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StreetAccount Summary - EU Market Recap: FTSE 100 +0.93% to 9515.00, DAX (0.74%) to 24151.13, CAC40 (0.63%) to 8206.87, STOXX 600 (0.18%) to 572.29

Oct 22 ,2025

  • Synopsis:

    • European equity markets ended mostly lower. FTSE outperform as UK inflation better than expected at 3.8% y/y, pushing interest rate cut bets higher. Follows positive close on Tuesday, though upside limited. Travel/Leisure, real estate and retail the best performers; autos and tech main laggards.

    • Trade in focus with EU-China relations fracturing as Beijing's rare earth export restrictions impact European manufacturing. Several EU states now demand activating bloc's anti-coercion instrument-the nuclear option enabling sweeping tariffs, investment bans, and counter-export controls targeting China's aviation and aerospace sectors.

    • In geopolitical news, second face-to-face Trump-Putin meeting was cancelled amid reports of differences in positions. Trump wants current battlefield lines frozen as part of ceasefire agreement, but Russia want full sovereignty over Donbas. Europe and Ukraine preparing 12-point proposal to end war.

    • On macro data front, UK inflation the highlight. September reading weaker than forecast, unchanged from prior 3.8% y/y outturn and below 4.0% consensus. Fueled pickup in BoE rate cut bets with market now pricing in 70 bp probability of December cut. Core also surprised on the downside at 3.5% versus 3.7% forecast and prior 3.6%, while services prices held at 4.7%. A welcome development was the deceleration in food price inflation which came in at 4.5% in September versus prior 5.1%. ECB VP de Guindos reiterated rates at appropriate level.

    • A busy day for earnings, banks and financial services in focus with UniCredit (UCG.IM), Svenska Handelsbanken (SHB.A.SS), BAWAG Group (BG.AV), DNB Bank (DNB.NO) and Barclays (BARC.LN) reporting Q3 earnings with the latter announcing a £500M share buyback. Personal/Luxury goods sector, also in focus with Adidas (ADS.GR), Reckitt Benckiser (RKT.LN), Hermes (RMS.FP) and L'Oreal (OR.FP) issuing Q3 updates. In Beverage sector, Heineken (HEIA.NA) posted Q3 beer volumes and sales in line with expectations and narrowed its FY25 guidance, as expected. Akzo Nobel (AKZA.NA) drag the chemical sector lower after reporting disappointing Q3 updates. Basic resources outperform today, driven by strong earnings from Boliden (BOL.SS), Hochschild Mining (HOC.LN), and Fresnillo (FRES.LN), whilst SSAB (SSAB.B.SS) reported Q3 earnings mostly above consensus, but with Q4 expected to be lower. Other notable companies out with earnings today include Randstad (RAND.NA), Ipsen (IPN.FP), JM (JM.SS) and Storebrand (STB.NO).

    • In corporate deals, Liberty Global Ventures Limited (LBTYA) completed the block trade sale of 193.4M ordinary shares in ITV (ITV.LN), through BNP PARIBAS and Deutsche Bank. The Block Trade Shares represent ~5% of the issued share capital of the company. Elsewhere, Ipsen (IPN.FP) announced the acquisition of ImCheck Therapeutics for €350M and downstream payments contingent upon achievement of regulatory and sales-based milestones for a total potential consideration of up to €1B.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, France Oct business survey, Spain Aug trade balance, Eurozone Oct flash consumer confidence and UK Oct industrial trend orders - CBI. Hungary market closed for Republic Day holiday.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.43%, Real Estate +1.20%, Retail +0.93%, Oil & Gas +0.70%, Basic Resources +0.49%, Insurance +0.33%, Financial Svcs +0.31%, Construct & Mtls +0.22%, Banks +0.14%, Food & Beverage +0.09%, Media +0.03%, Chemicals (0.09%)

      • Underperformers:

        • Autos & Parts (1.38%), Technology (1.35%), Persnl & HHold Goods (0.53%), Ind Goods & Svcs (0.52%), Health Care (0.32%), Utilities (0.29%), Telecom (0.19%)

