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StreetAccount Summary - EU Market Recap: FTSE 100 (0.09%) to 10428.85, DAX (0.98%) to 24893.58, CAC40 (0.71%) to 8340.71, STOXX 600 (0.73%) to 634.63

Jun 23 ,2026

  • Synopsis:

    • European equity markets finished lower but off worst levels with FTSE bucking the trend slightly. Tech, miners, autos lead the selloff; defensives the top gainers. US equities lower in midday trading. Treasuries mostly firmer, down ~4 bp at front end; comes after Monday's backup of 5-6 bp across the curve. UK 10-year yield off 7 bps to 4.75%, while German 10-year yield down 5 bps to 2.91%. Dollar index up 0.3%, highest since May-25. Australian dollar biggest decliner. Gold down 1.6%. Silver down 5.3%. Bitcoin futures down 3.8%. WTI crude down 0.9% after falling more than 2.5% on Monday.

    • Weak sentiment in Europe after big tech underperformance in the US on Monday. Nothing specific behind the move, though concentration concerns (particularly via the proliferation of leveraged ETFs) seem to be the easiest excuse. Further weakness in oil not really helping sentiment. Market has also seen limited reaction to reports of progress in US-Iran talks in Switzerland. Lack of Fed guidance in recent FOMC meeting has also exacerbated volatility. In Europe, ECB rate hike expectations cooling a touch with Lagarde playing down risk of second round effects. BoE expected to maintain a wait-and-see stance through the summer and potentially into year-end if inflation peak it lower than expected.

    • Eurozone composite PMI beat expectations on recovery in services, manufacturing holding in expansionary territory. Mild contraction in output overall. UK PMI missed with services sector reading underwhelming. Meanwhile, French business sentiment missed. EU car registrations rose 3.2% y/y in May. UK grocery price eased in further signs of moderating inflationary pressure. UK politics also dominating press, with attention on implications for fiscal policy. Latest CBI Industrial Trends survey showed manufacturing order books fell to a six year low in the three months to June, with the balance for reported output declining to its weakest since 2020.

    • On the corporate front, Signify (LIGHT.NA) now sees FY29 adj EBITA margin of ~10%; does not intend to resume buybacks announced in 2025; still in the Netherlands, Flow Traders (FLOW.NA) presented its 2030 financial ambitions and Heineken (HEIA.NA) appointed JDE Peet's Rafael Oliveira as new CEO. In the DACHs, Brenntag (BNR.GR) issued prelim Q2 numbers and revised FY guidance, whilst RWE (RWE.GR) announced placing of up to 74.4M shares to partly fund increasing its stake in Amprion to 55%. In Italy, Italgas (IG.IM) now targets EBITDA of €3.3B in 2032 and reaffirmed FY26 guidance and dividend policy, whilst Prysmian (PRY.IM) secured framework agreement in Greece for island connections and also received notice to proceed for the Italy-Tunisia electrical interconnector. Shares of EQT (EQT.SS) and Partners Group Holding (PHGN.SW) lower following FT article regarding a spike in Apollo's (APO) redemption requests.

    • In M&A, FT reports easyJet (EZJ.LN) and its shareholders are holding out for at least £600M more than Castlelake's current 625p/sh offer. Further in media headlines, Stada (+STADA.GR) exploring potential purchase of Cooper Consumer Health from CVC (CVC.NA) in a deal worth ~€6B. IP Group (IPO.LN) unanimously rejected the preliminary and highly conditional acquisition proposal from Railpen. EU clears Mutares SE & Co KGaA's (MUX.GR) acquisition of Jadeed Holding B.V. and Plastics US Holding LLC.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +1.94%, Food & Beverage +1.65%, Persnl & HHold Goods +0.22%, Travel & Leisure +0.14%, Chemicals +0.03%, Utilities (0.05%), Insurance (0.19%), Telecom (0.20%), Retail (0.42%), Financial Svcs (0.51%), Real Estate (0.55%), Media (0.58%)

      • Underperformers:

        • Technology (3.65%), Basic Resources (3.31%), Autos & Parts (1.84%), Ind Goods & Svcs (1.58%), Construct & Mtls (1.43%), Oil & Gas (0.93%), Banks (0.87%)

    • Macro:

      • Economy:

        • Eurozone flash composite PMI rises to 49.5 from 48.5, showing early stabilization despite contraction: Bloomberg

        • European new car registrations rise in May as Chinese EV brands expand share: Reuters

      • Geopolitics:

        • European nationalist leaders reassess ties with Trump as US trade brand sours: Politico

        • EU prepares tougher trade measures and import duties targeting Chinese exports: Le Parisien

        • EU postpones summit with UK after Starmer's resignation to wait for Burnham to take over: Guardian

        • Zelenskyy to skip Ukraine recovery conference amid spat with Poland: Politico

      • UK:

        • Reeves Says UK Defense Plan to Come Before NATO Summit: Bloomberg

        • Starmer government pauses new 'major' policy announcements: Politico

      • Germany:

        • German trade unions criticize EU proposal for 48-hour firm registration rules: Handelsblatt

    • Peripheral markets:

      • Italy:

        • Meloni considers calling Italian election as soon as April: Bloomberg

      • Spain:

        • The Bank of Spain calls for addressing the housing crisis as a "national emergency": ElPais

      • The Netherlands:

        • Netherlands to open up €1.5tn slice of pensions market to foreign providers: FT

    • Company news:

      • Notable Gainers

        • +30.4% RFX.LN (Ramsdens Holdings £5.90, +1.38) -- FirstCash Holdings, Inc. announces recommended 600p/sh cash acquisition of Ramsdens Holdings PLC

        • +5.4% BNZL.LN (Bunzl £25.96, +1.32) -- trading statement; expects good y/y growth in adjusted operating profit over H1 at constant exchange rates; upgrades 2026 guidance

        • +4.9% G4M.LN (Gear4music (Holdings) £2.70, +0.13) -- FY earnings

        • +3.0% LONN.SW (Lonza Group CHF515.20, +14.80) -- reports restated 1H25 financials reflecting Capsules & Health Ingredients as discontinued operations

        • +2.4% HEIO.NA (Heineken €65.80, +1.55) -- appoints ew CEO

        • +2.4% ZAL.NO (Zalaris NOK102.00, +2.40) -- board unanimously recommends that shareholders accept the offer from Kona BidCo AS

        • +1.8% EZJ.LN (EasyJet £5.27, +0.09) -- holding out for at least £600M more from Castlelake - Reuters, citing FT

        • +1.4% FLOW.NA (Flow Traders €26.18, +0.36) -- presents 2030 financial ambitions as part of strategy update 'Horizon 2030' - CMD

        • +1.2% IPO.LN (IP Group £0.66, +0.01) -- unanimously rejected the preliminary and highly conditional acquisition proposal from Railpen

      • Notable Decliners

        • -24.7% TEP.LN (Telecom Plus £7.20, -2.36) -- FY EPS 122.8p vs FactSet 123.7p [4 est, 121.5-125.3p]; presents new 5-year plan to FY31

        • -21.1% IOM.LN (iomart Group £0.14, -0.04) -- FY earnings

        • -15.4% LIGHT.NA (Signify €17.70, -3.22) -- sees FY29 adj EBITA margin of ~10%; does not intend to resume buybacks announced in 2025 -- CMD

        • -6.9% STLAM.IM (Stellantis €5.27, -0.39) -- Volvo Cars, Stellantis warn European carmakers face higher costs and smaller markets if EU pushes too hard to reduce reliance on US technology - FT, ACEA May numbers

        • -5.3% EPI.A.SS (Epiroc SEK262.20, -14.80) -- UBS downgrade

        • -5.1% NKR.NO (Nekkar NOK13.95, -0.75) -- exercises FiiZK call option

        • -4.8% ALDVI.FP (Advicenne €1.03, -0.05) -- secures cash runway to Q2 2027 through bond financing of nominal amount of up to €3.8M

        • -4.1% PRY.IM (Prysmian €148.30, -6.40) -- receives notice to proceed for Italy-Tunisia electrical interconnector; secures framework agreement in Greece for island connections

        • -3.6% RNO.FP (Renault €26.82, -1.00) -- ACEA May numbers

        • -1.4% IG.IM (Italgas €10.45, -0.15) -- sees EBITDA of €3.3B in 2032; reaffirms FY26 guidance and divi policy -- CMD

        • -0.9% ARYN.SW (Aryzta CHF54.20, -0.50) -- acquires Société Européenne des Beurres for an undisclosed sum

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: MAG Interactive (MAGI.SS), Diamyd Medical (DMYD.B.SS)

        • UK: Berkeley Group Holdings (BKG.LN), Liontrust Asset Management (LIO.LN)

      • Trading Update:

        • France: Trigano (TRI.FP)

  • Data:

    • Economics:

      • UK Jun

        • CBI Industrial Trend Orders (45) vs consensus (34) and prior (41)

        • Flash Manufacturing PMI 53.1 vs consensus 53.5 and prior 53.9

        • Flash Services PMI 48.7 vs consensus 50.1 and prior 49.3

      • Eurozone Jun

        • Flash Manufacturing PMI 51.3 vs consensus 51.6 and prior 51.6

        • Flash Services PMI 48.9 vs consensus 48.5 and prior 47.7

      • Germany Jun

        • Flash Manufacturing PMI 50.0 vs consensus 50.3 and prior 50.1

        • Flash Services PMI 46.8 vs consensus 49.0 and prior 48.1

      • France Jun

        • Flash Manufacturing PMI 50.7 vs consensus 50.2 and prior 49.7

        • Flash Services PMI 47.4 vs consensus 45.9 and prior 44.3

        • Business Survey 100 vs consensus 101 and prior 102

      • Spain Apr Trade Balance (€5.2B) vs consensus (€2.5B) and prior (€4.4B)

    • Markets:

      • WTI Crude (Aug 26): ($0.96) or (1.30%) to $72.90

      • €-$ (0.0050) or (0.44%) to 1.1379

      • £-$ (0.0062) or (0.47%) to 1.3188

      • €-£ +0.0001 to 0.8628

      • S&P 500 (1.32%)

      • Performance year-to-date

        • FTSE 100: +5.01%

        • DAX: +1.65%

        • CAC: +2.35%

        • MIB: +15.75%

        • Stoxx 600: +7.17%

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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