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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (3.04%) to 10452.50, DAX (3.44%) to 23790.65, CAC40 (3.46%) to 8103.84, STOXX 600 (3.09%) to 604.39

Mar 03 ,2026

  • Synopsis:

    • European equity markets closed lower on Tuesday after closing sharply lower on Monday amid US and Israeli military strikes on Iran. It is the biggest two-day drop for European markets since April. Worst performing sectors on the session are insurance, banks, Insurance and utilities. Relative outperformance for Energy, media and Travel & Leisure stocks, though sectors still negative.

    • Middle East developments and implications for macro backdrop dominating. European markets faring worse than prior session as US and Israel continue military strikes against Iran, while Tehran has responded with retaliatory missiles and drones against US interests in Gulf countries, causing minor damage to US embassy in Riyadh. There remains lack of clarity surrounding war objectives and timeline with Trump giving 4-5 week war timeline but also warning conflict could go on for longer. Key question surrounds potential for enduring energy disruptions with Strait of Hormuz crude flows having dwindled. Spike in LNG prices getting attention after Qatar halted output, heightening concerns of energy supply shock that stokes inflationary pressures.

    • In Europe, fluctuations in central bank rate expectations getting some attention. Markets priced out BoE rate cut odds amid the spike in energy prices on Monday. Dovish MPC member Taylor said Monday economic impact uncertain, but too soon to know. ECB chief economist Lane said in a FT interview that jump in energy prices would put upward pressure on inflation in the near-term and would be a negative for economic activity. Highlighted scale and impact depends on breadth and duration of conflict. Overseas, speculation that RBA could implement back-to-back rate hikes were fanned by remarks from Governor Bullock that March meeting is 'live' and board will actively debate whether it needs to act quicker with inflation at 3.8%.

    • On the macro data front, Eurozone inflation surprised on the upside with headline at 1.9% y/y and core at 2.4% before latest energy price spike. UK BRC shop price inflation eased to 1.1% in February versus prior 1.5%, supportive for the disinflation narrative, though now complicated by Middle East tensions. UK Chancellor Reeves presented updated economic forecasts showing reduced borrowing and inflation but downgraded 2026 growth to 1.1% amid pre-existing weaknesses. The low-key event avoided major policy shifts.

    • In corporate news flow, Aberdeen Group (ABDN.LN), Fresnillo (FRES.LN), International Workplace Group (IWG.LN), Intertek Group (ITRK.LN) posted FY numbers. In DACHs, Schaeffler (SHA0.GR), Beiersdorf (BEI.GR), SMA Solar Technology (S92.GR), Arbonia (ARBN.SW), Forbo (FORN.SW), Kuehne & Nagel (KNIN.SW) and VAT Group (VACN.SW) also issued their updates. Elsewhere, Thales (HO.FP) and Lottomatica Group (LTMC.IM) released FY results.

    • In M&A headlines, Finans reports the opposition bloc in Denmark wants to sell off the state's majority ownership of Ørsted.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 02-Mar to 06-Mar attached) Weir Group (WEIR.LN), Beazley (BEZ.LN), Quilter (QLT.LN), Vistry Group (VTY.LN), Metro Bank Holdings (MTRO.LN), Italgas (IG.IM), Davide Campari-Milano (CPR.IM), Dassault Aviation (AM.FP), Bayer (BAYN.GR), Adidas (ADS.GR), Uniper (UN0.GR), Continental (CON.GR), Symrise (SY1.GR), Bilfinger (GBF.GR), and Redcare Pharmacy (RDC.GR) will be amongst other names to update investors, whilst the macro-calendar releases will include Italy, Spain, Sweden Feb services PMI as well as final reads for Eurozone, France, Germany, UK, Switzerland Feb CPI, Italy Jan unemployment rate, Italy Q4 GDP, Eurozone Jan PPI, unemployment rate, Ireland Feb unemployment rate, Austria Q4 final GDP.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy(1.41%), Media (1.47%), Travel & Leisure (1.63%), Telecom (1.73%), Health Care (2.08%), Financial Svcs (2.29%), Food, Beverage and Tobacco (2.36%), Technology (2.72%), Autos & Parts (2.80%), Real Estate (2.96%),

      • Underperformers:

