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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.15% to 8867.02, DAX +1.42% to 24549.56, CAC40 +1.44% to 7878.46, STOXX 600 +0.78% to 549.96

Jul 09 ,2025

  • Synopsis:

    • European equity markets ended firmly higher on EU-US trade deal optimism. UK softer. Follows modest gains in prior session. Banks, constructions, autos and industrials best performers, while media, basic resources and food/beverage main laggards.

    • Attention on trade developments as EU rush to conclude a trade agreement with US before the extended 1-Aug deadline, but faces accepting worse deal than UK, FT writes. Brussels appears ready to accept "framework" agreement setting reciprocal tariffs at 10% while negotiations continue-matching UK's baseline but without sectoral exemptions London secured. The Office for Budget Responsibility in its fiscal risk report highlighted that the UK is at risk of a £22B increase in debt-interest costs as pension schemes buy fewer government bonds, Bloomberg reports. Said this is likely to push up borrowing costs and make Treasury more dependent on foreign investors. Some focus also on French asset underperformance this year amid political instability, fiscal concerns and weak consumer sentiment. Reuters highlighted rising investor concern that autumn budget negotiations could trigger another government collapse, adding to volatility. Said with persistent no-confidence risks and a fragmented parliament, meaningful fiscal reform before the 2027 elections looks unlikely. Recall, France's deficit now the highest in the Eurozone, diverging from peers like Italy and Spain who have reduced debt burdens through inflation.

    • Macro-data calendar light with just Denmark May Trade Balance and Norway Jun PPI.

    • In corporate news, Jet2 (JET2.LN ) FY earnings beats, revenue miss and says current trading in line with market expectations. WPP Group (WPP.LN) posted a worse-than-expected H1 trading update, anticipates H1 like-for-like revenue less pass-through costs to decline by (4.2%) to (4.5%) below expectations and downgrades its FY25 guidance. British Land Co (BLND.LN) updated on positive leasing progress at Broadgate and Norton Folgate. Still in the UK, housebuilders (BKG.LN, BWY.LN, PSN.LN, TW.LN) in focus after seven of the largest firms agreed to pay £100M towards affordable housing programs on closure of antitrust investigation into sector. Elsewhere, Airbus (AIR.FP) reports June gross orders 203. Repsol (REP.SM) Q2 trading statement noted upstream production 557 Kboe/d vs year-ago 589 Kboe/d. In other news, press reports suggest Renault (RNO.FP) unlikely to immediately name permanent replacement for departing CEO de Meo.

    • In M&A deals, media report Meta said to have purchased "just under" 3% stake in EssilorLuxottica (EL.FP), currently valued at ~€3B (~$3.5B), Renk Group (R3NK.GR) may sell civilian industrial business. Also, Unicredit (UCG.IM) converts into shares part of its synthetic position in Commerzbank, taking its physical share ownership to ~20%.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Italy May industrial production, and UK Jun house price balance - RICS.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +2.00%, Construct & Mtls +1.25%, Autos & Parts +1.21%, Ind Goods & Svcs +1.18%, Insurance +1.07%, Utilities +0.84%

      • Underperformers:

        • Media (2.34%), Basic Resources (0.71%), Food & Beverage (0.33%), Telecom (0.23%), Travel & Leisure +0.28%, Technology +0.30%, Health Care +0.38%, Retail +0.41%, Persnl & HHold Goods +0.45%, Real Estate +0.61%, Oil & Gas +0.72%, Chemicals +0.74%, Financial Svcs +0.75%

    • Macro:

      • Central Banks:

        • ECB Should Neither Plan Nor Rule Out Further Cuts, Nagel Says -- Bloomberg

        • ECB warns of risks beyond tariffs: from security to capital flows -- Reuters

        • BoE governor opposes pension investment mandate in blow to government plans -- money marketing

        • UK banks can increase riskier mortgage lending, BoE says -- Reuters

        • Most UK companies would withstand sharply higher tariffs, Bank of England says -- FT

      • EU:

        • Germany 'optimistic' of US-EU trade deal within days -- Telegraph

        • Europe has no option but to accept Trump's tariffs -- UnHerd

        • Why EU capitals are irate at German car swap scheme to swerve US tariffs -- FT

      • UK:

        • Starmer says UK 'can't just tax our way to growth' as he brushes off call for wealth tax -- Guardian

        • UK secures £7.5B Japanese investment in key growth sectors -- Gov.UK

      • Germany:

        • Germany's Merz sees decisions on debt brake reform by spring 2026 -- Reuters

      • France:

        • Political chaos leaves France sidelined as investors warm to Europe -- Reuters

    • Company news:

      • Notable Gainers

        • +15.0% EVPL.LN (Everplay £3.58, +0.47) -- H1 trading update; acquires IP and publishing rights

