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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (2.35%) to 10063.50, DAX (2.82%) to 22839.56, CAC40 (2.03%) to 7807.87, STOXX 600 (2.39%) to 583.64

Mar 19 ,2026

  • Synopsis:

    • European equity markets closed sharply lower amid the latest gains in energy prices. Energy and utilities outperform; miners, airlines, industrials and banks the big decliners. Follows downbeat close on Wednesday, leaving Stoxx 600 down ~2.0% on the week.

    • Markets back on defensive after Iran struck back against Middle East energy facilities, including Qatar's Ras Laffan LNG plant, in response to Israeli attack on South Pars gas field. Latest attacks on energy facilities initially heightened market angst about tit-for-tat escalation though Trump said to not be in favor of further strikes, believing Iran received the message. Trump later posted no more attacks on South Pars will take place by Israel unless Iran hits Qatar again, after he which US would destroy the gas field. Comments interpreted as a de-escalation signal, though lot of commentary flagging longer duration risk of conflict, with off-ramps now harder to find for the US.

    • Attention also on central bank updates. In Europe, ECB kept rates unchanged, with bank vigilant on Middle East conflict and effects on inflation. 2026 inflation seen higher at 2.6% vs 1.9% prior; 2026 GDP revised down to 0.9% vs 1.2% prior. Outsized focus on remarks related to recent energy price developments and implications for tighter monetary policy with steepening in rate hike bets today. BoE voted unanimously for steady hand versus expectations for 7-2 vote. Said all members stand ready to act to contain inflation. Governor Bailey said markets getting ahead of themselves regarding rate hike bets. Both the SNB and Riksbank left policy unchanged as expected. SNB reiterated willingness to intervene in FX market after recent franc strength. Elsewhere, Fed policy on hold as expected. Takeaways from Powell comments leaned hawkish after he noted concern that inflation pressures could last longer than expected. BoJ also on hold and warned Middle East situation poses risk to outlook.

    • On macro data front, UK labor market update saw further increase in jobless claims and weakening in wage growth, but the number of employees on payroll rose. Unlikely to have much influence on immediate policy in light of Middle East development. Eurozone labor costs unchanged at 3.3% in Q4 2025. Construction output fell in January. In the US, Initial claims continued to support the "no firing" component of the labor market narrative, falling to 205K in w/e 14-Mar from prior 213K, below the 215K consensus. Philly Fed manufacturing index unexpectedly jumped to +18.1 in March from +16.3 in February, its third consecutive increase. January new home sales printed at 587K, well below 720K consensus and downwardly revised 712K (was 745K).

    • On the reporting front, DACH names kicked off the session, with Lanxess, Nemetschek, Lenzing, SBO AG, United Internet, Rational, IONOS Group and Vossloh among few other names from the region. In M&A news, the FT reported that Unilever and Kraft Heinz held merger talks over food businesses, whilst BP sold the Gelsenkirchen refinery to Klesch Group.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 16-Mar to 20-Mar attached) Bechtle (BC8.GR), FUCHS (FPE3.GR), Data Modul (DAM.GR), Kazatomprom (KAP.LN), Smiths Group (SMIN.LN), and JD Wetherspoon (JDW.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Feb PPI, Italy Jan trade balance, UK Feb public sector borrowing, Mar industrial trends orders - CBI, Eurozone Jan trade balance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.51%, Utilities (1.55%), Health Care (1.80%), Telecom (1.84%), Media (1.88%), Insurance (1.90%), Food, Beverage and Tobacco (1.92%),

      • Underperformers:

        • Basic Resources (4.31%), Autos & Parts (3.89%), Real Estate (3.89%), Construct & Mtls (3.87%), Ind Goods & Svcs (3.58%), Retail (3.37%), Chemicals (3.20%), Consumer Products and Services (3.17%), Banks (3.10%), Technology (2.76%), Travel & Leisure (2.66%), Personal Care Drug and Grocery Stores (2.59%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Israeli officials push back on US claim that Trump knew nothing about gasfield attack - The Guardian

