Jun 18 ,2026
Synopsis:
European equity markets finished mixed. Tech, industrials, travel the top performers; autos, miners and real estate the big laggards. US equities higher in midday Thursday trading. Treasuries firmer with the curve flattening; yields down 5-7 bp at the long end. Bund off 1 bp to 2.92%. Gilts also down 1 bps to 4.75%. Dollar index up 0.6%; sees best gains against sterling and Swiss franc. Gold down 2.3%. Silver off 5.2%. Bitcoin futures off 0.6%. WTI crude down 3.6%, a sixth-straight decline and on track for a 13%+ weekly drop.
Focus today has been on central bank policy. SNB left key rate at 0% as expected. Said medium-term price pressure virtually unchanged from last assessment. Norges Bank on hold and signaled likely further hike ahead. BoE left policy unchanged in 7-2 vote as expected. Maintained optionality to adjust policy course as more evidence emerges. UK labor market data saw bigger-than-expected increase in jobless claims and wage growth surprised on the upside but private sector wages lowest in five years. Follows yesterday's softer-than-expected headline CPI. Reinforced expectations for unchanged BoE policy. Swiss trade surplus saw big increase in May on sizable increase in exports. Instead, Swiss watch exports showed negligible progress citing Middle East conflict.
UK politics also in the spotlight with Makerfield by-election today. Result due early hours of Friday morning. A win by Labour's Andy Burnham widely expected to start the process for a formal leadership contest, though may take several days before there is any clarity. Polls have Labour candidate ahead in the race. Burnham's allies have reportedly told ministers to delay resignations to avoid chaotic transition.
In earnings releases, out of the UK, Tesco (TSCO.LN),Whitbread (WTB.LN) and Informa (INF.LN) issued trading updates; Besi (BESI.NA) held an investor day today and raised long-term operating margin target to 45-55% from 40-55%. In Dachs, tonies (TNIE.GR) also held CMD and presented target revenue above €1.4B by FY30 and mid-term adjusted EBITDA margin target of 16-18%. Volkswagen (VOW3.GR) presented eight strategic areas of action for next phase in transformation during AGM today. Rheinmetall (RHM.GR) signed MoU with Vantor to advance sovereign spatial intelligence capabilities for Germany and other European nations.
In M&A, shares of Edenred (EDEN.FP) in the spotlight, after La Lettre reported BC Partners was working with a financial partner on a potential takeover of Edenred that would entail delisting the company. EQT (EQT.SS) announces recommended final cash offer of £60.00/sh plus the FY25 final dividend of 107.7p/sh for Intertek Group (ITRK.LN). L'Oreal (OR.FP) signed agreement to acquire a majority stake in Indian beauty and personal care brand Innovist. Media reports UniCredit (UCG.IM) aims to double Generali (G.IM) stake through Delfin.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Ind Goods & Svcs +0.97%, Travel & Leisure +0.81%, Technology +0.45%, Persnl & HHold Goods +0.38%, Construct & Mtls +0.34%, Retail +0.32%, Banks +0.02%, Food & Beverage +0.01%
Underperformers:
Basic Resources (3.12%), Autos & Parts (2.12%), Health Care (1.85%), Oil & Gas (1.52%), Real Estate (0.91%), Telecom (0.81%), Financial Svcs (0.70%), Media (0.68%), Chemicals (0.55%), Utilities (0.47%), Insurance (0.42%)
Macro:
Central Banks:
BoE left key Bank Rate unchanged at 3.75% in 7-2 vote, as expected
Switzerland central bank holds at zero, keeps FX intervention threat front and center (Bloomberg)
Norway's central bank holds rate at 4.25% and signals likely hike at next meeting (link )
Eurozone inflation to stay higher for longer despite Middle East peace deal, says ECB's Kocher (Bloomberg)
UK:
UK markets await outcome of crucial vote in Greater Manchester constituency of Makerfield that will determine future of the UK leadership (BBC)
Geopolitics:
Peripheral markets:
Company news:
Notable Gainers
+17.2% EDEN.FP (Edenred €24.23, +3.55) -- BC Partners is working on a takeover of the Edenred group -- La Lettre
+17.2% NANO.LN (Nanoco Group £0.03, +0.01) -- board intends to propose adjournment of General Meeting regarding LSE delisting
+13.6% ONCIN.NO (Oncoinvent NOK50.00, +6.00) -- 50% enrollment milestone in Phase 2 Radspherin ovarian cancer trial
+10.7% SEE.LN (Seeing Machines £0.05, -0.00) -- $31M expansion on existing Automotive production program
+8.7% LEON.SW (Leonteq CHF16.58, +1.32) -- concludes regulatory legacy matters
+8.4% FING.B.SS (Fingerprint Cards SEK15.28, +1.18) -- Precise Biometrics (PREC.B.SS)resolves on issuance of substitute warrants in connection with the merger with Fingerprint Cards
