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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.14% to 9655.53, DAX (0.13%) to 24130.14, CAC40 (0.37%) to 8022.69, STOXX 600 +0.07% to 578.17

Dec 10 ,2025

  • Synopsis:

    • European equity markets ended mostly lower. UK firmer on corporate results. Banks, miners and healthcare best performers; autos, utilities and constructions lag. Follows mostly weaker performance on Tuesday.

    • In central banks developments, ECB speakers signaling a shift from dovish messaging, driving global bond yields to their highest levels in 16-year. Markets are pricing a broader hawkish tilt in global monetary policy, with the German 10-year yield at its highest since March. Latest Reuters poll show a majority of economists believe the ECB will maintain interest rates on 18-Dec and leave them unchanged through next year, citing low inflation and steady economic performance.

    • Meawnhile, BoE appearance to lawmakers late Tuesday highlighted policy divisions. Governor Bailey tipped to have casting vote to back a rate cut next week. SNB set to leave rates on hold tomorrow despite weak inflation. Markets broadly see hawkish global monetary policy tilt, with German 10-yr yield highest since March.

    • On the political side, UK Chancellor Reeves said she retains the option to raise taxes but is unlikely to do so in the Spring Statement. In France, National Assembly passed the 2026 social security budget by a slim margin with 247 votes in favour, 234 against, and 93 abstentions, marking an important win for PM Lecornu. At a EU level, members looking to fast-track legislation that will override national vetoes on use of Russian assets to fund Ukraine and extension of sanctions despite US warning Europe against taking steps before peace plan agreed.

    • Light on the macro data front. Italy Industrial Production contracted more than forecast in October by (1.0%) m/m vs consensus (0.3%) and prior revised +2.7% from +2.8%.

    • On the corproate front, CMD updates in focus with Munich Re (MUV2.GR) targeting 2026 IFRS net profit of €6.3B vs FactSet €6.32B, while ROE to lie above 18% and EPS to grow annually by more than 8% on average to 2030. Earlier, Aegon (AGN.NA) indicated an operating result expected to grow by ~5% p.a. between 2025 and 2027 and a new €400M share buyback program for 2026, whilst Husqvarna (HUSQ.B.SS) and Storebrand (STB.NO) presented new financial targets and updated strategy. In Germany, TUI Group (TUI1.GR) reported Q4 earnings with trading remaining in line with the September update and guiding a FY26 underlying EBIT to increase by +7-10%. In the UK, Berkeley Group Holdings (BKG.LN) released its H1 earnings numbers and said it is on track to deliver FY26 and FY27 pre-tax profit guidance. In other corporate news, yesterday, after the market closed, Delivery Hero (DHER.GR) announced it would release a comprehensive shareholder letter, highlighting the commitment of the Management board and Supervisory boards to addressing the current share price performance.

    • In M&A, Reuters reported that CVC Capital Partners (CVC.NA) intends to sell FineToday after FineToday's Tokyo IPO was shelved.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, UK Nov house price balance - RICS, Ireland Nov CPI, Belgium Oct industrial production and Sweden Nov CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.75%, Basic Resources +0.62%, Health Care +0.54%, Persnl & HHold Goods +0.43%, Food & Beverage +0.28%, Retail +0.20%, Media +0.18%, Oil & Gas +0.17%

      • Underperformers:

        • Autos & Parts (1.33%), Utilities (0.75%), Construct & Mtls (0.66%), Financial Svcs (0.30%), Ind Goods & Svcs (0.27%), Insurance (0.26%), Technology (0.25%), Travel & Leisure (0.24%), Telecom (0.21%), Real Estate (0.14%), Chemicals (0.01%)

    • Macro:

      • Central Banks:

        • ECB to stay on hold through end of 2026 on expected stable economic outlook: Reuters poll -- Reuters

        • Christine Lagarde says ECB will probably lift growth forecasts -- FT

        • ECB's Kazaks Says Inflation Near Target But Momentum Picking Up -- Bloomberg

      • EU:

        • EU proposes loosening rules on AI gigafactories in green rollback -- Guardian

        • France, Italy told they won't be hurt by EU's €210B megaloan to Ukraine -- Politico

        • Western civilisation can only be saved if the EU is abolished -- Telegraph

      • UK:

        • UK Politics as it happened: Reeves reserves right to 'take action' on taxes 'at any point' -- FT

      • Germany:

        • Exclusive: Germany rejects creation of new funding instruments for armaments sector, Finance Ministry says -- Reuters

      • France:

        • French Government Says Budget Talks Could Continue Into January -- Bloomberg

      • Italy:

        • Italy Eyes €1.6B Cut to Energy Bills by Curbing Gas Price -- Bloomberg

        • Italian cooking and its rituals get UN designation as world heritage -- Independent

    • Company news:

      • Notable Gainers

        • +13.7% DHER.GR (Delivery Hero €22.11, +2.73) -- strategic statement

        • +9.5% ABVX.FP (Abivax €115.60, +10.00) -- buyout speculation

        • +8.8% IDIA.SW (Idorsia CHF4.15, +0.34) -- publication of new analysis from Phase 3 PRECISION study in Hypertension

        • +8.0% NDX1.GR (Nordex €28.04, +2.12) -- contract

        • +5.9% ZEHN.SW (Zehnder Group CHF78.10, +4.40) -- initiated buy at UBS

        • +5.0% FGP.LN (FirstGroup £1.83, +0.09) -- London Overground rail contract worth ~£3B

        • +4.7% BEAN.SW (BELIMO Holding CHF796.50, +36.50) -- Morgan Stanley upgrade

        • +4.2% VWS.DC (Vestas Wind Systems DKK167.55, +6.75) -- Kepler Cheuvreux upgrade

        • +3.8% KIT.NO (Kitron NOK66.30, +2.40) -- CMD update; €55M order

        • +3.7% NET.LN (Netcall £1.13, +0.04) -- acquisition of Jadu Holdings for up to £19.2M

        • +3.6% FAN.LN (Volution Group £6.35, +0.22) -- AGM trading update; acquisition of Australia's AC Industries business for A$150M (~£75M)

        • +3.2% BKG.LN (Berkeley Group Holdings £36.94, +1.16) -- H1 earnings

        • +3.2% HSBA.LN (HSBC Holdings £11.02, +0.34) -- BofA upgrade

        • +2.6% EGTX.SS (Egetis Therapeutics SEK4.82, +0.12) -- expanded exclusive distribution agreement with Er-Kim İlaç Sanayi ve Ticaret A.Ş

      • Notable Decliners

        • -27.9% CICN.SW (Cicor Technologies CHF135.00, -51.50) -- lowers FY guidance

        • -15.8% CLAS.B.SS (Clas Ohlson SEK301.40, -56.20) -- Q2 earnings

        • -10.1% AGN.NA (Aegon €6.16, -0.70) -- CMD update

        • -9.5% BFF.IM (BFF Bank SpA €9.55, -1.00) -- Deutsche Bank downgrade

        • -7.7% KNOS.LN (Kainos Group £11.17, -0.92) -- Deutsche Numis downgrade

        • -6.7% VALMT.FH (Valmet €26.30, -1.89) -- Danske Bank downgrade

        • -6.3% CHRT.LN (Cohort £10.42, -0.70) -- H1 earnings

        • -6.0% SCYR.SM (Sacyr Vallehermoso €3.71, -0.24) -- holder Nerifan places ~40.8M shares at €3.70/each

        • -4.7% MMT.FP (M6-Metropole €11.68, -0.58) -- JPMorgan downgrade

        • -4.4% FUM.LN (Futura Medical £0.01, -0.00) -- patent notice of allowance granted for China

        • -3.8% TUI1.GR (TUI Group €8.10, -0.32) -- Q4 earnings

        • -3.1% DG.FP (VINCI SA €117.15, -3.75) -- BNP Paribas Exane downgrade

        • -3.1% RCN.LN (Redcentric £1.21, -0.04) -- H1 earnings

        • -1.9% IPS.FP (Ipsos €31.74, -0.60) -- CFO steps down

        • -1.9% RHM.GR (Rheinmetall €1,585.00, -31.50) -- acquires specialist company Muni Berka GmbH

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Carl Zeiss Meditec (AFX.GR), MVV Energie (MVV1.GR), SCHOTT Pharma (1SXP.GR)

        • UK: NCC Group (NCC.LN), RWS Holdings (RWS.LN)

  • Data:

    • Economics:

      • Italy Oct Industrial Production (0.3%) y/y vs consensus +0.2% and prior revised +1.4% from +1.5%

      • Austria Oct Industrial Production +3.3% y/y vs consensus (2.3%) and prior revised (0.4%) from (1.7%)

      • Sweden Oct Industrial Production +5.9% y/y vs consensus +12.0% and prior revised +14.6% from +13.5%

      • Denmark Nov CPI +2.1% y/y vs consensus +2.2% and prior +2.1%

      • Norway Nov CPI +3.0% y/y vs consensus +2.7% and prior +3.1%

      • Finland Oct Industrial Production +2.3% y/y vs consensus (1.2%) and prior revised (1.5%) from (1.8%)

      • Netherlands Oct Manufacturing Production +0.2% m/m vs consensus +0.2% and prior revised (0.2%) from +0.1%

    • Markets:

      • WTI Crude (26-Jan): ($0.47) or (0.81%) to $57.78

      • €-$ +0.0021 or +0.18% to 1.1648

      • £-$ +0.0035 or +0.26% to 1.3333

      • €-£ (0.0006) to 0.8738

      • S&P 500 +0.07%

      • Performance year-to-date:

        • FTSE 100: +18.14%

        • DAX: +21.20%

        • CAC: +8.70%

        • MIB: +27.14%

        • Stoxx 600: +13.90%

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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