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StreetAccount Summary - European Market Recap: FTSE 100 +1.79% to 10829.21, DAX +2.22% to 26437.67, CAC40 +1.96% to 8177.89, STOXX 600 +1.82% to 657.40

Nov 04 ,2026

  • Synopsis:

    • European indices ended broadly higher. Banks, retail, personal/household goods and media the best performers. Energy the main laggard. Follows Tuesday's negative close.

    • Market staging recovery following an initial knee-jerk sell-off linked to the US midterm election results. Prospect of a stronger-than-expected Democratic sweep acting as a clearing event, easing political uncertainty. President Trump reiterated no immediate plans to strike Iran. Iranian sources said large gaps still separating two sides.

    • On the macro data front, highlight is Eurozone inflation data, which came in at 4% y/y in line with Street forecasts. Final services and composite PMIs from Eurozone and UK revised lower from flash. Riksbank hiked key rate by 25 bps to 2%, as expected. Signals possibility of further rate increases next year. Several ECB officials made hawkish-leaning remarks that talked up a December rate hike, which aligns with market pricing.

    • Elsewhere, EU abandons plan to overhaul energy taxation, which had effectively stalled. UK ministers announce plans for private pensions to be offered an annual income as a default in latest reform plans.

    • Corporate results overshadowed by US midterm election. Banks higher as investors rotated into domestically focused lenders that had lagged. Clean energy names such as Ørsted (ORSTED.DC), Vestas (VWS.DC) and Nordex (NDX1.GR) supported Utilities (were hit hardest by Trump's policies). On earnings, focus on Healthcare, wiht Novo Nordisk (NOVO.B.DC) posting solid Q3 results ahead of expectations, guidance raised for the year, and announcement of a new CFO. Also within the sector, Fresenius (FRE.GR) reported strong Q3 figures, while Smith & Nephew (SN.LN) delivered in-line Q3 results but adjusted its FY26 guidance downwards. In Autos, Continental (CON.GR) led outperformers following positive Q3 earnings and 2026 guidance raised, while Bayerische Motoren Werke (BMW.GR) posted mixed Q3 numbers and revised FY26 guidance downward as a result of an expansion of portfolio and structural measures. Food and Beverages producers and retailers/wholesalers companies were also in the spotlight, with Coca-Cola HBC (CCH.LN), Marks & Spencer (MKS.LN), DSM-Firmenich (DSFIR.NA), Barry Callebaut (BARN.SW), Glanbia (GL9.ID) and Koninklijke Ahold Delhaize (AD.NA) updating investors with their latest numbers, with the latter lowering its FY outlook as a result of the cybersecurity incident.

    • Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany Sep factory orders, Oct construction PMI, France Sep industrial production, Italy Sep retail sales, Eurozone Sep PPI, and UK Oct construction PMI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +4.32%, Retail +3.89%, Autos & Parts +3.26%, Persnl & HHold Goods +3.22%, Media +3.18%, Insurance +2.95%, Financial Svcs +2.81%, Travel & Leisure +2.66%, Food & Beverage +2.60%, Health Care +2.52%, Utilities +2.30%, Chemicals +2.19%, Basic Resources +2.05%, Telecom +1.96%

      • Underperformers:

        • Oil & Gas (2.35%), Technology (0.20%), Ind Goods & Svcs +0.05%, Construct & Mtls +1.54%, Real Estate +1.66%

    • Macro:

      • Central banks:

        • ECB rate hike looks nearly certain after inflation rises to three-year high -- Reuters

        • Bank of England's New Inflation Gauge Provides Some Reassurance -- Bloomberg

      • UK:

        • EU cannot ban ketchup sachets in Britain, No 10 insists -- Times

        • Andy Burnham to unveil new EU trade deal to boost Britain's economy -- Independent

      • Germany:

        • Defense chief rejects claims Germany puts its own arms industry ahead of Europe -- Politico

      • France:

        • France's social demands run up against tightening fiscal constraints -- INGTHINK

        • French blood banks hacked in latest cyber-attack on Europe -- Guardian

      • Italy:

        • Italy to approve measures this week to lower electricity prices, minister says

      • Spain:

        • Italy to approve measures this week to lower electricity prices, minister says -- Reuters

    • Company news:

      • Notable Gainers

        • +40.0% BOUL.SS (Boule Diagnostics SEK1.29, +0.34) -- SEK93M right issue

        • +19.0% MTG.SW (Meier Tobler Group CHF45.20, +7.20) -- cash offer from Ahlsell at CHF 45.50/share

