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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.85% to 9691.58, DAX +1.11% to 23726.22, CAC40 +0.88% to 8096.43, STOXX 600 +1.09% to 574.21

Nov 26 ,2025

  • Synopsis:

    • European equity markets closed broadly higher Wednesday, near session highs for the Stoxx Europe 600 +1.1%. Broader risk appetite supported by Fed rate cut expectations. Latest dovish Fedspeak was reinforced by somewhat soft macro data. Also, press reported Hassett has emerged as the front runner as next Fed chair, offering additional dovish implications. Seasonality has also been another bullish talking point and AI dynamics continue to dominate headlines. European markets took encouragement on Tuesday from Ukraine peace deal reports, though Ukraine President Zelenskyy indicated more work remains and Russia offered a cautious response. US equities higher in Wednesday midday trading, near best levels. S&P now up for a fourth straight session, pacing for a weekly gain of more than 3%. Big tech mostly higher with NVDA rebounding after yesterday's slide on GOOGL competition concerns.

    • In the UK, the FTSE 100 closed up 0.9% as UK Chancellor Reeves delivered Budget statement with larger-than-expected fiscal buffer of ~£22B versus fiscal rules, which compared with forecasts of ~£15B. As expected, fiscal watchdog OBR cut growth forecasts, but Reeves benefited from extra tax receipts amid higher inflation. Tax rises will raise ~£26B by 2029-30 to lift tax burden to record 38% of GDP. Bulk of revenue-raising measures came from freeze income tax thresholds for three more years to raise £8B. Cap on national insurance exemption for salary sacrifice pension contributions at £2K will also raise £4.7B; increasing tax rate on dividends, property and savings income by 2% to raise £2.1B and other measures to raise total of £11.2B. Note, Gilt issuance for current fiscal year came in weaker than forecast at £303.7B versus consensus £307.7B and prior £299.1B. Gilts, sterling and UK equity markets positive, but note majority of revenue-raising measures are backloaded. Initial reaction impacted by OBR inadvertently publishing details 30 minutes ahead of Reeves statement, which fueled volatility.

    • Among European sectors, Tech led gains. ASML (ASML.NA) +5.4% among the stronger performers as Morgan Stanley raised its price target and named ASML Top Pick. Banks another strong performer with UK names outperforming on back of Budget takeaways, while German banks also among the stronger performers. UK Housebuilders mixed on latest UK Budget measures announced. Citi commented that the additional housing related taxes on high value properties and rental income are likely to dampen sentiment at the top of the housing ladder and regionally across London and South East which have a higher concentration of high-value properties and rental housing stock. Firm noted Berkeley Group (BKG.LN) (3.1%) with focus on higher value London market with a higher mix of foreign investor buyers is likely to see a negative sentiment impact. UK financial services firms keyed off incentives to boost equity market investment. Gambling stocks mixed in reaction to the higher UK duties. Retail, hospitality and consumer-exposed names seemed to take encouragement from the UK Budget statement being better than feared. Elsewhere, staffing stocks were under pressure, with focus on Adecco's (ADEN.SW) financial framework as outlined in its CMD.

  • Digest:

    • Sectors - STOXX Europe 600:

    • Outperformers:

      • Technology +2.10%, Banks +1.76%, Basic Resources +1.63%, Insurance +1.28%, Real Estate +1.28%, Travel & Leisure +1.10%, Energy+1.16%, Utilities +1.14%

    • Underperformers:

      • Autos & Parts (0.43%), Food, Beverage and Tobacco (0.15%), Media (0.11%), Chemicals (0.01%), Telecom +0.53%, Personal Care Drug and Grocery Stores +0.54%, Construct & Mtls +0.61%, Health Care +0.76%, Consumer Products and Services +0.85%, Retail +0.97%, Ind Goods & Svcs +0.97%

    • Macro:

      • UK

        • Reeves' Budget raises tax take to all-time high -- FT

        • Reeves scraps two-child benefit cap and confirms mansion tax as OBR apologises for leaking details -- Guardian

        • Britain cuts tax-free allowance for cash savings to spur investing -- Reuters

      • ECB:

        • ECB warns of risk of sharp price adjustment in asset markets (Bloomberg, FT)

        • ECB's Guindos Sees 'Limited' Risk Inflation Will Undershoot -- Bloomberg

      • Russia/Ukraine

        • US peace plan for Ukraine drew from Russian document, sources say -- Reuters

      • Germany

        • IMF: German reform of fiscal rules has set stage for economic recovery, but medium-term prospects remain constrained -- Reuters

        • Chancellor's arduous struggle against the AfD's promises -- Welt

      • Italy

        • 2.5-point increase in IRAP for large banks -- ANSA

      • Norway

        • Norway's inflation above target as domestic prices rise rapidly, central bank governor says -- Reuters

    • Company news:

      • Notable Gainers

        • +23.5% EKTA.B.SS (Elekta SEK54.30, +10.46) -- Q2 earnings, implementation of a new operating model which includes job cuts

        • +23.1% TLW.LN (Tullow Oil £0.05, +0.01) -- potential easing of North Sea oil and gas licence rules

        • +11.6% SZG.GR (Salzgitter €33.72, +3.54) -- Deutsche Bank upgrade

        • +7.6% VLA.FP (Valneva €4.05, +0.29) -- Phase 2 study data of Lyme disease vaccine candidate VLA15

        • +6.7% SDY.LN (Speedy Hire £0.27, +0.02) -- H1 earnings

        • +6.2% GRG.LN (Greggs £15.43, +0.91) -- initiated outperform at Davy

        • +5.8% TKA.GR (ThyssenKrupp €9.04, +0.50) -- framework agreement with Uniper on ammonia cracking tech

