Sep 10 ,2026
Synopsis:
European equity markets mostly ended lower, with shares ending the session just above the lows of the session.
Pan-European indices quickly gave up slight opening gains, plateauing in late morning, before extending falls, with muted attempts to pare losses through afternoon trade.
Finland +0.4%, Portugal +0.1% and Austria, Denmark and Greece all little changed are the only benchmark indices up on the day and lead outperformers. Belgium and the Netherlands join the DAX in leading underperformers.
In the Middle East, US-Iran conflict timeline continues to get extended with the fighting between US and Iran keeping crude elevated. Iranian-backed Houthis seize key Yemeni port of Mocha in drive to take control of Red Sea coast
In Eastern Europe, Russia and Ukraine continue to exchange strikes with Ukraine'd Arctic attack extending Kyiv's strike reach into in the heartland of Russian gas production
In central banks, ECB raised its benchmark interest rate +25bps to 2.65% as expected. Staff macroeconomic projections also published.
Turkey central bank left its benchmark interest rated unchanged at 37.0%, as expected. Czech central bank leaves the countercyclical capital buffer rate at 1.5%. Next meeting on this issue will be held in Nov-26. There's the Bundesbank's conf on the microstructure of financial markets (through Fri).
OPEC releases its latest monthly oil market report. Saudi Arabia reported to OPEC that its crude oil production plunged again in Aug, hitting the lowest since 1990, as hostilities continued in the Middle East.
On European macro calendar, among the flurry of CPI and industrial production releases, Germany Aug CPI was unchanged from flash, whilst Italy Jul industrial production was better than expected. In the UK, RICS house price survey showed modest improvement in price outlook and pickup in demand.
In politics, Chancellor Merz meets with the President of the United Arab Emirates, Sheikh Mohammed Bin Zayed, as part of the UAE's leader's State visit. Ahead of general election, Swedish political party leaders in tv debate on TV4 at 20:00CET. EU's von der Leyen delivered a speech at the International Space Summit. EU's Albuquerque attends the ECON Committee for the Structured Dialogue and the presentation of the Banking Report. Norway's minister of local government and regional development Skjæran spoke during the Housing Bank's housing conf.
Elsewhere, Euractiv held event title Flying through global uncertainty - What is Europe's plan for aviation? panellists include two MEPs on the EP Transport Committee and Fitch Ratings held event title Romania and Poland: Fiscal Challenges and Credit Implications. Also, Rīga Conf (through Fri), Norway's minister of foreign affairs was a panellist, whilst EU's Dombrovskis was in a fireside chat title The EU's Place in The World.
M&A news flow topped by Accel-KKR's recommended acquisition of Eleco (ELCO.LN). Also, Porsche (P911.GR) completes sale of its stakes in Bugatti Rimac and Rimac Group and raises FY26 automotive net cash flow margin guidance, System1 Group (SYS1.LN) issues response document in respect of the offer document published by Brave Bison Group, Hemen Holdings holds ~83% of issued capital Northern Ocean (NOL.NO) following offer and Cementir Holding (CEM.IM) issues clarification on recent press rumors concerning CSN Cimentos. In addition, Banca Monte dei Paschi di Siena (BMPS.IM) files offer documents with CONSOB in connection with the acquisitions of Banco BPM (BAMI.IM) and Banca Generali (BGN.IM), whilst Intesa Sanpaolo (ISP.IM) shareholders approve the issue of shares in connection with acquisition of Banca Monte dei Paschi di Siena.
Among companies with smaller share price percentage changes that released earnings/updates are Seche Environnement (SCHP.FP) H1 EBITDA €128.3M, +9% vs year-ago €118.2M; guides FY EBITDA €260-270M vs FactSet €261.2M [1 est], Cadeler (CADLR.NO) guides FY EBITDA between €435-525M vs prior guidance €420-510M and System1 Group (SYS1.LN) 5M FY27 Trading Update: remains comfortable with consensus revenue and adj profit forecasts for FY27.
