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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.24%) to 9894.15, DAX +1.22% to 22653.86, CAC40 +0.79% to 7726.20, STOXX 600 +0.61% to 576.78

Mar 23 ,2026

  • Synopsis:

    • European equity markets closed mostly higher, up from lows on latest Trump remarks. Sectors most impacted by conflict - Travel & Leisure, Basic Resources, Banks, Technology, Construction & Materials - the biggest beneficiaries. Follows last week's deep losses.

    • Markets reacting to de-escalation developments after Trump said US and Iran have had conversations about ending hostilities; instructed postponement of any and all military strikes against Iranian power plants and energy infrastructure for five day period. However, Iranian media denying contact. Follows ramp up in threats on weekend. Trump gave 48-hour deadline to reopen Strait of Hormuz, prompting Tehran to threaten retaliation against Gulf energy, IT and desalination infrastructure. Some skepticism whether threats will be carried out given consequences. Signs US allies moving towards providing support to reopen Strait of Hormuz. Also, Japan reportedly considering intervention in oil futures markets.

    • Worries over escalation had added further pressure on bonds, reinforcing hawkish repricing seen late last week. Market were pricing in risk of rate hikes from Fed, ECB and BoE, but latest development seeing notable dampening in hawkish pivot. Also worries about demand destruction. IEA executive director Birol said global energy crisis equivalent to combined force of two oil shocks of 1970s and fallout of Russia's invasion of Ukraine. Fits in with growing view that even if conflict does end shortly, the impact on supply chains and global economy will continue for some time.

    • On European macro calendar, ECB wage tracker showed wages to quicken in the second half of the year. Eurozone flash consumer confidence fell. Flash PMIs due on Tuesday. UK inflation and retail sales will also be published later this week. Most of the macro updates are outdated now given the Iran conflict. Focus to remain on policy signals from central bank officials. ECB Vice President de Guindos said alert to second-round effects from Iran war and ready to respond as necessary. Press reports highlighted number of economists cutting UK growth forecasts. UK PM Starmer said Chancellor Reeves to announce support measures to help economy on Tuesday.

    • In other news, second round of French municipal elections saw Socialists and allies secure the big four cities - Paris, Marseille, Lyon and Lille, while far-right Nationals made gains in mid-sized and smaller towns. In Italy, people are voting on whether to change its constitution.

    • In M&A news, Poste Italiane (PST.IM) launched an offer to acquire Telecom Italia (TIT.IM) for ~€10.8B, whilst Delivery Hero (DHER.GR) divested its foodpanda business in Taiwan to Grab for $600M on a cash and debt free basis; still in the DACH region, Sonova Holding (SOON.SW) is planning to divest its Consumer Hearing unit to fully focus on core hearing care; company also confirmed FY25/26 outlook with growth expected at low end of guidance; in the UK, Bridgepoint Advisers and Triton confirmed that they do not intend to make firm offer for Spire Healthcare (SPI.LN)

    • On a light reporting front, Salzgitter (SZG.GR) confirmed prelim FY25 and FY26 outlook and Diasorin (DIA.IM) reported FY numbers.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 23-Mar to 27-Mar attached) Kingfisher (KGF.LN), Bellway (BWY.LN), Fevertree Drinks (FEVR.LN), Gamma Communications (GAMA.LN), M.P. Evans Group (MPE.LN), Chesnara (CSN.LN), Everplay (EVPL.LN), YouGov (YOU.LN), S4 Capital (SFOR.LN), EKF Diagnostics Holdings (EKF.LN), Xaar (XAR.LN), Personal Group Holdings (PGH.LN), Michelmersh Brick Holdings (MBH.LN), Real Estate Investors (RLE.LN), Staffline Group (STAF.LN), ABC arbitrage (ABCA.FP), Transgene (TNG.FP)INDUS Holding (INH.GR), Drägerwerk (DRW3.GR), Inficon Holding (IFCN.SW), Newron Pharmaceuticals (NWRN.SW), and Curatis Holding (CURN.SW) will be amongst other names to update investors, whilst the macro-calendar releases will include Eurozone, France, Germany, UK Mar flash manufacturing/services PMI, UK Mar distributive trades - CBI, Finland Feb unemployment rate, PPI

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.61%, Banks +2.52%, Travel & Leisure +2.49%, Autos & Parts +2.17%, Construct & Mtls +2.09%, Consumer Products and Services +1.59%, Technology +1.58%,

      • Underperformers:

        • Energy(1.69%), Personal Care Drug and Grocery Stores (1.24%), Real Estate (1.20%), Utilities (1.13%), Food, Beverage and Tobacco (0.87%), Telecom (0.70%), Health Care (0.34%), Media (0.31%), Financial Svcs (0.14%), Insurance (0.07%), Retail +0.43%, Chemicals +0.45%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Trump says both Iran and US 'want to make a deal' and claims they will talk today - The Guardian, BBC

        • Trump proposes 'joint leadership' of Iran - The Telegraph

        • Three countries reportedly mediating between US and Iran - Reuters

      • EU

        • Trump's EU envoy urges swift approval of trade deal - Politico

        • EU to clinch trade deal with Australia after eight years of talks - FT

      • UK

        • UK mortgage interest rates expected to rise despite Trump's Iran pause - The Guardian

        • Starmer warns against 'false comfort' of thinking Iran war will have 'quick and early end' - BBC

