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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.29% to 10886.16, DAX +0.61% to 26266.14, CAC40 (0.16%) to 8439.20, STOXX 600 +0.35% to 656.48

Aug 25 ,2026

  • Synopsis:

    • European equity markets closed mostly higher. Follows mixed close on Monday. US equities higher in Tuesday morning trading, off best levels. However, S&P decliners outnumber gainers and equal-weight S&P negative.

    • Sentiment lifted by retreat in oil prices. No clear catalyst. Bessent's "Economic D-Day" Iran sanctions underwhelmed expectations. Oil on the defensive again amid a number of pieces surrounding the US-Iran conflict, including reported diplomacy traction out of recent talks between Iran and Pakistan and China's pushback against US economic threats. Other moving pieces remain volatile AI trade, trade tensions and NVDA earnings. Overnight, SOX fell 3% on no single catalyst. Move chalked up to concert of Nvidia earnings caution, though another big beat and raise widely expected.

    • Trade friction intensified as US reportedly plans 7.5% tariff on China over excess manufacturing capacity, potentially lifting total China tariffs back near 20%, while Trump confirmed 50% tariffs on Canadian autos, trucks and steel starting 2027. Attention turning to Fed Chair Warsh's remarks at Jackson Hole Friday (on the latter, limited expectations he will say much incremental regarding Fed's reaction function). Still a lot of attention on Treasury's boost to long-end buyback plans, with today's discussion revolving around sharp criticism by Druckenmiller; that said, US 30Y yields notably lower again today.

    • In Europe, focus initially on data. Germany Q2 GDP revised higher, firming recovery narrative. H1 deficit hit 3.1% of GDP. Ifo business confidence improved in August, beating expectations. Data reinforce evidence of greater resilience than expected to Middle East conflict and elevated energy costs. Instead, France's consumer confidence missed expectations. In UK, Institute for Fiscal Studies warned higher inflation triggered by Iran war could add up to £4.7B to UK public spending, shrinking Chancellor's fiscal headroom for autumn budget.

    • In corporate news, out of the UK, Melrose Industries (MRO.LN) posted update on incident at GKN Aerospace Garden Grove with group targeting resumption of full manufacturing operations as of 28-Sep. Media reports NatWest (NWG.LN) is planning to expand in US. In DACHs, Siemens Energy (ENR.GR) retained Goldman to advise on potential sale of majority stake in steam turbine business. Gerresheimer (GXI.GR) interim CEO Röhrhoff resigned immediately, ahead of Oct mandate end, while Molecular Partners (MOLN.SW) reported H1 earnings. In Nordics, Salmar (SALM.NO) released Q2 earnings and FY26 guidance. Elsewhere, EssilorLuxottica (EL.FP) confirmed press reports Leonardo Maria Del Vecchio to step down from all management roles effective 31-Aug. Melexis (MELE.BB) signed a Maaster Purchase agreement with BYD.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 24-Aug to 28-Aug attached) Vienna Insurance Group (VIG.AV), Oberbank (OBS.AV), AL Sydbank (ALSYDB.DC), Scandinavian Tobacco Group (STG.DC), Aroundtown (AT1.GR), MPC Container Ships (MPCC.NO), BioArctic (BIOA.B.SS), Rederiaktiebolaget Gotland (GOTL.A.SS), Smart Eye (SEYE.SS), Stadler Rail (SRAIL.SW), SoftwareONE Holding (SWON.SW), Prudential (PRU.LN), and Central Asia Metals (CAML.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Switzerland Aug economic sentiment index, UK Aug distributive trades - CBI, Sweden Jul PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +1.19%, Ind Goods & Svcs +1.11%, Telecom +1.10%, Construct & Mtls +0.92%, Travel & Leisure +0.91%, Utilities +0.89%, Basic Resources +0.89%, Real Estate +0.45%, Insurance +0.42%,

      • Underperformers:

        • Consumer Products and Services (1.15%), Food, Beverage and Tobacco (1.08%), Media (0.57%), Autos & Parts (0.44%), Chemicals (0.36%), Banks (0.30%), Personal Care Drug and Grocery Stores (0.12%), Energy+0.06%, Financial Svcs +0.07%, Technology +0.22%,

