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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.16%) to 9701.37, DAX +0.73% to 24132.41, CAC40 (0.14%) to 8109.79, STOXX 600 +0.07% to 572.28

Nov 03 ,2025

  • Synopsis:

    • European equity markets finished mixed with Dax outperforming while FTSE and CAC40 lower. Travel/Leisure, autos, and technology the best performers; basic resources and media the main laggards. US equity markets mixed in midday trading. Treasuries weaker with curve steepening; yields up 2-3 bp at long end. Dollar index flat. Gold up 0.4%. Bitcoin futures down 3.6%. WTI crude down 0.7% following widely expected OPEC+ production update.

    • On the European macro front, final Oct Eurozone manufacturing PMIs unchanged from flash at 50.0. UK PMI also little changed. Swiss Oct CPI came in softer-than-expected at 0.1% y/y versus consensus 0.3% and prior 0.2%. Elsewhere, EY Item Club revised up its UK economic forecast due to government spending but expects it to fizzle out on restrained spending next year amid a weak fiscal position. Weekend press said Chancellor Reeves looking at more than hundred tax and spending measures to close a fiscal gap that is likely to be more than £30B, as well as building a larger fiscal buffer than the current £9.9B. Meanwhile, French government will begin closed-door talks with lawmakers to try to agree a 2026 budget. Bundesbank chief Nagel said ECB outlook holding, but options open for December meeting. BoE policy decision on Thursday is tipped to be finely balanced. While most sell-side economists expect a steady hand, some analysts think macro developments may support a cut. This week's meeting will also include updated macroeconomic projections and new communication approach.

    • Amidst light earnings updates, Ryanair Holdings (RYA.ID) reported better-than-expected Q2 numbers and raised FY passenger guidance while PostNL (PNL.NA) reported weaker-than-expected Q3 results, re-iterated FY25 outlook and emphasised intention to pay a dividend.

    • Amidst busy M&A news flow, Orange (ORA.FP) acquired Lorca's 50% stake in MasOrange for €4.25B in cash. BP (BP.LN) announced it was divesting a non-controlling interests in Permian and Eagle Ford midstream assets to private investor Sixth Street for $1.5B and Eni (ENI.IM) and Petronas announced a 50:50 JV company combining their respective upstream assets in Indonesia and Malaysia. Also, Geely Holding Group and Geely Automobile Holdings purchased 26.4% stake in Renault do Brasil (RNO.FP) and Kuehne & Nagel (KNIN.SW) acquired Eastway Global Forwarding Ltd. Pfizer (PFE) filed a lawsuit against Metsera (MTSR) and Novo Nordisk (NOVO.B.DC) for a breach of merger agreement. FT reported that Commerzbank (CBK.GR) could exit its Frankfurt HQ as part of cost cutting push to fend off UniCredit (UCG.IM). G City launched a mandatory public tender offer for all shares and securities entitling to shares in Citycon (CTY1S.FH) at €4.00/sh.

    • Elsewhere, Italian authorities seized shares valued at ~€1.29B from holding company that controls Davide Campari-Milano (CPR.IM) over tax allegations. Winvia Entertainment (WVIA.LN) shares moved up over +10% vs IPO price of 195p/sh on stock market debut.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +1.76%, Autos & Parts +0.73%, Oil & Gas +0.68%, Technology +0.61%, Persnl & HHold Goods +0.48%, Banks +0.34%, Insurance +0.30%, Food & Beverage +0.24%, Utilities +0.16%

      • Underperformers:

        • Media (1.75%), Basic Resources (1.46%), Retail (0.74%), Chemicals (0.61%), Real Estate (0.60%), Health Care (0.52%), Construct & Mtls (0.46%), Telecom (0.41%), Financial Svcs (0.03%), Ind Goods & Svcs +0.00%

    • Macro:

      • ECB:

        • ECB's Nagel sees no deviation in euro-zone data, keeps options open: Bloomberg

        • ECB urges caution on synthetic SRTs in securitization overhaul: Bloomberg

        • Kazimir urges ECB to keep guard up on lingering inflation risks: Bloomberg

      • BoE:

      • UK:

        • UK chancellor eyes higher council tax bands for expensive homes: FT, Bloomberg

        • UK considers 20% exit charge on business assets for emigrants: London Times

        • UK debt surges fastest among rich nations, risking doom loop: Telegraph

        • UK business confidence plummets ahead of budget tax fears: Telegraph

      • France:

        • French government initiates closed-door budget negotiations: Bloomberg

      • Germany:

        • Energy subsidies to boost heavy industry expected in 2026: Bloomberg

      • Regulatory:

        • EU Commission proposes expanded central oversight of financial markets: FT

    • Peripheral markets:

      • Italy:

        • Scope ratings upgrades Italy's outlook to positive: Reuters

      • Belgium:

        • Belgium's block on EU loan risks IMF support for Ukraine: Politico

      • Spain:

        • Valencia leader resigns over handling of deadly floods: BBC

      • Romania:

        • Romania to tighten foreign borrowing goal to contain debt growth: Bloomberg

    • Company news:

      • Notable Gainers

        • +34.8% CTY1S.FH (Citycon €3.97, +1.03) -- G City Ltd's holdings in Citycon has exceeded 50%; G City has thereby become obligated to launch a mandatory public tender offer for all shares and securities entitling to shares in Citycon

        • +11.6% MOLN.SW (Molecular Partners CHF3.24, +0.34) -- presents updated data from Phase 1/2a trial of MP0533 in AML at ASH Annual Meeting

        • +11.1% CWR.LN (Ceres Power Holdings £2.96, +0.30) -- Addition to Goldman Sachs European Conviction List

        • +7.2% A2A.IM (A2A €2.70, +0.18) -- Morgan Stanley upgrade

        • +7.1% ALLIX.FP (Wallix Group €24.95, +1.65) -- Q3 revenue

        • +6.0% AKSO.NO (Aker Solutions NOK29.58, +1.68) -- NOK0.5-1.5B four-year contract extension

        • +5.1% ENO.SM (Elecnor €29.75, +1.45) -- 9M earnings

        • +3.9% RYA.ID (Ryanair Holdings €27.28, +1.03) -- Q2 earnings

        • +3.5% YIT.FH (Yit €3.03, +0.10) -- €100M excavation contract

        • +3.5% DNLM.LN (Dunelm Group £11.49, +0.39) -- RBC Capital Markets upgrade

        • +3.2% ASPO.FH (Aspo €6.46, +0.20) -- Q3 earnings; strategy update

        • +2.6% ALPHA.GA (Alpha Bank SA €3.49, +0.09) -- completes acquisition of AstroBank's assets and liabilities

        • +2.2% RNO.FP (Renault €34.38, +0.75) -- Geely to take a 26.4% stake in Renault do Brasil

        • +1.8% CBK.GR (Commerzbank €32.01, +0.58) -- could exit its Frankfurt HQ as part of cost cutting push to fend off UniCredit - FT

      • Notable Decliners

        • -12.1% RENX.LN (Renalytix £0.07, -0.01) -- FY earnings

        • -5.8% ACAD.SS (AcadeMedia SEK99.10, -6.10) -- Q1 earnings

        • -5.5% FRAS.LN (Frasers Group £6.89, -0.40) -- RBC Capital Markets downgrade

        • -5.2% VOD.LN (Vodafone Group £0.87, -0.05) -- UBS downgrade

        • -4.0% FLS.DC (FLSmidth & Co. DKK484.60, -20.40) -- Nordea downgrade

        • -3.7% EMEIS.FP (Emeis SA €13.78, -0.53) -- sells independent senior residences business in France for nearly €160M

        • -3.7% AUSS.NO (Austevoll Seafood NOK91.80, -3.50) -- Danske Bank downgrade

        • -3.6% PNL.NA (PostNL €0.93, -0.04) -- Q3 earnings

        • -3.5% GREEN.SS (Green Landscaping Group SEK45.00, -1.65) -- acquires Marco Schulz Forst- & Landschaftsbau GmbH f

        • -2.8% PNN.LN (Pennon Group £5.00, -0.15) -- Citi downgrade

        • -1.6% UTG.LN (UNITE Group £5.54, -0.09) -- Empiric trading update

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria Mayr-Melnhof Karton (MMK.AV), AT & S Austria Technologie & Systemtechnik (ATS.AV),

        • Benelux: Koninklijke Philips (PHIA.NA)

        • Denmark: Coloplast (COLO.B.DC), North Media (NORTHM.DC)

        • Finland: NoHo Partners (NOHO.FH)

        • France: Transgene (TNG.FP)

