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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.13% to 9539.71, DAX (0.80%) to 23091.87, CAC40 +0.02% to 7982.65, STOXX 600 (0.33%) to 562.10

Nov 21 ,2025

  • Synopsis:

    • European equity markets closed bit softer after moving off the worst levels. Stoxx Europe 600 on track for largest weekly decline since August. Food/Beverage, Media and Personal Care Drug and Grocery Stores lead; Technology, Energy, Basic Resources and Industrial Goods/Services lag. Follows broad-based weakness in Asia, with regional indices keying off yesterday's sharp reversal in US equity markets.

    • Scrutiny on technology sector after US benchmarks experienced largest intraday swing since April tariff turmoil. Positive NVDA earnings takeaways overshadowed by ongoing concerns around stretched valuations and positioning, capex monetization uncertainty, credit market risks and bearish technicals. Momentum unwind also corresponding with market doubts about prospect of Fed rate cut in December.

    • Macro focus in Europe on PMIs. Eurozone composite reading little changed from prior update with weaker manufacturing print offset by better services sector activity. UK reading showed economy barely growing in November as service sector activity hit seven-month low. UK consumer confidence and retail sales weaker-than-expected. Was the first drop in retail sales since May. Public finance data was worse than forecast ahead of budget. French business confidence improved slightly in November, but manufacturing sentiment downbeat.

    • Elsewhere, US signals readiness to drop EU food tariffs on some products to lower domestic prices, which is helping food/beverage sector in Europe. Ukraine's Zelensky said he is ready to work with US on plan to end war with Russia. EU to open infringement case against Italy's golden power rule.

    • In M&A news, Veolia (VIE.FP) acquired Enviri's Clean Earth for an Enterprise Value of $3B (or ~€2.6B), with funding coming from existing financial resources and debt; other deals include Hammerson (HMSO.LN) acquiring the remaining 50% interest in The Oracle, Reading at headline price of £104.5M. Media reports Bouygues (EN.FP), Free and Orange (ORA.FP) are weighing an expanded bid to acquire SFR that would also include other assets from Altice France.

    • Amidst a light reporting front, Ackermans & Van Haaren (ACKB.BB), GENFIT (GNFT.FP) and CTS Eventim (EVD.GR) posted Q3/9M numbers, In UK, Babcock International Group) released its interm report. Of note, following the publication of its delayed-earnings, trading in Ubisoft Entertainment (UBI.FP) shares and bonds resumed at 10:00 CET, shares gain ~11% at this time.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 24-Nov to 28-Nov attached) Prosus (PRX.NA), 2G Energy (2GB.GR), United International Enterprises (UIE.DC), Cerillion (CER.LN), Julius Baer Group (BAER.SW), and Rosebank Industries (ROSE.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Nov Ifo business climate and Finland Oct PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +2.06%, Food, Beverage and Tobacco +1.79%, Personal Care Drug and Grocery Stores +1.55%, Travel & Leisure +1.29%, Chemicals +1.14%, Autos & Parts +1.03%, Telecom +0.98%, Consumer Products and Services +0.63%, Insurance +0.21%, Real Estate +0.19%, Financial Svcs (0.06%),

      • Underperformers:

        • Energy(2.37%), Technology (2.26%), Ind Goods & Svcs (1.54%), Basic Resources (1.28%), Construct & Mtls (0.48%), Banks (0.48%), Retail (0.44%), Utilities (0.41%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Zelensky says Ukraine risks losing 'key partner' over US plan to end war with Russia - BBC

        • Germany, France, UK leaders discuss US-backed Ukraine plan in call with Zelenskiy - Reuters

      • EU

        • EU explores cutting costs of carbon border tax on UK electricity producers - FT

        • Von der Leyen says EU is not fighting fossil fuels, only emissions - Politico

        • Europe Must Be Bold to Tackle Productivity Shortfall, Nagel Says - Bloomberg

        • UK Shuns EU's €2 Billion Demand to Join Key Defense Fund - Bloomberg

      • UK

        • Reform UK's former Wales leader jailed for taking bribes for pro-Russia speeches - The Guardian

        • Reeves 'not even sure what the popular path is' on the budget - The Guardian

        • Reeves hit with £10bn borrowing blow days before Budget - The Telegraph

      • Germany

        • German business activity growth loses momentum in November, PMI shows - Reuters

      • Switzerland

        • SNB Will Go Negative If Needed, But Bar Is High, Schlegel Says - Bloomberg

      • Italy

        • EU confronts Italy over its 'golden power' rules to stop foreign mergers - FT

    • Company news:

      • Trading Higher:

        • +11.0% EVD.GR (CTS Eventim €84.05, +8.30) -- Q3 earnings

        • +6.8% XPS.LN (XPS Pensions Group £3.36, +0.22) -- initiated buy at BofA

        • +6.0% HMSO.LN (Hammerson £3.06, +0.17) -- acquisition of remaining 50% interest in The Oracle, Reading for £104.5M; reports strong YTD trading performance and upgraded EPRA earnings guidance for FY25

        • +5.8% CMCX.LN (CMC Markets £2.83, +0.16)

        • +5.2% TEP.LN (Telecom Plus £17.74, +0.88) -- initiated buy at BofA

        • +4.5% FRAS.LN (Frasers Group £7.16, +0.31) -- announces acquisition of Braehead Shopping Centre; re-instated buy at BofA

        • +4.3% UBI.FP (Ubisoft Entertainment €7.06, +0.29) -- IFRS update

        • +3.2% COLR.BB (Colruyt Group €32.98, +1.02) -- Kepler Cheuvreux upgrade

        • +3.0% SHLTN.SW (SHL Telemedicine CHF1.39, +0.04) -- launches rights offering to raise gross proceeds of up to CHF29.5M

