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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.10%) to 10684.88, DAX (0.13%) to 25374.42, CAC40 +0.01% to 8078.48, STOXX 600 +0.00% to 638.68

Sep 28 ,2026

  • Synopsis:

    • European equity markers closed mixed, well off best levels. Energy, food/beverage, luxury and real estate the biggest gainers; miners, tech and travel/leisure the big decliners. Follows modestly higher close last week.

    • Bond markets under pressure. Usual drivers being mentioned, including higher oil, resilient US growth and upside inflation risks, fiscal trajectories and hawkish monetary policy expectations. Some attention to flattening curves and potentially negative signaling effects for economy, though also view that yields not high enough to slow growth being driven largely by rate insensitive sectors like AI hardware.

    • China industrial profit growth slowed with NBS citing base year effects and lopsided contributions from electronics and raw materials industry. Japan corporate services inflation rose to highest in two years. In other news, US published list of non-sensitive goods valued at $30B eligible for favorable tariff treatment, including US agriculture, medical devices and Chinese consumer goods. China readout of Trump-Xi summit also mentioned tariff agreement though left out mention of specific product categories.

    • Quiet macro calendar in Europe to start the week. Attention on politics. France's conservative Republicans party and its allies set to retain majority in the Senate, though National Rally gained several seats. UK Labour Party conference has seen several policy-related headlines. PM Burnham said it could scrap the pensions triple lock to pay for social care. Government launched new Help to Buy scheme to get first time buyers onto the property ladder. Chancellor Healey to put defense in focus for reindustrialization. Handelsblatt reported that German parties on the left are discussing prospects for a coalition after recent state elections.

    • In M&A news, local Swiss press reported that at least eight financial institutions have signalled willingness to talk about possible merger with UBS (UBSG.SW) and - still in the banking sector - Erste Group Bank (EBS.AV) launched a voluntary tender offer to increase its shareholding in Erste Bank Polska by up to 26%; in another deal, DNO (DNO.NO) announced that its $5.214/sh in cash final offer for Capricorn Energy plc (CNE.LN) will not be increased; in Germany, BASF (BAS.GR) confirmed exploratory talks regarding a potential takeover of Evonik (EVK.GR) whilst - in France - Rexel (RXL.FP) has entered into an agreement with Audax Private Equity to acquire GCG at an Enterprise Value of ~$1.4B; in Belgium, Agfa-Gevaert (AGFB.BB) and EFI will combine their Digital Printing businesses and Siris acquired an Active Ownership's 19.1% stake in Agfa-Gevaert; also, Irish Residential Properties REIT (IRES.ID) confirmed it has received an offer from Baring at a price of €1.386 per I-RES ordinary share and CVC confirmed that it does not intend to make an offer to acquire Bodycote (BOY.LN).

    • In the UK, Tullow Oil TLW.LN) issued H1 earnings, whilst Entain (ENT.LN) stated that it maintained its FY26 EBITDA guidance despite a Brazil ban on online sports betting and gaming

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 28-Sep to 03-Oct attached) Hornbach Holding (HBH.GR), 2G Energy (2GB.GR), GENFIT (GNFT.FP), Waga Energy (WAGA.FP), GenSight Biologics (SIGHT.FP), Piraeus Port Authority (PPA.GA), Seri Industrial (SERI.IM), Close Brothers (CBG.LN), A.G. BARR (BAG.LN), S&U (SUS.LN), Wilmington (WIL.LN), Card Factory (CARD.LN) and Ebiquity (EBQ.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Italy Aug PPI, Spain Sep preliminary CPI, Aug retail sales, Eurozone Sep economic sentiment indicator, Switzerland Sep leading indicator - KOF, UK Aug mortgage approvals, M4 money supply, Sep shop price inflation - BRC, Belgium Sep CPI, Aug PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Consumer Products and Services +1.30%, Personal Care Drug and Grocery Stores +0.82%, Energy+0.80%, Retail +0.39%, Construct & Mtls +0.33%, Health Care +0.31%, Chemicals +0.14%, Insurance +0.02%, Food, Beverage and Tobacco +0.02%,

      • Underperformers:

