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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.47%) to 9507.41, DAX (0.08%) to 23162.92, CAC40 (0.18%) to 7953.77, STOXX 600 (0.03%) to 561.71

Nov 19 ,2025

  • Synopsis:

    • European equity markets ended mostly mixed to lower. Follows Tuesday's sharp selloff. Media, travel/leisure, constructions the best performers. Utilities, telco and energy the biggest laggards.

    • A Reuters survey of economists showed the majority expect the ECB to leave its policy on hold at least until the end of 2026. A 73% majority (65 out of 89) see a steady hand. Only 21 survey respondents out of 89 expect one or more cut by late 2026. Reuters pointed out that in an October survey of 30 economists, 24 said the Eurozone economy was more likely to grow slower than they expected over the coming year.

    • In politics, more focus on upcoming UK budget. UK Chancellor Reeves said leaks about next Wednesday's budget were not acceptable after she was asked about whether income taxes would rise next week, Reuters reports. Recall that government sources confirmed last week that PM Starmer and Reeves had dropped plans for tax increases after better economic forecasts by fiscal watchdog OBR. Meanwhile, The London Times reported the left-leaning Tribune Group said they have the 80 MPs needed to back a candidate in a leadership contest with PM Starmer.

    • In macro-data, final Eurozone October CPI in line with flash reading +2.1% y/y, +0.2% m/m and core CPI stable at +2.4% y/y. Early attention on UK inflation update amid recent softening in other UK macro updates that reinforced December rate cut expectations. Headline CPI and core reading eases in line with BoE estimates. Services prices softer than forecast.

    • On the corporate front, Nokia (NOKIA.FH) released new strategy to 2028; said now targets to grow its annual comparable operating profit to a range of €2.7 to 3.2B pver the period. Interparfums (ITP.FP) reported preliminary FY earnings this morning and issued FY26 guidance, Vinci (DG.FP) reported Oct airport passenger traffic +3.9%. In Denmark, NKT A/S (NKT.DC) reported Q3 earnings numbers indicating it expects FY results in the upper end of guidance ranges and announced its medium-term financial ambitions for 2030, launching its new corporate strategy "Charging Forward ". In the UK, Sage Group (SGE.LN), Jet2 (JET2.LN), Severn Trent (SVT.LN), Smiths Group (SMIN.LN) and WH Smith (SMWH.LN) updated investors with their latest numbers.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Germany Oct PPI, Switzerland Oct trade balance (monthly watch data), Eurozone Nov flash consumer confidence, Sep construction output and UK Nov industrial trends orders - CBI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +2.00%, Travel & Leisure +1.46%, Construct & Mtls +1.04%, Basic Resources +0.83%, Retail +0.60%, Technology +0.42%, Chemicals +0.33%, Banks +0.20%, Autos & Parts +0.10%, Financial Svcs +0.09%, Health Care (0.01%)

      • Underperformers:

        • Utilities (1.38%), Telecom (0.93%), Oil & Gas (0.42%), Insurance (0.38%), Real Estate (0.30%), Ind Goods & Svcs (0.30%), Food & Beverage (0.18%), Persnl & HHold Goods (0.10%)

    • Macro:

      • Central Banks:

        • ECB set to hold rates through 2026 on steady economic outlook: Reuters poll -- Reuters

        • Pound Falls After Inflation Opens Door to BOE Cut -- Bloomberg

        • Further concerns voiced over BoE's crypto proposals -- TheBanker

      • EU:

        • EU aims to retrain 600,000 workers for defence sector to eliminate skills shortage -- euronews

        • EU to delay 'high risk' AI rules until 2027 after Big Tech pushback -- Reuters

        • Italy Considers Backing Spain to Lead Euro-Area Finance Chiefs -- Bloomberg

      • UK:

        • UK to build new munitions factories to boost warfighting readiness -- Reuters

        • UK offers 1% of Brussels' €6.7b demand to join EU defence fund -- FT

        • Britain now an 'outlier' on inflation, warn economists -- Telegraph

      • Germany:

        • Germany unveils its first space strategy -- FT

        • Germany should take over Nato, says US -- Telegraph

      • France:

        • France-Ukraine deal can't hide leaders' unpopularity -- UnHerd

        • Why is France pushing for its women to be segregated? -- Telegraph

    • Company news:

      • Notable Gainers

        • +17.1% NKT.DC (NKT A/S DKK833.50, +121.50) -- Q3 earnings; new corporate strategy "Charging Forward " 2030

        • +13.8% S92.GR (SMA Solar Technology €34.84, +4.22) -- Jefferies upgrade

        • +12.4% FPIP.SS (FormPipe Software SEK26.30, +2.90) -- Q3 earnings

        • +10.3% ZOO.LN (Zoo Digital Group £0.11, +0.01) -- H1 earnings

        • +8.8% GNS.LN (Genus £25.85, +2.10) -- 4M trading update

        • +6.2% TIP.IM (Tamburi Investment Partners €8.75, +0.51) -- initiated buy at Jefferies

        • +4.1% ICG.LN (ICG £20.54, +0.81) -- Amundi acquires 4.6% stake

        • +4.1% JET2.LN (Jet2 £13.55, +0.53) -- H1 earnings; £100M share buyback programme

        • +4.0% ALATI.FP (Actia Group €3.35, +0.13) -- Q3 revenue

        • +4.0% ROR.LN (Rotork £3.40, +0.13) -- 4M trading update; first £10M tranche of new £50M share buyback programme