Elsewhere, D'Ieteren Group (DIE.BB) announces review of strategic options for minority shareholders' stakes in Belron. Fortum (FORTUM.FH) saw several recommendation upgrades, outperform from neutral at BNP Paribas Exane; buy from hold at SEB; neutral from underweight at JPMorgan; hold from sell at Danske Bank; hold from sell at Nordea; neutral from sell at Goldman Sachs, and like the overall market, gave up early gains and closed down ~ (1.5%)
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Telecom +0.32%, Autos & Parts +0.21%, Insurance +0.08%, Utilities (0.02%), Media (0.10%), Travel & Leisure (0.13%), Oil & Gas (0.23%), Banks (0.36%), Food & Beverage (0.56%), Retail (0.63%), Health Care (0.65%)
Underperformers:
Basic Resources (3.70%), Construct & Mtls (1.61%), Technology (1.50%), Real Estate (1.31%), Ind Goods & Svcs (0.89%), Chemicals (0.77%), Financial Svcs (0.77%), Persnl & HHold Goods (0.73%)
Macro/Peripheral markets:
ECB:
Monetary policy decisions ; Press conf. introductory comments by ECB's Lagarde and Vujčić - release
OPEC:
Further lowers 2026 global oil demand growth forecast - Reuters
EU:
Germany holds the line against a larger EU budget - FT
EU Parliament Committees:
France:
Philippe's call for unity refused by rivals on center and right - Le Monde
Germany:
Around 20 CDU/CSU MPs want to vote against tax plans - Handelsblatt
Ireland:
Taoiseach Martin has said there should be greater clarity around the arrangements for the calling of a referendum on Irish unity in Northern Ireland - RTE
Sweden:
Kristersson clashes with opposition in election debate - Bloomberg
UK:
Green leader Zack Polanski aims to catapult himself into the Commons via Starmer's old seat - Politico
Burnham gives mayors unlimited tourist tax powers - The Telegraph
JP Morgan boss meets Burnham and Healey to warn against bank tax rise - The Guardian
Company news:
Notable Gainers
+70.3% ELCO.LN (Eleco) -- Accel-KKR makes recommended 235p/share in cash offer for Eleco
+20.0% DEBS.LN (boohoo Group/Debenhams)
sells Sheffield Distribution Centre for £90M; Q2 growth accelerated
upgraded to add from hold at Peel Hunt
+7.5% NTG.DC (NTG Nordic Transport Group) -- initiated overweight at Morgan Stanley
+7.2% MPE.LN (M.P. Evans Group) -- acquires additional planted and plantable land to further extend its Kota Bangun project for $2.0M
+4.9% DFDS.DC (DFDS) -- appoints Sandeep Shahi as Chief Digital & Information Officer succeeding Rune Keldsen who is leaving to become CIO at Ørsted (ORSTED.DC), effective 16-Nov
+4.6% PRT.IM (Esprinet) -- Q2 adj. EBITDA €16.2M vs FactSet €15.3M [2 est, €14.7-15.9M]; raises FY adj. EBITDA guidance
+4.5% AYV.FP (Ayvens) -- outperform from neutral at Oddo
+4.1% BWLPG.NO (BW LPG) -- buy from hold at Pareto
+3.5% DNLM.LN (Dunelm Group) -- sell from hold at Panmure Liberum
+3.3% LDO.IM (Leonardo) -- outperform from neutral at BNP Paribas Exane
+2.7% LIN.FP (Linedata Services) -- H1 net income €7.5M vs year-ago €8.0M; During H2, Linedata will continue its efforts to consolidate the organic growth achieved in Q2
+2.6% ODL.NO (Odfjell Drilling) -- secures $518M contract extension for Deepsea Bergen
+2.4% BANB.SW (Bachem Holding) -- placed on JPMorgan's positive Catalyst Watch ahead of 26-Nov CMD
+1.9% PTEC.LN (Playtech) -- H1 adj EPS €33.1 vs year-ago €30.3 and on track to deliver FY26 adj EBITDA of more than €270M
+1.7% ORA.FP (Orange) -- outperform from neutral at Santander
+1.4% CPG.LN (Compass Group) -- outperform from neutral at BNP Paribas Exane
On earnings/updates: reversing initial declines HAUTO.NO (Höegh Autoliners)
Notable Decliners