    • Macro/Peripheral markets:

      • Geopolitics

        • China hits out at 'illegal' new US sanctions on Iran and trading partners - BBC

        • Iran vows to resist widened US sanctions, says Washington seeks talks - Reuters

        • Putin allows government takeover of firms vulnerable to drone attacks - Politico

        • Trump says Strait of Hormuz has been demined, warns Iran not to plant more - Reuters

      • EU

        • Trump's trade chief invited to Ireland for EU talks - Politico

      • UK

        • Burnham refuses to rule out tax rises in autumn Budget - BBC

        • Government lays out housing plans but Burnham backtracks on social renting pledge - The Guardian

        • UK officials prepare for potential Trump talks as Burnham plans New York trip - The Guardian

      • France

        • 2027 presidential election: Candidates from France's centrist bloc ramp up anti-immigration rhetoric - Le Monde

      • Germany

        • Merz picks up the pace - "We want to get out of the weak growth" - Handelsblatt

        • Germany on track for strongest GDP growth since 2022 - FT

      • Italy

        • Meloni Ally Backs Windfall Tax to Ease Italy Energy Prices - Bloomberg

      • Hungary

        • Hungary Sticks to Meeting Euro Criteria by 2030 Despite Deficit - Bloomberg

    • Company news:

      • Trading Higher:

        • +17.6% VLX.LN (Volex £6.28, +0.94) -- AGM statement

        • +15.7% VTY.LN (Vistry Group £3.12, +0.42) -- reconfirmed as Strategic Partner and secured significant direct grant award under the first allocation of funding made available as part of the government's Social and Affordable Homes Programme

        • +12.3% TXGN.SW (TX Group CHF167.20, +18.20) -- H1 earnings

        • +10.6% MRO.LN (Melrose Industries £5.10, +0.49) -- updates on incident at GKN Aerospace Garden Grove

        • +9.2% CRNA.NO (Circio Holding NOK11.92, +1.00)

        • +6.2% GKP.LN (Gulf Keystone Petroleum £1.95, +0.11) -- H1 earnings

        • +4.4% JUP.LN (Jupiter Fund Management £1.72, +0.07) -- initiated buy at Berenberg

        • +4.3% AF.FP (Air France-KLM €12.13, +0.49) -- Kepler Cheuvreux upgrade

        • +4.0% GMAB.DC (Genmab DKK2,196.00, +84.00)

        • +3.7% BCGE.SW (Banque Cantonal de Geneve CHF31.30, +1.10) -- H1 earnings

        • +3.6% SCATC.NO (Scatec NOK99.15, +3.45)

        • +3.5% ARBN.SW (Arbonia CHF4.05, +0.14) -- H1 earnings

        • +3.5% CSN.LN (Chesnara £3.42, +0.12) -- H1 earnings

        • +3.4% NOD.NO (Nordic Semiconductor NOK165.00, +5.50)

        • +2.9% NOVO.B.DC (Novo Nordisk DKK307.80, +8.55) -- Lexicon Pharmaceuticals earns third $10M milestone payment from company following key Ph1 Development Milestone for LX985

        • +2.6% SALM.NO (Salmar NOK544.00, +14.00) -- Q2 earnings

        • +2.5% KCC.NO (Klaveness Combination Carriers NOK105.40, +2.60) -- Q2 earnings

        • +2.4% NXT.LN (Next £156.40, +3.70) -- Citi upgrade

        • +2.3% MELE.BB (Melexis €65.25, +1.45) -- signs Master Purchase Agreement with BYD

      • Trading Lower:

        • -9.5% ORON.SW (ORIOR CHF14.64, -1.54) -- H1 earnings

        • -9.0% GXI.GR (Gerresheimer €25.38, -2.52) -- interim CEO steps down

        • -4.4% LEON.SW (Leonteq CHF20.70, -0.95)

