Sep 22 ,2026
Synopsis:
European indices ended mixed, with Norway underperforming the region. Sentiment positive after pullback in oil in prior session and renewed momentum in AI trade. Semis and memory stocks building on recent strength. No sign yet of a diplomatic breakthrough between US and Iran, but market taking encouragement on news of a recovery in oil and LNG flows through Strait of Hormuz. Also reports Iran proposing to reopen Hormuz within seven days. Trump to address world leaders at UN General Assembly and meet with Gulf leaders later today. US-China talks ahead of President Trump-Xi summit described as "successful" with establishment of a formal "AI dialogue" (no slowdown). However, still no formal extension of trade truce.
Meanwhile, French President Macron and Trump discussed idea of Ukraine and Russia halting strikes on energy infrastructure in talks on Monday. UK announced military support for Saudi Arabia to help counter Houthi fighters and restore stability ahead of PM Burnham meeting with Trump today. Press reports said he will urge Trump to wind down US action in Iran. Will use a speech in UN today that focuses on harnessing power of AI.
Macro-front was light: UK public sector borrowing exceeded expectations in August, underlining fiscal pressure ahead of October budget. Comes amid report that government considering fiscal rule exemption for building projects by public corporations. CBI Industrial Trends Orders survey out later. In central bank speak, ECB chief economist Lane said inflation will stay higher for longer due to new wave of high energy prices. Elsewhere, UK auto lobby group warns on impact of EU's 'Made in Europe' plan on sector
In corporate news; out of the UK, Kingfisher (KGF.LN) posted H1 numbers and upgraded FY27 adj PBT and FCF guidance; Smiths Group (SMIN.LN) and Sthree (STEM.LN) also updating investors before the open. In the DACH region, TUI Group (TUI1.GR) and Newron Pharmaceuticals (NWRN.SW) released their most recent earnings whilst - in France - Bureau Veritas (BVI.FP) held its CMD today. In the banking sector, Deutsche Bank (DBK.GR) Standard Chartered (STAN.LN) under scrutiny following a FT report that major international banks have processed transactions worth ~ $7B for Russian-backed fintech company A7; also, media reported that BNP Paribas (BNP.FP) has hired Goldman Sachs (GS) to sell Cetelem unit in Spain for more than €1B. In other deals, BASF (BAS.GR) has reportedly explored Evonik (EVK.GR) deal this year and Sampo (SAMPO.FH) reduced its ownership in NOBA (NOBA.SS) to ~10%
Digest:
Sectors - STOXX Europe 600:
Outperformers: Retail +3.11%, Chemicals +1.73%, Technology +1.52%, Construct & Mtls +1.41%, Travel & Leisure +1.11%, Food & Beverage +1.05%, Basic Resources +0.91%, Persnl & HHold Goods +0.70%, Ind Goods & Svcs +0.57%, Health Care +0.50%, Utilities +0.34%, Oil & Gas +0.20%
Underperformers: Telecom (2.05%), Insurance (2.00%), Financial Svcs (1.26%), Banks (0.98%), Media (0.19%), Autos & Parts +0.02%, Real Estate +0.12%
Macro:
EU renews Russia sanctions, drops Russian billionaires Usmanov and Fridman (Reuters)
Chancellor Merz braces for difficult days ahead (dw)
Merz Seeks to Save German Reform Effort After Election Rout (BBG)
UK PM Burnham does not rule out Brexit reversal being in next Labour manifesto (Guardian)
France draws up emergency measures as petrol panic-buying sweeps country (Telegraph)
Putin and Saudi crown prince call for safe passage via Hormuz, Bab el-Mandeb (Reuters)
Italy's Istat confirms 2025 deficit of 3.1%, dashing hopes for end to infringement procedure (Ansa)
Sweden to Hike Rate in Fourth Quarter of 2026, Survey Finds (BBG)
Ukraine open to grain truce with Russia, deputy PM says (Politico)
China spends record amount importing over 1,000 tonnes of gold this year (FT)
Company news:
Notable Gainers
+18.8% ONCO.SS (Oncopeptides SEK2.51, +0.40) -- to present preclinical and translational glioblastoma data at EANO 2026
+13.7% VU.FP (VusionGroup €132.00, +16.00) -- H1 earnings
+12.4% KGF.LN (Kingfisher £3.42, +0.38) -- H1 eanrings; upgrades guidance
+11.1% ABCA.FP (ABC arbitrage €5.75, +0.58) -- H1 earnings