        • Telecom (1.54%), Basic Resources (1.14%), Autos & Parts (0.94%), Media (0.61%), Ind Goods & Svcs (0.38%), Financial Svcs (0.32%), Utilities (0.31%), Technology (0.24%), Real Estate (0.18%), Banks (0.01%),

    • Macro/Peripheral markets:

      • Geopolitics

        • US and Iran set to hold separate talks with mediators, official says - Reuters

        • Ukraine Expects No Black Sea Ceasefire in Coming Months - Bloomberg

      • Central Banks

        • BOE's Ramsden Joins Warnings That Rates May Have to Rise - Bloomberg

        • ECB's Lagarde Says Higher Yields to Slow Growth and Inflation - Bloomberg

      • EU

        • EU seeks NATO-style response to Russian hybrid attacks - Politico

        • EU Commissioner Zaharieva calls on Merz to support founders - Handelsblatt

      • UK

        • Burnham to go 'further and faster' than Starmer on Brexit reset - Politico

        • Healey vows to stick to fiscal rules in budget built on hope - The Guardian

        • RAF Fairford suspects are British men in their 20s, police say, as Iranian embassy denies involvement - BBC

        • Housebuilders get £2bn bounce from Burnham's new Help to Buy scheme - The Telegraph

      • France

        • French Senate elections: Far right can form group for first time, right conserves majority - Le Monde

        • Far-right Le Pen and hard-left Melenchon seen reaching French presidential run-off, poll shows - Reuters

      • Germany

        • Berlin Left, Greens and SPD to speak from Thursday - Handelsblatt

      • Sweden

        • Sweden faces political deadlock after Andersson gives up attempt to form government - Reuters

    • Company news:

      • Trading Higher:

        • +23.9% AGFB.BB (Agfa-Gevaert €0.45, +0.09) -- combine Digital Printing businesses with EFI; Siris acquires Active Ownership's 19.1% stake

        • +20.1% GLE.LN (MJ Gleeson £2.88, +0.49) -- reports of a new Help to Buy scheme

          • +15.1% PSN.LN (Persimmon £13.43, +1.75) --

          • +12.3% BTRW.LN (Barratt Redrow £3.51, +0.38) --

          • +10.9% TW.LN (Taylor Wimpey £0.90, +0.09) --

          • +10.7% CRST.LN (Crest Nicholson Holdings £0.66, +0.06) --

          • +10.6% BWY.LN (Bellway £23.34, +2.20) --

          • +10.2% VTY.LN (Vistry Group £2.91, +0.26) --

          • +4.7% TPK.LN (Travis Perkins £6.32, +0.28) --

        • +19.1% TRB.LN (Tribal Group £0.99, +0.16) -- Main Capital Partners improves acquisition offer price

        • +14.5% GEN.LN (Genuit Group £3.05, +0.39)

        • +13.2% EQS.FP (Equasens Group €33.50, +3.90) -- H1 earnings

        • +9.3% BUR.LN (Burford Capital £3.03, +0.26) -- potential up to $1.4B financial entitlement

        • +8.6% BREE.LN (Breedon Group £3.37, +0.27)

        • +7.3% INSTAL.SS (Instalco SEK44.00, +2.96) -- Pareto upgrade

        • +6.0% OSE.FP (OSE Immunotherapeutics €2.39, +0.13) -- cash position and business update

        • +5.6% HUM.SS (Humana AB SEK71.70, +3.80) -- Ambea acquisition approved by competition authorities

        • +5.3% CALN.SW (Calida Holding CHF13.74, +0.68) -- new capital allocation strategy

        • +5.0% ATE.FP (Alten €79.70, +3.80)

        • +4.8% AVTX.NA (Avantium €5.26, +0.24)

        • +4.7% HFG.GR (HelloFresh €2.38, +0.11) -- Kepler Cheuvreux upgrade

        • +4.2% DOKA0.SW (dormakaba Holding CHF64.60, +2.60) -- transferred buy at Jefferies; prior rating was hold

