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StreetAccount Summary - EU Market Recap: FTSE 100 (0.44%) to 9717.25, DAX (0.67%) to 23958.30, CAC40 (0.44%) to 8121.07, STOXX 600 (0.51%) to 571.89

Oct 31 ,2025

  • Synopsis:

    • European equity markets closed broadly lower, with the exception of Norway +0.3%, and near the lowest levels of the session. Follows mixed performance on Thursday. Stoxx Europe 600 lower for the fourth straight session, down ~1% from Wednesday's record high, although still slightly positive on the month. Banks, auto/parts and food/beverage were the top outperforming sectors, while weakness in insurance, telecom and technology leading broader downturn.

    • Reuters cited ANP as saying pro-EU, liberal D66 won the most votes in Wed's general election, putting Rob Jetten on course to become the youngest-ever PM in the Netherlands. With around 18% of the votes, the party is now expected to take the lead in a first round of talks to form a coalition government.

    • On macro data front, Eurozone headline inflation in line with forecast at 2.1% y/y in October and core unchanged from prior at 2.4%. Data unlikely to have much influence after yesterday's ECB decision. Like previous policy meeting, the governing council sounded comfortable with economic developments and maintaining wait-and-see stance. ECB sources said December meeting key for policy outlook as it will include projections for 2028 for the first time. German retail sales in line with expectations; Nationwide UK house price index surprised on the upside; and UK Lloyds business barometer rebounded.

    • Consensus is for BoE to leave rates on hold next week, but some economists think the market may be underestimating rate cut risk. Note that Barclays said money markets were mispricing the risk of a 25 bp move and see a narrow vote in favor of a cut (Telegraph). Goldman Sachs and Nomura also see policymakers coming on the side of further easing (London Times).

    • On the reporting front, a slew of French names issued their most recent numbers, including AXA (CS.FP), SPIE (SPIE.FP), SCOR SE (SCR.FP), Elis (ELIS.FP), Imerys (NK.FP) and TF1 (TFI.FP) whilst - in the DACH region - FUCHS SE (FPE3.GR) and Erste Group Bank (EBS.AV) reported and Vetropack Holding (VETN.SW) warned that its FY result will be significantly below previous expectations. Elsewhere, UMG.NA (Universal Music Group), Fugro (FUR.NA) and Heijmans (HEIJM.NA) issued Q3 updates and - in the banking sector - Danske Bank (DANSKE.DC), CaixaBank (CABK.SM) and Unicaja Banco (UNI.SM) posted Q3/9M numbers.

    • In M&A news, Fresnillo (FRES.LN) acquired Probe Gold for C$3.65/share in cash, or C$780M ($557.0M) in total and Syensqo (SYENS.BB) will divest its Oil & Gas Business Unit to SNF Group for Enterprise Value of €135. In rumoured M&A, media reports UniCredit is exploring acquisition of Azimut for a potential deal valued at €5B.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.19%, Autos & Parts (0.08%), Food & Beverage (0.21%), Media (0.32%), Basic Resources (0.19%), Ind Goods & Svcs (0.16%), Financial Svcs (0.31%), Travel & Leisure (0.39%), Health Care (0.42%), Oil & Gas (0.45%)

      • Underperformers:

        • Insurance (1.86%), Telecom (1.38%), Technology (1.11%), Construct & Mtls (1.04%), Chemicals (0.97%), Real Estate (0.93%), Utilities (0.67%), Retail (0.56%), Persnl & HHold Goods (0.53%)

    • Macro

      • Central banks:

        • SNB official signals comfort with brief sub-zero inflation as policy stays expansionary - Reuters

        • ECB policymakers prepare for December showdown - Reuters

      • Germany:

        • German retail sales up 0.2% in September - DeStatis

      • Netherlands:

        • Dutch centrist D66 party confirmed as election winner, ANP says - Reuters

      • UK:

        • Chancellor Reeves rebuked by PM over 'regrettable' rental confusion but faces no further action - BBC