        • Banks (4.17%), Insurance (4.16%), Utilities (4.11%), Retail (4.01%), Consumer Products and Services (3.72%), Construct & Mtls (3.62%), Ind Goods & Svcs (3.55%), Basic Resources (3.54%), Personal Care Drug and Grocery Stores (3.21%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Iran war enters fourth day in 'smoke and blood' as markets slide - Reuters

        • IEA Ready to Stabilize Oil Market Hit by Iran War, Document Says - Bloomberg

        • Russia Sees War in Iran Squeezing Vital Air Defenses for Ukraine - Bloomberg

      • EU

        • EU urges Ukraine to allow access to pipeline carrying Russian oil - FT

        • Brussels to finally adopt 'Made in Europe' act after yet another rehash - Politico

        • Eurozone inflation just below target in February - FT

        • European capitals push back as Ukraine seeks fast-track EU membership - Reuters

      • UK

        • UK considers sending Royal Navy destroyer to Cyprus - The Guardian

        • Reeves says her plan is working as growth forecast cut for this year - BBC

        • UK risks 'very significant' hit from Iran war, says OBR - The Telegraph

        • UK Mulls Revival of Switch Auctions to Improve Gilt Liquidity - Bloomberg

      • France

        • Norway ready to start nuclear weapons talks with France - Politico

        • France's revised nuclear doctrine marks positive shift for European security - Le Monde

      • Germany

        • Merz with Trump - what goals the chancellor is pursuing - Handelsblatt

    • Company news:

      • Trading Higher:

        • +11.3% WG.LN (John Wood Group £0.29, +0.03) -- Sidara's acquisition of company expected to complete on 10-Mar

        • +10.0% KLR.LN (Keller Group £22.00, +2.00) -- FY earnings

        • +7.3% IBT.B.SS (Infant Bacterial Therapeutics SEK52.00, +3.55) -- study results

        • +6.0% IDEX.NO (IDEX Biometrics NOK6.26, +0.35) -- Q4 earnings

        • +3.4% ALSN.SW (ALSO Holding CHF168.80, +5.60) -- to launch up-to-€120M buyback on 12-Mar

        • +2.6% BWLPG.NO (BW LPG NOK179.10, +4.50) -- Q4 eanrings

        • +2.4% DB1.GR (Deutsche Börse €239.20, +5.70) -- FY earnings; Jefferies and Kepler Cheuvreux upgrades

      • Trading Lower:

        • -25.3% CAML.LN (Central Asia Metals £1.80, -0.61) -- issued Sasa Mineral Resource and Ore Reserve Statement

        • -22.0% SHA0.GR (Schaeffler €7.89, -2.22) -- Q4 earnings

        • -19.6% BEI.GR (Beiersdorf €84.10, -20.55) -- FY earnings

        • -17.6% ITRK.LN (Intertek Group £39.28, -8.34) -- FY earnings

        • -13.1% MGAM.LN (Morgan Advanced Materials £2.03, -0.31) -- FY earnings

        • -11.9% RCH.LN (Reach £0.61, -0.08) -- FY earnings

        • -11.8% WLN.FP (Worldline €1.45, -0.19) -- Shift4 completes previously announced acquisition of company's North American subsidiaries

        • -10.2% ABDN.LN (Aberdeen Group £1.99, -0.23) -- FY earnings

        • -10.1% JSG.LN (Johnson Service Group £1.30, -0.15) -- FY earnings

        • -9.8% MVIR.SS (Medivir SEK1.30, -0.14) -- appoints new CFO

        • -9.3% INCH.LN (Inchcape £7.90, -0.81) -- FY earnings

        • -8.9% KGX.GR (Kion Group €51.95, -5.10) -- BNP Paribas Exane downgrade

        • -8.4% ANP.LN (Anpario £4.90, -0.45)

        • -7.9% AF.FP (Air France-KLM €10.27, -0.89) -- sector move

        • -7.9% ARBN.SW (Arbonia CHF4.43, -0.38) -- FY earnings

        • -7.4% NTGY.SM (Naturgy Energy Group €24.80, -1.98) -- holder GIP III Canary 1 S.à r.l. places 110.8M shares at €25.20/share

        • -7.3% FORN.SW (Forbo Holding CHF803.00, -63.00) -- FY earnings

        • -6.6% ZURN.SW (Zurich Insurance Group CHF537.00, -38.00) -- announces recommended cash offer for Beazley; launches a placement of new shares via accelerated bookbuild

        • -6.3% PAF.LN (Pan African Resources $1.72, -0.12)

