY earnings

      • Notable Decliners

        • -17.6% BC.IM (Brunello Cucinelli €84.74, -18.11) -- Confirms Full Compliance with EU Regulations Regarding Operations in the Russian Market

        • -17.2% QDT.FP (Quadient €13.20, -2.74) -- H1 earnings

        • -14.2% SEQUA.BB (Sequana Medical €0.81, -0.14) -- H1 earnings

        • -9.0% ARCH.NO (Archer NOK22.70, -2.25) -- raises ~$20M through private placement to fund acquisition of Premium; to carry out subsequent offering of up to 2.2M new common shares raising up to ~$5M; holder Paratus Energy Services sold ~21.6M shares

        • -8.7% MAB.LN (Mitchells & Butlers £2.41, -0.23) -- pre-close trading update

        • -8.4% GBT.FP (Guerbet €12.86, -1.18) -- final H1 earnings

        • -7.6% BEN.FP (Beneteau €8.02, -0.66) -- H1 earnings

        • -7.0% BANB1.SW (Bachem Holding CHF58.15, -4.40) -- initiated underperform at Jefferies

        • -5.5% CHAR.LN (Chariot £0.02, -0.00) -- H1 earnings

        • -5.4% EKTA.B.SS (Elekta SEK47.34, -2.71)

        • -5.1% LAT.FP (Latecoere €0.01, -0.00) -- H1 earnings

        • -5.1% CTEC.LN (ConvaTec Group £2.22, -0.12)

        • -4.6% ADMIE.GA (Admie Holdings (IPTO) €3.12, -0.15) -- Q2 earnings

        • -4.5% BELA.GA (Jumbo €29.94, -1.42) -- H1 earnings

        • -4.3% CHRT.LN (Cohort £13.26, -0.60) -- AGM update

        • -4.2% AURE.FP (Aurea €5.50, -0.24) -- H1 earnings

        • -3.7% VLA.FP (Valneva €4.30, -0.16) -- law firm investigation

        • -3.3% RET.BB (Retail Estates €62.50, -2.10) -- Van Lanschot Kempen downgrade

        • -3.2% EYDAP.GA (Athens Water Supply & Sewage Co. €6.85, -0.23) -- H1 earnings

        • -2.8% TREL.B.SS (Trelleborg SEK348.90, -9.90) -- initiated underperform at BofA

        • -2.1% PIHLIS.FH (Pihlajalinna €16.10, -0.35) -- plans to reform its operating model to ensure development and growth in line with the strategy

        • -1.8% EVK.GR (Evonik Industries €14.81, -0.27) -- adjusts FY outlook: now expects FY adj. EBITDA ~ €1.9B vs prior guidance €2.0B - €2.3B (lower end of range)

        • -1.8% MRK.GR (Merck KGaA €106.20, -1.95) -- Merck KGaA Chair and CEO Belén Garijo to step down; Kai Beckmann to succeed her, effective 1-May-26

        • -1.6% GVR.ID (Glenveagh Properties €1.90, -0.03) -- H1 earnings

        • -1.5% BAYN.GR (Bayer AG €27.21, -0.41) -- Bayer to Highlight New Data for KERENDIA (finerenone) at Heart Failure Society of America (HFSA) Annual Scientific Meeting 2025

        • -1.3% SAP.GR (SAP €225.05, -2.95) -- EU Commission opens investigation into possible anticompetitive practices by SAP regarding maintenance and support services; SAP submits commitments

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Schloss Wachenheim (SWA.GR), Cherry (C3RY.GR), Borussia Dortmund (BVB.GR)

        • Nordics: Pyrum Innovations (PYRUM.NO)

        • UK: Ceres Power Holdings (CWR.LN)

  • Data:

    • Economics:

      • Germany Oct GfK Consumer Confidence (22.3) vs consensus (23.3) and prior revised (23.5) from (23.6)

      • Norway Aug Unemployment Rate 4.9% vs consensus 4.5% and prior 4.5%

      • Sweden Aug PPI (0.7%) y/y vs consensus (0.7%) and prior (0.6%)

      • France Sep Consumer Confidence 87 vs consensus 87 and prior 87

    • Markets:

      • WTI Crude (Nov 25): ($0.15) or (0.23%) to $64.84

      • €-$ (0.0063) or (0.54%) to 1.1676

      • £-$ (0.0101) or (0.75%) to 1.3346

      • €-£ +0.0018 to 0.8748

      • S&P 500 (0.39%)

        • Performance year-to-date

        • FTSE 100: +12.74%

        • DAX: +18.21%

        • CAC: +5.62%

        • MIB: +23.42%

        • Stoxx 600: +8.39%

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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