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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.86%) to 9427.47, DAX (1.50%) to 24241.46, CAC40 (1.53%) to 7918.00, STOXX 600 (1.25%) to 564.16

Oct 10 ,2025

  • Synopsis:

    • European equity markets finished the session firmly lower, with a late afternoon selloff sparked by latest tensions between the Trump administration and China. Trump said on social media that China is becoming very hostile, and is considering "massive increase" on tariffs for Chinese products imported to the US as well as other countermeasures. Trump also noted he was set to meet with China's Xi, but now may see no reason to do so. Trump blamed China's proposed rare earth export controls, but also follows Beijing recently saying it will begin levying fees on US cargo ships docking at its ports, customs inspectors watching for NVDA chip imports, and reports of an antitrust investigation into QCOM.

    • The pan-European STOXX 600 was broadly unchanged around 571 for most of the session, setting up for a third consecutive weekly gain. However, due to the latest US/China tensions, the index eventually closed down (1.3%) on Friday. There were notable sectoral divergences in Europe amid an evolving political, trade and macro backdrop. Defensives outperformed. Gold higher. Oil lower with WTI Crude (Nov 25) (3.59%) to $59.30. France's CAC 40 was (1.5%) lower with attention focused on President Macron's imminent prime ministerial appointment, while Germany's DAX also moved downwards a similar percentage following record highs earlier in the week.

    • Debate continues over AI outlook following multiple articles discussing bubble risks from stretched valuations, extended positioning, circular transactions, muted productivity gains and ROI doubts. Sentiment surrounding European markets positive, though consolidation has set in after Stoxx 600 hit new highs this week. While there has been some focus on lower Q3 earnings estimates, there are thoughts it might offer potential for upside surprise.

    • In politics, attention in Europe on France with President Macron due to appoint a successor today after outgoing premier Lecornu resigned after just 27 days in charge earlier this week. Press said that French business leaders have been courting Socialist leader Faure, who has a slim chance of become the next prime minister. Support of Socialists key on whether the next government can pass a budget. Macron has promised to appoint a new prime minister by "Friday evening".

    • Quiet macro data calendar in Europe. In the UK, update from KPMG/REC showed wage growth has fallen to a four-year low, which may ease concerns over risk of second round effects from high inflation. British Chamber of Commerce survey highlighted one in five SMEs expect revenue to fall in the next year amid worries over high inflation and rising taxes. Elsewhere, UK regulator FCA said it is watching fallout from collapse of First Brands and Tricolor in the US given the opaque nature of private markets.

    • Among today's European sector movers, Tech the main laggard on latest US/China tensions. Autos & Parts was volatile (closing down (2.2%) having pared earlier gains); recall the SXAP fell nearly (5%) yesterday. Today, Mercedes-Benz (MBG.GR) was a focal stock as Q3 pre-close call viewed as overall constructive in terms of tone. All divisions are expected to report adj. RoS within the FY25 guidance range, while consensus expectations were significantly below in both Cars (cons 2.6% vs 4-6%) and Vans (cons 7.4% vs 8-10%), noted BNP Paribas Exane. Stellantis (STLAM.IM) +0.9% reported Q3 shipment volumes 1.3M vs year-ago 1.1M, +13% y/y. Note Stellantis also reportedly held a pre-close call this afternoon with some negative takeaways regarding pricing (See related StreetAccount Quick Take). Volkswagen (VOW.GR) brand reported Q3 worldwide deliveries of 2.20M vehicles, +1.0% y/y. Utilities outperformed despite outlook cuts. EKT.GR slashed 2025 earnings forecast to €30-40M from €70-90M, citing project delays in Germany and changed conditions for British wind projects. Cut highlights broader pressure on European wind turbine manufacturing. Banks in focus as Goldman Sachs downgraded euro-denominated bank bonds to underweight, citing tight valuations and French sovereign fiscal risk. Jyske Bank (JYSK.DC) Q3 net income of DKK 1.46B beat expectations, prompting an upgraded full-year guidance to DKK 4.9-5.3B. DNB Bank (DNB.NO) was upgraded to buy at two separate firms. Basic Resources lagged. Sentiment weakened after China expanded rare earths export controls in response to US lawmakers' call earlier this week for broader bans on export of chipmaking equipment to China. Goldman Sachs downgraded ArcelorMittal (MT.NA) to neutral saying thesis has played out after 53% year-to-date rally left the stock fully valued. Norsk Hydro (NHY.NO) downgraded to equal weight at Barclays on valuation. Elsewhere, Barclays constructive on miners, with upside risks seen for copper and precious metals.

