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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.08%) to 9964.40, DAX (1.38%) to 22300.75, CAC40 (0.87%) to 7701.95, STOXX 600 (0.95%) to 575.32

Mar 27 ,2026

  • Synopsis:

    • European equity markets opened narrowly mixed, with pan-European indices quickly giving up any initial slight gains and moving lower before becoming range-bound

    • Attempts to recover from session lows seen around midday have been muted

    • Norway (0.1%) joins the FTSE100 in leading outperformers. Denmark (2.1%), Finland (2.0%) and Greece (1.7%) lead underperformers

    • Russia has stepped up assaults in Ukraine's east in what may be the start of a spring offensive, with Russia's defence ministry claiming to have taken control of a new village in Ukraine's north-eastern Kharkiv region, whilst Ukraine responded with long-range strikes on energy infrastructure to maintain pressure on Russia. Meanwhile, Saudi Crown Prince Mohammed bin Salman met Ukrainian president Volodymyr Zelenskyy in Jeddah.

    • With reports the Pentagon is weighing up whether to redirect weapons originally meant for Ukraine to the Middle East, Trump says he will further delay attacks on Iran's energy infrastructure by 10 days - until 6-Apr, as he continues to claim talks with Iran on a peace deal are going 'very well. Pakistan continues efforts to facilitate talks between the United States and Iran. The Straits of Hormuz remains largely closed, with harsh measures promised by Iran's Islamic Revolutionary Guard Corps for any vessels attempting transit through the waterway, leading to Chinese ships halting attempts to exit despite Iran safe passage assurances.

    • UK GfK survey showed people simply do not feel the economy is robust enough to ride out the knock-on effects from the Middle East conflict as consumer confidence hit 11-month low due to Iran war UK Feb retail sales fell 0.4% m/m, slightly better than the 0.6% drop forecast, this in contrast to disappointing data on Ireland and Norway. The jump in Spain Mar preliminary CPI was less than expected.

    • In Denmark, talks led by Mette Frederiksen to form a coalition government get underway. The Danish Democrats, the Danish People's Party, the Liberal Alliance nor the Citizens' Party have been invited to a meeting at the Prime Minister's Office.

    • M&A news flow included Brown-Forman (BF.B) confirming earlier speculation that it is engaged in discussions with Pernod Ricard (Ri.FP) regarding a merger and Novartis (NOVN.SW) agreeing to acquire private company Excellergy, Inc. for up to $2B in upfront and milestone payments. Also, Worthington Steel (WS) announces intention to enter into a domination and profit and loss transfer agreement with Klöckner & Co SE (KCO.GR) and US FTC grants antitrust clearance for Rosebank Industries' (ROSE.LN) purchase of MW Components and CPM from American Securities. Reportedly, CVC Capital Partners (CVC.NA) mulling potential divestment options for Recordati (REC.IM) following takeover, Delivery Hero (DHER.GR) holder Prosus (PRX.NA) weighs sale of 10% stake to Aspex and Nestle (NESN.SW) forges ahead with €5B Perrier and San Pellegrino deal.

    • Amongst the handful of companies with earnings/updates were Banco Santander (SAN.SM) - commented at AGM had strong start to 2026; expects higher profit and reaffirms targets, CTS Eventim (EVD.GR), Jungheinrich (JUN3.GR), DBV Technologies (DBV.FP) and Cegedim (ALCGM.FP).

    • Sovereign credit rating reviews due after the close include DBRS (Croatia), Fitch (Bulgaria, Slovenia, Switzerland), Moody's (Italy, Spain), S&P (Czech Republic, Slovenia) and Scope (EU).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Chemicals +0.88%, Basic Resources +0.16%, Health Care (0.06%), Food & Beverage (0.21%), Insurance (0.21%), Autos & Parts (0.47%), Persnl & HHold Goods (0.65%), Oil & Gas (0.69%), Utilities (0.73%), Banks (0.89%), Financial Svcs (0.93%)

      • Underperformers:

        • Media (2.69%), Ind Goods & Svcs (2.23%), Technology (2.11%), Retail (1.57%), Travel & Leisure (1.43%), Telecom (1.39%), Construct & Mtls (1.27%), Real Estate (1.13%)

