Nov 12 ,2025
Synopsis:
European equity markets closed higher and just off session's best levels with Stoxx Europe 600 at fresh all-time high. FTSE lagged. banks, utilities and construction were the best performers; energy, media and financial services main laggards. Follows sharply higher close on Tuesday where FTSE posted a fresh all-time high and Italy's FTSE MIB highest since 2001.
Optimism on trade deal between Switzerland and US, which characterized European markets Tuesday, continues doing the rounds. In the UK, more opposition towards PM Starmer and Chancellor Reeves ahead of feared 26-Nov budget. However, Health Secretary Streeting denied plotting a coup.
ECB's Schnabel on the wires suggesting resilient EU growth supportive of inflation pressures. Bank of France forecasted slight Q4 expansion despite political turmoil.
In macro, German final CPI confirmed at 2.3% in Oct versus 2.4% prior and Italy Sep Industrial Production came in at +1.5% y/y vs consensus (0.5%).
A busy day for earnings, DACHs names kicking off the session with E.ON (EOAN.GR), Brenntag (BNR.GR), Swiss Life Holding (SLHN.SW), RWE (RWE.GR), Bayer (BAYER.GR), and Infineon Technologies (IFX.GR) reporting Q3/9M numbers. In the Netherlands, ABN AMRO Bank (ABN.NA) released its Q3 earnings report. In Denmark, FLSmidth & Co. (FLS.DC) issued Q3 earnings and adjusted its FY25 revenue guidance. In the UK, Experian (EXPN.LN), Taylor Wimpey (TW.LN), BAE Systems (BA.LN), and Scottish and Southern Energy (SSE.LN) updated investors with their latest numbers.
Some afternoon reports came through from ProSiebenSat.1 Media (PSM.GR), Royal Unibrew (RBREW.DC) and ALK-Abello (ALK.B.DC), with the latter two also raising FY guidance.
In M&A, ABN AMRO (ABN.NA) announced plans to acquire NIBC Bank from Blackstone (BX) for an estimated transaction price of ~€960M along with Q3 earnings. Elsewhere, Public Property Invest ASA (PUBLI.NO) has entered into an agreement with Samhällsbyggnadsbolaget i Norden AB (SBB.B.SS), pursuant to which PPI will acquire a large portfolio of social infrastructure properties from SBB
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Banks +1.61%, Utilities +1.57%, Construct & Mtls +1.44%, Basic Resources +1.14%, Health Care +1.14%, Autos & Parts +0.94%, Chemicals +0.79%, Travel & Leisure +0.78%
Underperformers:
Oil & Gas (0.63%), Media (0.35%), Financial Svcs (0.25%), Real Estate +0.10%, Retail +0.22%, Telecom +0.29%, Technology +0.40%, Ind Goods & Svcs +0.41%, Food & Beverage +0.45%, Insurance +0.53%, Persnl & HHold Goods +0.68%
Macro:
Central banks:
Geopolitics:
Cyprus urges EU to leverage Middle East ties with Trump (FT)
UK sought Putin back channel fearing Trump Ukraine sideline (FT)
Germany's military ascendancy reshapes European power dynamics (Politico)
Russian forces advance south of Kupiansk, commander claims (Reuters)
EU divides migration burden: frontline states gain aid, others face obligations (Politico)
Greece, Cyprus pledge closer energy cooperation, update interconnector plan (ekathimerini )
Germany:
