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StreetAccount Summary - EU Market Recap: FTSE 100 +0.52% to 8972.64, DAX +1.51% to 24370.93, CAC40 +1.29% to 7822.00, STOXX 600 +0.96% to 547.03

Jul 17 ,2025

  • Synopsis:

    • European indices have closed in positive territory, finishing near the session's highs. In macro-news, focus initially on UK employment data. Wage growth came in lower than expected while unemployment posted highest since Jun-2021. Softer data plays into BoE easing plans. EU Trade Commissioner Sefcovic returns to Washington as President Trump said 150 countries can expect a tariff letter, although conceding that a deal with EU remains possible. EU Commission's latest budget created opposition and was rejected by Germany. In central bank news, the ECB is widely expected to keep rates unchanged at 2% at 24-Jul meeting, as policymakers assess mounting trade tensions and a strengthening euro before making their next move. After cutting rates eight times since Jun-2024, analysts across the board expect a pause. Societe Generale sees ECB sticking with meeting-by-meeting playbook, while Danske Bank noted hawkish shift at Jun's meeting removed expectations for Jul cut. Nordea goes further, arguing ECB could remain firmly on hold for an extended period. However, President Trump's threat of 30% tariffs on European goods has complicated ECB's calculus. ING noted central bank's baseline scenario assumed only 10% tariffs, making potential 30% levy significantly more damaging (Investing). Danske Bank emphasized trade war uncertainty argues for further easing, while euro's 15% appreciation against US dollar has prompted unusual ECB commentary. While Italian Deputy PM Tajani called for aggressive cuts to weaken the euro, ECB hawk Schnabel recently said bar for another cut is very high (Bloomberg, Reuters). Danske Bank projects final cut to 1.75% in Sept, though Citigroup today changed forecast, now expecting rate cuts in Sept and Dec versus prior Jul and Aug. In poitical news, German Chancellor Merz and UK PM Starmer signed the first UK-Germany treaty since World War Two, with the deal including co-operation on security and defence, bilateral trade and also scientific research

    • In corporate updates, Swiss names kicked off the session with Novartis (NOVN.SW), ABB Limited (ABBN.SW), Swatch Group, (UHR.SW) issuing their latest updates. Out of the Nordics, Essity (ESSITY.B.SS), Tele2 (TEL2.B.SS), Volvo (VOLV.B.SS), Nordea Bank (NDA.SE.SS), EQT (EQT.SS), Tomra Systems (TOM.NO) are also out with their latest numbers. In France, Legrand (LG.FP) reported H1 revenue €4.77B, +9.0% y/y organic with 2025 full-year sales target revised upward. Publicis Groupe (PUB.FP) posted H1 beat and raised FY25 organic growth guidance. In the UK: Trading updates included EZJ.LN, OCDO.LN, AT.LN, PFD.LN, FRAS.LN. On the M&A front, Gerresheimer (GXI.GR) ends discussions with private equity investors regarding potential takeover offer. Company followed up with an update including mid- and long-term outlook. Telenor (TEL.NO) to sell its 50% stake in Allente to Viaplay for a total consideration of SEK 1.1B. Also, SES (SESG.FP) completes acquisition of Intelsat; plans to raise annual base dividend once targeted net leverage of below 3 times is achieved within 12-18 months after closing

    • Looking ahead to tomorrow's calendars, Danske Bank (DANSKE.DC), Kone (KNEBV.FH), Wartsila (WRT1V.FH), Orion (ORNBV.FH), Kemira (KEMIRA.FH), Nokian Renkaat (TYRES.FH), Telenor (TEL.NO), Yara International (YAR.NO), Atlas Copco (ATCO.A.SS), Saab (SAAB.B.SS), Telia Co. (TELIA.SS), Skanska (SKA.B.SS), Boliden (BOL.SS), SKF (SKF.B.SS), Schindler Holding (SCHP.SW), and Bridgepoint Group (BPT.LN) will be among few other names to update investors. macro-data will include Germany Jun PPI, Spain May trade balance and Eurozone May construction output

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Ind Goods & Svcs +2.79%, Technology +2.08%, Construct & Mtls +1.97%, Travel & Leisure +1.42%, Banks +1.16%

      • Underperformers: Persnl & HHold Goods (0.70%), Media (0.69%), Health Care (0.38%), Basic Resources (0.05%), Utilities (0.02%), Real Estate +0.25%, Insurance +0.57%, Oil & Gas +0.66%, Food & Beverage +0.67%, Chemicals +0.71%, Autos & Parts +0.77%, Financial Svcs +0.78%, Telecom +0.90%, Retail +0.90%

    • Macro:

      • EU Proposes Joint Borrowing to Finance €400 Billion Crisis Tool (BBG)

      • German and UK Leaders Sign Mutual Defense Pact as U.S. Steps Back (NY Times)

      • Third of voters say things worse under Merz (dw)

      • UK 16 and 17-year-olds to be able to vote in next general elections (BBC)

      • RBC chief warns UK wealth tax would compound non-dom exoodus (FT)

      • PM Meloni calls Israeli attack on church in Gaza 'unacceptable' (Politico)

