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StreetAccount Summary - EU Market Recap: FTSE 100 (0.32%) to 10789.28, DAX (1.10%) to 25970.11, CAC40 (0.39%) to 8301.85, STOXX 600 (0.56%) to 647.46

Sep 01 ,2026

  • Synopsis:

    • European equity markets closed weaker on Tuesday. FTSE 100 back online after Monday's bank holiday in the UK. European equity markets lower on Monday. Travel/Leisure, Technology, Industrial Goods/Services and Basic Resources the worst performing sectors, while Oil/Gas, Personal Care Drug and Grocery Stores and HealthCare gain.

    • Backup in bond yields weighing on equity markets. Focus on energy price gains, upside inflation risk and Fed rate hike expectations. Markets now price in more than 35 bps of Fed tightening in 2026 following select hawkish takeaways from Fed Chair Warsh's Jackson Hole speech. Long end selling renewing discussion about pressures from fiscal deficits and inflation risks. Yields tracking gains in oil after US carried out strikes on Iran for the first time since July. Trump said to be considering limited strikes on Iran to prevent attacks on ships going through Strait of Hormuz. Two oil supertankers were struck by unknown projectiles in today. This has overshadowed another call from Iran's president for Washington and Tehran to return to the MoU.

    • On macro data front, Eurozone inflation accelerated in August to 3.3% y/y, as expected. Unemployment increased in July. Final Eurozone manufacturing PMIs slightly softer versus flash and UK update revised a touch higher. German retail sales came in much weaker than forecast in July. UK shop price inflation hit a two-year high in August. UK housing updates from BoE and Nationwide remained soft. PM Burnham to make first statement to MPs in Parliament later, which will focus on strong public control of essential services and decentralization of power.

    • In corporate highlights, Swiss Life Holding (SLHN.SW) beat expectations, whilst Partners Group (PGHN.SW) missed H1 estimates. On the M&A front, activist fund Elliott Management has taken a position in Air Liquide (AI.FP), while PE firm Epiris is set to launch a formal recommended offer for Gamma Communications (GAMA.LN). Glencore (GLEN.LN) took a significant $480M provision on its Radiant World exposure, and WPP (WPP.LN) is reportedly considering cutting ~1,000 jobs due to AI. Novartis (NOVN.SW) provided a positive catalyst with its Phase III remibrutinib trials meeting primary endpoints, and Reckitt (RKT.LN) received a favourable jury verdict in its infant formula litigation. Symrise (SY1.GR) to divest its Terpene Ingredients business to Mutares; transaction is expected to result in a non-cash disposal loss amounting to a mid-double-digit million-euro impact.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 31-Aug to 04-Sep attached) eDreams ODIGEO (EDR.SM), Bunzl (BNZL.LN), Ashtead Technology Holdings (AT.LN), Michelmersh Brick Holdings (MBH.LN), Moscow Exchange MICEX-RTS (MOEX.RU), Aedifica (AED.BB), Van de Velde (VAN.BB), Swiss Life Holding (SLHN.SW), Partners Group Holding (PGHN.SW), dormakaba Holding (DOKA.SW), and InnoTec TSS (TSS.GR) will be amongst other names to update investors, whilst the macro-calendar releases will includeItaly, Spain, Sweden, Switzerland Aug manufacturing PMI as well as final reads for Eurozone, Grance, Germany, UK, Germany Jul retail sales, Italy Q2 final GDP, Aug preliminary CPI, Jul unemployment rate, Eurozone Aug flash CPI, Jul unemployment rate, Switzerland Jul retail sales, Finland Aug preliminary HICP, Netherlands Aug preliminary CPI, Jul retail sales, Austria Aug preliminary CPI, unemployment rate, UK Jul mortgage approvals, M4 money supply, Aug shop price inflation - BRC, house price index - Nationwide.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.77%, Personal Care Drug and Grocery Stores +1.42%, Health Care +0.79%, Chemicals +0.14%, Insurance +0.14%, Food, Beverage and Tobacco (0.26%), Banks (0.28%),

      • Underperformers:

        • Travel & Leisure (2.26%), Technology (2.02%), Ind Goods & Svcs (1.96%), Basic Resources (1.73%), Consumer Products and Services (1.52%), Autos & Parts (1.46%), Media (1.45%), Financial Svcs (1.41%), Retail (1.13%), Utilities (0.82%), Real Estate (0.69%), Construct & Mtls (0.61%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Trump summons US refiners as Iran war pushes up fuel prices - FT

        • Iran urges US to comply with interim deal after Trump threatens further strikes - Reuters

        • Putin envoy warns of Russian economy going 'berserk' on war footing - Reuters

        • Ukraine Votes Down Tax Bills Required by IMF and EU for Aid - Bloomberg

      • Central Banks

        • ECB to raise rates again amid higher Eurozone inflation - FT

        • ECB's Nagel Says Slowdown in Underlying Inflation Is Good News - Bloomberg

      • EU

        • France, Germany back call for faster, more efficient EU decisions in foreign and security policy - Politico