Merz Advisers Revise 2026 German Growth Forecast to Below 1% (Bloomberg)
France:
Italy:
Meloni's middle-class tax relief slammed as favoring wealthy (FT)
UK:
Company news:
Notable Gainers
+16.8% SSE.LN (Scottish and Southern Energy £23.07, +3.33) --
H1 earnings
transformational £33B five-year investment plan
equity issue to raise gross proceeds of ~ £2B to fully fund its £33B investment programme for FY26-30
+16.6% TISG.IM (The Italian Sea Group €4.22, +0.60) -- 9M earnings
+14.9% MTRS.SS (Munters Group SEK175.60, +22.80) -- orders
+14.5% INH.GR (INDUS Holding €24.80, +3.15) -- Q3 earnings
+14.2% DLG.IM (De'Longhi €35.02, +4.36) -- Q3 earnings
+14.2% MOLN.SW (Molecular Partners CHF3.54, +0.44) -- presents new data for DLL3 targeting radiotherapy MP0712 at TRP Summit Europe 2025
+13.3% VLX.LN (Volex £4.22, +0.50) -- H1 earnings; new Chair
+13.1% JEN.GR (Jenoptik €21.04, +2.44) -- Q3 earnings
+11.8% TENG.LN (Ten Lifestyle Group £0.57, +0.06) -- trading update
+11.5% AIXA.GR (Aixtron €19.40, +2.00) -- BofA upgrade
+10.2% PUBLI.NO (Public Property Invest NOK23.30, +2.15) -- completes 153.6M-share Private Placement priced at NOK23/sh
+2.6% SBB.B.SS (Samhällsbyggnadsbolaget i Norden SEK4.52, +0.12) -- Public Property Invest ASA announces acquisition of NOK 37B social infrastructure real estate portfolio from SBB
+9.1% RWE.GR (RWE €46.86, +3.92) -- Q3 earnings
+9.1% H2O.GR (Enapter €1.75, +0.15) -- secures €12M funding via convertible bond and capital increase at €1.58/share to support break-even target in 2026
+8.1% VOE.AV (Voestalpine €34.78, +2.60) -- Q2 earnings
+7.4% JUN3.GR (Jungheinrich €31.54, +2.16) -- Q3 earnings
+6.3% AVON.LN (Avon Technologies £19.78, +1.18) -- FY earnings
+6.1% RANA.NO (Rana Gruber NOK67.70, +3.90) -- Q3 earnings; CMD update
+5.9% BAYN.GR (Bayer AG €29.06, +1.63) -- Q3 earnings
+5.8% FSTA.LN (Fuller, Smith & Turner £6.58, +0.36) -- H1 earnings
+5.5% HKY.NO (Havila Kystruten NOK58.00, +3.00) -- trading update
+5.4% EVT.GR (Evotec €5.38, +0.27) -- milestone payment from Bristol Myers Squibb
+5.1% TUI1.GR (TUI Group €7.65, +0.37) -- strong preliminary FY 2025 results above expectations
+4.5% INT.SS (Intellego Technologies SEK42.85, +1.85) -- to convene EGM to propose synthetic buyback program of up to SEK 250M
+4.4% BNR.GR (Brenntag €49.19, +2.09) -- Q3 earnings
+4.4% STG.DC (Scandinavian Tobacco Group DKK92.00, +3.90) -- Q3 earnings
+4.4% CHEMM.DC (ChemoMetec DKK778.50, +32.50) -- initiated buy at Berenberg
+4.0% HDD.GR (Heidelberger Druckmaschinen €1.92, +0.07) -- H1 earnings
+3.9% SYS.IM (SYS-DAT €5.92, +0.22) -- 9M earnings
+3.7% PTP.GR (Pentixapharm Holding AG €1.53, +0.05) -- Q3 earnings
+2.8% KWS.GR (KWS SAAT SE & Co. KGaA €65.80, +1.80) -- Q1 earnings
+2.4% EXL.GR (Exasol €2.94, +0.07) -- 9M revenue
+2.3% VRCI.LN (Verici Dx £0.01, -0.00) -- completes CAP accreditation audit
+1.7% AZE.BB (Azelis Group €9.95, +0.17) -- EQT agrees to sell ~44M shares in Azelis Group NV to JNE Partners, First Pacific Advisors and Temasek; assumed equal weight at Barclays
+1.6% ADN1.GR (adesso €94.90, +1.50) -- Q3 earnings
