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StreetAccount Summary - EU Market Recap: FTSE 100 +0.70% to 9645.62, DAX +0.13% to 24239.89, CAC40 +0.00% to 8225.63, STOXX 600 +0.23% to 575.76

Oct 24 ,2025

  • Synopsis:

    • European equity markets closed higher and near the sessions best levels. Follows positive performance on Thursday. STOXX Europe 600 on track for weekly gain. Travel/leisure, autos/parts and financial services were the best performing sectors. Food/beverage, personal goods and telecom lagged.

    • Press discussion about expected near-term impact on crude flows to China and India from US sanctions on Russian oil majors. Sources said state importers in both countries expected to halt purchases of seaborne Russian crude, at least in short-term. However, questions over sanctions compliance and effectiveness remain. After EU banned Russian LNG imports and imposed sanctions on firms including China refiners, European leaders were unable to agree on use of Russia's frozen assets to aid Ukraine. Talks put on hold until December with Belgium demanding reassurance it won't be liable for risks given most of the funds held in Euroclear.

    • Reuters cited BoE FPC member Hall, who warned some firms that operate in UK bond market look under-prepared for a future crisis. Highlighted risk of a repeat of the 2008 financial crisis. Comments come amid worries over shadow banking sector. Hall pointed out that tighter regulation of banks since 2008 has seen risk-taking shift away from banks to funds based outside of the UK and the BoE's jurisdiction.

    • Guardian reported UK Chancellor Reeves considering raising income tax at the November budget to help close the fiscal gap. Treasury sources said active discussion taking place to break one of the government's main manifesto pledges to close an estimated £30B shortfall. Note, recent reports also suggested Reeves wants to run a bigger fiscal buffer than current £9.9B, which has resulted in long-running narrative over weaknesses in UK fiscal position and need for larger spending cuts and tax rises.

    • On the macro data front, focus on PMIs headline in Europe. Eurozone PMI surprised on the upside with composite reading hitting a 17-month high of 52.2 versus consensus 51.0 and prior 51.2 outturn. Manufacturing PMI recorded two-month high of 50.0 versus consensus 49.8 and prior 49.8; services PMI at 14-month high of 52.6 versus 51.2 forecast and prior 51.3. Breakdown showed new orders growth at highest level in two-and-a-half years and joint fastest since May 2024. Solid increase in German PMI was supportive, though France saw 14th consecutive monthly reduction in output, and the sharpest since February. The UK PMI recorded two-month high in October with composite reading at 51.1 versus consensus 50.5 and prior 50.1; services sector PMI also at best level in two months at 51.1 versus 51.1 forecast and prior 50.8, while manufacturing jumped to 12-month high at 49.6 versus consensus 46.6 and prior 46.2.

    • In other macro, French consumer confidence beat and follows better business climate sentiment on Thursday. GfK UK consumer confidence joint-highest since August 2024 and retail sales beat expectations. Meanwhile, latest Bloomberg survey of economists showed majority expect the ECB to leave its key deposit rate unchanged at 2% for the next two years. However, there is a minority, approximately a third of survey respondents that see at least one more rate cut, while 17% see one or more rate hikes by the end of next year. Comes ahead of next week's ECB decision, which is likely to be uneventful.

    • In earnings news, DACHs names kicked off the session with Sika Group (SIKA.SW), Schindler Holding (SCHN.SW), and Holcim (HOLN.SW) reporting Q3/9M earnings. In France yesterday, after the market closed, Vinci (DG.FP), Accor (AC.FP), and Valeo (FR.FP) reported Q3 revenue numbers, whilst this morning Safran (SAF.FP) and Sanofi (SAN.FP) released their Q3 earnings reports, with the latter's shares opening higher driven by earnings beats and strong Dupixent sales. In Nordics, Norsk Hydro (NHY.NO), Saab (SAAB.B.SS). Trelleborg (TREL.B.SS), Hexagon (HEXA.B.SS), Svenska (SCA.B.SS), and Beijer Ref (BEIJ.B.SS) reported Q3 earnings. In Italy, Salvatore Ferragamo (SFER.IM) issued its 9M revenue number and Eni (ENI.IM) reported Q3 earnings and raised its FY outlook for cash generation, production and increased share buyback. In Benelux, Signify (LIGHT.NA) reported Q3 earnings and adjusted its guidance for 2025. In the UK, NatWest Group (NWG.LN) released its Q3 earnings numbers and upgraded its income and returns guidance for the year.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.67%, Autos & Parts +1.55%, Financial Svcs +1.17%, Retail +1.03%, Ind Goods & Svcs +0.65%, Oil & Gas +0.54%, Construct & Mtls +0.51%, Insurance +0.38%, Technology +0.26%

