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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.21% to 9527.65, DAX +0.50% to 23278.85, CAC40 +0.34% to 7981.07, STOXX 600 +0.40% to 563.94

Nov 20 ,2025

  • Synopsis:

    • European equity markets finished broadly higher, but off best levels. Industrials, technology, energy and banks advance after Nvidia strong beat; autos and media the main laggards. European defense names amongst top performers following news German Defence Minister Pistorius called for December summit with industry stakeholders, demanding faster weapons production and stronger supply chains. Follows mostly firmer levels on Wednesday, though UK FTSE 100 underperformed. US equities sharply higher in midday trading. treasuries firmer curve steepening, reversing earlier weakness; yields down 3 bp at front-end of the curve. Benchmark Gilt down 1bp to 4.58%. Bund up 1 bp at 2.72%. Dollar index down 0.1%. Gold up 0.1%. Bitcoin futures up 1.6%. WTI crude up 0.6%.

    • On the European macro calendar, German PPI slightly firmer than expected. Swiss trade data showed exports to US fell before last week's deal to lower tariffs. Eurozone Nov Flash Consumer Confidence came in at (14.2) vs consensus (14.0) and prior (14.2) while Sep Construction Output missed at (0.3%) y/y vs consensus +1.7% and prior revised +1.0%. UK CBI industrial trends showed big drop in manufacturing activity. Ahead of next week's UK budget, surveys show drop in consumer confidence and up to 20% of potential home movers putting plans on hold. In geopolitics, press reported that US and Russian officials have drafted a new plan to end the war that would require surrender of Ukraine territory for rental fee and reduce size of military.

    • Amidst notable corporate updates today, out of the UK, Naked Wines (WINE.LN) , Close Brothers Group (CBG.LN), JD Sports Fashion (JD.LN), Mitie Group (MTO.LN) and Johnson Matthey (JMAT.LN) updated investors with latest results and trading statements. Elsewhere, Subsea 7 (SUBC.NO) reported Q3 EPS $0.38 vs consensus $0.45; guides FY25 and FY26. Nilfisk Holding (NLFSK.DC) reported Q3 EPS (€1.05) vs FactSet (€0.15); now expects FY Organic growth to be around +1% vs prior guidance +1-3%. Out of DACHs, UNIQA Insurance Group (UQA.AV) reported 9M net income attributable €333M, +26% vs year-ago €264M. Novartis (NOVN.SW) announced mid-term sales guidance rolled forward to +5-6% cc CAGR for 2025-30, following upgrade of 2024-29 guidance. In France, BNP Paribas (BNP.FP) raised its CET1 ratio target to 13% by 2027 and announced launch of €1.15B share buyback program this month. Elior Group (ELIOR.FP) posted mixed FY25 result, while Valneva's (VLA.FP) 9M sales missed forecasts. SOITEC's (SOI.FP) H1 performance suffered from weak automotive and communications markets, with sales and EBITDA down but beating consensus.

    • In M&A news, Mitie Group (MTO.LN) acquires Forest Group Holdings for maximum cash consideration of £7M. Sika Group (SIKA.SW) acquires Awazil Al Khaleej Industrial Co. for an undisclosed sum. In market rumors, Unilever reportedly working on the sale of a number of smaller UK brands including Marmite, Bovril and Colman's and AXA Investment Management close to finalizing an agreement to acquire up to 30% stake in FiberPass.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.12%, Ind Goods & Svcs +0.79%, Persnl & HHold Goods +0.79%, Banks +0.76%, Utilities +0.65%, Insurance +0.55%

      • Underperformers:

        • Media (1.86%), Autos & Parts (1.37%), Chemicals (0.54%), Real Estate (0.51%), Basic Resources (0.17%), Travel & Leisure (0.13%), Telecom (0.13%), Retail (0.11%), Food & Beverage (0.10%), Health Care +0.12%, Technology +0.12%, Financial Svcs +0.13%, Construct & Mtls +0.27%

    • Macro:

      • Geopolitics:

        • EU launches trade and investment dialogue with Trans-Pacific bloc

        • Zelenskiy will talk with Trump in coming days after receiving peace plan, his office says (Reuters )

        • Zelenskiy Under Pressure to Accept US-Russia Peace Plan (Bloomberg )

      • UK:

        • UK consumer confidence plunges ahead of autumn budget (Bloomberg, Reuters)

        • Ashmore CEO warns deficit-running nations risk new "Liz Truss moment" (Bloomberg)

        • Reeves faces backbench revolt over proposed £1.5mn "mansion tax" threshold (FT)

        • UK investors flee domestic stocks at record pace despite FTSE rally (FT)

      • France:

        • French 2026 budget faces likely rejection in first reading (FT)

        • France pushes EU sanctions against drug-linked organised crime (Reuters )

      • Germany:

        • Germany will not reach defence spending target of 3.5% in 2029 (Reuters)

        • Germany can expect modest growth in Q4 as industry stabilises, Bundesbank says (Reuters )

    • Peripheral markets:

      • Italy:

        • Analysts expect rating agency Moody's to result in first rating upgrade for Italy in 23 years (Reuters)

      • Spain:

        • Supreme Court finds chief prosecutor guilty in leak case (Reuters )

    • Company news:

      • Notable Gainers

        • +28.9% CMCX.LN (CMC Markets £2.68, +0.60) -- earnings

        • +16.0% PZC.LN (PZ Cussons £0.79, +0.11) -- trading update

        • +14.8% MCB.LN (McBride £1.27, +0.16) -- trading update

        • +13.5% GAW.LN (Games Workshop Group £182.60, +21.70) -- trading update; Peel Hunt upgrade

        • +12.6% SGG.SS (Sensys Gatso Group SEK40.60, +4.55) -- earnings

        • +11.2% DAE.SW (Dätwyler Holding CHF156.40, +15.80) -- UBS upgrade

        • +9.2% HLMA.LN (Halma £36.18, +3.06) -- earnings

        • +8.5% TRCS.LN (Tracsis £3.50, +0.28) -- earnings

        • +8.5% PFSE.GR (PFISTERER Holding €75.00, +5.90) -- targets up at Berenberg and GBC

        • +8.4% WRT1V.FH (Wartsila €28.26, +2.20) -- notes growth in the data center segment with 507 MW order in the US

        • +6.8% ELIOR.FP (Elior Group €2.84, +0.18) -- earnings

        • +6.4% IBAB.BB (Ion Beam Applications €10.58, +0.64) -- orders

        • +6.1% GLJ.GR (GRENKE €13.84, +0.80) -- initiated buy at Berenberg

        • +6.1% TRMED.NO (Thor Medical NOK3.74, +0.22) -- supply agreement

        • +5.4% CLA.B.SS (Cloetta SEK36.16, +1.86) -- re-initiated buy at Handelsbanken

        • +5.1% BGEO.LN (Lion Finance Group £81.60, +3.95) -- earnings; buyback

        • +4.9% ATYM.LN (Atalaya Mining £6.79, +0.32) -- Berenberg upgrade

        • +4.4% BNP.FP (BNP Paribas €70.02, +2.95) -- raises its CET1 ratio target to 13% by 2027

        • +4.3% NANO.LN (Nanoco Group £0.10, -0.00) -- no-fault agreement reached with LG Electronics Inc

        • +4.2% VACN.SW (VAT Group CHF337.20, +13.70) -- UBS upgrade

        • +4.1% NXR.LN (Norcros £3.04, +0.12) -- earnings

        • +3.7% UQA.AV (UNIQA Insurance Group €13.62, +0.48) -- earnings

        • +3.6% SOLI.LN (Solid State £1.43, +0.05) -- orders

        • +3.4% SPEC.LN (Inspecs Group £0.73, +0.02) -- trading update

        • +3.1% VIVA.SS (Viva Wine Group SEK36.20, +1.10) -- earnings

        • +3.0% CABK.SM (CaixaBank €9.29, +0.27) -- transferred overweight at JPMorgan; prior rating was neutral

        • +2.9% ENR.GR (Siemens Energy €112.10, +3.15) -- CMD

        • +2.5% GIMB.BB (Gimv €45.10, +1.10) -- earnings

        • +2.4% KRX.ID (Kingspan Group €67.25, +1.60) -- Deutsche Numis upgrade

        • +2.4% EDPR.PL (EDP Renovaveis €11.55, +0.27) -- solar project in US

        • +2.2% TIETO.FH (Tietoevry €17.71, +0.38) -- updates its FY outlook

      • Notable Decliners

        • -30.1% SOI.FP (SOITEC €24.12, -10.38) -- earnings

        • -30.0% VIVE.SS (Vivesto SEK0.15, -0.07) -- rights issue

        • -21.2% PAY.LN (PayPoint £5.12, -1.38) -- earnings

        • -13.0% FR.FP (Valeo SE €10.40, -1.56) -- outlines financial trajectory during CMD today

