European stock markets opened November in cautiously positive spirits. A gradual rebound in manufacturing, suggested by final October PMI data, helped lift sentiment. At the time of publication, the German DAX leads gains, rising 1.10%, followed by Poland’s WIG20 (+0.50%), Spain’s SPA35 (+0.45%), Switzerland’s SUI20 (+0.40%), and France’s FRA40 (+0.20%). The UK100 is the only declining index, down 0.15%.
European October PMI data came in moderate overall, hovering around the 50-point threshold, depending on the country. However, looking at the trend over recent months, the picture appears more optimistic. The European manufacturing sector shows early signs of stabilization after a prolonged recession. The eurozone manufacturing PMI matched expectations at 50.0, consistent with the flash estimate — marking a return to the expansion zone for the first time in many months.
Germany recorded a PMI of 49.6, unchanged from preliminary data and just below the expansion threshold. Output increased again, driven by the investment goods sector, though new orders and exports remained weak. Companies continued to cut jobs and inventories amid soft demand and cost pressures.
DAX (D1 interval)
The German DAX is up 1.10% to 24,300 points, remaining in a narrow consolidation range above the 24,000-point level.
Company news
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Ryanair gains 1.80% after reporting net profit of €2.54B for the first half of FY2026 (+42% y/y), with Q2 profit up 20% thanks to a 13% rise in ticket prices and 3% growth in passenger traffic. The management raised its annual passenger forecast to 207M and noted earlier Boeing MAX deliveries. The CFO warned that weaker demand in November may require price reductions.
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BP and Shell each gain 0.60%, supported by rising oil prices and the weekend OPEC+ meeting. The energy sector is among the best performers in the STOXX 600 index today.
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German automakers (BMW, Mercedes, Volkswagen) rebound 2–3% after a period of weaker results, supporting the DAX’s performance. Investors reacted positively to slightly better eurozone PMI data and hopes that global trade tensions will not escalate further.
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Italian drinks maker Campari falls over 3% after the Italian financial police seized €1.29B in shares from controlling shareholder Lagfin, amid tax evasion allegations tied to past business activities. Lagfin denies the charges.
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Empiric Student Property drops 0.64% after reporting a decline in housing occupancy to 89% for the 2025/26 academic year (from 95% last year). Management cited fewer Chinese students and an oversupply of apartments in some cities.
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