Nov 05 ,2025
Synopsis:
European equity indices recovered from a weak start to finish in positive territory on Wednesday, after hitting fresh two-week lows earlier in the session. Follows broadly weaker levels on Tuesday, though UK FTSE 100 slightly higher. Autos outsized gainer; media, chemicals, constructions and energy amongst the best performers while health care and telco main laggards.
Valuation concerns in focus. Scrutiny on AI capex ramp, debt-fueled expansion plans, regulatory attention, and concentration risks. Supportive drivers in Europe include benign macro picture, fiscal support, corporate buybacks and better-than-expected Q3 earnings season amid low expectations.
Think tank NIESR warned Reeves needs to find £50B in tax rises and spending cuts or risk Truss-style bond market crisis. Follows her unusual pre-Budget press conference yesterday where she effectively prepared country for income tax increases. NIESR highlighted that the UK needs to run primary surpluses to get a grip on the unsustainable debt trajectory. In Germany, CDU politicians calling for greater independence from US cloud software. Meanwhile, France expected to miss deadline to vote on first part of 2026 budget due to number of amendments.
On the macro front, Riksbank left policy rate unchanged, as expected. Said rate to remain at current level for some time. Ahead of tomorrow decision, London Times shadow MPC said BoE should keep rates on hold until after the November budget. Oct Services PMI finals ahead of estimates: UK 52.3 vs preliminary 51.1, Eurozone 53.0 vs preliminary 52.6, Germany 54.6 vs preliminary 54.5 and France PMI 48.0 vs preliminary 47.1. Germany Sep Factory Orders firmer than expected +1.1% m/m vs consensus +0.9% and prior revised (0.4%) from (0.8%); France Sep Industrial Production also beats +0.8% m/m vs consensus +0.1% and up from prior revised (0.9%) from (0.7%). Italian retail sales slightly weaker than forecast at +0.5% y/y vs consensus +0.7% and prior revised +0.6% from +0.5%.
A busy day for earnings with early focus on HealthCare names with Fresenius (FRE.GR), Siemens Healthineers (SHL.GR), Evotec (EVT.GR), Grifols (GRF.SM) and Novo Nordisk (NOVO.B.DC) reporting. In Energy and Utilities, Vestas Wind Systems (VWS.DC), Ørsted (ORSTED.DC) and Royal Vopak (VPK.NA) released Q3 numbers. Food retailers and Producers, Koninklijke Ahold Delhaize (AD.NA), Marks & Spencer Group (MKS.LN), Coca-Cola Europacific Partners (CCEP.NA), Barry Callebaut (BARN.SW) and Mowi (MOWI.NO) updated investors with their latest numbers. In the banking and insurance sectors, Sampo(SAMPO.FH) and Metro Bank Holdings (MTRO.LN) released Q3 updates, whilst Nordea Bank (NDA.SE.SS) announced an updated strategy and new financial targets for 2030. In automakers, Bayerische Motoren Werke (BMW.GR) reported Q3 earnings and confirmed adjusted financial full-year targets as announced in October. In real estate and construction sectors, Bouygues (EN.FP) and Vonovia (VNA.GR) issued 9M earnings. Other notable companies reporting today included Leonardo (LDO.IM), ISS A/S (ISS.DC). Auto1 Group (AG1.GR), Pandora (PNDORA.DC), Royal KPN (KPN.NA), Wolters Kluwer (WKL.NA) and Nexi (NEXI.IM). On M&A newsflow, Bird announces its intention to acquire CM.com N.V. (CMCOM.NA) for €5.16/share in cash - Silicon Canals citing Bird press release.
Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Sep industrial production, Oct construction PMI, UK Oct construction PMI, Eurozone Sep retail sales, Spain Sep industrial production and Switzerland Oct unemployment rate. Of note, Norges Bank and Bank of England will make a decision on interest rates.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Autos & Parts +2.44%, Media +1.03%, Chemicals +1.00%, Oil & Gas +0.99%, Construct & Mtls +0.84%, Insurance +0.81%, Financial Svcs +0.68%, Basic Resources +0.66%, Persnl & HHold Goods +0.61%, Food & Beverage +0.56%, Retail +0.53%, Travel & Leisure +0.26%
Underperformers:
Health Care (0.99%), Telecom (0.38%), Banks +0.23%, Technology (0.02%), Real Estate (0.11%), Utilities +0.21%, Ind Goods & Svcs +0.25%
Macro:
Switzerland and US tariffs:
Rolex, Partners Group Take Swiss Tariff Plea Direct to Trump -- Swissinfo
Central banks:
ECB's Nagel Rejects Idea That Inflation Is Settling Below 2% -- Bloomberg
EU:
US slams EU's proposed space law as 'unacceptable' -- Politico
UK:
Germany:
Germany offers to pay Afghans to drop relocation plans -- Reuters
Company news:
Notable Gainers
+27.1% MOB.SS (Moberg Pharma SEK9.65, +2.11) -- exclusive license agreement for MOB-015/Terclara in Europe
+18.9% CWR.LN (Ceres Power Holdings £3.77, +0.59) -- manufacturing licence agreement
+14.8% VWS.DC (Vestas Wind Systems DKK149.35, +19.30) -- Q3 earnings; share buy-back programme of up to DKK 1,120M (~€150M)
+9.6% AIXA.GR (Aixtron €17.31, +1.51) -- Barclays upgrade
+8.5% SFL.IM (Safilo Group €1.79, +0.14) -- Q3 earnings
+8.3% MTRO.LN (Metro Bank Holdings £1.17, +0.09) -- Q3 trading update
+8.0% SFER.IM (Salvatore Ferragamo €7.42, +0.54) -- BNP Paribas Exane upgrade
+7.6% KTN.GR (Kontron €22.60, +1.60) -- 9M earnings
+6.8% BMW.GR (Bayerische Motoren Werke €85.34, +5.50) -- Q3 earnings
+6.7% KAMBI.SS (Kambi Group SEK114.60, +7.20) -- Q3 earnings; acquires source code for a player account management (PAM) platform
+5.5% VLTSA.FP (Voltalia €7.66, +0.40) -- 937 MW new maintenance contracts in Brazil
+5.3% TGS.NO (TGS-NOPEC Geophysical Co. NOK92.50, +4.70) -- three-year capacity agreement for marine streamer and OBN acquisition services with Chevron
+5.2% GL9.ID (Glanbia €15.09, +0.75) -- Q3 trading update
+5.2% ENRO.SS (Eniro Group SEK0.41, +0.02) -- Q3 earnings
+4.3% BARN.SW (Barry Callebaut CHF1,040.00, +43.00) -- FY earnings
+4.2% OERL.SW (OC Oerlikon Corp. CHF3.02, +0.12) -- RBC Capital Markets upgrade
+4.0% LRE.LN (Lancashire Holdings £6.75, +0.26) -- 9M earnings
+3.2% BAKKA.NO (Bakkafrost NOK503.50, +15.30) -- Pareto upgrade
+3.0% G5EN.SS (G5 Entertainment SEK93.70, +2.80) -- Q3 earnings
+2.5% ALFEN.NA (Alfen €9.98, +0.24) -- Q3 earnings; Oddo upgrade
+2.5% CCEP.NA (Coca-Cola Europacific Partners €76.90, +1.90) -- Q3 earnings
+2.4% WAWI.NO (Wallenius Wilhelmsen NOK78.55, +1.80) -- Q3 earnings
+2.0% MOWI.NO (Mowi NOK225.80, +4.40) -- Q3 earnings
+1.7% DRX.LN (Drax Group £7.29, +0.12) -- secures power generation contract with UK Government
Notable Decliners
-22.5% POXEL.FP (Poxel €0.26, -0.07) -- Draft Recovery Plan update; AGM convened to vote on capital increase
-19.2% SINCH.SS (Sinch SEK28.47, -6.54) -- Q3 earnings
