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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.24%) to 9675.43, DAX (1.20%) to 23590.52, CAC40 (0.63%) to 8119.02, STOXX 600 (0.54%) to 571.68

Nov 17 ,2025

  • Synopsis:

    • European indices ended in negative territory, except for Norway. In macro-news, the European Commission stated that it now expects Eurozone growth to moderate next year to 1.2% versus prior 1.4% forecast after raising 2025 GDP projection to 1.3% from 0.9% in its spring update. On inflation, expects it to remain around the ECB's 2% target for the next two years. Highlighted that the US-EU framework agreement on trade established important carveouts for key sectors but pointed out that global trade-weighted average tariff rates on US imports are higher than that assumed in the spring. However, the EU has a lower-than-average tariff rate on US imports versus other major global players, providing relative advantage in the context of modest growth in export markets and a strong euro. Waning fiscal impulse by the EU's Recovery and Resilience Fund is expected to be mitigated by utilization of other EU funds

    • In France, public finances under triple siege: for the third straight year, VAT - the state's biggest tax- down 1.1% instead of forecast +4.7%, leaving a €10B hole (LeMonde). Cautious consumers and undeclared Chinese fast-fashion parcels (half reportedly misvalued) are blamed, while mandatory e-invoicing from 2026 may recover only €2-3B. Social accounts are worse: Ossiam analysis suggests social security faces €25B deficit in 2025; pensions slide from €7B red this year to €30B by 2045 as workforce ages and shrinks. Meanwhile, 2026 budget has descended into chaos. With no parliamentary majority, opposition amendments have piled on billions in new corporate and wealth taxes, pushing the projected deficit to 5% of GDP instead of the government's 4.7% target. PM Lecornu hosting domestic "Choose France" summit to showcase €21.2B of recent French corporate investment and unveil €9.2B in new projects, while Finance Minister Lescure pleaded with lawmakers to drop tax hikes and hunt for spending cuts instead. With public opinion hostile to later retirement or healthcare savings, politically painless solutions are running out fast. In the UK, Fitch rating agency warned UK's commitment to fiscal rules to balance the budget by 2029-30 will be vital for its AA- rating (Reuters). Fitch commented on ratings outlook on Friday after series of communication missteps that has challenged the credibility of the UK's fiscal policy. Recall that UK assets came under pressure on Friday after government sources said PM Starmer and Chancellor Reeves dropped plans for an income tax rise

    • On a light reporting front, Prosus (PRX.NA) issued its most recent trading statement, whilst Pluxee (PLX.FP) trimmed its FY26 outlook after a regulatory reform announced in Brazil. Elsewhere, FLSmidth & Co (FLS.DC) CEO Mikko Keto stepped down to join SIG Group (SIGN.SW), THG Plc (THG.LN)'s Myprotein announced a collaboration with Mars, the Sunday Times reported that Havas, Apollo, KKR are looking at WPP Group (WPP.LN); also, the BBC reported that Tesco suspended a fish farm owned by Bakkafrost (BAKKA.NO) after claims lice-infested salmon left in pen

    • Looking ahead to tomorrow's calendars, RTL Group (RRTL.GR), Flughafen Wien (FLU.AV), ams-OSRAM (AMS.SW), Imperial Brands (IMB.LN), Diploma (DPLM.LN) and VINCI (DG.FP) will be among other names to update investors, with Credit Agricole (ACA.FP), Zurich Insurance Group (ZURN.SW), ABB (ABBN.SW), Skanska (SKA.B.SS), Rheinmetall (RHM.GR), Rational (RAA.LN), KWS SAAT (KWS.GR), GFT Technologies (GFT.GR) and Amundi (AMUN.IM) holding their CMDs

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Utilities +0.75%, Oil & Gas +0.65%, Health Care +0.19%, Real Estate +0.09%, Media +0.02%, Telecom (0.13%), Basic Resources (0.53%)

      • Underperformers: Retail (2.27%), Chemicals (1.84%), Autos & Parts (1.67%), Technology (1.16%), Travel & Leisure (1.11%), Insurance (0.94%), Banks (0.93%), Food & Beverage (0.86%), Ind Goods & Svcs (0.78%), Construct & Mtls (0.72%), Financial Svcs (0.63%), Persnl & HHold Goods (0.61%)