    • Macro:

      • Central Banks:

        • ECB's Lagarde Says EU Trading-Venue Fragmentation Needs Tackling -- Bloomberg

        • UK gilt yields fall as investors ramp up rate cut bets after steady inflation -- Reuters

      • Europe:

        • Parliament stalls EU's first effort to simplify rules for business -- Politico

        • EU plans changes to sustainability law as US, Qatar increase pressure -- Reuters

      • UK:

        • Why is Rachel Reeves targeting the tax affairs of professionals? -- FT

        • Reeves Could Save £4.5B in Budget if Yields Stay This Low -- Bloomberg

      • Germany:

        • Germany split over Selmayr's return to Brussels -- Politico

      • France:

        • French President trying to show he also 'exists in France' amidst confusion over pension reform -- France24

      • Italy:

        • EU members should keep exclusive jurisdiction on national security, Italy PM says -- Reuters

    • Company news:

      • Notable Gainers

        • +21.8% SECARE.SS (Swedencare SEK40.25, +7.25) -- reports Q3 EPS SEK0.14 vs FactSet SEK0.30 [4 est, SEK0.13-0.50]

        • +11.2% MIPS.SS (MIPS SEK362.40, +37.20) -- reports Q3 EPS SEK1.29 vs FactSet SEK1.32 [6 est, SEK1.26-1.38]

        • +11.1% SYS1.LN (System1 Group £2.40, +0.24) -- H1 Trading Update: expects to report H1 Pre-Tax Adjusted Profit of £0.2 - £0.3M vs year-ago £2.5M

        • +10.5% VIMIAN.SS (Vimian Group SEK32.56, +3.12) -- reports Q3 EPS €0.01 vs FactSet €0.02 [5 est, €0.02-0.03]

        • +9.8% MAGI.SS (MAG Interactive SEK9.74, +0.88) -- earnings

        • +8.6% HFD.LN (Halfords Group £1.47, +0.12) -- trading update for 26 weeks to 26-Sep: like-for-like sales +4.1%

        • +7.8% WLN.FP (Worldline €2.64, +0.19) -- reports Q3 revenue €1.15B vs consensus €1.14B

        • +7.8% WLN.FP (Worldline €2.64, +0.19) -- disposes North American subsidiaries to Shift4 (FOUR)

        • +7.1% MSON.B.SS (Midsona SEK8.18, +0.56) -- announces restructuring program to accelerate margin improvement

        • +7.1% MSON.B.SS (Midsona SEK8.18, +0.56) -- reports Q3 EPS (SEK0.11) vs year-ago SEK0.07

        • +6.0% THULE.SS (Thule Group SEK246.60, +14.20) -- reports Q3 EPS SEK2.91 vs FactSet SEK2.87 [7 est, SEK2.66-3.10]

        • +5.5% VINO.LN (Virgin Wines UK £0.52, +0.03) -- earnings

        • +5.3% IPN.FP (Ipsen €118.50, +6.00) -- acquires ImCheck Therapeutics for €350M and downstream payments contingent upon achievement of regulatory and sales-based milestones for a total potential consideration of up to €1B

        • +5.3% IPN.FP (Ipsen €118.50, +6.00) -- Q3 revenue €915M vs StreetAccount €892.7M; raises FY25 guidance

        • +4.9% BARC.LN (Barclays £3.83, +0.18) -- provides motor finance update; increases provision from £90M to £325M

        • +4.9% BARC.LN (Barclays £3.83, +0.18) -- reports Q3 EPS 10.4p vs consensus 9.8p; announces £500M share buyback

        • +4.6% SCT.LN (Softcat £16.21, +0.72) -- reports FY underlying EPS 69.5p vs FactSet 68.4p [14 est, 65.9-71.0p]

        • +4.4% RELAIS.FH (Relais Group €16.65, +0.70) -- earnings

        • +4.1% CDA.FP (Compagnie des Alpes €21.45, +0.85) -- initiated buy at Kepler Cheuvreux