    • The week ahead sees World Bank/IMF annual meetings, OPEC/IEA monthly reports, Germany Oct ZEW survey, UK Sep claimant count change as well as earnings/updates from European heavyweights including ABB (ABBN.SW), ASML (ASML.NA), BP (BP.LN), Givaudan (GIVN.SW), Ericsson (ERIC.B.SS), LVMH (MC.FP), Nestle (NESN.SW), Volkswagen (VOW3.GR), Volvo (VOLV.B.SS) and Whitbread (WTB.LN).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Utilities +0.38%, Food & Beverage +0.28%, Real Estate +0.25%, Telecom +0.11%, Insurance (0.43%), Banks (0.90%), Media (1.06%), Persnl & HHold Goods (1.08%), Financial Svcs (1.12%), Construct & Mtls (1.19%), Retail (1.19%)

      • Underperformers

        • Technology (3.08%), Oil & Gas (2.65%), Basic Resources (2.49%), Autos & Parts (2.19%), Travel & Leisure (1.89%), Health Care (1.46%), Chemicals (1.44%), Ind Goods & Svcs (1.43%),  

    • Macro:

      • Trade

        • Trump threatens 'massive' tariffs on China amid critical minerals dispute (FT )

        • EU Plans New Proposal With US to Implement Trade Deal (Bloomberg)

      • Geopolitics

        • Palestinians begin returning to Gaza's north as Netanyahu thanks Trump for securing ceasefire (BBC )

      • UK

        • Reeves Faces Mounting Calls to Expand UK's Fiscal Buffer (Bloomberg)

      • France

        • Macron meets with party leaders ahead of new PM nomination (Le Monde in English)

        • Le Pen's far right waiting in the wings as France's crisis unfolds (Reuters)

    • Company news:

      • Notable Gainers

        • +10.7% PSAN.GR (PSI Software €33.20, +3.20) -- confirms discussions regarding a potential takeover offer

        • +3.6% JYSK.DC (Jyske Bank DKK751.50, +26.00) -- Q3 earnings; upgrades FY guidance

        • +3.5% ATRLJ.B.SS (Atrium Ljungberg SEK31.93, +1.09) -- H1 earnings

        • +3.1% DBG.FP (Derichebourg €6.02, +0.18) -- Gilbert Dupont upgrade

        • +2.8% RENX.LN (Renalytix £0.09, -0.00) -- $4M balance sheet improvement with bond conversion

        • +2.8% DNB.NO (DNB Bank NOK276.20, +7.50) -- Arctic Securities and Seb upgrade

        • +2.0% UBXN.SW (u-blox Holding CHF133.80, +2.60) -- Zenith's total participation in company now amounts to ~4.96M shares, representing 64.64% of the issued share capital

        • +1.9% OMG.LN (Oxford Metrics £0.40, +0.01)

        • +1.9% SYDB.DC (Sydbank DKK535.00, +10.00)

        • +1.8% KDEV.SS (Karolinska Development SEK0.90, +0.02) -- portfolio company PharmNovo receives approval to initiate Phase 2a trial of drug candidate PN6047 in Spain

        • +1.8% ADMCM.FH (Admicom €46.80, +0.85) -- Nordea upgrade

        • +1.4% SL.IM (Sanlorenzo €35.00, +0.50) -- initiated buy at UBS

        • +0.9% CPG.LN (Compass Group £25.49, +0.22)

        • +0.7% VP.LN (Vp Plc £5.80, +0.04) -- H1 trading update

        • +0.3% HAS.LN (Hays Plc £0.58, -0.00) -- Q1 trading statement

        • +0.1% MBG.GR (Mercedes-Benz Group €53.20, +0.03) -- pre-close call

      • Notable Decliners

        • -19.4% EKT.GR (EnergieKontor €38.95, -9.40) -- lowers FY guidance

        • -17.0% IDIA.SW (Idorsia CHF3.82, -0.78) -- aised CHF 65.6M through placement of 16.4M registered shares at a placement price of CHF 4.00/share