        • +6.4% ORES.SS (Investment AB Öresund SEK129.60, +7.80) -- Q2 earnings

        • +5.8% AZM.IM (Azimut Holding €29.33, +1.60) -- Deutsche Bank upgrade

        • +5.6% EL.FP (EssilorLuxottica €253.20, +13.50) -- Meta said to have purchased "just under" 3% stake in EssilorLuxottica, currently valued at ~€3B (~$3.5B) -- Bloomberg

        • +5.4% ISM (Indra Sistemas €39.22, +2.02) -- Indra set to approve purchase of Escribano Mechanical & Engineering (EM&E) despite some opposition within the board -- el Economista; Goldman Sachs upgrade

        • +5.0% GFRD.LN (Galliford Try Holdings £4.39, +0.21) -- FY trading update

        • +4.6% UCG.IM (UniCredit €61.06, +2.68) -- takes physical share ownership in Commerzbank to ~20%

        • +4.4% GEN.LN (Genuit Group £3.97, +0.17) -- JPMorgan upgrade

        • +4.2% HTG.LN (Hunting £3.14, +0.13) -- H1 trading update

        • +4.1% AKSO.NO (Aker Solutions NOK37.74, +1.48) -- contract

        • +2.8% KCC.NO (Klaveness Combination Carriers NOK68.70, +1.90) -- Q2 business update

        • +2.4% TRCS.LN (Tracsis £4.20, +0.10) -- CEO to step down, FY25 guidance reaffirmed

        • +2.0% BATS.LN (British American Tobacco £36.06, +0.71) -- initiated buy at Jefferies

        • +0.3% CCC.SS (Cavotec SEK17.80, +0.05) -- shares start trading on Nasdaq Stockholm

      • Notable Decliners

        • -18.8% WPP.LN (WPP Group £4.31, -0.99) -- H1 trading update

        • -12.1% KOG.NO (Kongsberg Gruppen NOK324.50, -44.70) -- Q2 earnings

        • -9.9% JET2.LN (Jet2 £16.64, -1.81) -- FY earnings

        • -9.4% ZIG.LN (Zigup Plc £3.28, -0.34) -- FY earnings

        • -4.9% INWI.SS (Inwido SEK207.80, -10.60) -- DNB Carnegie downgrade

        • -4.6% FDJU.FP (La Francaise des Jeux €30.38, -1.46) -- holder Crédit Agricole Assurances sells of 6.1M shares, representing ~3.3% of capital

        • -4.2% CBG.LN (Close Brothers Group £3.94, -0.17) -- Premium Finance business update

        • -2.9% ANTO.LN (Antofagasta £18.60, -0.56) -- Trump says expects to impose 50% tariff on copper imports -- Bloomberg/wires

        • -2.7% GLEN.LN (Glencore £2.98, -0.08) -- Trump says expects to impose 50% tariff on copper imports -- Bloomberg/wires

        • -2.5% AAL.LN (Anglo American £21.61, -0.55) -- Trump says expects to impose 50% tariff on copper imports -- Bloomberg/wires

        • -1.9% SZU.GR (Suedzucker €10.90, -0.21) -- expects significant decline in EBITDA and operating result for Q2

        • -1.3% GYM.LN (Gym Group £1.57, -0.02) -- H1 pre-close trading update

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Suedzucker (SZU.GR), Gerresheimer (GXI.GR), Agrana Beteiligungs (AGR.AV), Heidelberg Pharma (HPHA.GR), Banque Cantonale du Jura (BCJ.SW)

        • France: Kaufman & Broad (KOF.FP)

        • Nordics: Europris (EPR.NO), BlueNord (BNOR.NO), Bonheur (BONHR.NO), Akastor (AKAST.NO), XANO Industri (XANO.B.SS), Bulten (BULTEN.SS), Q-linea (QLINEA.SS), Alligator Bioscience (ATORX.SS), Carasent (CARA.SS)

        • UK: Trifast (TRI.LN)

      • Trading Update:

        • DACHs: Barry Callebaut (BARN.SW)

        • France: Ekinops (EKI.FP)

        • Southern Europe: Brunello Cucinelli (BC.IM)

        • UK: DCC (DCC.LN), Vistry Group (VTY.LN), Polar Capital Holdings (POLR.LN), Brooks MacDonald Group (BRK.LN), PageGroup (PAGE.LN), Severn Trent (SVT.LN

  • Data:

    • Economics:

      • Denmark May Trade Balance DKK23.4B vs consensus DKK32.0B and DKK37.8B

      • Norway Jun PPI (1.0%) y/y vs consensus (2.0%) and prior (0.1%)

    • Markets:

      • WTI Crude (25-Aug): +$0.26 or +0.38% to $68.59

      • €-$ (0.0017) or (0.15%) to 1.1708

      • £-$ (0.0008) or (0.06%) to 1.3587

      • €-£ (0.0009) to 0.8617

      • S&P 500 +0.28%

      • Performance year-to-date:

        • FTSE 100: +8.49%

        • DAX: +23.31%

        • CAC: +6.74%

        • MIB: +19.41%

        • Stoxx 600: +8.34%

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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