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StreetAccount Summary - EU Market Recap: FTSE 100 (1.33%) to 9972.17, DAX (1.50%) to 22612.97, CAC40 (0.98%) to 7769.31, STOXX 600 (1.13%) to 580.84

Mar 26 ,2026

  • Synopsis:

    • European equity markets generally opened lower, with pan-European indices extending opening declines and attempts to pare losses proving short-lived, as initial levels proved a cap on these moves

    • With shares ending towards the lower end of the day's range, Denmark +1.2%, Norway +0.4% and Greece +0.1% buck the lower trend and lead outperformers. Ireland (2.4%) is outlier to the downside and joins the DAX and FTSE100 in leading underperformers.

    • Developments in the Middle East and the implications for global economy and central bank policy remains in focus

    • Norges Bank considered an interest rate hike to combat inflation but ultimately kept rates unchanged, delivered a hawkish message and revised up its rate outlook

    • Denmark central bank published its latest economic forecast. Bundesbank published its latest monthly report

    • Riksbank's Seim spoke at seminar at ABG Sundal Collier. Stated that 'I am considerably more concerned that inflation will be too high than that it will be too low. But the current interest rate level constitutes a good starting point to, once more reliable signals are available, adjust monetary policy if deemed warranted.'

    • ECB's Montagner was a panellist at Eurofi High-Level seminar, whilst ECB's de Guindos delivered a lecture at event hosted by Estonia central bank, followed by on-stage conversation with governor Estonia central bank's Müller, and ECB's Machado spoke at Savings and Investment Union (SIU) seminar. BOE's Breeden was a panellist at Resolution Foundation 'Stopping dreams come true' whilst BOE's Taylor spoke at Exante Data's 10-year annv. macro conf and BOE's Greene is taking part in a fireside chat at the PEI Infrastructure Investor Global Summit.

    • OECD releases its latest economic outlook, lowering its Eurozone growth forecasts for 2026 and 2027, warns of UK recession risk from Iran war

    • In politics, in Denmark, the government formation negotiations seen formally getting underway tomorrow, or maybe next week. Chancellor Merz attended the Conf. of Minister-Presidents of Eastern Germany, whilst in the UK, there were MPs questions on transport

    • There's an EU trade ministers' meeting on the sidelines of WTO Ministerial Conf., whilst G7 foreign ministers' met in France, EU's Kallas among the attendees (France24).

    • Also, EU's Kubilius signs Secure Connectivity agreements with Norway and Iceland and EU's Virkkunen delivers a keynote speech at EESC Employers' Group debate on AI. EU's Dombrovskis delivered speech for at the Eurofi High Level Seminar and Mînzatu at the Univ College London and EU's Hansen participates in Ministerial Conference (MC14) of the WTO (through Sat). Elsewhere, Joint Expeditionary Force (JEF) - a security cooperation between ten Northern European countries - annual summit. In Germany, Housing Construction Day, including minister for construction Hubertz.

    • Amongst the economic data releases, the down draft in consumer confidence was more than expected in Germany and Italy, inline with expectations in France, whilst UK's British Retail Consortium (BRC) survey also showed the negative impact from the fall out from the war in Iran.

    • M&A news flow included Henkel (HEN3.GR) confirming it is acquiring OLAPLEX for $2.06/share, implying a total transaction value of $1.4B, Recordati (REC.IM) notes non-binding indication of interest from CVC (CVC.NA), UK CMA's investigation of Associated British Foods' (ABF.LN) acquisition of Hovis finds competition concerns in the supply of bread and certain other bakery products in Northern Ireland, but not in Great Britain, and Norion Bank (NORION.SS) obtains the necessary approval from the Swedish FSA regarding the ownership assessment process conducted in relation to the offer for Consensus Asset Management (CAM.B.SS).

