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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +1.15% to 9899.60, DAX +0.53% to 24088.06, CAC40 +1.25% to 8156.23, STOXX 600 +1.28% to 580.13

Nov 11 ,2025

  • Synopsis:

    • European equity markets closed sharply higher, near best levels, following strong positive performance on Monday with Stoxx Europe 600 posting best performance since May. FTSE at fresh all-time high. Dax underperforming. FTSE MIB, just surpassed its 2007 pre-global financial crisis peak, marking its highest level since 2001. Swiss exporters, Consumer Products and Services and healthcare advance; Personal Care Drug and Grocery Stores and Utilities lag.

    • In a 60-40 vote Monday night, US Senate passed a stopgap funding bill to reopen government. Legislation now heads to House, where a vote may occur Wednesday. Market welcoming developments with reopening paving way for release of delayed data that may shape December Fed rate cut expectations. Futures pricing in ~60% chance of December rate cut, and latest Fed views show mixed opinions with some backing further easing while others advocating caution. AI also a focal point with Softbank sale of NVDA stake, META chief AI scientist leaving, bullish sentiment around AMD investor day, CRWV guidance cut on capacity delays, better near-term profitability path for Anthropic than OpenAI and the spillover of AI capex angst to the bond market.

    • Korean tech giants extending early week AI recovery with rebound coming on heels of worst week for tech stocks since April. Recent discussions have involved stretched valuations, index concentration and debt-fuelled capex plans. This is also being met by bullish counterviews highlighting dip buying activity, strong earnings outlook and quality of the AI-related capex. Favorable sentiment surrounding Nvidia going into earnings next week and cleaner positioning also mentioned. In terms of data, Australia consumer confidence rose to highest in seven years outside of pandemic while business conditions rose to highest since Mar-2024.

    • Focus in Europe initially on data. Weak UK employment data may add to BoE easing bets. UK earnings declined to 4.8% versus 5% expected; ex-bonus in-line. Unemployment rate rose to 5% versus 4.9% expected. October BRC retail sales worst since May. German ZEW expectations declined to 38.5 versus 39.3 prior and 41.0 expected. Doubts persist over policymakers' ability to address structural challenges. Positive comments from Trump on deal to lower tariffs on Switzerland also supporting sentiment. ECB's Vujcic said Eurozone economy in a good place, concerned about consumer caution and market valuations. BoE's Greene worried about inflation persistence in UK, but said today's wage data is good news.

    • In corporate developments, out of DACHs, Fraport (FRA.GR), TAG Immobilien (TEG.GR), Munich Re (MUV2.GR) and HENSOLDT (HAG.GR) reported before the open. In the UK, Vodafone Group (VOD.LN) posted better-than-expected H1 numbers with group now expecting to deliver at "upper end" of the FY26 guidance range. Elsewhere, SKF (SKF.B.SS) is hosting its Capital Markets Day in Stockholm today; shares lower as analysts point to in-line, underwhelming financial targets while capex and restructuring costs are higher than expected.

    • In M&A headlines, media reports CDP opposes Nexi (NEXI.IM) selling majority stake in digital banking solutions business to TPG (TPG). UniCredit (UCG.IM) said to have filed an appeal with Italy's top administrative court over government-set terms for Banco BPM (BAMI.IM) bid and Santander (SAN.SW) reportedly considering selling some or all of its 13% stake in Polish unit via book buildings over the coming months.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 10-Nov to 14-Nov attached) Swiss Life Holding (SLHN.SW), Experian (EXPN.LN), Scottish and Southern Energy (SSE.LN), Lerøy Seafood Group (LSG.NO), E.ON (EOAN.GR), RWE (RWE.GR), Bayer (BAYN.GR), Infineon Technologies (IFX.GR), Brenntag (BNR.GR), H. Lundbeck (HLUN.B.DC), FLSmidth & Co. (FLS.DC), ABN AMRO Bank (ABN.NA), Voestalpine (VOE.AV), and Oesterreichische Post (POST.AV) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Oct final CPI, Italy Sep industrial production, Portugal Oct final CPI and Belgium Sep industrial production.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +2.97%, Consumer Products and Services +2.22%, Food, Beverage and Tobacco +1.96%, Energy+1.95%, Autos & Parts +1.60%, Construct & Mtls +1.56%, Retail +1.47%,