-17.9% EVT.GR (Evotec €5.93, -1.27) -- 9M earnings; strategic agreement with Sandoz Group on Just-Evotec Biologics EU for $350M
-15.8% AMBU.B.DC (Ambu DKK82.95, -15.60) -- Q4 earnings
-13.5% ONCO.SS (Oncopeptides SEK5.03, -0.78) -- Q3 earnings
-12.7% HEAD.LN (Headlam Group £0.50, -0.07) -- 4M trading update
-10.5% GEST.SM (Gestamp Automoción €2.97, -0.35) -- Q3/9M earnings
-10.4% ORRON.SS (Orrön Energy SEK4.13, -0.48) -- Q3 earnings
-10.0% BPOST.BB (bpost €1.84, -0.20) -- Q3 earnings
-8.6% SHL.GR (Siemens Healthineers €45.74, -4.25) -- Q4 earnings
-7.9% NEXI.IM (Nexi SpA €4.12, -0.35) -- Q3 earnings
-6.4% SKB.GR (Koenig & Bauer €11.60, -0.80) -- Q3 earnings
-6.1% IDIA.SW (Idorsia CHF3.32, -0.22) -- $13M royalty monetization agreement
-4.5% MELE.BB (Melexis €58.20, -2.75) -- hosts 2025 CMD
-4.2% TCAP.LN (TP ICAP Group £2.49, -0.11) -- Q3 trading update
-3.9% ETL.FP (Eutelsat Communications €3.23, -0.13) -- new CFO
-3.8% TLT1V.FH (Teleste €4.00, -0.16) -- Q3 earnings
-3.2% NDA.FI.FH (Nordea Bank €14.28, -0.47) -- updated strategy and new financial targets for 2030
-3.2% GRF.SM (Grifols €10.72, -0.36) -- Q3 earnings
-2.7% HKFOODS.FH (HKFoods €1.64, -0.04) -- Q3 earnings
-2.6% VPK.NA (Royal Vopak €38.04, -1.00) -- Q3 earnings
-2.6% AMBEA.SS (Ambea AB SEK123.20, -3.20) -- Q3 earnings; announces 2M share buyback program
-2.5% MCOV.B.SS (Medicover SEK240.50, -6.00) -- Q3 earnings
-1.9% KCO.GR (Kloeckner & Co. €5.33, -0.10) -- Q3 earnings
EU companies reporting tomorrow:
Earnings:
Austria: Lenzing (LNZ.AV),
Belgium: Groupe Bruxelles Lambert (GBLB.BB), Syensqo (SYENS.BB), Titan (TITC.BB), Solvay (SOLB.BB), Shurgard Self Storage (SHUR.BB)
Denmark: Maersk (MAERSK.B.DC), GN Store Nord (GN.DC), Novonesis (NSIS.B.DC), Genmab (GMAB.DC), DFDS (DFDS.DC), TORM (TRMD.A.DC), Fynske Bank (FYNBK.DC), Solar (SOLAR.B.DC), Columbus (COLUM.DC)
Finland: Aktia Bank (AKTIA.FH), Harvia (HARVIA.FH), Capman (CAPMAN.FH), Sitowise Group (SITOWS.FH)
France: ENGIE (ENGI.FP), Legrand (LR.FP), Veolia Environnement (VIE.FP), Euronext (ENX.FP), Air France-KLM (AF.FP)
Germany: Rheinmetall (RHM.GR), DHL Group (DHL.GR), Commerzbank (CBK.GR), Hochtief (HOT.GR), Continental (CON.GR), Uniper (UN0.GR), Henkel (HEN3.GR), GEA Group (G1A.GR), Lanxess (LXS.GR), Deutz (DEZ.GR), Adtran Networks (ADV.GR), Rational (RAA.GR), Zalando (ZAL.GR), Fielmann Group (FIE.GR), Rhoen-Klinikum (RHK.GR), Basler (BSL.GR), SÜSS MicroTec (SMHN.GR), Deutsche Beteiligungs (DBAN.GR), Hamborner REIT (HABA.GR), SGL Carbon (SGL.GR), Himalaya Shipping (J1X.GR), Westwing Group (WEW.GR), EDAG Engineering Group (ED4.GR), Branicks Group (BRNK.GR), Leifheit (LEI.GR), Schloss Wachenheim (SWA.GR), Bastei Lübbe (BST.GR), Ringmetall (HP3A.GR), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR)
Greece: National Bank of Greece (ETE.GA)
Italy: Banca Monte dei Paschi di Siena (BMPS.IM), BPER Banca (BPE.IM), Banco BPM (BAMI.IM), Pirelli & C. (PIRC.IM), Iveco Group (IVG.IM), Azimut Holding (AZM.IM), Unipol Gruppo (UNI.IM), Banca Mediolanum (BMED.IM), Credito Emiliano (CE.IM), Brembo (BRE.IM), Cementir Holding (CEM.IM), Banca Ifis (IF.IM), Intercos (ICOS.IM), Ascopiave (ASC.IM), Zignago Vetro (ZV.IM), D'Amico International Shipping (DIS.IM)
