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StreetAccount Summary - EU Market Recap: FTSE 100 +0.69% to 9548.87, DAX +0.87% to 24597.13, CAC40 +1.07% to 8060.13, STOXX 600 +0.79% to 573.79

Oct 08 ,2025

  • Synopsis:

    • European equity markets closed broadly higher Wednesday with gains led by Switzerland +1.0%, Denmark +1.4% and Spain +1%, whilst the Netherlands (0.01%) bucked the trend due to weakness in tech names. Gold up 1.6% after trading through $4K/oz yesterday. WTI crude up 1.6%

    • Focus in Europe remains on French political developments. President Macron's rivals demanding their choice of prime minister, snap elections and some also calling for resignation. Lecornu was given 48 hours to try to find a compromise. French press highlighting risk of missing hard deadline for submitting budget bill to parliament on 13-Oct. Lecornu said on Wednesday a deal could eventually be reached on a 2026 budget. ECB President Lagarde said Tuesday EU institutions are observing French crisis and hope a government finds a way to adopt a budget. Meanwhile, dovish ECB member Rehn warned of downside risks to inflation outlook.

    • The BoE published its Financial Policy Committee (FPC) record for October, which warned over risk of a sharp market correction. Of note, it highlighted that equity market valuations stretched on several measures, particularly for technology companies focused on artificial intelligence. Said crystallisation of risks could have a material impact on the UK as an open economy and global financial center. Also flagged the rise in term premia cross sovereign debt markets and the risk to dollar-denominated assets on continued attacks against Fed independence. Could have global spillovers.

    • On the European sector front, steel stocks outperformed across the board. EU Commission announced plans to slash tariff-free steel import quotas by 47%, reducing them to 18.3M metric tons annually (Politico, FT). Imports exceeding limit would face steep 50% duty, double current rate. European steelmakers welcomed proposal, with shares in SSAB (SSAB.B.SS) +4.0%, ArcelorMittal (MT.NA) +4.7%, and Aperam (APAM.NA) +6.2% all firmly higher. Luxury stocks also outperformed today. European autos notably underperformed with SXAP closing down over (2%). BMW (BMW.GR) shares down (7.1%) after it issued a profit warning after the European market close yesterday. The group cited citing lower-than-expected volume growth in China as well as updated tariff related assumptions. Mercedes-Benz (MBG.GR) down (2.9%) in sympathy ahead of its own pre-close call tomorrow. Weighing on tech sector was ASML (ASML.NA) down (3.7%) as elect Committee on China reveals companies in America and allied nations fueled semiconductor manufacturing in China and made sizeable returns selling equipment to Chinese state-owned and military-linked companies. The companies named include ASML in the Netherlands, Tokyo Electron in Japan, and Applied Materials, KLA, and Lam Research in the United States; Additionally, SME companies are selling to entities known for their connections to the PRC's military and intelligence apparatus. Aixtron (AIXA.GR) (4.9%) was initiated neutral at JPMorgan. However, firm placed the shares on Negative Catalyst Watch on H2'25 performance and issuance of 2026 guidance.

    • Among other stocks in focus, Puma (PUM.GR) was top Stoxx Europe 600 gainer on back of a BofA upgrade. Umicore (UMI.BB) another notable gainer as it launched the sale and subsequent lease in of permanent gold inventories; to generate ~€410M in net cash proceeds. ABB (ABBN.SW) is divesting its Robotics division to SoftBank Group for an enterprise value of $5.375B. ABB will not pursue its earlier intention to spin-off the business as a separately listed company.

    • Quiet macro calendar in Europe. German industrial production fell sharply amid big drop in automotive and mechanical engineering industries.

