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StreetAccount Summary - EU Market Recap: FTSE 100 +0.29% to 10824.26, DAX +0.77% to 26569.99, CAC40 +0.98% to 8401.18, STOXX 600 +0.51% to 655.16

Aug 28 ,2026

Synopsis:
- European equity markets finished higher. Autos, utilities, chemicals and personal/household goods the best performers; healthcare and real estate the main laggards. Stoxx 600 little changed on the week after closing in the red on Wednesday and Thursday. US equity markets mostly higher in midday trading. Treasuries mostly weaker with curve bear flattening; yields up 8 bp at the front of the curve. Dollar index up 0.3%. Gold down 0.9%. Silver up 0.4%. Bitcoin futures down 0.4%. WTI crude down 0.8%.
- Focus on Fed Chair Warsh's speech which leaned hawkish on the inflation side of the equation, though along with commitment to 2% PCE inflation targets and rates as the primary policy tool, likely helps from a credibility perspective following some of the July FOMC meeting takeaways. This dynamic has driven a bearish curve flattening move, though long-end a touch firmer. Nothing on longer-term yields amid perceived tension with Treasury buyback boost, while AI commentary was upbeat. Equities firmer despite market now pricing >50% chance of September rate hike, 35 bp of hikes through year-end (up 7 bp d/d). Pretty quiet elsewhere, nothing particularly incremental on US-Iran conflict as some of the SoH reopening/diplomacy hopes have failed to sustain the momentum from earlier this week. Russia-Ukraine conflict escalation has grabbed more attention this week with the spike in wheat costs. UK government sources suggested PM Burnham to focus on defence spending for October budget and won't reform welfare spending until next year.
- On the macro data front in Europe, French and Spanish headline CPI surprised on the upside in August. French Q2 GDP was revised lower to flat reading. Eurozone economic sentiment indicator came in ahead of expectations. German unemployment increased despite some better economic indicators. UK Lloyds Bank business sentiment highest since start of Iran war and followed positive business sentiment indicator from Barclays on Thursday. Swiss KOF leading indicator saw a notable gain.
- In earnings news, out of the Nordics, AF Gruppen (AFG.NO) delivered strong beat, while Hafnia (HAFNI.NO) reported in-line Q2 EPS with solid Q3 fleet coverage. BW LPG (BWLPG.NO) missed estimates on TCE income, flagging geopolitical risks around the Strait of Hormuz. Intrum (INTRUM.SS) beat Q2 EPS but warned that flat Servicing income in 2026 is now harder to achieve, accelerating its cost programme. HusCompagniet (HUSCO.DC) missed Q2 EBIT estimates. In the UK, Goodwin (GDWN.LN) out with FY trading profit +118% to £77.5M and revenue up 27%. In Belgium, Ackermans & Van Haaren (ACKB.BB) reported H1 numbers. In Switzerland, Flughafen Zuerich (FHZN.SW) reported in-line H1 results but guided for lower full-year consolidated profit, while EMS-Chemie (EMSN.SW) confirmed steady Q3 net income growth of 2%.
