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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.54% to 9350.43, DAX +0.57% to 23880.72, CAC40 +0.19% to 7895.94, STOXX 600 +0.48% to 558.18

Sep 30 ,2025

  • Synopsis:

    • European indices finished higher Tuesday after a softer start to the session. Media, retail and construction the biggest gainers, while energy outsized laggard with Autos and Travel/Leisure also underperforming.

    • Attention on US tariff developments after US President Trump said he would impose a 10% tariff on imported timber and lumber and an initial 25% duty on imported kitchen cabinets, bathroom vanities and upholstered furniture, before the tariff rate rises next year. Headline effect blunted by confirmation that countries with trade deals will see tariffs capped at rates negotiated in their agreement.

    • A busy macro calendar out of Europe today; UK Q2 GDP came in at +1.4% y/y vs preliminary +1.2%. German unemployment firmer-than-expected and Aug retail sales missed consensus, coming in at +1.8% y/y vs consensus +2.2%. Also out, inflation updates from several countries ahead of Eurozone reading Wednesday: France Sep Preliminary CPI reading just below expectations at +1.2% y/y vs consensus +1.3% along with Italy +1.6% y/y vs consensus +1.7%, harmonised CPI slightly above forecast +1.8% vs consensus +1.7%, whilst Germany prelim Sep CPI hotter than expected +2.4% y/y vs consensus +2.3% and prior +2.2%. UK Lloyds Bank business barometer fell sharply in September update whilst Switzerland Sep KOF Leading Indicators beat 98.0 vs consensus 97.1 and prior revised 96.2 from 97.4.

    • Elsewhere, ECB's Lane said inflation outlook benign in comments on Monday, while BoE deputy Ramsden confident on inflation getting back to target and further rate cuts. UK press highlighted comments from PM Starmer and Chancellor Reeves, which appear to prepare country for tax rises in November budget.

    • On the corporate front, Asos (ASC.LN), Close Brothers Group (CBG.LN), A.G. BARR (BAG.LN) and Card Factory (CARD.LN) were among other UK names to update investors. Out of DACHs, Hornbach Holding (HBH.GR) reported Q2 earnings and issued FY guidance and Addex Therapeutics (ADXN.SW) posted Q2 earnings. In France, Emeis SA (EMEIS.FP) released H1 earnings and confirmed FY25 targets; Valneva (VLA.FP) shares are trading higher following report of positive antibody persistence data four years after vaccination with a single dose of its chikungunya vaccine IXCHIQ. Eiffage (FGR.FP) announced award of >€1.5B contract. Elsewhere, Pandora (PNDORA.DC) announced that CEO Alexander Lacik was to retire at next AGM in Mar-26 and appointed Chief Marketing Officer Berta de Pablos-Barbie as new CEO.

    • In M&A headlines, TotalEnergies (TTE.FP) reportedly may sell part of stake in Adani Green Energy. ROVI (ROVI.SM) announces acquisition of an injectable drug product manufacturing site in Phoenix, AZ, US. EU clears Prada's (1913.HK) acquisition of Versace (CPRI). Sabadell Group (SAB.SM) will be holding a live audio webcast presentation related to its response to BBVA's (BBVA.SM) revised hostile tender offer today at 18:00 CEST. Ageas (AGS.BB) completes acquisition of esure.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Italy, Spain, Switzerland Sep manufacturing PMI with final reads for Eurozone, France, Germany, UK, Switzerland Aug retail sales, Eurozone Sep prelim CPI, UK Sep house price index - Nationwide. Of note, Cyprus and Israel will be closed for Independence Day and Yom Kippur, respectively.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Media +1.20%, Retail +1.11%, Construct & Mtls +1.00%, Health Care +0.88%, Telecom +0.87%, Ind Goods & Svcs +0.76%, Technology +0.75%, Real Estate +0.71%, Utilities +0.67%, Financial Svcs +0.59%, Food & Beverage +0.58%

      • Underperformers

        • Oil & Gas (1.58%), Autos & Parts (0.35%), Travel & Leisure (0.33%), Basic Resources (0.13%), Chemicals +0.10%, Persnl & HHold Goods +0.23%, Banks +0.34%, Insurance +0.39%

    • Macro:

      • Central Banks:

        • Trade wars and central banks: lessons from 2025 - ECB's Lagarde speech at Bank of Finland's 4th International Monetary Policy Conference -- ECB

        • Securitisation: you can never tranche the same portfolio twice - ECB's Machado speech at the European Financial Institutions Conference -- ECB

      • EU:

        • EU asks governments to tweak tax rules to keep 'European dream' alive -- Politico

        • European Commission announces €545M package to scale up renewables in Africa -- EC

      • UK:

        • Labour's unpopularity problem -- FT

        • Nigel Farage 'doesn't like Britain', Starmer tells Labour conference - Guardian

      • Germany:

        • German unemployment rises more than expected in September -- Reuters

      • Italy:

        • Italy at Cusp of EU's Deficit Cap Awaits Last Push by Meloni -- Bloomberg

      • Ireland:

        • Irish house price inflation eases in Q3, Daft says -- Irish Times

    • Company news:

      • Notable Gainers

        • +18.3% NANO.FP (Nanobiotix €16.10, +2.58) -- updated Phase 1 results continuing to support JNJ-1900 plus Anti-PD-1 as a potential new 1L or 2L+ option in Anti-PD-1 naïve or resistant R/M-HNSCC

        • +14.8% RESURS.SS (Resurs Holding SEK35.20, +4.50) -- holder Ronneby UK requests compulsory redemption and share delisting from Nasdaq Stockholm

        • +14.6% SQZ.LN (Serica Energy £1.79, +0.25) -- acqusition of 100% of Prax Upstream Limited from Prax Exploration & Production Plc for $25.6M

