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StreetAccount Summary - EU Market Recap: FTSE 100 (0.45%) to 10636.71, DAX +0.10% to 25399.21, CAC40 (0.53%) to 8035.87, STOXX 600 (0.09%) to 638.08

Sep 29 ,2026

  • Synopsis:

    • European equity markets closed mostly lower and near the session's lowest levels. Technology, Ind Goods & Svcs and Travel & Leisure were the best performing sectors whilst Energy, Food & Beverage and Health Care lagged.

    • Focus remains on backup in bond yields and energy prices. Monday's big rate backup was attributed to recent narrative, with hawkish monetary policy expectations and upward inflation pressure. Iran headlines remain volatile. President Trump refuted Axios report he is willing to provide sanctions relief in return for concrete progress toward nuclear deal. Bloomberg also reported Iranian officials pessimistic about deal to end conflict before November midterm elections. Stalemate in negotiations underpinning oil prices. Some positive developments, with Saudis restarting Red Sea crude exports.

    • On macro data front, Eurozone economic sentiment indicator slipped lower after May-August rebound. Spanish inflation beat expectations. BRC shop price inflation came in slightly softer than expected in September on discounting by retailers. BoE mortgage approvals came in softer than expected amid ongoing housing market weakness. More ECB officials warned against impact of energy prices on inflation. Note that Lagarde told lawmakers on Monday that ECB policy is at the upper end of the neutral range. There was a slightly paring back in October rate hike expectations on the remarks.

    • Of note, France's government is reportedly planning to increase the TEITLD (Long Distance Infrastructure Tax) from 4.6% to 12.2% of revenues effective 2027, with shares of DG.FP (VINCI SA) and Eiffage (FGR.FP) closing lower.

    • On the reporting front, Lindt & Spruengli (LISN.SW) adjusted FY26 sales growth guidance downward, citing subdued consumer sentiment and increased price sensitivity; shares down ~(7%) at the open; also from the DACH region, Hapag-Lloyd (HLAG.GR) further raised its earnings outlook and - at its CMD - Medios (ILM1.GR) stated that it now expects FY31 adj EBITDA to double to ~€170M. Elsewhere, Legrand (LR.FP) provided upgraded 2030 ambitions in conjunction with 2026 CMD, Boozt Fashion (BOOZT.SS) raised FY revenue and EBIT outlook following a strong Q3 and Close Brothers Group (CBG.LN) posted its most recent earnings

    • In M&A news, wires are reporting that RWE (RWE.GR) and KKR made a joint non-binding offer for Uniper (UN01.GR) and BP (BP.LN) is weighing the sale of its Brazilian biofuels business

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +2.49%, Ind Goods & Svcs +0.53%, Travel & Leisure +0.50%, Financial Svcs +0.12%, Real Estate +0.03%, Media (0.03%), Chemicals (0.05%), Utilities (0.08%)

      • Underperformers:

        • Oil & Gas (1.35%), Food & Beverage (1.35%), Health Care (0.81%), Persnl & HHold Goods (0.66%), Insurance (0.66%), Retail (0.55%), Construct & Mtls (0.55%), Banks (0.46%), Basic Resources (0.29%), Telecom (0.27%), Autos & Parts (0.22%)

    • Macro:

      • Central banks:

        • ECB to expand euro swap lines to strengthen currency's global role, Lagarde says (Reuters)

      • France:

        • Mélenchon courts young and immigrant voters in bid to reach 2027 runoff against Le Pen (Politico)

      • Germany:

        • Germany issues EU budget ultimatum (FT)

      • Spain:

        • Madrid housing protests strain Sánchez coalition as government rushes delayed rent bill (Politico)

      • UK:

        • UK privately lobbies Trump administration for exemption from possible US diesel export ban (Bloomberg)

        • UK shop-price inflation eases to 1.4% in September as retailers absorb costs, BRC says (Bloomberg)

        • UK long-term inflation expectations near one-year high, Citi/YouGov survey shows (Reuters)

        • UK first-time buyer scheme could give housebuilders biggest boost in years, analysts say (Reuters)

        • Burnham to pledge end to 'drift' and social-care overhaul in first Labour conference speech as PM (Bloomberg)

        • Burnham set to push closer EU ties at Labour conference as party splits over how far to go (Politico)

        • UK tech founders urge Burnham to curb non-competes to match US rivals (FT)

    • Company news:

      • Notable Gainers

        • +15.5% CBG.LN (Close Brothers Group £4.46, +0.60) -- prelim FY eanrings

        • +13.3% EGTX.SS (Egetis Therapeutics SEK8.43, +0.99) -- announces FDA approval of EMCITATE for patients with MCT8 deficiency

        • +8.6% HLAG.GR (Hapag-Lloyd €142.90, +11.30) -- raises earnings outlook for current financial year

        • +8.6% 2GB.GR (2G Energy €60.90, +4.80) -- prelim Q3 earnings; raises FY guidance

        • +8.0% ZIG.LN (Zigup Plc £4.68, +0.35) -- AGM statement

        • +7.2% BAER.SW (Julius Baer Group CHF76.76, +5.16) -- confirms conclusion of FINMA enforcement procedure

