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StreetAccount Summary - EU Market Recap: FTSE 100 (0.18%) to 9702.53, DAX (1.04%) to 23589.44, CAC40 (0.32%) to 8097.00, STOXX 600 (0.20%) to 575.27

Dec 01 ,2025

  • Synopsis:

    • European equity markets generally closed lower, with pan-European indices range-bound through the session in negative territory.

    • Shares mostly opened lower and failed to sustain the parings of losses through the day, briefly breaking below the range and reaching session lows around an hour before the US open.

    • With shares ending towards the upper end on the day's range, Greece +0.8% and Austria, Netherlands both +0.5%, led outperformers. Belgium (0.4%) joined the DAX in leading underperformers.

    • OPEC+ meeting and PMIs from around the world in focus along with developments in Ukraine/Russia peace talks.

    • Macro data releases included Nov manufacturing PMIs from across the region, with Ireland and Norway the exceptions to otherwise disappointing updates, Switzerland Oct retail sales that topped estimates and UK Oct mortgage approvals bettered expectation, though was marginally lower than prior month.

    • Over the weekend, OPEC+ members agreed to pause Q1 of 26 production increases and agrees capacity mechanism

    • Bundesbank's Nagel spoke at Yonsei Univ. title 'Current economic policy challenges in Germany and Europe', Denmark central bank's Thomsen spoke at Finance Denmark's annual meeting. Latvia central bank's Brikše gave an interview to LTV "Rīta panorāma". Riksbank's Thedéen spoke on the independence and mandate of central banks at event hosted by SNS. BOE's Dhingra spoke at the UK Trade Policy Observatory (UKTPO) annual conf.

    • In politics, Chancellor Merz hosts Poland's PM Tusk and then both leaders chair the German-Polish government consultations.

    • In UK, MPs continue the Budget debate whilst PM Starmer backs his chancellor as Reeves insists her job is safe, delivered speech on a Britain built for all and will speak later at the Lady Mayor's Banquet in London. Finland's PM Orpo hosts Sweden's PM Kristersson. Norway's PM Støre spoke at the Unio conf.

    • The UK's OBR released a report of investigation into the Nov-25 economic and fiscal outlook publication error, saying the mistaken release 'worst failure' in its 15-year history and any solution to prevent future early releases must be put in place in good time for the Spring 2026 Economic and Fiscal Outlook.

    • In events, Handelsblatt Euroforum Seminar title 'Introduction to the Energy Industry' (through Wed) and Handelsblatt conf 'Mobility Meets Defence' speakers include execs from Rheinmetall (RHM.GR), Daimler Truck (DTG.GR) part of CTI Symposium (through Wed).

    • Company news flow amongst the region's leading companies was limited, with Airbus (AIR.FP) (5.8%) providing update on deployment of A320 Family precautionary fleet measures in spotlight

    • SolGold (SOLG.LN) reversed initial falls and ended +0.7%. Jiangxi Copper Co. Ltd. had noted before the market open both non-binding possible cash offers for SolGold were rejected by SolGold's board. Hugo Boss (BOSS.GR) +0.3% notes Frasers Group (FRAS.LN) (1.0%) no longer supports Supervisory Board chairman Stephan Sturm

    • Framery Group (+FRAMERY.FH) IPO due to start trading on the prelist of Nasdaq Helsinki tomorrow

    • France Nov new car registrations (0.3%) y/y, with the same data for Spain +12.9% and for Italy due later today.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Retail +0.85%, Basic Resources +0.80%, Persnl & HHold Goods +0.80%, Autos & Parts +0.61%, Banks +0.31%, Technology +0.30%, Food & Beverage +0.28%, Chemicals +0.05%, Oil & Gas (0.02%)

      • Underperformers:

        • Financial Svcs (1.37%), Ind Goods & Svcs (1.23%), Real Estate(1.03%), Insurance (0.67%), Utilities (0.64%), Media (0.63%), Telecom (0.61%), Construct & Mtls (0.51%), Travel & Leisure (0.29%), Health Care (0.24%)

    • Macro/Peripheral markets:

      • Finland:

        • Minister of Defence Antti Häkkänen will visit the United States from 2-7-Dec - release

      • France:

        • PM Lecornu begins new political consultations in the hope of reaching a compromise on the Social Security budget, which returns to the National Assembly tomorrow for another decisive reading

      • Italy:

        • Draghi says 'id it doesn't develop AI, Europe risks stagnation' in speech at Polytechnic Univ. of Milan - ANSA

