European Event-Driven Analyst

Jesus Rodriguez Aguilar

Index Rebalance

<ul>
<li>Engie remains our preferred implementation trade: confirmed inclusion, 19.3x ADV of estimated buying and 5.3% relative underperformance into the review cut-off.</li>
<li>Nokia faces 9.6x ADV of estimated buying, but its 10.5% relative outperformance into the cut-off leaves less room for an implementation trade.</li>
<li>WKL and VOW3 each face 6.0x ADV of estimated selling, but we would not chase either after their sharp post-announcement declines.</li>
</ul>


Engie remains our preferred implementation trade: confirmed inclusion, 19.3x ADV of estimated buying and 5.3% relative underperformance into the review cut-off.
Nokia faces 9.6x ADV of estimated buying, but its 10.5% relative outperformance into the cut-off leaves less room for an implementation trade.
WKL and VOW3 each face 6.0x ADV of estimated selling, but we would not chase either after their sharp post-announcement declines.


EURO STOXX 50: Engie Stands Out Into Implementation

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The September 2026 index review results for the ES50 index were announced yesterday after market close.</li>
<li>There will be two ADDs and two DELs for the index. This is in line with our expectations.</li>
<li>The Inclusion/Exclusion events will take place at the close of trading on Friday 18 September 2026. We see US$5bn+ in one-way flow.</li>
</ul>


The September 2026 index review results for the ES50 index were announced yesterday after market close.
There will be two ADDs and two DELs for the index. This is in line with our expectations.
The Inclusion/Exclusion events will take place at the close of trading on Friday 18 September 2026. We see US$5bn+ in one-way flow.


Quiddity ES50 Sep26 Results: All Expected ADDs/DELs Correct; Engie + Nokia IN; VWagen + Wolters OUT

<ul>
<li>The ES50 Index is one of the most highly tracked European indices. The annual review takes place in September, with index weights rebalanced every quarter.</li>
<li>With the base date nearly two weeks away, we currently see 2 ADDs and 2 DELs, but Nokia's price slide has two names circling to take its place.</li>
<li>We currently expect a one-way trade of US$4.5bn on 18th September 2026. However, the 10% cap on ASML could swing the one-way flow. </li>
</ul>


The ES50 Index is one of the most highly tracked European indices. The annual review takes place in September, with index weights rebalanced every quarter.
With the base date nearly two weeks away, we currently see 2 ADDs and 2 DELs, but Nokia's price slide has two names circling to take its place.
We currently expect a one-way trade of US$4.5bn on 18th September 2026. However, the 10% cap on ASML could swing the one-way flow. 


Quiddity Leaderboard ES50 Sep26: 2 ADDs and 2 DELs Likely; Tight Race for the Second ADD

<ul>
<li>Société Générale and Engie lead our current addition screen, while Nokia/E.ON remains a live race: just 1.9% relative performance separates the two ahead of the 31 August cut-off.</li>
<li>The flow numbers favour the addition side: estimated ETF buying reaches ~7x ADV for Engie and 6.3x for E.ON, compared with 2–3x ADV selling for the main deletion candidates.</li>
<li>We favour the addition side: Engie offers the strongest prospective flow/liquidity setup, while E.ON becomes particularly interesting if it overtakes Nokia; we are more cautious on pre-positioning deletion shorts.</li>
</ul>


Société Générale and Engie lead our current addition screen, while Nokia/E.ON remains a live race: just 1.9% relative performance separates the two ahead of the 31 August cut-off.
The flow numbers favour the addition side: estimated ETF buying reaches ~7x ADV for Engie and 6.3x for E.ON, compared with 2–3x ADV selling for the main deletion candidates.
We favour the addition side: Engie offers the strongest prospective flow/liquidity setup, while E.ON becomes particularly interesting if it overtakes Nokia; we are more cautious on pre-positioning deletion shorts.


EURO STOXX 50: Trading the September Rebalance

<ul>
<li>The ES50 Index is one of the most highly tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.</li>
<li>The final rankings for the September 2026 review will be decided based on data as of the close of 31st August 2026.</li>
<li>We currently see two ADDs and two DELs for the September 2026 review, with the possibility of one more ADD/DEL pair.</li>
</ul>


The ES50 Index is one of the most highly tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.
The final rankings for the September 2026 review will be decided based on data as of the close of 31st August 2026.
We currently see two ADDs and two DELs for the September 2026 review, with the possibility of one more ADD/DEL pair.


Quiddity Leaderboard ES50 Sep26: Annual Review Incoming; Two Changes So Far; US$3.8bn+ One-Way

France

Engie offers a full range of electricity, gas and associated energy and environment services throughout the world. The Company produces, trades, transports, stores and distributes natural gas, and offers energy management and climatic and thermal engineering services.

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Engie SA (ENGI FP)

EURO STOXX 50: Engie Stands Out Into Implementation

The EURO STOXX 50 changes are confirmed. Price action around the review has left a strikingly uneven setup ahead of the 18 September implementation.

Jesus Rodriguez Aguilar

Quiddity ES50 Sep26 Results: All Expected ADDs/DELs Correct; Engie + Nokia IN; VWagen + Wolters OUT

The ES50 will see two BIG ADDs and two normal DELs in its annual review in September 2026. We expect a one-way flow of US$5bn+ driven mostly by...

Afridi Reyal

Quiddity Leaderboard ES50 Sep26: 2 ADDs and 2 DELs Likely; Tight Race for the Second ADD

The base date for the annual September 2026 review is today (31 August 2026). We still expect two ADDs and two DELs. EOAN and Société Générale are...

Afridi Reyal

EURO STOXX 50: Trading the September Rebalance

The EURO STOXX 50 September review is creating increasingly actionable index trades. Our pro-forma ranking and flow model identifies where the...

Jesus Rodriguez Aguilar

Quiddity Leaderboard ES50 Sep26: Annual Review Incoming; Two Changes So Far; US$3.8bn+ One-Way

The two ADDs and two DELs are well-flagged — the real question is whether Societe Generale can squeeze past the sector threshold test, which would...

Afridi Reyal

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