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StreetAccount Summary - EU Market Recap: FTSE 100 +0.59% to 10910.55, DAX (0.02%) to 25284.26, CAC40 (0.47%) to 8580.75, STOXX 600 +0.11% to 633.85

Feb 27 ,2026

• Synopsis:

  • European equity markets mostly higher, after moving off the best levels. New record highs for Stoxx 600 and leading benchmarks in UK, Italy and Spain. In sector highlights, travel/Leisure under pressure, banks, defense and technology also underperforming. Telecom, real estate, and energy outperform. Treasuries firmer with a touch of curve steepening; yields down 3-4 bp 10Y yield back below 4%. Gilts down 3 bps at 4.24%. Bund 2 bps lower at 2.68%. Dollar index little changed. Swiss franc seeing outsized gains vs dollar and euro. Gold up 1.2%. Silver up 7.4%. Bitcoin futures down 1.9%. WTI crude up 2.6%, a bit off best levels.

  • Europe's leading equity markets extended to new highs earlier. Rotation continuing to support. Sell-side highlighting buybacks another positive tailwind. Comes as recent flow data pointed to record amounts going into European markets this year. Analysts still discussing potential disruption from AI. Some positions being trimmed up amid reports that US embassy in Israel is moving non-essential employees out and China recommending citizens evacuate Iran.

  • Busy macro calendar in Europe at month-end. Inflation readings from Spain, France and Germany out ahead of next week's Eurozone measure. French and Spanish CPI firmer than expected. German unemployment up slightly in February. UK GfK confidence measure dipped, which was pinned on fears of job losses. The Lloyds Bank business barometer held steady in February update at 44%. French final Q4 GDP unchanged at 0.2% q/q. Swiss Q4 GDP revised lower to 0.1%. However, KOF leading indicator surprised on the upside.

  • Some attention on UK politics after Greens won Gorton and Denton by-election in greater Manchester, with Reform coming second. Further reports highlighting the likelihood of a very lowkey fiscal update from Chancellor Reeves next Tuesday, as she seeks to end cycle of policy speculation. Update from the UK National Audit Office showed HMRC collected extra £16B from biggest firms last year via a more "hands-on approach".

  • Amidst a busy session in terms of earnings, DACH names kicking off the session, with BASF, Swiss Re Holcim and Delivery Hero aong few other names from the region to post updates; in France, Compagnie de Saint-Gobain, Valeo, Vallourec, bioMerieux and Teleperformance issued FY numbers whilst - in Spain - Amadeus IT Group, Cellnex Telecom, Acerinox and Grifols also reported

  • In the UK, few names out with updates, including International Consolidated Airlines Group, Pearson, Flutter Entertainment, Entain and Rightmove. Other corporate news sees Indigo Partners placing 10M shares in Wizz Air Holdings at 1,250p/sh, raising gross proceeds of ~£125M whilst Senior is up +18.4% on saying discussions with potential offerors remain ongoing and postponing £40M buyback amid ongoing takeover talks. Elsewhere, Benelux's Fugro and Proximus released their Q4/FY reports, whilst in the Nordics, Gubra, Royal Unibrew and BW Offshore were among few other names from the region to update investors.

• Digest:

  • Sectors - STOXX Europe 600:

    • Outperformers:

      • Telecom +2.79%, Food & Beverage +1.53%, Real Estate +1.14%, Health Care +1.03%, Oil & Gas +0.62%, Financial Svcs +0.61%, Basic Resources +0.48%, Insurance +0.46%, Media +0.38%, Autos & Parts +0.26%, Construct & Mtls +0.20%, Technology +0.17%, Ind Goods & Svcs +0.15%

    • Underperformers:

      • Travel & Leisure (2.71%), Banks (1.71%), Persnl & HHold Goods (0.48%), Retail (0.29%), Chemicals (0.04%), Utilities +0.03%

  • Macro:

    • ECB

      • Lagarde says ECB to closely monitor public inflation perceptions despite official price moderation (Bloomberg); says interest rate policy remains 'in a good place' (Reuters)

      • ECB set for extended interest rate hold in 2026 amid stable forecasts (FT); over half of economists expect ECB chief Lagarde to step down in 2026, Knot favored successor (Bloomberg)

      • Eurozone consumers anticipate lower inflation for some goods and services, according to ECB survey (Investing)

    • BoE

      • BoE signals dovish shift, paving way for potential March interest rate cut (London Times , FT)

      • BoE's Taylor says inflation seems to be heading towards normalization (Bloomberg, Reuters)

      • BoE should not be 'lulled into false sense of security' by lower inflation, Pill says

    • Economy:

      • France and Spain post hotter inflation in February, putting any ECB cuts on ice: Bloomberg

    • UK:

      • UK's Starmer vows to fight political 'extremes' after suffering vote defeat (Reuters )

