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StreetAccount Summary - EU Market Recap: FTSE 100 +1.03% to 9446.43, DAX +0.98% to 24113.62, CAC40 +0.90% to 7966.95, STOXX 600 +1.15% to 564.62

Oct 01 ,2025

  • Synopsis:

    • European equity markets closed higher, following broad strength on Tuesday. Healthcare, Energy, and Autos & Parts the best performers. Personal Care Drug and Grocery Stores and Travel/leisure the main laggards. Asian markets mixed overnight with South Korea the notable outperformer, Japan the laggard and Greater China closed for holiday. US equity markets mixed. Comes after US equities finished mostly higher on Tuesday.

    • US government began shutting down at midnight with few signs of a path forward after Senate rejected stopgap funding legislation on Tuesday. US stocks have largely shrugged off looming shutdown in recent sessions with Street downplaying economic risks and noting past shutdowns have tended to be brief. Some concerns have been raised about possible delay to key economic data such as nonfarm payrolls. Trump also indicated he could use shutdown as pretext to conduct mass layoffs of federal employees and defund programs he doesn't like. In trade news, USTR Greer talked up other ways to keep White House's aggressive tariff policy intact if SCOTUS strikes down IEEPA levies. Other big story is US Supreme Court refusing to let Trump immediately oust Governor Cook until it hears oral arguments in January.

    • On trade, focus in Europe on reports EU to hike steel tariffs and lower quotas to shield domestic producers from Asian overcapacity and US trade barriers. In Asia, attention on USTR Greer commenting that 55% China tariffs is "status quo" that Trump views as the deal with Beijing. Republicans also voiced doubts about Beijing resuming purchases of US agricultural purchase. Greer more positive on deals with other SE Asian countries.

    • On the macro data front, Eurozone headline inflation accelerated to 2.2% y/y, in line with consensus. Core firmer-than-expected. Final Eurozone manufacturing PMI revised up from flash reading, though still at two-month low. Latest UK Institute of Directors economic sentiment indicator fell to a record low amid widespread concern over cost pressures and higher taxes. Nationwide house price index edged higher. ECB President Lagarde said interest rate stance is not fixed, can act if needed. Comments from BoE policymakers highlighted divisions on rate-setting committee. Press reported Chancellor Reeves to scrap two-child limit on family welfare payments in budget. German government agreed on reforms to save €16B in bureaucracy costs cut.

    • In earnings news, Aperam (APAM.NA) confirmed its Q3 outlook ahead of its Q3 earnings release on 7-Nov. In Nordics, yesterday after the markets closed, Ambu (AMBU.B.DC) announced updated long-term financial targets through FY 2029/30 ahead of Capital Markets Day, whilst this morning, Modern Times Group MTG (MTG.B.SS) released plans for a new divisional structure, operational leadership changes and agenda for CMD on 9-Oct. In Spain, Banco de Sabadell (SAB.SM) raised its 2025 shareholder remuneration target to ~€1.45B vs prior €1.3B, citing positive evolution of the business. In the UK, Greggs (GRG.LN), Taylor Wimpey PLC (TW.LN), Tate & Lyle (TATE.LN), and Renew Holdings (RNWH.LN) are among others in the region to update investors with their latest numbers. On the Syndicate desk, Glanbia (GL9.ID) main holder Tirlán Co-Operative Society sells 17.0M ordinary shares at €13.55, raising aggregate gross proceeds of ~ €230.4M

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 29-Sep to 03-Oct attached)Kaufman & Broad (KOF.FP), Stolt-Nielsen (SNI.NO), Tesco (TSCO.LN), GRENKE (GLJ.GR), and Volvo Cars (VOLCAR.B.SS) will be amongst other names to update investors, whilst the macro-calendar releases will include Spain Sep unemployment change, Italy Aug unemployment rate, Eurozone Aug unemployment rate, Switzerland Sep CPI, Greece Aug unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +5.33%, Energy+1.72%, Autos & Parts +1.22%, Retail +1.19%,

      • Underperformers:

        • Personal Care Drug and Grocery Stores (0.66%), Travel & Leisure (0.30%), Financial Svcs +0.06%, Food, Beverage and Tobacco +0.06%, Ind Goods & Svcs +0.37%, Telecom +0.37%, Real Estate +0.35%, Construct & Mtls +0.38%, Chemicals +0.39%, Consumer Products and Services +0.46%, Insurance +0.56%, Technology +0.60%, Utilities +1.12%, Basic Resources +1.07%, Media +1.18%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Republicans Debate Sweeping Cuts as Shutdown Grips Washington - Bloomberg