        • +3.7% RDC.GR (Redcare Pharmacy €62.35, +2.25) -- initiated overweight at Cantor Fitzgerald

        • +2.9% DAE.SW (Dätwyler Holding CHF140.60, +4.00) -- medium-term guidance

        • +2.5% EYE.LN (Eagle Eye Solutions Group £2.82, +0.07) -- AGM trading statement

        • +2.4% DEZ.GR (Deutz AG €7.74, +0.18) -- initiated buy at Berenberg

        • +2.3% OCDO.LN (Ocado Group £1.84, +0.04) -- update on Kroger partnership

        • +2.3% KAMBI.SS (Kambi Group SEK117.60, +2.60) -- Odds Feed+ agreement with FDJ UNITED

        • +1.7% SAN.SM (Banco Santander €8.92, +0.15) -- exposure to First Brands reportedly rises to ~$300M -- media report

      • Notable Decliners

        • -41.3% EDR.SM (eDreams ODIGEO €3.90, -2.74) -- Q2 earnings; Strategic Growth Plan; Santander downgrade

        • -27.0% NEXT.NO (Next Biometrics Group NOK2.00, -0.74) -- Q3 earnings

        • -9.7% SHOT.SS (Scandic Hotels Group SEK84.40, -9.10) -- holder Eiendomsspar AS sells ~6.8% stake

        • -8.9% ITP.FP (Interparfums €24.26, -2.38) -- pprelim. FY revenue and 2026 outlook

        • -8.5% EOLU.B.SS (Eolus Aktiebolag SEK37.05, -3.45) -- Q3 earnings

        • -7.4% CANTA.SS (Cantargia SEK3.17, -0.26) -- Q3 earnings

        • -7.0% NOKIA.FH (Nokia €5.25, -0.39) -- strategy and long-term target updates

        • -6.5% BWE.NO (BW Energy NOK36.50, -2.55) -- second update on Kudu appraisal well

        • -5.3% WKP.LN (Workspace Group £3.81, -0.22) -- H1 earnings

        • -4.2% KER.FP (Kering €296.75, -13.05) -- Kering CEO de Meo says must downsize, reduce Gucci reliance and chase more synergies -- Reuters, citing memo

        • -4.0% ELE.SM (Endesa €30.68, -1.27) -- RBC Capital Markets downgrade

        • -3.0% ENEL.IM (Enel €8.73, -0.27) -- RBC Capital Markets downgrade

        • -1.8% AMS.SW (ams-OSRAM CHF8.13, -0.15) -- Research Partners AG downgrade; Kepler Cheuvreux downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: UNIQA Insurance Group (UQA.AV), PORR (POS.AV), BKS Bank (BKS.AV), SBO (SBO.AV),

        • Benelux: Gimv (GIMB.BB)

        • DACHs: CTS Eventim (EVD.GR), Datagroup (D6H.GR), IVU Traffic Technologies (IVU.GR), Allane (LNSX.GR), Nabaltec (NTG.GR), NFON (NFN.GR), MPH Health Care (93M1.GR), Carlo Gavazzi Holding (GAV.SW)

        • Denmark: Nilfisk Holding (NLFSK.DC),

        • France: TotalEnergies EP Gabon (EC.FP)

        • Norway: Subsea 7 (SUBC.NO), Cadeler (CADLR.NO), Cool Co. (CLCO.NO), Panoro Energy (PEN.NO), Petronor E&P (PNOR.NO)

        • Southern Europe: Altri (ALTR.PL)

        • Sweden: Viva Wine Group (VIVA.SS), Cinclus Pharma Holding (CINPHA.SS), Done.ai Group (DONE.SS), Sensys Gatso Group (SGG.SS)

        • UK: Halma (HLMA.LN), LondonMetric Property (LMP.LN), Investec (INVP.LN), Mitie Group (MTO.LN), Grainger (GRI.LN), Nationwide Building Society (NBS.LN), XPS Pensions Group (XPS.LN), Partners Group Private Equity (PEY.LN), Norcros (NXR.LN), Liontrust Asset Management (LIO.LN), Tracsis (TRCS.LN)

      • Trading Update:

        • Benelux: Ion Beam Applications (IBAB.BB)

        • France: Amplitude Surgical (AMPLI.FP), GENFIT (GNFT.FP)

        • Nordics: Panoro Energy (PEN.NO)

        • UK: JD Sports Fashion (JD.LN), Breedon Group (BREE.LN)

  • Data:

    • Economics:

      • Eurozone Oct CPI +2.1% y/y vs preliminary +2.1%

      • UK Oct

        • CPI y/y +3.8% vs consensus +3.7% and prior +3.8%

        • Output PPI y/y +3.6% vs consensus +3.5% and prior revised to +3.4% from +3.4%

    • Markets:

      • WTI Crude (Dec 25): ($1.54) or (2.54%) to $59.20

      • €-$ (0.0041) or (0.35%) to 1.1540

      • £-$ (0.0073) or (0.56%) to 1.3072

      • €-£ +0.0019 to 0.8830

      • S&P 500 +0.21%

      • Performance year-to-date:

        • FTSE 100: +16.33%

        • DAX: +16.34%

        • CAC: +7.76%

        • MIB: +24.76%

        • Stoxx 600: +10.66%

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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