    • Looking ahead to tomorrow's session, macro data releases on the agenda include Germany Aug trade balance, UK Sep house price balance - RICS, Norway Sep PPI, Denmark Aug trade balance, Ireland Sep CPI, Aug industrial production, Greece Sep CPI. Also on tomorrow's agenda: Bundesbank's Balz speech at 9:00CET at Global Fintech Fest 2025 (Tue-Thu) whilst BOE's Truran takes part in a fireside chat at 9:20BST at the Assn of British Insurers Annual Prudential Regulation Conf. BOE's Mann speech at 9:30BST at event organised by Resolution Foundation.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Consumer Products and Services +2.01%, Basic Resources +1.87%, Banks +1.40%, Travel & Leisure +1.30%, Insurance +1.18%, Ind Goods & Svcs +1.11%, Health Care +1.01%

      • Underperformers:

        • Autos & Parts (2.14%), Real Estate (0.56%), Technology (0.58%), Chemicals +0.15%, Media +0.10%, Retail +0.09%, Construct & Mtls +0.33%, Food, Beverage and Tobacco +0.52%, Utilities +0.53%, Personal Care Drug and Grocery Stores +0.67%, Financial Svcs +0.68%, Energy+0.55%

    • Macro:

      • Central banks

        • Markets face 'sharp correction' if mood sours on AI or Fed freedom, Bank of England says -- Reuters

        • Traders Seeking 30-Fold Returns Target Big ECB Rate Cuts by June -- Bloomberg

        • Poland Unexpectedly Cuts Rates Again on Soft Inflation Outlook -- Bloomberg

        • Romanian Central Bank Holds Rates as Inflation Accelerates -- Bloomberg

      • Steel

        • Steel industry in UK warns of 'biggest crisis' ever as EU hikes tariffs -- CNBC

      • Pharma

        • NHS could pay 25% more for medicines under plan to end row with drugmakers and Trump -- Guardian

      • Autos

        • Merz calls auto summit as Germany's carmakers bleed jobs -- DW

        • ACEA reaction to the proposal for continued measures on European steel imports -- link

      • France

        • France's outgoing PM is hopeful on budget, says snap election unlikely -- France24

      • Trade

        • US demands EU dismantle green regulations in threat to trade deal -- FT

      • UK

        • UK lowers borrowing estimates by 3 billion pounds after tax data error -- Reuters

    • Company news:

      • Notable Gainers

        • +104.4% CRNA.NO (Circio Holding NOK0.85, +0.71) -- publication of comprehensive data package demonstrating AAV-circVec in vivo tissue-specific proof-of-concept

        • +21.8% NANO.FP (Nanobiotix €20.40, +3.98) -- target up at Stifel

        • +10.1% RLF.SW (RELIEF THERAPEUTICS Holding CHF3.95, +0.34) -- signs definitive agreement for business combination with NeuroX

        • +9.5% VIT.B.SS (Vitec Software Group SEK371.60, +32.80) -- DNB Carnegie upgrade

        • +9.3% ALBLD.FP (Bilendi €21.20, +1.80) -- earnings

        • +8.9% MARS.LN (Marston's £0.42, +0.03) -- Trading Update: FY underlying profit before tax expected to be ahead of market expectations

        • +8.1% ANOD.B.SS (Addnode Group SEK110.80, +8.20) -- acquires SolidCAD in Canada; purchase price at closing amounts to SEK 850M

        • +7.7% TGS.NO (TGS-NOPEC Geophysical Co. NOK78.95, +5.80) -- operational update

        • +7.5% DUST.SS (Dustin Group SEK2.08, +0.14) -- earnings

        • +7.1% PUM.GR (Puma €21.57, +1.48) -- BofA upgrade

        • +6.4% MT.NA (ArcelorMittal €34.18, +2.13) -- EU proposes major steel import restrictions to protect struggling industry

        • +6.3% APAM.NA (Aperam €32.82, +1.98) -- EU proposes major steel import restrictions to protect struggling industry

        • +5.4% UMI.BB (Umicore €16.24, +0.84) -- launches sale and subsequent lease in of permanent gold inventories; to generate ~€410M in net cash proceeds

