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StreetAccount Summary - EU Market Recap: FTSE 100 (0.42%) to 9735.78, DAX (1.31%) to 23734.02, CAC40 (1.36%) to 7964.77, STOXX 600 (0.70%) to 567.90

Nov 06 ,2025

  • Synopsis:

    • European equity markets closed in negative territory and around the lowest level of the session. Basic Resources, Health Care and Real Estate were the best performing sectors. Technology, Industrial Goods&Servicecs and Media lagged. Follows positive close on Wednesday. Stoxx Europe 600 still well off Tuesday's two-week lows, now just slightly lower on the week.

    • Central bank policy a focal point in Europe. BoE left policy on hold in narrow 5-4 vote split but highlighted rates likely on gradual downward path and inflation risks now more balanced. Norges Bank left policy on hold as expected. Anticipates further rate cuts in the coming year if economy evolves as it expects.

    • On the macro data front, German industrial production rose 1.3% m/m in Sep, recovering from Aug's 3.7% decline. However, rebound masks persistent structural weaknesses, with production still down 1.0% y/y. Sep recovery primarily driven by sharp 12.3% surge in automotive production, rebounding from Aug's 16.7% decline caused by annual plant closures and production changeovers. While production expectations show some improvement, structural challenges including US tariffs, Chinese competition, and capacity utilisation at financial-crisis levels suggest any recovery will be modest and cyclical. Oct manufacturing PMI remained in contraction at 49.6, with employment declining for the 28th consecutive month, underscoring Germany's persistent industrial struggles.

    • Amidst a busy earnings calendar, DACH names kicked off the session, with Zurich Insurance Group (ZUNR.SW), DHL Group (DHL.GR), Commerzbank (CBK.GR), Continental (CON.GR), Adecco Group (ADEN.SW), Henkel (HEN3.GR), Deutz (DEZ.GR), Swisscom (SCMN.SW), Zalando (ZAL.GR) and SÜSS MicroTec (SMHN.GR) updating investors before the open. In n France, Worldline (WLN.FP) posted a CMD update and confirmed a capital increase of €500M; Air France (AF.FP), Teleperformance (TEP.FP), Legrand (LR.FP) and Eurazeo (RF.FP) also reported earlier. In the UK, AstraZeneca (AZN.LN), Diageo (DGE.LN), BT Group (BT.A.LN), Tate & Lyle (TATE.LN), Smith & Nephew (SN.LN) and CRH (CRH.LN) were among few other names from the region to release updates whilst - in the Nordics - Maersk (MAERSK.B.DC), GN Store Nord (GNDC), DNO (DNO.NO) and DFDS (DFDS.DC) reported this morning, with the latter also lowering FY guidance, announcing a cost cutting program and commencing its CEO succession process. Of note, shares in Novo Nordisk (NOVO.B.DC) are trading +3% higher after a Delaware Chancery Court denied Pfizer's request for a temporary restraining order to block Metsera's Board of Directors from acting in the best interests of shareholders. Elsewhere, EDP-Energias de Portuga (EDP.PL), EDP Renovaveis (EDPR.PL), Iveco Group (IVG.IM). Diasorin (DIA.IM) Koninklijke BAM Groep (BAMNB.NA), AMG Critical Materials (AMG.NA) and Solvay (SOLB.BB) issued their Q3/9M numbers.

    • In M&A, Bavarian Nordic (BAVA.DC) shares closed (20.8%) lower after consortium consisting of Nordic Capital and Permira withdrew offer as minimum acceptance condition has not been satisfied

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +0.66%, Health Care +0.41%, Real Estate +0.36%, Banks +0.35%, Utilities +0.26%, Telecom +0.15%, Insurance (0.51%), Retail (0.63%), Autos & Parts (0.65%), Oil & Gas (0.67%)

      • Underperformers

        • Technology (1.88%), Ind Goods & Svcs (1.77%), Media (1.71%), Financial Svcs (1.70%), Travel & Leisure (1.62%), Construct & Mtls (1.42%), Persnl & HHold Goods (1.29%), Food & Beverage (0.91%), Chemicals (0.80%),

    • Macro:

      • Central Banks

        • Bank of England keeps rates on hold at 4% in knife-edge decision - FT

        • Norway central bank keeps rates on hold, as expected - Reuters

      • EU

        • Brussels tweaks budget overhaul in bid to stave off parliament rebellion - FT

        • EU Faces Pressure to Provide Credible Funding Plan for Ukraine - Bloomberg

      • UK

        • Think-tank linked to Reform UK says Britain is heading for debt crisis - FT

        • Reeves set to spare UK banks from Budget tax raid - FT

        • Rachel Reeves 'planning pay-per-mile tax for electric vehicles in budget' - The Guardian

        • Sainsbury's says shoppers are delaying spending in run-up to budget - Guardian

      • France

        • France Asks EU to Probe Shein, Act Over Sex Dolls, Weapons - Bloomberg

      • Germany

        • Production in Germany increases - Handelsblatt

        • Government reactivates new construction subsidy with 800 million euros - Handelsblatt

    • Company news:

      • Notable Gainers

        • +37.8% CTNK.GR (centrotherm international €6.75, +1.85) -- Solarpark Blautal GmbH sells majority stake in centrotherm international AG to the investment company ARDIAN

        • +32.8% FORSE.FP (Forsee Power €0.35, +0.09) -- Rolls-Royce (RR.LN) strategic partnership; transfer of listing

        • +24.3% PHARM.NA (Pharming Group €1.37, +0.27) -- earnings

        • +22.5% HARVIA.FH (Harvia €42.95, +7.90) -- earnings

        • +20.9% NEL.NO (NEL ASA NOK2.62, +0.45) -- purchase order

        • +19.4% NETI.B.SS (Net Insight SEK4.37, +0.71) -- earnings

        • +17.3% MNTC.SS (Mentice SEK11.00, +1.62) -- earnings

        • +16.9% ALCRB.FP (Carbios €8.36, +1.21) -- collaboration agreement

        • +16.0% VRCI.LN (Verici Dx £0.01, -0.00) -- agreement

        • +13.7% BIOV.SW (BioVersys CHF25.80, +3.10) -- doses first subject in Phase 1 clinical trial with BV100 in China

        • +13.5% TEKNA.NO (Tekna Holding NOK4.20, +0.50) -- earnings

        • +13.5% AUTO.NO (AutoStore Holdings NOK11.00, +1.31) -- earnings

        • +12.9% SMHN.GR (SÜSS MicroTec €30.10, +3.44) -- earnings

        • +10.8% HTWS.LN (Helios Towers £1.72, +0.17) -- earnings; strategy; buyback

        • +9.8% APOTEA.SS (Apotea SEK89.45, +7.98) -- earnings

        • +9.5% FDEV.LN (Frontier Developments £5.63, +0.49) -- franchise update

        • +9.2% BRE.IM (Brembo €9.96, +0.84) -- Q3 earnings

        • +8.6% DHL.GR (DHL Group €43.32, +3.44) -- earnings

        • +8.5% WG.LN (John Wood Group £0.20, +0.02) -- restored to listing and trading on the Main Market of LSE

        • +7.7% RS1.LN (RS Group plc £5.95, +0.43) -- earnings

        • +7.5% DIS.IM (D'Amico International Shipping €4.84, +0.34) -- Q3 earnings

        • +7.2% TPG.GR (Platform Group €8.36, +0.56) -- earnings

        • +7.0% NSIS.B.DC (Novonesis DKK415.00, +27.10) -- earnings

        • +6.6% ZAL.GR (Zalando €24.14, +1.49) -- earnings

        • +6.3% ADEN.SW (Adecco Group CHF24.18, +1.44) -- earnings; CFO steps down

        • +6.0% SGL.GR (SGL Carbon €3.00, +0.17) -- earnings

        • +5.7% HPHA.GR (Heidelberg Pharma €3.13, +0.17) -- lead ATAC candidate HDP-101 shows progress in Phase I/IIa trial in multiple myeloma

        • +5.2% WEW.GR (Westwing Group €12.25, +0.60) -- earnings

        • +5.2% VEI.NO (Veidekke NOK162.00, +8.00) -- earnings; contract

        • +5.1% BUSER.SS (Bambuser SEK0.54, +0.03) -- rights issue

        • +5.0% TRMED.NO (Thor Medical NOK3.71, +0.18) -- supply agreement

        • +5.0% AZM.IM (Azimut Holding €35.35, +1.68) -- Q3 earnings; updates on TNB & strategic plan and announces €500M buyback