      • Russian Banks Have Discussed Seeking Bailouts Within Next Year (BBG)

    • Company news:

      • Notable Gainers

        • +33.6% ALCOX.FP (Nicox €0.30, +0.08) -- signs agreement with Kowa worth up to €191.5M for exclusive rights to glaucoma treatment NCX 470 in U.S. and all unlicensed territories

        • +21.9% PCELL.SS (PowerCell Sweden SEK30.44, +5.46) -- Q2 earnings

        • +17.5% OCDO.LN (Ocado Group £2.77, +0.41) -- H1 earnings

        • +13.4% VNV.SS (VNV Global SEK21.22, +2.51) -- Q2 earnings

        • +12.6% GOMX.SS (GomSpace Group SEK17.12, +1.92) -- draws down €6M (SEK ~67M) under second tranche of €18M shareholder credit facility

        • +11.1% RENX.LN (Renalytix £0.08, +0.01) -- enters partnership with MVP Health Care to mitigate progression of chronic kidney disease in their insured type 2 diabetes patient population

        • +9.1% ABBN.SW (ABB Limited CHF51.74, +4.33) -- Q2 earnings

        • +8.7% AAK.SS (AarhusKarlshamn SEK262.80, +21.00) -- Q2 earnings

        • +8.7% LR.FP (Legrand €121.35, +9.75) -- H1 revenue; raises FY guidance

        • +8.1% EVO.SS (Evolution SEK831.20, +62.40) -- Q2 earnings

        • +7.7% VOLCAR.B.SS (Volvo Car SEK19.14, +1.38) -- Q2 earnings

        • +7.6% TEL2.B.SS (Tele2 SEK146.95, +10.40) -- Q2 earnings

        • +6.9% DPLM.LN (Diploma £52.40, +3.36) -- trading update

        • +6.9% VERK.FH (Verkkokauppa.com €3.27, +0.21) -- Q2 earnings

        • +6.1% ASSA.B.SS (Assa Abloy SEK320.20, +18.30) -- Q2 earnings

        • +6.1% CAPD.LN (Capital £0.91, +0.05) -- trading update

        • +6.1% DFS.LN (DFS Furniture £1.75, +0.10) -- trading update

        • +6.1% FRAS.LN (Frasers Group £6.85, +0.40) -- FY earnings

        • +6.0% SOF.B.SS (Softronic SEK24.00, +1.35) -- Q2 earnings

        • +5.8% DXRX.LN (Diaceutics £1.28, +0.07) -- expands PMx commercialization partnership following early success

        • +5.8% FCH.LN (Funding Circle Holdings £1.38, +0.08) -- trading update

        • +5.4% AVCT.LN (Avacta Group £0.34, +0.02) -- results of equity fundraise of £3.25M

        • +5.4% VBG.B.SS (VBG Group SEK291.40, +15.00) -- Q2 earnings

        • +4.3% SIGHT.FP (GenSight Biologics €0.13, +0.01) -- additional financing

        • +3.7% FORSE.FP (Forsee Power €0.41, +0.01) -- Q2 revenue

        • +3.7% SFSN.SW (SFS Group CHF112.60, +4.00) -- H1 earnings

        • +3.4% IKA.LN (Ilika Plc £0.46, +0.02) -- FY earnings

        • +3.4% SWEC.B.SS (Sweco SEK159.30, +5.20) -- Nordea upgrade

        • +2.9% GSF.NO (Grieg Seafood NOK74.15, +2.10) -- to sell operations in Finnmark and Canada to Cermaq Group for enterprise value of NOK10.2B (¥147.43B)

        • +2.0% FUTR.LN (Future Plc £7.27, +0.15) -- trading update

      • Notable Decliners

        • -21.4% AT.LN (Ashtead Technology Holdings £3.54, -0.97) -- profit warning

        • -19.5% AFC.LN (AFC Energy £0.11, -0.03) -- H1 earnings; conditionally raises gross proceeds of £23M by way of an oversubscribed placing of new shares at 10p/share

        • -19.1% CHH.LN (Churchill China £4.65, -1.10) -- profit warning

        • -16.0% JUN3.GR (Jungheinrich €33.90, -6.48) -- lowers FY guidance; adopts program to lower costs by ~€100M in the medium term

        • -13.2% TOM.NO (Tomra Systems NOK139.50, -21.30) -- Q2 earnings

        • -12.9% SLIGR.NA (Sligro Food Group €12.38, -1.84) -- H1 earnings

        • -11.9% COA.LN (Coats Group £0.72, -0.10) -- H1 earnings; to acquire OrthoLite Holdings LLC for initial Enterprise Value of $770M; places 314.8M new shares at 77p/share