        • UK reviews free childcare thresholds as spending hits £9bn - FT

        • UK Studies Wider Ways to Help Economy on Iran, Starmer Says - Bloomberg

        • UK Growth Set to Halve After Iran War Hit, Economists Warn - Bloomberg

      • France

        • Paris municipal elections: Emmanuel Grégoire and the united left achieve a resounding victory - Le Monde

        • French Banks Have EU's Top Middle East Exposure, EBA Says - Bloomberg

      • Germany

        • Germany's Merz wants to push ahead reforms after state election shakes coalition - Reuters

        • This is how the polls stand before the elections in East Germany - Handelsblatt

      • Sweden

        • Sweden Proposes to Cut Fuel Tax and Reduce Iran War Price Impact - Bloomberg

      • Italy

        • Italian PM Giorgia Meloni is set to lose referendum, early results say - Politico

    • Company news:

      • Trading Higher:

        • +9.7% JLP.LN (Jubilee Metals Group £0.03, -0.00) -- proposed capital reduction

        • +9.2% PNDORA.DC (Pandora DKK481.40, +40.50)

        • +7.9% DHER.GR (Delivery Hero €16.56, +1.21) -- sells foodpanda in Taiwan to Grab for $600M

        • +5.0% HFG.GR (HelloFresh €3.85, +0.18) -- Delivery Hero sympathy

        • +4.7% TIT.IM (Telecom Italia €0.60, +0.03) -- ~€10.8B Poste Italiane takeover offer

        • +4.3% ALATA.FP (Atari, Inc. €0.11, -0.00) -- FY trading update

        • +3.1% TKA.GR (ThyssenKrupp €7.91, +0.23)

        • +2.6% FIA1S.FH (Finnair €2.97, +0.08) -- purchase agreement with Embraer

        • +1.9% RR.LN (Rolls-Royce Holdings £11.92, +0.22)

      • Trading Lower:

        • -22.5% SPI.LN (Spire Healthcare Group £1.49, -0.43) -- takeover talks with Bridgepoint and Triton ended

        • -12.8% DIA.IM (Diasorin €55.47, -8.14) -- FY earnings

        • -12.7% GXI.GR (Gerresheimer €18.98, -2.75)

        • -10.8% IMM.LN (ImmuPharma £0.05, -0.01) -- raises ~£6.5M via subscription and WRAP Retail Offer

        • -6.9% PST.IM (Poste Italiane €19.93, -1.47) -- offer

        • -6.4% PREC.SS (Precise Biometrics SEK1.86, -0.13) -- merger with Fingerprint Cards

        • -5.9% SOON.SW (Sonova Holding CHF168.05, -10.45) -- 2026 growth at low end of guidance; new medium term targets; to divest Consumer Hearing business

        • -5.9% BT.A.LN (BT Group £1.99, -0.13)

        • -5.5% SNI.NO (Stolt-Nielsen NOK303.00, -17.50) -- DNB Carnegie downgrade

        • -4.8% FING.B.SS (Fingerprint Cards SEK15.20, -0.76) -- merger

        • -4.3% ODF.NO (Odfjell NOK114.80, -5.20) -- DNB Carnegie downgrade

        • -4.2% VNV.SS (VNV Global SEK17.73, -0.77)

        • -4.0% PAL.AV (Palfinger €34.20, -1.40)

        • -3.4% EVT.GR (Evotec €4.18, -0.15)

        • -3.0% LPK.GR (LPKF Laser & Electronics €6.04, -0.19)

        • -2.0% GFRD.LN (Galliford Try Holdings £4.97, -0.10)

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: INDUS Holding (INH.GR), Drägerwerk (DRW3.GR), Inficon Holding (IFCN.SW), Newron Pharmaceuticals (NWRN.SW), Curatis Holding (CURN.SW)

        • France: ABC arbitrage (ABCA.FP), Transgene (TNG.FP)

        • Southern Europe: Sabaf (SAB.IM)

        • UK: Kingfisher (KGF.LN), Bellway (BWY.LN), Fevertree Drinks (FEVR.LN), Gamma Communications (GAMA.LN), M.P. Evans Group (MPE.LN), Chesnara (CSN.LN), Everplay (EVPL.LN), YouGov (YOU.LN), S4 Capital (SFOR.LN), EKF Diagnostics Holdings (EKF.LN), Xaar (XAR.LN), Personal Group Holdings (PGH.LN), Michelmersh Brick Holdings (MBH.LN), Real Estate Investors (RLE.LN), Staffline Group (STAF.LN)

      • CMD/Events: Orexo (ORX.SS) R&D

  • Data:

    • Economics:

      • Eurozone Mar Flash Consumer Confidence (16.3) vs consensus (15.0) and prior (12.2)

      • Spain Jan Trade Balance (€4.00B) vs consensus (€6.4B) and prior (€5.57B)

    • Markets:

      • WTI Crude (May 26): ($7.58) or (7.72%) to $90.65

      • €-$ +0.0051 or +0.44% to 1.1591

      • £-$ +0.0084 or +0.63% to 1.3402

      • €-£ (0.0015) to 0.8651

      • S&P 500 +1.19%

      • Performance year-to-date

        • FTSE 100: (0.37%)

        • DAX: (7.50%)

        • CAC: (5.19%)

        • MIB: (4.00%)

        • Stoxx 600: (2.60%)

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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