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StreetAccount Summary - EU Market Recap: FTSE 100 (0.66%) to 8938.32, DAX (0.42%) to 24060.29, CAC40 (0.54%) to 7766.21, STOXX 600 (0.37%) to 544.95

Jul 15 ,2025

  • Synopsis:

    • European equity markets ended lower and around worst levels of the session. Spain (1.1%), FTSE 100 (0.7%), France and Switzerland both down ~ (0.5%) led underperformers. Greece +0.4% and the Netherlands +0.3% led outperformers.

    • Focus on geopolitical developments as Trump's threats of 30% tariffs on EU and Mexico, with Europe's subsequent threat of retaliatory tariffs on €72B in US goods. Press discussions highlighting challenges toward EU deal. EU readying list of countermeasures to target US include Boeing aircraft, industrial goods and agricultural products. However, member state approval still required. Also some focus on deal between Trump and NATO to provide Ukraine with weapons that are paid for by individual NATO countries, although details lacking.

    • In political developments, French PM Bayrou today presented 2026 budget to parliament, with final decisions made at last moment (Bloomberg). Plan aims to achieve €40B in savings to reduce France's deficit to 4.6% of GDP by 2026, while financing substantial military budget increase. Reports indicate most savings will come from spending cuts rather than revenue measures, with only a small fraction from temporarily closing tax system loopholes. Key controversial measure involves freezing all social spending for next year, already opposed by both left and right parties. The other pillar focuses on labour reforms encouraging more work: expanding part-time employment, deregulating professions like baking to allow seven-day operation, eliminating public holidays, and promoting youth and senior employment. Tensions emerged between Bayrou and President Macron over military spending.

    • In macro updates, hot weather reportedly supported British retail spending in Jun. Meanwhile, German investor confidence strengthened for the third consecutive month in Jul, according to ZEW. The ZEW Indicator of Economic Sentiment climbed to 52.7 points, surpassing both Jun's reading of 47.5 points and analyst expectations of 50.3 points (Reuters). Current economic situation assessment also demonstrated marked improvement, rising significantly by 12.5 points to (59.5) from previous month's (72). Dual improvement reflects growing optimism among Germany's financial experts despite persistent global trade tensions.

    • In corporate news, Telefonaktiebolaget LM Ericsson (ERIC.B.SS) posted mixed Q2 results with SEK56.1B revenue miss offset by gross margin and EBITA beat. Further out of the Nordics, Elisa Oyj (ELISA.FH) shares were lower post Q2 while Mowi (MOWI.NO) shares were trading higher post Q2 numbers with operational EBIT and volumes ahead of consensus expectations. In the UK, B&M European Value Retail (BME.LN) shares were lower post softer than expected Q1 UK LFLs at +1.3% vs StreetAccount consensus +3.7%. Barratt Redrow (BTRW.LN) shares also down post FY trading update with FY 25 in-line however FY26 affected by current market conditions with revised expectation of broadly flat average sales outlets. Elsewhere, TomTom (TOM2.NA) shares were up post mixed Q2 with group now expecting FY Group and Location Technology revenue to reach the upper end of initial guidance. Solvay (SOLB.BB) cut 2025 EBITDA forecast to €880M-€930M from €1B-€1.1B due to weak Q2 demand and H2 uncertainty.

    • On M&A front, Pandox Aktiebolag (PNDX.B.SS) announced €6.45/sh in cash recommended offer for Dalata Hotel Group plc (DHG.ID); Scandic Hotels Group (SHOT.SS) enters framework agreement with Pandox AB and Eiendomsspar AS (EISP.NO) to acquire the hotel operations of Dalata Hotel Group. Close Brothers Group PLC (CBG.LN) announced agreement to sell Close Brewery Rentals Limited. Hilton Food Group (HFG.LN) sold 26% stake of its supplier management platform Foods Connected to Apax Global Impact Fund for £22M. In other news flow, NatWest Group (NWG.LN) sold 11.7% stake in PTSB (PTSB.ID) via an accelerated bookbuild at €1.98, a 6% discount.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Technology +0.83%, Autos & Parts +0.74%, Media +0.52%, Chemicals +0.07%, Oil & Gas +0.01%, Ind Goods & Svcs (0.08%), Construct & Mtls (0.21%), Food & Beverage (0.28%), Financial Svcs (0.29%), Real Estate(0.33%)

      • Underperformers

        • Telecom (1.55%), Retail (1.17%), Health Care (0.94%), Insurance (0.88%), Banks (0.81%), Persnl & HHold Goods (0.72%), Basic Resources (0.68%), Utilities (0.52%), Travel & Leisure (0.39%)