      • Norway:

        • PM Støre says parliamentary leaders from the Labor Party, SV and MDG are working to resolve the budget mess with text proposals that all five red-green parties can support, and he is responsible for ensuring that the country gets a budget, and there are four days until Friday

        • Public committee that has reviewed the Competition Act proposes several changes to contribute to faster case processing and more effective enforcement of the law - release

      • Sweden:

        • Expert group appointed to investigate an age limit on social media - release

      • Switzerland:

        • Swiss voters reject 50% inheritance tax on fortunes over CHF50M - release

      • UK:

        • Confidence in UK economy deteriorated after Chancellor Reeves' fiscal update says Institute of Directors - release

        • BOE set to ease capital rules, potentially freeing billions for lending - London Times

        • BOE's Greene says might shift view if consumer outlook much weaker - Reuters citing interview on CNBC

        • Office of the United States Trade Representative, the Department of Commerce, and the Department of Health and Human Services confirm agreement with UK on pharmaceutical pricing - release

          • +0.8% HIK.LN (Hikma Pharmaceuticals), +0.5% GSK.LN (GSK), (1.0%) AZN.LN (AstraZeneca)

      • Ukraine peace talks:

        • EU's commissioner for justice and democracy McGrath, says any ceasefire plan should not allow Russia to avoid prosecution - Politico

    • Company news:

      • Notable Gainers

        • +112.9% ATORX.SS (Alligator Bioscience) -- announces publication of REACtiVe-2 Phase 1 trial data in Nature Communications

        • +24.2% TLW.LN (Tullow Oil) -- chair Phuthuma Nhleko steps down to focus on other business interests

        • +13.6% IDIA.SW (Idorsia) -- buy from hold at Kepler Cheuvreux

        • +8.2% ARCH.NO (Archer) -- wins $600M drilling contract in Vaca Muerta

        • +8.1% NEXT.NO (NEXT Biometrics) -- secures US patent for smartphone full-screen biometric sensor technology

        • +8.0% TPT.LN (Topps Tiles) -- appoints Caroline Browne as new CFO

        • +7.6% AF.FP (Air France-KLM) overweight from neutral at JPMorgan

        • +7.7% WYN.LN (Wynnstay Group) -- expects FY results ahead of current market expectations

        • +7.6% COTN.SW (COMET Holding) -- buy from neutral at UBS

        • +6.5% PLUS.LN (Plus500) -- appointed as the clearing partner for the CME and FanDuel's new event-based contracts platform

        • +4.3% EAH.LN (Eco Animal Health Group) -- H1 EPS (0.5p) vs year-ago (2.5p); revenue and adj. EBITDA are ahead of previous guidance

        • +4.3% DDRIL.NO (Dolphin Drilling) -- shareholders approve previously disclosed NOK151.5M private placement and 300:1 reverse share split

        • +3.4% HICL.LN (HICL Infrastructure) -- confirms proposed combination with The Renewables Infrastructure Group will not proceed

        • +3.2% VACN.SW (VAT Group) -- outperform from neutral at BNP Paribas Exane

        • +3.2% TIETO.FH (Tieto) -- to sell Bekk Consulting AS in Norway to private equity firm Axcel for NOK 1.70B (~€140M)

        • +2.2% RKT.LN (Reckitt Benckiser) -- overweight from equal weight at Barclays

        • +2.2% SECU.B.SS (Securitas) -- outperform from underperform at RBC Capital Markets

        • +1.8% SOLI.LN (Solid State) -- H1 adj EPS 6.5p vs year-ago 3.5p; raises dividend ~ +11% y/y

        • +1.2% NORION.SS (Norion Bank) -- sells NPL portfolio with a gross value of ~SEK430M to Intrum (INTRUM.SS) and an affiliate of Cerberus Capital Management, L.P.

