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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.31% to 10461.63, DAX (0.62%) to 24740.36, CAC40 +0.54% to 8385.49, STOXX 600 +0.08% to 635.16

Jun 24 ,2026

  • Synopsis:

    • European indices ended mostly mixed. DAX softer. Follows weaker performance on Tuesday. Defense stocks, basic resources, and energy names the worst performers. Real estate, food/beverage, retail and personal/household goods outperform.

    • Focus remains on AI trade. Sentiment cautious following momentum sell-off that saw SOX end down 8%. Selling considered more a function of technicals and stretched positioning than change in fundamentals. In Europe, some sell-side analysts have highlighted opportunities in AI infrastructure names with regional names impacted by negative spillover from global markets.

    • On macro data front, German Ifo business climate survey improved in June, as expected. Current conditions indicator and expectations index both higher. Survey by UK HR data provider Brightmine showed easing in pay expectations for next year. BoE Deputy Governor Breeden due to speak. Dovish MPC member Taylor said late Tuesday that extended rate hold appropriate but highlighted that it may need to cut rates below neutral.

    • In politics, more color on UK leadership favorite Burnham's policy agenda. Has picked former Blairite college Purnell as his chief of staff. Reports that his will demote chancellor Reeves to a more junior role. No indications yet who will be his chancellor, though Streeting said to be favorite. Former Goldman Sachs economist O'Neil, who is being tapped to be Burnham's chief economic advisor, calls for billions in borrowing for infrastructure spending.

    • In earning news, Tryg (TRYG.DC) issued a Q2 2026 pre-silent newsletter reporting insurance revenue of DKK 10.12B and outlook for 2027. In the UK, Berkeley Group Holdings (BKG.LN) released H1 earnings, whilst THG Plc (THG.LN) issued AGM trading statement indicating H1 Group revenue growth of c.+6.5%, adjusted EBITDA of at least £40M and reiterated FY guidance. In other developments, the European Union Aviation Safety Agency (EASA) has announced inspections of 16 Airbus A380 aircraft (AIR.FP), five of which will be checked immediately after cracks were discovered in a critical wing component on planes operated by Emirates and Qantas. Meanwhile, Rheinmetall (RHM.GR) is trading sharply lower after the FT reported that Germany intends to scrap F126 program. On the M&A newsflow, SEGRO (SGRO.LN) unequivocally rejected a combination proposal with Prologis, Inc., valuing the company at ~£12.6B.

    • Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany Jul consumer confidence - GfK, France Jun consumer confidence, and UK Jun distributive trades - CBI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Real Estate +3.13%, Food & Beverage +2.87%, Retail +2.40%, Persnl & HHold Goods +2.36%, Chemicals +1.70%, Travel & Leisure +1.63%, Health Care +1.25%, Construct & Mtls +0.79%, Telecom +0.37%, Media +0.27%, Autos & Parts +0.10%

      • Underperformers

        • Basic Resources (2.47%), Oil & Gas (2.33%), Banks (1.24%), Financial Svcs (0.66%), Utilities (0.36%), Technology (0.34%), Ind Goods & Svcs (0.15%), Insurance +0.01%

    • Macro:

      • Central banks:

        • Intense AI use still rare among euro zone firms, ECB researchers find -- Reuters

      • EU:

        • EU proposes tax overhaul to cut business costs by €8B a year -- euronews

        • Commission to issue €80B in EU-Bonds in H2 of 2026 -- EC

      • UK:

        • Andy Burnham looks to move part of Number 10 operations to Manchester -- FT

        • Burnham's blueprint to seize control of sewage-dumping water firms -- TheIPaper

      • Germany:

        • Merz Says German Pension Package to Be Approved by Year-End -- Bloomberg

      • France:

        • The far-Left sees electoral gain in building a 'new France' defined by immigration -- Telegraph

        • Living under Paris's zinc roofs in 40°C heat: 'One day, the people living there will look for those responsible' -- LeMonde

    • Company news:

      • Notable Gainers

        • +17.4% SGRO.LN (Segro £8.67, +1.29) -- SEGRO unequivocally rejects combination proposal with Prologis, Inc.; proposal values SEGRO at ~£12.6B (~$16.6B)

        • +16.1% TKMS.GR (TKMS AG & Co. KGaA €82.90, +11.70) -- Germany to scrap F126 program, instead to buy smaller MEKO A-200 frigates -- FT

        • +12.6% LIO.LN (Liontrust Asset Management £3.30, +0.37) -- earnings

        • +10.8% FDE.FP (La Française de l'Energie €41.45, +4.05) -- confirms exceptionally high natural hydrogen concentrations in the Lorraine region

        • +8.4% BKG.LN (Berkeley Group Holdings £37.16, +2.88) -- reports FY EPS 331.6p vs FactSet 334.0p [16 est, 326.3-342.2p]; 2035 strategy targets reiterated; 4M trading in line

        • +4.7% TRUE.B.SS (Truecaller SEK12.81, +0.58) -- SEB upgrade

        • +4.5% PHP.LN (Primary Health Properties £0.96, +0.04) -- confirms that it's in advanced discussions with an investor regarding the potential contribution of the private hospital portfolio to seed a new JV

