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StreetAccount Summary - EU Market Recap: FTSE 100 (0.47%) to 10305.15, DAX (0.21%) to 23589.65, CAC40 (0.71%) to 7984.44, STOXX 600 (0.61%) to 598.86

Mar 12 ,2026

  • Synopsis:

    • European equity markets generally ended the day lower, with pan-European indices spending the session in negative territory

    • Iranian attacks against ships in Gulf waters heightens market angst with focus remaining on Middle East conflict and its inflationary consequences

    • Pan-European indices opened lower, remaining range-bound in choppy trade, except for flirting with positive territory pre Wall Street open, then moving to session lows in mid afternoon before paring losses into the close, though ended below initial levels

    • Norway +1.7%, Finland +1.2% and Portugal +0.8% buck the lower trend and lead outperformers. Ireland (2.8%), Greece (2.4%) and Austria (1.3%) lead underperformers

    • BOE Bailey spoke at Financial Stability board payments summit and BOE's White spoke at Connect Global Group 4th annual treasury and capital markets forum. Riksbank published Payments Report 2026. Turkey left its benchmark rate unchanged at 37%, as expected (press release).

    • Macro data was limited, with the latest monthly CPI in Sweden in line with preliminary release, whilst the same data for Ireland disappointed, the y/y rate unchanged vs prior month.

    • Other economic news flow included, in the UK, Royal Institution of Chartered Surveyors (RICS), in its latest monthly update, stated that market confidence remains fragile, as intensifying macro headwinds cloud the outlook and the IEA stated in its latest monthly oil market report that the war in the Middle East is creating the largest supply disruption in the history of the global oil market.

    • In politics, Norway's PM Støre spoke at the annual conf. of Offshore Norway, and this evening, hosts Chancellor Merz, topics for discussion include bilateral cooperation, European foreign and security policy, cooperation within NATO and security in the High North.

    • Elsewhere, there was SMMT Electrified - the UK's preeminent summit on the electrification of road transport and Fitch Rating held event - Spotlight on Poland: Key Drivers of Sovereign, Bank and IPF Ratings and separately it reviewed financial regulation in major global banking jurisdictions.

    • Companies with smaller percentage moves on the day that released earnings/updates included Assicurazioni Generali (G.iM) FY net income €4.32B vs consensus €4.23B, raises dividend ~ +15% y/y and announces €500M buyback and Swiss Life Holding (SLHN.SW) FY net income CHF1.26B vs FactSet CHF1.23B [14 est, CHF1.17-1.30B]

    • M&A news flow included Holcim (HOLN.SW) agrees to acquire the building materials and solutions operations in Colombia from Cemex, transaction value $485M and Deutsche Börse Group's (DB1.GR) acquisition of Allfunds (ALLFG.NA) is expected to close in H1 of 2027. Also, Coinshares International (CS.SS) and Vine Hill Capital agree to accelerate the timetable for the transaction with last day of trading of CoinShares shares on Nasdaq Stockholm expected to be 20-Mar and HOCN Ltd. (HT5.SW) concludes merger agreement with Centiel SA, the transaction's completion scheduled for 16-Apr

    • Also, the acceptance period in connection with Worthington Steel's (WS) offer to acquire Kloeckner & Co. (KCO.GR) was extended to 26-Mar from 12-Mar, following yesterday's lowering of the minimum acceptance threshold to 57.5%, Worthington Steel having secured ~56.9% of Klöckner's issued share capital as of 9-Mar.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Chemicals +2.85%, Utilities +1.80%, Oil & Gas +1.43%, Telecom +0.73%, Insurance +0.23%, Food & Beverage +0.07%, Retail (0.18%), Basic Resources (0.24%), Ind Goods & Svcs (0.27%), Autos & Parts (0.41%), Persnl & HHold Goods (0.45%), Financial Svcs (0.48%)

      • Underperformers:

        • Banks (3.49%), Travel & Leisure (1.95%), Construct & Mtls (1.67%), Health Care (1.18%), Technology (0.83%), Real Estate (0.68%), Media (0.63%)

    • Macro/Peripheral markets:

      • Feb price net balance (12%) vs consensus (9%), prior (10%) - RICS UK Residential Market Survey

      • IEA releases record oil reserves to counter shock from Iran conflict - FT

      • EU warns inflation could exceed 3% in 2026 if oil prices stay near $100 amid Middle East war - Bloomberg

      • Iran steps up campaign to disrupt energy markets as oil price spikes above $100 a barrel - The Guardian, BBC

      • Europe revives 2022 energy crisis tools like price caps and reserve releases to tackle Iran war fallout - FT

      • Zelenskyy sharpens rhetoric toward allies and critics as Ukraine peace talks stall - Politico

      • France's far right taps into security fears in Marseille mayoral race - Reuters

      • Politicians from the CDU and SPD want a quick start of the fuel price brake - Handelsblatt