Digest:
- Sectors - STOXX Europe 600:
  - Outperformers:
    - Autos & Parts +2.48%, Chemicals +1.57%, Utilities +1.23%, Banks +1.20%, Persnl & HHold Goods +1.03%, Insurance +0.97%, Telecom +0.70%, Financial Svcs +0.69%
  - Underperformers:
    - Health Care (0.66%), Real Estate (0.28%), Ind Goods & Svcs +0.10%, Food & Beverage +0.23%, Construct & Mtls +0.28%, Media +0.30%, Technology +0.32%, Oil & Gas +0.34%, Basic Resources +0.36%, Retail +0.45%, Travel & Leisure +0.47%
- Macro:
  - ECB
    - ECB's Dolenc sees good case to hike interest rates in Sep (Bloomberg )
    - ECB's Kazaks says central bank must not allow inflation to take hold (Bloomberg)
  - Trade
    - EU industrial push strains ties with Switzerland and Norway (FT )
  - Defense:
    - NATO and Moscow must increase dialogue to avoid accidental war, Russian envoy says (Politico )
  - France:
    - Flat French growth in the second quarter puts outlook at risk (Reuters )
    - No clear winner as seven French presidential candidates debate at Roland-Garros: Politico
  - Germany:
    - German industry presses Chancellor Merz for a tougher line on China: Reuters
- Peripheral markets:
  - Sweden:
    - Sweden to deploy fighter jets, warships to Finland (Reuters )
  - Spain:
    - Spanish inflation surges to 4.5%, while France exceeds forecasts, strengthening expectations for ECB hikes Bloomberg
- Company news:
  - Notable Gainers
    - +23.1% MCB.LN (McBride £2.06, +0.39) -- strategic partnership
    - +20.0% KOO.LN (Kooth £1.95, +0.33) -- settlement funds from Meta to create tailwind for new pilots and pilot expansions for Kooth, Stifel Nicolaus
    - +15.8% STR.AV (STRABAG SE €99.20, +13.50) -- earnings
    - +10.9% STX.LN (Shield Therapeutics £0.06, +0.01) -- agreement with Viatris (VTRS) to assume full control of ACCRUFeR in US
    - +8.2% ACKB.BB (Ackermans & Van Haaren €279.20, +21.20) -- earnings; to invest €93M in Grieg Aqua
    - +7.7% RKH.LN (Rockhopper Exploration £0.79, +0.06) -- share placing
    - +7.2% RECT.BB (Recticel €13.72, +0.92) -- earnings
    - +6.8% CFT.SW (Cie Financiere Tradition CHF283.50, +18.00) -- earnings
    - +5.1% HAS.LN (Hays Plc £0.77, +0.04) -- Panmure Liberum upgrade
    - +5.1% FRVIA.FP (Forvia €9.04, +0.44) -- Citi adds upside 30-Day catalyst watch
    - +4.8% NTECH.SS (Stockholm Nordtech Group SEK73.80, +3.40) -- initiated buy at Sparebank 1 Markets
    - +4.5% BMW.GR (Bayerische Motoren Werke €62.64, +2.70) -- Citi opens 90-day positive catalyst watch ahead of 30-Sep CMD
    - +4.1% DDRIL.NO (Dolphin Drilling AS NOK2.30, +0.09) -- approach from General Hydrocarbons to settle arbitration award
    - +3.4% NETEL.SS (Netel Holding SEK3.53, +0.12) -- work agreement
    - +2.9% EMSN.SW (EMS-Chemie Holding CHF791.00, +22.00) -- earnings
    - +2.5% GSF.NO (Grieg Seafood NOK30.64, +0.76) -- Grieg family has agreed to divide assets of Grieg Group; Ackermans & Van Haaren enters into agreement to invest €93M in Grieg Aqua
    - +2.4% V3V.GR (FamiCord €2.93, +0.07) -- earnings
    - +2.4% EL.FP (EssilorLuxottica €161.35, +3.85) -- buyback
  - Notable Decliners
    - -19.9% TOBII.SS (Tobii SEK1.29, -0.32) -- earnings
    - -16.8% AIFORIA.FH (Aiforia Technologies €1.04, -0.21) -- earnings
    - -14.4% WJG.LN (Watkin Jones £0.15, -0.03) -- trading update
    - -13.8% NYKD.NO (Nykode Therapeutics NOK4.30, -0.69) -- private placement
    - -11.5% TRMED.NO (Thor Medical NOK6.01, -0.78) -- earnings
    - -7.7% FHZN.SW (Flughafen Zuerich CHF208.20, -17.40) -- earnings
    - -5.0% KDV.B.SS (KDventures AB SEK0.22, -0.01) -- earnings
    - -4.4% BOOZT.SS (Boozt Fashion SEK149.10, -6.90) -- secondary placement