        • +4.1% MAIRE.IM (MAIRE €12.70, +0.50) -- initiated buy at Citi

        • +4.0% KLR.LN (Keller Group £34.62, +1.32) -- $650M contract

        • +3.9% CCT.LN (Character Group £3.20, +0.12) -- trading update

        • +3.9% AVARDA.SS (Avarda Bank SEK208.50, +7.70) -- initiated buy at Nordea

        • +3.8% FXPO.LN (Ferrexpo £0.34, +0.01)

        • +3.6% CVSG.LN (CVS Group £12.53, +0.43)

        • +3.0% HLG.GR (Highlight Communications €0.62, +0.02) -- Estimated weekend box office revenues in US, Canada $122.5M, +64.3% y/y - Box Office Mojo

        • +2.7% VER.AV (Verbund €64.35, +1.70) -- Deutsche Bank upgrade

        • +2.6% STORY.B.SS (Storytel SEK117.40, +3.00) -- initiated buy at Danske Bank

        • +2.3% SRT3.GR (Sartorius €264.40, +6.00)

        • +2.2% EL.FP (EssilorLuxottica €147.25, +3.20) -- Armani willing to sell its 15% stake to more than one investor - CNBC

        • +1.5% FGP.LN (FirstGroup £1.82, +0.03) -- compeltion of group pension buy-in and return of £17.5M escrow funds

      • Trading Lower:

        • -33.1% BETCO.SS (Better Collective SEK74.10, -35.20) -- Brazil regulatory update

        • -22.8% ADXN.SW (Addex Therapeutics CHF0.02, -0.01) -- Q2 earnings

        • -5.3% FRES.LN (Fresnillo £27.94, -1.54)

        • -4.7% CNE.LN (Capricorn Energy £4.27, -0.21) -- DNO cash final offer will not be increased

        • -4.6% ALWN.GA (Allwyn AG €11.29, -0.55) -- Brazil regulatory update

        • -4.1% PNDX.B.SS (Pandox SEK153.00, -6.40) -- Nordea downgrade

        • -3.5% QDT.FP (Quadient €12.28, -0.46)

        • -3.1% BOY.LN (Bodycote £9.18, -0.30) -- CVC confirms that it does not intend to make an offer

        • -2.6% RCN.LN (Redcentric £0.94, -0.03) -- earnings

        • -1.8% BKG.LN (Berkeley Group Holdings £33.78, -0.60) -- reports of a new Help to Buy scheme

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Hornbach Holding (HBH.GR), 2G Energy (2GB.GR)

        • France: GENFIT (GNFT.FP), Waga Energy (WAGA.FP), GenSight Biologics (SIGHT.FP)

        • Southern Europe: Piraeus Port Authority (PPA.GA), Seri Industrial (SERI.IM)

        • UK: Close Brothers (CBG.LN), A.G. BARR (BAG.LN), S&U (SUS.LN), Wilmington (WIL.LN), Card Factory (CARD.LN), Ebiquity (EBQ.LN)

      • Trading Update:

        • Other: Pepco Group (PCO.PW)

      • CMD/Events: BMW Group (BMW.GR) through Wed, British American Tobacco (BATS.LN) through Wed, KWS Vegetables (KWS.GR) Investor & Analyst Seminar, Legrand (LR.FP), PayPoint (PAY.LN), Arcadis (ARCAD.NA), INDUS Holding (INH.GR) and Multitude (MULT.GR) among participants at Zü­rich In­ves­to­ren­tag, Medacta Group (MOVE.SW) production site visit, NKT (NKT.DC), TUI (TUI1.GR) - SdK, Scanfil (SCANFL.FH), OMV Petrom (SNP.RO)

  • Data:

    • Economics:

      • Sweden Aug Trade Balance (SEK11.90B) vs consensus SEK0.5B and prior revised SEK1.40B from SEK1.20B (2:00ET)

    • Markets:

      • WTI Crude (Nov 26): +$2.89 or +3.13% to $95.30

      • €-$ (0.0014) or (0.12%) to 1.1370

      • £-$ +0.0023 or +0.17% to 1.3254

      • €-£ (0.0028) to 0.8577

      • S&P 500 (0.84%)

      • Performance year-to-date

        • FTSE 100: +7.59%

        • DAX: +3.61%

        • CAC: (0.87%)

        • MIB: +15.22%

        • Stoxx 600: +7.85%

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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