        • -5.8% IWG.LN (International Workplace Group £2.00, -0.12) -- FY earnings

        • -5.3% WIZZ.LN (Wizz Air Holdings £10.87, -0.61) -- reports February traffic

        • -5.2% SPM.IM (Saipem €3.26, -0.18)

        • -4.6% BNP.FP (BNP Paribas €87.92, -4.25)

        • -4.4% ALV.GR (Allianz €354.20, -16.20) -- TotalEnergies sells 50% stake in 800 MW German battery portfolio to Allianz Global Investors in €500M deal

        • -4.3% ELG.GR (Elmos Semiconductor €145.60, -6.60) -- Metzler Capital Markets downgrade

        • -4.2% RNO.FP (Renault €29.27, -1.29)

        • -4.0% STLAM.IM (Stellantis €6.20, -0.26) -- Freedom Broker downgrade

        • -3.8% DRX.LN (Drax Group £8.63, -0.34) -- Morgan Stanley downgrade

        • -3.6% PRU.LN (Prudential £10.76, -0.40)

        • -3.6% MTHH.DC (MT Hojgaard Holding DKK398.00, -15.00)

        • -3.4% S92.GR (SMA Solar Technology €28.86, -1.02) -- FY earnings; Jefferies upgrade

        • -3.4% UBSG.SW (UBS Group CHF30.75, -1.08) -- Swiss lawmakers warn UBS to tone down lobbying campaign over capital reforms - FT

        • -3.4% SCST.SS (Scandi Standard SEK124.00, -4.40)

    • EU companies reporting tomorrow:

      • Earnings:

        • Germany: Bayer (BAYN.GR), Adidas (ADS.GR), Uniper (UN0.GR), Continental (CON.GR), Symrise (SY1.GR), Bilfinger (GBF.GR), Redcare Pharmacy (RDC.GR), Traton (8TRA.GR), Sixt (SIX2.GR), Patrizia (PAT.GR), Global Fashion Group (GFG.GR)

        • Switzerland: TX Group (TXGN.SW), Implenia (IMPN.SW),

        • France: Dassault Aviation (AM.FP), SCOR (SCR.FP)

        • Nordics: NTG Nordic Transport Group (NTG.DC), Idun Industrier (IDUN.B.SS)

        • Southern Europe: Italgas (IG.IM), Davide Campari-Milano (CPR.IM), Amplifon (AMP.IM)

        • UK: Weir Group (WEIR.LN), Beazley (BEZ.LN), Quilter (QLT.LN), Vistry Group (VTY.LN), Metro Bank Holdings (MTRO.LN), Galliford Try Holdings (GFRD.LN), Netcall (NET.LN), SIG (SHI.LN), Faron Pharmaceuticals (FARN.LN)

        • Other: AIB Group (A5G.ID), Cairn Homes (C5H.ID)

      • Sales: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), flatexDEGIRO (FTK.GR)

      • CMD/Events: Snam (SRG.IM), FinecoBank (FBK.IM), Lime Technologies (LIME.SS)

  • Data:

    • Economics:

      • Feb Preliminary CPI

        • Netherlands +2.4% y/y vs consensus +2.5% and prior +2.4%

        • Finland HICP +1.8% y/y vs consensus +1.0% and prior +1.0%

        • Austria +2.2% y/y vs consensus +1.7% and prior +2.0%

        • Eurozone +1.9% y/y vs consensus +1.7% and prior +1.7%

        • Italy +1.6% y/y vs consensus +1.1% and prior +1.0%

      • Jan Unemployment Rate

        • Portugal 5.6% vs consensus 5.6% and prior 5.6%

        • Greece 7.7% vs consensus 7.5% and prior revised 7.9% from 7.5%

      • Spain Feb Unemployment Change +3.58K vs consensus +26.7K and prior +30.4K

    • Markets:

      • WTI Crude (Apr 26): +$5.61 or +7.88% to $76.84

      • €-$ (0.0105) or (0.90%) to 1.1586

      • £-$ (0.0094) or (0.70%) to 1.3311

      • €-£ (0.0012) to 0.8706

      • S&P 500 (1.58%)

      • Performance year-to-date

        • FTSE 100: +5.25%

        • DAX: (2.86%)

        • CAC: (0.56%)

        • MIB: (1.06%)

        • Stoxx 600: +2.06%

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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