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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.28% to 8785.33, DAX (0.99%) to 23673.29, CAC40 (0.04%) to 7662.59, STOXX 600 (0.21%) to 540.25

Jul 01 ,2025

  • Synopsis:

    • European equity markets closed mostly lower. Personal/household goods, Food & Beverage and retail the best performers; industrial goods/services, media and banks the biggest laggards. Follows Monday's softer close. Asian equity markets mixed. Nikkei under pressure.

    • Fresh record closes for S&P 500 and Nasdaq supportive for sentiment, along with latest tariff developments. US-Canada trade talks moved back on track and supported further by signs of progress in US-EU negotiations ahead of the 9-Jul deadline. Fed rate cut expectations another supportive factor, which have been partly fueled by Trump scrutiny of Powell. Next focus on Thursday's employment report; consensus forecasts pointing to a softer labor market and disappointment would bolster rate cut expectations further.

    • On the macro front, ECB policy likely to be in the spotlight after annual Sintra conference got underway on Monday evening. Officials broadly highlighting global uncertainty, supply shocks, and rapid price adjustments by firms are making inflation more volatile. ECB announced tweaks to its monetary policy strategy on Monday that will see it respond forcefully on sustained deviations from inflation target in either direction. Meanwhile, Eurozone inflation edged back up to 2% in June, core steady at 2.3%, while services prices picked up. final Eurozone manufacturing PMI little changed from flash reading. In the UK, shop price inflation increased for the first time in nearly a year due to food prices. Nationwide house price index unexpectedly fell in June after yesterday's positive BoE mortgage approval data.

    • Amidst a light earnings front, Sodexo (SW.FP) released its Q3 update this morning with sales organic growth +3.0% vs StreetAccount +2.6%, however, given improved visibility on recent business trends, expectation is to land towards the lower end of the range for both FY25 organic growth and underlying operating margin. Umicore (UMI.BB) upgraded guidance expectations after the close yesterday and now expects H1 Group adjusted EBITDA to come in somewhat above €420M. J Sainsbury (SBRY.LN) also published Q1 trading update and confirmed FY guidance. JDE Peet (JDEP.NA) announced plans to deliver €500M of net savings with more than 50% of savings achieved by the end of 2027 during CMD. Further in CMD updates today, Cosmo (COPN.SW) anticipates €480M in recurring revenues and 40% EBITDA margin by 2030.

    • In M&A headlines, Netcompany Group (NETC.DC) completes combination between Netcompany Banking Services and SDC; updates on financial guidance; expects to reinitiate share buyback programmes in August. Banca Mediolanum (BMED.IM) and Mediolanum Vita complete sale of 29.1M shares of Mediobanca S.p.A. (MB.IM) at €18.85/each. SSH Communications Security (SSH1V.FH) enters into strategic partnership with Leonardo (LDO.IM) and issues €20M worth of shares to Leonardo. Avanza Bank Holding (AZA.SS) divests its holdings in Stabelo. AXA (CS.FP) completes the sale of AXA Investment Managers to BNP Paribas (BNP.FP)

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 30-Jun to 04-Jul attached) Dustin Group (DUST.SS) and Topps Tiles (TPT.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Italy May unemployment rate, Spain Jun unemployment change, Eurozone May unemployment rate, Greece May unemployment rate, Ireland Jun unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Persnl & HHold Goods +1.53%, Food & Beverage +1.39%, Retail +1.12%, Utilities +0.98%, Health Care +0.97%, Telecom +0.96%, Travel & Leisure +0.90%, Real Estate +0.63%, Chemicals +0.60%, Basic Resources +0.44%, Autos & Parts +0.03%,

      • Underperformers:

        • Ind Goods & Svcs (1.71%), Banks (1.34%), Media (1.08%), Technology (1.06%), Construct & Mtls (0.76%), Insurance (0.48%), Financial Svcs (0.48%), Oil & Gas (0.47%),

    • Macro/Peripheral markets:

      • EU

        • EU toughens stance on Donald Trump's tariffs as deadline looms - FT

        • ECB can afford to hold off on further rate changes for a while, Müller says - Reuters

        • Eurozone inflation rises to ECB's 2% target - FT

      • UK

        • Labour rebel criticises 'Dickensian' welfare cuts as MPs debate bill ahead of vote - The Guardian

        • Builders hit after stamp duty raid triggers house price fall - The Telegraph

        • UK Budget Watchdog Admits to Optimism Bias in New Blow to Reeves - Bloomberg

      • France

        • French government pours cold water on Le Pen's mass air conditioning scheme - Politico

      • Germany

        • Poland to impose border checks in migration dispute with Germany - FT

        • Investment backlog of municipalities rises to record 216 billion euros - Handelsblatt

      • Switzerland

        • Swiss to Vote on 50% Inheritance Tax for Super-Rich in November - Bloomberg

      • Italy

        • Italy Bond Spread Reaches 15-Year Low as Traders Back Meloni- Bloomberg

      • Belgium

        • Belgium to tax capital gains in major fiscal reform - Reuters

      • Denmark

        • Denmark's Central Bank Urges Lenders to Boost Borrowing and Ease Pressure on Market Rates - Bloomberg

    • Company news:

      • Trading Higher:

        • +65.7% SSH1V.FH (SSH Communications Security €1.55, +0.67) -- enters into strategic partnership with Leonardo; issues €20M worth of shares to Leonardo

        • +13.1% BUR.LN (Burford Capital £10.19, +1.12) -- updates on US Budget Bill and YPF ruling