    • Earnings/updates included from Boliden (BOL.SS), Hapag-Lloyd (HLAG.GR), ProSiebenSat.1 Media (PSM.GR), H&M Hennes & Mauritz (HM.B.SS) Q1 EPS SEK0.45 vs FactSet SEK0.44 [15 est, SEK0.33-0.56], Mar sales expected +1% y/y in local currencies, cost of markdowns as a percentage of sales in Q2 is expected to increase y/y, Gam Holding (GAM.SW), Next (NXT.LN) and Playtech (PTEC.LN)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +0.87%, Chemicals +0.43%, Health Care +0.05%, Food & Beverage (0.22%), Retail (0.25%), Media (0.34%), Autos & Parts (0.46%), Telecom (0.48%), Persnl & HHold Goods (0.50%), Insurance (0.87%), Utilities (1.09%), Real Estate (1.10%)

      • Underperformers:

        • Basic Resources (3.20%), Technology (2.31%), Financial Svcs (2.30%), Ind Goods & Svcs (2.04%), Banks (1.89%), Travel & Leisure (1.46%), Construct & Mtls (1.45%)

    • Macro/Peripheral markets:

      • OECD:

        • Economic Outlook - the conflict in the Middle East is testing the resilience of the global economy - release

      • ECB:

        • ECB's Nagel says April rate hike is an option amid Middle East inflation risks - Reuters

        • ECB unwavering in ensuring price stability, Guindos says - Bloomberg; speech

        • Majority of economists still expect ECB to remain on hold this year - Reuters survey of economists

      • Denmark:

        • Incoming government should be cautious about using up all the fiscal space says central bank - release

      • France

        • Bank of France trims French growth forecast, sees faster inflation - Bloomberg

      • Germany:

        • GDP 2026 +0.9%, 2027 +1.6% in baseline scenario, growth rates decrease to +0.2% and +1.4%, respectively, in the risk scenario - IMK release

        • Officials see risk of growth rate halving on Iran war - Bloomberg

      • Italy:

        • PM Meloni seeks gas supplies in Algeria following Qatari disruptions - FT

      • Norway:

        • Norges Bank kept the policy rate unchanged at 4% - release

      • UK:

        • Consumer confidence collapses as war escalates - BRC-Opinium data release

        • Chancellor Reeves to wait until autumn for big energy package - London Times

    • Company news:

      • Notable Gainers

        • +15.6% CPI.LN (Capita) -- agrees to sell its private sector contact centre business to Inspirit Capital

        • +12.9% GENO.NO (General Oceans) -- First day of trading on Euronext Oslo Børs

        • +9.5% ZIL2.GR (Elringklinger) -- final FY earnings in line with prelim. release; EPS (€0.10) vs year-ago (€2.18), proposes unchanged dividend y/y, guides 2026

        • +7.7% S92.GR (SMA Solar Technology) -- reports final FY earnings confirming its preliminary figures

        • +7.3% NANO.LN (Nanoco Group) -- provides Shoei litigation conclusion

        • +6.4% EUZ.GR (Eckert & Ziegler) -- final FY earnings in line with prelim. release; net income €48.8M vs FactSet €49.2M [4 est, €46.6-53M]

        • +6.2% THG.LN (THG) -- prelim FY adj EBITDA £76.6M vs FactSet £74.4M [4 est, £73.6-75.0M], provides THG Nutrition VAT update

        • +5.7% REC.IM (Recordati) -- notes indication of interest from CVC (CVC.NA) was at indicative valuation of €52/share (cum dividend)

        • +5.6% CWR.LN (Ceres Power Holdings)

          • FY EPS (24.5p) vs FactSet (19.5p) [1 est]; guides FY26

          • Ceres and Centrica (CNA.LN) sign strategic partnership

          • upgraded to buy from neutral at UBS

        • +5.5% MER.LN (Mears Group) -- FY EPS 53.9p vs FactSet 54.1p [6 est, 53.5-55.0p]

        • +4.9% COK.GR (CANCOM) -- FY EBIT €48.0M vs FactSet €45.1M [7 est, €36-55.9M], dividend unchanged y/y, guides 2026

        • +4.8% NXT.LN (Next) -- FY EPS 744.2p vs FactSet 723.6p [19 est, 705.4-742.1p]

