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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.65% to 10529.89, DAX +1.03% to 24994.83, CAC40 +0.55% to 8431.61, STOXX 600 +0.80% to 640.21

Jun 25 ,2026

  • Synopsis:

    • European equity markets closed higher, near best levels, with Stoxx 600 at fresh all-time high. Utilities, Health Care, Construct & Mtlsand construction the top gainers; telecom, Media and chemicals the main laggards. Tech sector little changed after giving back earlier strength. Follows mixed performance on Wednesday. Stoxx 600 higher on the week.

    • Attention remains on tech sector developments. Notable divergence between momentum/semis/memory upside and Mag 7 downside. Upside around AI capex trade underpinned by blowout results and SCA momentum (key pushback on cyclicality concerns) at MU, while positive AI takeaways from QCOM investor day. However, memory costs/tight supply hitting tech hardware names in particular, also playing into fears around AI-linked inflation (AAPL price hikes).

    • AI trade in focus after blowout revenue guidance from MU reinforced confidence in the outlook of memory, while QCOM updated projected annual revenue from its non-handset business. In Europe, sell-side has talked up opportunities in European AI-infrastructure names with outperformance of EU tech sectors versus Stoxx 600 diminishing since early June. Europe lags on frontier AI models but is gaining traction in data centers and digital infrastructure.

    • Other factor that may be supportive for regional dynamics is the weakness in oil, which has fueled a notable reprieve in market rates and may see easing in central rate tightening expectations. However, ECB's Schnabel said it will still need to raise rates. Meanwhile, more discussions on implications for BoE policy. Rates tipped to remain on hold throughout the year, as worries over second round effects may see policymakers reluctant to ease despite weaker growth.

    • Latest reports on UK political situation highlighted that Burnham may be cooling on left-leaning Miliband as chancellor despite him playing a key role in developing his economic policies in recent weeks. Sky News reported that Burnham may confirm some key appointments early to avoid further speculation. Also said to be looking at reforming BoE mandate to include a greater focus on economic growth.

    • On the macro data front, German GfK consumer confidence edged up in July, though still firmly on a negative footing. UK consumer confidence picked up, according to BRC measure. Car production rose for the first time this year. Final Spanish second reading of Q1 GDP in line with flash. UK CBI Distributive Trade out later.

    • In corporate news flow, focus in M&A; Volkswagen (VOW.GR) entered exclusive arrangement with Bain Capital for the sale of its 51% stake in Everllence, generating ~€7.4B in proceeds, a significant balance sheet move for the struggling automaker. NNS Holding launched a cash offer at €4.10/sh for OCI NV (OCI.NA). In earnings, Trigano (TRI.FP) results a mixed bag, HM.B.SS H&M Hennes & Mauritz reports Q2 EPS SEK2.49 vs FactSet SEK2.72 MPC Container Ships (MPCC.NO) raised FY revenue guidance to $460-470M, well above consensus, and separately announced a ~$340M vessel acquisition. Serco Group (SRP.LN) issued H1 Trading Update. Addex Therapeutics (ADXN.SW) and Volex (VLX.LN) reported Q1 and FY numbers, respectively.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 22-Jun to 26-Jun attached) Pyrum Innovations (PYRUM.NO) and Lion Finance Group (BGEO.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Italy Jun business/consumer confidence, Norway retail sales and Sweden May PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +1.65%, Health Care +1.51%, Construct & Mtls +1.21%, Basic Resources +1.04%, Banks +0.96%, Travel & Leisure +0.95%, Retail +0.88%, Technology +0.81%,

      • Underperformers:

        • Telecom (0.65%), Chemicals (0.18%), Media (0.17%), Food, Beverage and Tobacco +0.10%, Energy+0.23%, Consumer Products and Services +0.29%, Personal Care Drug and Grocery Stores +0.42%, Ind Goods & Svcs +0.51%, Insurance +0.56%, Autos & Parts +0.57%, Real Estate +0.73%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Oil price falls back to pre-Iran war levels - BBC

        • Iraq Shows Frustration With OPEC in Push to Pump More Oil - Bloomberg

        • Israel, Lebanon deny US claim that Israel has withdrawn from part of southern Lebanon - Reuters

      • Central Banks

        • Bank of England to Spend £300 Million After Bernanke Review - Bloomberg

        • ECB Rate-Hike Forecasts Pared Back as Oil Regains Pre-War Level - Bloomberg

      • EU

        • EU says Amazon, Microsoft cloud services should fall under digital dominance rules - Politico

        • Brussels picks up pace on Draghi economic reform agenda - FT

      • UK

        • Reeves backs Burnham to be PM despite reports she may be offered lesser role - The Guardian

        • UK to halve tariff-free steel imports to counter glut of cheap Chinese metal - The Guardian

        • Britain 'risks losing senior Nato role' without more defence spending - The Times

        • Starmer: I'm right to defy Burnham on defence - The Telegraph

        • Burnham needs to simplify UK taxes, says adviser Haldane - FT

      • France

        • France warns against weaker climate targets for cars as EV sales surge - FT

        • France's rising debt burden threatens market confidence, audit office says - Reuters

      • Germany

        • Federal government sticks to record debt planning for the current year - Handelsblatt