      • Underperformers:

        • Food & Beverage (0.64%), Persnl & HHold Goods (0.51%), Telecom (0.38%), Real Estate (0.33%), Utilities +0.05%, Health Care +0.06%, Media +0.09%, Chemicals +0.20%, Banks +0.22%, Basic Resources +0.23%

    • Macro:

      • Geopolitics:

        • China and EU to talk raw materials next week - Politico

        • EU is being crushed in power struggle between Trump and Xi - FAZ

        • EU leaders to decide in December on use of Russia's frozen assets - Bloomberg

        • Belgium blocks agreement on Russian assets - Handelsblatt

        • Merz expects US will exempt Rosneft's German unit from sanctions - Bloomberg

      • Central Banks:

        • Bank of England Probes Data Center Lending Amid AI Bubble Fears - Bloomberg

      • France:

        • France's Socialists threaten to oust government amid fraught budget talks - Reuters

      • Germany:

        • ZDF poll shows majority of people back Merz's policies - FAZ

        • Heads of IG Metall and Verdi criticize Chancellor Merz policies - SZ

        • Finance Minister Klingbeil highlights increase tax revenues until 2029 - SZ

      • UK:

        • Nigel Farage seeks influence over Bank of England in same vein as Trump and US Federal Reserve - The Guardian

        • Retail sales beats expectations in September - ONS

        • GfK survey shows UK consumer confidence edging higher - London Times

        • UK inflation expectations rose to 4.2% in October - Citi/YouGov - Reuters

        • Reeves considers breaking manifesto pledge with income tax rise - Guardian

        • JP Morgan warns Britain must cut welfare spending - Telegraph

        • BoE official says some bond market players under-prepared for crisis - Reuters

        • Labour suffers big by-election defeat in Wales - BBC

    • Company news:

      • Notable Gainers

        • +23.7% MTRS.SS (Munters Group SEK160.00, +30.70) -- Q3 earnings; order

        • +22.1% PREV.B.SS (Prevas SEK78.00, +14.10) -- Q3 earnings

        • +15.8% SPEC.LN (Inspecs Group £0.56, +0.08) -- Safilo Group (SFL.IM) confirms that it has submitted a non-binding offer to acquire the Eschenbach Group and BoDe businesses of Inspecs

          • -5.9% SFL.IM (Safilo Group €1.75, -0.11)