        • +5.0% OSB.LN (OSB Group £5.53, +0.27) -- trading update

        • +4.5% HOT.GR (Hochtief €274.00, +11.80) -- raises FY operational net profit guidance; now expects to see an acceleration of operational net profit growth in Q4 versus the first nine-months 2025

        • +4.3% ASKER.SS (Asker Healthcare Group SEK91.22, +3.77) -- earnings

        • +3.8% TITC.BB (Titan S.A. €40.65, +1.50) -- exclusive negotiations to acquire Vracs de L'Estuaire in Northern France

        • +3.7% IMI.LN (IMI £24.92, +0.90) -- trading update

        • +3.6% CAPMAN.FH (Capman €1.85, +0.06) -- earnings

        • +3.5% PDL.LN (Petra Diamonds £0.19, +0.01) -- shareholders approve rights issue

        • +3.4% SYENS.BB (Syensqo €70.36, +2.30) -- earnings

        • +3.4% PION.B.SS (PION Group SEK6.00, +0.20) -- earnings

        • +3.3% AMUN.FP (Amundi €66.40, +2.10) -- State Bank of India approves divesting 32.1M SBI Funds Management shares, or 6.3% stake, via IPO

        • +3.3% WOSG.LN (Watches of Switzerland Group £4.03, +0.13) -- trading update

      • Notable Decliners

        • -25.9% RSGN.SW (R&S Group Holding CHF18.82, -6.58) -- guidance

        • -20.8% BAVA.DC (Bavarian Nordic A/S DKK187.00, -49.00) -- Consortium consisting of Nordic Capital and Permira withdraws offer for Bavarian Nordic A/S as minimum acceptance condition has not been satisfied

        • -18.8% DIA.IM (Diasorin €60.32, -13.94) -- earnings

        • -17.4% SESG.FP (SES €5.30, -1.12) -- earnings

        • -16.8% HEX.NO (Hexagon Composites NOK7.31, -1.48) -- earnings

        • -16.4% NFG.LN (Next 15 Group £3.16, -0.62) -- terminates discussions related to sale of brands

        • -16.1% RUG.SS (Rugvista Group SEK67.60, -13.00) -- earnings

        • -14.9% AF.FP (Air France-KLM €10.01, -1.75) -- earnings

        • -14.1% HIK.LN (Hikma Pharmaceuticals £15.22, -2.49) -- trading statement; STARJEMZA (ustekinumab-hmny) injection launch

        • -12.3% LXS.GR (Lanxess €17.04, -2.39) -- earnings

        • -12.2% LR.FP (Legrand €129.25, -17.95) -- earnings; Deutsche Bank downgrade

        • -11.9% TBCG.LN (TBC Bank Group £37.85, -5.10) -- earnings

        • -10.9% MEDCL.FP (MedinCell €31.64, -3.88) -- TPICAP Midcap downgrade

        • -10.9% SN.LN (Smith & Nephew £12.42, -1.52) -- sales

        • -9.5% GF.SW (Georg Fischer CHF51.40, -5.40) -- UBS downgrade

        • -9.3% WLN.FP (Worldline €1.86, -0.19) -- CMD update; confirms capital increase of €500M

        • -9.1% VCP.LN (Victoria £0.50, -0.05) -- trading update

        • -9.1% CEVI.SS (CellaVision SEK160.00, -16.00) -- earnings

        • -7.7% LNZ.AV (Lenzing €22.90, -1.90) -- earnings

        • -7.4% IMCD.NA (IMCD €82.24, -6.54) -- earnings

        • -7.1% SFOR.LN (S4 Capital £0.20, -0.02) -- earnings

        • -6.5% DFDS.DC (DFDS DKK85.75, -6.00) -- earnings; CEO succession; cost reduction

        • -6.5% DGE.LN (Diageo £16.80, -1.18) -- trading statement

        • -6.4% EDP.PL (EDP-Energias de Portugal €4.11, -0.28) -- earnings; business plan

        • -6.4% AZT.NO (ArcticZymes Technologies NOK26.20, -1.80) -- earnings

        • -6.1% BYW6.GR (BayWa €5.05, -0.33) -- divestment

        • -5.9% CEM.IM (Cementir Holding €14.58, -0.92) -- 9M earnings

        • -5.9% MTLN.GA (Metlen Energy & Metals Plc €43.00, -2.68) -- sales

        • -5.9% CAMX.SS (Camurus SEK554.00, -34.50) -- earnings

        • -5.9% HWDN.LN (Howden Joinery Group £8.20, -0.51) -- trading update

        • -5.6% HABA.GR (Hamborner REIT €4.83, -0.29) -- earnings

        • -5.4% AENA.SM (Aena S.M.E. €22.44, -1.28) -- Sustainable Mobility Bill potential effect

