Sep 29, 2026 · 5 min
European stocks split between consumer caution and regulatory relief
Lindt Dips, ADP Down, Julius Baer Up
The episode shows how weaker demand, fiscal proposals, and regulatory decisions are moving European shares in sharply different directions.
- 1Lindt cut its sales-growth outlook and lowered chocolate prices as weak consumer confidence pressured demand.
- 2French infrastructure operators including Vinci, Eiffage, and ADP fell amid proposed tax increases on highly profitable operators.
- 3Julius Baer rallied after Swiss regulators ended an enforcement procedure, potentially clearing the way for renewed buybacks.
Don't miss
Julius Baer rallies after Swiss regulators end an enforcement procedure, potentially allowing the bank to resume share buybacks.
The brief
Lizzie Burden and Stephen Carroll join Bloomberg reporter Joshua Gaunt-Warner to examine the European companies making the biggest market moves.
Lindt lowered chocolate prices after cutting its sales-growth outlook, linking the decision to weak consumer confidence and softer demand.
French infrastructure stocks Vinci, Eiffage, and ADP came under pressure as proposed tax increases targeted highly profitable motorway and airport operators.
Julius Baer was the strongest Stoxx 600 performer after Swiss regulators ended an enforcement procedure tied to losses involving an Austrian property tycoon.
The contrasting moves frame a market balancing consumer weakness and fiscal pressure against regulatory relief that could let Julius Baer resume buybacks.
What was said on this episode
11 statements · 4 positive · 6 negative · 1 mixed
Lindt may experience flat sales in 2026.
“we're looking at potentially flat sales”
Listen at 1:24
Lindt’s pricing power is currently being tested by cocoa-price inflation.
“pricing power has long been a trump card for the company, but this is now being tested”
Listen at 1:27
Lindt shares fell more than 8% that morning.
“ticker LISP was down over 8% this morning”
Listen at 1:37
Lindt shares were down approximately 32% year to date.
“extending year-to-date declines to about 32%”
Listen at 1:42
Doubts about volume recovery are weighing on Lindt’s stock.
“with fears already dampening the stock due to doubts about the recovery in volumes”
Listen at 1:45
Vinci, Eiffage, and ADP shares fell approximately 2% to 4%.
“Vinci, Ifage, and ADP all down about 2% to 4%”
Listen at 2:09
The proposed tax increase would reduce infrastructure operators’ earnings if enacted.
“this is going to be hitting earnings if it goes through”
Listen at 2:39
Regulators ended an enforcement procedure against Julius Baer.
“Regulators have ended an enforcement procedure against the Swiss wealth manager”
Listen at 3:01
The regulatory action is favorable for Julius Baer investors.
“it is a welcome sign for investors”
Listen at 3:17
The regulatory action should allow Julius Baer to deploy capital.
“Ultimately, it should allow the bank to deploy some capital”
Listen at 3:19
Julius Baer now has a more attractive forward outlook for investors.
“investors will now be looking at a more attractive outlook for the company going forwards”
Listen at 3:26
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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