        • German government relieves travel providers of more than half a billion euros - Handelsblatt

      • Spain

        • Spain's lower house calls on PM Sanchez to resign in non-binding vote - Reuters

    • Company news:

      • Trading Higher:

        • +41.1% ELMRA.NO (Elmera Group NOK41.70, +12.15) -- Audax Renovables S.A. offer at NOK41.20/sh

        • +19.4% HFD.LN (Halfords Group £2.15, +0.35) -- FY earnings

        • +15.8% AMS.LN (Advanced Medical Solutions Group £2.78, +0.38) -- agrees on H.B. Fuller 285p/sh offer

        • +14.3% GURN.SW (Gurit Holding CHF38.40, +4.80) -- UBS upgrade

        • +11.1% III.LN (3i Group £25.25, +2.52) -- AGM update

        • +9.5% TPE.GR (PVA TePla €43.82, +3.82)

        • +7.0% OCI.NA (OCI NV €4.02, +0.26) -- NNS Holding (Cyprus) offer at €4.10/sh

        • +6.6% EZJ.LN (EasyJet £5.75, +0.35) -- Castlelake's fourth proposal at £6.50/sh rejected

        • +5.5% SMHN.GR (SÜSS MicroTec €98.05, +5.10) -- hardware & semis move

        • +4.7% HDD.GR (Heidelberger Druckmaschinen €1.45, +0.07)

        • +4.6% ALATA.FP (Atari, Inc. €19.00, +0.84)

        • +4.6% TRI.FP (Trigano €139.70, +6.10) -- Q3 revenue

        • +4.3% BTRW.LN (Barratt Redrow £2.93, +0.12) -- Holder Phoenix requests share buybacks acceleration

        • +4.2% ABDN.LN (Aberdeen Group £2.42, +0.10) -- interactive investor roundtable update

        • +4.1% DIE.BB (D'Ieteren Group €174.20, +6.90) -- re-initiated outperform at Oddo

        • +3.6% VU.FP (VusionGroup €116.40, +4.00) -- transferred buy at Berenberg

        • +3.5% MYCR.SS (Mycronic SEK309.20, +10.40) -- $5-7M order

        • +3.4% CAST.SS (Castellum AB SEK125.50, +4.10) -- divests SEK13.3B property portfolio

        • +3.3% HOFI.SS (Hoist Finance SEK175.10, +5.60) -- VAT refund for 2018-25 period

        • +3.0% DOCM.SW (DocMorris CHF8.15, +0.24) -- "AI-First" strategy update

        • +2.9% NCAB.SS (NCAB Group SEK82.50, +2.30) -- acquires Board Shark LLC; SEB upgrade

        • +2.6% IBAB.BB (Ion Beam Applications €16.70, +0.42) -- ProteusONE contract

        • +2.5% ASML.NA (ASML Holding €1,593.40, +39.60) -- hardware & semis move

        • +2.4% STMPA.FP (STMicroelectronics €64.90, +1.54) -- hardware & semis move

        • +2.2% IFX.GR (Infineon Technologies €81.35, +1.79) -- hardware & semis move

        • +1.9% APTD.LN (Aptitude Software Group £2.10, +0.04) -- Fynapse contract

        • +1.9% STB.NO (Storebrand NOK182.80, +3.40) -- initiated buy at Kepler Cheuvreux

      • Trading Lower:

        • -13.4% OHB.GR (OHB SE €319.00, -49.42) -- €50M upsized private placement

        • -11.5% ELTEL.SS (Eltel SEK12.70, -1.65) -- Inderes downgrade

        • -4.7% DOM.LN (Domino's Pizza Group £1.81, -0.09) -- initiated underweight at JPMorgan

        • -4.0% WIHL.SS (Wihlborgs Fastigheter SEK75.20, -3.10) -- divests SEK13.3B property portfolio

        • -1.8% SPI.LN (Spire Healthcare Group £2.18, -0.04) -- further extension to PUSU deadline for Toscafund Asset Management offer

    • EU companies reporting tomorrow:

      • Corporate:

        • Trading Update:

          • Nordics: Pyrum Innovations (PYRUM.NO)

        • CMD/Events: Lion Finance Group (BGEO.LN)

  • Data:

    • Economics:

      • Germany Jul GfK Consumer Confidence (29.2) vs consensus (27.8) and prior revised (29.7) from (29.8)

      • France Jun Consumer Confidence 84 vs consensus 83 and prior 82

      • UK Jun CBI Distributive Trades (54) vs consensus (41) and prior (46)

      • Spain

        • Q1 GDP +2.7% y/y vs preliminary +2.7%

        • May PPI +10.5% y/y vs consensus +8.1% and prior revised +8.5% from +8.3%

    • Markets:

      • WTI Crude (Aug 26): +$1.25 or +1.78% to $71.59

      • €-$ +0.0023 or +0.20% to 1.1383

      • £-$ +0.0042 or +0.32% to 1.3210

      • €-£ (0.0008) to 0.8619

      • S&P 500 +0.11%

      • Performance year-to-date

        • FTSE 100: +6.03%

        • DAX: +2.06%

        • CAC: +3.46%

        • MIB: +15.22%

        • Stoxx 600: +8.11%

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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