      • UK Finance's latest Business Finance Review shows that gross business lending by the high street banks increased ~ +9% y/y - release

    • Company news:

      • Notable Gainers

        • +14.8% SDF.GR (K+S) -- FY EBITDA €613M vs FactSet €611.8M [14 est, €588.6-700M], Vara consensus estimate €603.4M, guides 2026

        • +14.8% DEC.FP (JCDecaux) -- FY net income attributable €262.9M vs FactSet €257.3M [10 est, €234.6-298.7M]

        • +12.1% RUSTA.SS (Rusta) -- Q3 EPS SEK2.20 vs FactSet SEK1.90 [3 est, SEK1.71-2.09]

        • +11.8% ACLN.SW (Accelleron Industries) -- FY EPS $2.48 vs FactSet $2.45 [9 est, $2.29-2.68], raises dividend +20% y/y, to launch a share buyback

        • +10.9% SFER.IM (Salvatore Ferragamo) -- FY net income (€49.2M) vs FactSet (€49.3M) [12 est, (€63.3)-(26.1M)]

        • +9.8% TCAP.LN (TP ICAP Group) -- FY EPS 33.5p ex-items vs FactSet 31.7p [6 est, 31.0-32.9p]; announces £80M share buyback

        • +9.7% NESTE.FH (Neste) -- outperform from sector perform at RBC Capital Markets

        • +9.4% CHG.GR (CHAPTERS Group) -- FY adjusted EBITDA €49M vs FactSet €15.7M [1 est]

        • +8.8% PPGN.SW (PolyPeptide Group) -- FY EPS (€0.64) vs FactSet (€0.39) [4 est, (€0.55)-(0.26)], guides 2026, provides mid-term outlook

        • +8.4% KARN.SW (Kardex Holding) -- FY net income attributable €41.6M including items

        • +7.7% BANB.SW (Bachem Holding) -- FY EPS CHF1.98 vs FactSet CHF1.56 [9 est, CHF1.40-1.67] , guides 2026

        • +7.5% RST.LN (Restore) -- FY adjusted EPS cont ops 22.0p vs year-ago 18.1p

        • +6.8% MAU.FP (Maurel et Prom) -- FY net income $166M ex-items+4.0% HNR1.GR (Hannover Re) -- confirms prelim FY25 earnings and FY26 outlook; raises dividend +39% y/y

        • +6.2% DSFIR.NA (DSM-Firmenich) -- sees FY26 adj EBITDA margin ~20%; issues mid-term targets -- CMD; announces €540M share repurchase program

        • +6.1% BETS.B.SS (Betsson) -- to acquire Rhino Entertainment Group's B2C business licensed in Canada as well as a set of technology assets for its B2B operations for total purchase price €64.5M

        • +6.1% BNR.GR (Brenntag) -- confirms prelim FY25 earnings, lowers dividend (10%) y/y and guides FY26

        • +5.9% ELMRA.NO (Elmera Group) -- acquires Swedish electricity retail company Telinet Energi AB for an enterprise value of SEK250M

        • +5.5% LDO.IM (Leonardo)

          • Confirms prelim. FY results; reports FY net income €1.02B ex-items vs FactSet €1.11B [8 est, €887-1.26B], guides 2026

          • Expects EBITA to grow with a CAGR of 15.5%; sees orders at €32B by 2030 -- industrial plan 2026-30

        • +4.7% HOC.LN (Hochschild Mining) -- overweight from neutral at JPMorgan

        • +4.4% RWE.GR (RWE) -- FY adj. net income €1.80B vs consensus €1.68B and guidance €1.3B-€1.8B; guides 2026 adj. net income between €1.55-2.05B vs FactSet €1.81B, 2031 targets

        • +4.4% RTO.LN (Rentokil Initial) -- buy from neutral at UBS

        • +3.9% RRTL.GR (RTL Group) -- FY net income €1.03B vs FactSet €1.13B [3 est, €1.03-1.23B]

        • +3.9% DTG.GR (Daimler Truck Holding) -- Q4 EPS €0.64 vs FactSet €0.70 [3 est, €0.57-0.79], guides 2026

          • On earnings/updates: ANTIN.FP (Antin Infrastructure Partners), FLU.AV (Flughafen Wien), VSVS.LN (Vesuvius), G.IM (Assicurazioni Generali), FHZN.SW (Flughafen Zuerich), BPT.LN (Bridgepoint Group), HLMA.LN (Halma) and reversing initial falls WAF.GR (Siltronic), BMW.GR (Bayerische Motoren Werke), FAN.LN (Volution Group), FSJ.LN (James Fisher & Sons), SREN.SW (Swiss Re)

      • Notable Decliners

        • -20.8% GBT.FP (Guerbet) -- FY net income (€112.7M) vs year-ago €13.5M

        • -12.2% OTB.LN (On The Beach Group) -- AGM Trading Update; temporarily suspending FY guidance Adj. PBT of £39-43M vs FactSet £40.3M