        • +3.9% ARCH.NO (Archer NOK21.25, +0.80) -- initiated buy at Fearnley

        • +3.8% BBOX.LN (Tritax Big Box REIT £1.54, +0.06) -- completes acquisition of £1.04B logistics portfolio from Blackstone Europe LLP

        • +3.7% VU.FP (VusionGroup €249.20, +9.00) -- contract

        • +3.5% HT5.SW (HOCN Ltd. CHF1.63, +0.05) -- announces District Court of Hochdorf lifts the debt restructuring moratorium on the company

        • +3.3% AKRBP.NO (Aker BP NOK256.50, +8.20) -- reports Q3 EPS $0.45 vs FactSet $0.55 [12 est, $0.45-0.62]

        • +3.2% F3C.GR (SFC Energy €16.74, +0.52) -- agrees to acquire 15% stake in Oneberry Technologies, with an option to acquire majority stake; terms undisclosed

        • +2.8% STB.NO (Storebrand NOK158.50, +4.30) -- reports Q3 cash EPS NOK3.08 vs consensus NOK2.63

        • +2.1% SOLAR.B.DC (Solar DKK214.00, +4.50) -- to acquire Sonepar Norge AS in debt and equity transaction at enterprise value DKK 315M

        • +2.0% BG.AV (BAWAG Group €109.20, +2.10) -- reports Q3 net income €218.5M vs FactSet €221.9M [2 est, €221-222.8M]; on track to exceed 2025 targets

        • +1.9% 0TX.GR (VEF AB €0.21, -0.00) -- earnings

      • Notable Decliners

        • -52.5% POLX.LN (Polarean Imaging £0.00, -0.00) -- strategic review; considering AIM delisting

        • -39.0% OBD.LN (Oxford BioDynamics £0.00, -0.00) -- fundraising

        • -21.6% TMV.GR (TeamViewer €6.66, -1.84) -- reports Q3 adjusted EBITDA €87.7M vs FactSet €83.5M [4 est, €82-85.2M]

        • -19.9% NWL.IM (NewPrinces €19.36, -4.84) -- Princes Group (+PRI.LN) sets indicative price range of 475-590p/share for IPO

        • -18.8% MACF.LN (Macfarlane Group £0.74, -0.16) -- fatal accident at site

        • -11.6% JM.SS (JM SEK135.80, -17.80) -- reports Q3 EPS (SEK0.10) vs consensus SEK1.05

        • -9.3% DOCM.SW (DocMorris CHF5.37, -0.55) -- placement

        • -8.6% ITV.LN (ITV £0.68, -0.06) -- Liberty Global Ventures Limited completed the block trade sale of 193.4M ordinary shares in ITV, through BNP PARIBAS and Deutsche Bank

        • -8.6% CORE.A.SS (Corem Property Group SEK4.50, -0.43) -- reports Q3 EPS (SEK0.42) vs year-ago (SEK0.36)

        • -8.5% ETL.FP (Eutelsat Communications €3.39, -0.32) -- reports Q1 revenue €293.2M vs consensus €296.0M; all financial objectives confirmed

        • -8.0% AGLX.NO (Agilyx NOK19.10, -1.65) -- to issue minimum €20M (can be upsized to €40M) subordinated convertible bonds

        • -8.0% NCH2.GR (thyssenkrupp nucera €9.75, -0.85) -- Deutsche Bank downgrade

        • -7.8% RIEN.SW (Rieter Holding CHF3.26, -0.28) -- sales

        • -6.7% OR.FP (L'Oreal €371.40, -26.65) -- remains on lookout for acquisitions; says Chinese beauty market is improving - FT, citing CEO

        • -6.7% OR.FP (L'Oreal €371.40, -26.65) -- Q3 revenue €10.33B vs StreetAccount €10.42B

        • -6.0% RAND.NA (Randstad €34.20, -2.21) -- reports Q3 adjusted net income €120M vs consensus €111M