+8.0% FGP.LN (FirstGroup £1.89, +0.14) -- earnings
+7.9% SKIS.B.SS (SkiStar SEK156.60, +11.50) -- earnings
+7.6% INTRUM.SS (Intrum SEK3.50, +0.25) -- S&P Global Ratings upgrade
+5.6% PIERCE.SS (Pierce Group SEK9.69, +0.52) -- initiated buy at Pareto
+5.0% LR.FP (Legrand €152.25, +7.25) -- management reassured investors on data center exposure
+4.7% ENR.GR (Siemens Energy €169.34, +7.60) -- contract
+4.6% AF.FP (Air France-KLM €12.58, +0.55) -- credit facility
+4.2% ALLIX.FP (Wallix Group €23.75, +0.95) -- partnership
+4.1% ALCOX.FP (Nicox €0.38, +0.02) -- positive pre-submission regulatory feedback from the Chinese Center for Drug Evaluation for NCX 470
+3.9% NB2.GR (Northern Data €8.33, +0.31) -- Rumble (RUM) closes acquisition of Northern Data
+3.8% PLAT.GA (Thrace Plastics Holding & Commercial €4.51, +0.17) -- earnings
+3.8% SSPG.LN (SSP Group £1.85, +0.07) -- initiated outperform at Davy
+3.3% OXIG.LN (Oxford Instruments £30.18, +0.96) -- Peel Hunt upgrade
+3.0% WATR.LN (Water Intelligence £2.55, +0.07) -- earnings
+2.8% INF.LN (Informa £8.64, +0.23) -- trading update
+1.1% TNIE.GR (tonies €12.50, +0.14) -- targets revenues exceeding €1.4B by FY30 and adjusted EBITDA margin between 16-18% mid-term - CMD
+1.1% EZJ.LN (EasyJet £5.09, +0.05) -- FT reports IAG CEO Luis Gallego said EU competition rules make a bid for easyJet "very, very difficult" given likely antitrust overlap;
+0.7% RHM.GR (Rheinmetall €1,178.60, +8.40) -- signed MoU with Vantor to advance sovereign spatial intelligence capabilities for Germany and other European nations
+0.7% WTB.LN (Whitbread £24.12, +0.16) -- Q1 total sales £727M, +2%; remains confident in the full year outlook
+0.6% UCG.IM (UniCredit €80.08, +0.51) -- UniCredit aims to double Generali stake through Delfin -- IlSole24Ore
-0.4% G.IM (Assicurazioni Generali €42.34, -0.17)
Notable Decliners
-20.1% NOM.NO (Nordic Mining NOK6.89, -1.73) -- Norwegian state loses appeal case against NGOs
-7.3% HOC.LN (Hochschild Mining £5.73, -0.45) -- commodities names under pressure as prospect of rising US interest rates weighs
-6.2% CA.FP (Carrefour €15.43, -1.02) -- negative catalyst watch at JPMorgan; target down at JPMorgan
-5.8% FRES.LN (Fresnillo £31.17, -1.93) -- commodities names under pressure as prospect of rising US interest rates weighs
-4.4% MVIR.SS (Medivir SEK1.64, -0.08) -- direct share issue
-4.0% BMW.GR (Bayerische Motoren Werke €59.74, -2.50) -- target cuts at Berenberg, Goldman Sachs,Jefferies
-3.3% AAL.LN (Anglo American £39.95, -1.37) -- Berenberg downgrade
-3.3% AB.FP (AB Science €0.85, -0.03) -- patent
-3.0% BOUL.SS (Boule Diagnostics SEK3.20, -0.10) -- new CEO
-2.8% VOW3.GR (Volkswagen €84.10, -2.44) -- Qatar sovereign wealth fund complicates Volkswagen-Rafael deal for Osnabrück plant (Reuters); presents eight strategic areas of action for next phase in transformation at AGM
-2.7% BST.IM (Banca Sistema €1.71, -0.05) -- Kruso Kapital share trading on Euronext Milan is expected to start on 22-Jun
-2.7% TBLD.LN (tinyBuild £0.09, -0.00) -- trading update
-2.2% ANTO.LN (Antofagasta £41.69, -0.92) -- commodities names under pressure as prospect of rising US interest rates weighs
-2.2% XPS.LN (XPS Pensions Group £3.10, -0.07) -- earnings
-1.8% KDV.B.SS (KDventures AB SEK0.28, -0.00) -- direct share issue
-1.7% UPM.FH (UPM-Kymmene €24.32, -0.43) -- pulp mill temp shutdown
-1.4% OVS.IM (OVS €6.23, -0.09) -- earnings
-1.2% DRX.LN (Drax Group £7.45, -0.09) -- FCA has closed its investigation into the Company; FCA has confirmed that it has no concerns warranting further investigation
-0.9% TSCO.LN (Tesco plc £4.52, -0.04) -- trading update
-0.7% HP3A.GR (Ringmetall €2.84, -0.02) -- AGM
-0.4% THEON.NA (Theon International €33.26, -0.13) -- acquisition
EU companies reporting tomorrow:
Earnings:
DACHs: Hornbach Holding (HBH.GR)
UK: Record (REC.LN)
Data:
Economics:
Eurozone Apr Construction Output +0.9% y/y consensus (1.6%) and prior revised +0.2% from (1.2%)
UK May Claimant Count Change +31.2K vs consensus +25.8K and prior revised +8.3K from +26.5K
Apr Unemployment Rate 4.9% vs consensus 5.0% and prior 5.0%
Switzerland May Trade Balance CHF6.11B vs prior CHF3.05B from CHF3.10B
May Swiss Watch Exports +0.4% to CHF 2.11B
Portugal May PPI +5.1% y/y vs consensus +4.9% and prior +3.8%
Netherlands May Unemployment Rate 3.9% vs consensus 4.0% and prior 3.9%
Markets:
WTI Crude (Jul 26): ($2.23) or (2.90%) to $74.56
€-$ (0.0028) or (0.24%) to 1.1474
£-$ (0.0064) or (0.48%) to 1.3231
€-£ +0.0021 to 0.8673
S&P 500 +0.76%
Performance year-to-date
FTSE 100: +4.72%
DAX: +2.19%
CAC: +3.91%
MIB: +17.23%
Stoxx 600: +7.59%
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