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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.67% to 9491.25, DAX (0.18%) to 24378.80, CAC40 +0.31% to 8081.54, STOXX 600 +0.50% to 570.45

Oct 03 ,2025

  • Synopsis:

    • European equity markets closed mostly higher Friday, although Germany's DAX bucked the trend closing down (0.2%). Stoxx 600 up ~2.9% this week and closed at a fresh record high above 570 level on Friday. UK's FTSE 100 also reached a fresh record high today. WTI crude up 0.9% but still down over (7%) for the week.

    • US government shutdown still a headline focus but not much of a directional driver (yet). Some concern about potential for more pronounced economic hit if shutdown drags on and Trump carries out threat of mass firings and gutting of government programs. Also concern about complication to October Fed rate cut if there is prolonged delay to important data releases, such as September nonfarm payrolls and CPI, that limits Fed's ability to assess economy. Market continuing to price in ~90% chance of October rate cut after alternative measures of US employment were viewed as indicative of labor market softness in September.

    • Limited macro drivers in Europe currently. Market continues to benefit from recent pickup in Fed easing expectations with no incremental European central bank developments. Sell-side commentary remains supportive for regional markets amid ongoing policy tailwind, more certainty on trade, buybacks, M&A pipeline and ongoing investor inflows. Quiet macro calendar today with focus on final services PMI, with Eurozone reading revised slightly lower versus flash. UK services sector PMI revised down to 50.8 versus flash 51.9 and prior 54.2, which is the lowest level in five months. Composite PMI now on the cusp of moving into contractionary territory with a 50.1 print versus flash 51.0 and prior 53.5. Overall rate of growth has slowed sharply since August, with S&P Global blaming political and economic uncertainty as a constraint on activity. Elsewhere, French industrial production missed, along with Italian retail sales. Eurozone PPI a bit softer than forecast.

    • In France, PM Lecornu announced he will not trigger Article 49.3 to bypass parliament to push through his budget ahead of meetings with party leaders. Press reports that UK fiscal watchdog OBR will deliver a £20B hit to public finances when it gives Chancellor Reeves its first formal update today ahead of November budget.

    • Among stocks/sectors on the move today, banks outperformed with Raiffeisen Bank (RBI.AV) +7% leading the gainers as FT reported EU is preparing to lift sanctions on Oleg Deripaska-linked assets to compensate Raiffeisen Bank for fine it had to pay in Russia. ABN AMRO Bank (ABN.NA) +1.9% was upgraded to buy from sell at Goldman Sachs. Target increased to €32.50 from €24.70. Firm said NII and efficiency improvements to unlock higher returns. UBS (UBSG.SW) gains amid reports it is negotiating with Swiss lawmakers to reduce capital raise requirements by $10B. Basic Resources also saw outperformance. BNP Paribas Exane out with a note on steel sector; double-upgraded Salzgitter (SZG.GR) +10.7% (outperform from underperform). Meanwhile, ThyssenKrupp (TKA.GR) rose after Daniel Kretínský reportedly sold his 20% stake, potentially accelerating Jindal Steel talks.

    • On the IPO front, The Beauty Tech Group shares rose in its London Stock Exchange debut. Shares closed at 288p having been priced at 271p/share. Cityvarasto (CITYVA.FH) closed down (0.6%) vs IPO price €16.1.

    • Looking ahead to next week, the agenda sees Eurogroup meeting, French politicians continuing attempts to agree a budget for 2026, Germany Aug industrial production and Switzerland Sep unemployment rate as well as earnings/updates from the likes of Ferrexpo (FXPO.LN), LVMH Moet Hennessy Louis Vuitton (MC.FP), Mercedes-Benz Group (MBG.GR), OMV (OMV.AV), Repsol (REP.SM) and Tryg (TRYG.DC). On Sun, in the UK, there's the start of the Conservative Party Conf (through Wed) with Leader Badenoch's welcome at 14:45BST.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +1.72%, Health Care +1.33%, Financial Svcs +1.22%, Banks +0.98%, Utilities +0.70%, Persnl & HHold Goods +0.66%, Retail +0.57%

      • Underperformers:

        • Food & Beverage (0.48%), Chemicals (0.30%), Telecom (0.22%), Insurance (0.18%), Media (0.13%), Construct & Mtls (0.02%), Technology +0.02%, Oil & Gas +0.15%, Autos & Parts +0.32%, Ind Goods & Svcs +0.36%, Travel & Leisure +0.39%, Real Estate +0.49%

    • Macro:

      • UK

        • London housing: 'Nothing off the table' as Sadiq Khan considers slashing 35% affordable homes rule for new builds -- ES

        • Consumer confidence in the UK economy reaches lowest point so far this year -- KPMG's Consumer Pulse survey

        • No one wants to admit it, but Britain is sliding into financial crisis -- Telegraph

      • France

        • French PM Lecornu rules out forcing through budget bill -- Le Monde

        • French PM proposes wealth tax in bid to break budget impasse, opposition wants more -- Reuters