        • -5.1% MUM.GR (Mensch & Maschine Software €43.00, -2.30) -- Berenberg downgrade

        • -5.0% DNB.NO (DNB Bank NOK259.60, -13.60) -- reports Q3 EPS NOK6.98 vs consensus NOK6.90

        • -4.9% NAS.NO (Norwegian Air Shuttle NOK15.55, -0.80) -- reports Q3 EPS NOK2.41 vs FactSet NOK2.12 [5 est, NOK1.87-2.26]

        • -3.8% HOC.LN (Hochschild Mining £3.51, -0.14) -- Production Report for the 3 months ended 30-Sep-25: Silver production 2,291 (koz) vs year-ago 2,658

        • -3.1% BRG.NO (Borregaard NOK189.40, -6.00) -- reports Q3 EPS NOK1.96 vs FactSet NOK2.22 [8 est, NOK1.96-2.68]

        • -3.1% FAST.NA (Fastned €21.75, -0.70) -- Oddo downgrade

        • -3.0% RILBA.DC (Ringkjøbing Landbobank DKK1,396.00, -44.00) -- reports Q3 net income DKK562M vs FactSet DKK548.7M [3 est, DKK541-561M]; FY guidance maintained

        • -2.8% NB2.GR (Northern Data €13.55, -0.39) -- reports prelim Q3 revenue €33.2M vs year-ago €58.3M

        • -2.8% ADS.GR (Adidas €189.95, -5.55) -- reports preliminary Q3 operating income €736M vs FactSet €679.0M [14 est, €498.3-812M]; increases full-year guidance for 2025

        • -2.6% ARJO.B.SS (Arjo SEK30.54, -0.82) -- reports Q3 EPS SEK0.30 vs FactSet SEK0.35 [5 est, SEK0.26-0.43]

        • -2.3% RMS.FP (Hermes €2,197.00, -51.00) -- sales; CIC Market Solutions downgrade

        • -2.3% UCG.IM (UniCredit €61.91, -1.46) -- reports Q3 net profit €2.63B vs consensus €2.44B

        • -2.3% HUSQ.B.SS (Husqvarna SEK46.96, -1.12) -- DNB Carnegie, Pareto downgrades

        • -2.3% IPF.LN (International Personal Finance £2.08, -0.05) -- BasePoint Capital LLC's PUSU deadline in connection with possible offer for International Personal Finance extended to 19-Nov

        • -2.3% IPF.LN (International Personal Finance £2.08, -0.05) -- Q3 trading update: strong financial performance and Next Gen strategy delivering tangible results

        • -1.9% DEMANT.DC (Demant DKK238.80, -4.60) -- to sell Oticon Medical to Impilo for total contractual consideration of up to DKK600M

        • -1.8% FOUR (Shift4 Payments $75.80, -1.42) -- Shift4 To Acquire Worldline's North American Subsidiaries; terms not disclosed

        • -1.6% FRES.LN (Fresnillo £21.10, -0.34) -- Q3 production: attributable silver (incl Silverstream) (moz) 11.7 vs consensus 12.1; FY outlook unchanged

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: BE Semiconductor Industries (BESI.NA), Orange Belgium (OBEL.BB)

        • DACHs: Kuehne & Nagel (KNIN.SW), Inficon Holding (IFCN.SW), MTU Aero Engines (MTX.GR), ATOSS Software (AOF.GR), Villeroy & Boch (VIB3.GR), Dynavox Group (DYVOX.GR)

        • Denmark: DSV (DSV.DC),

        • Finland: Nokia (NOKIA.FH), Kone (KNEBV.FH), Metso Corp. (METSO.FH), Konecranes (KCR.FH), Elisa (ELISA.FH), Stora Enso (STERV.FH), Huhtamaki (HUH1V.FH), Tietoevry (TIETO.FH), Vaisala (VAIAS.FH), Terveystalo (TTALO.FH), Fiskars (FSKRS.FH), Metsa board (METSB.FH), Viking Line (VIK1V.FH), Atria (ATRAV.FH), Gofore (GOFORE.FH), Verkkokauppa.com (VERK.FH), SRV Group (SRV1V.FH),

