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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.14% to 9553.21, DAX +0.64% to 23239.18, CAC40 (0.29%) to 7959.67, STOXX 600 +0.15% to 562.94

Nov 24 ,2025

  • Synopsis:

    • European equity markets closed mostly higher, following largest weekly loss for benchmark Stoxx 600 since August. Defense names leading the weakness. Healthcare and insurance also underperforming. Travel/Leisure and Basic Resources among the outperformers.

    • Markets showing signs of stabilization after coming under pressure last week amid worries related to tech sector. Concerns about valuations, AI capex ROI, extent of debt-funded spending plans (and related credit market risks) and circularity among factors blamed for recent tech pullback, though still-strong outlook for AI demand remains a counterbalance. Fed rate cut skepticism has also driven negative sentiment towards risk assets more broadly, though markets back to pricing in 70% chance of December Fed rate cut following dovish remarks by NY Fed's Williams on Friday. Cleaner positioning and seasonality seem to be two of the higher-profile bullish talking points. Overseas, in Nikkei interview, BOJ board member Masu signaled rate hike close though could not specify timing.

    • In Europe, immediate focus on Ukraine developments, which seem more encouraging than some of the previous attempts to move towards a ceasefire agreement. European officials offered some concessions to Russia after rejecting an original 28-point US-backed document leaked last week. US Secretary of State Rubio was optimistic after holding discussions with a Ukraine delegation.

    • Macro focus on Wednesday's UK budget. More details coming out on likely measures despite Chancellor Reeves criticizing leaks last week. A freeze on income tax thresholds for another two years is tipped, reduction in pension tax relief, higher property taxes, a gambling tax, a tourist levy and a new pay-per-mile tax on electric cars. However, Reeves will increase welfare spending. On the macro data front, German Ifo business climate survey missed and UK job vacancies hit four-year low.

    • On trade, Reuters sources said Trump administration weighing whether to allow sales of NVDA H200 AI chips to China. H200 said to be twice as powerful as H20 chips that China has effectively blocked from use. Bloomberg sources said administration weighing alternative trade authorities to reinstitute tariffs if SCOTUS rules against national security duties.

    • In M&A developments, following a weekend of speculation, BHP Group (BHP.AU) confirmed it is no longer considering takeover offer for Anglo American (AAL.LN); still in the UK, Warburg Pincus confirmed that it does not intend to make firm offer for JTC (JTC.LN); in another deal, Fagron (FAGR.BB) announced the acquisition of a book of business from Amara (Poland) and Magilab (Hungary) , whilst local Italian press reported that Stellantis (STLAM.IM) may sell Comau; in France, Compagnie Chargeurs Invest (CRI.FP) entered into exclusive negotiations agreement with KPS Capital Partners regarding a contemplated sale of Novacel and EssilorLuxottica (EL.FP) is reportedly willing to serve as a cornerstone investor in the Giorgio Armani's sale process.

    • On a light reporting calendar, Prosus (PRX.NA) posted final H1 numbers and Julius Baer Group (BAER.SW) issued its 10M trading update.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 24-Nov to 28-Nov attached) Compass Group (CPG.LN), EasyJet (EZJ.LN), Cranswick (CWK.LN), Telecom Plus (TEP.LN), Molten Ventures (GROW.LN), Renew Holdings (RNWH.LN), AO World (AO.LN), GB Group (GBG.LN), Marston's (MARS.LN), Supreme (SUP.LN), Brickability Group (BRCK.LN), Accsys Technologies (AXS.LN), Severfield (SFR.LN), Intercede Group (IGP.LN), Greek Organisation of Football Prognostics (OPAP.GA), Fourlis Holdings (FOYRK.GA), L E Lundbergföretagen (LUND.B.SS), Egetis Therapeutics (EGTX.SS), Vestjysk Bank (VJBA.DC), TCM Group (TCM.DC), Paratus Energy Services (PLSV.NO) and Vienna Insurance Group (VIG.AV) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Q3 final GDP, France Nov consumer confidence, Spain Oct PPI, Sweden Oct PPI, Finland Oct unemployment rate and UK Nov distributive trades - CBI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +1.63%, Travel & Leisure +1.56%, Technology +1.36%, Construct & Mtls +1.26%, Autos & Parts +0.81%, Financial Svcs +0.42%, Banks +0.35%, Energy+0.17%,