    • Macro/Peripheral markets:

      • ECB:

        • Lagarde's sober tone on the Gulf war energy shock spotlighted - The Economist

        • Economist poll shows ECB still set to hold rates through 2026 - Reuters

      • Denmark:

        • Alternative does not rule out a government with the Moderates - DR

      • France:

        • Beats 2025 deficit target giving leeway in energy crisis - Bloomberg

      • Germany:

        • Handelsblatt Research Institute lowers German GDP forecast amid structural competitiveness concerns - Handelsblatt

      • Greece:

        • Tehran appears to be making bilateral interstate agreements for the safe passage of commercial ships through the Strait of Hormuz - ekathimerini

      • Norway:

        • Government will allocate an additional NOK115B to the financial framework for the Long-term Defence Plan for the period up to 2035 - release

        • Ministry of Finance presents the white paper on the Government Pension Fund 2026 - release

      • Sweden:

        • Government accelerates electrification and phasing out of fossil fuels - release

      • UK:

        • Starmer says won't change mind on Iran due to pressure from Trump - Bloomberg

        • Reform UK braces for electoral damage from Trump links - FT

        • Businesses criticize Reeves for response to Middle East conflict - Telegraph

        • Feb vehicle production (17.2%) y/y - SMMT

    • Company news:

      • Notable Gainers

        • +13.5% SOL.IM (SOL) -- buy from hold at Kepler Cheuvreux

        • +10.9% GMM.GR (Grammer) -- Q4 net income €2.6M vs year-ago (€1.7M), guides 2026, unveils new medium-term guidance 2028

        • +9.8% NETC.DC (Netcompany Group) -- raises full-year margin guidance for 2026

        • +8.5% ALCGM.FP (Cegedim) -- FY net income €9.4M vs FactSet €19.6M [3 est, €11.4-24.7M]

        • +8.0% RI.FP (Pernod Ricard) -- Brown-Forman confirms it is engaged in discussions with Pernod Ricard; hold from sell at Deutsche Bank

        • +3.4% AZN.LN (AstraZeneca) -- announces Tozorakimab met primary endpoint in both OBERON and TITANIA Phase III trials in patients with chronic obstructive pulmonary disease (COPD)

        • +3.4% JM.SS (JM) -- buy from hold at SEB

        • +2.9% MED.GR (Mediclin) -- FY EBIT €55.4M vs FactSet €58.2M [2 est, €55.4-61.0M], guides 2026 €57-72M v FactSet €59.0M

        • +2.5% ALATI.FP (Actia Group) -- FY net income (€5.8M) vs FactSet (€10.6M) [2 est, (€20.2)-(0.9M)]

        • +2.2% MONY.LN (MONY Group) -- buy from hold at Jefferies

        • +1.4% GLEN.LN (Glencore) -- Glencore Canada responds to inaccurate information about ambient air arsenic concentrations in rouyn-noranda

          • On earnings/updates: PFV.GR (Pfeiffer Vacuum Technology), DBV.FP (DBV Technologies), BIJ.GR (Bijou Brigitte modische Accessoires) and reversing initial falls SOL.SM (Soltec Power Holdings)

      • Notable Declinersx

        • -22.0% EVD.GR (CTS Eventim) -- Q4 adj. EBITDA €246.2M vs FactSet €233.9M [3 est, €223.2-242.5M], guides 2026

        • -9.2% ONTEX.BB (Ontex Group) -- underperform from neutral at Oddo

        • -7.8% MTLN.GA (Metlen Energy & Metals) -- postpones FY25 results release to complete dual-listing audit procedures

        • -7.4% FUTR.LN (Future) -- transferred hold at Jefferies; prior rating was buy

        • -5.6% JUN3.GR (Jungheinrich) -- FY EBIT €448M ex-items vs FactSet €342.3M [11 est, €219.8-460.1M], cuts dividend, guides 2026

        • -5.2% SEE.LN (Seeing Machines) -- reports H1 adj EBITDA ($13.7M) vs year-ago ($17.7M)