        • +13.9% LIAB.SS (Lindab International SEK239.20, +29.20) -- Q3 earnings

        • +13.7% KNOW.SS (Knowit SEK120.80, +14.60) -- Q3 earnings

        • +13.3% HTRO.SS (Hexatronic Group SEK22.67, +2.66) -- Q3 earnings

        • +13.3% SFER.IM (Salvatore Ferragamo €7.11, +0.84) -- 9M revenue

        • +12.7% PACT.SS (Proact IT Group SEK105.60, +11.90) -- Q3 earnings

        • +12.4% ALLIGO.B.SS (Alligo SEK121.80, +13.40) -- Q3 earnings

        • +11.9% BITTI.FH (Bittium €15.24, +1.62) -- Q3 earnings

        • +11.6% NCAB.SS (NCAB Group SEK57.55, +6.00) -- Q3 earnings

        • +11.5% SDIP.B.SS (Sdiptech SEK207.00, +21.40) -- Q3 earnings

        • +11.3% CNE.LN (Capricorn Energy £2.12, +0.22) -- trading update

        • +11.0% HUMBLE.SS (Humble Group SEK8.57, +0.85) -- Q3 earnings

        • +10.8% FR.FP (Valeo SE €12.15, +1.19) -- Q3 revenue

        • +10.1% LIFCO.B.SS (Lifco SEK382.60, +35.20) -- Q3 earnings

        • +9.7% DUNI.SS (Duni SEK105.40, +9.30) -- Q3 earnings

        • +9.7% ATT.SS (Attendo SEK77.70, +6.90) -- SEK200M share buyback

        • +9.5% AEIN.GR (Allgeier €17.95, +1.55) -- divestment

        • +8.9% HUM.SS (Humana AB SEK46.00, +3.75) -- Q3 earnings

        • +8.7% NIL.B.SS (Nilörngruppen SEK58.50, +4.70) -- Q3 earnings

        • +8.5% BEIA.B.SS (Beijer Alma SEK275.50, +21.50) -- Q3 earnings

        • +7.8% LAGR.B.SS (Lagercrantz Group SEK236.80, +17.20) -- Q3 earnings

        • +7.3% ATE.FP (Alten €74.75, +5.10) -- Q3 revenue

        • +7.3% BOUL.SS (Boule Diagnostics SEK5.26, +0.36) -- Q3 earnings

        • +7.0% AC.FP (Accor €45.18, +2.97) -- Q3 revenue

        • +6.7% HEXA.B.SS (Hexagon SEK120.85, +7.60) -- Q3 earnings

        • +5.8% IDUN.B.SS (Idun Industrier SEK348.00, +19.00) -- Q3 earnings

        • +5.4% BUFAB.SS (Bufab SEK103.70, +5.32) -- Q3 earnings

        • +5.2% BONHR.NO (Bonheur NOK224.50, +11.00) -- Q3 earnings

        • +4.7% MCAP.SS (MedCap SEK607.00, +27.00) -- Q3 earnings

        • +3.9% TREL.B.SS (Trelleborg SEK396.50, +14.90) -- Q3 earnings

        • +3.5% HPOL.B.SS (HEXPOL SEK85.30, +2.90) -- Q3 earnings

      • Notable Decliners

        • -46.1% TOBII.SS (Tobii SEK1.75, -1.50) -- Q3 earnings

        • -32.1% CINT.SS (Cint Group SEK4.33, -2.04) -- Q3 earnings

        • -26.6% XBRANE.SS (Xbrane Biopharma SEK11.20, -4.05) -- Q3 earnings

        • -26.4% YUBICO.SS (Yubico SEK87.44, -31.36) -- Q3 earnings; Nordea downgrade

        • -19.0% SEDANA.SS (Sedana Medical SEK10.60, -2.48) -- Q3 earnings

        • -15.7% BMAX.SS (Byggmax Group SEK47.10, -8.80) -- Q3 earnings

        • -14.1% ALU.LN (Alumasc Group £2.93, -0.48) -- trading update

        • -13.4% ONWD.BB (Onward Medical €4.45, -0.69) -- places 11.3M new shares at €4.50/share

        • -13.4% HIAB.FH (Hiab €44.62, -6.88) -- Q3 earnings

        • -12.4% ATORX.SS (Alligator Bioscience SEK1.24, -0.18)

        • -10.6% BRAV.SS (Bravida Holding SEK84.50, -10.00) -- Q3 earnings

        • -9.4% LIGHT.NA (Signify €21.10, -2.20) -- Q3 earnings

        • -9.1% NANO.FP (Nanobiotix €16.12, -1.62) -- clinical program update

        • -7.8% NXI.FP (Nexity €9.46, -0.81) -- Q3 revenue

        • -7.7% ALGIL.FP (Groupe Guillin €27.50, -2.30) -- H1 earnings; TPICAP Midcap downgrade

        • -7.4% NETEL.SS (Netel Holding SEK4.18, -0.34) -- Q3 earnings

        • -6.3% INSTAL.SS (Instalco SEK24.82, -1.68) -- Q3 earnings

        • -6.0% BYW6.GR (BayWa €7.47, -0.48) -- launches second tranche of capital increase