        • -11.4% SHAW.LN (Shawbrook Group) -- FY EPS 47p ex-items vs year-ago 40p

        • -9.4% ALFA.LN (Alfa Financial Software Holdings) -- FY EPS 10.1p vs FactSet 10.0p [8 est, 9.3-10.3p]; declares special dividend of 3.1p/share

        • -8.4% ERG.IM (ERG) -- Q4 net income €46M ex-items vs FactSet €48.3M [3 est, €46-52M], guides 2026

        • -8.4% GLJ.GR (GRENKE) -- FY EPS €1.29 vs FactSet €1.32 [6 est, €1.21-1.40]

        • -8.2% WBD.IM (Webuild) -- FY adjusted net income attributable €280.4M vs FactSet €279.5M [6 est, €236.3-375M], guides 2026

        • -7.9% VLTSA.FP (Voltalia) -- FY net income (€128.1M) vs FactSet (€111.8M) [7 est, (€135)-(97.0M)], guides 2026

        • -7.7% BOY.LN (Bodycote) -- sector perform from outperform at RBC Capital Markets

        • -7.4% RUI.FP (Rubis) -- FY net income €309M vs FactSet €313.7M [7 est, €294-330.4M], guides 2026

        • -7.2% SANN.SW (Santhera Pharmaceuticals Holding) -- prelim. FY revenue CHF77.4M vs prior to exceed guidance of CHF65-70M and FactSet CHF70.8M [2 est, CHF70.6-71M]

        • -6.7% MTU.FP (Manitou BF) -- FY net income €68.5M vs FactSet €88.1M [7 est, €78.7-104.7M]

        • -6.3% SVS.LN (Savills)

          • FY underlying EPS 77.2p vs FactSet 74.1p [4 est, 69.4-81.0p], raises total dividend ~ +12% y/y, comments on Middle East

          • Agrees to acquire Eastdil Secured Holdings for enterprise value of ~£827M

        • -5.8% DBK.GR (Deutsche Bank) -- issues detailed FY26 outlook; sees net revenues slightly higher y/y at ~€33B -- FY25 annual report

        • -4.9% CCC.LN (Computacenter) -- FY adj EPS 175.1p vs FactSet 175.6p [12 est, 164.9-180.3p], comments on FY26

        • -4.6% TRN.LN (Trainline) -- FY Trading Update: revenue £453M vs FactSet £449.3M [9 est, £447.0-456M]

        • -3.9% IDL.FP (ID Logistics Group) -- FY net income €64.4M vs FactSet €68.8M [7 est, €63.5-76.0M]

        • -3.9% HTWS.LN (Helios Towers) -- FY adjusted EBITDA $471.1M vs FactSet $469.0M [7 est, $465-470.5M], guides 2026

        • -3.7% MNG.LN (M&G) -- FY AOP £838M vs consensus £820M; shares reversed initial gains

        • -3.2% ANDR (Andritz) -- neutral from outperform at Oddo

        • -3.0% BAVA.DC (Bavarian Nordic) -- confirms prelim FY results; reports FY net income DKK1.38B, +39% vs year-ago DKK988M, launches second DKK200M tranche of its DKK500M buyback

          • On earnings/updates: PHARM.NA (Pharming Group), FRA.GR (Fraport), GEBN.SW (Geberit), POST.AV (Oesterreichische Post), SLHN.SW (Swiss Life Holding), CEZ.CP (CEZ), INRN.SW (Interroll Holding), VIG.AV (Vienna Insurance Group), ALIF.B.SS (AddLife) and reversing initial gains INF.LN (Informa)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Sif Holding (SIFG.NA), Belysse Group (BELYS.BB)

        • DACHs: UNIQA Insurance Group (UQA.AV), Medacta Group (MOVE.SW)

        • Southern Europe: De Longhi (DLG.IM), El.En. (ELN.IM), Biesse (BSS.IM)

        • UK: Air Astana (AIRA.LN), CLS Holdings (CLI.LN), Stelrad Group (SRAD.LN)

      • CMD/Events: NCC Group (NCC.LN)

  • Data:

    • Economics:

      • Sweden Feb CPI +0.5% y/y vs preliminary +0.5%

      • Ireland Feb CPI +2.7% y/y vs consensus +2.4%, prior +2.7%

    • Markets:

      • WTI Crude (Apr 26): +$7.29 or +8.36% to $94.54

      • €-$ (0.0041) or (0.35%) to 1.1526

      • £-$ (0.0059) or (0.44%) to 1.3353

      • €-£ +0.0005 to 0.8630

      • S&P 500 (0.95%)

      • Performance year-to-date:

        • FTSE 100: +3.76%

        • DAX: (3.68%)

        • CAC: (2.03%)

        • MIB: (1.09%)

        • Stoxx 600: +1.13%

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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