Notable Decliners
-21.2% BTS.B.SS (BTS Group SEK146.80, -39.40) -- Q3 earnings
-12.0% PIERCE.SS (Pierce Group SEK11.35, -1.55) -- Q3 earnings
-9.3% A2A.IM (A2A €2.46, -0.25) -- 9M earnings; Strategic Plan to 2035
-8.7% TEKNA.NO (Tekna Holding NOK3.79, -0.36) -- updates proposed resolutions for the EGM for the fully underwritten rights issue
-8.5% FLS.DC (FLSmidth & Co. DKK431.00, -40.20) -- Q3 earnings; lowers FY guidance
-7.5% DOV.IM (doValue €2.38, -0.19) -- 9M earnings
-7.4% MATAS.DC (Matas DKK122.00, -9.80) -- Q2 earnings; new interim CEO
-6.5% FCT.IM (Fincantieri €18.92, -1.32) -- 9M earnings
-5.8% SMG.SW (SMG Swiss Marketplace Group CHF31.70, -1.95) -- initiated hold at Jefferies
-5.5% ITM.IM (Italmobiliare €29.25, -1.70) -- Kepler Cheuvreux downgrade
-4.9% HAG.GR (HENSOLDT €82.80, -4.25) -- JPMorgan downgrade
-4.0% EDEN.FP (Edenred €20.34, -0.85) -- takes note of the new regulatory framework for the meal and food voucher system in Brazil; comments on anticipated earnings impact
-3.9% TW.LN (Taylor Wimpey £1.02, -0.04) -- trading update
-3.7% AUTO.LN (Auto Trader Group £7.03, -0.27) -- BofA downgrade
-3.5% DOC.AV (DO & CO €193.00, -7.00) -- Q2 earnings
-3.4% GSC1.GR (GESCO SE €14.10, -0.50) -- 9M earnings; lowers FY guidance
-2.1% GAMA.LN (Gamma Communications £9.64, -0.21) -- CFO to step down
-1.8% AUSS.NO (Austevoll Seafood NOK88.70, -1.60) -- Q3 earnings
-1.8% MPE.LN (M.P. Evans Group £13.55, -0.25) -- initiated buy at Singer Capital Markets
-1.6% ACT.GR (AlzChem Group €132.00, -2.20) -- Martin Vorderwülbecke now holds 2.51% of voting rights attached to shares in AlzChem Group as of 6-Nov vs prior holding at 4.99%
EU companies reporting tomorrow:
Earnings:
Austria: Wienerberger (WIE.AV), Polytec Holding (PYT.AV)
Benelux: KBC Group (KBC.BB), Nyxoah (NYXH.BB), Agfa-Gevaert (AGFB.BB)
Denmark: ALK-Abello (ALK.B.DC), Zealand Pharma (ZEAL.DC)
Finland: Orthex (ORTHEX.FH)
France: Alstom (ALO.FP), Ubisoft Entertainment (UBI.FP), Valneva (VLA.FP)
Germany: Siemens (SIE.GR), Deutsche Telekom (DTE.GR), Talanx (TLX.GR), EnBW Energie Baden-Wuerttemberg (EBK.GR), Hapag-Lloyd (HLAG.GR), Merck (MRK.GR), Renk Group (R3NK.GR), Ottobock (OBCK.GR), Bilfinger (GBF.GR), Wacker Neuson (WAC.GR), ProSiebenSat.1 Media (PSM.GR), Sixt (SIX2.GR), OHB (OHB.GR), Grand City Properties (GYC.GR), Friedrich Vorwerk Group (VH2.GR), Dermapharm Holding (DMP.GR), Hamburger Hafen und Logistik (HHFA.GR), Deutsche EuroShop (DEQ.GR), Duerr (DUE.GR), tonies (TNIE.GR), MBB (MBB.GR), SMA Solar Technology (S92.GR), PNE (PNE3.GR), MLP (MLP.GR), CANCOM (COK.GR), CEWE (CWC.GR), JOST Werke (JST.GR), GRENKE (GLJ.GR), SAF-HOLLAND (SFQ.GR), Mutares (MUX.GR), Deutsche Pfandbriefbank (PBB.GR), init innovation in traffic systems (IXX.GR), EnergieKontor (EKT.GR), GFT Technologies (GFT.GR), ProCredit Holding (PCZ.GR), Formycon (FYB.GR), HomeToGo (HTG.GR), Hawesko Holding (HAW.GR), Aumann (AAG.GR), Novem Group (NVM.GR), PWO (PWO.GR), Voltabox (VTAG.GR), Mister Spex (MRX.GR), Delticom (DEX.GR), Cherry (C3RY.GR)
