Additional European Equity News - 25th September 2026

ASML (ASML NA) - Dutch PM Jetten said he has discussed preventing further US export restrictions on ASML with President Trump and lawmakers. He expressed confidence that a workable agreement can be reached over the proposed MATCH Act, which would restrict sales to China of ASML’s immersion DUV lithography machines. (Bloomberg)

AstraZeneca (AZN LN) - Perioperative Imfinzi plus neoadjuvant enfortumab vedotin granted Priority Review in the US for patients with muscle-invasive bladder cancer. Based on VOLGA Phase III trial results which demonstrated statistically significant and clinically meaningful improvements in event-free survival and overall survival. (AstraZeneca)

Capita (CPI LN) - Secures GBP 30mln financing facilities from Shawbrook Bank. (Capita)

Fresenius Medical Care (FME GY) - Co. refines China strategy, and plans to focus on locally relevant innovation. Now expects EUR 110mln one time costs in Q3'26. (Fresenius Medical Care)

Ferrexpo (FXPO LN) - H1 2026 (USD): Revenue 196mln (prev. 335mln Y/Y), Underlying EBITDA -4mln (prev. 24mln Y/Y). Ukraine: "Following some improvements in the availability and price of electricity, we were able to restart limited production by bringing one of the Group’s four pellet lines back online". (Ferrexpo)

Glencore (GLEN LN) - Co. signs a 5-year Poland wind power PPA with ERG. (Newswires)

Repsol (REP SM) - Repsol said about 90% of its crude supply risks breaching new EU methane rules from January, Bloomberg reports. Only around 10-15% of supplies are confirmed compliant, but Repsol is still signing contracts without required provisions to avoid refinery shutdowns. The company has reserved legal rights and may challenge enforcement.

TotalEnergies (TTE FP) - Board proposes May 2027 mandate renewals for Puyanne and Aschenbroich. (TotalEnergies)

United Utilities (UU/ LN) - Trading Update: Affirms 2026/27 guidance and now targets AMP8 regulatory returns of 10-11%. (United Utilities)

A mixed European equity wrap of this kind rarely trades as a bloc; the items separate into those with policy sensitivity and those that are stock-specific execution stories. The ASML line is the one with precedent: prior rounds of US export-curb escalation on lithography have been negotiated at the political level before formal adoption, and episodes where a head of government signals confidence in a workable compromise have tended to defuse the tail risk on China-facing revenue without removing the underlying restriction, since the DUV immersion tier sits below the most sensitive nodes already constrained. The AstraZeneca priority review is a standard regulatory catalyst where the survival data was already disclosed, so the established pattern is that the filing itself moves the stock only modestly relative to the eventual label and launch trajectory. The Repsol methane-rule disclosure is the structurally interesting one: EU methane import standards have been flagged as a compliance cliff for refiners, and the tell is whether enforcement flexibility emerges or whether crude procurement spreads start pricing compliant versus non-compliant supply. The Ferrexpo numbers are a known wartime-operations story where electricity availability, not demand, is the binding constraint. The remainder, small financings, PPAs, board renewals, and a guidance affirmation, is routine flow.