      • Underperformers:

        • Personal Care Drug and Grocery Stores (0.11%), Utilities +0.11%, Technology +0.53%, Travel & Leisure +0.61%, Ind Goods & Svcs +0.61%, Insurance +0.72%, Basic Resources +0.90%, Real Estate +0.93%, Banks +1.07%, Chemicals +1.26%, Financial Svcs +1.29%, Telecom +1.32%,

    • Macro/Peripheral markets:

      • EU

        • Ukraine will host EU summit to unblock membership bid - Politico

        • EU agrees to relax green rules in farming subsidy reform - Reuters

        • EU demands billions as price of Starmer's 'reset' with Brussels - The Times

      • UK

        • JPMorgan Backs December BOE Cut as Weak Jobs Data Spurs UK Bonds - Bloomberg

        • Britain is broke - yet public sector workers are getting the biggest pay rises - The Telegraph

        • UK suspends some intelligence sharing with US over boat strike concerns in major break - CNN

        • Reform council plans tax rise on second homes despite Farage calling it 'extortion' - FT

      • Germany

        • Klingbeil sees dispute over military service before agreement - Handelsblatt

        • How the Bundesbank intends to curb rising debt - Handelsblatt

        • Germany to spend €26.5 billion on clothes for soldiers, armoured vehicles - Reuters

      • Switzerland

        • Swiss Billionaires Pivotal in Wooing Trump Ahead of Tariff Deal - Bloomberg

      • Greece

        • Greece Plans to Raise as Much as €8 Billion From Markets in 2026 - Bloomberg

    • Company news:

      • Trading Higher:

        • +16.4% FOUR.LN (4imprint Group £40.00, +5.60) -- trading statement

        • +15.2% OXIG.LN (Oxford Instruments £20.45, +2.73) -- H1 earnings

        • +12.7% TIG.LN (Team Internet Group £0.48, +0.05) -- initiates a strategic review to unlock shareholder value and provides an update on market developments in its Search and Comparison segments

        • +9.5% FDM.LN (FDM Group (Holdings) £1.38, +0.12) -- trading statement

        • +8.7% ADYEN.NA (Adyen €1,465.40, +118.40) -- CMD

        • +8.4% AVTX.NA (Avantium €6.68, +0.52) -- signs capacity reservation agreement with Logoplaste Consultores Técnicos

        • +8.1% VOD.LN (Vodafone Group £0.96, +0.07) -- H1 earnings; expects to deliver at "upper end" of the FY26 guidance range; to commence €500M share buyback

        • +7.7% IF.IM (Banca Ifis €24.62, +1.78) -- 9M earnings

        • +7.2% FRA.GR (Fraport €76.55, +5.20) -- Q3 earnings

        • +6.4% NOVO.B.DC (Novo Nordisk DKK313.65, +18.95) -- Novo Nordisk cuts Wegovy price by up to 33% in India -- Reuters, citing document

        • +6.1% UHR.SW (Swatch Group CHF176.20, +10.15) -- US-Switzerland tariff talks

        • +5.9% RDC.GR (Redcare Pharmacy €64.50, +3.60) -- CFO steps down

        • +5.7% KENDR.NA (Kendrion €14.80, +0.80) -- Q3 earnings; launch of a €10M share buyback program

        • +5.7% WPP.LN (WPP Group £3.01, +0.16)

        • +5.2% WOSG.LN (Watches of Switzerland Group £4.47, +0.22)