        • -5.7% HUSCO.DC (HusCompagniet DKK43.20, -2.60) -- prelim Q3 earnings

        • -5.1% GJF.NO (Gjensidige Forsikring NOK266.20, -14.40) -- Q3 earnings

        • -4.4% NSKOG.NO (Norske Skog NOK16.60, -0.76) -- Q3 earnings

        • -3.9% KER.FP (Kering €331.65, -13.30) -- HSBC downgrade

        • -3.6% SJJ.GR (Serviceware €17.20, -0.65) -- Q3 earnings

        • -3.5% NHY.NO (Norsk Hydro NOK68.40, -2.48) -- Q3 earnings

        • -3.2% HOFI.SS (Hoist Finance SEK93.95, -3.10) -- Q3 earnings

        • -2.9% CVSG.LN (CVS Group £13.82, -0.42) -- buyback; listing on LSE main market

        • -2.3% TPE.GR (PVA TePla €28.44, -0.68) -- prelim Q3 earnings

        • -2.2% VAC.FP (Pierre & Vacances €1.66, -0.04) -- Q4 revenue

        • -2.0% CTT.SS (CTT Systems SEK193.00, -4.00) -- Q3 earnings

        • -2.0% DG.FP (VINCI SA €120.40, -2.45) -- Q3 revenue

        • -1.9% ADP.FP (Aeroport de Paris €121.40, -2.30) -- 9M revenue

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Deutsche Börse (DB1.GR), Palfinger (PAL.AV)

        • France: Nacon (NACON.FP)

        • Nordics: Fagerhult Group (FAG.SS), Balco Group (BALCO.SS)

        • Southern Europe: Galp Energia SGPS (GALP.PL), NOS SGPS (NOS.PL), Linea Directa Aseguradora (LDA.SM), Iberpapel Gestion (IBG.SM), Avio (AVIO.IM), Sogefi (SGF.IM),

        • UK: Bioventix (BVXP.LN)

      • Trading Update:

        • France: Exosens (EXENS.FP), Clariane (CLARI.FP), Lumibird (LBIRD.FP), Nacon (NACON.FP)

      • CMD/events: Galenica (GALE.SW), Innate Pharma (IPH.FP)

  • Data:

    • Economics:

      • Spain Q3 Unemployment Rate 10.5% vs consensus 10.2% and prior 10.3%

      • Sep PPI

        • Sweden +0.5% y/y vs consensus +0.8% and prior (0.7%)

        • Finland (0.3%) vs consensus +0.2% and prior +0.1%

        • Spain +0.3% y/y vs consensus (0.3%) and prior (1.5%)

      • UK Sep Retail Sales +1.5% y/y vs consensus +0.6% and prior +0.7%

      • France Oct Consumer Confidence 90 vs consensus 87 and prior revised 88 from 87

      • Oct Flash Manufacturing PMI

        • UK 49.6 vs consensus 46.6 and prior 46.2

        • Eurozone 50.0 vs consensus 49.8 and prior 49.8

        • Germany 49.6 vs consensus 49.5 and prior 49.5

        • France 48.3 vs consensus 48.2 and prior 48.2

      • Oct Flash Services PMI

        • UK 51.1 vs consensus 51.0 and prior 50.8

        • Eurozone 52.6 vs consensus 51.2 and prior 51.3

        • Germany 54.5 vs consensus 51.1 and prior 51.5

        • France 47.1 vs consensus 48.7 and prior 48.5

    • Markets:

      • WTI Crude (Dec 25): +$0.50 or +0.81% to $62.29

      • €-$ +0.0009 or +0.08% to 1.1628

      • £-$ (0.0030) or (0.23%) to 1.3297

      • €-£ +0.0027 to 0.8745

      • S&P 500 +0.96%

      • Performance year-to-date

        • FTSE 100: +18.02%

        • DAX: +21.75%

        • CAC: +11.45%

        • MIB: +24.28%

        • Stoxx 600: +13.42%

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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