        • +7.2% CARD.LN (Card Factory £0.78, +0.05) -- H1 earnings

        • +7.0% AGFB.BB (Agfa-Gevaert €0.49, +0.03)

        • +6.1% LR.FP (Legrand €143.05, +8.20) -- CMD

        • +4.4% SNWS.LN (Smiths News £0.71, +0.03) -- trading update

        • +4.3% RDC.GR (Redcare Pharmacy €71.10, +2.90) -- raises FY guidance

        • +4.2% ASML.NA (ASML Holding €1,601.20, +64.20)

        • +3.9% UN0.GR (Uniper €46.35, +1.75) -- RWE and KKR make joint non-binding offer for Uniper -- Bloomberg

        • +3.7% NIOX.LN (NIOX Group £0.68, +0.02) -- H1 earnings

        • +3.6% BMS.LN (Braemar £2.33, +0.08) -- H1 trading update

        • +3.6% RXL.FP (Rexel €36.37, +1.27) -- raises €500M by placing 14.4M new shares at a price of €34.75/each

        • +3.3% SENS.SW (Sensirion Holding CHF86.60, +2.80)

        • +2.9% HCM.LN (Hutchmed £2.15, +0.06) -- AstraZeneca submit US NDA for Orpathys/Tagrisso in MET-driven EGFR-mutated NSCLC

        • +2.7% BOOZT.SS (Boozt Fashion SEK150.00, +4.00) -- upgrades FY Revenue and Ebit outlook following strong Q3

        • +2.6% STMPA.FP (STMicroelectronics €47.04, +1.19)

        • +2.4% NORION.SS (Norion Bank SEK67.60, +1.60) -- SEB upgrade

        • +2.0% WIL.LN (Wilmington £2.59, +0.05) -- FY eanrings

        • +1.8% EMBRAC.B.SS (Embracer Group SEK85.20, +1.50)

      • Notable Decliners

        • -14.8% AB.FP (AB Science €0.59, -0.10) -- provides an update on its development plan and financial calendar

        • -8.4% LISN.SW (Chocoladefabriken Lindt & Spruengli CHF81,800.00, -7,500.00) -- lowers FY guidance

        • -8.2% TLW.LN (Tullow Oil £0.20, -0.02)

        • -4.2% HFG.GR (HelloFresh €2.30, -0.10)

        • -3.7% PHARM.NA (Pharming Group €0.89, -0.03) -- CEO to step down

        • -3.5% BAG.LN (A.G. BARR £5.78, -0.21) -- H1 earnings

        • -3.3% VWS.DC (Vestas Wind Systems DKK192.75, -6.50)

        • -3.2% ERF.FP (Eurofins Scientific €76.20, -2.52) -- Bernstein downgrade

        • -3.2% FME.GR (Fresenius Medical Care €39.20, -1.28) -- transferred, downgraded to hold from buy at Berenberg

        • -3.1% FGR.FP (Eiffage €102.75, -3.25) -- France's government plans to increase the TEITLD (Long Distance Infrastructure Tax) from 4.6% to 12.2% of revenues effective 2027 -- Les Echos

        • -2.4% DG.FP (VINCI SA €108.50, -2.65) -- France's government plans to increase the TEITLD (Long Distance Infrastructure Tax) from 4.6% to 12.2% of revenues effective 2027 -- Les Echos

        • -2.2% NKT.DC (NKT A/S DKK875.50, -19.50) -- Investor Day

        • -1.5% ARCAD.NA (ARCADIS €41.38, -0.62) -- CMD

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Leclanché (LECN.SW)

        • France: Kaufman & Broad (KOF.FP)

        • Nordics: SkiStar (SKIS.B.SS), Fluegger Group (FLUG.B.DC)

        • Southern Europe: Expert.ai (EXAI.IM)

        • UK: Spire Healthcare Group (SPI.LN), Saga (SAGA.LN), Avingtrans (AVG.LN), Avation (AVAP.LN), Real Estate Investors (RLE.LN)

      • Trading Update:

        • UK: Greggs (GRG.LN), NIOX Group (NIOX.LN)

      • CMD/Events: L'Oréal (OR.FP) EGM, Vestas Wind Systems (VWS.DC) factory visit at Nakskov blade factory, GEA Group (G1A.GR) - SdK, Viva Wine Group (VIVA.SS) EGM, Biovica International (BIOVIC.B.SS) EGM

  • Data:

    • Economics:

      • Spain

        • Aug Retail Sales (0.4%) y/y vs consensus +0.4% and prior (0.3%)

        • Sep Preliminary CPI +4.9% y/y vs consensus +4.7% and prior +4.3%

      • Switzerland Sep KOF Leading Indicators 109.1 vs consensus 106.0 and prior revised 107.5 from 106.7

    • Markets:

      • WTI Crude (Nov 26): ($0.97) or (1.05%) to $91.63

      • €-$ (0.0037) or (0.33%) to 1.1334

      • £-$ (0.0049) or (0.37%) to 1.3207

      • €-£ +0.0003 to 0.8582

      • S&P 500 (0.21%)

      • Performance year-to-date

        • FTSE 100: +7.10%

        • DAX: +3.71%

        • CAC: (1.39%)

        • MIB: +15.26%

        • Stoxx 600: +7.75%

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