Nov 10 ,2025
Synopsis:
European equity markets ended the day higher in a broad-based advance. After initial gains, shares ratcheted higher, ending just below the best levels of the session
Sentiment initially aided by news that the US Senate nearing deal to end government shutdown and the US administration's suspension of a probe into China's shipbuilding industry, prompting Beijing to reciprocate. Also, Russia' Lavrov reportedly ready to meet US' Rubio. Wall Street's firmer open supported shares in later trading.
Ireland +2.4%, Italy +2.3% and Austria +2.0% led outperformers. Norway +0.4% and Finland +0.6% join the Netherlands and FTSE100 in leading underperformers
BOE's Lombardelli delivered opening remarks and chairs a panel at the BOE/Bank of Ghana Pan-African Central Bank Governors' conf . ECB publishes Economic Bulletin pre-release.
On politics, EU's von der Leyen participated in a meeting she convenes with the Presidents of the EP and the Presidency of the Council.
DIE ZEIT newspaper hosts discussion at 19:00CET with German finance minister Klingbeil on the government's budget, plans for defence spending and compulsory military service, as well as other domestic and international topics.
Norway's PM Støre attended a central board meeting of the Labour Party at the party office on Youngstorget. The country's minister of foreign affairs Eide visits China (Mon/Tue) and Singapore (Wed) and minister of labour and inclusion Stenseng spoke at IMDi's annual conf.
UN Climate Change Executive Secretary Simon Stiell addressed the official opening of COP30. There's FT Live @ COP 30 through the duration of the Summit.
Announcements of the acquisitions of JTC (JTC.LN) and Northern Data (NB2.GR) amongst the M&A news flow, that also included Pandox (PNDX.B.SS) completes acquisition of Dalata Hotel Group, summarises reasons for and financial effects, Blackstone Funds' PUSU deadline to announce firm intention to make an offer for Big Yellow Group (BYG.LN) extended to 8-Dec and PIERER Mobility (PKTM.SW) announces EU Commission does not initiate in-depth investigation under the Foreign Subsidies Regulation into Bajaj Auto International Holdings B.V.'s acquisition of Pierer Industrie's 50.1% stake in Pierer Bajaj. Also, Euronext (ENX.FP) +0.4% lowers acceptance threshold in connection with offer for Hellenic Exchanges-Athens Stock Exchange (EXAE.GA) (0.3%) and Novo Nordisk (NOVO.B.DC) +1.2% decides not to submit a fresh offer for Metsera following Pfizer and Metsera entering into an amended merger agreement
Among companies with earnings/update releases are Almirall (ALM.SM) reports 9M net income €41.8M ex-items vs year-ago €9.9M, on track to meet 2025 guidance, Hannover Re (HNR1.GR), LEM Holding (LEHN.SW), Salzgitter (SZG.GR) and Chemring Group (CHG.LN).
Reportedly, Siemens (SIE.GR) said to favour direct spinoff of Healthineers (SHL.GR) stake; plans could be announced as soon as next week
Elsewhere, HelloFresh (HFG.GR) responds to Grizzly Research short report and Fincantieri (FCT.IM) wins €0.5-1.0B cruise ship order. Reportedly, Renault (RNO.FP) ends rare-earth-free EV motor project with Valeo (FR.FP) as it begins search for alternative, cheaper supplier for its development efforts
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Banks +2.87%, Travel & Leisure +2.43%, Basic Resources +1.70%, Retail +1.68%, Ind Goods & Svcs +1.67%, Technology +1.55%
Underperformers:
Real Estate (0.19%), Telecom (0.12%), Media +0.25%, Utilities +0.37%, Chemicals +0.37%, Food & Beverage +0.78%, Autos & Parts +1.06%, Persnl & HHold Goods +1.09%, Financial Svcs +1.16%, Insurance +1.21%, Oil & Gas +1.37%, Health Care +1.38%, Construct & Mtls +1.41%
Macro/Peripheral markets:
ECB:
ECB prepares leadership overhaul as Lagarde's term ends - FT
ECB's interest rates are at the appropriate level barring changes in the economic situation, says de Guindos in an interview - Diário de Notícias
EU:
Europe and Latin America chart a common course for a fair partnership - CELAC-EU Summit
Finland:
Minister of Employment Marttinen sets up a working group tasked with identifying solutions to the problems related to online shops focusing on cheap imports; expected to complete its report by Feb-26 - press release
Netherlands:
Coalition government talks continue, Wed due to see parliamentary vote on mediator's recommendation on how to move forward - Dutch News
Russia:
Russia's massive strike cripples Ukrainian power grid - Politico
Lavrov signals readiness for talks with Rubio - Reuters
Kyiv needs to increase its attacks on Russia's oil industry - Chatham House
Sweden:
Inquiry proposes measures for more efficient expansion of fiber and 5G throughout the country - Govn. press release
Government presents a comprehensive approach for even more efficient, robust and more fossil-free and sustainable freight transport - press release
UK:
Sovereign credit rating reviews after the close Fri included:
Company news:
Notable Gainers
+31.7% NB2.GR (Northern Data) -- confirms Rumble intends to make all-share tender offer for company
+24.7% IPH.FP (Innate Pharma) -- announces FDA clearance to proceed with TELLOMAK 3, a confirmatory Phase 3 trial of Lacutamab in CTCL
+17.3% WIHN.SW (WISeKey International Holding) -- to publicly list it's subsidiary WISeSat.Space Corp. via business combination with Columbus Acquisition Corp.
