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StreetAccount Summary - EU Market Recap: FTSE 100 (0.32%) to 10690.36, DAX (0.75%) to 25181.65, CAC40 (0.36%) to 7782.82, STOXX 600 (0.31%) to 635.77

Oct 23 ,2026

  • Synopsis:

    • European equity markets closed lower. Telecom lagging as SpaceX (SPCX) reportedly seeking entry to US wireless sector, pressuring European telco plays but helping tower stocks. Defense dragging on Industrials. Tech and autos also big laggards. Energy and Construction/Materials best performers.

    • AI trade volatility still the big talking point of the week, though European tech sector holding up somewhat after underperforming on Thursday and Asia/South Korea held up much better than expected overnight. Flurry of headlines still focusing on funding concerns/spread widening, trimmed OpenAI valuation target, deal delays, monetization scrutiny, cybersecurity risks, and questions over lack of traction over favorable compute and capex demand. Bond flows increasingly getting more attention in Europe amid big rotation out of French paper this week. Tone supportive on Friday, but sentiment fragile ahead of further expected civil unrest. German Bund has been a beneficiary and Gilts performing relatively well ahead of next week's UK Budget amid expectations for lowkey fiscal event. Breakdown of yield/oil correlation also notable development.

    • Energy prices continue to move higher (WTI above $100) amid headlines highlighting expectations for renewed pickup in military strikes. Has reinforced expectations of higher for long inflation, though ECB, Fed and BoJ all seen on hold next week. Latest Bloomberg poll of economists highlights likelihood of a December ECB hike and policy to remain unchanged until May 2028. Focus also turning to whether the ECB will step in to stem ongoing backup in French yields.

    • On the macro data front, attention in Europe on PMIs. Eurozone activity eased in October, largely due to slowdown in services, though manufacturing also easing somewhat. UK PMI unexpectedly jumped on services sector strength. UK GfK consumer confidence saw biggest drop since Brexit vote, underlying fragility of household sentiment after softer updates from S&P Global and BRC this week. UK retail sales soft in September update. Elsewhere, ECB consumer expectations survey saw one-year inflation expectations edge up.

    • Amidst a busy session in terms of earnings, Nordic names under the spotlight, with Volvo (VOLV.B.SS), Saab (SAAB.B.SS), Hexagon (HEXA.B.SS), Evolution (EVO.SS), Lifco (LIFCO.B.SS), Securitas (SECU.B.SS), Electrolux (ELUX.B.SS), Norsk Hydro (NHY.NO), Gjensidige Forsikring (GJF.NO), Tomra Systems (TOM.NO) reporting before the open today; of note, Volvo Car (VOLCAR.B.S)) shares down ~(27%) following Q3 and additional cost and cash actions. In France, L'Oreal (OR.FP), Safran (SAF.FP), VINCI SA (DG.FP), Kering (KER.FP), Unibail-Rodamco-Westfield (URW.FP), Accor (AC.FP), Rexel (RXL.FP) and Sodexo (SW.FP).

    • In M&A speculation, Eurofins (ERF.FP) is weighing the sale of testing its firm EAG laboratories, whilst the FT reports that Vonovia (VNA.GR) may be forced to buy 120K flats in Berlin, suffering a loss of (€8B); also from the FT, Coface and Allianz Trade have cut their exposure to Crest Nicholson (CRST.LN).

    • Looking ahead to monday's calendar (see - Europe Week Ahead: 26-Oct to 30-Oct attached) Alleima (ALLEI.SS), Galp Energia (GALP.PL), Sogefi (SGF.IM), Iberpapel Gestion (IBG.SM), Bioventix (BVXP.LN), PostNL (PNL.NA), MotorK (MTRK.NA), Verimatrix (VMX.FP), Puig Brands (PUIG.SM), Distribuidora Internacional De Alimentacion (DIA.SM) and Swiss Prime Site (SPSN.SW) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Oct business climate - Ifo, Spain Sep PPI, UK Oct distributive trades - CBI, Sweden Sep PPI, Finland Sep PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +2.99%, Construct & Mtls +0.73%, Retail +0.41%, Chemicals +0.21%, Utilities (0.01%), Real Estate (0.02%), Financial Svcs (0.10%), Health Care (0.22%), Basic Resources (0.27%), Banks (0.28%),

      • Underperformers:

        • Autos & Parts (1.56%), Ind Goods & Svcs (1.45%), Persnl & HHold Goods (1.23%), Telecom (1.16%), Travel & Leisure (1.13%), Technology (0.69%), Media (0.66%), Insurance (0.64%), Food & Beverage (0.52%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Ukraine says Starlink speeds still throttled - FT

        • Russia, Ukraine agree to Oleshky ceasefire brokered by Melania Trump, White House says - Reuters

