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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.30%) to 10756.45, DAX (0.50%) to 25839.33, CAC40 (0.26%) to 8280.63, STOXX 600 (0.24%) to 645.91

Sep 02 ,2026

  • Synopsis:

    • European equity markets closed mostly lower, pan-European indices spending much of the session in negative territory, briefly flirting with positive territory on attempts to pare losses

    • With shares ending in the upper half of the day's range, Ireland +0.7% leads the handful of country benchmarks ending higher on the day, and along with Austria, Switzerland both +0.2% leads outperformers. Portugal (0.8%) and Norway (0.4%) join the DAX in leading underperformers

    • Focus remains on Middle East, where US military conducted second round of strikes against Iran in three days. Putin and Zelenskyy issue threats as strikes rock Ukraine, Russia.

    • ECB's Buch was a panellist at event hosted by Bruegel (through Thu), whilst US Fed's Beige Book released after the European market close.

    • Spain Aug unemployment change and Italy Jul PPI disappointed vs consensus, whilst Ireland's Aug unemployment rate was unchanged at 5.0% compared to the previous month after the reading for July was revised down from an original estimate of 5.1%. Year-ago the unemployment rate had stood at 4.9%.

    • In politics, the Estonian parliament elects new Presidential who is expected to be sworn in 12-Oct. UK parliament saw PM Question Time (PMQs), Andy Burnham's first, where he was pressed on borrowing costs and spending by Conservative Party leader Badenoch, and refused to rule out tax rises. Committee topics included reviewing the electricity market as well as regulation of the consumer insurance market. EU Commission approves German capacity mechanism of up to €35B to secure electricity supply as well as officially launches the new EU Industrial Maritime Value Chains Alliance

    • DIW released it's Autumn economic forecast, stating that the German economy has proven more resilient this year than anticipated in early summer. Following a strong H1, the German economy is expected to grow by +1.2% in 2026, and projects growth of +1.0% for 2027 and +0.7% for 2028.

    • Earnings/updates saw Ryanair (RYA.ID) cut its FY27 traffic target to reduce losses and its exposure to costly unhedged fuel this winter and TT Electronics (TTG.LN) lift its FY profit outlook as it hailed "strong" H1 profit growth and margin expansion. Volvo Cars (VOLCAR.B.SS) Jul-Aug sales (7.4%), with the volumes of electrified models, including fully electric and plug-in hybrids, +13% and accounted for 53.5% of all cars sold during the period.

    • M&A news flow that had smaller percentage changes in company's share prices included Jyske Bank (JYSK.DC) agrees to acquire Formuepleje, Kongsberg Gruppen (KOG.NO) completes Sonatech acquisition and Infracore (INFRAC.SW) submits a binding and fully financed offer to GZO AG for the acquisition of all real estate assets of Wetzikon Hospital.

    • Elsewhere, Juventus Football Club (JUVE.IM) shares fluctuated either side of unchanged as football transfer window closes (Sky News, La Gazzetta dello Sport) and around Europe, record amounts were spent of player transfers (BBC) including ~£3.2B by UK Premier League teams.

    • Handelsblatt Banking Conf (through Thu) saw interviews by Deutsche Bank (DBK.GR) CEO, ING Group (INGA.NA) CEO, Commerzbank (CBK.GR) CEO and Erste Group (EBS.AV) CEO

    • Economist Enterprise hosted a webinar title 'Flexible by design: energy resilience for business', speakers include exec from Elia Group (ELI.BB). It was the first press day before the IFA 2026 Electronics Fair (Fri-Tue).

    • Results of regular quarterly review of Euro Stoxx 50 and STOXX Europe 600 indices announced, the latter seeing several Greek companies being added following the reclassification of Greek equities to Developed Market status. Also, FTSE index rebalance changes will be announced after market close. Indicative changes were released on 26-Aug.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.44%, Health Care +0.39%, Travel & Leisure +0.25%, Oil & Gas +0.22%, Telecom (0.02%), Food & Beverage (0.05%), Basic Resources (0.07%), Technology (0.13%)

      • Underperformers:

        • Retail (2.32%), Utilities (1.71%), Construct & Mtls (1.46%), Autos & Parts (1.32%), Real Estate (1.17%), Financial Svcs (0.87%), Media (0.65%), Ind Goods & Svcs (0.59%), Persnl & HHold Goods (0.59%), Insurance (0.31%), Chemicals (0.30%)

    • Macro/Peripheral markets:

      • Central banks:

        • ECB must not shy away from further rate rises if inflation moves the wrong way, Irish central bank's Makhlouf says - FT

        • Bundesbank's Nagel flagged inflation above target and warned prolonged 3% inflation raises second-round risk in interview in Le Monde - release

      • Estonia:

        • Parliament elected Chancellor of Justice Ülle Madise as the country's next president - err, Reuters

      • France:

        • Presidential candidates who promise to upend the status quo to the fore - Le Monde opinion piece

      • Germany:

        • Should the AfD form the government in Saxony-Anhalt following the state elections on 6-Sep, DIW analysis policy differences compared to other parties - release

      • Greece:

        • Turkish President Erdogan urges Greece to "change course" and end what he described as the militarization of Aegean islands - ekathimerini

      • Ireland:

        • Minister for Foreign Affairs believes 'in the future we will have a border poll' - RTE

      • UK:

    • Company news:

      • Notable Gainers

        • +20.1% CIRSA.SM (Cirsa Enterprises) -- Lottomatica (LTMC.IM) and Cirsa Enterprises propose all-share combination

          • -7.8% LTMC.IM (Lottomatica) -- CIRSA shareholders to receive 0.668 new Lottomatica shares for each CIRSA share held

        • +11.4% TTG.LN (TT Electronics) -- H1 adj. EPS 5.7p vs FactSet 4.0p [2 est, 3.7-4.3p], now expects FY26 adj. operating profit to be ahead of current market expectations

        • +3.3% SYENS.BB (Syensqo) -- Blackstone, Apollo among firms mulling bids for €3B Syensqo performance and care unit -- Bloomberg

        • +3.2% IHG.LN (InterContinental Hotels Group) -- buy from neutral at UBS

        • +3.2% JSE.LN (Jadestone Energy) -- Prima Energy acquires 28.3% stake from funds managed by Tyrus Capital S.A.M.

        • +2.5% INGA.NA (ING Groep) -- overweight from equal-weight at Morgan Stanley

        • +2.3% MOTR.LN (Motorpoint Group) -- now expects that PBT for FY27 will be in the range of £9.8-10.8M, ahead of current market consensus

        • +2.1% C5H.ID (Cairn Homes) -- H1 EPS €0.09 vs FactSet €0.09 [1 est], raises interim dividend +10% y/y and raises FY26 guidance; announces €50M buyback program

        • +1.7% OR.FP (L'Oreal) -- outperform from neutral at BNP Paribas Exane

        • +1.6% VAHN.SW (Vaudoise Assurances Holding) -- H1 net income CHF82.9M vs year-ago CHF80.5M

        • +1.3% RYA.ID (Ryanair Holdings) -- Aug passengers 22.2M, +6% y/y, lowers FY passenger guidance, expects winter schedule cut to reduce losses

        • +1.3% ASA.NO (Atlantic Sapphire) -- announces final results of the recommended offer by Coral HoldCo

        • +1.1% RHM.GR (Rheinmetall) -- hold from sell at mwb research

        • +1.0% NWRN.SW (Newron) -- expects to complete target enrollment in Phase 3 ENIGMA-TRS 1 study with evenamide around mid-Oct

        • +1.0% ADS.GR (Adidas) -- overweight from equal weight at Barclays

        • +1.0% WIZZ.LN (Wizz Air Holdings) -- Aug traffic +25.9% y/y

        • +0.8% NWG.LN (NatWest Group) -- overweight from equal-weight at Morgan Stanley

        • +0.8% BTLS.BB (Biotalys) -- secures product registration in California for EVOCA

        • +0.8% DBK.GR (Deutsche Bank) -- buy from neutral at Goldman Sachs

        • +0.7% HLMA.LN (Halma) -- acquires water quality specialist Pyxis for up to $200M

        • +0.7% BAS.GR (BASF) -- hold from buy at mwb research

        • +0.5% HSBA.LN (HSBC) -- reportedly launched a sale process for its Australian deposit book, with the group seeking to sell the portfolio by Q4 and is working with a 'small group of potential buyers'

        • +0.4% ALCOX.FP (Nicox) -- extension of its cash runway and issues a corporate and financial update

        • +0.4% DAL.IM (Datalogic) -- discloses the consideration to be paid by Hydra for remaining shares determined at €5.70/share; share trading expected to be suspended on 7-Sep

        • +0.3% DTE.GR (Deutsche Telekom) -- announces Dhananjay Mirchandani to succeed Christian Illek as CFO on 1-May-27, other management changes