        • +17.4% MTRO.LN (Metro Bank Holdings £1.78, +0.27) -- Q3 trading update

        • +12.1% GL9.ID (Glanbia €21.32, +2.39) -- 9M IMS

        • +12.1% MMT.FP (M6-Metropole €11.34, +1.22) -- Q3 earnings; Kepler Cheuvreux upgrade

        • +10.9% PNDORA.DC (Pandora DKK925.40, +90.40) -- Q3 earnings

        • +10.6% PION.B.SS (PION Group SEK7.76, +0.74) -- Q3 earnings

        • +9.9% ORRON.SS (Orrön Energy SEK8.77, +0.79) -- Q3 earnings; SEB upgrade

        • +9.5% HEI.GR (Heidelberg Materials €171.60, +14.95) -- Q3 earnings

        • +8.6% BARN.SW (Barry Callebaut CHF1,291.00, +103.00) -- FY earnings

        • +7.9% FDM.LN (FDM Group (Holdings) £1.05, +0.08) -- trading update

        • +6.7% WKL.NA (Wolters Kluwer €90.02, +5.72) -- 9M trading update

        • +6.7% G24.GR (Scout24 €90.55, +5.70) -- Q3 earnings

        • +6.6% AD.NA (Koninklijke Ahold Delhaize €34.09, +2.13) -- Q3 earnings

        • +6.4% MKS.LN (Marks & Spencer Group £4.38, +0.27) -- H1 earnings

        • +6.0% A5G.ID (AIB Group €11.49, +0.66) -- Q3 trading update

        • +5.6% NOVO.B.DC (Novo Nordisk DKK281.10, +15.05) -- Q3 earnings; new CFO

        • +5.4% MZX.GR (Masterflex €14.00, +0.70) -- 9M earnings

        • +5.3% HKFOODS.FH (HKFoods €1.71, +0.09) -- Q3 earnings

        • +5.2% CON.GR (Continental €70.82, +3.48) -- Q3 earnings

        • +4.6% BAYN.GR (Bayer AG €53.58, +2.40) -- Sevabertinib approved in China as first-line treatment for patients with HER2-mutant NSCLC

        • +4.6% ORSTED.DC (Ørsted DKK143.15, +6.25) -- US midterm results

        • +4.4% MEKKO.FH (Marimekko €9.52, +0.41) -- Q3 earnings

        • +4.4% LHA.GR (Deutsche Lufthansa €8.03, +0.34) -- acquires 44.9% minority stake in TAP Air Portugal for €1.025B

        • +4.3% SOFF.NO (Solstad Offshore NOK72.80, +3.00) -- Q3 earnings

        • +4.3% SINCH.SS (Sinch SEK43.78, +1.83) -- Marketplace Partner in SpaceX super intelligence network

        • +3.6% BGEO.LN (Lion Finance Group £128.00, +4.40) -- Q3 earnings; GEL62.0M share buyback programme extension

        • +3.6% VNA.GR (Vonovia €17.00, +0.59) -- 9M earnings

        • +3.4% VIRI.FP (Viridien €103.50, +3.15) -- Q3 earnings

        • +3.0% AGS.BB (Ageas €77.90, +2.30) -- Keefe, Bruyette & Woods upgrade

        • +2.9% VWS.DC (Vestas Wind Systems DKK204.70, +5.65) -- US midterm results

        • +2.9% AKER.NO (Aker ASA NOK1,136.00, +32.00) -- Q3 earnings

        • +2.5% G5EN.SS (G5 Entertainment SEK67.80, +1.60) -- Q3 earnings

        • +2.1% DOCM.SW (DocMorris CHF16.41, +0.33) -- subs. TeleClinic acquires telemedicine provider Medi24

        • +1.9% SINT.SS (SinterCast SEK106.50, +2.00) -- Q3 earnings

        • +1.5% IMPN.SW (Implenia CHF74.00, +1.10) -- low three-digit millions contract

        • +1.4% LRE.LN (Lancashire Holdings £7.11, +0.10) -- 9M trading update

        • +1.4% AMBEA.SS (Ambea AB SEK189.65, +2.60) -- Q3 earnings

        • +1.3% PEN.NO (Panoro Energy NOK30.60, +0.40) -- Q3 trading update

        • +1.2% ALFEN.NA (Alfen €10.68, +0.13) -- Q3 earnings

        • +1.2% VPK.NA (Royal Vopak €54.95, +0.65) -- Q3 earnings

        • +1.0% TIMA.GR (ZEAL Network €40.20, +0.40) -- 9M earnings

      • Notable Decliners

        • -26.0% NOBI.SS (Nobia SEK9.80, -3.61) -- Q3 earnings

        • -15.5% GEMD.LN (Gem Diamonds £0.12, -0.02) -- Q3 trading update

        • -11.8% SOI.FP (SOITEC €114.90, -14.70) -- Morgan Stanley downgrade

        • -11.3% CTT.PL (CTT - Correios de Portugal €4.82, -0.60) -- Q3 earnings; TPICAP Midcap downgrade