+10.4% ATS.AV (AT & S Austria Technologie & Systemtechnik €205.00, +19.50) -- and Marvell Technology expand collaboration to support next-generation AI infrastructure
+9.4% DXRX.LN (Diaceutics £1.87, +0.16) -- H1 earnings
+7.5% SMIN.LN (Smiths Group £27.92, +1.93) -- FY earnings
+6.2% ACSO.LN (accesso Technology Group £2.99, +0.18)
+6.0% OXB.LN (OXB £4.96, +0.28) -- H1 earnings
+5.5% OERL.SW (OC Oerlikon Corp. CHF5.91, +0.31)
+5.0% PLAT.GA (Thrace Plastics Holding & Commercial €5.22, +0.25) -- H1 earnings
+4.8% EMBRAC.B.SS (Embracer Group SEK85.76, +3.98)
+4.5% SKA.B.SS (Skanska SEK284.90, +12.30) -- contract
+4.3% EVK.GR (Evonik Industries €17.85, +0.74) -- BASF has explored Evonik deal this year - Seeking Alpha
+4.2% SPIE.FP (SPIE €44.50, +1.82) -- launches repurchase invitation and announces early redemption of its 2028 ORNANEs, and successfully places a €500M sustainability-linked bond
+4.1% PRX.NA (Prosus €37.60, +1.49) -- appoints new Chief AI Officer and CTO
+3.3% PNDORA.DC (Pandora DKK837.00, +27.00)
+3.2% BITTI.FH (Bittium €38.50, +1.20) -- and Safran Electronics & Defense sign MoU to offer advanced tactical communications for the French Armed Forces
+3.0% CCH.LN (Coca-Cola HBC £44.32, +1.30)
+2.1% SFER.IM (Salvatore Ferragamo €7.58, +0.16)
+1.4% BOOT.LN (Henry Boot £1.42, +0.02) -- H1 earnings
+1.0% ATORX.SS (Alligator Bioscience SEK0.02, -0.00) -- final results of placement
+0.8% DSV.DC (DSV A/S DKK1,212.00, +9.50)
+0.8% NETI.B.SS (Net Insight SEK3.09, +0.02) -- appoints interim CFO
+0.1% TUI1.GR (TUI Group €6.58, -0.00) -- pre-close trading update
Notable Decliners
-14.8% GREEN.SS (Green Landscaping Group SEK18.00, -3.10) -- announces one-off costs of SEK 79M in Q3; launches improvement programme and strengthens management
-8.2% SAA.LN (M&C Saatchi £1.35, -0.12) -- H1 earnings
-5.5% LUCE.LN (Luceco £2.24, -0.13) -- H1 earnings
-5.2% ONCIN.NO (Oncoinvent NOK110.00, -6.00) -- placement
-4.5% TCAP.LN (TP ICAP Group £3.31, -0.15)
-3.3% ALV.GR (Allianz €431.90, -14.90)
-3.3% HEIJM.NA (Heijmans €85.60, -2.90) -- Heijmans holder Waterbird B.V. offers 2.3M shares -- Bloomberg
-2.3% STAN.LN (Standard Chartered £22.70, -0.53) -- Major international banks have processed transactions worth ~ $7B for Russian-backed fintech company A7 --FT
-2.1% CS.FP (AXA €43.93, -0.93)
-2.1% TTK.GR (Takkt €3.00, -0.06) -- Chairman steps down
-1.6% NWRN.SW (Newron Pharmaceuticals CHF11.00, -0.18) -- H1 earnings
EU companies reporting tomorrow:
Earnings:
Benelux: Celyad Oncology (CYAD.BB)
DACHs: KWS SAAT (KWS.GR)
France: Beneteau (BEN.FP), Quadient (QDT.FP), HDF Energy (HDF.FP)
Southern Europe: Admie Holdings (IPTO) (ADMIE.GA), OVS (OVS.IM), Kri-Kri (KRI.GA), Philogen (PHIL.IM)UK: JD Sports Fashion (JD.LN), Renishaw (RSW.LN), Ceres Power Holdings (CWR.LN), BOKU (BOKU.LN), Judges Scientific (JDG.LN), Warpaint London (W7L.LN), Pharos Energy (PHAR.LN), Kooth (KOO.LN)
Trading Update:
France: Trigano (TRI.FP)
CMD/Events:
UPM-Kymmene (UPM.FH) future WISA Group, Boliden (BOL.SS) metals outlook presentation, organized by ABG Sundal Collier, Liechtensteinische Landesbank (LLBN.SW) presentation of the new strategy, Wartsila (WRT1V.FH) business update call, Thule Group (THULE.SS) business update call, Enento Group (ENENTO.FH) business update pre-silent call, Adidas (ADS.GR) Home of Innovation - investor and analyst edition event
Macro-updates expected for tomorrow:
Eurozone, France, Germany, UK Sep flash manufacturing/services PMIs, Netherlands Q2 final GDP, Portugal Q2 final GDP, Norway Aug unemployment rate
Data:
Economics:
Eurozone Sep Flash Consumer Confidence (16.5) vs consensus (16.5) and prior (15.5)
Spain Jul Trade Balance (€5.22B) vs consensus (€8.1B) and prior (€7.69B)
UK Aug Public Sector Net Borrowing (£18.3B) vs consensus (£15.7B) and prior revised (£2.0B) from (£1.8B)
Markets:
WTI Crude (Oct 26): ($0.11) or (0.11%) to $95.67
€-$ (0.0030) or (0.26%) to 1.1435
£-$ (0.0036) or (0.27%) to 1.3332
€-£ (0.0001) to 0.8577
S&P 500 (0.10%)
Performance year-to-date
FTSE 100: +7.82%
DAX: +4.44%
CAC: +0.07%
MIB: +15.91%
Stoxx 600: +8.54%
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