        • UK home prices rise for second month as buyers shrug off budget tax fears - Bloomberg

        • Starmer signals potential income tax hike in November budget to bolster fiscal buffer and bond market confidence - FT

        • Ofcom ramps up algorithm audits on tech giants to shield children from harmful social media feeds - FT

    • Company news:

      • Notable Gainers

        • +23.3% ECR.SM (Ercros €3.20, +0.61) -- Nationa Commission on Markets and Competition authorizes voluntary public offer of Bondalti to acquire all shares of company

        • +18.9% BYS.SW (Bystronic CHF299.00, +47.50) -- to acquire the "Tools for Materials Processing" business unit of Coherent

        • +9.4% NANO.FP (Nanobiotix €17.90, +1.54) -- strategic royalty monetization agreement with Healthcare Royalty for up to $71M; financing extends cash runway into early 2028

        • +8.9% FOI.B.SS (Fenix Outdoor International SEK525.00, +43.00) -- Q3 earnings

        • +7.9% ONCO.SS (Oncopeptides SEK6.03, +0.44)

        • +7.4% KOG.NO (Kongsberg Gruppen NOK259.05, +17.85) -- Pareto, Nordea, Seb, Kepler Cheuvreux and DNB Carnagie upgrades

        • +7.4% KOG.NO (Kongsberg Gruppen NOK259.05, +17.85) -- NOK 1B order forNASAMS air defence technology from Norwegian government

        • +5.7% CTT.PL (CTT - Correios de Portugal €7.55, +0.41) -- Q3 earnings

        • +5.6% NETC.DC (Netcompany Group DKK323.60, +17.20) -- ABG Sundal Collier upgrade

        • +5.5% EBS.AV (Erste Group Bank €89.75, +4.70) -- Q3 earnings

        • +4.3% IP.IM (Interpump Group €44.70, +1.84) -- Equita upgrade

        • +4.2% STMN.SW (Straumann Holding CHF101.00, +4.08) -- Deutsche Bank upgrade

        • +4.0% SBS.GR (Stratec €23.50, +0.90)

        • +4.0% ANORA.FH (Anora Group €3.15, +0.12) -- Q3 earnings

        • +3.1% DANSKE.DC (Danske Bank DKK289.30, +8.60) -- Q3 earnings

        • +2.9% SUR.GR (Surteco Group €12.40, +0.35) -- Q3 earnings

        • +2.8% NK.FP (Imerys €21.38, +0.58) -- Q3 earnings

        • +2.4% TROAX.SS (Troax Group SEK144.60, +3.40) -- acquires Vichnet; purchase price is 350 MRMB on a cash/debt-free basis

      • Notable Decliners

        • -17.4% TFIN.IM (Trevi-Finanziaria Industriale €0.44, -0.09) -- Kepler Cheuvreux downgrade

        • -15.3% XFAB.FP (X-FAB Silicon Foundries €5.50, -0.99) -- Q3 earnings; CEO to step down

        • -13.0% SCR.FP (SCOR SE €26.28, -3.92) -- Q3 earnings

        • -11.0% HH.DC (H+H International DKK89.00, -11.00) -- Q3 earnings

        • -8.8% TRAD.SS (Tradedoubler SEK7.26, -0.70) -- Q3 earnings

        • -7.1% VETN.SW (Vetropack Holding CHF21.45, -1.65) -- expects FY result to be significantly below previous expectations; announces temporary furnaces shutdowns

        • -5.7% TFI.FP (TF1 €7.93, -0.48) -- Q3 earnings

        • -5.1% PIHLIS.FH (Pihlajalinna €14.90, -0.80) -- Q3 earnings

        • -5.0% MAP.SM (MAPFRE €3.83, -0.20) -- 9M earnings

        • -4.3% CS.FP (AXA €37.63, -1.71) -- 9M revenue

        • -3.8% IRE.IM (Iren €2.56, -0.10) -- Equita downgrade

        • -3.6% SGO.FP (Compagnie de Saint-Gobain €84.06, -3.14) -- Q3 revenue

        • -3.6% DRX.LN (Drax Group £7.22, -0.27) -- initiated sell at UBS

        • -3.5% BWE.NO (BW Energy NOK38.75, -1.40) -- updates on Kudu appraisal well

        • -3.5% AUTO.LN (Auto Trader Group £7.80, -0.28) -- COO steps down

        • -3.2% ELUX.B.SS (Electrolux SEK61.40, -2.04)