Netherlands: ArcelorMittal (MT.NA), CTP (CTPNV.NA), IMCD (IMCD.NA), Banijay Group (BNJ.NA), Pharming Group (PHARM.NA)
Norway: Salmar (SALM.NO), AutoStore Holdings (AUTO.NO), Sparebanken Norge (SBNOR.NO), Veidekke (VEI.NO), Odfjell Drilling (ODL.NO), DNO (DNO.NO), Pexip Holding (PEXIP.NO), B2 Impact (B2I.NO), Kid (KID.NO), Morrow Bank (MOBA.NO), Cambi (CAMBI.NO), Selvaag Bolig (SBO.NO), Icelandic Salmon (ISLAX.NO), Hexagon Composites (HEX.NO), ArcticZymes Technologies (AZT.NO), Norsk Titanium (NTI.NO), S.D. Standard ETC (SDSD.NO), The Kingfish Company (KING.NO), REC Silicon (RECSI.NO), Tekna Holding (TEKNA.NO), Electromagnetic Geoservices (EMGS.NO)
Spain: Logista Integral (LOG.SM), Sacyr Vallehermoso (SCYR.SM)
Sweden: Skanska (SKA.B.SS), Securitas (SECU.B.SS), Camurus (CAMX.SS), Asker Healthcare Group (ASKER.SS), Hufvudstaden (HUFV.A.SS), Bure Equity (BURE.SS), New Wave Group (NEWA.B.SS), Apotea (APOTEA.SS), CellaVision (CEVI.SS), Rugvista Group (RUG.SS), Arise (ARISE.SS), Net Insight (NETI.B.SS), Mentice (MNTC.SS), Greater Than (GREAT.SS), PION Group (PION.B.SS), Active Biotech (ACTI.SS), Medivir (MVIR.SS)
Switzerland: Swisscom (SCMN.SW), Adecco Group (ADEN.SW), Valiant Holding (VATN.SW)
UK: AstraZeneca (AZN.LN), National Grid (NG.LN), BT Group (BT.A.LN), Wise (WISE.LN), J Sainsbury (SBRY.LN), Auto Trader Group (AUTO.LN), RS Group (RS1.LN), TBC Bank Group (TBCG.LN), HgCapital Trust (HGT.LN), Helios Towers (HTWS.LN)
Other: Gedeon Richter (RICHT.HB), Turkcell (TCELL.E.TI)
Trading Updates:
Benelux: Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA)
DACHs: Heidelberg Materials (HEI.GR), Zurich Insurance Group (ZURN.SW), Cie Financiere Tradition (CFT.SW), lastminute.com (LMN.SW)
France: JCDecaux (DEC.FP), Antin Infrastructure Partners (ANTIN.FP), NRJ Group (NRG.FP), Delta Plus Group (ALDLT.FP), Bonduelle (BON.FP), Akwel (AKW.FP), LNA Santé (LNA.FP), Poxel (POXEL.FP)
Nordics: GomSpace Group (GOMX.SS), ChemoMetec (CHEMM.DC)
Southern Europe: Metlen Energy & Metals (MYTIL.GA)
UK: Diageo (DGE.LN), Smith & Nephew (SN.LN), IMI (IMI.LN), Howden Joinery Group (HWDN.LN), Hikma Pharmaceuticals (HIK.LN), Vistry Group (VTY.LN), Derwent London (DLN.LN), OSB Group (OSB.LN), Watches of Switzerland Group (WOSG.LN), S4 Capital (SFOR.LN)
Data:
Economics:
Eurozone Sep PPI (0.2%) y/y vs consensus (0.2%) and prior (0.6%)
Oct Services PMI
UK 52.3 vs preliminary 51.1
Eurozone 53.0 vs preliminary 52.6
Germany 54.6 vs preliminary 54.5
France PMI 48.0 vs preliminary 47.1
Italy 54.0 vs consensus 53.0 and prior 52.5
Spain PMI 56.6 vs consensus 54.8 and prior 54.3
Sweden 55.4 vs consensus 56.6 and prior revised 57.9 from 57.7
Germany Sep Factory Orders +1.1% m/m vs consensus +0.9% and prior revised (0.4%) from (0.8%)
France Sep Industrial Production +0.8% m/m vs consensus +0.1% and prior revised (0.9%) from (0.7%)
Italy Sep Retail Sales +0.5% y/y vs consensus +0.7% and prior revised +0.6% from +0.5%
Markets:
WTI Crude (25-Dec): ($0.11) or (0.18%) to $60.45
€-$ (0.0003) or (0.02%) to 1.1480
£-$ +0.0017 or +0.13% to 1.3039
€-£ (0.0014) to 0.8804
S&P 500 +0.51%
Performance year-to-date:
FTSE 100: +19.63%
DAX: +20.80%
CAC: +9.40%
MIB: +27.06%
Stoxx 600: +12.66%
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