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StreetAccount Summary - EU Market Recap: FTSE 100 (0.06%) to 10650.33, DAX (0.07%) to 25259.90, CAC40 (0.07%) to 7827.63, STOXX 600 (0.10%) to 635.01

Oct 13 ,2026

  • Synopsis:

    • European equity markets pare session gains to finish little lower Tuesday. Follows positive performance on Monday. Tech, industrials miners the biggest laggards. Chemicals, media, insurance and real estate main gainers.

    • Weakness in the AI trade continuing today (even as broader risk tone better in Europe), with global memory again coming under stiffer pressure. South Korea overnight capped its biggest two-day pullback since July, and SOX yesterday logged its fourth straight decline (longest streak in more than two months). Still a lot of focus on Monday's headlines about memory competition from China's CXMT and comments by AVGO CEO Hock Tan on AI investors' "extreme expectations." Comes against ongoing debates about open-weight model competition, drumbeat of new frontier models, and lingering concerns about financing constraints. Fairly quiet elsewhere. Houthis continue to launch attacks on Saudi Arabia while not much new in the SoH after a Monday flurry of strike headlines.

    • Europe holding up better on rate reprieve/stabilization although tech names and luxury under pressure. Of note, LVMH posted weaker Q3 sales, as deteriorating Chinese consumer sentiment hit Louis Vuitton and Dior. In macro data, German September inflation higher on surging energy costs, while French business uncertainty jumped in September on concerns about fuel prices and a deterioration of the economy. IMF cautioned UK to continue fiscal consolidation and avoid unleashing cost-of-living support measures. Latest consumer surveys show UK shoppers remain cautious as fuel costs squeeze household budgets. BoE's Greene said interest rates should be higher as UK growth and jobs data show policy not restrictive enough.

    • Over in the US,September NFIB small-business optimism dipped to 97.9 from prior months' 98.7; release noted owners cautious amid rising costs, higher rates, and persistent hiring challenges. ADP weekly private-payroll growth estimate came in at 24.75K jobs/wk for four weed through 26-Sep; slight deceleration from prior week's estimate. In Fedspeak, Governor Waller said higher Treasury yields are helping to cool demand in interest-sensitive sectors, helping to do a bit of the work of rate hikes.

    • In corporate news flow, out of DACHs, Givaudan (GIVN.SW), Sulzer (SUN.SW) and Schaeffler (SHA0.GR) posted updates. In the UK, Whitbread (WTB.LN), BP (BP.LN) and Marston's (MARS.LN) also updated investors before the open. In France, LVMH Moet Hennessy Louis Vuitton (MC.FP) Q3 sales missed but analysts note weakness has already been anticipated. Publicis Groupe (PUB.FP) and Eramet (ERA.FP) released updates.

    • In M&A, Nokia (NOKIA.FH) to sell Enterprise Campus Edge business to AURELIUS (AR4.GR). Balfour Beatty (BBY.LN) sells its 50% shareholding in HK based contractor Gammon Construction to Jardine Matheson (J36.SP) for £250M in cash. Plus500 (PLUS.LN) announces that it has conditionally agreed to acquire Hedge Capital Markets Inc.. Credit Agricole (ACA.FP) signs agreement for acquisition of IKB Deutsche Industriebank. London Stock Exchange Group (LSEG.LN) confirmed discussions with Permira regarding the purchase of Octus for a consideration of ~$3.5B.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 12-Oct to 16-Oct attached) ASML Holding (ASML.NA), Avarda Bank (AVARDA.SS), Dustin Group (DUST.SS), Softcat (SCT.LN), Vertu Motors (VTU.LN), Havas (HAVAS.NA), Bossard Holding (BOSN.SW), Gecina (GFC.FP), Exail Technologies (EXA.FP), Savencia (SAVE.FP), GL Events (GLO.FP), CATANA Group (ALCAT.FP), Ashmore Group (ASHM.LN), Brooks MacDonald Group (BRK.LN), Ferrexpo (FXPO.LN), Robert Walters (RWA.LN), Lonza (LONN.SW) qualitative update and CMD, Italgas (IG.IM), Porvair (PRV.LN), Keller Group (KLR.LN), Muhlbauer Holding (MUB.GR), Schaeffler (SHA0.GR) pre-close call, cyan (CYR.GR), Redcare Pharmacy (RDC.GR) EGM to appoint new CEO Schmid, Castellum (CAST.SS), and AlzeCure Pharma (ALZCUR.SS) will be amongst other names to update investors, whilst the macro-calendar releases will include Spain Sep final CPI, Sweden Sep final CPI, and Finland Sep CPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Chemicals +2.02%, Media +1.95%, Food, Beverage and Tobacco +1.23%, Real Estate +0.90%, Autos & Parts +0.90%, Insurance +0.84%, Energy+0.83%, Personal Care Drug and Grocery Stores +0.48%, Utilities +0.37%,