-25.7% BIOVIC.B.SS (Biovica International) -- Q1 EPS (SEK0.07) vs year-ago (SEK0.18)
-12.7% THG.LN (THG) -- H1 adj EBITDA £42.8M vs year-ago £24.0M; FY expectations remain in line with consensus
-7.9% ABF.LN (Associated British Foods) -- FY adj. operating profit is expected to be broadly in line with previous expectations, adj EPS is expected to be ahead of expectations
-6.1% PAF.LN (Pan African Resources) -- expects FY HEPS 17.35-17.94$c vs year-ago 5.89$c
-6.0% FEVR.LN (Fevertree Drinks) -- H1 Normalised EPS 11.0p vs FactSet 10.3p [5 est, 9.0-11.4p], reaffirms FY expectations
-5.7% ANTO.LN (Antofagasta) -- US still deliberating decision on refined copper tariffs -- Reuters
-3.9% IPH.FP (Innate Pharma) -- FTC grants antitrust clearance for transaction involving Swedish Orphan Biovitrum and Innate Pharma
-0.6% SOBI.SS (Swedish Orphan Biovitrum)
-3.7% WEIR.LN (Weir) -- buy from neutral at Rothschild & Co Redburn
-3.5% GL9.ID (Glanbia) -- CFO Mark Garvey to retire after 13 years, effective on 30-Mar-27
-3.3% GNS.LN (Genus) -- FY adj. EPS 110.3p vs FactSet 110.2p [10 est, 95.1-129.8p], announces £60M share buyback; sees FY27 outlook in-line with market expectations
-3.1% DFCH.LN (Distribution Finance Capital Holdings) -- H1 EPS 6.0p vs year-ago 3.8p
-3.1% CRI.FP (Compagnie Chargeurs Invest) -- H1 net income €24.0M vs year-ago (€8.3M)
-2.8% HLMA.LN (Halma) -- neutral from buy at Rothschild & Co Redburn
-2.4% ACE.SS (Ascelia Pharma) -- completes previously scheduled Type A meeting with FDA regarding CRL for Orviglance NDA
-2.4% CURY.LN (Currys) -- Trading Update for 17 weeks ended 29-Aug: UK & Ireland LFL revenue +6%
-2.3% TE.FP (Technip Energies) -- outperform from sector perform at RBC Capital Markets; shares reverse initial gains
-1.1% R3NK.GR (Renk Group) -- neutral from outperform at BNP Paribas Exane
On earnings/updates: PUUILO.FH (Puuilo), SYS1.LN (System1 Group) and reversing initial gains P911.GR (Porsche), ACE.IM (ACEA), SCHP.FP (Seche Environnement), CADLR.NO (Cadeler)
EU companies reporting tomorrow:
Earnings:
France: Vetoquinol (VETO.FP)
Southern Europe: Tamburi Investment Partners (TIP.IM), Pharmanutra (PHN.IM), TSK Electronica y Electricidad (TSK.SM)
Trading Update:
UK: Berkeley Group Holdings (BKG.LN)
Traffic: DFDS (DFDS.DC), Fraport (FRA.GR), Heathrow Airport (+HTR.LN), Aeroflot-Russian Airlines (AFLT.RU)
Data:
Economics:
Germany Aug CPI +2.9% y/y vs preliminary +2.9%
Italy Jul industrial production 0.0% y/y vs consensus (0.6%), prior (0.6%)
Spain Jul industrial production +2.3% y/y vs consensus +1.6%, prior +1.1%
Netherlands Jul manufacturing production +1.6% m/m vs consensus +0.7%, prior revised (1.0%) from (1.3%)
Norway Aug CPI +3.3% y/y vs consensus +3.2%, prior +3.0%
Denmark Aug CPI +2.0% y/y vs consensus +2.4%, prior +1.7%
Finland Jul industrial production +4.5% y/y vs consensus +3.7%, prior revised +4.3% from +4.5%
Sweden Jul industrial production +0.2% y/y vs consensus (1.8%), prior revised (0.5%) from (1.5%)
Austria Jul industrial production (1.1%) y/y vs consensus +0.6%, prior 0.0%
Greece Jul industrial production (1.2%) y/y vs consensus +1.5%, prior +1.1%
Ireland Aug CPI +3.7% y/y vs consensus +3.5%, prior +3.4%
Portugal Aug CPI +3.3% y/y vs preliminary +3.3%
UK Aug house price balance (28%) vs consensus (31%), prior revised (29%) from (30%) - RICS
Markets:
WTI Crude (Oct 26): +$4.28 or +4.46% to $100.33
€-$ (0.0005) or (0.04%) to 1.1628
£-$ (0.0017) or (0.13%) to 1.3531
€-£ +0.0007 to 0.8595
S&P 500 (0.40%)
Performance year-to-date:
FTSE 100: +6.82%
DAX: +3.56%
CAC: (0.40%)
MIB: +15.27%
Stoxx 600: +7.39%
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