    • Macro/Peripheral markets:

      • Geopolitics

        • Trump to slam Russia with 'severe' 100% tariffs if no Ukraine deal is made in 50 days (Euronews)

        • Trump says UK would fight for US, suggests EU may not (Reuters)

      • EU

        • Von der Leyen adjusts EU budget to appease commissioners (Politico)

        • EU eyes retaliatory tariffs against US aircraft, cars and bourbon (FT )

        • Draghi's vision shapes EU's €1.2T budget plan (Politico)

      • BoE

        • Bank of England urges G20 cooperation for financial stability (Reuters)

      • UK

        • Hot weather boosts British retail spending in June (Bloomberg)

      • France

        • France's Bayrou unveils €40B deficit reduction plan (Bloomberg)

        • French PM floats axing 2 public holidays to escape financial crisis (Politico )

      • Greece

      • Poland

        • Polish Government set for reshuffle next week, spokesman says (Bloomberg )

    • Company news:

      • Notable Gainers

        • +254.5% CANTA.SS (Cantargia SEK4.02, +2.89) -- acquisition of its CAN10 IL1RAP immunology program by Otsuka Pharmaceutical for $33M upfront and additional $580M in milestone payments

        • +121.2% OBD.LN (Oxford BioDynamics £0.01, -0.00) -- notes publication of data from Pfizer on successful use of EpiSwitch blood-based biomarkers in evaluation of tumour status and treatment outcomes

        • +26.4% NELLY.SS (Nelly Group SEK57.30, +11.95) -- Q2 earnings

        • +13.3% IHP.LN (Integrafin Holdings £3.68, +0.43) -- Q3 trading update

        • +13.2% NSKOG.NO (Norske Skog NOK24.80, +2.90) -- Q2 earnings

        • +12.2% DOM.SS (Dometic Group SEK48.18, +5.24) -- Q2 earnings

        • +9.9% EGTX.SS (Egetis Therapeutics SEK5.17, +0.47) -- receives FDA Breakthrough Therapy Designation for tiratricol for MCT8 deficiency

        • +8.9% KTN.GR (Kontron €26.82, +2.22) -- contract

        • +8.6% ADDT.B.SS (Addtech SEK344.20, +27.20) -- Q1 earnings

        • +8.2% ORSTED.DC (Ørsted DKK299.30, +22.80) -- Morgan Stanley upgrade

        • +7.8% GNS.LN (Genus £24.05, +1.75) -- FY trading update

        • +7.7% CRNO.B.SS (Cereno Scientific SEK0.00, +0.68) -- announces positive topline results from Phase I trial of novel HDAC inhibitor CS014

        • +7.6% NXR.LN (Norcros £2.96, +0.21) -- to buy Fibo Holding from FSN Capital at enterprise value of NOK856.3M

        • +6.6% AQ.SS (AQ Group SEK197.80, +12.30) -- Q2 earnings

        • +5.6% BRCK.LN (Brickability Group £0.65, +0.03) -- FY earnings

        • +5.3% HEX.NO (Hexagon Composites NOK18.64, +0.94) -- to acquire Sustainable Energy Solutions' alternative fuels business

        • +5.2% THULE.SS (Thule Group SEK285.60, +14.20) -- Q2 earnings

        • +4.9% ALBPS.FP (Biophytis €0.14, +0.01) -- strategic partnership with Lynx Analytics, a pioneer in artificial intelligence solutions for life sciences

        • +4.8% EYE.LN (Eagle Eye Solutions Group £2.30, +0.10) -- FY trading update; launches £1.0M on-market buyback

        • +4.3% EXPN.LN (Experian £40.18, +1.65) -- Q1 trading update

        • +4.2% PNDX.B.SS (Pandox SEK170.40, +6.80) -- announces €6.45/share in cash recommended offer for Dalata Hotel Group plc

        • +3.8% ANX.LN (Anexo Group £0.69, +0.03) -- further extends deadline for offer intention

        • +3.7% MOWI.NO (Mowi NOK200.20, +7.10) -- Q2 trading update

        • +2.7% DOCM.SW (DocMorris CHF7.70, +0.20) -- receives extension for its CardLink solution approval from gematik until January 2027

      • Notable Decliners

        • -32.2% CRTA.LN (Cirata £0.19, -0.09) -- H1 trading update

        • -14.4% BEGR.SS (BE Group SEK34.05, -5.75) -- H1 earnings; enters into an updated loan agreement and resolves on a secured preferential rights issue of SEK 143M