    - -4.0% LDO.IM (Leonardo €52.87, -2.18) -- UK PM Burnham's welfare reforms likely to be delayed until next year
    - -3.3% PLSV.NO (Paratus Energy Services NOK49.30, -1.70) -- earnings
    - -3.2% BOR.LN (Borders & Southern Petroleum £0.12, -0.00) -- Sea Lion updates
    - -2.8% LDG.LN (Logistics Development Group £0.18, -0.01) -- earnings
    - -2.4% BAB.LN (Babcock International Group £10.57, -0.26) -- UK PM Burnham's welfare reforms likely to be delayed until next year
    - -2.3% BA.LN (BAE Systems £20.44, -0.48) -- UK PM Burnham's welfare reforms likely to be delayed until next year
- EU companies reporting 31-Aug:
  - Earnings:
    - Benelux: InPost (INPST.NA)
    - DACHs: CPI PROPERTY GROUP (O5G.GR), Sto (STO3.GR), Nynomic (M7U.GR), DEAG Deutsche Entertainment (LOU.GR)
    - Nordics: Bakkafrost (BAKKA.NO), Circio Holding (CRNA.NO), Anoto Group (ANOT.SS), AcadeMedia (ACAD.SS), Keo Capital (KEOC.SS), Lasernet Group (LASER.SS), INQ Group (ANOT.SS)
  - CMD/Events: Mycronic(MYCR.SS), UPM-Kymmene (UPM.FH) EGM on Plywood business demerger (WISE Group)
Data:
- Economics:
  - Eurozone Aug Economic Sentiment Indicator 98.4 vs cons 97.5 and prior revised 97.1 from 96.9
    - Consumer Confidence (15.5) vs prelim (15.5)
    - Services Sentiment Indicator 5.8 vs cons 4.9 and prior revised 5.1 from 4.7
    - Industrial Sentiment (5.3) vs cons (5.2) and prior (6.1)
  - Italy Aug Business Confidence 89.9 vs cons 90.0 and prior revised 89.7 from 89.6
    - Consumer Confidence 94.5 vs cons 95.0 and prior 94.2
  - Germany Aug Unemployment Change +4K vs cons +5K and prior +6K
    - Unemployment Rate 6.4% vs cons 6.4% and prior 6.4%
  - France
    - Aug Prelim CPI +2.4% y/y vs cons +2.2% and prior +2.1%; +0.7% m/m vs cons +0.6% and prior +0.6%
      - EU Harmonised: +2.7% y/y vs cons +2.5% and prior +2.4%; +0.8% m/m vs cons +0.5% and prior +0.6%
    - Q2 GDP +0.5% y/y vs prelim +0.7%; 0.0% q/q vs prelim +0.2%
    - Jul Consumer Spending +0.5% m/m vs cons 0.0% and prior revised +0.6% from +0.4%
  - Spain
    - Aug Prelim CPI +4.3% y/y vs cons +4.2% and prior +3.6%; +0.7% m/m vs cons +0.6% and prior +0.3%
      - EU Harmonised: +4.5% y/y vs cons +4.6% and prior +3.9%; +0.6% m/m vs cons +0.8% and prior 0.0%
    - Jul Retail Sales (0.3%) y/y vs cons +0.9% and prior revised +0.6% from +0.5%; (0.9%) m/m vs cons +0.5% and prior +0.3%
  - Switzerland Aug KOF Leading Indicators 106.7 vs cons 103.3 and prior revised 104.2 from 103.5
  - Ireland Jul Retail Sales +2.2% y/y vs cons +0.4% and prior revised +0.9% from +0.6%; +1.3% m/m vs cons +0.2% and prior revised +0.5% from +0.4%
  - Norway Jul Retail Sales (0.7%) m/m vs consensus (0.8%) and prior +1.8%
  - Sweden
    - Q2 GDP +3.3% y/y vs prelim +2.8%; +1.6% q/q vs prelim +1.4%
    - Jul Retail Sales +6.2% y/y vs cons +5.5% and prior revised +7.7% from +6.6%; (0.2%) m/m vs cons (0.6%) and prior revised +1.4% from +1.0%
  - Finland Q2 GDP +1.6% y/y vs prelim +2.5%; +0.4% q/q vs prelim +0.4%
  - Belgium Aug CPI +4.0% y/y vs cons +3.8% and prior +3.6%
  - Greece Jul PPI +11.8% vs cons +8.9% and prior +8.8%
- Markets:
  - WTI Crude (Oct 26): ($0.37) or (0.44%) to $83.16
  - €-$ (0.0052) or (0.45%) to 1.1600
  - £-$ (0.0036) or (0.26%) to 1.3556
  - €-£ (0.0015) to 0.8558
  - S&P 500 +0.18%
  - Performance year-to-date
    - FTSE 100: +8.99%
    - DAX: +8.49%
    - CAC: +3.09%
    - MIB: +17.07%
    - Stoxx 600: +10.63%

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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StreetAccount Summary - EU Market Recap: FTSE 100 +0.29% to 10824.26, DAX +0.77% to 26569.99, CAC40 +0.98% to 8401.18, STOXX 600 +0.51% to 655.16