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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (1.27%) to 9552.30, DAX (1.74%) to 23180.53, CAC40 (1.86%) to 7967.93, STOXX 600 (1.72%) to 561.86

Nov 18 ,2025

  • Synopsis:

    • European equity markets closed sharply lower and just off the session's lowest levels. Cyclicals like banks, autos and miners the biggest decliners. Defensives like real estate and utilities the relative outperformers.

    • Broad risk-off session characterized by steep losses in large-cap semis and Nvidia (NVDA) suppliers ahead of latter's results on Wednesday and a high bar for earnings. Concerns have grown about weak market breadth and AI fundamentals. Market conviction in a December Fed rate cut expectations waning with CME's FedWatch showing 43% chance vs 62% a week ago, reflecting ongoing policymaker divide.

    • Telegraph reported Chancellor Reeves looking at raiding bank profits via increase in bank levy to raise funds. German press discusses difficulties facing Chancellor Merz in passing pension reform.

    • In central banking news, BoE raises deposit guarantee to £120K to keep pace with inflation, which will mean banks and other financial services firms will have to pay higher contribution to scheme. Comments from hawkish BoE official Mann late Monday suggest policy debate will remain divided even with expectations high for a December rate cut.

    • No major economic data releases in Europe.

    • Lighter on the earnings front, out of the UK, Imperial Brands (IMB.LN) and ICG (ICG.LN) posted updates, with the latter also announcing a 10-year long-term strategic and equity partnership with Amundi (AMUN.FP). Amundi (AMUN.FP) also updated on 2028 targets in connection with its 2025-2028 Strategic Plan. Out of DACHs, RTL Group (RRTL.GR), ams-OSRAM (AMS.SW) and ABB (ABBN.SW) updated investors. Amidst a busy day for CMDs, Alm. Brand Group (ALMB.DC) presented its new strategy Unfolding the scale potential and financial targets for 2028; Skanska (SKA.B.SS) raised its financial target for Construction to an operating margin of ~4.0% and reiterates its other financial targets ahead of today's CMD in Seattle, USA.

    • In M&A news, Akzo Nobel (AKZA.NA) and Axalta Coating Systems (AXTA) announced a merger of equals, Axalta shareholders receiving 0.6539 shares of AkzoNobel stock for each Axalta share. Also, Flerie (FLERIE.SS), Lipum (LIPUM.SS) agreed to merger and ING Bank Śląski (INGA.NA) signed a preliminary sale purchase agreement for 55% stake in Goldman Sachs (GS) TFI for PLN 396M (~€93M).

    • Elsewhere, Ocado Group (OCDO.LN) closed sharply lower after noting Kroger's announcement that it will close three CFCs in its live network will reduce Ocado's fee revenue in FY26 by c.$50M.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Real Estate (0.55%), Health Care (0.71%), Utilities (0.80%), Retail (1.05%), Insurance (1.33%), Food & Beverage (1.46%), Telecom (1.47%), Persnl & HHold Goods (1.59%), Financial Svcs (1.68%)

      • Underperformers:

        • Autos & Parts (2.90%), Banks (2.84%), Basic Resources (2.49%), Oil & Gas (2.19%), Construct & Mtls (2.12%), Ind Goods & Svcs (2.06%), Chemicals (1.89%), Media (1.78%), Travel & Leisure (1.74%), Technology (1.72%)

    • Macro:

      • Central Banks:

        • Spain and Germany gun for top job at ECB (Politico)

        • ECB's top supervisor seeks new powers to override bank capital barriers (FT)

        • BoE to resist big changes to ring-fencing regime (Reuters)

        • BoE's Mann says firms' pricing points to upside inflation risk (Bloomberg)

      • Geopolitics:

        • European trade officials concerned US push to expand list of products subject to higher steel, aluminum tariffs runs against trade agreement (Bloomberg)

        • China and Germany agree to work on closer commercial ties, end trade tensions (Reuters)

        • EU-UK reset held up over row on cash payments (Politico)

      • Germany:

        • Germany's Merz confronts conservative rebellion over pension reform (Politico)

      • UK:

        • Top economists says Reeves has played a 'bad hand' with budget (London Times)

        • UK raises bank deposit guarantee to £120K to keep pace with inflation (FT)

        • UK government's housebuilding target under threat as councils face exodus of planners (FT)

        • Government announces sweeping changes to UK asylum system (BBC)

      • Italy:

        • Economists says Italy's light touch on inheritance tax comes at a cost (Reuters)

    • Company news:

      • Notable Gainers

        • +65.1% CRNA.NO (Circio Holding NOK1.63, +0.64) -- enters fully funded feasibility study with major global pharmaceutical corporation

        • +8.6% CICN.SW (Cicor Technologies CHF188.50, +15.00) -- makes a final 150p cash offer for TT Electronics, with a share alternative and board support

        • +6.8% ROG.SW (Roche Holding CHF306.70, +19.50) --

          • ROVI signs definitive collaboration agreement with company for manufacture of new medicine in development

          • study update

          • Freenome announces strategic collaboration agreement with Roche to commercialize Freenome's cancer screening technology

        • +6.2% GNC.LN (Greencore Group £2.38, +0.14) -- FY earnings; signs binding agreement to sell Bristol chilled soups and sauces manufacturing site to Compleat

        • +4.4% ICG.LN (ICG £19.73, +0.84) -- H1 earnings; Amundi and company announce 10-year long-term strategic and equity partnership

        • +3.0% BAKK.LN (Bakkavor Group £2.25, +0.06) -- Greencore Group signs binding agreement to sell Bristol chilled soups and sauces manufacturing site to Compleat

        • +2.4% IMB.LN (Imperial Brands £32.29, +0.76) -- FY eanrings

        • +2.0% VSCA.GR (4SC €0.51, +0.01) -- will start implementing capital measures resolved by 2025 AGM as of second half of Nov

        • +1.9% GPI.IM (GPI SpA €15.10, +0.28) -- GPI SpA among the winners of the Consip tender for the Framework agreement Digital Health - Healthcare Information Systems Ed.2

      • Notable Decliners

        • -17.4% OCDO.LN (Ocado Group £1.80, -0.38) -- notes Kroger's announcement that it will close three CFCs in its live network; closure of sites will reduce Ocado's fee revenue in FY26 by c.$50M

        • -16.0% AMS.SW (ams-OSRAM CHF8.28, -1.58) -- Q3 earnings

        • -15.0% CRST.LN (Crest Nicholson Holdings £1.39, -0.25) -- trading statement

        • -14.3% UMI.BB (Umicore €14.43, -2.40) -- holders Groupe Bruxelles Lambert places 19.6M shares through Goldman Sachs

        • -13.1% AGFB.BB (Agfa-Gevaert €0.63, -0.10)

        • -9.9% F3C.GR (SFC Energy €12.20, -1.34) -- 9M earnings

        • -9.3% FGP.LN (FirstGroup £1.82, -0.19) -- H1 earnings

        • -7.3% TTR1.GR (technotrans €30.50, -2.40) -- 9M earnings

        • -6.2% FRA.GR (Fraport €71.60, -4.75) -- Goldman Sachs downgrade

        • -6.1% KMR.LN (Kenmare Resources £2.62, -0.17) -- Wet Concentrator issues update on Plant A project and 2025 guidance

        • -5.2% AMS.SM (Amadeus IT Group €62.32, -3.40)

        • -4.3% DBK.GR (Deutsche Bank €29.50, -1.32) -- sets new targets

        • -4.1% ABBN.SW (ABB Limited CHF54.10, -2.30) -- CMD

        • -3.9% FYB.GR (Formycon €22.35, -0.90)

        • -3.9% SKA.B.SS (Skanska SEK239.60, -9.60) -- CMD

        • -3.7% ANTO.LN (Antofagasta £26.37, -1.01) -- sector move

        • -3.6% CTEC.LN (ConvaTec Group £2.31, -0.09) -- Novo Holdings A/S places ~155M ordinary shares in company; BofA upgrade

