The Rear-View Mirror – EME markets: Romanian BET in the lead in September

EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(-3.4% mom and -2.0% mom, respectively, in EUR terms).

WOOD Daily: GTC PW; ZAB PW; PCF PW; CCC PW; BFT PW; WIZZ LN; OTE/DIGI Communications; INPST NA; 11B PW; Polish media

HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale of Telekom Romania sale to DIGI and Vodafone finalised NEUTRAL • InPost: delivery price for non-Smart...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/17/2025

L’économie US six mois après Liberation Day

Il y a six mois, Donald Trump révélait ses droits de douane soi-disant "réciproques". Même si tout le monde connaissait son obsession tarifaire, ce fut un choc car il n’était pas prévu une hausse si forte et générale. Les marchés d’actions ont corrigé pendant un temps et les prévisions économiques ont intégré une prime de stagflation (moins d’emploi et plus d’inflation). Aujourd’hui, les marchés sont au plus haut et l’économie US n’a pas flanché. Elle montre des facettes fort différentes. Les dépenses d’investissement des entreprises sont très dynamiques, en lien évident avec la révolution de ...

The US economy six months after Liberation Day

Six months ago, Donald Trump unveiled his so-called ‘reciprocal’ tariffs. While everyone was aware of his obsession with tariffs, it came as a shock because such a sharp and widespread increase had not been anticipated. Equity markets corrected for a while and economic forecasts incorporated a stagflation premium (lower employment and higher inflation). Today, the markets are at all-time highs and the US economy has not faltered. It is showing very different facets. Business investment spending is very dynamic, clearly linked to the AI revolution. But employment, the foundation of household in...

Oddo’s 2 Weeks Ahead_Friday 03 October 2025