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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open:Futures: FTSE +0.19%, DAX +0.21%, CAC40 +0.17%

Jul 15 ,2025

  • Synopsis

    • European equity markets are set to open higher, whilst Asia equities trading mixed Tuesday. Japan and Hong Kong fluctuating alongside South Korea. Mainland China swung to declines, contrasting with moderate gains in Australia. US contracts recovered from earlier weakness, adding to overnight strength. Major regional tech indices mixed after softer overnight leads. Big tech names in Japan and Tawain mostly firmer, Hong Kong and South Korea softer.

    • Breaking news that Nvidia (NVDA) was granted US approval to resume H20 exports to China shifted market sentiment to the positive side by midday. Preceding market narrative mostly revolved around the unremarkable price action overnight despite Trump's threats of 30% tariffs on EU and Mexico. Modest upside in equities lent more credence to the TACO dynamic, backed up by Trump's subsequent qualifications that he is still open to EU talks. However, press discussions highlighted challenges toward an EU deal.

    • Furthermore, market strength prompting increasing discussion of potential market complacency where concerns are discouraging buying conviction. On upcoming risk events, Q2 earnings came into view alongside elevated attention on upcoming US CPI.

    • On today's agenda, Chancellor Merz participates in the cabinet meeting of the Bavarian State Government. UK parliamentary business includes MPs questions on energy security and net zero at 11:30BST followed by Opposition Day debate (subject tba), whilst committee topic include reforming the water sector at 10:00 (execs from Thames Water) at the same time as delivering 1.5M new homes (government minister), Office for Budget Responsibility Fiscal Risks and Sustainability Report at 10:15 and the role of regulators 14:30. Norway's finance minister Svantesson press conf. at 11:00CET on the economic situation ahead of G20 meeting. Elsewhere, EU's Foreign Affairs Council and EU's von der Leyen receives the delegation of Fianna Fáil members of the EP. OPEC's latest monthly report is released and German Wind Energy Assn. press conf. at 11:00CET on the state of wind energy in the country in H1 of 2025.

    • In central banks, ECB's Buch gives introductory statement at 11:00CET to EP committee (European macro data releases out today include Germany Jul ZEW economic sentiment indicator, Spain Jun final CPI, Eurozone May industrial production, UK Jun retail sales monitor - BRC

    • In earnings news, Ericsson (ERIC.B.SS) reported mixed Q2 earnings this morning with adjusted EBIT and EBITA above consensus whilst revenue was below. Q3 outlook getting mixed reactions. Also in Nordics, Aker BP (AKRBP.NO), NCC (NCC.B.SS), Elisa Oyj (ELISA.FH) and Indutrade (INDT.SS) are amongst other in the region to update investors with their latest numbers. In Benelux, Solvay (SOLB.BB) lowered its FY25 underlying EBITDA guidance to €880M-930M vs prior guidance to reach the lower half of €1.0B-1.1B and confirmed its FCF guidance of around €300M.

    • In M&A, Pandox AB (PNDX.B.SS) and Eiendomsspar AS (EISP.NO) have announced a firm intention to make a cash offer for the entire share capital of Dalata Hotel Group plc (DHG.ID) - which the board of Dalata intends to recommend unanimously - valuing the fully diluted share capital of Dalata at approximately €1.40B (corresponding to approximately SEK 15.70B.

