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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.03%) to 10705.26, DAX (0.66%) to 25410.63, CAC40 (0.39%) to 8123.41, STOXX 600 (0.44%) to 639.92

Sep 23 ,2026

  • Synopsis:

    • European equity markets closed lower. Energy, Technology, Media the best performers; Insurance, Personal Care Drug and Grocery Stores, Autos & Parts lag. Follows two sessions of firmer levels. US equities lower in Wednesday midday trading, a bit off worst levels.

    • Equity markets softer despite easing in crude prices. Analysts cited ECB's hawkish stance, resilient economic growth, low European gas storage levels and rising crack spreads as potential culprits maintaining yields supported. Comes despite Saudi restart of East-West pipeline. Brent put options saw record volumes Tuesday. US and Iranian officials spoke yesterday for the first time since June. Lower oil and recent stabilization in US yields has also alleviated brakes on AI optimism. Yet, META Muse implications posing a headwind against other sectors at risk of disruption/displacement. Some talk of also of markets hedging for slower Fed rate hikes.

    • Quiet elsewhere. Press discussed various Trump meetings on the sidelines of UN ahead of Xi summit. Trump held talks with Japan's Takaichi and UK PM Burnham. US, Japan and South Korea issued a joint statement of solidarity against key issues related to non-market practices in an apparent reference to China. Burnham made first speech to UN and called for new global AI standards, but Trump rejects 'globalist scheme' to control AI. Meanwhile, Ukraine's Zelensky asked Trump for winter aid package and said he believes US will push for a energy ceasfire.

    • In other news, UK Treasury Select Committee touted plan to put more rigor into policy making. Called for fiscal watchdog OBR to produce a 10-year forecast to encourage ministers to think long-term rather than the electoral cycle. Burnham's adviser Jim O'Neil said pledge to deal growth in every postcode will result in wasted money and emphasized focus should be on getting Gilt yields to fall to reduce mortgage rates.

    • Macro data calendar focuses on flash PMIs. Eurozone composite PMI firmer than expected on upside surprise in services sector reading. Output in the euro area was the fastest since April 2023. Elsewhere, data from UK HR data firm Brightmine saw easing in pay settlements. Over in the US, September flash manufacturing PMI at 57.0, ahead of 53.6 consensus and August's final 53.9; release noted fastest acceleration since April 2022. Flash services PMI at 58.7, better than 56.0 forecast and prior month's 56.5 final; was steepest growth in output for more than five years.

    • In earnings news, JD Sports Fashion (JD.LN) reported H1 earnings slightly below expectations, with North America proving the softest region, but management confirmed FY profit and FCF guidance, signaling confidence despite regional headwinds. Also in the UK, Renishaw (RSW.LN) delivered FY results in line with prior guidance and struck an upbeat tone on the outlook, citing a strong start to FY27 driven by the ongoing upturn in semiconductor manufacturing equipment demand, alongside a solid dividend increase and a special interim payout. In DACHs, KWS SAAT (KWS.GR) posted FY earnings below expectations but maintained a constructive medium-term outlook, guiding to a recovery in organic sales growth as agricultural markets improve. EFG International (EFGN.SW) resolved a long-running legacy litigation matter with Kuwait's PIFSS, removing a key overhang on the balance sheet with only a marginal financial impact expected in H2.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 21-Sep to 25-Sep attached) Celyad Oncology (CYAD.BB), KWS SAAT (KWS.GR), Beneteau (BEN.FP), Quadient (QDT.FP), HDF Energy (HDF.FP), Admie Holdings (IPTO) (ADMIE.GA), OVS (OVS.IM), Kri-Kri (KRI.GA), Philogen (PHIL.IM), 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), and Kooth (KOO.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Eurozone, France, Germany, UK Sep flash manufacturing/services PMIs, Netherlands Q2 final GDP, Portugal Q2 final GDP, Norway Aug unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Energy+1.29%, Technology (0.07%), Media (0.11%), Ind Goods & Svcs (0.14%), Chemicals (0.19%),

      • Underperformers:

        • Insurance (1.70%), Personal Care Drug and Grocery Stores (1.38%), Autos & Parts (1.27%), Construct & Mtls (1.27%), Real Estate (1.16%), Utilities (1.15%), Basic Resources (1.09%), Retail (1.05%), Consumer Products and Services (0.88%), Health Care (0.67%), Financial Svcs (0.58%), Travel & Leisure (0.56%), Food, Beverage and Tobacco (0.45%), Banks (0.44%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Global growth holds up despite successive shocks, but risks persist - OECD

        • First US-Iran talks in months raise hopes for progress despite no concessions - Reuters