+17.1% RHIM.LN (RHI Magnesita) -- delivered the expected improvement in performance over 4M from Jul-Oct, in line with FY guidance
+15.1% CAMX.SS (Camurus) -- announces positive topline results from Phase 1b study evaluating CAM2056 in comparison to weekly semaglutide in patients overweight or obese
+10.0% EMEIS.FP (Emeis SA) --announces agreement in principle for refinancing of bank debt of emeis SA and its subsidiaries Niort 94 and Niort 95
+9.0% EYE.LN (Eagle Eye Solutions Group) -- secures five-year contract with large independent North American food retailers
+8.3% SMHN.GR (SÜSS MicroTec) -- buy from neutral at UBS; buy from hold at Jefferies
+7.4% EAH.LN (Eco Animal Health) -- EMA's CVMP adopts Positive Opinion recommending granting EU marketing authorisation for company's ECOVAXXIN MS
+7.2% KRX.LN (Kingspan Group) -- YTD sales +8% y/y to €6.8B; continue to expect to deliver FY trading profit in the region of €950M
+7.0% SZG.GR (Salzgitter) -- 9M pretax income (€72.7M) vs consensus (€90M); specifies FY25 guidance in lower half of previous range
+6.7% CBK.GR (Commerzbank) -- buy from hold at Deutsche Bank
+6.1% OKEA.NO (Okea) -- buy from hold at ABG Sundal Collier
+6.1% GNFT.FP (GENFIT) -- presents promising new preclinical data on NTZ/G1090N in the treatment of ACLF; Enters research collaboration with EVerZom to advance exosome-based regenerative technology in ACLF
+5.8% ACKB.BB (Ackermans & Van Haaren) -- outperform from neutral at Oddo
+5.6% DGE.LN (Diageo) -- appoints Dave Lewis as new CEO
+5.2% SOLG.LN (SolGold) -- announces strong drilling results at Tandayama-América
+5.0% MPE.LN (M.P. Evans Group) -- expects Group revenue to be higher than previously envisaged, with enhanced anticipated profitability
+4.8% BAMI.IM (Banco BPM) -- Unicredit (UCG.IM) considers appeal over BPM golden power ruling -- Repubblica
+3.8% HYQ.GR (Hypoport) -- Q3 EPS €0.76 vs year-ago €0.26
+3.4% HNR1.GR (Hannover Re) -- Q3 net income €650.8M vs consensus €637M; raises FY net income guidance
+2.6% AC.FP (Accor) -- Brookfield and Blackstone looking to acquire Accor's 30% stake in Essendi -- Les Echos
+2.3% ENQ.LN (EnQuest) -- signs new $800M senior secured reserve based lending facilities
+2.0% STM.GR (Stabilus) -- prelim FY net income €24.2M vs FactSet €35.1M [6 est, €24.8-49M]; expects FY26 to be challenging
On earnings/updates: ALM.SM (Almirall), KNOS.LN (Kainos Group), BELA.GA (Jumbo)
Notable Decliners
-14.8% LEHN.SW (LEM Holding) -- H1 net income CHF6.8M vs FactSet CHF3.6M [1 est]; guides FY; updates mid-term financial ambitions
-11.7% ORY.SM (Oryzon Genomics) -- to hold EGM on 11-Dec; on the agenda, approval of a capital increase of up to €125M, remuneration policy, other
-8.0% SL.IM (Sanlorenzo) -- 9M net income €75.9M, +4% vs year-ago €72.9M, reaffirms FY guidance and sharpens target KPIs
-4.4% JTC.LN (JTC) -- Permira confirms recommended 1,340p/share in cash offer to acquire JTC
-4.3% ENSU.NO (Ensurge Micropower) -- NOK20M repair issue/subsequent offering; NOK100M placement at NOK0.90/share
-2.8% APN.LN (Applied Nutrition) -- FY adj. EPS 9.1p vs FactSet 9.1p [5 est, 9.0-9.1p]; Full year expectations for FY26 remain unchanged at this stage
-2.1% RMV.LN (Rightmove) -- underweight from equal weight at Barclays; neutral from buy at UBS; buy from hold at Panmure Liberum; outperform from sector perform at RBC Capital Markets