        • -5.4% HFG.GR (HelloFresh €5.96, -0.34) -- Grizzly Research short report

        • -5.3% MAERSK.B.DC (Maersk DKK12,845.00, -725.00) -- earnings

        • -5.0% HEI.GR (Heidelberg Materials €196.75, -10.25) -- earnings

        • -4.8% SITOWS.FH (Sitowise Group €2.38, -0.12) -- earnings

        • -4.7% SKA.B.SS (Skanska SEK249.00, -12.30) -- earnings

        • -4.7% ONCO.SS (Oncopeptides SEK4.78, -0.23) -- reinstated hold at DNB Carnegie

        • -4.5% GREAT.SS (Greater Than SEK19.10, -0.90) -- Q3 earnings

        • -3.7% NEX.FP (Nexans €121.00, -4.60) -- consortium

        • -3.0% ASC.IM (Ascopiave €3.11, -0.10) -- 9M earnings

        • -2.5% KID.NO (Kid ASA NOK133.00, -3.40) -- earnings

        • -2.3% CRH.LN (CRH plc £87.24, -2.04) -- earnings

        • -2.1% FYNBK.DC (Fynske Bank DKK186.00, -4.00) -- Q3 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Proximus (PROX.BB), Aperam (APAM.NA)

        • DACHs: Daimler Truck Holding (DTG.GR), HENSOLDT (HAG.GR), Krones (KRN.GR), Stratec (SBS.GR), MAX Automation (MXHN.GR), Fabasoft (FAA.GR), Data Modul (DAM.GR), Global Fashion Group (GFG.GR)

        • France: Arkema (AKE.FP)

        • Nordics: RaySearch Laboratories (RAY.B.SS), Catella (CAT.B.SS), Genovis (GENO.SS), Arla Plast (ARPL.SS), Novotek (NTEK.B.SS), Oneflow (ONEF.SS), Sveafastigheter (SVEAF.SS), Samhällsbyggnadsbolaget i Norden (SBB.B.SS), Arendals Fossekompani (AFK.NO), Hofseth BioCare (HBC.NO)

        • Southern Europe: Amadeus IT Group (AMS.SM), Cellnex Telecom (CLNX.SM), Alpha Bank (ALPHA.GA), Piaggio & C (PIA.IM), SECO (IOT.IM), Banca Sistema (BST.IM)

        • UK: International Consolidated Airlines Group (IAG.LN), Record (REC.LN)

        • Other: MOL Hungarian Oil & Gas (MOL.HB)

      • Trading Update:

        • Benelux: InPost (INPST.NA), Sif Holding (SIFG.NA)

        • France: Hexaom (ALHEX.FP)

        • Nordics: Gubra (GUBRA.DC), HusCompagniet (HUSCO.DC)

  • Data:

    • Economics:

      • Germany

        • Sep Industrial Production +1.3% m/m vs consensus +3.0% and prior revised (3.7%) from (4.3%)

        • Oct Construction PMI 42.8 vs consensus 46.9 and prior 46.2

      • Sweden Oct CPI +0.9% y/y vs consensus +0.8% and prior +0.9%

      • Switzerland Oct Unemployment Rate (sa) 3.0% vs consensus 3.0% and prior 3.0%

      • Spain Sep Industrial Production +1.7% y/y vs consensus +2.5% and prior revised +3.3% from +3.4%

      • Eurozone Sep Retail Sales +1.0% y/y vs consensus +1.0% and prior revised +1.6% from +1.0%

      • UK Oct Construction PMI 44.1 vs consensus 46.7 and prior 46.2

    • Markets:

      • WTI Crude (Dec 25): ($0.28) or (0.47%) to $59.32

      • €-$ +0.0047 or +0.41% to 1.1541

      • £-$ +0.0058 or +0.45% to 1.3109

      • €-£ (0.0001) to 0.8806

      • S&P 500 (1.13%)

      • Performance year-to-date

        • FTSE 100: +19.12%

        • DAX: +19.21%

        • CAC: +7.91%

        • MIB: +25.98%

        • Stoxx 600: +11.88%

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