Greece: Hellenic Telecommunications Organization (HTO.GA), HELLENiQ ENERGY Holdings (ELPE.GA)
Italy: Enel (ENEL.IM), Assicurazioni Generali (G.IM), TERNA Rete Elettrica Nazionale (TRN.IM), ACEA (ACE.IM), Reply (REY.IM), Iren (IRE.IM), Carel Industries (CRL.IM), Moltiply Group (MOL.IM), Rai Way (RWAY.IM), Alerion Cleanpower (ARN.IM), Fiera Milano (FM.IM), Arnoldo Mondadori Editore (MN.IM), WIIT (WIIT.IM), TXT e-Solutions (TXT.IM), Cairo Communication (CAI.IM), Antares Vision (AV.IM), Toscana Aeroporti (TYA.IM), Aeroporto Guglielmo Marconi di Bologna (ADB.IM), Orsero (ORS.IM), Esprinet (PRT.IM), Datalogic (DAL.IM), Italian Exhibition Group (IEG.IM), FNM (FNM.IM), Aquafil (ECNL.IM), Trevi-Finanziaria Industriale (TFIN.IM), Multitude (FRU.MIL.IM)
Norway: Norbit (NORBT.NO), Grieg Seafood (GSF.NO), Endur (ENDUR.NO), Elmera Group (ELMRA.NO), Nekkar (NKR.NO), Prosafe (PRS.NO), Norcod (NCOD.NO), IDEX Biometrics (IDEX.NO)
Portugal: Redes Energeticas Nacionais (RENE.PL)
Sweden: Embracer Group (EMBRAC.B.SS), BioArctic (BIOA.B.SS), Modern Times Group MTG (MTG.B.SS), Surgical Science Sweden (SUS.SS), MEKO (MEKO.SS), ByggPartner Gruppen (BYGGP.SS), Infant Bacterial Therapeutics (IBT.B.SS), Ferronordic (FNM.SS), Qualisys Holding (QSYS.SS), Mendus (IMMU.SS), Isofol Medical (ISOFOL.SS), Norva24 Group AB (NORVA.SS)
Switzerland: Montana Aerospace (AERO.SW)
Spain: ACS (ACS.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Talgo (TLGO.SM), Inmobiliaria Colonial SOCIMI (COL.SM)
UK: 3i Group (III.LN), ICG (ICG.LN), Burberry Group (BRBY.LN), QinetiQ Group (QQ.LN), B&M European Value Retail (BME.LN), Premier Foods (PFD.LN), Wizz Air Holdings (WIZZ.LN), Atalaya Mining (ATYM.LN), Marks Electrical Group (MRK.LN)
Other: KRKA d.d. (KRKG.SV)
Trading Update:
Benelux: Aegon (AGN.NA), SBM Offshore (SBMO.NA), DEME Group (DEME.BB), Banqup Group (BANQ.BB)
DACHs: STRABAG (STR.AV), Delivery Hero (DHER.GR), PharmaSGP Holding (PSG.GR), SoftwareONE Holding (SWON.SW)
France: Eiffage (FGR.FP), Innate Pharma (IPH.FP), Claranova (CLA.FP), ICAPE Holding (ALICA.FP), Forsee Power (FORSE.FP)
Southern Europe: Acciona (ANA.SM), Corporación Acciona Energías Renovables (ANE.SM), Webuild (WBD.IM)
UK: Aviva (AV.LN), Spirax Group (SPX.LN), ConvaTec Group (CTEC.LN), Persimmon (PSN.LN), Grafton Group (GFTU.LN)
Traffic: Fraport AG Frankfurt Airport Services Worldwide (FRA.GR)
CMD/Events: Eurofins Scientific (ERF.FP), Mota-Engil (EGL.PL), COMET Holding (COTN.SW), Finnair (FIA1S.FH), Oncopeptides (ONCO.SS), Nekkar (NKR.NO), London Stock Exchange Group (LSEG.LN) Insight Series, Multitude (MULT.GR)
Data:
Economics:
Oct CPI:
Germany +2.3% y/y vs preliminary +2.3%
Portugal +2.3% y/y vs preliminary +2.3%
Italy Sep Industrial Production +1.5% y/y vs consensus (0.5%) and prior revised (3.0%) from (2.7%)
Markets:
WTI Crude (Dec 25): ($2.50) or (4.10%) to $58.54
€-$ +0.0010 or +0.09% to 1.1594
£-$ (0.0016) or (0.12%) to 1.3132
€-£ +0.0019 to 0.8828
S&P 500 (0.06%)
Performance year-to-date
FTSE 100: +21.27%
DAX: +22.46%
CAC: +11.66%
MIB: +31.03%
Stoxx 600: +15.09%
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