        • France: Dassault Systemes (DSY.FP), Orange (ORA.FP), STMicroelectronics (STMPA.FP), Sodexo (SW.FP), Nexans (NEX.FP), Groupe Guillin (ALGIL.FP), MEDIAN Technologies (ALMDT.FP)

        • Norway: Protector Forsikring (PROT.NO), Atea (ATEA.NO), TGS-NOPEC Geophysical Co. (TGS.NO), Elkem (ELK.NO), Kitron (KIT.NO), Sparebanken Møre (MORG.NO),

        • Sweden: Atlas Copco (ATCO.A.SS), Skandinaviska Enskilda Banken (SEB.A.SS), Swedbank (SWED.A.SS), Essity (ESSITY.B.SS), Evolution (EVO.SS), Telia Co. (TELIA.SS), Swedish Orphan Biovitrum (SOBI.SS), Addtech (ADDT.B.SS), AarhusKarlshamn (AAK.SS), Axfood (AXFO.SS), Volvo Car (VOLCAR.B.SS), Castellum (CAST.SS), Holmen (HOLM.B.SS), Mycronic (MYCR.SS), Wihlborgs Fastigheter (WIHL.SS), Pandox (PNDX.B.SS), AddLife (ALIF.B.SS), Billerud (BILL.SS), Hemnet Group (HEM.SS), NCC (NCC.B.SS), Vitrolife (VITR.SS), Paradox Interactive (PDX.SS), BONESUPPORT HOLDING (BONEX.SS), Alimak Group (ALIG.SS), Dometic Group (DOM.SS), INVISIO (IVSO.SS), Gränges (GRNG.SS), Bilia (BILI.A.SS), Fastpartner (FPAR.A.SS), MilDef Group (MILDEF.SS), RVRC Holding (RVRC.SS), Scandi Standard (SCST.SS), Nederman Holding (NMAN.SS), Xvivo Perfusion (XVIVO.SS), Eastnine (EAST.SS), Coor Service Management Holding (COOR.SS), Linc (LINC.SS), Rejlers (REJL.B.SS), Stillfront Group (SF.SS), Green Landscaping Group (GREEN.SS), Nelly Group (NELLY.SS), IAR (IAR.B.SS), KlaraBo (KLARA.B.SS), PowerCell Sweden (PCELL.SS), Ework Group (EWRK.SS), Enea (ENEA.SS), Solid Försäkring (SFAB.SS), Orexo (ORX.SS), Softronic (SOF.B.SS), Fractal Gaming Group (FRACTL.SS), C-RAD (CRAD.B.SS), CDON (CDON.SS), Pricer (PRIC.B.SS), Bactiguard Holding (BACTI.B.SS), BE Group (BEGR.SS), Profoto Holding (PRFO.SS), Dedicare (DEDI.SS), Alligator Bioscience (ATORX.SS)

        • Southern Europe: MAIRE (MAIRE.IM), Viscofan (VIS.SM), ATRESMEDIA (A3M.SM)

        • UK: Bloomsbury Publishing (BMY.LN)

        • Other: Kerry Group (KRZ.ID)

  • Data:

    • Economics:

      • Ireland Sep PPI (2.6%) y/y vs consensus (2.4%) and prior (3.0%)

      • UK Sep

        • Output PPI +3.4% y/y vs consensus +2.7%

        • CPI +3.8% y/y vs consensus +4.0% and prior +3.8%

    • Markets:

      • WTI Crude (25-Dec): +$1.07 or +1.87% to $58.31

      • €-$ +0.0017 or +0.15% to 1.1617

      • £-$ +0.0004 or +0.03% to 1.3372

      • €-£ +0.0010 to 0.8687

      • S&P 500 (0.46%)

      • Performance year-to-date:

        • FTSE 100: +16.42%

        • DAX: +21.31%

        • CAC: +11.19%

        • MIB: +23.47%

        • Stoxx 600: +12.74%

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