          • +0.1% INTRUM.SS (Intrum)

        • +1.0% PEEL.LN (Peel Hunt) -- H1 EPS 6.5p vs year-ago 0.7p; confident in meeting market expectations for FY

          • On earnings/updates: reversing initial falls DGV.IM (Digital Value), SCHO.DC (Schouw & Co)

      • Notable Decliners

        • -45.8% KDEV.SS (Karolinska Development) -- to carry out a rights issue of up to ~ SEK202.6M

        • -16.0% AMS.SW (ams-OSRAM) -- underweight from neutral at JPMorgan

        • -9.3% IPX.LN (Impax Asset Management Group) -- FY EPS 21.3p ex-items vs FactSet 22.2p

        • -7.4% BYG.LN (Big Yellow Group) -- Blackstone (BX) reportedly considering withdrawing from bidding for Big Yellow -- Sky News

        • -6.4% MXHN.GR (MAX Automation) -- intends to transfer its listing from Prime Standard to General Standard

        • -5.0% MRO.LN (Melrose Industries) -- CFO Matthew Gregory to retire and step down in 2026; appoints Ross McCluskey as new CFO

        • -3.1% DBG.FP (Derichebourg) -- hold from buy at TPICAP Midcap

        • -3.0% BALN.SW (Baloise) -- confirms merger with Helvetia to complete on 5-Dec

          • -3.1% HELN.SW (Helvetia)

        • -2.9% HAFNI.NO (Hafnia) -- Q3 EPS $0.18 vs FactSet $0.19 [9 est, $0.15-0.21]

        • -2.7% DB1.GR (Deutsche Börse) -- Nov cash markets turnover €135.46B vs year-ago €118.72B

        • -2.5% SGSN.SW (SGS) -- underperform from sector perform at RBC Capital Markets

        • -2.4% BVI.FP (Bureau Veritas) -- underperform from sector perform at RBC Capital Markets

        • -2.3% EQT.SS (EQT)

          • EQT Real Estate sells portfolio of industrial real estate assets in Sweden; terms undisclosed

          • Lupin, PE in separate talks to acquire Vitabiotics - Economic Times

          • AUB Group notes cessation of discussions with EQT and CVC in relation to takeover proposal at A$45/share

        • -1.9% OXUR.BB (Oxurion) -- secures a binding €30M financing facility dedicated to investments in digital and crypto assets

        • -1.1% JET2.LN (Jet2) -- neutral from overweight at JPMorgan

        • -1.0% EZJ.LN (easyJet) -- underweight from neutral at JPMorgan

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: BW LPG (BWLPG.NO)

        • UK: discoverIE Group (DSCV.LN), Victrex (VCT.LN), Foresight Group Holdings (FSG.LN), NewRiver REIT (NRR.LN), On The Beach Group (OTB.LN), Gooch & Housego (GHH.LN), Mercia Asset Management (MERC.LN), Treatt (TET.LN), Topps Tiles (TPT.LN), Celebrus Technologies (CLBS.LN), IG Design Group (IGR.LN), System1 Group (SYS1.LN)

      • Trading Update:

        • France: Quadient (QDT.FP)

      • CMD/Events: Bilfinger (GBF.GR), Admicom (ADMCM.FH)

  • Data:

    • Economics:

      • Nov manufacturing PMI

        • Ireland 52.8 vs consensus 51.5, prior 50.9

        • Netherlands 51.8 vs consensus 52.0, prior 51.8

        • Sweden 54.6 vs consensus 54.5, prior revised 55.0 from 55.1

        • Spain 51.5 vs consensus 52.5, prior 52.1

        • France 47.8 vs preliminary 47.8

        • Germany 48.2 vs preliminary 48.4

        • Eurozone 49.6 vs preliminary 49.7

        • Norway 53.0 vs consensus 48.5, prior 47.7

        • UK 50.2 vs preliminary 50.2

        • Greece 52.7 vs consensus 54.0, prior 53.5

      • Switzerland Oct retail sales +2.7% y/y vs consensus +1.2%, prior revised +1.8% from +1.5%

      • Netherlands Oct retail sales +3.1% y/y vs consensus +3.5%, prior +3.8%

      • UK Oct

        • Mortgage approvals 65.02K vs consensus 64.4K, prior revised 65.65K from 65.94K

        • M4 money supply (0.2%) m/m vs consensus +0.4%, prior +0.6%

      • Ireland Nov preliminary HICP +3.2% y/y vs consensus +2.9%, prior +2.8%

    • Markets:

      • WTI Crude (Jan 26): +$0.65 or +1.11% to $59.20

      • €-$ +0.0030 or +0.26% to 1.1626

      • £-$ (0.0001) or (0.01%) to 1.3229

      • €-£ +0.0023 to 0.8789

      • S&P 500 (0.28%)

      • Performance year-to-date:

        • FTSE 100: +18.71%

        • DAX: +18.49%

        • CAC: +9.70%

        • MIB: +26.54%

        • Stoxx 600: +13.33%

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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