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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.52% to 9403.57, DAX +1.80% to 24258.80, CAC40 +0.39% to 8206.07, STOXX 600 +1.03% to 572.10

Oct 20 ,2025

  • Synopsis:

    • European equity markets closed higher, defense, technology, basic resources and Financial Svcs the best performers; media, food/beverage the main laggards. Asian equity markets broadly higher. Japan rally strengthening with Takaichi set to become PM following coalition agreement. Hang Seng leading rally across Greater China.

    • Early focus in Europe on S&P 's decision to downgrade France's credit rating from AA- to A+ late Friday. S&P highlighted suspension of pension reforms in its decision. While French PM Lecornu survived two confidence votes last week, concession on pension reforms to secure support undermined fiscal consolidation effort. Meanwhile, broader risk sentiment turning positive compared with late last week with US and China making fresh attempts to cool tensions. Treasury Secretary Bessent to meet Vice Premier He Lifeng in Malaysia this week. Bessent claimed situation has de-escalated. Trump also conceded 100% tariffs from 1-Nov not sustainable. US regional banks also finding some reprieve as Street believes recent credit events were largely idiosyncratic.

    • Quiet macro calendar to start the week in Europe. German PPI softer than forecast in September. Eurozone current account construction output also on the agenda. Data from EY showed number of UK public companies citing weak consumer confidence as a reason for profit warnings hitting three-year high. Property portal Rightmove said housing market has slowed due to uncertainty related to property tax reforms in November budget. Latest on Ukraine; Trump urged Zelenskyy to accept Russia's terms for ending war in White House meeting, warning Putin said he would destroy Ukraine if it did not agree.

    • In corporate news flow, out of the UK, B&M European Value Retail (BME.LN) shares are down after group reduced outlook for FY26 due to incorrect recognition of ~ £7M of overseas freight costs in H1. CFO has advised the board of his intention to step down and search for successor is underway. Secure Trust Bank (STB.L) also lower after group announced it expects to increase its motor finance redress commission provision by ~ £16M to a total of £21M. Plus500 (PLUS.LN) shares little changed post Q3 Trading Update with EBITDA in line with prior year.

    • In France, focus on news Kering (KER.FP) and L'Oréal (OR.FP) enter long-term strategic partnership, includes sale of Creed and establishment of 50-year licenses valued at €4B. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty. Kering will also grant L'Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. Forvia (FRVIA.FP) shares lower post Q3 revenue and reaffirmed FY guidance.

    • Out of DACHs, late on Friday, VW (VOW.GR) confirmed CEO Oliver Blume's double role to conclude at year-end '25; to remain VW CEO through 2030. Meanwhile, Porsche (P911.GR) appointed Michael Leiters as CEO of Porsche AG, effective as of 1-Jan-26. Aryzta (ARYN.SW) reported Q3 organic sales growth of +0.8% y/y. Further, in the press, Handelsblatt reports, citing people familiar with matter, that Telefónica (TEF.SM) is considering closer partnership with United Internet (UTDI.GR); takeover of United Internet's subsidiary 1&1 (1U1.GR) also considered in long term.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 20-Oct to 24-Oct attached) Vår Energi (VAR.NO), Gigante Salmon (GIGA.NO),Assa Abloy (ASSA.B.SS), Tele2 (TEL2.B.SS), UniCredit (UCG.IM), Enagas (ENG.SM), L'Oreal (OR.FP), Eurofins Scientific (ERF.FP), and Getlink (GET.FP) will be amongst other names to update investors, whilst the macro-calendar releases will include Switzerland Sep trade balance (and monthly watch data), Finland Sep unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +2.47%, Ind Goods & Svcs +1.89%, Basic Resources +1.79%, Financial Svcs +1.18%, Consumer Products and Services +1.12%,

      • Underperformers:

        • Media (0.34%), Food, Beverage and Tobacco (0.09%), Telecom +0.16%, Retail +0.17%, Personal Care Drug and Grocery Stores +0.20%, Utilities +0.25%, Energy+0.43%, Insurance +0.43%, Chemicals +0.44%, Travel & Leisure +0.48%, Real Estate +0.52%, Health Care +0.85%, Construct & Mtls +0.96%, Banks +1.02%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Zelenskiy paints meeting with Trump as a success, touts new Patriot systems - Reuters

        • Kremlin says Orban's good ties with Trump and Putin are reason for holding summit in Hungary - Reuters