        • +4.6% LUCE.LN (Luceco £1.40, +0.06) -- Q3 trading update

        • +4.3% HEAD.LN (Headlam Group £0.53, +0.02) -- issues update on transformation plan to return the Group to profitability

        • +4.1% HH.DC (H+H International DKK86.80, +3.40) -- Q3 earnings

        • +4.0% ILM1.GR (Medios €12.62, +0.48) -- Q3 earnings

        • +3.5% TEG.GR (TAG Immobilien €14.06, +0.47) -- 9M earnings

        • +3.0% STX.LN (Shield Therapeutics £0.07, -0.00) -- to present results from ACCRUFeR Pediatric Pharmacokinetic (PK) study at the ASH conference

        • +3.0% BEIJ.B.SS (Beijer Ref SEK156.55, +4.50) -- Berenberg upgrade

        • +2.9% SMHN.GR (SÜSS MicroTec €33.68, +0.96) -- Kepler Cheuvreux upgrade

        • +2.4% HVO.LN (hVIVO plc £0.06, -0.00) -- presents positive data from a number of newly developed human challenge models at ESWI Conference

        • +2.3% ALZCUR.SS (AlzeCure Pharma SEK1.99, +0.04) -- Q3 earnings

        • +2.1% MOB.SS (Moberg Pharma SEK10.19, +0.21) -- Q3 earnings

        • +2.0% DDRIL.NO (Dolphin Drilling AS NOK0.01, -0.00) -- Q3 earnings; announces fully underwritten NOK151.1M private placement

        • +1.7% AMP.SM (Amper €0.14, -0.00) -- contract

        • +1.6% ONCO.SS (Oncopeptides SEK4.91, +0.08) -- announces expert consensus supports use of Pepaxti in myeloma

        • +1.5% MEDCL.FP (MedinCell €30.06, +0.44) -- appoints new CSO

        • +1.5% SOLAR.B.DC (Solar DKK201.50, +2.90) -- launches offering of up to 646,000 new B-shares in a directed issue and private placement

      • Trading Lower:

        • -22.8% HFG.LN (Hilton Food Group £4.94, -1.46) -- Q3 trading update

        • -8.2% BOUV.NO (Bouvet NOK58.20, -5.20) -- Q3 earnings

        • -7.7% HEX.NO (Hexagon Composites NOK6.61, -0.55) -- CFO steps down

        • -6.8% SKF.B.SS (SKF SEK240.30, -17.50) -- CMD

        • -5.4% BYW6.GR (BayWa €4.40, -0.26) -- ompletes capital increase with subscription rights with total gross issue proceeds from both tranches ~ €179M

        • -4.6% WCH.GR (Wacker Chemie €64.40, -3.10) -- transferred hold at Jefferies

        • -4.6% WSTEP.NO (Webstep $18.60, -0.90) -- Q3 earnings

        • -3.8% ROCK.B.DC (Rockwool DKK205.85, -8.20) -- Q3 earnings; lowers FY outlook

        • -2.8% ASHM.LN (Ashmore Group £1.66, -0.05) -- Deutsche Numis downgrade

        • -2.5% TSCO.LN (Tesco plc £4.63, -0.12) -- Worldpanel announces latest UK grocery share figures

        • -2.0% LDO.IM (Leonardo €49.71, -1.02) -- CEO steps down

        • -1.8% EVK.GR (Evonik Industries €13.81, -0.25) -- Jefferies downgrade

        • -1.8% SBRY.LN (J Sainsbury £3.42, -0.06) -- Worldpanel announces latest UK grocery share figures

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Voestalpine (VOE.AV), Oesterreichische Post (POST.AV), Semperit Holding (SEM.AV), FACC (FACC.AV), DO & CO (DOC.AV)

        • Benelux: ABN AMRO Bank (ABN.NA), Envipco Holding (ENVI.NA)