        • +5.8% EMBRAC.B.SS (Embracer Group SEK85.57, +4.69) -- sale of Arc Games and Cryptic Studios for $30M; trading in Coffee Stain to start on 11-Dec

        • +5.3% STJ.LN (St. James's Place £0.00, +0.68) -- UK Budget reaction

        • +5.0% BDT.GR (Bertrandt €17.98, +0.86) -- initiated buy at TPICAP Midcap

        • +4.8% PETS.LN (Pets At Home Group £2.15, +0.10) -- H1 earnings

        • +4.5% ALLIX.FP (Wallix Group €23.15, +1.00) -- acquisition of Malizen for E.V. of €1.6M

        • +4.3% VCP.LN (Victoria £0.41, +0.02) -- €15M p.a. earnings improvement thanks to new ceramics production line

        • +3.4% NESTE.FH (Neste €16.46, +0.54) -- UBS upgrade

        • +3.4% LLOY.LN (Lloyds Banking Group £0.00, +0.03) -- UK Budget reaction

        • +3.3% SQN.SW (Swissquote Group Holding CHF488.80, +15.80) -- initiated buy at BofA

        • +2.4% FTK.GR (flatexDEGIRO €32.16, +0.74) -- initiated buy at BofA

        • +2.4% ANA.SM (Acciona €172.70, +4.00) -- Acciona negotiates selling its wind assets in Galicia to Xunta for 700M -- Expansion

        • +2.3% FLU.AV (Flughafen Wien €54.80, +1.20) -- Oddo upgrade

        • +2.3% DORO.SS (Doro SEK40.15, +0.90) -- Q3 earnings; main holder raises ownership to above 90.00%

        • +2.0% GNS.LN (Genus £24.90, +0.50) -- initiated buy at Berenberg

        • +0.7% MCG.LN (Mobico Group £0.22, -0.00) -- Q3 trading updatex

      • Notable Decliners

        • -18.3% EVOK.LN (Evoke Plc £0.00, -0.07) -- UK Budget reaction

        • -11.4% ADEN.SW (Adecco Group CHF22.26, -2.82) -- CMD update

        • -8.7% AT1.GR (Aroundtown €2.98, -0.28) -- Q3 earnings

        • -6.2% IOM.LN (iomart Group £0.24, -0.02) -- H1 earnings

        • -3.8% KIT.NO (Kitron NOK57.90, -2.30) -- raise ~NOK973.3M through 17.0M-share private placement

        • -3.5% IBT.B.SS (Infant Bacterial Therapeutics SEK49.90, -1.80) -- changes the IBP-9414 pathway for approval

        • -3.2% KETL.LN (Strix Group £0.34, -0.01) -- 6M update

        • -3.0% BKG.LN (Berkeley Group Holdings £0.00, -1.14) -- UK Budget reaction

        • -2.5% EDR.SM (eDreams ODIGEO €3.55, -0.09) -- Barclays downgrade

        • -2.1% ROCK.B.DC (Rockwool DKK0.00, -4.65) -- reports final Q3 earnings in line with prelim. release: net income €122M vs FactSet €117.3M [6 est, €109-127.7M]; reaffirms FY guidance

        • -1.8% COLR.BB (Colruyt Group €32.30, -0.58) -- Barclays downgrade

        • -0.9% WPP.LN (WPP Group £3.02, -0.03) -- indicative FTSE 100 deletion

        • -0.9% FCT.IM (Fincantieri €17.37, -0.16) -- reshaping of U.S. Navy Constellation-class program

        • -0.3% TATE.LN (Tate & Lyle £3.72, -0.01) -- UK sugar tax to be extended to more soft drinks and milkshakes

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Oberbank (OBS.AV), CPI Europe (CPI.AV), PharmaSGP Holding (PSG.GR), BayWa (BYW6.GR), ADLER Group (ADJ.GR)

        • Nordics: MPC Container Ships (MPCC.NO), Andfjord Salmon Group (ANDF.NO), Havila Kystruten (HKY.NO), KB Components (KBC.SS), Cereno Scientific (CRNO.B.SS), Saniona (SANION.SS), RTX (RTX.DC)

        • Southern Europe: Grenergy Renovables (GRE.SM), Ibersol (IBS.PL)

        • UK: Pennon Group (PNN.LN), Halfords Group (HFD.LN), Vp (VP.LN), Activeops (AOM.LN)

        • Other: Sistema (AFKS.RU)

      • Trading Update:

        • UK: Safestore Holdings (SAFE.LN)

      • CMD/Events: Norsk Hydro (NHY.NO) investor day, Sika Group (SIKA.SW) investor and media conf webcast at 10:00CET link , UNITE Group (UTG.LN), Rockwool (ROCK.B.DC) earnings call on first nine months results webcast link at 10:00CET, Halford Group (HFD.LN) retail investor strategy update on the Engage Investor platform (registration link) at 13:00GMT, Wartsila (WRT1V.FH) business update call

  • Data:

    • Economics:

      • Switzerland Nov ZEW Expectations 12.2 vs consensus (8.8) and prior (7.7)

      • Norway Q3 GDP +1.1% q/q vs consensus +0.4% and prior revised +1.2% from +0.8%x

    • Markets:

      • WTI Crude (Jan 26): +$0.05 or +0.09% to $58.00

      • €-$ +0.0029 or +0.25% to 1.1598

      • £-$ +0.0064 or +0.49% to 1.3229

      • €-£ (0.0020) to 0.8770

      • S&P 500 +0.91%

      • Performance year-to-date

        • FTSE 100: +18.58%

        • DAX: +19.17%

        • CAC: +9.70%

        • MIB: +26.16%

        • Stoxx 600: +13.12%

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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