        • +4.6% RENX.LN (Renalytix) -- H1 EPS (0.02p) vs year-ago (0.05p)

        • +3.3% PSM.GR (ProSiebenSat.1 Media) -- FY adj net income €209M vs FactSet €216.7M, keeps dividend unchanged and guides FY26

        • +3.2% MRK.LN (Marks Electrical Group) -- FY Trading Update: revenue £108.5M vs FactSet £114.8M [1 est]

        • +3.1% ALM.SM (Almirall) -- upgraded to buy from neutral at JB Capital Markets

        • +3.0% AREC.LN (Arecor Therapeutics) -- receives $0.5M commercial milestone payment from Ligand Pharmaceuticals

        • +2.7% DAN.IM (Danieli & C. Officine Meccaniche) -- H1 net income €130.9M vs FactSet €116M [2 est, €114-118M]

        • +3.0% PEUG.FP (Peugeot Invest) -- FY net income attributable €223.5M vs year-ago €16.3M

          • On earnings/updates: SQZ.LN (Serica Energy), CNE.LN (Capricorn Energy), INPP.LN (International Public Partnerships), BNJ.NA (Banijay Group), TET.LN (Treatt), HSW.LN (Hostelworld Group) and reversing initial declines FLOW.NA (Flow Traders), TTK.GR (Takkt)

      • Notable Decliners

        • -19.7% BOL.SS (Boliden) -- informs on consequences of abnormal seismic activity at the Garpenberg mine, anticipates FY25 production ~30% of guided capacity

        • -18.2% III.LN (3i Group) -- releases Action Capital Markets Seminar and portfolio update

        • -14.4% QDT.FP (Quadient) -- FY EPS (€1.91) vs FactSet €1.89 [7 est, €1.54-2.64], raises dividend +7% y/y, guides FY26 and FY30

        • -13.5% ILM1.GR (Medios) -- FY adjusted EBITDA €93.1M vs FactSet €92.0M [5 est, €86.5-95.9M], guides 2026

        • -13.3% KTN.GR (Kontron) -- FY net income €141.1M vs FactSet €140.3M [8 est, €110.5-161.2M], guides 2026, mid-term

        • -13.3% GMET.LN (Guardian Metal Resources) -- appoints Jake Mather as CFO with effect from today

        • -12.7% TRB.LN (Tribal Group) -- FY adj EPS 4.4p vs FactSet 4.7p [2 est, 4.7-4.7p]

        • -12.2% KSB.GR (KSB) -- FY EBIT €252.1M vs FactSet €255.4M [3 est, €245-270.2M]

        • -11.7% PTEC.LN (Playtech) -- FY EPS €0.15 vs FactSet €0.16 [5 est, €0.14-0.18]; expects to deliver FY26 ahead of current consensus expectations

        • -10.5% CURY.LN (Currys)

          • trading update; since the peak trading update on 21-Jan-26, the group has traded in-line with expectations

          • Alex Baldock to step down as Group CEO to take new external position

        • -9.7% PNE3.GR (PNE) -- FY EBIT €12.4M vs year-ago €34.4M; Confirms FY26 outlook

        • -9.5% CSG.NA (CSG) -- FY net income €872M, +35% vs year-ago €644M; FY26 and medium-term guidance reaffirmed

        • -7.9% SBS.GR (Stratec) -- prelim FY revenue €250.9M vs FactSet €256.2M [6 est, €252.8-262.7M]

        • -6.5% DEZ.GR (Deutz) -- Q4 EBIT €36.8M vs year-ago €19.4M, guides 2026

        • -6.2% GAM.SW (Gam Holding) -- FY underlying net loss (CHF59.8M) vs year-ago (CHF67.8M); return to profitability in 2026 is likely to take longer than previously targeted

        • -5.5% OXB.LN (OXB) -- FY revenue £168.7M vs FactSet £167.1M [6 est, £165-169.9M]