        • Ed Miliband to attend EU foreign ministers meeting in Ireland - Politico

      • UK

        • Keir Starmer will force by-election after quitting as member of parliament - Politico

        • Burnham promises to bring 'substantial change' as he gives first Commons address as prime minister - The Guardian

        • UK long-term borrowing costs could halve chancellor's budget headroom - The Guardian

        • Military Expects UK to Spend 3% of GDP on Defense By 2030 - Bloomberg

      • France

        • How French PM Sébastien Lecornu hopes to pass a minimalist budget for 2027 - Le Monde

      • Germany

        • Tax law to be adopted by the cabinet on Wednesday - Handelsblatt

        • Part-time rate in Germany reaches new high of 40.3 percent - Handelsblatt

      • Italy

        • Italy's new far-right party becomes fourth most popular in polls - Reuters

    • Company news:

      • Trading Higher:

        • +9.6% CNE.LN (Capricorn Energy £3.65, +0.33) -- DNO announces recommended offer to acquirec company

        • +9.0% REG1V.FH (Revenio Group €16.32, +1.34) -- DNB Carnegie upgrade

        • +6.2% ELON.SS (Elon AB SEK34.10, +2.10)

        • +6.2% NOVN.SW (Novartis CHF129.56, +7.70) -- study results

        • +6.1% DFDS.DC (DFDS DKK158.10, +9.20) -- price target rasied at RBC Capital Markets

        • +5.6% BP.LN (BP £5.33, +0.29)

        • +4.6% BOY.LN (Bodycote £9.52, +0.42) -- Veritas Capital Fund Management announces recommended 940p/share offer for company

        • +4.6% RKT.LN (Reckitt Benckiser £53.98, +2.34) -- company's Mead Johnson comments on favorable jury verdict in Inman bellwether case in infant formula multi-district litigation

        • +4.0% DOKA0.SW (dormakaba Holding CHF60.60, +2.30) -- to purchase Mankel family's 47.5% stake in operating business for CHF2.13B; FY eanrings

        • +3.9% DEBS.LN (Debenhams Group £0.22, +0.01)

        • +3.7% VICO.SS (Vicore Pharma Holding SEK10.90, +0.38) -- price target rasied at Danske Bank

        • +3.7% STMN.SW (Straumann Holding CHF96.50, +3.48) -- UBS upgrade

        • +3.6% DIA.LN (Dialight £6.00, +0.20) -- Q2 trading update

        • +3.5% DRX.LN (Drax Group £8.09, +0.27) -- Goldman Sachs upgrade

        • +3.4% GFT.GR (GFT Technologies €26.90, +0.85)

        • +2.9% ECEL.LN (Eurocell £1.23, +0.04)

        • +2.7% HTG.LN (Hunting £4.19, +0.11)

        • +2.5% SDF.GR (K+S AG €16.81, +0.41)

        • +1.9% AI.FP (Air Liquide €175.96, +3.20) -- Elliott Management has acquired position in Air Liquide -- FT

        • +1.8% SPIE.FP (SPIE €44.20, +0.80) -- initiated buy at Deutsche Bank

      • Trading Lower:

        • -16.0% EDR.SM (eDreams ODIGEO €5.09, -0.89) -- Q1 earnings

        • -15.5% FUM.LN (Futura Medical £0.00, -0.00) -- H1 earnings

        • -14.8% OXB.LN (OXB £4.97, -0.78)

        • -7.3% PGHN.SW (Partners Group Holding CHF675.20, -53.20) -- H1 earnings; announces rotations to the Executive Team

        • -6.7% GENL.LN (Genel Energy £0.66, -0.05) -- DNO announces recommended offer to acquire Capricorn Energy; DNO's possible offer for Genel

        • -5.7% CHRT.LN (Cohort £11.88, -0.70)

        • -4.9% OTB.LN (On The Beach Group £1.89, -0.10)

        • -4.4% STAF.LN (Staffline Group £0.41, -0.02)

        • -4.1% ORX.SS (Orexo SEK15.18, -0.64) -- reaches non-binding agreement in principle to settle investigation by US Dept. of Justice

        • -4.1% AUTO.LN (Auto Trader Group £5.13, -0.22)

        • -3.9% IHG.LN (InterContinental Hotels Group £156.50, -6.35)

        • -3.9% UTG.LN (UNITE Group £4.99, -0.20)

        • -3.5% ICG.LN (ICG £19.44, -0.70)

        • -3.4% CLNX.SM (Cellnex Telecom €25.98, -0.90)

        • -3.2% EQT.SS (EQT AB SEK320.90, -10.60) -- Americold Realty Trust closes $1.3B North American cold storage JV with company