        • Germany: Fresenius Medical Care (FME.GR), Nemetschek (NEM.GR), Evonik Industries (EVK.GR), Schaeffler (SHA0.GR), Nordex (NDX1.GR), Hugo Boss (BOSS.GR), Aura Minerals (A531.GR), Elmos Semiconductor (ELG.GR), NEXUS (NXU.GR), Norma Group (NOEJ.GR), AdvancedAdvT (06P0.GR), Mediclin (MED.GR), R. Stahl (RSL2.GR), CENIT (CSH.GR)

        • Norway: Aker (AKER.NO), Bakkafrost (BAKKA.NO), Multiconsult (MULTI.NO), SmartCraft (SMCRT.NO), Cloudberry Clean Energy (CLOUD.NO), Okea (OKEA.NO), NRC Group (NRC.NO)

        • Southern Europe: Telefonica (TEF.SM), Grifols (GRF.SM), Gestamp Automoción (GEST.SM), FinecoBank (FBK.IM), Banca Popolare di Sondrio (BPSO.IM), Industrie De Nora (DNR.IM), Public Power Corp. (PPC.GA)

        • Sweden: Latour Investment (LATO.B.SS), Hacksaw (HACK.SS), International Petroleum Corp (IPCO.SS), Cibus Nordic Real Estate (CIBUS.SS), Boozt Fashion (BOOZT.SS), Nobia (NOBI.SS), Studsvik (SVIK.SS), BICO Group (BICO.SS), SaltX Technology Holding (SALT.B.SS), Embellence Group (EMBELL.SS), Nordisk Bergteknik (NORB.B.SS), 4C Group (4C.SS), Catena Media (CTM.SS)

        • Switzerland: Geberit (GEBN.SW), Burckhardt Compression Holding (BCHN.SW),

        • UK: BP (BP.LN), Associated British Foods (ABF.LN), dotDigital Group (DOTD.LN), Smiths News (SNWS.LN), Focusrite (TUNE.LN)

      • Trading Update:

        • Benelux: Alfen (ALFEN.NA)

        • France: bioMerieux (BIM.FP), Rubis (RUI.FP), Oeneo (SBT.FP)

        • Nordics: Archer (ARCH.NO), Demant (DEMANT.DC),NNIT (NNIT.DC)

        • Southern Europe: Safilo Group (SFL.IM)

        • UK: International Workplace Group (IWG.LN), Domino's Pizza Group (DOM.LN)

        • Other: AIB Group (A5G.ID)

      • Sales: Volvo Car (VOLV.B.SS)

      • CMD/events: Telefonica (TEF.SM), Edenred (EDEN.FP), SSAB (SSAB.A.SS), AFRY (AFRY.SS), Indutrade (INDT.SS), HEXPOL (HPOL.B.SS), Kardex Holding (KARN.SW), Georg Fischer (GF.SW), Enento Group (ENENTO.FH), Aspocomp Group (ACG1V.FH)

  • Data:

    • Economics:

      • UK Oct Manufacturing PMI 49.7 vs preliminary 49.6

      • Eurozone Oct Manufacturing PMI 50.0 vs preliminary 50.0

      • Germany Oct Manufacturing PMI 49.6 vs preliminary 49.6

      • France Oct Manufacturing PMI 48.8 vs preliminary 48.3

      • Italy Oct Manufacturing PMI 49.9 vs consensus 49.2 and prior 49.0

      • Switzerland Oct Manufacturing PMI 48.2 vs consensus 47.5 and prior 46.3

      • Spain Oct Manufacturing PMI 52.1 vs consensus 51.6 and prior 51.5

      • Norway Oct Manufacturing PMI 47.7 vs consensus 49.5 and prior 49.9

      • Sweden Oct Manufacturing PMI 55.1 vs consensus 54.5 and prior 55.6

      • Switzerland Oct CPI +0.1% y/y vs consensus +0.3% and prior +0.2%; (0.3%) m/m vs consensus (0.1%) and prior (0.2%)

      • Netherlands Sep Retail Sales +3.8% y/y vs consensus +3.1% and revised +3.9% from +3.6%

    • Markets:

      • WTI Crude (Dec 25): +$0.37 or +0.61% to $61.35

      • €-$ (0.0004) or (0.03%) to 1.1529

      • £-$ +0.0015 or +0.11% to 1.3148

      • €-£ (0.0011) to 0.8769

      • S&P 500 +0.15%

      • Performance year-to-date

        • FTSE 100: +18.70%

        • DAX: +21.21%

        • CAC: +9.88%

        • MIB: +26.43%

        • Stoxx 600: +12.74%

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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