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StreetAccount Summary - EU Market Recap: FTSE 100 (0.23%) to 10484.22, DAX (0.18%) to 24626.89, CAC40 (0.21%) to 8367.33, STOXX 600 +0.04% to 636.11

Jun 29 ,2026

  • Synopsis:

    • European equity markets closed mostly lower. Technology, media and energy were the notable outperforming sectors, while construction/materials, telecom and basic resources lagged.

    • US-Iran tensions picked up with tit-for-tat strikes continuing over the weekend. Limited market reaction attributed to reports that both sides agreed to stand down ahead of planned talks in Qatar Tuesday. Outside of Middle East, AI/tech remains the dominant theme. In European focus today, press reported that investors are seeking out European stocks that enable or benefit from AI due to crowed trades in other regions. Energy and infrastructure providers a beneficiary; banks also tipped due to productivity gains and smaller workforces.

    • In the UK, PM favorite Burnham made first official speech on economic agenda since he announced leadership intentions. Heavily focused on devolution of power and reiterated commitment to fiscal rules.

    • On macro data front, Spanish flash CPI unchanged in June ahead of Wednesday's Eurozone update. ECB lending data shows increase in money supply amid a jump in private sector loans. Eurozone sentiment improved in June with all sectors picking up with the exception of construction. BoE new mortgage approvals recorded the lowest level since January 2024.

    • In M&A news, Persistent Systems has announced it will acquire Nagarro (NA9.GR) for €81/sh in cash whilst - in the Nordics -Fortum (FORTUM.FH) launched a recommended cash offer for Elmera (ELMRA.NO) at NOK 47/sh and Viva Wine Group (VIVA.SS) recommended public SEK 38.5/sh in cash takeover offer by Riesling Ventures. In France, Ipsen (IPN.FP) acquired Kartos Therapeutics for $450M upfront at closing plus additional milestone payments of up to $1.3B; also, BT Group (BT.A.LN) and Verizon (VZ) announced they will combine their international operations in a 50:50 JV, with BT updating its guidance following the deal. Still in the UK, British American Tobacco (BATS.LN) is reportedly reducing its 47,000-strong global workforce by about one-fifth. In earnings, Gerresheimer (GXI.GR) adjusted FY26 guidance downward, Prosus (PRX.NA) posted FY earnings. Media reports Airbus (AIR.FP) CFO believes Airbus is on track to achieve its ambitious delivery target for 2026 despite a weak Q1.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +1.22%, Media +0.99%, Oil & Gas +0.92%, Utilities +0.61%, Ind Goods & Svcs +0.45%, Insurance +0.06%, Financial Svcs +0.05%

      • Underperformers:

        • Construct & Mtls (2.51%), Telecom (2.19%), Basic Resources (1.53%), Autos & Parts (1.31%), Chemicals (0.81%), Real Estate (0.72%), Retail (0.47%), Persnl & HHold Goods (0.19%), Banks (0.12%), Travel & Leisure (0.02%), Food & Beverage (0.01%), Health Care (0.01%)

    • Macro:

      • EU:

        • Eurozone probably saw first inflation slowdown since Iran war began - Bloomberg

      • France:

        • Far-right leader Barella's private and policies raise doubts - Le Monde

      • Germany:

        • German firms increasingly relocating jobs and investment abroad - Handelsblatt

      • Greece:

        • Greece is moving to secure approval for a major air defense agreement with Israel - ekathimerini

      • Ireland:

        • IMF urges Government to minimise spending overruns - release

      • UK:

        • Andy Burnham's promises to give UK 'new direction' - speech

        • Conservative Party selects Trafford councillor and businessman as Greater Manchester Mayor candidate - BBC

        • CBI says UK firms turn gloomiest this year on growth - press release

        • Reform UK announces Greater Manchester mayoral candidate - ITV

    • Company news:

      • Notable Gainers

        • +29.2% HUM.SS (Humana AB SEK63.50, +14.35) -- mixed takeover offer from Ambea

          • +5.2% AMBEA.SS (Ambea AB SEK145.90, +7.20)

        • +13.1% ANOT.SS (Anoto Group SEK0.14, +0.02) -- inq brand strategic collaboration with C. Josef Lamy GmbH

        • +11.6% TFIN.IM (Trevi-Finanziaria Industriale €3.95, +0.41) -- exchange takeover offer from I.CO.P. SpA