        • UK bank profits facing raid from Chancellor in upcoming budget - Telegraph

          • -3.6% SAN.SM (Banco Santander €8.77, -0.33)

          • -3.4% HSBA.LN (HSBC Holdings £10.56, -0.37)

            • HSBC board at odds over which candidate should progress in race to succeed Mark Tucker as chair - FT

          • -2.7% BARC.LN (Barclays £4.00, -0.11)

          • -2.3% NWG.LN (NatWest Group £5.84, -0.14)

          • -1.9% LLOY.LN (Lloyds Banking Group £0.89, -0.02)

        • -3.2% INGA.NA (ING Groep €21.38, -0.71) -- signs preliminary sale purchase agreement for 55% stake in Goldman Sachs TFI for PLN 396M

        • -3.0% NDA.GR (Aurubis €107.40, -3.30) -- and Viscaria agree on memorandum of understanding for long-term copper offtake to secure critical raw materials

        • -2.9% GLE.FP (Societe Generale €56.48, -1.66) -- Deutsche Börse partners with leading European stablecoin issuer Societe Generale-FORGE

        • -2.6% WPP.LN (WPP Group £3.12, -0.08) -- Havas not in talks with WPP Group - Bloomberg

        • -2.6% AAL.LN (Anglo American £27.22, -0.72) -- sector move

        • -2.6% FRES.LN (Fresnillo £22.78, -0.60) -- sector move

        • -2.4% HOC.LN (Hochschild Mining £3.60, -0.09) -- sector move

        • -2.0% RIO.LN (Rio Tinto $52.88, -1.10) -- to reduce production at Yarwun by 40% from Oct-26, to extend the operation's life until 2035

        • -2.0% GPE.LN (Great Portland Estates £3.15, -0.06) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Cie d'Entreprises CFE (CFEB.BB)

        • DACHs: Sto (STO3.GR), Kapsch TrafficCom (KTCG.AV)

        • Denmark: NKT (NKT.DC), Lollands Bank (LOLB.DC), Møns Bank (MNBA.DC), BioPorto (BIOPOR.DC)

        • France: SOITEC (SOI.FP), Elior Group (ELIOR.FP)

        • Sweden: Scandinavian Enviro Systems (SES.SS), Eolus (EOLU.B.SS), Cantargia (CANTA.SS)

        • Norway: Awilco LNG (ALNG.NO), Next Biometrics Group (NEXT.NO), BerGenBio (ONCIN.NO)

        • Southern Europe: MFE-MEDIAFOREUROPE (MFEB.IM)

        • UK: Sage Group (SGE.LN), Severn Trent (SVT.LN), British Land Co. (BLND.LN), Jet2 (JET2.LN), Workspace Group (WKP.LN), Renold (RNO.LN), Zoo Digital Group (ZOO.LN)

      • Trading Update:

        • France: Actia Group (ALATI.FP)

        • Southern Europe: ElvalHalcor Hellenic Copper & Aluminium Industry (ELHA.GA)

        • UK: Smiths Group (SMIN.LN)

      • CMD/Events: Novartis (NOVN.SW) day 1 of 2, ASSA ABLOY (ASSA.B.SS), Nokia (NOKIA.FH), Glanbia (GL9.ID), Ipsos (IPS.FP), Yubico (YUBICO.SS), Deutsche Rohstoff (DR0.GR), Dätwyler Holding (DAE.SW)

  • Data:

    • Economics:

      • None

    • Markets:

      • WTI Crude (Dec 25): +$0.03 or +0.05% to $59.94

      • €-$ (0.0016) or (0.14%) to 1.1577

      • £-$ (0.0014) or (0.11%) to 1.3141

      • €-£ (0.0000) to 0.8813

      • S&P 500 (0.65%)

      • Performance year-to-date

        • FTSE 100: +16.88%

        • DAX: +16.43%

        • CAC: +7.96%

        • MIB: +25.31%

        • Stoxx 600: +10.69%

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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