    • Macro:

      • EU to Warn Lutnick Against Expanding US Steel Tariff Scope (BBG)

      • Germany Vice Chancellor Klingbeil in China for talks (dw)

      • Germany's budget black hole is about to eclipse Spain's (Telegraph)

      • France plans to supply Ukraine with up to 100 Rafale fighter jets (Politico)

      • UK Gilts stabilise after tax U-turn sell-off (FT)

      • EC cuts its growth forecasts for Italy (Ansa)

      • Britain's BBC 'determined to fight' any Trump case, chair tells staff (Reuters)

      • UK downplays reports it has stopped sharing intelligence with US regarding narco-traffickers (The Guardian)

      • Russia interested in establishing conditions for Putin-Trump meeting soon - Kremlin (Tass)

      • Polish railway track blast an 'unprecedented act of sabotage', PM says (Reuters)

    • Company news:

      • Notable Gainers

        • +15.7% SLR.SM (Solaria Energia €17.96, +2.44) -- 9M earnings; 10-year 150 MW power purchase agreement with Repsol

        • +12.0% FYB.GR (Formycon €23.25, +2.50) -- achieves key development milestone with FYB208

        • +9.9% GENL.LN (Genel Energy £0.60, +0.05) -- starts appraisal work on Oman's Block 54 -- Zawya

        • +9.3% SIGN.SW (SIG Combibloc Group CHF8.85, +0.75) -- new CEO

        • +8.8% SEE.LN (Seeing Machines £0.05, -0.00)

        • +8.3% SMHN.GR (SÜSS MicroTec €36.62, +2.82) -- CMD update

        • +7.9% VOLO.SS (Volati SEK112.40, +8.20) -- buy recommendation at Dagens Industri

        • +4.6% AM.FP (Dassault Aviation €286.80, +12.60) -- Berlin and Paris govts might downsize €100B flagship defence project following feuding by Airbus and Dassault -- FT

        • +4.6% AM.FP (Dassault Aviation €286.80, +12.60) -- Macron and Zelensky sign letter of intent for Ukraine to buy up to 100 Rafale fighter jets -- France24

        • +4.1% EVOK.LN (Evoke Plc £0.36, +0.01) -- UK Treasury planning two-tier system for betting on sports other than horseracing; higher taxes for online vs bookmakers -- FT

        • +4.0% ODL.NO (Odfjell Drilling NOK80.50, +3.10) -- acquires Deepsea Bollsta rig for $480M in cash

        • +3.9% GKP.LN (Gulf Keystone Petroleum £1.82, +0.07) -- first lifting of IOC pipeline exports

        • +3.6% 2020.NO (2020 Bulkers NOK142.00, +5.00) -- October update; sells Newcastlemax vessels, Bulk Sydney and Bulk Santos for $145.5M

        • +3.4% RXL.FP (Rexel €31.47, +1.03) -- Betaville article regarding hiring advisor for takeover talks cited

        • +2.8% TNG.FP (Transgene €1.31, +0.03)

        • +2.5% BALD.B.SS (Fastighets Balder SEK68.54, +1.70) -- share buyback program

        • +2.5% SAAB.B.SS (Saab SEK538.50, +13.10) -- UK PM Starmer lobbies Poland for multi-billion-euro submarine purchase contract with Saab that may include some deals with Babcock -- Reuters (post-close 14-Nov)

        • +1.9% TGS.NO (TGS-NOPEC Geophysical Co. NOK95.30, +1.80) -- Pelotas Norte Phase I multi-client 3D survey award

        • +1.7% YNGA.LN (Young & Co.'s Brewery £7.76, +0.13) -- £10M share buyback program

        • +1.4% KDEV.SS (Karolinska Development SEK0.80, +0.01) -- portfolio company Umecrine Cognition golexanolone findings in PD published on Neuropharmacology

        • +1.3% GOFORE.FH (Gofore €13.82, +0.18) -- announces positive €3.1M arbitration award in a dispute matter with a cooperation partner; to record it in Q4