      • Underperformers:

        • Media (1.43%), Personal Care Drug and Grocery Stores (0.98%), Food, Beverage and Tobacco (0.91%), Health Care (0.34%), Utilities (0.23%), Telecom (0.17%), Retail (0.10%), Real Estate (0.08%), Ind Goods & Svcs (0.07%), Insurance (0.02%), Chemicals +0.03%,

    • Macro/Peripheral markets:

      • Geopolitics

        • US and Ukraine draft new 19-point peace plan but defer biggest decisions - FT

        • Trump hints at 'big progress' in Ukraine talks as Zelensky warns against giving away territory - BBC

      • EU

        • Lutnick Says EU Must Ease Tech Rules for Lower Steel Tariffs - Bloomberg

        • EU Asks US to Cut Tariffs on Flamethrowers and Grenade Launchers - Bloomberg

      • UK

        • Labour will listen to bosses' concerns on workers' rights, says business secretary - The Guardian

      • France

        • Macron set to present voluntary military service plan - Politico

        • French PM pressures lawmakers to pass 2026 budget despite parliament tensions - Reuters

      • Germany

      • Spain

        • Spain's attorney general resigns following Supreme Court conviction - Politico

    • Company news:

      • Trading Higher:

        • +24.0% SEQUA.BB (Sequana Medical €0.74, +0.14) -- first US commercial Alfapump implantation

        • +12.5% VIVE.SS (Vivesto SEK0.16, +0.02)

        • +12.2% DATA.LN (GlobalData £1.12, +0.12) -- £10M buyback program, CMD update, proposed move to Main Market

        • +11.7% BAYN.GR (Bayer AG €30.78, +3.22) -- Phase III OCEANIC-STROKE study results

        • +10.6% F3C.GR (SFC Energy €12.98, +1.24) -- €3.2M maintenance contract

        • +9.2% XVIVO.SS (Xvivo Perfusion SEK179.60, +15.10) -- delition from OMX Stockholm Benchmark Index

        • +6.6% SEDANA.SS (Sedana Medical SEK10.08, +0.62) -- positive pre-NDA meeting with FDA for SED003, SED004 clinical studies

        • +5.9% CRI.FP (Compagnie Chargeurs Invest €10.08, +0.56) -- exclusive negotiations agreement with KPS Capital Partners for Novacel sale

        • +5.8% CO.FP (Casino Guichard-Perrachon €0.27, +0.02) -- "Renouveau 2030" plan

        • +5.5% OCI.NA (OCI NV €3.52, +0.18) -- sale of OCI Ammonia Holding to AGROFERT for €290M

        • +4.9% MED.SW (Medartis Holding CHF79.90, +3.70) -- new CFO

        • +4.5% VOE.AV (Voestalpine €35.82, +1.54) -- BofA upgrade

        • +4.2% UBI.FP (Ubisoft Entertainment €7.34, +0.30)

        • +4.1% CAT.B.SS (Catella SEK25.20, +1.00) -- divests 66.1% stake in Catella Valuation France to Newmark

        • +4.1% VTY.LN (Vistry Group £6.21, +0.24) -- initiated buy at Goldman Sachs

        • +4.0% VBG.B.SS (VBG Group SEK381.20, +14.80) -- addition to OMX Stockholm Benchmark Index

        • +3.7% STLAM.IM (Stellantis €8.77, +0.31) -- initiated neutral at Goldman Sachs from prior rating hold

        • +3.7% MT.NA (ArcelorMittal €35.31, +1.25)

        • +3.5% SSAB.A.SS (SSAB SEK64.76, +2.16) -- BofA upgrade; delition from Stockholm Benchmark Index

        • +3.4% INWI.SS (Inwido SEK144.00, +4.70) -- initiated buy at Sparebank 1 Markets

        • +3.2% NEM.GR (Nemetschek €92.60, +2.85) -- initiated buy at Jefferies

        • +2.8% IAG.LN (International Consolidated Airlines Group £3.90, +0.11) -- Three European airlines express interest in TAP - Bloomberg