        • +0.2% NESN.SW (Nestle) -- agrees to divest mainstream vitamins, minerals and supplements business to Yellow Wood Partners for $1.0B

        • +0.2% TFIN.IM (Trevi-Finanziaria Industriale) -- CONSOB approves I.CO.P's offer document in connection with the acquisition of Trevi-Finanziaria Industriale

          • -1.7% ICOP.IM (I.CO.P)

        • +0.2% KCC.NO (Klaveness Combination Carriers) -- holder Rederiaksjeselskapet Torvald Klaveness placing ~10% stake at a fixed price of NOK94.70/share

      • Notable Decliners

        • -10.3% DMRE.GR (DEMIRE) -- continues portfolio sales as planned; proceeds from three transactions total ~ €44M

        • -7.4% NYR.BB (Nyrstar) -- reviews aspects of its governance framework; to establish ad hoc advisory committee for oversight of company's material litigation and investigations

        • -4.5% LOTB.BB (Lotus Bakeries) -- market perform from outperform at Bernstein

        • -4.0% BWLPG.NO (BW LPG) -- prices $300M senior unsecured convertible bonds

        • -4.0% VOLCAR.B.SS (Volvo Car) -- Jun-Aug car sales (7%) y/y to 148,239 units

        • -3.7% VOW3.GR (Volkswagen Group) -- fails to reach a consensus regarding cost-cutting plan with representatives of state of Lower Saxony - Handelsblatt

        • -3.5% GBG.LN (GB Group) -- hold from buy at Berenberg

        • -3.4% G1A.GR (GEA Group) -- holder offers ~5M shares -- Bloomberg, citing terms

        • -2.7% NCOD.NO (Norcod) -- advises Francisella bacteria detected at Mausund site

        • -2.5% RKT.LN (Reckitt Benckiser) -- to neutral from outperform at BNP Paribas Exane

        • -2.3% PSON.LN (Pearson) -- neutral from buy at Citi

        • -1.7% BYW6.GR (BayWa) -- EVN announces acquisition of BayWa Mobility Charging; financial details not provided

          • -1.5% EVN.AV (EVN)

        • -1.3% SWA.GR (Schloss Wachenheim) -- prelim. FY net income ~ €16.4M vs prior guidance €18-21M

        • -1.3% HEXA.B.SS (Hexagon) -- reinstated neutral at BNP Paribas Exane

        • -1.1% GLE.FP (Societe Generale) -- neutral from buy at Goldman Sachs

        • -1.0% BNZL.LN (Bunzl) -- market perform from outperform at Bernstein

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Gimv (GIMB.BB)

        • DACHs: Romande Energie Holding (REHN.SW), Zumtobel Group (ZAG.AV)

        • France: Vivendi (VIV.FP)

        • Nordics: Integrum (INTEG.B.SS)

        • Southern Europe: Sanlorenzo (SL.IM)

        • UK: Rosebank Industries (ROSE.LN), Grafton Group (GFTU.LN), Hilton Food Group (HFG.LN), Alfa Financial Software Holdings (ALFA.LN), Brooks MacDonald Group (BRK.LN), Camellia (CAM.LN), Tribal Group (TRB.LN), Gem Diamonds (GEMD.LN)

      • Trading Update:

        • France: Bastide Le Confort Medical (BLC.FP)

      • Sales: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), Clas Ohlson (CLAS.B.SS), flatexDEGIRO (FTK.GR)

      • CMD/Events: Novartis (NOVN.SW) - Jefferies "Back to School" Healthcare Fireside Chat , Sto SE & Co (STO3.GR)

  • Data:

    • Economics:

      • Spain Aug unemployment change +44.4K vs consensus +15.4K, prior +19.5K

      • Italy Jul PPI +7.8% y/y vs consensus +5.9%, prior +5.8%

      • Ireland Jul unemployment rate 5.0% vs consensus 5.1%, prior revised 5.0% from 5.1%

    • Markets:

      • WTI Crude (Oct 26): +$0.43 or +0.48% to $90.65

      • €-$ +0.0000 or +0.00% to 1.1595

      • £-$ (0.0017) or (0.13%) to 1.3500

      • €-£ +0.0010 to 0.8589

      • S&P 500 +0.59%

      • Performance year-to-date:

        • FTSE 100: +8.31%

        • DAX: +5.51%

        • CAC: +1.61%

        • MIB: +15.24%

        • Stoxx 600: +9.07%

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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