        • Kremlin warns European leaders against plan it says would steal Russia's money - Reuters

      • EU

        • EU must be defense power, not just a trade bloc, Finnish PM says - Politico

        • EU leaders discuss 'drone wall' to repel Russia after airspace violations - Reuters

        • EU simplification drive gets tangled in its own red tape - FT

        • Euro zone manufacturing returned to contraction in September, PMI shows - Reuters

        • EU Presses Ahead to Unlock €140 Billion From Russian Assets - Bloomberg

      • UK

        • PM tells BBC he wants to change how international law used in asylum cases - BBC

        • Powell victory in Labour's deputy leader contest would mean 'division and disunity', Phillipson suggests - The Guardian

      • France

        • Pending French Strikes Are Set to Disrupt Air Travel Industry - Bloomberg

      • Germany

      • Italy

        • Italy Budget Draft Puts Deficit at EU's 3% Limit Already in 2025 - Bloomberg

    • Company news:

      • Trading Higher:

        • +11.6% RNWH.LN (Renew Holdings £8.51, +0.94) -- FY trading update: expects to report FY trading in line with market consensus, with record revenues and record operating profit

        • +11.3% APAM.NA (Aperam €28.88, +3.12) -- confirms Q3 outlook ahead of its Q3 earrings release on 7-Nov

        • +10.7% NOTE.SS (NOTE SEK196.50, +19.10) -- agrees to acquire Kasdon Group for an initial £28.2M on a cash/debt-free basis (post EU close 30-Sep)

        • +10.4% CRNA.NO (Circio Holding NOK0.67, +0.06) -- to present circVec expression platform at ESGC

        • +9.9% FEN.LN (Frenkel Topping Group £0.50, +0.05) -- recommended offer from Irwell Bidco; earnings

        • +9.5% ARCAD.NA (ARCADIS €46.58, +4.06) -- buyback; JV order

        • +9.3% AMBU.B.DC (Ambu DKK99.45, +8.60) -- announces updated long-term financial targets through FY 2029/30 ahead of Capital Markets Day

        • +6.7% GRG.LN (Greggs £17.23, +1.07) -- Q3 Trading Update: Total sales +6.1% for 13 weeks to 27-Sep-25, +6.7% YTD .Full year outlook unchanged

        • +5.8% CS.SS (Coinshares International SEK143.40, +8.20) -- to acquire Bastion Asset Management Limited; terms undisclosed

        • +5.7% TPT.LN (Topps Tiles £0.38, +0.02) -- Q4 Trading Update: adjusted profit for the year is expected to be in the range of market expectations

        • +5.4% SOI.FP (SOITEC €41.40, +2.10) -- management change

        • +5.1% ORY.SM (Oryzon Genomics €3.03, +0.15) -- European Patent Office (EPO) has issued a Decision to Grant for its patent application EP20712594.9,

        • +4.9% NRG.FP (NRJ Group €7.99, +0.38) -- completes sale of Chérie 25 channel to the CMA Media Group

        • +4.6% PIRC.IM (Pirelli & C. €5.91, +0.27) -- stake sale among options for Sinochem in governance dispute -- Reuters, citing sources

        • +3.7% TRMD.A.DC (TORM Plc DKK134.70, +4.80) -- Pareto upgrade

        • +3.5% ENGCON.B.SS (engcon SEK76.10, +2.60) -- Nordea upgrade

        • +3.5% ETE.GA (National Bank of Greece €12.47, +0.43) -- agrees to sell a portfolio (total principal amount ~€0.1B) of unsecured non-performing exposures to EOS Group (post EU close 30-Sep)

        • +3.3% VK.FP (Vallourec €16.57, +0.54) -- new order

        • +3.3% ACKB.BB (Ackermans & Van Haaren €224.00, +7.20) -- acquisition update

        • +2.9% ALICA.FP (ICAPE Holding €7.00, +0.20) -- earnings

        • +2.6% HANZA.SS (HANZA AB SEK103.20, +2.60) -- completes the acquisition of Milectria

        • +2.3% ALSTW.FP (StreamWIDE €80.00, +1.80) -- collaboration with AT&T (T)

        • +2.1% IVA.FP (Inventiva €4.95, +0.10) -- management change

        • +2.1% MTG.B.SS (Modern Times Group MTG SEK112.70, +2.30) -- announces plans for new divisional structure, operational leadership changes and agenda for CMD on 9-Oct