        • +12.0% UMI.BB (Umicore €13.44, +1.50) -- upgrades FY guidance

        • +8.8% ATORX.SS (Alligator Bioscience SEK6.08, +0.52) -- presents 24-month OPTIMIZE-1 data at ESMO GI 2025

        • +7.2% RCO.FP (Remy Cointreau €0.00, +3.12) -- China promises French cognac makers significant tax refund if they cooperate with anti-dumping probe - SCMP

        • +6.2% BME.LN (B&M European Value Retail £2.75, +0.17)

        • +5.4% MC.FP (LVMH Moet Hennessy Louis Vuitton €448.05, +24.15) -- China promises French cognac makers significant tax refund if they cooperate with anti-dumping probe - SCMP

        • +4.3% RI.FP (Pernod Ricard €84.90, +3.64) -- China promises French cognac makers significant tax refund if they cooperate with anti-dumping probe - SCMP

        • +4.1% ADS.GR (Adidas €201.30, +8.15)

        • +3.9% JMT.PL (Jeronimo Martins €22.00, +0.84) -- Citi upgrade

        • +3.9% CADLR.NO (Cadeler NOK0.00, +1.95) -- receives notice of termination of LTA with Orsted for A-Class Windfarm Installation Vessel; upgrades FY25 guidance

        • +3.8% CLA.FP (Claranova €2.59, +0.10) -- PlanetArt division sale to GA Credit and management completed

        • +3.2% COPN.SW (Cosmo Pharmaceuticals CHF58.80, +1.80) -- CMD

        • +3.0% BC.IM (Brunello Cucinelli €104.25, +3.05)

        • +2.9% AZN.LN (AstraZeneca £0.00, +2.96) -- AstraZeneca CEO reportedly wants to move the company listing, and possibly its domicile, to the US - The Times

        • +2.8% ZEAL.DC (Zealand Pharma DKK369.90, +10.10) -- initiated outperform at BNP Paribas Exane

        • +2.4% GLEN.LN (Glencore £2.88, +0.07)

        • +1.7% BMK.LN (Benchmark Holdings £0.25, -0.00) -- Euronext Oslo Børs has approved cancellation of trading of company's ordinary shares

      • Trading Lower:

        • -17.1% LECN.SW (Leclanché CHF0.17, -0.04) -- FY earnings; funding update

        • -16.6% SIGHT.FP (GenSight Biologics €0.19, -0.03) -- successful completion of a private placement of €3.9M subscribed by a limited number of investors

        • -14.6% SYNT.LN (Synthomer £1.11, -0.16) -- agrees with its banking syndicate to extend the period of covenant relaxation

        • -9.6% VU.FP (VusionGroup €257.20, -26.40) -- Walmart Inc. sells 650K company shares through accelerated private placement

        • -6.4% TKA.GR (ThyssenKrupp €8.95, -0.58)

        • -4.6% LDO.IM (Leonardo €46.83, -2.21) -- SSH Communications Security announces enters into strategic partnership withcompany; issues €20M worth of shares to Leonardo

        • -4.2% BFIT.NA (Basic-Fit €25.52, -1.08) -- extends and increases bank facilities

        • -4.1% ACX.SM (Acerinox €10.58, -0.44) -- CaixaBank downgrade

        • -3.9% MB.IM (Mediobanca €19.06, -0.77) -- Banca Mediolanum and Mediolanum Vita complete sale of 29.1M shares of company at €18.85/each

        • -3.4% HEI.GR (Heidelberg Materials €195.60, -6.75)

        • -3.3% MTRS.SS (Munters Group SEK132.00, -4.50) -- Berenberg downgrade

        • -2.6% MRO.LN (Melrose Industries £5.25, -0.14)

        • -2.2% SBO.AV (SBO AG €29.90, -0.65) -- now operating under the new legal name SBO AG

        • -2.2% ANX.LN (Anexo Group £0.67, -0.02) -- extends deadline for offer intention to 15-Jul-25

        • -1.6% CLI.LN (CLS Holdings £0.73, -0.01) -- sells two properties in Germany for €41.3M

        • -1.5% NETC.DC (Netcompany Group DKK264.20, -4.00) -- completes combination between Netcompany Banking Services and SDC; updates on financial guidance

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: Dustin Group (DUST.SS)

      • Trading Update:

        • UK: Topps Tiles (TPT.LN)

  • Data:

    • Economics:

      • Jun Manufacturing PMI

        • Eurozone 49.5 vs preliminary 49.4

        • UK 47.7 vs preliminary 47.7

        • France 48.1 vs preliminary 47.8

        • Germany 49.0 vs preliminary 49.0

        • Italy 48.4 vs consensus 49.5 and prior 49.2

        • Sweden 51.9 vs consensus 52.7 and prior revised to 53.1 from 53.6 (2:30ET)

        • Spain 51.4 vs consensus 50.6 and prior 50.5

        • Switzerland 49.6 vs consensus 44.2 and prior 42.1

      • Germany Jun Unemployment Rate 6.3% vs consensus 6.4% and prior 6.3%

      • Switzerland May Retail Sales 0.0% y/y vs consensus +0.8% and prior +0.9% (2:30ET)

    • Markets:

      • WTI Crude (Aug 25): +$0.31 or +0.48% to $65.42

      • €-$ (0.0009) or (0.08%) to 1.1780

      • £-$ (0.0020) or (0.15%) to 1.3714

      • €-£ +0.0006 to 0.8591

      • S&P 500 (0.19%)

      • Performance year-to-date

        • FTSE 100: +7.49%

        • DAX: +18.91%

        • CAC: +3.82%

        • MIB: +15.72%

        • Stoxx 600: +6.43%

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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