        • +4.8% GOMX.SS (GomSpace Group SEK14.46, +0.66) -- contract extension

        • +4.6% BERG.B.SS (Bergman & Beving SEK326.50, +14.50) -- initiated buy at Berenberg

        • +4.5% CBG.LN (Close Brothers Group £5.06, +0.23) -- UK's FCA consults on motor finance compensation scheme

        • +3.8% MEDX.SW (medmix CHF9.02, +0.33) -- expansion projects

        • +3.6% LLOY.LN (Lloyds Banking Group £0.85, +0.03) -- UK's FCA consults on motor finance compensation scheme

        • +3.4% BIOA.B.SS (BioArctic SEK316.40, +10.40) -- initiated buy at Handelsbanken

        • +3.1% AAL.LN (Anglo American £28.41, +0.88) -- comments on Teck's operational review and updated outlook

        • +3.1% NOKIA.FH (Nokia €4.36, +0.13) -- DNB Carnegie upgrade

        • +2.7% IPO.LN (IP Group £0.54, +0.01) -- portfolio company Monolith to be acquired by CoreWeave (CRWV)

        • +2.4% BAKK.LN (Bakkavor Group £2.14, +0.05) -- trading update

        • +1.9% BEN.FP (Beneteau €8.04, +0.15) -- Groupe Beneteau acquires BMS; financial details not provided

        • +1.7% STB.LN (Secure Trust Bank £12.30, +0.20) -- UK's FCA consults on motor finance compensation scheme

        • +1.3% METSO.FH (Metso Corp. €11.79, +0.16) -- SEB upgrade

        • +1.3% SPIE.FP (SPIE €45.96, +0.60) -- announces agreement for acquisition of ECOexperts Automation

        • +1.2% ACA.FP (Credit Agricole €16.47, +0.19) -- acquires 9.9% minority stake in Crelan SA/NV

        • +1.1% ENX.FP (Euronext €127.55, +1.40) -- reports September volumes

        • +0.9% HEIA.NA (Heineken €65.54, +0.60) -- FIFCO's shareholders approve sale of the company's beverage, food, and retail business to Heineken

        • +0.8% ABBN.SW (ABB Limited CHF59.40, +0.48) -- agrees to divest its Robotics division to SoftBank Group for an enterprise value of $5.375B

        • +0.8% FSG.LN (Foresight Group Holdings £4.72, +0.04) -- trading update; Peel Hunt downgrade

        • +0.6% ATCO.A.SS (Atlas Copco SEK169.85, +1.00) -- acquires Iowa-based RM Boggs; price not disclosed

        • +0.6% SES.IM (SeSa €90.95, +0.55) -- Sesa announces acquisition of Albasoft S.r.l; price not disclosed

        • +0.3% SALM.NO (Salmar NOK554.50, +1.50) -- reports Q3 consolidated harvest volumes (1,000 tgw) 93.2

        • +0.2% GNC.LN (Greencore Group £2.32, +0.01) -- FY Trading Update: now anticipates FY25 Adj. Operating Profit of approximately £125M vs prior guidance £118-121M and consensus £119.5M-121.8M

      • Notable Decliners

        • -57.3% XSPRAY.SS (Xspray Pharma SEK32.70, -36.35) -- issues Complete Response Letter (CRL) regarding NDA for Dasynoc

        • -53.1% MVIR.SS (Medivir SEK0.62, -0.77) -- rights issue

        • -14.9% EMGS.NO (Electromagnetic Geoservices NOK1.23, -0.20) -- reports Q3 vessel activity and multi-client sales update

        • -14.1% ARYN.SW (Aryzta CHF58.65, -8.75) -- CEO Michael Schai to step down with immediate effect; company expects 2025 EBITDA will be at least €300M on like for like basis (FactSet €330.3M)

        • -11.2% SQZ.LN (Serica Energy £1.86, -0.24) -- provides update on production at Triton FPSO; now expects FY production below the previously communicated guidance range