        • -5.1% WUW.GR (Wüstenrot & Württembergische) -- FY EPS €1.29 vs FactSet €1.17 [2 est, €1.00-1.34]

        • -5.1% AVCT.LN (Avacta Group) -- conditionally raises gross proceeds of £10M through placing of 15.0M new shares and subscription for ~873K new shares both at 63p/share

        • -4.8% VIL.FP (Viel & Cie) -- FY net income €126.4M, +5% vs year-ago €120.7M; raises dividend ~ +15% y/y and discusses FY26 outlook

        • -4.3% CABP.LN (CAB Payments Holdings) -- announces update statement in connection with Helios Consortium offer for CAB

        • -4.3% SOF.BB (Sofina) -- FY EPS €3.35 vs year-ago €40.89; announces retirement of Chairman Lancksweert, appoints Charlotte Strömberg as successor

        • -4.1% ESUN.SW (Edisun Power Europe) -- FY net income (CHF7.1M) vs year-ago CHF2.9M, provides 2026 outlook

        • -3.9% VETO.FP (Vetoquinol) -- FY net income €57.3M vs FactSet €67.7M [6 est, €55.6-118M]

        • -3.8% CO.FP (Casino Guichard-Perrachon) -- issues statement following La Lettre article

        • -3.7% EQT.SS (EQT) -- underperform from neutral at Autonomous Research

        • -2.8% SIGHT.FP (GenSight Biologics) -- FY net income (€12M) vs year-ago (€14M); cash runway is projected to extend through Dec-26

        • -2.8% HBR.LN (Harbour Energy) -- holder BASF (BAS.GR) places upsized ~80M shares at 273p/share through Morgan Stanley

          • +2.7% BAS.GR (BASF)

        • -2.4% AEM.GA (Alter Ego Media) -- Motor oil agrees to acquire a 33.4% stake in Antenna Greece Support Services from Antenna

          • +0.1% MOH.GA (Motor oil)

        • -2.4% ELISA.FH (Elisa Oyj) -- underweight from neutral at JPMorgan

        • -2.0% BAMI.IM (Banco BPM) -- neutral from buy at Goldman Sachs

        • -1.3% VANTI.FP (Vantiva) -- FY adj EBITDA €145M vs FactSet €147.1M [2 est, €144.3-150M], provides 2026 outlook

          • On earnings/updates: IBAB.BB (Ion Beam Applications), CAI.AV (CA Immobilien Anlagen), ANOD.B.SS (Addnode Group), SAN.SM (Banco Santander) and reversing initial gains FLOW.NA (Flow Traders), EXM.BB (Exmar)

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: secunet Security Networks (YSN.GR), SÜSS MicroTec (SMHN.GR), q.beyond (QBY.GR)

        • France: Inventiva (IVA.FP), Sidetrade (ALBFR.FP), Solutions 30 (S30.FP), Aelis Farma (AELIS.FP)

        • Nordics: WithSecure (WITH.FH)

        • Southern Europe: NewPrinces (NWL.IM)

        • UK: RTW Biotech Opportunities (RTW.LN)

  • Data:

    • Economics:

      • UK

        • Mar consumer confidence (21) vs consensus (24), prior (19) - GfK

        • Feb retail sales +2.5% y/y vs consensus +2.1%, prior revised +4.8% from +4.5%

      • Norway Feb retail sales (1.1%) m/m vs consensus (0.6%), prior revised +0.9% from +1.1%

      • Spain Mar preliminary CPI +3.3% y/y vs consensus +3.7%, prior +2.3%

      • Ireland Feb retail sales +0.8% y/y vs consensus +2.5%, prior revised +3.4% from +3.0%

    • Markets:

      • WTI Crude (May 26): +$3.65 or +3.86% to $98.13

      • €-$ (0.0013) or (0.11%) to 1.1517

      • £-$ (0.0052) or (0.39%) to 1.3277

      • €-£ +0.0025 to 0.8676

      • S&P 500 (1.08%)

      • Performance year-to-date:

        • FTSE 100: +0.33%

        • DAX: (8.94%)

        • CAC: (5.49%)

        • MIB: (3.48%)

        • Stoxx 600: (2.85%)

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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