      • UK car production drops in January as exports falter (Reuters)

      • UK GfK consumer confidence measure dips on job fears

    • Geopolitics:

      • EU Commission explores legal bypass to Hungary's veto on €90B Ukraine loan (FT)

  • Peripheral markets:

    • Italy:

      • Italy's proposed bonus-seat electoral system could give Meloni comfortable win, studies show (Reuters )

    • Denmark:

      • Denmark's left-wing bloc led by PM Frederiksen edges towards majority, polls show (Reuters )

    • Finland:

      • Finland takes closer look at Russian-owned properties (Bloomberg )

  • Company news:

    • Notable Gainers

      • +24.2% NSKOG.NO (Norske Skog NOK30.00, +5.85) -- company and Green Mountain sign letter of intent to jointly explore feasibility of establishing data centre in Halden

      • +19.6% SNR.LN (Senior £3.08, +0.51) -- says discussions with potential offerors remain ongoing; postpones £40M buyback amid ongoing takeover talks

      • +12.3% ANA.SM (Acciona €246.80, +27.00) -- FY earnings

      • +11.1% GHH.LN (Gooch & Housego £8.40, +0.84) -- trading update

      • +9.1% HYQ.GR (Hypoport €92.00, +7.70) -- prelim FY earnings

      • +8.1% DOV.IM (doValue €2.47, +0.19) -- FY earnings

      • +6.8% OXB.LN (OXB £6.63, +0.42) -- reinstated outperform at RBC Capital Markets

      • +6.5% MEDI.NO (MediStim NOK228.00, +14.00) -- FY earnings

      • +6.1% TRE.SM (Tecnicas Reunidas €36.96, +2.14) -- FY earnings

      • +4.6% KENDR.NA (Kendrion €16.00, +0.70) -- FY earnings

      • +4.3% RMV.LN (Rightmove £4.47, +0.19) -- FY earnings

      • +3.7% SREN.SW (Swiss Re CHF135.95, +4.90) -- Q4 earnings

      • +3.7% BIM.FP (bioMerieux €100.00, +3.60) -- FY earnings

      • +3.6% SMCP.FP (SMCP €6.86, +0.24) -- FY earnings

      • +3.5% SLR.SM (Solaria Energia €21.97, +0.74) -- FY earnings

      • +3.1% NDX1.GR (Nordex €43.12, +1.28) -- Santander upgrade

      • +2.5% RAT.LN (Rathbones Group £22.65, +0.55) -- FY earnings

      • +2.4% SANN1.SW (Santhera Pharmaceuticals Holding CHF16.90, +0.40) -- announces proposed inclusion and reimbursement of AGAMREE (Vamorolone) within Spain's National Health System for the treatment of duchenne muscular dystrophy

      • +1.6% GNFT.FP (GENFIT €8.99, +0.14) -- FY earnings

    • Notable Decliners

      • -15.9% PROX.BB (Proximus €6.99, -1.33) -- Q4 earnings

      • -15.0% FLTR.LN (Flutter Entertainment £77.12, -13.60) -- Q4 earnings

      • -11.6% MRO.LN (Melrose Industries £5.66, -0.74) -- FY earnings

      • -9.6% HAS.LN (Hays Plc £0.41, -0.04) -- H1 earnings; CEO steps down

      • -8.7% WIZZ.LN (Wizz Air Holdings £12.20, -1.16) -- Indigo Partners places 10M shares in company plc at 1,250p/sh

      • -7.6% FUR.NA (Fugro €10.75, -0.88) -- FY earnings; CFO to step down

      • -6.8% BMPS.IM (Banca Monte dei Paschi di Siena €8.30, -0.60) -- presents 2026-2030 business plan

      • -6.2% MB.IM (Mediobanca €18.47, -1.23) -- Banca Monte dei Paschi di Siena presents 2026-2030 business plan

      • -4.4% DHER.GR (Delivery Hero €19.66, -0.90) -- prelim FY eanrings

      • -4.0% GRF.SM (Grifols €10.63, -0.44) -- FY earnings

      • -3.6% TEP.FP (Teleperformance €51.48, -1.90) -- FY earnings; appoints new CEO

      • -3.3% FR.FP (Valeo SE €12.29, -0.42) -- FY earnings

      • -2.9% VICO.SS (Vicore Pharma Holding SEK10.06, -0.30) -- Q4 earnings

      • -2.7% OSE.FP (OSE Immunotherapeutics €4.31, -0.12) -- receives second positive IDMC recommendation for phase 3 ARTEMIA trial

      • -2.4% RBREW.DC (Royal Unibrew DKK623.00, -15.00) -- FY earnings; to initiate a share buy-back of up to DKK 400M;

