European Movers: Soitec (SOI FP) +11%, Deutsche Telekom (DTE GY) +1.6%, Equinor (EQNR NO) -0.9%, M&G (MNG LN) -2%, Crest Nicholson (CRST LN) -9%

The size of the Soitec gain is of the order typically associated with an earnings surprise or guidance reset rather than flow, a pattern seen repeatedly in mid-cap European semi names where positioning is thin and the post-print move overshoots before consolidating. A double-digit fall in a UK housebuilder has historically tended to follow a trading update on volumes, margins or the order book, and often drags the domestic peer set as the read-across trade. Moves of a percent or two in large caps like Deutsche Telekom, Equinor and M&G are within the range of routine single-name catalysts or sector rotation and carry less informational weight. The useful follow-ons are the underlying wires behind each print and whether the moves hold into the close, since open-driven gaps in these names have frequently faded by the afternoon session.