        • -2.9% ACX.SM (Acerinox €11.18, -0.33) -- Q3 earnings

        • -2.6% ALMA.FH (Alma Media €14.80, -0.40) -- Q3 earnings

        • -2.6% SPIE.FP (SPIE €44.12, -1.18) -- Q3 revenue

        • -2.2% ISP.IM (Intesa Sanpaolo €5.58, -0.13) -- Q3 earnings

        • -2.1% NOVO.B.DC (Novo Nordisk DKK315.95, -6.75) -- Handelsbanken downgrade; Pfizer reportedly preparing to sue Metsara and possibly Novo Nordisk over bid - Semafor

        • -2.0% DTE.GR (Deutsche Telekom €26.89, -0.56) -- Germany considering using public funds to pay Deutsche Telekom and other telecom operators to replace Huawei Technologies Co. -- Bloomberg

        • -1.8% INGA.NA (ING Groep €21.72, -0.41) -- completion of 2025 SREP process

        • -1.8% TEF.SM (Telefonica €4.39, -0.08) -- Telefonica set to cut its dividend as part of a new strategy plan due next week -- Bloomberg

        • -1.6% HEIJM.NA (Heijmans €61.50, -1.00) -- Q3 trading update

    • EU companies reporting Monday:

      • Earnings:

        • Benelux: PostNL (PNL.NA)

        • France: Coface (COFA.FP)

        • Nordics: AcadeMedia (ACAD.SS), Oma Savings Bank (OMASP.FH), Aspo (ASPO.FH), Ilkka (ILKKA2.FH)

        • Southern Europe: Poste Italiane (PST.IM), Lottomatica Group (LTMC.IM), Elecnor (ENO.SM), Corticeira Amorim (COR.PL), Sonaecom (SNC.PL)

        • UK: Diversified Energy Co. (DEC.LN)

        • Other: Ryanair Holdings (RYA.ID)

      • Trading Update:

        • Benelux: Theon International (THEON.NA)

        • France: Vicat (VCT.FP)

  • Data:

    • Economics:

      • Oct Preliminary CPI

        • Netherlands +3.1% y/y vs consensus +3.2%, prior +3.3%

        • France +1.0% y/y vs consensus +1.1%, prior +1.2%

        • Austria +4.0% y/y vs consensus +3.8%, prior +4.0%

      • Finland Oct preliminary HICP +1.5% y/y vs consensus +2.1%, prior +2.2%

      • UK Oct house price index +2.4% y/y vs consensus +2.3%, prior +2.2% - Nationwide

      • Sep retail sales

        • Germany +0.2% y/y vs consensus +1.9%, prior revised +1.4% from +1.8%

        • Switzerland +1.5% y/y vs consensus +0.3%, prior revised (0.4%) from (0.2%)

      • France Sep PPI +0.5% y/y vs consensus +0.2%, prior +0.1%

    • Markets:

      • WTI Crude (Dec 25): ($0.04) or (0.07%) to $60.53

      • €-$ (0.0030) or (0.26%) to 1.1535

      • £-$ (0.0016) or (0.12%) to 1.3135

      • €-£ (0.0011) to 0.8784

      • S&P 500 +0.28%

      • Performance year-to-date

        • FTSE 100: +18.89%

        • DAX: +20.34%

        • CAC: +10.03%

        • MIB: +26.29%

        • Stoxx 600: +12.66%

https://www.reuters.com/world/dutch-centrist-d66-party-confirmed-election-winner-anp-says-2025-10-31/

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