        • Lecornu Holds Talks in Hunt for Budget Allies -- Bloomberg

      • Germany

        • Merz Urges Germans to Accept Change or Suffer Economic Slide -- Bloomberg

      • Italy

        • Budget sees rising debt as growth hit by US tariffs -- Reuters

        • Italy says ECB should cut rates more to address euro zone stagnation -- Reuters

      • Czech Republic

        • Czechs begin voting in election that could return populist to power -- Guardian

        • Will Trump-style billionaire Andrej Babis return to power? What the Czech election means for Ukraine -- Sky News

      • Ireland

        • Central Bank reduces the Insurance Compensation Fund levy from 2% to 1% as of the 1-Jan-26 - release

  • Company news:

    • Notable Gainers

      • +14.6% FING.B.SS (Fingerprint Cards SEK18.00, +2.30) -- completes third IP monetization and licensing transaction with PixArt Imaging Inc

      • +14.6% SFOR.LN (S4 Capital £0.25, +0.03) -- Oro en Fools B.V. has purchased 1.0M shares of S4 Capital - filing

      • +10.7% SZG.GR (Salzgitter €32.38, +3.12) -- BNP Paribas Exane upgrade

      • +7.4% RBI.AV (Raiffeisen Bank International €31.14, +2.14) -- EU preparing to lift sanctions on Oleg Deripaska-linked assets to compensate Raiffeisen Bank for fine it had to pay in Russia - FT

      • +5.5% TKA.GR (ThyssenKrupp €12.49, +0.65) -- ThyssenKrupp holder Daniel Kretinsky reportedly has agreed to sell his 20% stake, paving way for India's Jindal Steel talks - Reuters

      • +5.1% SANN1.SW (Santhera Pharmaceuticals Holding CHF10.80, +0.52) -- Kye Pharmaceuticals (private) receives Health Canada approval for AGAMREE (vamorolone)

      • +4.4% BNZL.LN (Bunzl £24.90, +1.06) -- Goldman Sachs upgrade

      • +3.9% KDEV.SS (Karolinska Development SEK0.91, +0.03) -- portfolio company Dilafor receives patent in the US for tafoxiparin in priming of labor

      • +3.7% SDR.LN (Schroders £3.94, +0.14)

      • +2.7% ABN.NA (ABN AMRO Bank €27.79, +0.73) -- Goldman Sachs upgrade

      • +2.3% DPLM.LN (Diploma £53.75, +1.20) -- RBC Capital Markets upgrade

      • +2.3% MT.NA (ArcelorMittal €33.05, +0.75) -- sign letter of intent for strategic cooperation in Germany with Rock Tech

      • +1.7% KOG.NO (Kongsberg Gruppen NOK335.00, +5.50) -- Pareto upgrade

    • Notable Decliners

      • -5.6% JDW.LN (JD Wetherspoon £6.28, -0.38) -- FY earnings

      • -2.8% EGTX.SS (Egetis Therapeutics SEK5.21, -0.15) -- carries out directed share issue of 35.9M-shares at SEK5.10/sh

      • -0.9% OSE.FP (OSE Immunotherapeutics €6.97, -0.07) -- CEO steps down

      • -0.4% BARN.SW (Barry Callebaut CHF1,118.00, -5.00) -- Barry Callebaut major holder Jacobs previously explored taking the company private - Bloomberg

  • EU companies reporting Monday:

    • Earnings:

      • UK: Beeks Financial Cloud Group (BKS.LN)

    • Trading Update:

      • France: LDC (LOUP.FP)

      • Southern Europe: Repsol (REP.SM)

      • UK: Ferrexpo (FXPO.LN)

    • Traffic: Norwegian Air Shuttle (NAS.NO), Icelandair Group (ICEAIR.IR)

    • CMD/Events: Compagnie de Saint-Gobain (SGO.FP)

  • Data:

    • Economics:

      • Services PMI Sep

        • Sweden 57.7 vs consensus 52.4 and prior revised 53.8 from 53.4

        • Spain 54.3 vs consensus 53.0 and prior 53.24

        • Germany Sep Services PMI 51.5 vs preliminary 52.5

        • France Sep Services PMI 48.5 vs preliminary 48.9

        • Eurozone 51.3 vs preliminary 51.4

        • UK Sep Services PMI 50.8 vs preliminary 51.9

      • France Aug Industrial Production (0.7%) m/m vs consensus +0.3% and prior revised (0.1%) from (1.1%)

      • Italy Aug Retail Sales +0.5% y/y vs consensus +2.0% and prior +1.8%

    • Markets:

      • WTI Crude (Nov 25): +$0.56 or +0.93% to $61.04

      • €-$ +0.0028 or +0.24% to 1.1746

      • £-$ +0.0037 or +0.28% to 1.3478

      • €-£ (0.0000) to 0.8717

      • S&P 500 +0.38%

      • Performance year-to-date

        • FTSE 100: +16.13%

        • DAX: +22.45%

        • CAC: +9.49%

        • MIB: +26.54%

        • Stoxx 600: +12.38%

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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