Report published September 25, 2026

Jefferies European Equity Daily: September 25, 2026

Jefferies · September 25, 2026

The Jefferies European Equity Daily compiles research published across European and global coverage over the prior 24 hours. Key highlights include Christopher Wood's GREED & fear analysis on AI capex risks and higher bond yields, alongside updates on Sodexo, Schneider Electric's offer for Shelly Group, and multiple European earnings previews.

Read the full report

Read the remaining 4 pages

View Report Sign in

Finvaulta summarizes Jefferies's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.In macro and strategy, Christopher Wood highlights rising risk for long-duration US equities as the 10-year Treasury yield breaks above 5% and the Fed enters a potential mini-tightening cycle, alongside a potential corporate shift from large language models to on-premises small language models.
2.Focus European research centers on Sodexo governance enhancement ahead of the 2026 AGM supporting potential re-rating, alongside M&A and corporate activity across Huber+Suhner, Peel Holdings' bid for Harworth Group, and Schneider Electric's offer for Shelly Group.
3.European corporate results and guidance show mixed performance, including margin upgrades at Halma, dividend cuts at Victrex, profit and pricing updates from Henkel, Lanxess, Mondi, and HelloFresh, alongside ongoing demand resilience for Raspberry Pi.

Research –Summary
THEMATIC / MACRO
FOCUS RESEARCH
PRICE TARGET CHANGES
ESTIMATE CHANGES
SECTOR / COMPANY UPDATES
Summary Changes – Recommendation / Price Target / EPS
Focus European Research
Breaking News
All European Research
Clean Technology
Consumer
Financials
Healthcare
Industrials
Technology
Property & Real Estate
Themes & Tactics
Natural Resources
Business Services
GREED & FEAR
All US Research
Energy

Report data

Key figures extracted from this report

Metric	Estimate	Context
Anthropic Server Utilisation Decline Since Peak	26%	Decline in server utilization from peak levels in January recorded in research monitoring Anthropic activity.
10-Year US Treasury Yield	5.0%	Ten-year Treasury yield broke decisively above the 5% level.
China Holdings of US Treasury Securities	618 USD bn	Lowest level of Chinese Treasury holdings since August 2008.
PBOC Gold Reserves Monthly Increase	20.2 tonnes	PBOC gold reserves rose to 2,387 tonnes, marking the largest monthly increase since October 2023.
EIA Lower 48 Natural Gas Inventory Build	53 bcf	Gas inventory build came in above Bloomberg median expectations of 51 bcf, bringing total inventory to 3,351 bcf.