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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.02% to 9693.93, DAX +0.18% to 23767.96, CAC40 +0.04% to 8099.47, STOXX 600 +0.14% to 575.00

Nov 27 ,2025

  • Synopsis:

    • European equity markets closed higher. Financial Services, Food & Beverage and Auto/Parts the best performing sectors. Healthcare the worst performer. Technology and Basic resources also lag. Asian equity markets mostly higher with tech-leaning benchmarks seeing the best gains. US equity markets closed for Thanksgiving Holiday. US equity futures little changed. Bond softer with Bund 1 bps firmer at 2.68%. 10-year Gilt adds 4 bps at 4.47% after fall in yields in prior session. Dollar narrowly mixed; slightly softer versus yen and Aussie, firmer against euro and sterling. Oil up. Gold lower. Industrial metals mostly lower. Bitcoin strengthens above $90K.

    • Momentum rebound continues to characterize price action. Revival in December Fed rate cut expectations aiding sentiment towards growth pockets. Some pushback against recent AI bubble concerns amid a still-strong demand outlook. More positive narrative for European markets. Forward-looking indicators positive and macro picture relatively benign in euro area. Currency headwinds fading and tariff impact is diminishing. Geopolitical backdrop has aided sentiment this week. Russia's Putin says Trump's proposal for ending Ukraine war could be the basis for future agreements; need to sit down and discuss specifics.

    • On the macro data front, German consumer confidence recorded a slight improvement. ECB M3 money supply in line with expectations and annual growth rate of loans picked up. October ECB minutes show no material change versus staff projections. Most policymakers comfortable with wait-and-see stance. Economists think ECB could remain on hold throughout 2026. UK press digests yesterday's Budget. Chancellor Reeves received praise for raising fiscal buffer to £22B, but it was funded by £26B worth of tax increases and her plans included big increase in welfare spending. Most of the tax increases are also backloaded. Business leaders criticized lack of growth measures.

    • In M&A news, Deutsche Börse AG (DB1.GR) confirmed exclusive discussions with Allfunds Group PLC (ALLFG.NA) regarding a possible acquisition of the entire issued and to be issued share capital of Allfunds. Corriere della Sera reported Banca Monte dei Paschi di Siena (BMPS.IM) CEO Lovaglio, holders Caltagirone and Delfin President Milleri are under investigation by the Prosecutor's Office and the Financial Police for market manipulation and obstruction of Consob and the ECB over takeover of Mediobanca (MB.IM). Further in the press, Chinese sportswear maker Anta Sports Products reported to be among firms exploring a potential takeover of Puma (PUM.GR), with the story first started circulating back in August; in another deal, Aneo BidCo submitted an offer to acquire Arise (ARISE.SS) for SEK 45 in cash per share, whilst Lundbeck (HLUN.DC) confirmed that it does not intend to make offer for Avadel Pharmaceuticals (ALKS); furthermore, ACCIONA Energía (ANE.SM) sold its stake in two renewable energy assets totaling 232MW of capacity, for an enterprise value of €255M to Exxaro (EXX.SJ) and Aegon (AGN.NA) is reportedly considering selling some operations outside of the US.

    • On a light reporting front, Remy Cointreau (RCO.FP) and Pennon Group (PNN.LN) issued H1 numbers, whilst Sika Group (SIKA.SW) reaffirmed is Strategy for 2028 and - at its Investor Day - Hydro (NHY.NO) cut its capital allocation targets for FY25 and FY26 to NOK 13.5B from NOK 15B.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +0.92%, Financial Svcs +0.78%, Food & Beverage +0.62%, Real Estate +0.55%, Banks +0.48%, Ind Goods & Svcs +0.43%, Retail +0.33%, Insurance +0.32%, Construct & Mtls +0.31%, Media +0.31%, Travel & Leisure +0.30%

      • Underperformers:

        • Health Care (0.47%), Technology (0.41%), Basic Resources (0.29%), Persnl & HHold Goods (0.11%), Oil & Gas (0.05%), Telecom +0.05%, Chemicals +0.09%, Utilities +0.09%

    • Macro:

      • Central Banks:

        • ECB October minutes show governing council's assessment of inflation outlook broadly unchanged