        • -12.0% NFN.GR (NFON €4.40, -0.60) -- earnings

        • -9.6% DOCS.LN (Dr. Martens £0.74, -0.08) -- earnings

        • -8.7% SNR.LN (Senior £1.68, -0.16) -- trading update

        • -6.7% XPS.LN (XPS Pensions Group £3.14, -0.23) -- earnings

        • -6.1% SBO.AV (SBO AG €26.35, -1.70) -- earnings

        • -5.6% EDR.SM (eDreams ODIGEO €3.68, -0.22) -- Deutsche Bank downgrade

        • -4.3% GRI.LN (Grainger £1.80, -0.08) -- earnings

        • -3.9% JD.LN (JD Sports Fashion £0.77, -0.03) -- trading update

        • -3.7% NLFSK.DC (Nilfisk Holding DKK96.30, -3.70) -- earnings

        • -3.5% R3NK.GR (Renk Group €55.50, -2.02) -- CMD today

        • -3.5% TTK.GR (Takkt €3.84, -0.14) -- expects annual impairment tests to result in impairment charge on goodwill of €125M

        • -3.4% JMAT.LN (Johnson Matthey £20.18, -0.70) -- earnings; management changes

        • -3.4% NKT.DC (NKT A/S DKK805.00, -28.50) -- Kepler Cheuvreux downgrade

        • -2.5% CRBN.NA (Corbion €18.15, -0.46) -- CMD today

        • -2.5% 93M1.GR (MPH Health Care €17.90, -0.45) -- earnings

        • -2.1% CADLR.NO (Cadeler NOK42.48, -0.90) -- earnings

        • -1.2% MTO.LN (Mitie Group £1.55, -0.02) -- earnings; acquisition

        • -1.2% GET.FP (Getlink €15.19, -0.19) -- Eurotunnel challenges unjustified plan to increase business rates in Great Britain; the increase could amount to ~€15M in 2026

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: FamiCord (V3V.GR)

        • Nordics: Integrated Wind Solutions (IWS.NO), Pyrum Innovations (PYRUM.NO)

        • UK: Babcock International Group (BAB.LN)

      • Trading Update:

        • Benelux: Bekaert (BEKB.BB), EVS Broadcast Equipment (EVS.BB)

        • France: Inventiva (IVA.FP)

      • CMD/Events: Atria (ATRAV.FH)

  • Data:

    • Economics:

      • Eurozone

        • Nov Flash Consumer Confidence (14.2) vs cons (14.0) and prior (14.2)

        • Sep Construction Output (0.3%) y/y vs cons +1.7% and prior revised +1.0% from +0.1%

      • Germany Oct PPI (1.8%) y/y vs cons (1.9%) and prior (1.7%); +0.1% m/m vs cons 0.0% and prior (0.1%)

      • Spain Sep Trade Balance (€6.0B) vs cons (€4.1B) and prior (€6.0B)

      • Switzerland Oct Trade Balance CHF4.32B vs cons CHF4.8B and prior revised CHF3.99B from CHF4.07B

        • October Swiss Watch Exports (4.4%) to CHF2.2B

      • Denmark Q3 Prelim GDP +3.9% y/y vs cons +1.7% and prior revised +2.0% from +1.6%; +2.3% q/q vs cons +0.5% and prior revised +1.2% from +1.0%

      • Netherlands Oct Unemployment Rate 4.0% vs cons 3.8% and prior 4.0%

    • Markets:

      • WTI Crude (Dec 25): ($0.17) or (0.29%) to $59.27

      • €-$ (0.0003) or (0.03%) to 1.1536

      • £-$ +0.0022 or +0.17% to 1.3082

      • €-£ (0.0017) to 0.8819

      • S&P 500 +0.24%

      • Performance year-to-date

        • FTSE 100: +16.57%

        • DAX: +16.93%

        • CAC: +8.13%

        • MIB: +25.54%

        • Stoxx 600: +11.09%

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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