-1.5% CHG.LN (Chemring Group) -- FY adj. operating profit is expected to be in-line with analyst expectations, adj EPS is expected to benefit from slightly lower finance costs
-1.4% SIGHT.FP (GenSight Biologics) -- completes €2.0M fundraising subscribed by two investors which were existing shareholders Invus and Alumni Capital; extends cash runway to Jan-26
-1.3% QBY.GR (q.beyond) -- Q3 net income €0.5M vs year-ago (€0.9M); FY25 revenues now expected at lower end of the €184-190M range; shares reversed modest initial gains
-0.8% SAMPO.FH (Sampo) -- market perform from outperform at Keefe, Bruyette & Woods
On earnings/updates: reversing initial gains BNOR.LN (BlueNord), HAUTO.NO (Höegh Autoliners)
EU companies reporting tomorrow:
Earnings:
Benelux: Kendrion (KENDR.NA)
Denmark: Scandinavian Tobacco Group (STG.DC), Copenhagen Airports (KBHL.DC), H+H International (HH.DC), Jeudan (JDAN.DC)
Finland: Mandatum (MANTA.FH), Raisio (RAIVV.FH), Kamux (KAMUX.FH)
Germany: Munich Re (MUV2.GR), Fraport (FRA.GR), Porsche Automobil Holding (PAH3.GR), K+S (SDF.GR), United Internet (UTDI.GR), Deutsche Wohnen (DWNI.GR), IONOS Group (IOS.GR), 1&1 (1U1.GR), TAG Immobilien (TEG.GR), Stroeer (SAX.GR), KSB (KSB.GR), Medios (ILM1.GR)
Italy: Recordati (REC.IM), A2A (A2A.IM), Italmobiliare (ITM.IM), Philogen (PHIL.IM), doValue (DOV.IM), IGD SIIIQ (IGD.IM), B&C Speakers (BEC.IM), Sabaf (SAB.IM)
Norway: Bouvet (BOUV.NO), Salmon Evolution (SALME.NO), Nordhealth (NORDH.NO), Spir Group (SPIR.NO), Webstep (WSTEP.NO), Capsol Technologies (CAPSL.NO)
Spain: Vocento (VOC.SM)
Sweden: NOBA Bank Group (NOBA.SS), AlzeCure Pharma (ALZCUR.SS), Starbreeze (STAR.B.SS), Vivesto (VIVE.SS), Coinshares International (CS.SS), Bahnhof (BAHN.B.SS), Fasadgruppen Group (FG.SS), Enad Global 7 (EG7.SS)
Switzerland: Sunrise Communications (SUNN.SW), PSP Swiss Property (PSPN.SW)
UK: Vodafone Group (VOD.LN), DCC (DCC.LN), Air Astana (AIRA.LN), Oxford Instruments (OXIG.LN), Avon Technologies (AVON.LN), AB Dynamics (ABDP.LN), Dialight (DIA.LN)
Other: CEZ (CEZ.CP), Bank of Cyprus Holdings (BOCH.CY)
Trading Statement:
Benelux: TKH Group (TWEKA.NA), B&S Group (BSGR.NA)
Traffic: Heathrow Airport (+HTR.LN), Aeroflot-Russian Airline (AFLT.RU)
CMD/Events: SKF (SKF.B.SS), Telenor (TEL.NO), Marks & Spencer Group (MKS.LN), Titan (TITC.BB), HENSOLDT (HAG.GR), Orell Füssli (OFN.SW), Heidelberg Pharma (HPHA.GR) R&D
Data:
Economics:
Eurozone Nov Sentix investor confidence (7.4) vs consensus (3.9), prior (5.4)
Norway Oct
CPI +3.3% y/y vs consensus +3.1%, prior +3.6%
PPI (6.9%) y/y vs consensus (2.4%), prior (2.8%)
Sweden Sep industrial production +13.5% y/y vs consensus +3.2%, prior revised +10.2% from +10.6%
Denmark
Oct CPI +2.1% y/y vs consensus +2.3%, prior +2.3%
Sep trade balance DKK33.5B vs consensus DKK32.7B, prior prevised DKK25.8B from DKK22.2B
Netherlands Sep manufacturing production +0.1% m/m vs consensus (1.5%), prior revised +2.0% from +1.7%
Finland Sep industrial production (1.8%) y/y vs consensus +0.9%, prior (0.2%)
Greece
Oct CPI +2.0% y/y vs consensus +2.1%, prior +1.9%
Sep industrial production +6.8% y/y vs consensus +1.6%, prior revised (2.8%) from (2.9%)
Markets:
WTI Crude (Dec 25): ($0.18) or (0.30%) to $59.57
€-$ (0.0011) or (0.10%) to 1.1551
£-$ (0.0003) or (0.02%) to 1.3157
€-£ (0.0003) to 0.8779
S&P 500 +0.70%
Performance year-to-date:
FTSE 100: +19.75%
DAX: +20.35%
CAC: +9.14%
MIB: +28.40%
Stoxx 600: +12.84%
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