      • Underperformers:

        • Technology (1.60%), Basic Resources (1.15%), Ind Goods & Svcs (0.60%), Health Care (0.47%), Financial Svcs (0.23%), Travel & Leisure (0.13%), Construct & Mtls (0.06%), Consumer Products and Services +0.02%, Telecom +0.17%, Banks +0.17%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Zelenskyy says Kyiv's partners failed to warn of ballistic missile attack - FT

        • Saudi-led coalition orders evacuation of Yemen oil facility in Sanaa ahead of operation - Reuters

      • EU

        • Franco-German deal on cars and 'Made in Europe' is 'hours or days' away, says EU industry boss - Politico

      • UK

        • UK asks Interpol to reject Argentina's 'politically motivated' requests for Falklands oil arrests - The Guardian

        • MI5 chief warns of threats to UK from Russia, Iran and AI - BBC

        • IMF upgrades outlook for UK as AI drives growth spurt - FT

        • Healey rules out matching capital gains and income tax rates - The Telegraph

        • Badenoch bounce pushes Reform UK into third in new poll - The Times

      • France

        • Investigators hunt French supermarket fridge hackers, no claim of responsibility - Reuters

        • France prepares for rocky budget debate as Socialists vow to fight - Le Monde

      • Germany

        • Merz Vows German Pension Reform Bill Will Come by Year-End - Bloomberg

        • Pistorius does not want to run as SPD leader - Handelsblatt

        • Ministry of Economics wants to finance gas reserve through levy - Handelsblatt

      • Italy

        • Meloni's Budget Heads to Italian Cabinet Amid 'Storm Clouds' - Bloomberg

      • Sweden

        • Sweden's Andersson to Face Vote on Candidacy as Prime Minister - Bloomberg

    • Company news:

      • Trading Higher:

        • +14.7% MARS.LN (Marston's £0.53, +0.07) -- FY business update

        • +13.7% YOU.LN (YouGov £3.06, +0.37) -- FY earnings

        • +11.5% SANION.SS (Saniona SEK10.06, +1.04) -- study results

        • +10.5% FYB.GR (Formycon €21.30, +2.04) -- companny and Zydus Lifesciences note FYB206 accepted for review by FDA

        • +9.4% GIVN.SW (Givaudan CHF3,817.00, +329.00) -- Q3 earnings

        • +8.0% SUN.SW (Sulzer CHF172.80, +12.80) -- 9M update

        • +6.0% NEL.NO (NEL ASA NOK2.12, +0.12) -- company and Rheinmetall AG sign MoU to explore joint opportunities in decentralised renewable fuel production

        • +5.1% FIA1S.FH (Finnair €4.38, +0.21) -- prelim Q3 earnings

        • +3.1% SY1.GR (Symrise €96.14, +2.88) -- Givaudan sympathy

        • +2.3% STEM.LN (Sthree £3.11, +0.07)

        • +2.2% WTB.LN (Whitbread £25.64, +0.54) -- H1 earnings

        • +2.1% NWG.LN (NatWest Group £6.67, +0.14) -- Barclays upgrade

        • +1.7% VCT.LN (Victrex £9.42, +0.16) -- Givaudan sympathy

        • +1.6% GPE.LN (Great Portland Estates £3.10, +0.05)

        • +1.6% SZU.GR (Suedzucker €12.44, +0.20)

      • Trading Lower:

        • -14.4% ERA.FP (Eramet €37.24, -6.28) -- confirms 2026 capital increase project

        • -9.4% IPX.LN (Impax Asset Management Group £0.92, -0.10) -- reports Q4 AUM

        • -6.3% ASM.NA (ASM International €821.20, -55.20) -- sector move

          • -4.2% ASML.NA (ASML Holding €1,509.60, -66.20) --

          • -3.0% SMHN.GR (SÜSS MicroTec €62.05, -1.95) --

          • -2.9% AIXA.GR (Aixtron €34.53, -1.02) --

          • -2.1% IFX.GR (Infineon Technologies €56.00, -1.22) --

          • -1.8% BESI.NA (BE Semiconductor Industries €172.50, -3.10) --

        • -4.7% LSEG.LN (London Stock Exchange Group £83.50, -4.10) -- confirms discussions with Permira regarding the purchase of Octus for a consideration of ~$3.5B

        • -4.4% BFSA.GR (Befesa €34.40, -1.60)

        • -4.0% IHP.LN (Integrafin Holdings £3.69, -0.16) -- Q4 trading update

        • -3.8% STMPA.FP (STMicroelectronics €43.84, -1.73) -- reappoint Jean-Marc Chery as CEO

        • -3.8% MELE.BB (Melexis €60.50, -2.39) -- sector move

        • -3.1% NOKIA.FH (Nokia €8.73, -0.28) -- to sell Enterprise Campus Edge business to AURELIUS

        • -2.7% VIVE.SS (Vivesto SEK7.30, -0.20)

        • -2.4% ELTEL.SS (Eltel SEK16.55, -0.40) -- previously announced agreement with Vattenfall now signed

        • -2.4% WAF.GR (Siltronic €73.40, -1.80) -- sector move

        • -1.9% RMS.FP (Hermes €1,284.50, -25.50) -- LVMH sympathy

        • -1.7% SHA0.GR (Schaeffler €5.85, -0.10) -- prelim Q3 earnings; completes earnings improvement program with ~1,800 additional partial retirement agreements

        • -1.6% XBRANE.SS (Xbrane Biopharma SEK12.35, -0.20) -- announces full recruitment of pivotal clinical trial for Xdivane

        • -1.5% BWY.LN (Bellway £19.56, -0.29) -- FY earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASML Holding (ASML.NA)

        • Nordics: Avarda Bank (AVARDA.SS), Dustin Group (DUST.SS)

        • UK: Softcat (SCT.LN), Vertu Motors (VTU.LN)

      • Trading Update:

        • Benelux: Havas (HAVAS.NA)

        • DACHs: Bossard Holding (BOSN.SW)

        • France: Gecina (GFC.FP), Exail Technologies (EXA.FP), Savencia (SAVE.FP), GL Events (GLO.FP), CATANA Group (ALCAT.FP)

        • UK: Ashmore Group (ASHM.LN), Brooks MacDonald Group (BRK.LN), Ferrexpo (FXPO.LN), Robert Walters (RWA.LN)

      • CMD/Events: Lonza (LONN.SW) qualitative update and CMD, Italgas (IG.IM), Porvair (PRV.LN), Keller Group (KLR.LN), Muhlbauer Holding (MUB.GR), Schaeffler (SHA0.GR) pre-close call, cyan (CYR.GR), Redcare Pharmacy (RDC.GR) EGM to appoint new CEO Schmid, Castellum (CAST.SS) EGM, AlzeCure Pharma (ALZCUR.SS) will present at Aktiespararna' s investor evening

  • Data:

    • Economics:

      • Germany Sep CPI +3.3% y/y vs preliminary +3.3% (earlier, 2:00 ET)

    • Markets:

      • WTI Crude (Nov 26): +$0.41 or +0.44% to $94.15

      • €-$ +0.0035 or +0.31% to 1.1191

      • £-$ +0.0037 or +0.28% to 1.3244

      • €-£ +0.0003 to 0.8449

      • S&P 500 (0.23%)

      • Performance year-to-date

        • FTSE 100: +7.24%

        • DAX: +3.14%

        • CAC: (3.95%)

        • MIB: +11.33%

        • Stoxx 600: +7.23%

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