        • +2.0% CNA.LN (Centrica £1.69, +0.03) -- announce Spirit Energy completes sale of a 46.25% interest in the Cygnus gas field to Ithaca Energy plc for headline consideration of £116M and the transfer of associated decommissioning liabilities

      • Trading Lower:

        • -30.7% NETEL.SS (Netel Holding SEK7.11, -3.10) -- trading update

        • -12.4% TATE.LN (Tate & Lyle £4.08, -0.56) -- H1 Trading Update: now expects H1 Group revenue to be (3%)-(4%) lower, FY revenue and EBITDA now expected to decline by low-single digit percent compared to the prior year

        • -10.0% OXUR.BB (Oxurion €0.02, -0.00) -- reports H1 net income (€1.2M) vs year-ago (€3.0M)

        • -4.2% TLGO.SM (Talgo €2.64, -0.12) -- reports H1 net income (€65.7M) vs year-ago €14.6M

        • -4.1% SKIS.B.SS (SkiStar SEK158.20, -6.50) -- reports Q4 EPS (SEK3.35) vs FactSet (SEK3.58) [4 est, (SEK3.65)-(3.48)]

        • -3.8% CCT.LN (Character Group £2.75, -0.11) -- trading update

        • -3.0% NANO.FP (Nanobiotix €15.76, -0.50) -- reports H1 net income (€5.4M) vs year-ago (€21.9M)

        • -2.4% RBI.AV (Raiffeisen Bank International €29.44, -0.70) -- again fails in attempt to sell stake in Russian business - Reuters

        • -2.1% HWDN.LN (Howden Joinery Group £8.27, -0.18) -- tariffs

        • -2.1% ANTIN.FP (Antin Infrastructure Partners €11.46, -0.24) -- is acquiring a majority stake in Swiftair Group. Terms were not disclosed

    • EU companies reporting tomorrow:

      • Earnings:

        • France: Kaufman & Broad (KOF.FP)

        • Nordics: Stolt-Nielsen (SNI.NO)

        • UK: Tesco (TSCO.LN)

      • Trading Update:

        • DACHs: GRENKE (GLJ.GR)

      • Sales: Volvo Cars (VOLCAR.B.SS)

      • CMD/Events: Telecom Italia (TIT.IM) Unboxing TIM Enterprise at 14:00 CEST, Tecnicas Reunidas (TRE.SM), SIG Group (SIGN.SW), Metso Outotec (METSO.FH),

  • Data:

    • Economics:

      • Sep Manufacturing PMI

        • UK 46.2 vs preliminary 46.2

        • Eurozone 49.8 vs preliminary 49.5

        • Germany 49.5 vs preliminary 48.5

        • France 48.2 vs preliminary 48.1

        • Italy 49.0 vs consensus 49.9 and prior 50.4

        • Switzerland 46.3 vs consensus 47.9 and prior 49.0

        • Spain 51.5 vs consensus 53.8 and prior 54.3

        • Sweden 55.6 vs consensus 52.3 and prior 55.3

        • Norway 49.9 vs consensus 50.5 and prior 49.6

      • UK Nationwide House Prices +2.2% y/y vs consensus +1.8% and prior +2.1%

      • Switzerland Aug Retail Sales (0.2%) y/y vs consensus +0.5% and prior revised +0.9% from +0.7%

      • Netherlands Aug Retail Sales +3.6% y/y vs consensus +4.5% and revised +4.3% from +5.0%

      • Finland Sep preliminary HICP +2.3% y/y vs consensus +2.1% and prior +2.2% (1:00ET)

      • Sep Preliminary CPI

        • Netherlands +3.3% y/y vs consensus +2.8% and prior +2.8%

        • Austria +4.0% y/y vs consensus +4.3% and prior +4.1%

        • Eurozone +2.2% y/y vs consensus +2.2% and prior +2.0%

      • Ireland Sep Unemployment Rate 4.7% vs consensus 4.6% and prior 4.7

      • Portugal Aug Unemployment Rate 6.1% vs consensus 6.0% and prior revised 6.0% from 5.8%

    • Markets:

      • WTI Crude (Nov 25): ($0.44) or (0.71%) to $61.93

      • €-$ (0.0005) or (0.04%) to 1.1730

      • £-$ +0.0030 or +0.22% to 1.3476

      • €-£ (0.0024) to 0.8704

      • S&P 500 +0.09%

      • Performance year-to-date

        • FTSE 100: +15.58%

        • DAX: +21.12%

        • CAC: +7.94%

        • MIB: +26.02%

        • Stoxx 600: +11.23%

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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