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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.21%) to 10508.02, DAX (1.29%) to 24671.22, CAC40 (0.55%) to 8384.87, STOXX 600 (0.68%) to 635.88

Jun 26 ,2026

  • Synopsis:

    • European indices ended in negative territory. In macro-news, the ECB Consumer Expectations showed mostly positive Eurozone consumer outlook for the bloc. Median expectations for inflation over the next 12 months decreased to 3.5% for May versus prior 4.0% and for three-years ahead inflation remained unchanged at 2.9% and five ahead also steady at 2.4%. ECB highlighted that inflation expectations one-year ahead have decreased yet higher than before Iran conflict started. Bloomberg reported on several economists paring back ECB rate hike forecasts following the recent decline in oil prices, which has eased near-term inflation worries. While Eurozone interest rate markets continue to price in roughly one additional rate increase, a growing number of economists now expect the ECB to remain on hold through the rest of the year. Argument is that with energy prices moderating and domestic demand subdued, risk of persistent second-round inflation effects has diminished. In the afternoon, wires reported that Germany was weighing €20B of tax cuts as Chancellor Merz is trying to seizes momentum

    • In the UK, the pressure on the BoE to tighten monetary policy has eased further after latest Citi/YouGov survey showed a sharp drop in UK public inflation expectations (Bloomberg). Expectations for inflation for the year ahead in June at 3.8% versus prior 4.7%. Long-run expectations also dipped to 3.9% from prior 4.0% and now in line with long-run average prior to the Iran conflict. Update fits in discussions this week among analysts that the recent fall in energy prices will see inflation peak lower than BoE expects and enable it to remain sidelined for the remainder of the year. Recall that previous BoE research published last year suggested that a 10% change in oil prices alters headline CPI inflation by roughly 0.1-0.3%, implying the recent decline should provide some near-term disinflationary support.

    • On the reporting front, in the DACH region, Bafin initiated an audit of Zalando (ZAL.GR) financial statements as of 31-Dec-25 and associated management report; also, Evonik Industries (EVK.GR) now guided Q2 and raised FY outlook, whilst flatexDEGIRO (FTK.GR) raised FY26 guidance and the targets originally set for 2027 are now expected to be achieved already in 2026. On the local press, Puma (PUM.GR) CEO Arthur Höld stated that he is trying to rebuild the company's reputation as an innovative, performance-driven sports brand, Mercedes-Benz Group (MBG.GR) is stepping up its austerity program in Germany, delaying its special employee payment and Volkswagen (VOW3.GR) CEO is reportedly targeting 100K job cuts globally over next few years, close four German plants and even spinning off the VW brand into a new company. In France, Exail Technologies (EXA.FP) confirmed negotiations regarding a possible acquisition by Safran, at a price of €128.5/sh and Michelin (ML.FP) will reorganize the manufacturing operations of its BFGoodrich Tires brand in the US, taking a provision of ~€220M.

    • Looking ahead to next week's calendars (pls see our StreetAccount Summary - Europe Week Ahead attached below), main events will include the ECB Forum on Central Banking, Jun manufacturing/services PMIs and CPIs from across the region as well as earnings/updates from Associated British Foods (ABF.LN), Curry's (CURY.LN), J Sainsbury (SBRY.LN), Prosus (PRX.NA) and Sodexo (SW.FP)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Real Estate +0.76%, Persnl & HHold Goods +0.45%, Food & Beverage +0.43%, Health Care +0.35%, Media +0.21%, Insurance +0.10%, Utilities +0.07%, Chemicals (0.25%)

      • Underperformers: Oil & Gas (2.09%), Retail (1.61%), Ind Goods & Svcs (1.51%), Travel & Leisure (1.26%), Technology (1.17%), Banks (1.14%), Construct & Mtls (1.10%), Telecom (1.06%), Autos & Parts (1.02%), Financial Svcs (0.88%), Basic Resources (0.86%)

    • Macro:

      • Germany Weighs €20 Billion Tax Cut as Merz Seizes Momentum (BBG)

      • Europe on high alert as killer heat set to move east and south (Reuters)

      • EU plans 15% tax on aluminium scrap exports (FT)

      • France's record heat wave burns Le Pen's National Rally (Politico)

      • Keir Starmer commits at least £1B more for UK defence (FT)

      • Which Volkswagen factories in Germany could be shut down? (Reuters)

      • AI Is the European Union's Make-or-Break Moment (BBG)

      • End of an era? Salvini's decline undermines Meloni's re-election bid (Reuters)

      • Italy's Meloni accused of 'authoritarian' election overhaul (FT)

    • Company news:

      • Notable Gainers

        • +25.3% EXA.FP (Exail Technologies €119.20, +23.55) -- confirms negotiations regarding a possible acquisition by Safran, at a price of €128.5/sh

        • +10.1% DFCH.LN (Distribution Finance Capital Holdings £0.66, +0.06) -- H1 trading update; initiated buy at Shore Capital Stockbrokers

        • +4.8% APTD.LN (Aptitude Software Group £2.11, +0.10)

        • +4.4% BRNK.GR (Branicks Group €0.99, +0.04)

        • +4.3% MED.SW (Medartis Holding CHF80.40, +3.30)

        • +4.0% ARCH.NO (Archer NOK23.40, +0.90) -- contract

        • +1.7% ECONB.BB (Econocom Group €1.47, +0.02)