        • ECB to keep inflation at 2% on softer wage growth, Lane says: Bloomberg

        • Reeves eases path to BoE cut: Bloomberg

      • UK:

        • Business chiefs fear 'scattergun' budget will stifle growth: The London Times

        • Bond investors give mixed reception to UK fiscal update: Reuters

        • ONS says UK net migration falls 69% in a year to 204K: The London Times

      • France:

        • Macron to reintroduce voluntary military service amid Russian threat: FT

      • Geopolitics:

        • Putin says US-Ukraine text could form basis for future peace agreement: Reuters

        • Russian President Putin declared peace agreements with Ukraine "legally impossible" under current conditions, citing President Zelenskyy's cancelled elections and loss of legitimacy: RT

        • Germany's Merz: Ukraine will need strong army after any peace deal: Reuters

        • Europe plans proactive cyber and hybrid retaliation against Russia: Politico

        • Ukraine Agrees to Scrap Tax Breaks to Access IMF Loan Package: Bloomberg

        • Euroclear warns using frozen Russian assets for Ukraine loans will raise EU borrowing costs: FT

    • Peripheral markets:

      • Portugal:

        • Portugal's centre-right government passes 2026 budget with Socialists' abstention: Reuters

      • Italy:

        • Italian business confidence up says Istat: ANSA

      • Spain:

        • Spain will be the OECD country that dedicates the highest proportion of its GDP to paying pensions in 2050: ElPais

    • Company news:

      • Notable Gainers

        • +56.0% DEBS.LN (Debenhams Group £0.18, +0.07) -- H1 earnings; new growth share arrangement

        • +52.8% ARISE.SS (Arise SEK44.00, +15.20) -- Aneo BidCo cash offer at SEK45/sh

        • +23.0% ALLFG.NA (Allfunds Group €8.17, +1.53) -- Deutsche Börse confirms that it is in exclusive discussions with Allfunds Group PLC regarding a possible acquisition of the entire issued and to be issued share capital of Allfunds

          • +1.9% DB1.GR (Deutsche Börse €225.60, +4.10) -- JPMorgan upgrade

        • +18.0% PUM.GR (Puma €20.07, +3.07) -- Anta Sports among firms exploring bid for Puma - Bloomberg

        • +15.0% TRI.FP (Trigano €169.90, +22.10) -- FY earnings

        • +14.2% SANION.SS (Saniona SEK17.50, +2.18) -- Q3 earnings

        • +10.6% MACF.LN (Macfarlane Group £0.73, +0.07) -- trading update

        • +9.9% PTEC.LN (Playtech £2.82, +0.26) -- confirm FY26 expectations despite UK Remote Gaming Duty increase

        • +8.3% BC8.GR (Bechtle €43.10, +3.30) -- new contract worth up to €501M

        • +7.1% INLOT.GA (Intralot €0.99, +0.06) -- Q3 earnings

        • +6.5% EKTA.B.SS (Elekta SEK58.60, +3.55) -- DNB Carnegie ugpgrade

        • +6.5% PDL.LN (Petra Diamonds £0.18, +0.01) -- results of rights issue

        • +4.9% VLA.FP (Valneva €4.27, +0.20) -- optimizes organizational footprint in France

        • +4.7% PNN.LN (Pennon Group £5.54, +0.25) -- H1 earnings

        • +4.6% MPCC.NO (MPC Container Ships NOK17.60, +0.78) -- Q3 earnings

        • +3.9% RCO.FP (Remy Cointreau €39.62, +1.50) -- H1 earnings

        • +3.3% DPP.LN (DP Poland £0.08, -0.00) -- new financing arrangements

        • +2.9% SAFE.LN (Safestore Holdings £7.33, +0.21) -- Q4 trading update

        • +2.8% CRBN.NA (Corbion €19.80, +0.54) -- KBC upgrade

        • +1.8% CRTA.LN (Cirata £0.20, -0.00) -- FCA's investigation closed with no action against company

        • +1.8% WCH.GR (Wacker Chemie €66.45, +1.15) -- announces cost-saving target of over €300M per year in connection with project PACE; plans to cut over 1,500 job worldwide

        • +1.0% RHM.GR (Rheinmetall €1,510.00, +14.50) -- three-digit-million euro contract award

