Jun 11 ,2026
Synopsis:
European indices ended higher with energy, basic resources, utilities and tech among the best performers, while media, telco, real estate and financials the main laggards. Follows mixed performance on Wednesday.
European markets rallying despite latest headwinds from tech sector and Iran. Iran tensions remain in the headlines after US launched another wave of strikes targeting air defense systems, radars and drone command and control units.
On the macro front, ECB rate decision the main event with bank raising key rates by 25 bps as expected, citing inflation pressures stemming from Middle East war. Updated staff projections showed headline inflation averaging 3.0% in 2026, 2.3% in 2027 and 2.0% in 2028, with forecasts for 2026 and 2027 revised higher from March due to increased energy prices and expected pass-through to food, goods and services. No change in rate guidance with statement maintaining data dependence and meeting-by-meeting basis, stressing it is not pre-committing to a particular rate path.
In the UK, RICS survey saw further weakness in house price balance with new buyer enquiries down and sales activity indicators still negative. Meanwhile, UK press reported that aides to PM Starmer are "war gaming" how to win a leadership contest. Also, UK Defense Secretary Healey resigned over clash with Treasury on funding.
In corporate news, Hugo Boss (BOSS.GR) noted that Frasers Group (FRAS.LN) has published its intention to launch a voluntary public takeover offer to the company's shareholders to acquire all of its shares. In earnings, Halma (HLMA.LN), Safestore Holdings (SAFE.LN), Wizz Air Holdings (WIZZ.LN), NCC (NCC.LN), RWS Holdings (RWS.LN) updated investors out of the UK.
Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany May final CPI, France May final CPI, UK Apr industrial/manufacturing production, trade balance, construction output, and May monthly GDP tracker - NIESR. Of note, market will be closed in Russia.
Digest:
Sectors - STOXX Europe 600:
Outperformers
Oil & Gas +1.91%, Basic Resources +1.36%, Utilities +1.21%, Technology +1.02%, Banks +0.58%,
Underperformers
Media (0.85%), Telecom (0.77%), Real Estate (0.77%), Financial Svcs (0.73%), Travel & Leisure (0.27%), Chemicals (0.22%), Food & Beverage (0.01%), Autos & Parts +0.28%, Persnl & HHold Goods +0.29%, Construct & Mtls +0.30%, Retail +0.30%, Insurance +0.30%, Ind Goods & Svcs +0.43%, Health Care +0.48%
Macro:
Company news:
Notable Gainers
+14.9% PUUILO.FH (Puuilo €15.44, +2.08) -- earnings
+14.0% TISG.IM (The Italian Sea Group €1.31, +0.19) -- partial lifting of protective measures in the context of the negotiated settlement
+9.1% BOSS.GR (Hugo Boss €38.96, +3.30) -- unsolicited voluntary takeover offer by Frasers (FRAS.LN)
+8.6% CNC.LN (Concurrent Technologies £2.68, +0.22) -- order
+7.8% DOC.AV (DO & CO €189.40, +14.00) -- earnings
+7.8% NYXH.BB (Nyxoah €1.29, +0.10) -- offering
+6.7% LUCE.LN (Luceco £2.69, +0.18) -- initiated buy at Jefferies
+6.7% CURN.SW (Curatis Holding CHF25.70, +1.50) -- guidance
+6.0% WIZZ.LN (Wizz Air Holdings £9.93, +0.58) -- earnings
+5.8% KTN.GR (Kontron €23.50, +1.30) -- Ennoconn to launch mandatory takeover offer to Kontron AG shareholders
+5.5% FIA1S.FH (Finnair €4.06, +0.22) -- target up at SEB
+5.3% ELG.GR (Elmos Semiconductor €163.60, +8.40) -- semis
+5.0% NOS.PL (NOS SGPS €5.37, +0.26) -- assumed overweight at Morgan Stanley
+4.6% ASML.NA (ASML Holding €1,555.20, +68.80) -- semis; ASML Holding plans to scale back its previously announced layoffs following negotiations with Dutch unions - Bloomberg
+4.5% ATS.AV (AT & S Austria Technologie & Systemtechnik €142.60, +6.20) -- final earnings
+4.0% BEIJ.B.SS (Beijer Ref SEK136.40, +5.00) -- EQT sells its shares in Beijer Ref to Melker Schörling AB
+3.4% MOL.HB (MOL Hungarian Oil & Gas Ft3,952.00, +130.00) -- successfully concludes negotiations with the Serbian government regarding the conclusion of a shareholders' agreement for the acquisition of Naftna Industrija Srbije
+2.7% EDPR.PL (EDP Renovaveis €13.78, +0.36) -- Goldman Sachs upgrade
+2.6% IFX.GR (Infineon Technologies €76.32, +1.96) -- semis
+2.6% SOI.FP (SOITEC €128.45, +3.25) -- semis
+2.6% WAF.GR (Siltronic €89.80, +2.20) -- semis
+1.9% NXR.LN (Norcros £2.70, +0.05) -- earnings
+1.6% ITRK.LN (Intertek Group £56.25, +0.90) -- extension of EQT offer deadline to 18-Jun-26
+1.2% ALCLS.FP (Cellectis SA €2.89, +0.03) -- final Phase 1 data
Notable Decliners
-21.9% RWS.LN (RWS Holdings £0.87, -0.22) -- earnings
-15.4% HLMA.LN (Halma £41.94, -7.14) -- earnings
-12.1% NEXT.NO (Next Biometrics Group NOK0.98, -0.13) -- rights issue final results
-11.2% Q11.GR (Amaroq €0.97, -0.12) -- gold mine update and guidance
-11.2% SLIGR.NA (Sligro Food Group €12.70, -1.60) -- Oddo downgrade
-9.0% VLTSA.FP (Voltalia €7.18, -0.69) -- Morgan Stanley downgrade
-6.9% NEM.GR (Nemetschek €58.90, -4.20) -- sell-off in US technology stocks
-6.5% SAP.GR (SAP €143.20, -9.80) -- sell-off in US technology stocks
-5.1% NCC.LN (NCC Group £1.39, -0.07) -- earnings; remaining listed company is in best interests of shareholders at this time
-4.2% CAP.FP (Capgemini €95.84, -4.14) -- sell-off in US technology stocks
-4.1% SAFE.LN (Safestore Holdings £6.14, -0.26) -- earnings
-3.8% WKL.NA (Wolters Kluwer €60.76, -2.40) -- sell-off in US technology stocks
-2.9% CAMX.SS (Camurus SEK513.00, -15.50) -- FDA CRL
-2.5% VVY.NA (Vivoryon Therapeutics €1.18, -0.03) -- earnings
-1.4% OIZ.ID (Origin Enterprises €4.38, -0.06) -- sales
-0.2% NOVO.B.DC (Novo Nordisk DKK0.00, -0.55) -- Wegovy pill (semaglutide tablets) becomes first daily GLP-1 weight-loss pill approved in the UK
EU companies reporting tomorrow:
Earnings:
No major releases scheduled
Data:
Economics:
No major economic releases
Markets:
WTI Crude (26-Jul): +$0.52 or +0.58% to $90.55
€-$ (0.0018) or (0.16%) to 1.1520
£-$ (0.0025) or (0.19%) to 1.3343
€-£ +0.0006 to 0.8635
S&P 500 +0.48%
Performance year-to-date:
FTSE 100: +3.75%
DAX: (1.15%)
CAC: +0.63%
MIB: +12.37%
Stoxx 600: +4.95%
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