        • +2.9% INCH.LN (Inchcape £7.44, +0.21) -- initiated buy at BofA

        • +2.8% LSEG.LN (London Stock Exchange Group £85.60, +2.30)

        • +2.7% SPEC.LN (Inspecs Group £0.75, +0.02) -- confirms approach to Inspecs regarding potential acquisition of Eschenbach Group and BoDe businesses

        • +2.0% IWG.LN (International Workplace Group £2.20, +0.04) -- initiated buy at BofA

        • +1.9% BNZL.LN (Bunzl £21.30, +0.40) -- transferred overweight at JPMorgan

        • +1.8% SSPG.LN (SSP Group £1.45, +0.02) -- re-instated buy at BofA

      • Trading Lower:

        • -34.5% TLW.LN (Tullow Oil £0.06, -0.03) -- Nov trading update

        • -19.8% NWF.LN (NWF Group £1.28, -0.32) -- H1 trading update

        • -8.2% ELIOR.FP (Elior Group €2.61, -0.23) -- TPICAP Midcap downgrade

        • -6.3% MRO.LN (Melrose Industries £5.69, -0.38)

        • -6.3% AIXA.GR (Aixtron €16.30, -1.10) -- sector move

          • -6.2% ASML.NA (ASML Holding €834.70, -55.10) --

          • -5.6% BESI.NA (BE Semiconductor Industries €122.80, -7.25) --

          • -4.8% ASM.NA (ASM International €474.00, -24.10) --

          • -4.1% ELG.GR (Elmos Semiconductor €88.70, -3.80) --

          • -3.6% IFX.GR (Infineon Technologies €31.73, -1.19) --

          • -2.8% NOD.NO (Nordic Semiconductor NOK130.40, -3.70) --

          • -2.2% WAF.GR (Siltronic €42.90, -0.98) --

        • -6.2% ONCO.SS (Oncopeptides SEK4.95, -0.32)

        • -5.7% SQZ.LN (Serica Energy £1.99, -0.12)

        • -5.7% IHP.LN (Integrafin Holdings £3.17, -0.19) -- initiated underperform at BofA

        • -5.4% NORION.SS (Norion Bank SEK65.00, -3.70) -- announces a recommended public cash offer of SEK 22.50 per share for Consensus Asset Management AB

        • -5.2% AMS.SW (ams-OSRAM CHF7.61, -0.42) -- Jefferies downgrade

        • -5.1% KOG.NO (Kongsberg Gruppen NOK231.75, -12.50) -- appoints new CFO

        • -5.0% HBR.LN (Harbour Energy £2.19, -0.12) -- Harbour Energy looking at offshore, onshore M&A possibilities in US - media report

        • -4.9% ASC.LN (Asos £2.35, -0.12) -- FY earnings

        • -4.6% SAAB.B.SS (Saab SEK480.00, -23.10) -- defense names lag as Zelenskiy signals openness to work on Trump's peace plan

          • -2.5% BA.LN (BAE Systems £17.12, -0.43) --

        • -4.0% GLEN.LN (Glencore £3.35, -0.14)

        • -3.6% IMMU.SS (Mendus SEK5.40, -0.20)

        • -2.7% MONY.LN (MONY Group £1.85, -0.05) -- initiated underperform at BofA

        • -2.4% ACKB.BB (Ackermans & Van Haaren €212.40, -5.20) -- Q3 trading update

        • -2.2% CAPD.LN (Capital £1.10, -0.02) -- places ~28.6M news shares at 107p/each to raise £31M (~$40M)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Prosus (PRX.NA)

        • DACHs: 2G Energy (2GB.GR)

        • Nordics: United International Enterprises (UIE.DC)

        • UK: Cerillion (CER.LN)

      • Trading Update

        • DACHs: Julius Baer Group (BAER.SW)

        • UK: Rosebank Industries (ROSE.LN)

      • CMD/Events: Alfa Laval (ALFA.SS), Circio Holding (CRNA.NO) R&D and corporate update webcast (Teams link), UNIQA Insurance Group (UQA.AV) 35 years UNIQA at the Vienna Stock Exchange

  • Data:

    • Economics:

      • Nov flash manufacturing PMI

        • France 47.8 vs consensus 49.0, prior 48.3

        • Germany 48.4 vs consensus 49.8, prior 49.6

        • Eurozone 49.7 vs consensus 50.1, prior 50.0

        • UK 50.2 vs consensus 49.3, prior 49.7

      • Nov flash services PMI

        • France 50.8 vs consensus 48.4, prior 48.0

        • Germany 52.7 vs consensus 54.0, prior 54.6

        • Eurozone 53.1 vs consensus 52.8, prior 53.0

        • UK 50.5 vs consensus 51.9, prior 52.3

      • France Nov business survey 98 vs consensus 100, prior 101

      • UK

        • Oct retail sales +0.2% y/y vs consensus +1.5%, prior revised +1.0% from +1.5%

        • Oct public sector net borrowing £17.43B vs consensus £15.2B, prior revised £19.89B from £20.20B

        • Nov consumer confidence (19) vs consensus (18) and prior (17) - GfK

      • Ireland Oct PPI due at 6ET: consensus (3.0%), prior (2.6%)

    • Markets:

      • WTI Crude (Jan 26): ($1.21) or (2.05%) to $57.79

      • €-$ (0.0032) or (0.28%) to 1.1497

      • £-$ +0.0014 or +0.11% to 1.3087

      • €-£ (0.0033) to 0.8787

      • S&P 500 +0.68%

      • Performance year-to-date

        • FTSE 100: +16.72%

        • DAX: +15.99%

        • CAC: +8.16%

        • MIB: +24.79%

        • Stoxx 600: +10.73%

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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