        • Iran's Khamenei rejects Trump offer of talks, denies US destroyed Iranian nuclear capabilities - Reuters

      • EU

        • EU Strategy for Cooperation in the Indo-Pacific: Council approves conclusions - Consilium

        • Von der Leyen's budget plan ignites row over funds for poorer regions - FT

        • According to the study, hardly any electric cars registered in eastern Germany - Handelsblatt

      • UK

        • Sterling 20 - a new investor-led partnership between 20 of the UK's largest pension funds and insurers - established at the Regional Investment Summit - release

        • Clean energy jobs plan - release

        • Don't cut London's affordable housing quotas, Labour MPs urge ministers and mayor - The Guardian

        • UK Home Prices Are Stagnant as the Budget Nears - Bloomberg

      • France

        • French Bonds Fall After Unscheduled S&P Downgrade on Budget Risk - Bloomberg

      • Germany

        • Germany's Merz rejects working with far right, says AfD wants to 'destroy' his conservatives - Politico

      • Finland

        • Finland and France strengthen cooperation in the nuclear energy sector - release

      • Sweden

        • Minister of Defence Jonson will travel to Poland on 21-Oct together with an industrial delegation to deepen the defence-industrial cooperation between the countries - release

    • Company news:

      • Trading Higher:

        • +17.2% ALCPB.FP (Capital B €0.84, +0.13) -- acquires 6 BTC for €0.6M

        • +10.1% 1U1.GR (1&1 AG €22.00, +2.02) -- Telefónica considering closer partnership with United Internet; takeover of United Internet's subsidiary 1&1 also considered in long term - Handelsblatt

        • +9.7% WAF.GR (Siltronic €59.55, +5.25) -- Jefferies upgrade

        • +8.1% DUST.SS (Dustin Group SEK2.14, +0.16) -- CEO steps down

        • +7.9% UTDI.GR (United Internet €29.00, +2.12) -- Telefónica considering closer partnership with United Internet; takeover of United Internet's subsidiary 1&1 also considered in long term - Handelsblatt

        • +6.1% TKA.GR (ThyssenKrupp €9.71, +0.55) -- marine business begins trading on Frankfurt Stock Exchange

        • +6.0% KARNEL.B.SS (Karnell Group SEK61.70, +3.50) -- buy recommendation at Dagens Industri

        • +5.3% RHM.GR (Rheinmetall €1,750.00, +88.50) -- order worth €3.4B

        • +5.0% SINCH.SS (Sinch SEK33.14, +1.58) -- Handelsbanken upgrade

        • +4.9% KER.FP (Kering €323.75, +15.25) -- long-term strategic partnership with L'Oréal valued at €4B

        • +4.7% TNG.FP (Transgene €1.35, +0.06) -- poster presentation on updated clinical results and positive antitumoral activity of BT-001 in patients with advanced refractory tumors

        • +4.6% XVIVO.SS (Xvivo Perfusion SEK175.00, +7.80) -- initiated buy at Handelsbanken

        • +4.4% CVC.NA (CVC Capital Partners €14.73, +0.62) -- Diana BidCo Oy announces final result of offer for WithSecure

        • +3.6% MILDEF.SS (MilDef Group NT$198.70, +7.00)

        • +3.6% AZE.BB (Azelis Group €11.22, +0.39) -- initiated outperform at BNP Paribas Exane

        • +3.4% SAAB.B.SS (Saab SEK477.40, +15.70) -- order worth SEK540M

        • +3.2% BWE.NO (BW Energy NOK38.45, +1.20) -- Sparebank 1 Markets upgrade

        • +3.2% VOLV.B.SS (Volvo SEK255.40, +7.80) -- DNB Carnegie upgrade

        • +2.7% ITH.LN (Ithaca Energy £1.83, +0.05) -- Jefferies upgrade

        • +2.6% THEON.NA (Theon International €29.35, +0.75)

        • +2.4% RR.LN (Rolls-Royce Holdings £11.27, +0.27) -- Berenberg upgrade

        • +2.3% ARYN.SW (Aryzta CHF52.80, +1.20) -- Q3 revenue

        • +2.1% TGS.NO (TGS-NOPEC Geophysical Co. NOK77.55, +1.60) -- OBN 4D contract in Gulf of America

        • +2.0% ULTP.LN (Ultimate Products £0.61, +0.01)