        • +14.3% NFG.LN (Next 15 Group £3.04, +0.41) -- H1 earnings; COO to step down

        • +13.7% WJG.LN (Watkin Jones £0.31, +0.04) -- sells new purpose-built student accommodation scheme in Glasgow

        • +13.5% OSE.FP (OSE Immunotherapeutics €6.13, +0.81)

        • +11.4% PAY.LN (PayPoint £7.15, +0.77) -- announces 49% strategic investment in Collect+ and a special dividend of 50.0p per share

        • +9.1% ORX.SS (Orexo SEK33.35, +2.75) -- $8M funding award by the BARDA for OX390 development partnership

        • +8.3% VLA.FP (Valneva €4.78, +0.38) -- Chikungunya vaccine IXCHIQ antibody persistence data

        • +7.6% ADXN.SW (Addex Therapeutics CHF0.06, -0.00) -- Q2 earnings

        • +5.6% KNOS.LN (Kainos Group £8.88, +0.51) -- Goodbody Stockbrokers upgrade

        • +5.2% GMAB.DC (Genmab DKK1,916.00, +95.50)

        • +4.6% PUM.GR (Puma €21.40, +0.93) -- BNP Paribas Exane upgrade

        • +2.6% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €59.00, +1.50) -- acquisition of injectable drug product manufacturing site in Arizona

        • +2.6% VICO.SS (Vicore Pharma Holding SEK13.70, +0.34) -- buloxibutid Orphan Drug designation for the treatment of idiopathic pulmonary fibrosis in Japan

        • +2.0% BC.IM (Brunello Cucinelli €92.38, +1.86) -- shares halted

        • +2.0% KBX.GR (Knorr-Bremse €79.10, +1.55) -- Hauck & Aufhäuser upgrade

      • Notable Decliners

        • -36.9% TRX.LN (Tissue Regenix Group £0.16, -0.08) -- H1 earnings

        • -13.0% KETL.LN (Strix Group £0.43, -0.06) -- H1 earnings

        • -7.1% LHA.GR (Deutsche Lufthansa €7.61, -0.55) -- Lufthansa faces possible pilots strike following vote over company pension plans - VC union

        • -5.5% PDL.LN (Petra Diamonds £0.19, -0.01) -- further update on Proposed Refinancing

        • -5.0% HBH.GR (Hornbach Holding €96.70, -5.20) -- Q2 earnings

        • -4.8% ASC.LN (Asos £2.67, -0.14) -- FY trading update

        • -4.2% SIGHT.FP (GenSight Biologics €0.18, -0.01) -- H1 earnings

        • -3.8% CARD.LN (Card Factory £1.03, -0.04) -- H1 earnings

        • -2.6% ENW.LN (Enwell Energy £0.19, -0.01) -- H1 earnings

        • -2.6% PNDORA.DC (Pandora DKK826.80, -22.20) -- President and CEO to retire

        • -2.5% TTE.FP (TotalEnergies €52.01, -1.32) -- TotalEnergies may sell part of stake in Adani Green Energy - Bloomberg; 2025 strategy and outlook presentation

        • -1.8% BOKU.LN (BOKU £2.23, -0.04) -- H1 revenue

        • -1.0% CYAD.BB (Celyad Oncology €0.29, -0.00) -- research facility divestiture

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: centrotherm international (CTNK.GR)

        • Nordics: SkiStar (SKIS.B.SS)

        • Southern Europe: Piraeus Port Authority (PPA.GA)

        • UK: James Halstead (JHD.LN)

      • Trading Update:

        • Nordics: Danske Bank (DANSKE.DC)

        • UK: Greggs (GRG.LN), Topps Tiles (TPT.LN)

      • Sales/Output:

        • Moscow Exchange MICEX-RTS (MOEX.RU)

  • Data:

    • Economics:

      • Germany

        • Sep

          • Preliminary CPI +2.4% y/y vs consensus +2.3% and prior +2.2%

          • Unemployment Rate 6.3% vs consensus 6.3% and prior 6.3%

        • Aug

          • Retail Sales y/y +1.8% vs consensus +2.2% and prior revised to +3.3% from +3.0%

      • Italy

        • Sep Preliminary CPI +1.6% y/y vs consensus +1.7% and prior +1.6%

        • Italy Aug PPI y/y +0.2% vs consensus +1.3% and prior +1.6%

      • UK Q2 GDP SA y/y (final) +1.4% vs consensus +1.2% and prior revised to +1.3% from +1.3%

      • France

        • Sep Preliminary CPI y/y +1.2% vs consensus +1.2% and prior +0.9%

        • Aug

        • Consumer Goods Spending m/m +0.1% vs consensus +0.3% and prior revised to (0.6%) from (0.3%)

        • PPI m/m (0.2%) vs consensus +0.3% and prior revised to +0.5% from +0.4%

      • Switzerland Sep KOF Leading Indicator 98.0 vs consensus 97.1 and prior revised to 96.2 from 97.4

      • Ireland Sep preliminary HICP +2.7% y/y vs consensus +2.0% and prior +1.9%

      • Portugal Sep Preliminary CPI +2.4% y/y vs consensus +2.7% and prior +2.8%

    • Markets:

      • WTI Crude (25-Nov): ($0.96) or (1.51%) to $62.49

      • €-$ +0.0004 or +0.04% to 1.1732

      • £-$ +0.0017 or +0.12% to 1.3444

      • €-£ (0.0007) to 0.8726

      • S&P 500 (0.24%)

      • Performance year-to-date:

        • FTSE 100: +14.41%

        • DAX: +19.95%

        • CAC: +6.98%

        • MIB: +24.98%

        • Stoxx 600: +9.96%

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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