        • Saudi missile plant expansion may produce more powerful missiles - Reuters

      • EU

        • EU prosecutor probes EPP over consultant contracts - Politico

        • EU capitals moderate plans to help companies operate bloc-wide - FT

        • EU Looks Beyond Cars for Next Round of China Trade Talks - Bloomberg

      • UK

        • Retail sales in Great Britain fall as struggling households cut back - The Guardian

        • UK government to make unprecedented intervention in setting of water bills - The Guardian

        • Travel disrupted and part of Brighton's West Pier collapses as Storm Austen batters UK - BBC

        • London Developer Halts Major Project as Housing Viability Hits Crisis Point - Bloomberg

      • France

        • Unrest-hit France poised for Moody's ratings verdict - Reuters

        • French Bond Risk Nears Biggest Weekly Rise as Crisis Deepens - Bloomberg

        • France to deploy 70,000 security forces for protests this weekend - Le Monde

      • Germany

        • Government's Citizen's Allowance Reform Saves Millions - Handelsblatt

        • Gap between AfD and Union is narrowing, according to survey - Handelsblatt

      • Spain

        • Feijóo vows conservative overhaul if he wins Spain's Nov. 29 election - Politico

      • Finland

        • Finnish Grid Forecasts 40% Jump in Power Demand Led by Data Centers - Bloomberg

    • Company news:

      • Trading Higher:

        • +22.0% BELYS.BB (Belysse Group €0.44, +0.08) -- Q3 trading update

        • +20.6% KNOW.SS (Knowit SEK116.40, +20.60) -- Q3 earnings

        • +14.7% BHG.SS (Lightshop SEK23.90, +3.20) -- Q3 earnings

        • +13.6% ANOD.B.SS (Addnode Group SEK63.50, +7.70) -- Q3 earnings

        • +9.6% MCAP.SS (MedCap SEK589.00, +52.50) -- Q3 earnings

        • +7.9% RATO.B.SS (Ratos SEK38.70, +2.90) -- Q3 earnings

        • +7.2% LIGHT.NA (Signify €14.89, +1.02) -- Q3 earnings

        • +7.1% VICO.SS (Vicore Pharma Holding SEK9.60, +0.63) -- study results

        • +6.8% MEDI.NO (MediStim NOK305.00, +19.00) -- Q3 earnings

        • +6.2% SW.FP (Sodexo €59.65, +3.50) -- FY earnings

        • +6.2% ENI.IM (Eni €27.07, +1.62) -- raises FY segmental guidance; Q3 earnings

        • +5.9% CATE.SS (Catena SEK353.00, +20.00) -- Q3 earnings

        • +5.5% NCAB.SS (NCAB Group SEK80.00, +4.20) -- Q3 earnings

        • +5.4% OR.FP (L'Oreal €425.25, +22.25) -- Q3 revenue

        • +5.3% BALD.B.SS (Fastighets Balder SEK48.50, +2.47) -- Q3 earnings

        • +5.1% BETS.B.SS (Betsson SEK97.20, +4.85) -- Pareto upgrade

        • +5.1% LHN.SW (Holcim CHF66.98, +3.26) -- Q3 earnings

        • +4.8% SDIP.B.SS (Sdiptech SEK264.80, +12.00) -- Q3 earnings

        • +4.7% MTRS.SS (Munters Group SEK138.00, +5.90) -- Q3 earnings

        • +3.6% BEAN.SW (BELIMO Holding CHF768.00, +26.50) -- UBS upgrade

        • +3.0% DEBS.LN (Debenhams Group £0.26, +0.01) -- H1 earnings; Peel Hunt upgrade

        • +2.8% BRAV.SS (Bravida Holding SEK147.60, +4.00) -- to commence share buyback program with a maximum value of SEK100M; Q3 earnings

        • +2.8% SAND.SS (Sandvik SEK347.20, +9.40) -- Pareto upgrade

        • +2.5% CRST.LN (Crest Nicholson Holdings £0.63, +0.02) -- Coface, Allianz Trade have cut their exposure to Crest Nicholson - FT

        • +2.5% KOA.NO (Kongsberg Automotive NOK2.09, +0.05)

        • +2.1% ELUX.B.SS (Electrolux SEK26.55, +0.54) -- Q3 earnings

        • +1.9% RXL.FP (Rexel €32.45, +0.60) -- raises FY guidance; Q3 earnings

        • +1.5% TOM.NO (Tomra Systems NOK103.00, +1.40) -- Q3 earnings

      • Trading Lower:

        • -41.7% BOUL.SS (Boule Diagnostics SEK1.25, -0.86) -- Q3 earnings

        • -35.6% INTRUM.SS (Intrum SEK1.64, -0.99) -- Q3 earnings

        • -16.2% KER.FP (Kering €188.16, -34.50) -- Q3 earnings

        • -12.3% HIAB.FH (Hiab €48.26, -6.45) -- Q3 earnings

        • -11.5% LIFCO.B.SS (Lifco SEK287.20, -36.60) -- Q3 earnings

        • -10.9% NOTE.SS (NOTE SEK152.50, -18.90) -- Q3 earnings

        • -10.8% FR.FP (Valeo SE €11.58, -1.40) -- Q3 revenue

        • -10.3% SAF.FP (Safran €281.70, -31.00) -- Q3 revenue

        • -9.9% ALLIGO.B.SS (Alligo SEK111.20, -12.40) -- Q3 earnings

        • -8.8% GURN.SW (Gurit Holding CHF47.40, -4.50) -- 9M revenue

        • -8.4% SRV1V.FH (SRV Group €8.22, -0.72)

        • -7.6% BACTI.B.SS (Bactiguard Holding SEK16.25, -1.20)

        • -7.6% AOF.GR (ATOSS Software €92.20, -7.30) -- Q3 earnings

        • -7.5% BESI.NA (BE Semiconductor Industries €151.20, -11.85) -- Morgan Stanley downgrade

        • -7.0% HOFI.SS (Hoist Finance SEK177.50, -13.60) -- Q3 earnings

        • -6.2% VOS.GR (Vossloh €49.74, -3.21)

        • -6.1% NHY.NO (Norsk Hydro NOK66.50, -4.36) -- Q3 earnings

        • -5.6% IPS.FP (Ipsos €35.66, -2.10) -- Q3 revenue

        • -5.3% AAK.SS (AarhusKarlshamn SEK175.70, -10.20) -- Q3 earnings

        • -4.7% INDT.SS (Indutrade SEK246.40, -12.20) -- Q3 earnings

        • -4.5% BILI.A.SS (Bilia SEK130.80, -6.40) -- Q3 earnings

        • -4.1% SECU.B.SS (Securitas SEK155.10, -6.80) -- Q3 earnings

        • -4.0% TKO.FP (Tikehau Capital €15.58, -0.66) -- Q3 update; RBC Capital Markets upgrade

        • -4.0% VOLO.SS (Volati SEK25.05, -1.00) -- Q3 earnings

        • -3.9% SF.SS (Stillfront Group SEK6.39, -0.23) -- Q3 earnings

        • -3.7% GRNG.SS (Gränges SEK168.50, -6.50)

        • -2.9% 2HRA.GR (H&R €6.44, -0.20)

        • -2.8% LRE.LN (Lancashire Holdings £6.70, -0.20) -- Barclays upgrade

        • -2.6% BORG.SS (Bjorn Borg SEK54.00, -1.50) -- CEO to step down; Q3 earnings

        • -2.6% 2020.NO (2020 Bulkers NOK8.61, -0.26) -- CEO steps down

        • -2.5% ESNT.LN (Essentra £1.15, -0.03)

        • -2.1% ALIG.SS (Alimak Group SEK116.80, -2.60) -- Q3 earnings

        • -2.1% ALATA.FP (Atari, Inc. €14.25, -0.31)

    • EU companies reporting Monday:

      • Earnings:

        • Nordics: Alleima (ALLEI.SS)

        • Southern Europe: Galp Energia (GALP.PL), Sogefi (SGF.IM), Iberpapel Gestion (IBG.SM)

        • UK: Bioventix (BVXP.LN)

      • Trading Update:

        • Benelux: PostNL (PNL.NA), MotorK (MTRK.NA)

        • France: Verimatrix (VMX.FP)

        • Southern Europe: Puig Brands (PUIG.SM), Distribuidora Internacional De Alimentacion (DIA.SM)

      • CMD/Events: Swiss Prime Site (SPSN.SW)

  • Data:

    • Economics:

      • Denmark Sep Retail Sales +4.4% y/y vs consensus +4.6% and prior revised +3.9% from +3.7%

      • UK Sep Retail Sales +0.8% y/y vs consensus +1.0% and prior revised +2.7% from +2.4%

      • Oct Flash Manufacturing PMI

        • France 49.3 vs consensus 50.5 and prior 50.6

        • Germany 54.2 vs consensus 53.5 and prior 53.9

        • Eurozone 52.4 vs consensus 52.7 and prior 52.9

        • UK 52.8 vs consensus 51.8 and prior 51.9

    • Markets:

      • WTI Crude (Dec 26): +$3.07 or +3.09% to $102.54

      • €-$ (0.0018) or (0.16%) to 1.1200

      • £-$ (0.0027) or (0.20%) to 1.3374

      • €-£ +0.0003 to 0.8375

      • S&P 500 (0.19%)

      • Performance year-to-date

        • FTSE 100: +7.64%

        • DAX: +2.82%

        • CAC: (4.50%)

        • MIB: +8.04%

        • Stoxx 600: +7.36%

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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