        • +1.9% TOM.NO (Tomra Systems NOK120.80, +2.30) -- ABG Sundal Collier upgrade; Nordea upgrade; Arctic Securities upgrade; Sparebank 1 Markets upgrade

        • +1.8% ENH.NO (SED Energy Holdings NOK7.80, +0.14) -- EDrill-2 commences operations

        • +1.6% ANOD.B.SS (Addnode Group SEK111.20, +1.80) -- DNB Carnegie upgrade

        • +1.6% CMBT.BB (CMB.TECH €8.28, +0.13) -- trading update

        • +1.5% LHN.SW (Holcim CHF66.92, +1.00) -- acquires Xella for €1.85B

      • Trading Lower:

        • -40.7% ACTI.SS (Active Biotech SEK0.09, -0.06) -- announces fully secured rights issue of ~SEK 70M

        • -35.6% XBRANE.SS (Xbrane Biopharma SEK15.13, -8.30) -- receives FDA Complete Response Letter for ranibizumab biosimilar candidate for treatment of retinal disorders BLA

        • -22.5% BME.LN (B&M European Value Retail £1.64, -0.49) -- lowers outlook for FY26, CFO to step down

        • -13.2% VOW.NO (Vow ASA NOK1.67, -0.25) -- Q3 prelim. Results

        • -12.5% MTC.LN (Mothercare £0.03, -0.00) -- Further deferral of pension contributions

        • -6.5% AVCT.LN (Avacta Group £0.65, -0.04) -- £16M capital raise; updates on faridoxorubicin

        • -5.6% TNOM.FH (Talenom €3.40, -0.20)

        • -5.5% FRVIA.FP (Forvia €10.02, -0.58) -- Q3 revenue

        • -5.2% GMAB.DC (Genmab DKK1,986.50, -108.50) -- OrigAMI-4 study of SC amivantamab results

        • -3.7% DATA.LN (GlobalData £1.16, -0.05) -- Q3 trading update

        • -3.2% BELYS.BB (Belysse Group €0.92, -0.03) -- Q3 trading update

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Mensch & Maschine Software (MUM.GR)

        • Denmark: Embla Medical hf (EMBLA.DC)

        • Finland: Ponsse (PON1V.FH), eQ (EQV1V.FH), Siili Solutions (SIILI.FH)

        • Norway: Vår Energi (VAR.NO), Gigante Salmon (GIGA.NO), Hexagon Purus (HPUR.NO)

        • Sweden: Assa Abloy (ASSA.B.SS), Tele2 (TEL2.B.SS), Indutrade (INDT.SS), Nordnet (SAVE.SS), Getinge (GETI.B.SS), Fabege (FABG.SS), Wallenstam (WALL.B.SS), Husqvarna (HUSQ.B.SS), HMS Networks (HMS.SS), Intea Fastigheter (INTEA.B.SS), Inwido (INWI.SS), Ratos (RATO.B.SS), Lime Technologies (LIME.SS), Ependion (EPEN.SS), Bulten (BULTEN.SS), ProfilGruppen (PROF.B.SS)

        • Southern Europe: UniCredit (UCG.IM), Enagas (ENG.SM)

      • Trading Update:

        • Benelux: CM.com (CMCOM.NA)

        • DACHs: flatexDEGIRO (FTK.GR), HUBER+SUHNER (HUBN.SW)

        • France: L'Oreal (OR.FP), Eurofins Scientific (ERF.FP), Getlink (GET.FP), Edenred (EDEN.FP), Vivendi (VIV.FP), Eutelsat Communications (ETL.FP), Planisware (PLNW.FP), Worldline (WLN.FP)

        • UK: Bunzl (BNZL.LN), ASA International Group (ASAI.LN)

  • Data:

    • Economics:

      • Germany Sep PPI (1.7%) y/y vs consensus (1.9%) and prior (2.2%)

    • Markets:

      • WTI Crude (Nov 25): ($0.52) or (0.90%) to $57.02

      • €-$ (0.0007) or (0.06%) to 1.1661

      • £-$ (0.0009) or (0.07%) to 1.3422

      • €-£ (0.0002) to 0.8687

      • S&P 500 +1.00%

      • Performance year-to-date

        • FTSE 100: +15.06%

        • DAX: +21.85%

        • CAC: +11.18%

        • MIB: +24.00%

        • Stoxx 600: +12.70%

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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