Europe close: Ferrari, HSBC, Orsted lead markets lower
By Benjamin Chiou
Date: Thursday 09 Oct 2025
(Sharecast News) - European stocks mostly fell on Thursday, with the Stoxx 600 pulling back from a record high on the back of steep losses from a number of heavyweight names, including Ferrari, HSBC, Lloyds, Novo Nordisk and Orsted.
The Stoxx 600 fell 0.4% to settle at 571.31, pulling back after hitting a record high of 573.79 on Wednesday. The pan-European benchmark had risen in seven of the past nine trading sessions, having gained 4.3% since the close on 25 September.
Indices across London, Madrid, Zurich, Paris and Milan declined, with the latter dropping more than 1% on the back of a heavy fall from luxury carmaker Ferrari. Limiting downside were small gains in Frankfurt with the DAX hitting another all-time peak.
In Paris, the CAC 40 was higher for most of the session but dropped into the red by the close as political uncertainty continues to sap risk appetite following the abrupt resignation of prime minister Sébastien Lecornu on Monday, just one month after his appointment. In the latest developments, president Emmanuel Macron is expected to name a new prime minister within the next day or so, quashing speculation about a snap election.
"This reduces the political uncertainty of potential elections. It may thus lower French risk premia in the near term. But the 2026 budget is still unfinished, and the necessary compromises could come at the cost of debt sustainability," said analysts at Rabobank in a research note.
In economic data, Germany's trade surplus widened more than expected in August as imports slumped, according to Destatis on Thursday, though exports also came in below forecasts. The foreign trade balance stood at €17.2bn in August, up from €14.7bn in July. This was the highest surplus since May and well ahead of the €15.2bn consensus estimate.
Gerresheimer, Ferrari and HSBC drop
German industrial group Gerresheimer sank 18% in Frankfurt after slashing its full-year guidance for the third time in five months following a worse-than-expected third quarter.
Ferrari was also registering double-digit declines after underwhelming investors with its long-term guidance. The company raised both its revenue and profit estimates for this year, but its projected growth rate out to 2030 was well under what analysts had expected.
In London, HSBC fell after announcing plans to take Hang Seng Bank private in a deal that values the lender at 290 billion Hong Kong dollars ($37bn). HSBC, which owns around 63.3% of Hang Seng Bank, said it has offered HK$155 a share for the shares it does not already own. This is a premium of about 30% to the last closing price.
Banking peers Lloyds and Close Brothers also fell after revealing they would need "material" additional provisions to provide redress to customers in the motor finance mis-selling scandal.
Danish energy company Orsted was lower after announcing plans to cut 2,000 jobs over the next two years following setbacks caused by the Trump administration's stance against offshore wind. "This is a necessary consequence of our decision to focus our business and the fact that we'll be finalising our large construction portfolio in the coming years - which is why we'll need fewer employees," according to chief executive Rasmus Errboe.
Novo Nordisk was in the red after announcing plans to buy Nasdaq-listed Akero Therapeutics for up to $5.2bn.
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