        • -10.3% UTG.LN (UNITE Group £6.59, -0.73) -- Q3 Trading Update: Reiteration of FY2025 guidance for adjusted EPS of 47.5-48.25p

        • -8.5% BMW.GR (Bayerische Motoren Werke €79.86, -7.42) -- provides updated outlook for FY25

        • -5.6% NDA.GR (Aurubis €112.00, -6.80) -- sees FY25/26 operating EBITDA between €580M-€680M; ROCE between 7%-9% -- CMD

        • -5.4% AIXA.GR (Aixtron €13.75, -0.78) -- initiated neutral at JPMorgan

        • -4.5% RFX.LN (Ramsdens Holdings £3.68, -0.18) -- trading update

        • -3.6% KID.NO (Kid ASA NOK145.00, -5.40) -- prelim sales

        • -3.5% GVR.ID (Glenveagh Properties €1.79, -0.07) -- holder shares sale

        • -3.2% GSF.NO (Grieg Seafood NOK68.90, -2.20) -- issues Q3 trading update: harvest volume from continued operations ~6,800t GWT, approx. 1,200t below guidance

        • -2.7% MBG.GR (Mercedes-Benz Group €53.09, -1.51) -- BMW profit warning

        • -2.1% VOW3.GR (Volkswagen €90.62, -2.00) -- BMW profit warning

        • -1.9% P911.GR (Porsche €41.94, -0.83) -- BMW profit warning

        • -1.6% AALB.NA (Aalberts €27.76, -0.46) -- KBC downgrade

        • -1.6% PAH3.GR (Porsche Automobil Holding SE €33.67, -0.56) -- BMW profit warning

        • -1.5% SRT3.GR (Sartorius €212.30, -3.30) -- Berenberg downgrade

        • -1.5% VTU.LN (Vertu Motors £0.59, -0.01) -- reports H1 EPS 4.6p vs year-ago 4.8p

        • -1.1% DMYD.B.SS (Diamyd Medical SEK11.26, -0.12) -- earnings

        • -1.0% HSHP.NO (Himalaya Shipping NOK81.60, -0.80) -- issues Sep commercial update; achieved average time charter equivalent earnings of ~$37,600 per day, gross

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Suedzucker (SZU.GR), Agrana Beteiligungs (AGR.AV)

        • Nordics: Investment AB Öresund (ORES.SS), Bang & Olufsen (BO.DC), Admicom (ADMCM.FH)

        • UK: Volution Group (FAN.LN), S&U (SUS.LN)

      • Trading Update:

        • Benelux: Fagron (FAGR.BB)

        • DACHs: Mercedes-Benz Group (MBG.GR), Heidelberg Pharma (HPHA.GR)

        • France: LVMH Moet Hennessy Louis Vuitton (MC.FP)

        • UK: Polar Capital Holdings (POLR.LN)

      • CMD/Events: Mercedes-Benz Group (MBG.GR) Pre Closs Call, Hannover Re (HNR1.GR) investor day, Modern Times Group MTG (MTG.B.SS)

  • Data:

    • Economics:

      • Germany Aug Industrial Production (4.3%) m/m vs cons (1.0%) and prior +1.3%

      • Sweden Sep preliminary CPI +0.9% y/y vs cons +1.0% and prior +1.1%; 0.0% m/m vs cons +0.2% and prior (0.4%)x

    • Markets:

      • WTI Crude (Nov 25): +$0.97 or +1.57% to $62.70

      • €-$ (0.0046) or (0.40%) to 1.1613

      • £-$ (0.0021) or (0.16%) to 1.3404

      • €-£ (0.0020) to 0.8664

      • S&P 500 +0.51%

      • Performance year-to-date

        • FTSE 100: +16.83%

        • DAX: +23.55%

        • CAC: +9.20%

        • MIB: +27.20%

        • Stoxx 600: +13.04%

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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