        • -12.5% MYCR.SS (Mycronic SEK196.00, -27.90) -- initiated underperform at BofA

        • -8.4% AIXA.GR (Aixtron €13.00, -1.20) -- Warburg Research downgrade

        • -7.3% STLAM.IM (Stellantis €8.56, -0.67) -- Q3 shipment volumes / pre close call

        • -6.7% ALLIGO.B.SS (Alligo SEK111.60, -8.00) -- CEO to step down

        • -5.8% MT.NA (ArcelorMittal €32.32, -2.00) -- Goldman Sachs downgrade

        • -5.8% GXI.GR (Gerresheimer €28.76, -1.78) -- Q3 eanrings; Metzler Capital Markets downgrade

        • -5.4% DFDS.DC (DFDS DKK92.15, -5.25) -- Danske Bank downgrade

        • -5.3% SZG.GR (Salzgitter €31.90, -1.80) -- sector move

        • -4.8% PMI.LN (Premier Miton Group £0.60, -0.03) -- Q4 update

        • -4.2% PRX.NA (Prosus €59.26, -2.60) -- Prosus to buy 10% stake in Indian online travel agent Ixigo for $146M -- Reuters

        • -4.0% IBST.LN (Ibstock £1.28, -0.05) -- Q3 trading update

        • -3.1% NEX.FP (Nexans €126.40, -4.10) -- BNP Paribas Exane downgrade

        • -2.6% MBH.LN (Michelmersh Brick Holdings £0.92, -0.02)

        • -2.0% NHY.NO (Norsk Hydro NOK68.42, -1.38) -- Barclays downgrade

        • -2.0% BAB.LN (Babcock International Group £12.29, -0.25)

        • -1.8% BAS.GR (BASF SE €42.20, -0.77) -- BASF SE and Carlyle reach binding transaction agreement on coatings business to create a leading standalone company; enterprise value of €7.7B

        • -1.6% BUR.LN (Burford Capital £8.39, -0.14)

        • -1.3% AV.LN (Aviva £6.72, -0.09) -- Keefe, Bruyette & Woods downgrade

        • -0.8% FRES.LN (Fresnillo £23.76, -0.18) -- sector move

        • -0.6% HOC.LN (Hochschild Mining £3.62, -0.02) -- sector move

    • EU companies reporting Monday:

      • Earnings:

        • UK: Tristel (TSTL.LN), 1Spatial (SPA.LN)

      • Trading Update:

        • Southern Europe: Galp Energia (GALP.PL)

        • UK: Rio Tinto (RIO.LN) (after the close)

      • Traffic: Flughafen Zuerich (FHZN.SW), Aeroflot-Russian Airlines (AFLT.RU)

      • CMD/events: Volkswagen (VOW.GR) Q3 pre-close call, Xbrane Biopharma (XBRANE.SS) EGM vote on reverse share split

  • Data:

    • Economics:

      • Denmark Sep CPI +2.3% y/y vs consensus +1.9% and prior +2.0%

      • Norway Sep CPI +3.6% y/y vs consensus +3.5% and prior +3.5%

      • Sweden Aug Industrial Production +10.6% y/y vs consensus +3.4% and prior revised +3.9% from +3.8%

      • Austria Aug Industrial Production +0.8% y/y vs consensus +2.3% and prior +1.8%

      • Italy Aug Industrial Production (2.7%) y/y vs consensus +0.5% and prior +0.9%

    • Markets:

      • WTI Crude (Nov 25): ($2.21) or (3.59%) to $59.30

      • €-$ +0.0050 or +0.43% to 1.1616

      • £-$ +0.0033 or +0.25% to 1.3338

      • €-£ +0.0017 to 0.8709

      • S&P 500 (1.28%)

      • Performance year-to-date:

        • FTSE 100: +15.35%

        • DAX: +21.76%

        • CAC: +7.28%

        • MIB: +23.00%

        • Stoxx 600: +11.14%

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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