        • +8.3% CREO.LN (Creo Medical Group £0.15, +0.01) -- AGM statement

        • +6.5% BIOBV.FH (Biohit €2.63, +0.16) -- Inderes upgrade

        • +5.9% GXI.GR (Gerresheimer €27.50, +1.54) -- FY25 earnings; lowers FY26 guidance

        • +3.8% SNWS.LN (Smiths News £0.70, +0.03) -- contract with Associated Newspapers Limited

        • +3.7% EXA.FP (Exail Technologies €121.00, +4.30)

        • +3.6% RWE.GR (RWE €56.00, +1.94) -- commission of solar farm in Greece

        • +3.2% EAST.SS (Eastnine SEK45.35, +1.40) -- Dagens Industri buy recommendation

        • +3.2% FUM.LN (Futura Medical £0.01, -0.00) -- US Eroxon agreement with Market Performance Group

        • +2.7% AB.FP (AB Science €0.90, +0.02) -- AB8939 Phase 1 study update

        • +2.7% DURC.B.SS (Duroc SEK19.20, +0.50) -- receives payment of the previously disclosed surplus from the Chapelthorpe Pension Fund on the UK; provides update on discontinuance of IFG Drake's operations

        • +2.6% SECU.B.SS (Securitas SEK160.40, +4.00) -- ABG Sundal Collier upgrade

        • +2.6% TUNE.LN (Focusrite £2.00, +0.05) -- FY earnings

        • +2.4% PRX.NA (Prosus €38.39, +0.91) -- FY earnings

        • +2.1% ADDT.B.SS (Addtech SEK339.60, +7.00) -- DNB Carnegie upgrade

        • +2.0% ELMRA.NO (Elmera Group NOK46.45, +0.90) -- cash takeover offer from Fortum

      • Notable Decliners

        • -5.1% BAB.LN (Babcock International Group £9.21, -0.50) -- UK's Royal Navy will procure at least six Common Combat Vessels, as part of the system that will replace the current Type 45 destroyers

        • -4.5% SOM.LN (Somero Enterprises £1.90, -0.09) -- AGM voting statement

        • -3.9% VOW3.GR (Volkswagen €71.36, -2.92) -- Volkswagen drawing up plans to divest top brands including Lamborghini, Ducati in portfolio restructuring -- FT

        • -2.9% WIHN.SW (WISeKey International Holding CHF11.26, -0.34) -- to redomicile to the British Virgin Islands

        • -2.4% ALFEN.NA (Alfen €14.74, -0.37) -- CFO steps down

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: Hofseth Biocare (HBC.NO)

        • UK: Mercia Asset Management (MERC.LN), Cake Box Holdings (CBOX.LN)

      • Trading Update:

        • France: Groupe Partouche (PARP.FP)

        • UK: J Sainsbury (SBRY.LN)

      • CMD/Events: Gubra (GUBRA.DC), Bong (BONG.SS) 1:1 split, Cofinimmo (COFB.BB) vote on offer from Aedifica (AED.BB)

  • Data:

    • Economics:

      • Sweden May trade balance SEK2.9B vs consensus (SEK8.4B), prior revised (SEK8.4B) from (SEK7.3B)

      • Spain

        • Jun preliminary CPI +3.2% y/y vs consensus +3.2%, prior +3.2%

        • May retail sales +1.3% y/y vs consensus +1.2%, prior revised +0.6% from +0.8%

      • UK May

        • Mortgage approvals 56.21K vs consensus 63.0K, prior revised to 66.03K from 65.94K

        • M4 money supply +0.1% m/m vs consensus +0.2%, prior +0.2%

      • Eurozone

        • Jun economic sentiment indicator 95.0 vs consensus 94.3 and prior revised 93.7 from 93.5

        • May M3 money supply +3.2% vs consensus +2.7%, prior +2.7%

      • Belgium Jun CPI due at 5:30ET: consensus +4.0% y/y, prior +4.1%

    • Markets:

      • WTI Crude (Aug 26): +$1.22 or +1.76% to $70.45

      • €-$ +0.0035 or +0.31% to 1.1421

      • £-$ +0.0044 or +0.33% to 1.3248

      • €-£ (0.0001) to 0.8622

      • S&P 500 +0.74%

      • Performance year-to-date

        • FTSE 100: +5.74%

        • DAX: +0.56%

        • CAC: +2.67%

        • MIB: +13.84%

        • Stoxx 600: +7.42%

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