  • Politics/Macro/World News

  • Von der Leyen to dilute budget plan to stave off Commission rebellion - Politico

  • EU Targets Boeing, US Cars and Bourbon With €72B List - Bloomberg

  • I'm 'disappointed but not done' with Putin, Trump tells BBC - BBC

  • City leaders call for 'tax certainty' from Rachel Reeves - FT

  • France's Government Risks Backlash With Stringent Budget Plan - Bloomberg

Top company news

  • Earnings/updates

    • DAHCs

      • ACLN.SW -- reports Q1 adj EBITDA €23.2M vs FactSet €22.2M [1 est]; confirms its guidance for FY 25/26

      • FLU.AV (Flughafen Wien) -- reports Jun Group total passenger traffic +1.5% to ~4.03M

      • BST.GR (Bastei Lübbe) -- reports Q4 EBIT €14.0M vs year-ago €17.1M and guidance of €17 - 18M

      • YOU.GR (ABOUT YOU Holding) -- reports Q1 adj EBITDA €23.2M vs FactSet €22.2M [1 est]; confirms its guidance for FY 25/26

    • Benelux

      • SOLB.BB (Solvay) -- revises 2025 underlying EBITDA outlook and confirms FCF guidance

      • TOM2.NA (TomTom) -- reports Q2 net income (€23.6M) vs consensus (€6M); now expects FY Group and Location Technology revenue to reach the upper end of initial guidance

    • Nordics

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports Q2 adj EBITA SEK7.40B vs consensus SEK6.51B; issues Q3 outlook

      • MOWI.NO (Mowi) -- Q2 trading update: operational EBIT €189M vs FactSet €180.9M [11 est, €124-285.3M]

      • AKRBP.NO (Aker BP) -- reports Q2 EPS ($0.51) vs year-ago $0.89

      • ACC.NO (Aker Carbon Capture) -- reports Q2 net loss (NOK0.3M) vs year-ago NOK4.9M

      • NCC.B.SS (NCC) -- reports Q2 EPS SEK4.77 vs FactSet SEK5.07 [5 est, SEK4.64-5.80]

      • NSKOG.NO (Norske Skog) -- reports Q2 EPS NOK0.95 vs FactSet (NOK1.91) [2 est, (NOK2.10)-(1.72)]

      • AFRY.SS (AFRY AB) -- reports Q2 EBITA SEK438M ex-items vs FactSet SEK464.3M

      • AFISH.NO (Arctic Fish Holding) -- trading update: reports Q2 operational EBIT (€.4.4M)

      • BACTI.B.SS (Bactiguard Holding) -- reports Q2 EPS (SEK0.24) vs FactSet (SEK0.26) [1 est]

      • AKH.NO (Aker Horizons) -- reports H1 EPS (NOK1.49) vs year-ago NOK2.24

      • BUFAB.SS (Bufab) -- reports Q2 EPS SEK0.80 vs FactSet SEK0.94 [4 est, SEK0.88-1.00]

      • INDT.SS (Indutrade) -- reports Q2 EPS SEK1.75 vs FactSet SEK2.09 [4 est, SEK1.97-2.29]

      • DOM.SS (Dometic Group) -- reports Q2 EPS SEK1.38 ex-items vs FactSet SEK1.23 [6 est, SEK1.14-1.43]

      • ELISA.FH (Elisa Oyj) -- reports Q2 comparable EPS €0.57 vs consensus €0.59; comments on FY25

      • SHOT.SS (Scandic Hotels Group) -- reports Q2 EPS SEK1.69 (excl. IFRS 16); FactSet SEK1.83 [4 est, SEK1.45-2.07]

      • THULE.SS (Thule Group) -- reports Q2 EPS SEK4.75 vs FactSet SEK4.84 [6 est, SEK4.54-5.10]

    • Also due to report today includes:

      • Earnings:

        • DACHs: Zuger Kantonalbank (ZUGER.SW), EuroTeleSites (7YF.GR)

        • Finland: Enento Group (ENENTO.FH)

        • Sweden: Addtech (ADDT.B.SS), Fastighets Balder (BALD.B.SS), Castellum (CAST.SS), AddLife (ALIF.B.SS), Peab (PEAB.B.SS), BONESUPPORT HOLDING (BONEX.SS), AQ Group (AQ.SS), Dometic Group (DOM.SS), Nederman Holding (NMAN.SS), Rejlers (REJL.B.SS), Ependion (EPEN.SS), FormPipe Software (FPIP.SS), Nelly Group (NELLY.SS), BE Group (BEGR.SS), CDON (CDON.SS)