        • -9.4% BTRW.LN (Barratt Redrow £3.77, -0.39) -- FY trading update; lunches first tranche of buyback

        • -9.1% BME.LN (B&M European Value Retail £2.34, -0.23) -- Q1 trading update

        • -7.7% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK71.40, -5.94) -- Q2 earnings

        • -5.9% INDT.SS (Indutrade SEK247.80, -15.40) -- Q2 earnings

        • -5.7% AFRY.SS (AFRY AB SEK156.50, -9.40) -- Q2 earnings

        • -5.6% CTEC.LN (ConvaTec Group £2.45, -0.15) -- responds to CMS draft payment proposal for skin substitutes in the US; potential y/y headwind to FY26 revenue could be ~1-2% of Group revenue

        • -5.3% RWA.LN (Robert Walters £1.71, -0.10) -- Q2 trading update

        • -4.4% ALU.LN (Alumasc Group £3.56, -0.17) -- FY trading update

        • -4.3% AKRBP.NO (Aker BP NOK254.60, -11.40) -- Q2 earnings

        • -3.6% NOTE.SS (NOTE SEK190.50, -7.10) -- Pareto and Handelsbanken downgrades

        • -3.3% ANOD.B.SS (Addnode Group SEK115.80, -4.00) -- DNB Carnegie and Pareto downgrades

        • -3.2% BUFAB.SS (Bufab SEK91.00, -3.05) -- Q2 earnings

        • -3.0% DIE.BB (D'Ieteren Group €181.30, -5.60) -- Van Lanschot Kempen downgrade

        • -2.8% BACTI.B.SS (Bactiguard Holding SEK28.20, -0.80) -- Q2 earnings

        • -2.6% DHG.ID (Dalata Hotel Group €6.37, -0.17) -- Pandox Aktiebolag announces €6.45/share in cash recommended offer for company

        • -2.5% AKER.NO (Aker ASA NOK658.00, -17.00) -- H1 earnings

        • -1.9% WAF.GR (Siltronic €42.28, -0.82) -- Citi downgrade

        • -1.9% PTSB.ID (Permanent TSB Group Holdings €2.05, -0.04) -- NatWest Group completes sale of 63.6M of company ordinary shares

        • -1.8% EQNR.NO (Equinor NOK265.40, -5.00)

        • -1.6% SOLB.BB (Solvay €28.84, -0.46) -- revises 2025 underlying EBITDA outlook and confirms FCF guidance

        • -1.5% GSK.LN (GSK Plc £14.06, -0.22) -- FDA releases briefing materials ahead of Thursday Adcom for Blenrep

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: ASML Holding (ASML.NA), Barco (BAR.BB), NSI NV (NSI.NA)

        • DACHs: VEF AB (0TX.GR)

        • Denmark: Alm. Brand (ALMB.DC)

        • Finland: Finnair (FIA1S.FH), WithSecure (WITH.FH)

        • Norway: Aker (AKER.NO), Borregaard (BRG.NO), Atea (ATEA.NO), NEL (NEL.NO), Okea (OKEA.NO)

        • Sweden: Skandinaviska Enskilda Banken (SEB.A.SS), Sandvik (SAND.SS), Svenska Handelsbanken (SHB.A.SS), Swedish Orphan Biovitrum (SOBI.SS), Sweco (SWEC.B.SS), MIPS (MIPS.SS), Bergman & Beving (BERG.B.SS), ITAB Shop Concept (ITAB.SS), Enea (ENEA.SS), Nilörngruppen (NIL.B.SS), Orexo (ORX.SS)

        • UK: Cohort (CHRT.LN)

  • Data:

    • Economics:

      • Spain Jun Final CPI +2.3% y/y vs preliminary +2.2%; +0.7% m/m vs preliminary +0.6%

      • Eurozone May Industrial Production +3.7% y/y vs consensus +2.9% and prior revised +0.2% from +0.8%

      • Germany Jul ZEW Economic Sentiment Indicator 52.7 vs consensus 50.8 and prior 47.5

    • Markets:

      • WTI Crude (Aug 25): ($0.06) or (0.09%) to $66.92

      • €-$ (0.0060) or (0.51%) to 1.1605

      • £-$ (0.0046) or (0.34%) to 1.3380

      • €-£ (0.0015) to 0.8673

      • S&P 500 +0.01%

        • Performance year-to-date

        • FTSE 100: +9.36%

        • DAX: +20.85%

        • CAC: +5.22%

        • MIB: +16.78%

        • Stoxx 600: +7.35%

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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