      • -2.0% PGHN.SW (Partners Group Holding CHF857.40, -17.80) -- CPPIB, Equinix confirm acquisition of atNorth from company for EV of $4B

  • EU companies reporting 2-Mar:

    • Earnings:

      • DACHs: Flughafen Wien (FLU.AV), Raiffeisen Bank International (RBI.AV) annual report, Aryzta (ARYN.SW), naturenergie holding (NEAG.SW), Gurit Holding (GURN.SW)

      • France: SES (SESG.FP), Thermador Groupe (THEP.FP)

      • Nordics: Integrum (INTEG.B.SS)

      • Southern Europe: Galp Energia (GALP.PL)

      • UK: Smith & Nephew (SN.LN), Bunzl (BNZL.LN), RHI Magnesita (RHIM.LN), Oxford Nanopore Technologies (ONT.LN), Senior (SNR.LN), GlobalData (DATA.LN), Craneware (CRW.LN), Tristel (TSTL.LN)

      • Other: Bank of Ireland Group (BIRG.ID)

    • CMD/Events: Lerøy Seafood Group (LSG.NO), JDE Peet's (JDEP.NA) EGM

• Data:

  • Economics:

    • Germany Feb

      • Prelim CPI +1.9% y/y vs cons +2.0% and prior +2.1%; +0.2% m/m vs cons +0.5% and prior +0.1%

        • EU Harmonised: +2.0% y/y vs cons +2.1% and prior +2.1%; +0.4% m/m vs cons +0.5% and prior (0.1%)

      • Unemployment Change +1K vs cons +2K and prior 0K

      • Unemployment Rate 6.3% vs cons 6.3% and prior 6.3%

    • France

      • Feb Preliminary CPI +1.1% y/y vs consensus +0.7% and prior +0.4%; +0.4% m/m vs consensus +0.5% and prior (0.4%)

      • Q4 GDP +1.1% y/y vs prelim +1.1%; +0.2% q/q vs preliminary +0.2%

      • Jan Consumer Spending +0.5% m/m vs cons +0.4% and prior revised to (0.5%) from (0.6%)

      • Jan PPI (2.3%) y/y vs cons (2.6%) and prior revised (1.9%) from (2.0%); +0.5% m/m vs cons +0.3% and prior revised +0.3% from +0.2%

    • Spain Feb Prelim CPI +2.3% y/y vs cons +2.2% and prior +2.3%; +0.4% m/m vs cons +0.3% and prior (0.4%)

      • EU Harmonised: +2.5% y/y vs cons +2.3% and prior +2.4%; +0.4% m/m vs cons +0.3% and prior (0.8%)

    • Switzerland

      • Q4 GDP +0.1% q/q vs prelim +0.2% and prior revised (0.4%) from (0.5%)

      • Feb KOF Leading Indicators 104.2 vs cons 103.0 and prior revised 103.3 from 102.5

    • Portugal

      • Q4 GDP +1.9% y/y vs prelim +1.9%; Portugal Q4 GDP +0.9% q/q vs prelim +0.8%

      • Feb Preliminary CPI +2.1% y/y vs cons +1.9% and prior +1.9%; +0.1% m/m vs cons (0.1%) and prior(0.7%)

    • Sweden

      • Jan Trade Balance SEK6.3B vs cons SEK4.5B and prior revised SEK5.8B from SEK7.4B

      • Q4 GDP +1.8% y/y vs prelim +1.8%; +0.2% q/q vs prelim +0.2%

      • Jan Retail Sales +4.1% y/y vs cons +1.7% and prior revised +2.3% from +1.5%; +0.1% m/m vs cons +0.4% and prior revised (0.6%) from (0.7%)

    • Norway Jan Retail Sales +1.1% m/m vs cons +0.4% and prior (0.7%)

    • Denmark Jan Unemployment Rate 2.6% vs cons 2.6% and prior 2.6%

    • Ireland Jan Retail Sales +3.0% y/y vs cons +0.6% and prior revised +0.2% from (0.1%) ; +1.5% m/m vs cons +0.5% and prior (0.2%) from (0.4%)

    • Greece Dec Retail Sales +5.1% y/y vs cons +0.7% and prior +0.3%

    • Belgium Q4 GDP +1.0% y/y vs prelim +1.1%; +0.1% q/q vs prelim +0.2%

  • Markets:

    • WTI Crude (Apr 26): +$1.30 or +1.99% to $66.51

    • €-$ +0.0022 or +0.19% to 1.1819

    • £-$ (0.0028) or (0.21%) to 1.3455

    • €-£ +0.0035 to 0.8785

    • S&P 500 (0.65%)

    • Performance year-to-date

      • FTSE 100: +9.98%

      • DAX: +3.24%

      • CAC: +5.29%

      • MIB: +5.04%

      • Stoxx 600: +7.06%