Sep 15 ,2026
Synopsis:
European equity markets generally ended the session lower, though above the worst levels of the day.
Pan-European indices opened slightly lower and extended falls, reaching lows around an hour into trading, before steadily paring losses until being little changed around Wall Street's open. Shares tailed off from the highs remaining range-bound into the close.
Finland +0.8% and Portugal +0.7% lead outperformers and were among the handful of country benchmarks ending up on the day. Denmark (1.0%) and Switzerland (0.5%) led underperformers.
Regards the Middle East, Turkish Foreign Minister Hakan Fidan says reciprocal attacks in the Gulf are affecting peace efforts to end the war on Iran, whilst Qatar has warned of dire consequences if the vital Bab al-Mandeb waterway were to close, after a months-long blockade of the Strait of Hormuz and recent Houthi gains on the Red Sea coast
In Eastern Europe, Russia and Ukraine exchange strikes despite Trump's claim of a truce, whilst Russia's foreign minister Lavrov stated at a round table for foreign diplomats on the Ukraine crisis in Moscow, that Russia could resume bilateral or trilateral negotiations if Kyiv is ready, but it would not stop fighting during any potential peace talks says.
Economic released included UK data pointing to ongoing softness in labor market, whilst the German ZEW economic sentiment indicator remained positive at 34.7 versus prior 34.2, yet below economists' expectations for a 40.0 outturn. Current conditions indicator recorded a strong increase, with a 14.0 gain to (47.1). It highlighted that analysts are cautiously optimistic about the economic recovery due to fiscal support and additional improvement in export growth.
ECB's Buch spoke and Cipollone was a panellist at conf on Watching European Financial Market Regulation and Supervision. Also, the first of the Bundesbank's monthly report pre-releases was made available
In politics, a large number of late early votes in the Swedish general election in combination with an increased number of overseas votes, means that the count is not expected to be fully completed until Thur. To date, in preliminary results with 95% of the votes counted, the opposition bloc received 176 seats against the right-leaning bloc (Tidö parties) 173, with just over 32,000 votes separating the blocs. In the UK, MPs held a general debate on the potential merits of a full ban on fracking. Elsewhere, Chancellor Merz delivered a speech at Entrepreneurs' Day of the Federation of German Wholesale, Foreign Trade and Services (BGA), then hosted Iraqi PM Ali al-Zaidi for talk. Norway's minister of defense Sandvik receives report from parliamentary committee presenting its conclusions and recommendations on the Intelligence Services Act. Other events include German Pharmacists' Day (through Thu)
M&A news flow included, Puig Brands (PUIG.SM) agreeing to acquire the remaining 50% of Isdin from Corporación Químico-Farmacéutica Esteve for €1.2B, Partners Group (PGHN.SW), acting on behalf of its clients, invests in international sports talent agency SEG, TX Group (TXGN.SW) increases stake in SMG (SMG.SW) to 34.9%, GSK (GSK.LN) to acquire T cell-engager for multiple myeloma from Chimagen, agreement has total potential value of up to $750M and Saipem (SPM.IM) completed the divestment of Shallow Water Drilling's operations in Saudi Arabia. Also, EP FR HOLDCO filed formal notification with EU Commission of its proposed offer to acquire Fnac Darty (FNAC.FP) and S-Bank receives all necessary regulatory approvals for its voluntary public cash tender offer for Oma Savings Bank (OMASP.FH)