        • -5.2% IPH.FP (Innate Pharma) -- FY net income (€49.2M) vs FactSet (€49.1M) [2 est, (€50.1)-(48M)]

        • -4.9% ARBB.LN (Arbuthnot Banking Group) -- FY EPS 109.1p vs FactSet 106.0p [2 est, 101.7-110.3p]

        • -4.1% TKA.GR (ThyssenKrupp) -- Jindal Steel's talks with thyssenkrupp over acquiring TKSE could be scrapped due to differences over pension liabilities, investments and energy costs - Reuters

        • -3.2% PAH3.GR (Porsche Automobil Holding) -- FY adj group result after tax €2.89B vs FactSet €2.22B; cuts pref divi ~ (21%) y/y and guides FY26

        • -3.2% HLAG.GR (Hapag-Lloyd) -- final FY net income €924M vs FactSet €786.6M [9 est, €510.8-983M]; dividend (63%) y/y, guides FY26

        • -2.7% G24.GR (Scout24) -- publishes its Annual Report 2025; proposes dividend increase of +14% y/y; reaffirms 2026 guidance

        • -2.5% ECOR.LN (Ecora Royalties) -- FY adj EPS $0.09 vs FactSet $0.08 [6 est, $0.03-0.11]

        • -2.5% ABDN.LN (Aberdeen Group) -- confirms that Jonathan Asquith will assume the role of Chair

        • -2.1% HPHA.GR (Heidelberg Pharma) -- FY EPS (€0.91) vs FactSet (€0.62) [1 est], guides 2026

          • On earnings/updates: POS.AV (PORR), PIN.LN (Pantheon International), FGP.LN (FirstGroup), TRI.FP (Trigano), TRYG.DC (Tryg), DHER.GR (Delivery Hero), HM.B.SS (H&M Hennes & Mauritz), WAC.GR (Wacker Neuson), AAD.GR (Amadeus FiRe)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Spadel (SPA.BB), Ion Beam Applications (IBAB.BB), Biotalys (BTLS.BB)

        • DACHs: CPI Europe (CPI.AV), Wüstenrot & Württembergische (WUW.GR), Jungheinrich (JUN3.GR), Mediclin (MED.GR), Grammer (GMM.GR), PWO (PWO.GR), Sixt (SIX2.GR), GFT Technologies (GFT.GR), Edisun Power Europe (ESUN.SW)

        • France: Vetoquinol (VETO.FP), Vantiva (VANTI.FP)

        • Nordics: Pyrum Innovations (PYRUM.NO)

  • Data:

    • Economics:

      • Netherlands Q4 GDP +1.8% y/y vs preliminary +1.8%, prior revised +1.7% from +1.8%

      • Sweden Feb trade balance SEK1.8B vs consensus SEK7.1B, prior SEK6.3B

      • Germany Apr GfK consumer confidence (28.0) vs consensus (26.5), prior revised (24.8) from (24.7)

      • Norway Feb unemployment rate 4.9% vs consensus 4.6%, prior 4.6%

      • France Mar

        • Business survey 99 vs consensus 100, prior 102

        • Consumer confidence 89 vs consensus 89, prior 91

      • Spain Q4 GDP +2.7% y/y vs preliminary +2.6%; +0.8% q/q vs preliminary +0.8%

      • Eurozone Feb M3 money supply +3.0% y/y vs consensus +3.3%, prior +3.3%

      • Italy Mar

        • Business confidence 88.8 vs consensus 87.2, prior 88.5

        • Consumer confidence 92.6 vs consensus 95.5, prior 97.4

    • Markets:

      • WTI Crude (May 26): +$4.54 or +5.03% to $94.86

      • €-$ (0.0025) or (0.22%) to 1.1534

      • £-$ (0.0027) or (0.20%) to 1.3339

      • €-£ (0.0001) to 0.8648

      • S&P 500 (1.09%)

      • Performance year-to-date:

        • FTSE 100: +0.41%

        • DAX: (7.67%)

        • CAC: (4.67%)

        • MIB: (2.76%)

        • Stoxx 600: (1.92%)

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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