        • Iran vows "zero restraint" if oil infrastructure targeted again - The Times

        • Russia says increased Ukrainian attacks threaten gas export routes - Reuters

      • Central Banks

        • Bank of England 'ready to act' as it warns Iran war 'shock' will push up inflation - BBC

        • ECB keeps interest rates in the euro area constant and expects higher inflation - Handelsblatt

        • SNB Restates Increased Resolve on Franc as Rate Held at Zero - Bloomberg

      • EU

        • EU braced for no deal on €90B Ukraine loan as Orbán refuses to budge - Politico

        • Big central banks keep options open as traders suspect war will bring rate hikes - Reuters

      • UK

        • UK to double steel tariffs to 50% to save plants from collapse - The Guardian

        • Pay grows at slowest rate in more than five years - BBC

        • UK health official says too soon to declare Kent meningitis outbreak contained - Reuters

      • France

        • French far right's success in Champagne boosts presidential dream - Politico

        • Macron and Merz make last-ditch push to rescue joint fighter-jet project - FT

      • Germany

        • Greens invite CDU to exploratory talks - Handelsblatt

        • Germany Weighs Windfall Tax as Iran War Drives Price Surge - Bloomberg

      • Spain

        • Spain poses obstacle to defence merger backed by Dan Loeb's Third Point - FT

    • Company news:

      • Trading Higher:

        • +46.1% SYNT.LN (Synthomer £0.26, +0.08) -- trading and refinancing update

        • +12.7% VAR.NO (Vår Energi NOK49.97, +5.63) -- target up at Goldman Sachs

        • +12.4% ITH.LN (Ithaca Energy £2.85, +0.32) -- rebound

        • +11.0% EQNR.NO (Equinor NOK398.60, +39.60) -- FY25 oil reserves report

        • +10.8% NAE.FP (Esso €78.58, +7.68) -- will publish results in Apr

        • +9.5% AET.LN (Afentra £0.74, +0.06) -- strategic review

        • +9.2% IOS.GR (IONOS Group €23.20, +1.95) -- earnings

        • +9.0% AKSO.NO (Aker Solutions NOK45.06, +3.72) -- extraordinary div

        • +8.0% TBLD.LN (tinyBuild £0.07, +0.01) -- earnings

        • +7.7% DEEZR.FP (Deezer €1.19, +0.09) -- earnings; partnership

        • +7.7% GKP.LN (Gulf Keystone Petroleum £2.31, +0.17) -- earnings

        • +7.5% 8KW.GR (Jadestone Energy Plc €0.34, +0.02) -- official approval from Vietnam government for Nam Du / U Minh field development plan

        • +7.0% AKRBP.NO (Aker BP NOK366.80, +23.90) -- target up at Goldman Sachs

        • +6.3% IGG.LN (IG Group Holdings £14.46, +0.86) -- trading update

        • +6.2% EAH.LN (Eco Animal Health Group £1.03, +0.06) -- trading update

        • +4.9% MAU.FP (Maurel et Prom €11.39, +0.53) -- block interest acquisition

        • +4.4% BP.LN (BP £5.80, +0.25) -- to sell Gelsenkirchen refinery

        • +4.0% 1U1.GR (1&1 AG €23.55, +0.90) -- earnings

        • +3.8% NEM.GR (Nemetschek €70.50, +2.55) -- earnings

        • +3.7% TPE.GR (PVA TePla €28.30, +1.00) -- earnings

        • +2.6% UTDI.GR (United Internet €26.46, +0.68) -- earnings

        • +2.4% ONCIN.NO (BerGenBio NOK44.76, +1.07) -- patent

      • Trading Lower:

        • -16.6% TPRO.IM (Technoprobe €13.62, -2.72) -- earnings

        • -15.7% INW.IM (Infrastrutture Wireless Italiane €6.86, -1.29) -- Swisscom (SCMN.SW), Telecom Italia (TIT.IM) JV

        • -13.9% FYB.GR (Formycon €17.06, -2.76) -- postpones FY25 publication; settlement and licensing agreement for FYB203 concluded with Regeneron and Bayer; all pending patent litigations fully resolved