Company earnings/updates included CMD/investor Days at Axa (CS.FP) announces 2027-29 strategy and financial targets and DOF Group (DOFG.NO) as well as earnings from Kier Group (KIE.LN), Princes Group (PRN.LN) and Trustpilot Group (TRST.LN)
Elsewhere, Renault's (RNO.FP) credit rating upgraded to investment grade at Moody's, Deutz (DEZ.HR) places 15.3M new shares at €11.70/share, TORM (TRMD.A.SC) holder OCM Njord sold 9M Class A share, Outlet Group's (+OUTLET.NO) IPO is oversubscribed on the full deal size, including the over-allotment facility, and B2 Impact (B2I.NO) holder Nevedal Invest is placing ~7% stake
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Oil & Gas +1.32%, Utilities +0.92%, Real Estate +0.42%, Telecom +0.40%, Insurance +0.34%, Ind Goods & Svcs +0.33%, Construct & Mtls (0.06%), Autos & Parts (0.18%)
Underperformers:
Financial Svcs (1.89%), Persnl & HHold Goods (1.37%), Food & Beverage (1.07%), Media (1.02%), Banks (0.91%), Travel & Leisure (0.85%), Basic Resources (0.68%), Retail (0.59%), Health Care (0.52%), Technology (0.37%), Chemicals (0.32%)
Macro/Peripheral markets:
Central banks:
EU:
Carney urges EU to cement trade deal as Ottawa seeks pivot from US - FT
Ireland:
Social Democrats' deputy leader calls for a windfall tax on energy companies - RTE
Italy:
Meloni advances Italian election law reform as far-right rival gains influence - FT
Sweden:
What are the government scenarios following the general election - The Local
UK:
Economists warn UK interest rates to rise just days after Budget - Telegraph
UK could raise addition tax revenue if it replaces oil windfall tax early - Bloomberg
Ford UK boss warns government ignore rising factory costs at your peril - Telegraph
Burnham mulls Saudi support amid UK fears of Houthi economic hit - Bloomberg
Last year, imports met more than 40% of the UK's energy needs - Offshore Energies UK report
Company news:
Notable Gainers
+10.4% GSP.IM (Gas Plus) -- H1 adjusted net income €16.5M vs year-ago €10.2M
+7.8% WIX.LN (Wickes Group) -- H1 adj EPS 9.6p vs year-ago 10.0p; hikes interim divi by ~3% and guides FY26
+5.3% SKP.LN (Sylvania Platinum) -- FY EPS $0.26 vs FactSet $0.28 [4 est, $0.24-0.30]; launches share buyback
+4.9% OBI.LN (Ondine Biomedical) -- initiated buy at Peel Hunt
+4.5% FEVR.LN (Fevertree Drinks) -- buy from hold at Kepler Cheuvreux; buy from hold at Goodbody Stockbrokers
+4.4% LSL.LN (LSL Property Services) -- H1 adjusted EPS 11.7p vs year-ago 10.3p
+4.2% HEM.SS (HEM.SS (Hemnet Group) -- overweight from equal-weight at Morgan Stanley
+4.0% PRN.LN (Princes Group) -- H1 EPS 11p vs year-ago 25p
+3.5% KIE.LN (Kier Group) -- FY EPS 23.5p ex-items vs FactSet 22.6p [7 est, 21.7-23.8p]; raises dividend +8.3% y/y; updates medium-term financial targets
+3.0% IPO.LN (IP Group) -- H1 net income £31.2M vs year-ago (£43.0M)
+2.2% FNTL.LN (Fintel) -- H1 adjusted EPS 5.9p vs year-ago 5.1p
+1.9% PGH.LN (Personal Group Holdings) -- H1 EPS 11.8p vs year-ago 9.2p; confident in delivering FY results in line with market expectations
+1.9% SPR.LN (Springfield Properties) -- FY adjusted EPS 8.0p vs FactSet 7.6p [2 est, 7.6-7.6p]
+1.8% IBE.SM (Iberdrola) -- EU clears Iberdrola's acquisition of Caruna
+1.8% SPM.IM (Saipem) -- completes divestment of Shallow Water Drilling's operations in Saudi Arabia
+1.6% AXFO.SS (Axfood) -- buy from hold at Nordea
+1.2% FLU.AV (Flughafen Wien) -- Aug group total passenger traffic (1.7%) to 4.5M
+1.0% MCB.LN (McBride) -- FY adj. EPS 21.6p vs FactSet 20.2p [5 est, 19.2-21.2p]
On earnings/updates: CS.FP (AXA), NewPrinces (NWL.IM) and reversing initial falls DOF Group (DOFG.NO)
Notable Decliners
-19.4% TRST.LN (Trustpilot Group) -- H1 EPS $0.03 vs FactSet $0.03 [1 est]; enters H2 with confidence in FY guidance and long-term opportunity ahead