        • -2.2% DKSH.SW (DKSH Holding CHF65.20, -1.50) -- Berenberg downgrade

        • -1.7% VPBN.SW (VP Bank CHF91.40, -1.60) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Vienna Insurance Group (VIG.AV), Oberbank (OBS.AV), CA Immobilien Anlagen (CAI.AV),

        • Belgium: DEME Group (DEME.BB), Agfa-Gevaert (AGFB.BB)

        • Denmark: AL Sydbank (ALSYDB.DC), Scandinavian Tobacco Group (STG.DC), TORM (TRMD.A.DC), Ambu (AMBU.B.DC), Per Aarsleff Holding (PAAL.B.DC), FirstFarms (FFARMS.DC), Gabriel Holding (GABR.DC)

        • Germany: Aroundtown (AT1.GR), EDAG Engineering Group (ED4.GR), Branicks Group (BRNK.GR)

        • Netherlands: Kendrion (KENDR.NA), NX Filtration (NXFIL.NA)

        • Norway: MPC Container Ships (MPCC.NO), SED Energy Holdings (ENH.NO), Nykode Therapeutics (NYKD.NO), Saga Pure (SAGA.NO), Capsol Technologies (CAPSL.NO), 2020 Bulkers (2020.NO), Next Biometrics Group (NEXT.NO)

        • Other: Moscow Exchange MICEX-RTS (MOEX.RU)

        • Sweden: BioArctic (BIOA.B.SS), Rederiaktiebolaget Gotland (GOTL.A.SS), Smart Eye (SEYE.SS), GomSpace Group (GOMX.SS), Cereno Scientific (CRNO.B.SS), AlzeCure Pharma (ALZCUR.SS), Infant Bacterial Therapeutics (IBT.B.SS), Sleep Cycle (SLEEP.SS), IRLAB Therapeutics (IRLAB.A.SS), Precise Biometrics (PREC.SS), Alligator Bioscience (ATORX.SS)

        • Switzerland: Stadler Rail (SRAIL.SW), SoftwareONE Holding (SWON.SW), Gurit Holding (GURN.SW), Kudelski (KUD.SW)

        • UK: Prudential (PRU.LN), Central Asia Metals (CAML.LN), Faron Pharmaceuticals (FARN.LN)

      • Trading Update:

        • UK: S&U (SUS.LN)

      • CMD/Events: Givaudan (GIVN.SW) summer investor conf, Masterflex (MZX.GR), Basler (BSL.GR), Deutsche Rohstoff (DR0.GR), Gjensidige Forsikring (GJF.NO), Nagarro (NA9.GR), Scandi Standard (SCST.SS) EGM, Alligator Bioscience (ATROX.SS) EGM, Hexatronic Group (HTRO.SS) EGM, Equinor (EQNR.NO) Global Supplier Day

  • Data:

    • Economics:

      • Germany

        • Q2 GDP +1.0% y/y vs preliminary +0.9%; +0.3% q/q vs preliminary +0.2%

        • Aug Ifo survey

          • Business climate 88.8 vs consensus 87.3, prior revised 86.7 from 86.6

          • Current conditions 88.5 vs consensus 87.0, prior 86.5

          • Expectations 89.1 vs consensus 87.5, prior revised 86.8 from 86.7

      • France Aug consumer confidence 86 vs consensus 87, prior 86

      • Spain Jul PPI +9.2% y/y vs consensus +5.8%, prior +7.0%

      • Finland Jul unemployment rate 9.9% vs consensus 9.8%, prior 10.0%

      • Norway Jul unemployment rate 4.2% vs consensus 4.5%, prior 4.5%

      • Denmark Jul retail sales +6.7% y/y vs consensus +4.0%, prior revised +4.6% from +4.8%

    • Markets:

      • WTI Crude (Oct 26): ($2.68) or (3.15%) to $82.33

      • €-$ +0.0007 or +0.06% to 1.1674

      • £-$ +0.0001 or +0.01% to 1.3634

      • €-£ +0.0003 to 0.8561

      • S&P 500 (0.09%)

      • Performance year-to-date

        • FTSE 100: +9.61%

        • DAX: +7.25%

        • CAC: +3.55%

        • MIB: +17.30%

        • Stoxx 600: +10.86%

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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