        • -13.3% ATYM.LN (Atalaya Mining £7.08, -1.09) -- earnings

        • -12.2% VNA.GR (Vonovia €21.60, -2.99) -- earnings

        • -11.2% CAPD.LN (Capital £1.24, -0.16) -- earnings

        • -11.0% LXS.GR (Lanxess €11.89, -1.47) -- earnings

        • -9.9% CTT.PL (CTT - Correios de Portugal €6.01, -0.66) -- earnings; EU clears CTT and DHL's parcel JV in Portugal and Spain

        • -9.4% SGL.GR (SGL Carbon €3.24, -0.34) -- earnings

        • -8.2% LNZ.AV (Lenzing €19.92, -1.78) -- earnings

        • -7.9% DIS.IM (D'Amico International Shipping €7.14, -0.62) -- holder d'Amico International places 6.2M shares at €6.50/sh

        • -7.5% AKZA.NA (Akzo Nobel €47.27, -3.83) -- Barclays downgrade

        • -7.5% TEG.GR (TAG Immobilien €13.06, -1.06) -- ??? VNA

        • -7.4% PCZ.GR (ProCredit Holding €7.50, -0.60) -- earnings

        • -7.0% AIRA.LN (Air Astana £5.60, -0.42) -- holder BAE Systems (BA.LN) to sell remaining ~6.86% stake at US$5.10 per GDR

        • -6.9% DEZ.GR (Deutz AG €9.01, -0.67) -- SDAX removal as of 23-Mar

        • -6.2% WBGR.B.SS (Wastbygg Gruppen SEK1.96, -0.13) -- rights issue outcome

        • -6.1% INSTAL.SS (Instalco SEK30.28, -1.98) -- management appointment

        • -6.0% AC.FP (Accor €39.49, -2.52) -- Grizzly Research issues short report on Accor

        • -5.9% CAML.LN (Central Asia Metals £1.60, -0.10) -- earnings

        • -5.9% ATCO.A.SS (Atlas Copco SEK160.75, -10.05) -- target cut at Goldman Sachs

        • -5.7% EXL.GR (Exasol €1.99, -0.12) -- earnings

        • -5.1% CICN.SW (Cicor Technologies CHF121.00, -6.50) -- target down at Berenberg

        • -5.0% SAFH00.GR (SAF-HOLLAND €16.51, -0.87) -- earnings

        • -4.8% ATTICA.GA (Attica Holdings €1.60, -0.08) -- fleet renewal update

        • -3.9% INVP.LN (Investec £5.64, -0.23) -- trading update

        • -3.8% SBO.AV (SBO AG €34.50, -1.35) -- earnings

        • -2.5% MTU.FP (Manitou BF €18.56, -0.48) -- Kepler Cheuvreux downgrade

        • -2.4% OHB.GR (OHB SE €249.00, -6.00) -- earnings

        • -2.2% DBAN.GR (Deutsche Beteiligungs €24.65, -0.55) -- to invest in the Hipp Technology Group

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Bechtle (BC8.GR), FUCHS (FPE3.GR), Data Modul (DAM.GR)

        • UK: Kazatomprom (KAP.LN), Smiths Group (SMIN.LN), JD Wetherspoon (JDW.LN)

  • Data:

    • Economics:

      • Switzerland Feb Trade Balance CHF4.20B vs prior CHF3.82B

      • Netherlands Feb Unemployment Rate 4.1% vs consensus 4.1% and prior 4.0%

      • UK Feb Claimant Count Change 24.7K vs consensus +25.8K and prior revised 4.7K from +28.6K

      • Eurozone Jan Construction Output (1.9%) y/y consensus (0.2%) and prior revised +0.7% from (0.9%)

      • February Swiss Watch Exports +9.2% to CHF 2.17B

    • Markets:

      • WTI Crude (Apr 26): +$3.14 or +3.26% to $99.46

      • €-$ +0.0078 or +0.68% to 1.1532

      • £-$ +0.0109 or +0.82% to 1.3365

      • €-£ (0.0012) to 0.8627

      • S&P 500 (0.64%)

      • Performance year-to-date

        • FTSE 100: +1.33%

        • DAX: (6.74%)

        • CAC: (4.19%)

        • MIB: (2.77%)

        • Stoxx 600: (1.44%)

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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