-12.7% CRNA.NO (Circio Holding) -- completes capital raise of ~ NOK200M, discloses key information relating to potential subsequent offering
-11.0% ALCLS.FP (Cellectis SA) -- market perform from market outperform at Citizens
-9.1% IMM.LN (ImmuPharma) -- H1 EPS (0.8p) vs year-ago (0.6p)
-6.8% HLUN.B.DC (H. Lundbeck) -- sell from hold at Deutsche Bank
-6.1% EYE.LN (Eagle Eye Solutions Group) -- FY Trading Update: revenue £46.7M, as reported on 17-Jul
-5.0% MPAC.LN (Mpac Group) -- H1 underlying EPS 5.7p vs year-ago 14.0p; full year outlook remains unchanged
-4.7% HVO.LN (hVIVO) -- H1 adjusted net income (£6.5M) vs year-ago £0.2M; CFO intend to retire
-4.2% SMG.SW (SMG Swiss Marketplace Group) -- TX Group increases stake in SMG to 34.9%
+0.7% TXGN.SW (TX Group)
-4.0% MOVE.SW (Medacta Group) -- initiated hold at Deutsche Bank
-3.8% REG1V.FH (Revenio Group) -- updates its strategy for 2027-29 and provides new financial targets for the strategy period
-3.2% WSU.GR (WashTec) -- continues to target an EBIT margin of 12-14% in the 2028/29 timeframe
-3.2% ALU.LN (Alumasc Group) -- FY underlying EPS 20.1p vs FactSet 20.6p [2 est, 20.1-21.0p], confident of improved FY27 margins
-2.8% PUIG.SM (Puig Brands) -- agrees to acquire the remaining 50% of Isdin from Corporación Químico-Farmacéutica Esteve for €1.2B
-2.8% EVK.GR (Evonik Industries) -- equal-weight from overweight at Morgan Stanley
-2.7% EVPL.LN (Everplay) -- H1 adj EPS 3.7p vs year-ago 10.5p; expects FY26 revenue and adj EBITDA to be materially ahead of current market expectations
-2.5% SES.IM (SeSa) -- Q1 adj net income €30.1M vs FactSet €28.9M
-2.3% ACSO.LN (accesso Technology Group) -- H1 adjusted EPS $0.13 vs FactSet $0.06 [1 est]; shares reversed initial gains
-2.1% BORR.NO (Borr Drilling) -- agrees to divest its 51% equity interest in Mexican JVs to its long-standing local partner in Mexico
-2.0% KIST.LN (Kistos Holdings) -- completes acquisition of Blocks 3 & 4 from Mitsui E&P Middle East B.V.
-2.0% AET.LN (Afentra) -- H1 EPS ($0.01) vs year-ago $0.02
-1.5% AMBU.B.DC (Ambu) -- neutral from buy at UBS
-0.9% PEN.NO (Panoro Energy) -- closes acquisition in Côte d'Ivoire
EU companies reporting tomorrow:
Earnings:
DACHs: R&S Group Holding (RSGN.SW), MPH Health Care (93M1.GR)
France: Bolloré (BOL.FP)
Nordics: Nightingale Health (HEALTH.FH)
Southern Europe: Grenergy Renovables (GRE.SM), MFE-MEDIAFOREUROPE (MFEB.IM), Somec (SOM.IM)
UK: Barratt Redrow (BTRW.LN), Pan African Resources (PAF.LN)
Other: Mavi Giyim Sanayi ve Ticaret (MAVI.E.TI)
Trading Update:
UK: WH Smith (SMWH.LN)
CMD/Events: VBV Global (VNV.SS), Vetropack Holding (VETN.SW), DocMorris (DOCM.SW) speaking at Investora
Data:
Economics:
Germany Sep ZEW survey
Economic sentiment indicator 34.7 vs consensus 37.0, prior 34.2
Current situation (47.1) vs consensus (52.2), prior (61.1)
UK Aug claimant count change +27.8K vs consensus +8.3K, prior revised (11.8K) from (11.0K)
Jul unemployment rate 4.9% vs consensus 5.0%, prior 4.9%
Norway Aug trade balance NOK100.4B vs consensus NOK95.1B, prior revised NOK88.8B from NOK84.3B
Italy Jul trade balance €8.24B vs consensus €4.7B, prior revised €4.34B from €4.23B
Eurozone Jul trade balance €14.2B vs consensus €14.4B, prior revised €7.2B from €8.6B
France Aug CPI +2.4% y/y vs preliminary +2.4%
Spain Aug CPI +4.3% y/y vs preliminary +4.3%
Markets:
WTI Crude (Oct 26): +$3.28 or +3.24% to $104.67
€-$ (0.0010) or (0.09%) to 1.1541
£-$ (0.0027) or (0.20%) to 1.3474
€-£ +0.0009 to 0.8566
S&P 500 (0.46%)
Performance year-to-date:
FTSE 100: +7.32%
DAX: +3.72%
CAC: (0.73%)
MIB: +14.71%
Stoxx 600: +7.09%
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