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

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Economy / Cover Story: Can China pull its economy out of a deflationary nosedive?</li><li><p>China-U.S. /: China, U.S. agriculture heads restart dialogue on cooperation after eight-year hiatus</p></li><li><p>Personnel /: Chinese sovereign wealth fund CIC to promote new president, sources say</p></li></ul>

Economy / Cover Story: Can China pull its economy out of a deflationary nosedive?China-U.S. /: China, U.S. agriculture heads restart dialogue on cooperation after eight-year hiatusPersonnel /: Chinese sovereign wealth fund CIC to promote new president, sources say

CX Daily: Can China Pull Its Economy Out of a Deflationary Nosedive? 

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400 points.</li><li>China's 1Y and 5Y loan prime rates are expected to remain unchanged at 3.45% and 4.2%, respectively.</li><li>We recommend stocks expected to report 3Q23E earnings growth YoY: ERW, SPRC and ILM.</li></ul>

Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400 points.China's 1Y and 5Y loan prime rates are expected to remain unchanged at 3.45% and 4.2%, respectively.We recommend stocks expected to report 3Q23E earnings growth YoY: ERW, SPRC and ILM.

Finland

Nokia Oyj is a global communications company that operates a network of production facilities for location intelligence and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

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Nokia OYJ (NOKIA FH)

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

CX Daily: Can China Pull Its Economy Out of a Deflationary Nosedive?

Economy / Cover Story: Can China pull its economy out of a deflationary nosedive? China’s economy ended 2023 having experienced a patchy...

Caixin Global

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400...

Krungthai XSpring

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