        • Russia cuts natural gas output, export forecasts - Reuters

      • EU

        • EU Commission seeks to release Hungary's frozen funds - Politico

        • European diesel prices climb over prospect of US export ban - FT

      • UK

        • UK reviewing Chagos Islands deal after Trump brands it 'terrible' - Politico

        • UK warned over ballooning debt costs and slower growth ahead of Budget - BBC

        • OECD calls for UK to cut interest rates next year - The Telegraph

        • PM's new anti-disinformation unit gets cross-party backing, as Farage declares it an attack on free speech - The Guardian

      • France

        • Macron positions himself as Trump's opposite in last UN speech - Le Monde

      • Germany

        • Why Germany's 'chancellor-in-waiting' is biding his time - FT

        • Linnemann rejects citizens' insurance - Handelsblatt

        • Top German Labor Union Seeks 5% Pay Hike to Beat Inflation - Bloomberg

      • Italy

        • OECD raises Italy 2026 GDP growth forecast to +0.9%,2027 forecast unchanged at +0.6% - Ansa

        • Meloni at spending crossroads after failing to get off EU's fiscal naughty step - FT

    • Company news:

      • Trading Higher:

        • +60.3% AT.LN (Ashtead Technology Holdings £0.00, +2.05) -- confirms that it has received an unsolicited and non-binding indicative 615p/sh offfer from Ember Infrastructure Management

        • +10.3% AMS.SW (ams-OSRAM CHF23.86, +2.20) -- price target increased at Jefferies

        • +7.3% BOKU.LN (BOKU £1.33, +0.09) -- H1 earnings; new Chief Product Officer

        • +4.8% LKFT.NA (Lakefront Biotherapeutics €28.22, +1.26) -- RBC Capital Markets upgrade

        • +4.5% EFGN.SW (EFG International CHF16.22, +0.70) -- settlement with PIFSS of Kuwait

        • +2.6% LSG.NO (Lerøy Seafood Group NOK42.34, +1.08) -- Pareto upgrade

        • +2.1% RTO.LN (Rentokil Initial £3.20, +0.06) -- carry-over sale of SOLitude Lake Management

        • +1.9% WCH.GR (Wacker Chemie €89.65, +1.65) -- sale of ~2.2M shares in Siltronic

        • +1.7% REG1V.FH (Revenio Group €11.10, +0.18)

        • +1.5% RBI.AV (Raiffeisen Bank International €64.80, +0.95) -- Rasperia ordered to pay damages of ~€3.15B

      • Trading Lower:

        • -21.8% ONCIN.NO (Oncoinvent NOK87.00, -24.00) -- 1.5M-share private placement priced at NOK90/sh

        • -12.3% W7L.LN (Warpaint London £1.98, -0.28) -- H1 earnings

        • -9.0% KWS.GR (KWS SAAT SE & Co. KGaA €71.20, -7.10) -- FY earnings

        • -7.0% WAF.GR (Siltronic €78.30, -5.80) -- sale of ~2.2M shares in Siltronic

        • -5.7% JD.LN (JD Sports Fashion £0.75, -0.05) -- H1 earnings

        • -4.9% SAMPO.FH (Sampo €8.84, -0.45) -- holder Solidium Oy to offer 70M A shares, ~2.6% of the outstanding shares

        • -4.7% ADYEN.NA (Adyen €866.10, -42.40) -- new CFO

        • -3.0% MCB.LN (McBride £1.76, -0.05)

        • -2.9% ARCAD.NA (ARCADIS €41.34, -1.26) -- WSP withdraws proposed offer

        • -1.9% BEN.FP (Beneteau €0.00, -0.10) -- H1 earnings

        • -1.8% JDG.LN (Judges Scientific £37.25, -0.70) -- H1 earnings; CFO to step down

    • 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

  • Data:

    • Economics:

      • Eurozone Sep Flash Manufacturing PMI 52.7 vs consensus 52.6 and prior 52.7

        • Services PMI 53.0 vs consensus 51.5 and prior 51.6

      • France Sep Flash Manufacturing PMI 50.3 vs consensus 50.8 and prior 51.1

        • Services PMI 51.4 vs consensus 48.4 and prior 48.0

      • Germany Sep Flash Manufacturing PMI 53.8 vs consensus 54.0 and prior 54.3

        • Services PMI 52.9 vs consensus 50.0 and prior 49.7

      • Netherlands Q2 GDP +1.6% y/y vs preliminary +1.3%

    • Markets:

      • WTI Crude (Nov 26): +$2.23 or +2.46% to $92.75

      • €-$ (0.0058) or (0.51%) to 1.1391

      • £-$ (0.0093) or (0.70%) to 1.3251

      • €-£ +0.0014 to 0.8596

      • S&P 500 (0.58%)

      • Performance year-to-date

        • FTSE 100: +7.79%

        • DAX: +3.76%

        • CAC: (0.32%)

        • MIB: +15.67%

        • Stoxx 600: +8.06%

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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