        • +2.6% STAN.LN (Standard Chartered £16.02, +0.41) -- Morgan Stanley upgrade

        • +2.2% BMW.GR (Bayerische Motoren Werke €86.96, +1.90) -- initiated buy at Goldman Sachs

        • +2.1% BIRG.ID (Bank of Ireland Group €15.61, +0.32) -- Morgan Stanley upgrade

        • +2.1% GSF.NO (Grieg Seafood NOK70.35, +1.45) -- reinstated buy at DNB Carnegie

      • Trading Lower:

        • -31.1% IMM.LN (ImmuPharma £0.07, -0.03) -- corporate update

        • -7.6% SFOR.LN (S4 Capital £0.16, -0.01) -- Q3 trading update

        • -6.5% CRNA.NO (Circio Holding NOK1.26, -0.09) -- circVec-AAV heart new data

        • -5.5% SAAB.B.SS (Saab SEK453.55, -26.45) -- Ukraine peace talks

          • -5.0% RHM.GR (Rheinmetall €1,442.25, -76.50) --

          • -2.3% LDO.IM (Leonardo €44.94, -1.07) --

          • -2.2% HO.FP (Thales €222.00, -4.90) --

        • -5.2% SAA.LN (M&C Saatchi £1.20, -0.06) -- FY trading update; Peel Hunt downgrade

        • -4.5% SRV1V.FH (SRV Group €4.83, -0.23) -- deletion from OMX Helsinki Benchmark Index

        • -4.5% PAY.LN (PayPoint £4.78, -0.23)

        • -4.2% BAER.SW (Julius Baer Group CHF56.04, -2.46) -- 10M trading udpate; completes credit review and new Chief Compliance Officer

        • -2.4% ICAD.FP (Icade €20.28, -0.50) -- Barclays downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Vienna Insurance Group (VIG.AV)

        • Nordics: L E Lundbergföretagen (LUND.B.SS), Egetis Therapeutics (EGTX.SS), Vestjysk Bank (VJBA.DC), TCM Group (TCM.DC), Paratus Energy Services (PLSV.NO),

        • Southern Europe: Greek Organisation of Football Prognostics (OPAP.GA), Fourlis Holdings (FOYRK.GA)

        • UK: Compass Group (CPG.LN), EasyJet (EZJ.LN), Cranswick (CWK.LN), Telecom Plus (TEP.LN), Molten Ventures (GROW.LN), Renew Holdings (RNWH.LN), AO World (AO.LN), GB Group (GBG.LN), Marston's (MARS.LN), Supreme (SUP.LN), Brickability Group (BRCK.LN), Accsys Technologies (AXS.LN), Severfield (SFR.LN), Intercede Group (IGP.LN)

      • Trading Update:

        • UK: Intertek Group (ITRK.LN), Beazley (BEZ.LN)

      • CMD/Events: Straumann Holding (STMN.SW) webcast link, ABN Amro (ABN.NA) livestream from 14:00CET, Fortum (FORTUM.FH) webcast linkat 9:00CET, Stora Enso (STERV.FH) from 9:00GMT link, Natwest Group (NWG.LN) Retail Banking at 15:30GMT (Zoom registration), EFG International (EFGN.SW) at 9:30CET link, Peab (PEAB.B.SS), TietoEVRY (TIETO.FH), Alimak Group (ALIG.SS), Sanoma (SANOMA.FH), Beazley (BEZ.LN)

  • Data:

    • Economics:

      • Finland Oct PPI +0.2% vs consensus (0.1%), and prior (0.3%)

      • Germany Nov IFO survey

        • Business climate 88.1 vs consensus 88.5, prior 88.4

        • Current conditions 85.6 vs consensus 85.5, prior 85.3

        • Expectations 90.6 vs consensus 91.4, prior 91.6

    • Markets:

      • WTI Crude (Jan 26): +$0.32 or +0.55% to $58.38

      • €-$ +0.0008 or +0.07% to 1.1524

      • £-$ +0.0001 or +0.01% to 1.3104

      • €-£ +0.0008 to 0.8796

      • S&P 500 +1.33%

      • Performance year-to-date

        • FTSE 100: +16.89%

        • DAX: +16.73%

        • CAC: +7.84%

        • MIB: +23.93%

        • Stoxx 600: +10.90%

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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