        • +1.7% GFT.GR (GFT Technologies €20.25, +0.35)

        • +1.4% VWS.DC (Vestas Wind Systems DKK172.50, +2.35) -- order

        • +1.1% BATS.LN (British American Tobacco £47.71, +0.53) -- to commence share buyback programme on 30-Jun-26

        • +0.8% NDX1.GR (Nordex €43.90, +0.36)

        • +0.7% NOVO.B.DC (Novo Nordisk DKK317.95, +2.30) -- Lexaria's human study GLP-1-H26-7 has begun dosing on schedule

        • +0.4% EVK.GR (Evonik Industries €16.02, +0.07) -- expects Q2 adj EBITDA between €600M-€650M vs FactSet €611.3M [5 est, €564-649.5M] and Vara consensus ~€567M; raises FY outlook

        • +0.4% FTK.GR (flatexDEGIRO €36.74, +0.16) -- raises FY26 guidance; targets originally set for 2027 expected to be achieved already in 2026

        • +0.4% LSEG.LN (London Stock Exchange Group £80.52, +0.34)

      • Notable Decliners

        • -36.9% IF.IM (Banca Ifis €13.46, -7.86) -- launches a competitive process for the sale of its NPL business; takes provisions ~€70M

        • -13.5% OHB.GR (OHB SE €272.00, -42.00)

        • -6.3% ZAL.GR (Zalando €24.79, -1.68) -- Bafin initiates audit of company's financial statements as of 31-Dec-25 and associated management report

        • -5.6% WAF.GR (Siltronic €82.65, -4.90) -- sector move

        • -4.5% IFX.GR (Infineon Technologies €77.88, -3.71) -- sector move

        • -4.3% ASM.NA (ASM International €955.00, -43.00) -- sector move

        • -3.8% STMPA.FP (STMicroelectronics €62.67, -2.48) -- sector move

        • -3.8% WBD.IM (Webuild €2.29, -0.09)

        • -3.2% SAF.FP (Safran €334.60, -11.00) -- Exail Technologies confirms negotiations regarding a possible acquisition by Safran, at a price of €128.5/sh

        • -3.2% SCLP.LN (Scancell Holdings £0.18, -0.01) -- in talks to raise tens of millions of pounds in debt and equity as part of a plan for it to combine with Neuphoria Therapeutics -- Sky News

        • -3.0% NAS.NO (Norwegian Air Shuttle NOK15.66, -0.48) -- notified by the Supreme Court of Norway of its decision not to admit the EU ETS appeal case for consideration

        • -2.7% KAP.LN (Kazatomprom £68.90, -1.90)

        • -2.7% KIT.NO (Kitron NOK101.60, -2.80)

        • -2.7% SK.FP (SEB €46.06, -1.30)

        • -2.2% BESI.NA (BE Semiconductor Industries €281.20, -6.40) -- sector move

        • -2.0% STLAM.IM (Stellantis €5.03, -0.11) -- Tata Motors Passenger Vehicles issues clarification on news report "Tata Motors, Stellantis on verge of finalising partnership"

        • -1.7% PLUS.LN (Plus500 £47.04, -0.80)

        • -1.5% AIXA.GR (Aixtron €52.32, -0.80) -- sector move

        • -0.9% MRK.GR (Merck KGaA €144.95, -1.35)

        • -0.9% NOD.NO (Nordic Semiconductor NOK177.70, -1.60) -- sector move

        • -0.5% AM.FP (Dassault Aviation €288.00, -1.40)

        • -0.2% LHA.GR (Deutsche Lufthansa €9.73, -0.02) -- denounces Spiegel false report about alleged fuel supply shortage

        • -0.1% WOSG.LN (Watches of Switzerland Group £7.02, -0.00) -- plans to drop target to more than double sales and profit by 2028, citing luxury market deterioration -- Bloomberg

    • EU companies reporting on Monday:

      • Benelux: Prosus (PRX.NA)

      • DACHs: Paragon (PGN.GR), Bergbahnen Engelberg-Trübsee-Titlis (TIBN.SW)

      • UK: Focusrite (TUNE.LN), Foresight Group Holdings (FSG.LN), Porvair (PRV.LN), Solid State (SOLI.LN), Wynnstay Group (WYN.LN)

      • CMD/Events: FinecoBank (FBK.IM) EGM, Finnair (FIA1S.FH) business update call

  • Data:

    • Economics:

      • Italy Jun

        • Business Confidence 88.4 vs consensus 88.4 and prior 87.9

        • Consumer Confidence 92.4 vs consensus 94.5 and prior 93.4

      • Norway May Retail Sales (2.1%) m/m vs consensus +0.5% and prior revised +0.1% from +0.3%

      • Sweden May PPI +6.6% y/y vs consensus +5.7% and prior +4.7%

    • Markets:

      • WTI Crude (Aug 26): ($3.06) or (4.25%) to $68.86

      • €-$ +0.0034 or +0.30% to 1.1405

      • £-$ +0.0025 or +0.19% to 1.3216

      • €-£ +0.0009 to 0.8629

      • S&P 500 +0.32%

      • Performance year-to-date

        • FTSE 100: +5.81%

        • DAX: +0.74%

        • CAC: +2.89%

        • MIB: +14.06%

        • Stoxx 600: +7.38%

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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