        • -3.0% ASC.LN (Asos £4.05, -0.13)

        • -2.9% JD.LN (JD Sports Fashion £0.85, -0.02)

        • -2.8% CRST.LN (Crest Nicholson Holdings £0.63, -0.02)

        • -2.7% MMTX.SW (Mindmaze Therapeutics Holding SA CHF0.18, -0.01)

        • -2.7% EMG.LN (Man Group £3.02, -0.08)

        • -2.7% ABDN.LN (Aberdeen Group £2.46, -0.07)

        • -2.7% JET2.LN (Jet2 £15.04, -0.41)

        • -2.7% BKG.LN (Berkeley Group Holdings £35.22, -0.96)

        • -2.6% RWS.LN (RWS Holdings £1.24, -0.03)

        • -2.5% PRX.NA (Prosus €37.29, -0.98)

        • -2.1% BARC.LN (Barclays £4.87, -0.11)

        • -2.1% WKP.LN (Workspace Group £3.78, -0.08)

        • -2.0% MTRO.LN (Metro Bank Holdings £1.67, -0.03)

        • -1.9% FUTR.LN (Future Plc £3.04, -0.06)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Aedifica (AED.BB), Van de Velde (VAN.BB)

        • DACHs: Swiss Life Holding (SLHN.SW), Partners Group Holding (PGHN.SW), dormakaba Holding (DOKA.SW), InnoTec TSS (TSS.GR)

        • Southern Europe: eDreams ODIGEO (EDR.SM)

        • UK: Bunzl (BNZL.LN), Ashtead Technology Holdings (AT.LN), Michelmersh Brick Holdings (MBH.LN)

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

      • CMD/Events: Continental (CON.GR) webcast at 14:00CET on new reporting structure from Q3 of 2026 onwards (registration link), Logwin (TGHN.GR), Medartis Holding (MED.SW) - Octavian, BELIMO Holding (BEAN.SW), Geratherm Medical (GME.GR), Hapag Lloyd (HLAG.GR) online event on current news at 11:00CET

  • Data:

    • Economics:

      • Eurozone

        • Jul Unemployment Rate 6.4% vs consensus 6.3% and prior revised 6.4% from 6.3%

        • Aug Preliminary CPI +3.3% y/y vs consensus +3.3% and prior +2.9%

      • Italy

        • Q2 GDP +1.0% y/y vs preliminary +1.0%

        • Aug Preliminary CPI +3.3% y/y vs consensus +3.1% and prior +2.9%

        • Jul Unemployment Rate 5.8% vs consensus 5.8% and prior revised 5.8% from 5.7%

      • UK

        • Aug Nationwide House Price Index +1.6% y/y vs consensus +2.1% and prior revised +1.4% from +1.8%

        • Jul

          • M4 Money Supply (0.3%) m/m vs consensus +0.9% and prior revised +0.9% from +0.8%

          • Mortgage Approvals 56.05K vs consensus 59.0K and prior revised to 58.22K from 58.20K

      • Austria Aug

        • Unemployment Rate 7.2% vs consensus 7.2% and prior 6.9%

        • Preliminary CPI +3.2% y/y vs consensus +2.9% and prior +2.8%

      • Jul Retail Sales

        • Germany (2.5%) y/y vs consensus +0.2% and prior revised +0.6% from (0.2%)

        • Netherlands +2.8% y/y vs consensus +2.7% and prior +2.9%

        • Switzerland +2.3% y/y vs consensus +1.3% and prior revised to +1.9% from +1.5%

      • Aug Manufacturing PMI

        • UK 51.7 vs preliminary 51.5

        • Eurozone 52.7 vs preliminary 52.8

        • Germany 54.3 vs preliminary 54.1

        • France 51.1 vs preliminary 51.5

        • Italy 49.6 vs consensus 51.5 and prior 51.3

        • Switzerland 57.1 vs consensus 53.5 and prior 53.2

        • Spain 49.5 vs consensus 50.1 and prior 50.2

        • Sweden 56.1 vs consensus 55.1 and prior revised 55.7 from 55.8

      • Finland Aug Preliminary HICP +2.4% y/y vs consensus +3.0% and prior +2.5%

      • Netherlands Aug Preliminary CPI +3.3% y/y vs consensus +3.1% and prior +3.2%

    • Markets:

      • WTI Crude (Oct 26): +$2.35 or +2.74% to $88.11

      • €-$ (0.0026) or (0.22%) to 1.1593

      • £-$ (0.0022) or (0.16%) to 1.3528

      • €-£ (0.0007) to 0.8569

      • S&P 500 (0.37%)

      • Performance year-to-date

        • FTSE 100: +8.64%

        • DAX: +6.04%

        • CAC: +1.87%

        • MIB: +15.51%

        • Stoxx 600: +9.33%

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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