        • -11.1% SNWS.LN (Smiths News £0.72, -0.09) -- FY trading update

        • -9.6% WEIR.LN (Weir PLC £24.36, -2.52) -- Q3 trading update

        • -7.2% BOUV.NO (Bouvet NOK49.20, -3.90) -- Q3 earnings

        • -5.8% ABEO.FP (Abéo €7.44, -0.46) -- Q2 revenue

        • -5.4% ZTF.LN (Zotefoams £4.60, -0.26) -- trading update

        • -3.8% WAF.GR (Siltronic €61.55, -2.25) -- Q3 earnings

        • -3.2% 2GB.GR (2G Energy €48.16, -1.50) -- initiated buy at Baader Helvea

        • -1.6% CLN.SW (Clariant CHF10.43, -0.17) -- Deutsche Bank downgrade

        • -1.2% KAMBI.SS (Kambi Group SEK143.00, -1.80) -- Q3 earnings

        • -0.7% GOMX.SS (GomSpace Group SEK12.71, -0.08) -- initiated buy at Berenberg

        • -0.7% MCOV.B.SS (Medicover SEK269.50, -2.00) -- Q3 earnings

        • -0.5% ISS.DC (ISS A/S DKK300.00, -1.60) -- 9M trading update

        • -0.2% BSL.GR (Basler €24.15, -0.05) -- final 9M earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Verbund (VER.AV), Lenzing (LNZ.AV), AT & S Austria Technologie & Systemtechnik (ATS.AV), Mayr-Melnhof Karton (MMK.AV), BKS Bank (BKS.AV)

        • Benelux: ArcelorMittal (MT.NA), IMCD (IMCD.NA), AMG Critical Materials (AMG.NA), Groupe Bruxelles Lambert (GBLB.BB), Syensqo (SYENS.BB), Titan (TITC.BB), Nyxoah (NYXH.BB)

        • Denmark: Novonesis (NSIS.B.DC), Ørsted (ORSTED.DC), Genmab (GMAB.DC), Maersk (MAERSK.B.DC), AL Sydbank (ALSYDB.DC), Ambu (AMBU.B.DC), GN Store Nord (GN.DC), Matas (MATAS.DC), Copenhagen Airports (KBHL.DC), NNIT (NNIT.DC), cBrain (CBRAIN.DC), Columbus (COLUM.DC)

        • Finland: IQM Quantum Computers (IQMX.FH), Lumo Homes (LUMO.FH), Oma Savings Bank (OMASP.FH), Musti Group (MUSTI.FH), Capman (CAPMAN.FH), Lemonsoft (LEMON.FH), Sitowise Group (SITOWS.FH), Orthex (ORTHEX.FH), Suominen (SUY1V.FH)

        • France: ENGIE (ENGI.FP), Legrand (LR.FP), Veolia Environnement (VIE.FP), Euronext (ENX.FP), Bouygues (EN.FP), Arkema (AKE.FP), Air France-KLM (AF.FP), SES (SESG.FP)

        • Germany: Deutsche Telekom (DTE.GR), DHL Group (DHL.GR), Rheinmetall (RHM.GR), Siemens Healthineers (SHL.GR), Commerzbank (CBK.GR), Hochtief (HOT.GR), HENSOLDT (HAG.GR), Nemetschek (NEM.GR), Nordex (NDX1.GR), Rational (RAA.GR), Fielmann Group (FIE.GR), Aumovio (AMV0.GR), Deutz (DEZ.GR), Kontron (KTN.GR), Lanxess (LXS.GR), Rhoen-Klinikum (RHK.GR), SÜSS MicroTec (SMHN.GR), SAF-HOLLAND (SFQ.GR), SNP Schneider-Neureither & Partner (SHF.GR), PVA TePla (TPE.GR), SGL Carbon (SGL.GR), Evotec (EVT.GR), HelloFresh (HFG.GR), IVU Traffic Technologies (IVU.GR), Dominion Lending Centres (B6M.GR), Elringklinger (ZIL2.GR), Westwing Group (WEW.GR), Mediclin (MED.GR), EDAG Engineering Group (ED4.GR), Schloss Wachenheim (SWA.GR), Leifheit (LEI.GR), Ringmetall (HP3A.GR), Bastei Lübbe (BST.GR), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR)