        • UK: Brickability Group (BRCK.LN), Gateley (Holdings) (GTLY.LN), RM (RM.LN), Cake Box Holdings (CBOX.LN)

      • Trading Update:

        • DACHs: Partners Group Holding (PGHN.SW)

        • France: StreamWIDE (ALSTW.FP), CATANA Group (ALCAT.FP)

        • UK: Experian (EXPN.LN), Barratt Redrow (BTRW.LN), B&M European Value Retail (BME.LN), Integrafin Holdings (IHP.LN), Atalaya Mining (ATYM.LN), Robert Walters (RWA.LN), Eagle Eye Solutions Group (EYE.LN)

      • CMD/events: Bayerische Motoren Werke (BMW.GR) day 1 of 2

  • M&A

    • SESG.FP (SES) -- receives all required regulatory approvals to complete Intelsat acquisition

    • SHOT.SS (Scandic Hotels Group) -- enters framework agreement with Pandox AB and Eiendomsspar AS to acquire the hotel operations of Dalata Hotel Group; will not proceed with SEK 500M share buyback; confirms financial targets and dividend policy

      • DHG.ID (Dalata Hotel Group) -- Pandox AB and Eiendomsspar AS announce firm intention to make recommended cash offer for Dalata Hotel Group plc

    • MERY.FP (Mercialys) -- acquires remaining 49% stake in Hyperthétis Participations for €28M

    • HEX.NO (Hexagon Composites) -- to acquire Sustainable Energy Solutions' alternative fuels business

    • BlueScope Steel granted 'right-of-last-offer' over Whyalla Steelworks - Australian Financial Review

  • Healthcare

    • GILD (Gilead Sciences) -- WHO adds Gilead Sciences' injectable to HIV PrEP global guidelines (earlier, pre-open)

    • INDV.LN (Indivior) -- SEC filing: SCHEDULE 13D/A (Filed by Two Seas Capital LP)

  • Other

    • VOW.GR (Volkswagen) -- seeking to become more independent and less reliant on partners in China - Handelsblatt

    • BMW.GR (Bayerische Motoren Werke) -- BMW, Momenta enter partnership to jointly create China-exclusive driving assistance technology

    • BA.LN (BAE Systems) -- awarded $172.4M USAF award

    • PTSB.ID (Permanent TSB Group Holdings) -- NatWest Group announces its intention to sell its full shareholding in Permanent TSB Group Holdings PLC

    • 1COV.GR (Covestro) -- Street Takeaways - Covestro Pre-Release

    • FLOW.NA (Flow Traders) -- reports June market statistics

    • ByteDance reportedly working on mixed reality goggles as potential competitor to Meta's VR glasses -- The Information

Key rating changes

  • Upgrades

    • ORSTED.DC (Ørsted) -- to overweight from equal-weight at Morgan Stanley (earlier, timing uncertain)

  • Downgrades

    • PST.IM (Poste Italiane) -- to market perform from outperform at Keefe, Bruyette & Woods

    • FRES.LN (Fresnillo) -- to underweight from equal-weight at Morgan Stanley

    • SF.SS (Stillfront Group) -- to hold from buy at Pareto

    • ANOD.B.SS (Addnode Group) -- to hold from buy at Pareto

    • ANOD.B.SS (Addnode Group) -- to hold from buy at DNB Carnegie

Data

  • Nikkei +0.32% to 39587.03

  • Hang Seng +0.56% to 24338.50

  • Shanghai Composite (0.63%) to 3497.46

  • S&P futures +19.0 vs prior close of 6311.0

  • €-$ +0.0020 or +0.18% to 1.1685

  • $-¥ (0.15) or (0.10%) to 147.58

  • €-¥ +0.11 or +0.06% to 172.42

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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