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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (1.45%) to 9917.60, DAX (2.01%) to 22380.19, CAC40 (1.82%) to 7665.62, STOXX 600 (1.79%) to 573.22

Mar 20 ,2026

  • Synopsis:

    • European equity markets ended the week broadly lower. Follows deep selloff on Thursday. Constructions, chemicals best performers relative to the broader market; utilities, tech, industrials and real estate the big laggards.

    • Takeaways from yesterday's European central bank updates reinforced market expectations of policy tightening with energy prices at elevated levels. ECB sources said policymakers could debate a hike as early as late April meeting, though June as the most likely timing of a hike. BoE signalled readiness to act to meet inflation target, though Governor Bailey said market getting ahead of itself on rate hike bets.

    • Lots of moving pieces on latest Middle East developments. De-escalation signals from Trump and Israel PM Netanyahu saying no more strikes will be launched against Iran energy facilities. Market also sensitive to off-ramp signals after Netanyahu said war may end sooner than people think, claiming Iran no longer able to enrich uranium or manufacture missiles. After Iranian missile strike impacted Qatar LNG production, Treasury Secretary Bessent flagged relief measures including lifting sanctions on Iranian oil stranded at sea, and another SPR release if needed. However, report that Trump is also considering takeover of Kharg Island to force Iran to open Strait of Hormuz.

    • Limited macro data of note. UK public finance data worse-than-forecast and German PPI weaker-than-consensus. Latest CBI showed ongoing weakness in UK industrial sector. However, most of the recent indicators do not capture Middle East developments and have limited policy influence.

    • In M&A news, Novartis (NOVN.SW) acquired pan-mutant-selective PI3Ka inhibitor from Synnovation Therapeutics LLC for $2B upfront and up to $1B in milestone payments; Unilever PLC (ULVR.LN) confirmed inbound offer for its Foods business and is in discussions with McCormick & Company, Inc (MKC). Bridgepoint is reportedly preparing to launch a bid for Spire Healthcare Group (SPI.LN) at 230p/sh. On a light reporting front, DACH names Mutares SE (MUX.GR) and PNE (PNE3.GR) updated investors whilst - in Italy - Enel (ENEL.IM) reported final FY numbers.

    • Looking ahead to next week EU econ-calendar, notable releases on Monday will include, amongst others, Eurozone Mar flash consumer confidence.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Construct & Mtls (0.58%), Autos & Parts (0.71%), Chemicals (0.77%), Persnl & HHold Goods (0.92%), Travel & Leisure (1.12%), Food & Beverage (1.13%), Retail (1.13%), Health Care (1.21%), Insurance (1.35%), Financial Svcs (1.37%), Media (1.51%)

      • Underperformers:

        • Utilities (2.70%), Technology (2.43%), Ind Goods & Svcs (2.39%), Real Estate (2.34%), Basic Resources (2.24%), Banks (2.07%), Oil & Gas (2.06%), Telecom (1.81%)

    • Macro:

      • EU:

        • The EU's failed Green Deal is a warning to us all -- CAPX

        • Energy Shock Spooks European Leaders -- Bloomberg

      • UK:

        • Pressure grows on Starmer to drop EU 'red lines' -- FT

      • Germany:

        • Germany's Merz faces second state election test on Sunday -- Reuters

      • France:

        • France's budget constraints hamper fiscal response to Middle East crisis, Villeroy says -- Reuters

      • Italy:

        • Italy's MoD warns: Energy strikes risk long-term global shock -- Decode39

    • Company news:

      • Notable Gainers

        • +18.7% WRKS.LN (TheWorks.co.uk £0.44, +0.07) -- to cease trading of online channel and transition to non-transactional website, with immediate effect; maintains FY26 guidance and upgrades FY27 guidance

        • +8.6% ELG.GR (Elmos Semiconductor €139.20, +11.00) -- Elmos Semiconductor exploring sale as its founders consider exit - Reuters

        • +4.6% EKT.GR (EnergieKontor €31.70, +1.40) -- reaches financial close for the Bützfleth wind project

        • +3.6% SIGHT.FP (GenSight Biologics €0.09, -0.00) -- study results

        • +3.2% HEI.GR (Heidelberg Materials €171.30, +5.25) -- considers to significantly scale down clinker production at its Skövde cement plant in Sweden

        • +3.0% PNE3.GR (PNE €7.97, +0.23) -- provides forecast for 2026 financial year

      • Notable Decliners

        • -10.5% JDW.LN (JD Wetherspoon £5.56, -0.66) -- H1 earnings

        • -9.9% SMIN.LN (Smiths Group £21.18, -2.32) -- H1 earnings

        • -5.5% HLG.GR (Highlight Communications €1.04, -0.06) -- mandates Arctic Securities to conduct investor meetings with institutional investors starting today

        • -4.1% AKRBP.NO (Aker BP NOK351.60, -15.20) -- lower oil prices

        • -3.8% GALP.PL (Galp Energia SGPS €21.32, -0.84) -- lower oil prices

        • -3.8% CRN.LN (Cairn Homes £1.87, -0.07) -- CEO Michael Stanley sold 3.5M shares at a price of €2.20/share

        • -3.6% BP.LN (BP £5.62, -0.21) -- lower oil prices

        • -3.5% NOTE.SS (NOTE SEK177.10, -6.40) -- acquires STI Enterprises Holdings Limited for £72.5M; confirms FY26 outlook and guides Q1

        • -3.4% TKA.GR (ThyssenKrupp €7.66, -0.27) -- sector move

        • -1.8% IMPN.SW (Implenia CHF64.90, -1.20) -- contract

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: EXOR (EXO.NA)

        • DACHs: Salzgitter (SZG.GR), Ströer (SAX.GR), Metall Zug (METN.SW)

        • France: Abivax (ABVX.FP)

        • Nordics: Constellation Oil Services Holding (COSH.NO), Tivoli (TIV.DC)

        • Southern Europe: Iren (IRE.IM), ENAV (ENAV.IM), Rai Way (RWAY.IM)

        • UK: Applied Nutrition (APN.LN), Partners Group Private Equity (PEY.LN), Quartix Technologies (QTX.LN), Distribution Finance Capital Holdings (DFCH.LN)

      • Trading Update:

        • DACHs: Hornbach Holding (HBH.GR)

  • Data:

    • Economics:

      • Eurozone Jan Trade Balance (€1.90B) vs consensus €12.8B and prior revised €11.20B from €12.60B

      • Italy Jan Trade Balance €1.09B vs consensus €5.60B and prior revised €5.99B from €6.04B

      • UK Feb Public Sector Net Borrowing (£14.3B) vs consensus (£8.5B) and prior revised £31.9B from £30.4B

      • Germany February PPI y/y (3.3%) vs consensus (2.7%) and prior (3.0%)

    • Markets:

      • WTI Crude (Apr 26): +$1.96 or +2.04% to $98.10

      • €-$ (0.0030) or (0.26%) to 1.1560

      • £-$ (0.0110) or (0.82%) to 1.3322

      • €-£ +0.0046 to 0.8676

      • S&P 500 (0.84%)

      • Performance year-to-date:

        • FTSE 100: (0.14%)

        • DAX: (8.62%)

        • CAC: (5.94%)

        • MIB: (4.68%)

        • Stoxx 600: (3.20%)

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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