        • Denmark: H. Lundbeck (HLUN.B.DC), FLSmidth & Co. (FLS.DC), Matas (MATAS.DC), Schouw & Co (SCHO.DC), MT Hojgaard Holding (MTHH.DC)

        • Finland: Musti Group (MUSTI.FH), Nanoform Finland (NANOFH.FH)

        • Germany: E.ON (EOAN.GR), RWE (RWE.GR), Bayer (BAYN.GR), Infineon Technologies (IFX.GR), Brenntag (BNR.GR), LEG Immobilien (LEG.GR), Springer Nature (SPG.GR), KWS SAAT (KWS.GR), Jungheinrich (JUN3.GR), Jenoptik (JEN.GR), Eckert & Ziegler (EUZ.GR), Verbio (VBK.GR), Patrizia (PAT.GR), adesso (ADN1.GR), Heidelberger Druckmaschinen (HDD.GR), INDUS Holding (INH.GR), PVA TePla (TPE.GR), Elringklinger (ZIL2.GR), GESCO SE (GSC1.GR), Bike24 Holding (BIKE.GR), Knaus Tabbert (KTA.GR), Pentixapharm Holding (PTP.GR), Orascom Development Holding (4O7.GR)

        • Italy: Fincantieri (FCT.IM), Technoprobe (TPRO.IM), Hera (HER.IM), De'Longhi (DLG.IM), ENAV (ENAV.IM), GVS (GVS.IM), Tinexta (TNXT.IM), Equita Group (EQUI.IM), The Italian Sea Group (TISG.IM), SYS-DAT (SYS.IM) Dexelance (DEX.IM)

        • Norway: Lerøy Seafood Group (LSG.NO), Austevoll Seafood (AUSS.NO), 2020 Bulkers (2020.NO)

        • Portugal: Sonae (SON.PL)

        • Sweden: Karnov Group (KAR.SS), Yubico (YUBICO.SS), Better Collective (BETCO.SS), BTS Group (BTS.B.SS), Pierce Group (PIERCE.SS)

        • Switzerland: Ypsomed Holding (YPSN.SW)

        • UK: Experian (EXPN.LN), Scottish and Southern Energy (SSE.LN), Volex (VLX.LN), Fuller, Smith & Turner (FSTA.LN), Motorpoint Group (MOTR.LN), Ten Lifestyle Group (TENG.LN)

        • Other: Magyar Telekom Telecommunications (MTEL.HB)

      • Trading Update:

        • DACHs: Swiss Life Holding (SLHN.SW), secunet Security Networks (YSN.GR), Exasol (EXL.GR)

        • France: Viel & Cie (VIL.FP)

        • Nordics: Royal Unibrew (RBREW.DC)

        • Southern Europe: Geox (GEO.IM)

        • UK: Taylor Wimpey (TW.LN), Marshalls (MSLH.LN)

      • Traffic: Flughafen Zuerich (FHZN.SW), DFDS (DFDS.DC)

      • CMD/Events: Zehnder Group (ZEHN.SW), Rana Gruber (RANA.NO)

  • Data:

    • Economics:

      • Netherlands Oct CPI +3.1% y/y vs preliminary +3.1%

      • UK Oct Claimant Count Change +29.0K vs consensus +17.6K and prior revised +0.4K from +25.8K

      • Germany Nov ZEW Economic Sentiment Indicator 38.5 vs consensus 41.0 and prior 39.3

    • Markets:

      • WTI Crude (Dec 25): +$1.13 or +1.88% to $61.26

      • €-$ +0.0040 or +0.34% to 1.1597

      • £-$ (0.0001) or (0.01%) to 1.3173

      • €-£ +0.0030 to 0.8803

      • S&P 500 +1.29%

      • Performance year-to-date

        • FTSE 100: +21.13%

        • DAX: +20.99%

        • CAC: +10.51%

        • MIB: +29.98%

        • Stoxx 600: +14.28%

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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