        • Italy: Banca Monte dei Paschi di Siena (BMPS.IM), Mediobanca (MB.IM), Pirelli & C. (PIRC.IM), Banco BPM (BAMI.IM), Credito Emiliano (CE.IM), Azimut Holding (AZM.IM), Brembo (BRE.IM), Cementir Holding (CEM.IM), Comer Industries (COM.IM), Intercos (ICOS.IM), D'Amico International Shipping (DIS.IM), WIIT (WIIT.IM), Ascopiave (ASC.IM), Zignago Vetro (ZV.IM)

        • Norway: AutoStore Holdings (AUTO.NO), B2 Impact (B2I.NO), Pexip Holding (PEXIP.NO), Kid (KID.NO), Selvaag Bolig (SBO.NO), NRC Group (NRC.NO), Nekkar (NKR.NO), Norcod (NCOD.NO), Tekna Holding (TEKNA.NO), Norsk Titanium (NTI.NO), ArcticZymes Technologies (AZT.NO), S.D. Standard (SDSD.NO)

        • Other: Bank of Cyprus Holdings (BOCH.CY)

        • Portugal: EDP-Energias de Portugal (EDP.PL), EDP Renovaveis (EDPR.PL)

        • Spain: Laboratorios Farmaceuticos Rovi (ROVI.SM)

        • Sweden: Skanska (SKA.B.SS), Camurus (CAMX.SS), Sinch (SINCH.SS), Bure Equity (BURE.SS), Hufvudstaden (HUFV.A.SS), Modern Times Group MTG (MTG.B.SS), Yubico (YUBICO.SS), Apotea (APOTEA.SS), Gruvaktiebolaget Viscaria (VISC.SS), Medivir (MVIR.SS), Coffee Stain Group AB (COFFEE.B.SS), Stockholm Nordtech Group (NTECH.SS), Vicore Pharma Holding (VICO.SS), Nivika Fastigheter (NIVI.B.SS), Nanexa (NANEXA.SS), Catella (CAT.B.SS), SaltX Technology Holding (SALT.B.SS), Oncopeptides (ONCO.SS), Eniro Group (ENRO.SS), Active Biotech (ACTI.SS), Ascelia Pharma (ACE.SS), Immunovia (IMMNOV.SS)

        • Switzerland: Swiss Re (SREN.SW), Swisscom (SCMN.SW), Valiant Holding (VATN.SW), Private Equity Holding (PEHN.SW)

        • UK: National Grid (NG.LN), BT Group (BT.A.LN), Auto Trader Group (AUTO.LN), RS Group (RS1.LN), Tate & Lyle (TATE.LN), Helios Towers (HTWS.LN), Morgan Sindall Group (MGNS.LN), HgCapital Trust (HGT.LN), Asos (ASC.LN)

      • Trading Statement:

        • Benelux: Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA)

        • DACHs: Cie Financiere Tradition (CFT.SW)

        • France: Teleperformance (TEP.FP), Eurazeo (RF.FP), Vicat (VCT.FP), Antin Infrastructure Partners (ANTIN.FP), GENFIT (GNFT.FP), LNA Santé (LNA.FP), Belgrano (BGO.FP), Akwel (AKW.FP), Innate Pharma (IPH.FP), Delta Plus Group (ALDLT.FP), Solutions 30 (S30.FP)

        • Nordics: ChemoMetec (CHEMM.DC), GomSpace Group (GOMX.SS)

        • Southern Europe: Buzzi (BZU.IM), Metlen Energy & Metals (MTLN.GA)

        • UK: Diageo (DGE.LN), Next (NXT.LN), Croda International (CRDA.LN), Harbour Energy (HBR.LN), Howden Joinery Group (HWDN.LN), Derwent London (DLN.LN), OSB Group (OSB.LN), Vistry Group (VTY.LN)

  • Data:

    • Economics:

      • Eurozone Oct Preliminary CPI +4.0% y/y vs consensus +4.0% and prior +3.8%

      • Oct Services PMI

        • Germany 52.5 vs preliminary 51.7

        • Eurozone 51.4 vs preliminary 51.7

        • UK 52.8 vs preliminary 53.1

        • Italy 52.0 vs consensus 51.5 and prior 51.7

        • France 46.2 vs consensus 48.4 and prior 51.2

    • Markets:

      • WTI Crude (26-Dec): ($5.09) or (5.30%) to $91.00

      • €-$ +0.0022 or +0.20% to 1.1216

      • £-$ +0.0045 or +0.34% to 1.3458

      • €-£ (0.0011) to 0.8334

      • S&P 500 +1.60%

      • Performance year-to-date:

        • FTSE 100: +9.04%

        • DAX: +7.95%

        • CAC: +0.35%

        • MIB: +13.54%

        • Stoxx 600: +11.01%

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