        • +0.5% TTE.FP (TotalEnergies €56.53, +0.30) -- acquires 50% of a flexible power generation assets portfolio from EPH for €5.1B in shares

        • +0.4% AIR.FP (Airbus SE €207.30, +0.80) -- Berlin and Paris govts might downsize €100B flagship defence project following feuding by Airbus and Dassault -- FT

        • +0.3% GLE.FP (Societe Generale €58.14, +0.16) -- new €1B share buyback program

      • Notable Decliners

        • -13.8% GEN.LN (Genuit Group £3.06, -0.49) -- 4M trading update

        • -6.6% HICL.LN (HICL Infrastructure £1.10, -0.08) -- merger agreement with The Renewables Infrastructure Group

        • -6.4% FLS.DC (FLSmidth & Co. DKK400.20, -27.40) -- CEO steps down to join SIGN

        • -5.3% SFZN.SW (Siegfried Holding CHF71.00, -4.00) -- CFO to step down

        • -4.6% TOKMAN.FH (Tokmanni Group €6.96, -0.34)

        • -4.1% LOGN.SW (Logitech International CHF90.62, -3.86) -- cyber incident

        • -3.5% JDC.GR (JDC Group €27.60, -1.00) -- Q3 earnings

        • -2.6% PLX.FP (Pluxee €13.50, -0.36) -- trims FY26 outlook after regulatory reform announced in Brazi

        • -2.2% EMBRAC.B.SS (Embracer Group SEK86.07, -1.96) -- listing of Coffee Stain Group

        • -1.6% BAKKA.NO (Bakkafrost NOK466.20, -7.80) -- Tesco suspends fish farm after claims lice-infested salmon left in pen -- BBC

        • -1.4% DETEC.FH (Detection Technology €10.95, -0.15) -- aims to increase its sales by at least 10% p.a. and to achieve an EBITA margin of 15% in the medium term -- CMD

        • -1.1% CICN.SW (Cicor Technologies CHF173.50, -2.00) -- major new orders

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: RTL Group (RRTL.GR), M1 Kliniken (M12.GR), SFC Energy (F3C.GR), technotrans (TTR1.GR), Flughafen Wien (FLU.AV), ams-OSRAM (AMS.SW)

        • Nordics: Synsam (SYNSAM.SS), Maha Capital (MAHA.A.SS), SP Group (SPG.DC), Måsøval (MAS.NO)

        • UK: Imperial Brands (IMB.LN), Diploma (DPLM.LN), Great Portland Estates (GPE.LN), Greencore Group (GNC.LN), Tatton Asset Management (TAM.LN), Trifast (TRI.LN), Gear4music (Holdings) (G4M.LN), Calnex Solutions (CLX.LN)

      • Trading Update:

        • Southern Europe: Mota-Engil SGPS (EGL.PL)

        • UK: Softcat (SCT.LN), Crest Nicholson Holdings (CRST.LN)

        • Traffic: Flughafen Wien (FLU.AV), VINCI (DG.FP)

        • CMD/Events: Credit Agricole (ACA.FP), Zurich Insurance Group (ZURN.SW), ABB (ABBN.SW), Skanska (SKA.B.SS), Rheinmetall (RHM.GR), Rational (RAA.LN), KWS SAAT (KWS.GR), GFT Technologies (GFT.GR), Amundi (AMUN.IM)

  • Data:

    • Economics:

      • Italy Oct CPI +1.2% y/y vs preliminary +1.2%

      • Switzerland Q3 preliminary GDP (0.5%) q/q vs consensus +0.3%, prior +0.1%

      • Norway Oct trade balance NOK56.5B vs consensus NOK45.4B, prior revised NOK35.0B from NOK36.9B

    • Markets:

      • WTI Crude (Dec 25): ($0.05) or (0.08%) to $60.04

      • €-$ (0.0021) or (0.18%) to 1.1602

      • £-$ +0.0015 or +0.11% to 1.3178

      • €-£ (0.0025) to 0.8805

      • S&P 500 (0.08%)

      • Performance year-to-date

        • FTSE 100: +18.38%

        • DAX: +18.49%

        • CAC: +10.00%

        • MIB: +28.03%

        • Stoxx 600: +12.62%

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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