        • +4.0% CFR.SW (Richemont CHF185.10, +7.15) -- target up at Jefferies

        • +3.6% AZE.BB (Azelis Group €9.83, +0.34) -- Kepler Cheuvreux upgrade

        • +3.5% KNIN.SW (Kuehne & Nagel CHF190.70, +6.45) -- target up at Goldman Sachs

        • +3.3% NESN.SW (Nestle CHF82.55, +2.67) -- Platinum Equity the last remaining bidder for Nestle's water business - Bloomberg (23-Jun, 14:50 CEST)

        • +2.8% OR.FP (L'Oreal €386.45, +10.65) -- target up at Jefferies

        • +2.5% 1U1.GR (1&1 AG €20.65, +0.50) -- Barclays upgrade

        • +2.0% ALFA.SS (Alfa Laval SEK558.80, +11.00) -- target up at Danske Bank

        • +1.9% 8KW.GR (Jadestone Energy Plc €0.31, +0.01) -- first well flow

        • +1.8% VTU.LN (Vertu Motors £0.75, +0.01) -- AGM Trading Update: Group trading ahead of market expectations

        • +1.7% KPN.NA (Royal KPN €4.43, +0.07) -- Kepler Cheuvreux upgrade

        • +1.5% PST.IM (Poste Italiane €28.19, +0.41) -- Barclays upgrade

      • Notable Decliners

        • -18.7% RHM.GR (Rheinmetall €937.00, -217.60) -- Germany to scrap F126 program, instead to buy smaller MEKO A-200 frigates -- FT

        • -8.5% DMYD.B.SS (Diamyd Medical SEK1.03, -0.09) -- reports Q3 net income (SEK127.1M) including item vs year-ago (SEK43.9M)

        • -6.5% KLIN.SW (Klingelnberg CHF10.80, -0.75) -- earnings

        • -6.0% AMBU.B.DC (Ambu DKK58.30, -3.75) -- Danske Bank downgrade

        • -5.4% CANTA.SS (Cantargia SEK2.09, -0.12) -- rights issue

        • -4.8% KALMAR.FH (Kalmar €38.32, -1.92) -- target cut at SEB

        • -4.8% NDX1.GR (Nordex €44.50, -2.20) -- order

        • -4.8% WIHN.SW (WISeKey International Holding CHF12.50, -0.60) -- SEC registration filing

        • -4.8% DATA.LN (GlobalData £0.75, -0.04) -- new CFO joins effective 7- Sep

        • -4.4% IXX.GR (init innovation in traffic systems €47.50, -2.20) -- capital increase

        • -4.3% ISM (Indra Sistemas €51.32, -2.28)

        • -4.1% AVG.LN (Avingtrans £5.80, -0.25) -- trading update

        • -3.3% BSL.GR (Basler €28.70, -1.00) -- Warburg Research downgrade

        • -3.2% IVSO.SS (INVISIO SEK212.20, -7.00) -- target cut at Danske Bank

        • -3.2% SPM.IM (Saipem €4.38, -0.15) -- agrees to divest its shallow water drilling activities in Saudi Arabia for $285M on a debt-free/cash-free basis

        • -3.2% SPM.IM (Saipem €4.38, -0.15) -- Brazil antitrust agency CADE approves Subsea7-Saipem merger without restrictions -- Retuers, citing CADE

        • -3.1% WPP.LN (WPP Group £2.55, -0.08)

        • -2.2% SUBC.NO (Subsea 7 NOK335.20, -7.60) -- Brazil antitrust agency CADE approves Subsea7-Saipem merger without restrictions -- Retuers, citing CADE

        • -1.9% THG.LN (THG Plc £0.30, -0.01) -- AGM Trading Statement; H1 Group revenue growth of c.+6.5% and H1 Adjusted EBITDA of at least £40M; FY guidance reiterated

        • -1.6% CINT.SS (Cint Group SEK5.63, -0.09) -- TriCarbs BidCo announces controls ~ 42.0% of Cint Group; extends the acceptance period of the offer

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Carlo Gavazzi Holding (GAV.SW)

        • Nordics: H&M Hennes & Mauritz (HM.B.SS), Fluegger Group (FLUG.B.DC), Harboes Bryggeri (HARB.B.DC)

        • UK: Volex (VLX.LN), Moonpig Group (MOON.LN), Halfords Group (HFD.LN)

      • Trading Update:

        • France: OVHCloud (OVH.FP)

        • UK: Serco Group (SRP.LN)

  • Data:

    • Economics:

      • Switzerland Jun ZEW Expectations (25.0) vs consensus +1.5 and prior (11.1)

      • Germany Jun IFO

        • Business Climate 85.6 vs consensus 85.6 and prior revised 85.0 from 84.9

        • Current Conditions 87.0 vs consensus 86.0 and prior 86.1

        • Expectations 84.1 vs consensus 85.0 and prior revised 83.9 from 83.8

    • Markets:

      • WTI Crude (26-Aug): ($3.26) or (4.45%) to $69.95

      • €-$ (0.0030) or (0.26%) to 1.1353

      • £-$ (0.0042) or (0.32%) to 1.3161

      • €-£ +0.0003 to 0.8625

      • S&P 500 +0.74%

      • Performance year-to-date:

        • FTSE 100: +5.34%

        • DAX: +1.02%

        • CAC: +2.90%

        • MIB: +14.89%

        • Stoxx 600: +7.26%

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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