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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.16%), DAX (0.10%), CAC40 (0.32%)

Jul 08 ,2025

  • Synopsis

    • European equity markets are set to open lower, whilst Asian equities mostly higher Tuesday. Markets shrugging off latest tariff developments with Korea outperforming and gains picking up on Greater China benchmarks. Japan seeing milder gains while Taiwan extending pullback. S&P 500 futures flat afterhours.

    • Markets seeing some reprieve after Trump extended tariff deadline to 1-Aug, which he said was not firm date. Also confirmed openness to negotiating tariff rates if countries present different offers. Earlier left open tariff adjustment if Tokyo removes tariff and non-tariff trade barriers. Japan and South Korea said would continue talks after being hit with 25% tariffs. White House continues to talk up prospects of imminent trade deals. Reuters sources noted EU close to agreement while Trump repeated close to deal with India.

    • On today's agenda, UK's OBR publishes at 9:30BST its new fiscal risks and sustainability report. The report's main findings on three potential sources of risk to the public finances will be presented by the Budget Responsibility Committee at 11:00 (livestream). OMFIF event The UK Labour government: assessing the first year. French President Macron and his wife on State visit to Britain (through Wed). In the morning, Chancellor Merz will attend the IG Metall federal executive committee meeting, whilst in the evening delivers speech at traditional summer party of the CDU/CSU parliamentary group. In UK, parliamentary committee topics include preventing waste and enabling a circular economy, work of the UK Statistics Authority as well as UK economic security all at 10:00BST, insurance companies (execs from Admiral Group (ADM.LN), Aviva (AV.LN), Axa (CS.FP), Lloyds Banking Group (LLOY.LN)) 10:15, Spending Review (Deputy PM Rayner) 13:00, and general terms for the UK-US economic prosperity deal 14:00.

    • In central banks, Denmark central bank releases its Q2 lending survey at 8:00CET. Ireland central bank's Madouros speaks at 15:30BST at parliamentary budgetary oversight committee . Bundesbank's Nagel in panel discussion at 16:00CET with Daiwa Institute of Research's Nakaso, as part of Bundesbank Invited Speakers Series. ECOFIN meeting, ECB's de Guindos and EU's Dombrovskis among the participants.

    • European macro data releases out today include Germany May trade balance, France May trade balance, Netherlands Jun final CPI.

    • In corporate news, OMV (OMV.AV) issued a Q2 trading update indicating to a total hydrocarbon production of 304 kboe/d vs year-ago 338 kboe/d, whilst yesterday, after the market closed, Galp Energia SGPS (GALP.PL) released its Q2 trading update, reporting a working interest production of 113 kboepd, compared to 106 kboepd last year. Additionally, Banco Comercial Português (BCP.PL) announced that the estimated provisions for legal risks associated with the FX mortgage loans portfolio were recorded by Bank Millennium in Q2. In Norway, TGS (TGS.NO) shares expected to come under pressure as it provided its Q2 operational and financial update, anticipating produced revenues of $306M vs company-compiled consensus $398M.

  • Politics/Macro/World News

    • Von der Leyen bats away no-confidence vote but critics land punches - FT

    • EU to ringfence billions of farming subsidies - FT

    • EU to Give Final Nod to Bulgaria's Euro-Zone Entry Next Year - Bloomberg

    • EU Wants Quick Framework Deal With US - Bloomberg

    • King Charles hosts Macron in first European state visit since Brexit - Reuters

    • Netherlands Jun CPI +3.1% y/y vs preliminary 3.1%

  • Top company news

    • Earnings/updates

      • GALP.PL (Galp Energia SGPS) -- provides Q2 trading update

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- Q2 Operational and Financial Update; expects Q2 Produced revenues to be $306M vs company-compiled consensus $398M

      • BCP.PL (Banco Comercial Portugues) -- Banco Comercial Português informs about estimated provisions against legal risk related to FX mortgage loans portfolio booked by Bank Millennium in Q2

      • ICEAIR.IR (Icelandair Group) -- reports June traffic +8.0% y/y

      • EMGS.NO (Electromagnetic Geoservices) -- reports Q2 vessel activity and multi-client sales update

      • SALME.NO (Salmon Evolution) -- Q2 operational update: harvest volume 1,232 tonnes HOG

      • OMV.AV (OMV) -- Q2 Trading Update: total hydrocarbon production of 304 kboe/d vs year-ago 338 kboe/d

      • Also reporting today:

        • Earnings:

          • Nordics: Industrivarden (INDU.A.SS), Atrium Ljungberg (ATRLJ.B.SS), Kinnevik (KINV.B.SS), ABG Sundal Collier Holding (ABG.NO), Admicom (ADMCM.FH)

          • UK: Optima Health (OPT.LN), Begbies Traynor Group (BEG.LN), Celebrus Technologies (CLBS.LN), Synectics (SNX.LN)

        • Trading Update:

          • France: GenSight Biologics (SIGHT.FP)

          • UK: UNITE Group (UTG.LN), Victrex (VCT.LN)

        • Traffic: Finnair (FIA1S.FH)

        • CMD/events: Daimler Truck Holding (DTG.GR) at 15:00CET

    • M&A

      • OMV.AV (OMV) -- EU clears OMV and ADNOC's agreement to combine their polyolefins businesses

      • IPS.FP (Ipsos) -- announces the acquisition of InMoment's Healthcare division in Germany; terms undisclosed

      • SHUR.BB (Shurgard Self Storage) -- signs new purchase agreement in Eindhoven (The Netherlands)

      • BAKK.LN (Bakkavor Group) -- announces vote results in favor of proposed transaction with Greencore

      • AUB.FP (Aubay) -- completes acquisition of 100% of Solutec's share capital

    • Healthcare

      • IVA.FP (Inventiva) -- receives $10M milestone payment from Sino Biopharm subsidiary CTTQ

      • NANO.FP (Nanobiotix) -- announces regulatory harmonization and new composition of matter patent filed for JNJ-1900 (NBTXR3)

    • Other

      • BNP.FP (BNP Paribas) -- creates a new unit within its Commercial, Personal Banking & Services division

      • ALO.FP (Alstom) -- Follow-up: Alstom has received a €2.0B ($2.3B) order from the New York Metropolitan Transportation Authority.

      • DTG.GR (Daimler Truck Holding) -- announces a new share buyback program

      • SPIE.FP (SPIE) -- holder Peugeot Invest placing ~4.3M shares via accelerated bookbuilding process through BNP Paribas and Morgan Stanley

      • SPIE.FP (SPIE) -- Peugeot Invest completes the sale of its remaining stake in SPIE

      • CRBN.NA (Corbion) -- appoints Ruud Peerbooms as CCO, effective 1-Jul; Oli Arnason as Chief Integrated Supply Chain Officer, effective 15-Jul

      • CWR.LN (Ceres Power Holdings) -- holder Robert Bosch agrees to sell, subject to completion, 6.4M shares at 94p/share to a single institutional investor

      • TITC.BB (Titan S.A.) -- Titan invests in sustainable construction materials platform at former UK power station

  • Key rating changes

    • Upgrades

      • GIVN.SW (Givaudan) -- to equal weight from underweight at Barclays

      • SGSN.SW (SGS) -- to sector perform from underperform at RBC Capital Markets

      • ARGX.BB (argenx) -- to buy from hold at Deutsche Bank

      • SOBI.SS (Swedish Orphan Biovitrum) -- to hold from sell at Deutsche Bank

    • Downgrades

      • AKE.FP (Arkema) -- to equal weight from overweight at Barclays

      • SHB.A.SS (Svenska Handelsbanken) -- to underweight from equal-weight at Morgan Stanley

      • TEL2.B.SS (Tele2) -- to hold from buy at DNB Carnegie

      • BETSB.SS (Betsson) -- to hold from buy at DNB Carnegie

      • AKRBP.NO (Aker BP) -- to sell from buy at Norne Securities

      • LIGHT.NA (Signify) -- to neutral from outperform at Oddo

      • NAS.NO (Norwegian Air Shuttle) -- to hold from buy at Arctic Securities

    • Initiations

      • OXB.LN (OXB) -- buy at Jefferies

      • XPS.LN (XPS Pensions Group) -- buy at UBS

      • JUST.LN (Just Group) -- buy at Berenberg

      • NTG.DC (NTG Nordic Transport Group) -- overweight at Barclays

      • MYTIL.GA (Metlen Energy & Metals) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei +0.27% to 39692.79

    • Hang Seng +0.60% to 24031.53

    • Shanghai Composite +0.54% to 3491.98

    • S&P futures +1.8 vs prior close of 6276.0

    • €-$ +0.0030 or +0.26% to 1.1739

    • $-¥ (0.02) or (0.01%) to 146.06

    • €-¥ +0.39 or +0.23% to 171.43

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.
Please refer to "Terms Of Use".

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