        • +0.5% SAN.SM (Banco Santander €9.26, +0.05) -- Banco Santander among group of banks set to receive European regulatory approval to hold less capital for risks at their insurance businesses -- Bloomberg

      • Notable Decliners

        • -19.1% TNG.FP (Transgene €1.10, -0.26) -- completes fundraising of €105M via private placement at €1.02/sh

        • -8.0% RNK.LN (Rank Group £1.09, -0.09) -- comments on impact from UK budget

        • -5.5% VP.LN (Vp Plc £5.20, -0.30) -- H1 earnings

        • -5.1% EVOK.LN (Evoke Plc £0.29, -0.02) -- withdraws medium-term financial targets following UK budget

        • -4.6% BMPS.IM (Banca Monte dei Paschi di Siena €8.33, -0.40) -- Banca Monte dei Paschi di Siena CEO Lovaglio, holders Caltagirone and Delfin President Milleri under investigation over takeover of Mediobanca -- Corriere della Sera

          • -2.1% MB.IM (Mediobanca €16.72, -0.36)

        • -3.9% UTG.LN (UNITE Group £5.24, -0.22) -- expects lower FY EPS in 2026

        • -3.4% SQZ.LN (Serica Energy £1.74, -0.06) -- Q3 trading update

        • -2.5% HFD.LN (Halfords Group £1.40, -0.04) -- H1 earnings; Chair to step down

        • -2.0% CAM.LN (Camellia £50.00, -1.00) -- Kazuki land claims

        • -1.2% RF.FP (Eurazeo €54.55, -0.65) -- Kepler Cheuvreux downgrade

        • -1.1% NOVO.B.DC (Novo Nordisk DKK310.90, -3.30) -- Handelsbanken downgrade

        • -0.5% ETE.GA (National Bank of Greece €13.54, -0.07) -- completes sale of 9.99% stake in Ethniki Insurance to Piraeus Bank

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Dottikon ES Holding (DESN.SW), CPI PROPERTY GROUP (O5G.GR), DEAG Deutsche Entertainment (LOU.GR)

        • Nordics: Northern Ocean (NOL.NO), Jinhui Shipping & Transportation (JIN.NO), Anoto Group (ANOT.SS)

        • Other: Aeroflot (AFLT.RU)

      • CMD/Events: Allianz (ALV.GR) inside Allianz series, Sdiptech (SDIP.B.SS)

  • Data:

    • Economics:

      • Eurozone

        • Oct M3 Money Supply +2.8% y/y vs consensus +2.8% and prior +2.8%

        • Nov Economic Sentiment Indicator 97.0 vs consensus 97.0 and prior 96.8

          • Consumer Confidence (14.2) vs preliminary (14.2)

          • Services Sentiment Indicator 5.7 vs consensus 4.4 and prior revised 4.2 from 4.0

      • Italy Nov Business Confidence 89.6 vs consensus 88.5 and prior revised 88.4 from 88.3

        • Consumer Confidence 95.0 vs consensus 97.6 and prior 97.6

      • Germany Dec GfK Consumer Confidence (23.2) vs consensus (23.6) and prior (24.1)

      • Sweden Oct Trade Balance SEK1.5B vs consensus SEK4.1B and prior revised SEK4.9B from SEK5.4B

      • Norway Oct Unemployment Rate 4.5% vs consensus 4.8% and prior 4.8%

      • Denmark Oct Retail Sales +4.9% y/y vs consensus +3.0% and prior revised +3.3% from +3.5%; +0.9% m/m vs consensus (0.4%) and prior 0.0%

      • Belgium Nov CPI +2.4% y/y vs consensus +1.9% and prior +2.0%; +0.6% m/m vs consensus +0.1% and prior +0.4%

    • Markets:

      • WTI Crude (Jan 26): +$0.26 or +0.44% to $58.91

      • €-$ +0.0003 or +0.03% to 1.1599

      • £-$ +0.0005 or +0.04% to 1.3246

      • €-£ (0.0000) to 0.8758

      • S&P 500 +0.00%

      • Performance year-to-date

        • FTSE 100: +18.61%

        • DAX: +19.38%

        • CAC: +9.74%

        • MIB: +26.42%

        • Stoxx 600: +13.27%

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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