        • -9.2% CINT.SS (Cint Group SEK7.50, -0.76) -- Q2 earnings

        • -8.7% RATO.B.SS (Ratos SEK34.88, -3.32) -- Q2 earnings

        • -8.6% PRIC.B.SS (Pricer SEK4.51, -0.43) -- Q2 earnings

        • -7.7% TTALO.FH (Terveystalo €10.80, -0.90) -- Q2 earnings

        • -7.4% KOMPL.NO (Komplett NOK12.45, -1.00) -- Q2 earnings

        • -7.3% HPUR.NO (Hexagon Purus NOK2.30, -0.18) -- Q2 earnings

        • -7.1% GXI.GR (Gerresheimer €47.02, -3.58) -- ends discussions with private equity investors regarding potential takeover offer

        • -6.7% DKSH.SW (DKSH Holding CHF59.60, -4.30) -- H1 earnings

        • -6.1% VITR.SS (Vitrolife SEK142.00, -9.30) -- Q2 earnings

        • -5.4% PREV.B.SS (Prevas SEK88.00, -5.00) -- Q2 earnings

        • -5.1% EZJ.LN (EasyJet £4.99, -0.27) -- trading update

        • -4.9% WISE.LN (Wise Plc £10.78, -0.55) -- trading update

        • -4.4% MSON.B.SS (Midsona SEK8.30, -0.38) -- Q2 earnings

        • -4.4% TGS.NO (TGS-NOPEC Geophysical Co. NOK75.20, -3.50) -- Q2 earnings

        • -4.3% CTEK.SS (CTEK AB SEK15.32, -0.68) -- Q2 earnings

        • -4.2% ESSITY.B.SS (Essity SEK248.20, -11.00) -- Q2 earnings

        • -3.1% PFD.LN (Premier Foods £1.87, -0.06) -- trading update

        • -2.9% KLARA.B.SS (KlaraBo $16.20, -0.48) -- Q2 earnings

        • -2.8% NDA.SE.SS (Nordea Bank SEK137.25, -3.95) -- Q2 earnings

        • -2.6% FSKRS.FH (Fiskars €14.48, -0.38) -- Q2 earnings

        • -2.2% HKY.NO (Havila Kystruten NOK1.32, -0.03) -- trading update

        • -1.8% DBAN.GR (Deutsche Beteiligungs €25.05, -0.45) -- lowers FY net asset value and raises EBITA Fund Investment Services guidance

    • EU companies reporting tomorrow:

      • Denmark: Danske Bank (DANSKE.DC)

      • Finland: Kone (KNEBV.FH), Wartsila (WRT1V.FH), Orion (ORNBV.FH), Kemira (KEMIRA.FH), Nokian Renkaat (TYRES.FH), Lindex Group (LINDEX.FH), Alandsbanken (ALBBV.FH), F-Secure (FSECURE.FH), Oriola (ORIOLA.FH), Talenom (TNOM.FH), Consti (CONSTI.FH), Loihde (LOIHDE.FH)

      • Germany: Dynavox Group (DYVOX.GR)

      • Norway: Telenor (TEL.NO), Yara International (YAR.NO), Vend Marketplaces (VENDA.NO), Pareto Bank (PARB.NO), Magnora (MGN.NO)

      • Sweden: Atlas Copco (ATCO.A.SS), Saab (SAAB.B.SS), Telia Co. (TELIA.SS), Skanska (SKA.B.SS), Boliden (BOL.SS), SKF (SKF.B.SS), Epiroc (EPI.A.SS), Beijer Ref (BEIJ.B.SS), Nordnet (SAVE.SS), Getinge (GETI.B.SS), Lagercrantz Group (LAGR.B.SS), HEXPOL (HPOL.B.SS), Hemnet Group (HEM.SS), Munters Group (MTRS.SS), Betsson (BETSB.SS), Billerud (BILL.SS), Husqvarna (HUSQ.B.SS), Vimian Group (VIMIAN.SS), Truecaller (TRUE.B.SS), Electrolux (ELUX.B.SS), Alleima (ALLEI.SS), INVISIO (IVSO.SS), Alimak Group (ALIG.SS), Lindab International (LIAB.SS), Modern Times Group MTG (MTG.B.SS), Nolato (NOLA.B.SS), Beijer Alma (BEIA.B.SS), Bilia (BILI.A.SS), engcon (ENGCON.B.SS), BioGaia (BIOG.B.SS), Attendo (ATT.SS), Apotea (APOTEA.SS), Troax Group (TROAX.SS), MilDef Group (MILDEF.SS), Momentum Group (MMGR.B.SS), Sdiptech (SDIP.B.SS), Fagerhult Group (FAG.SS), Instalco (INSTAL.SS), Resurs Holding (RESURS.SS), CellaVision (CEVI.SS), Lightshop (BHG.SS), Traction (TRAC.B.SS), Green Landscaping Group (GREEN.SS), Humble Group (HUMBLE.SS), Knowit (KNOW.SS), Nobia (NOBI.SS), CTT Systems (CTT.SS), Svedbergs Group (SVED.B.SS), Karnell Group (KARNEL.B.SS), Humana (HUM.SS), Ework Group (EWRK.SS), Arise (ARISE.SS), Solid Försäkring (SFAB.SS), Net Insight (NETI.B.SS), Sedana Medical (SEDANA.SS), C-RAD (CRAD.B.SS), Micro Systemation (MSAB.B.SS), Profoto Holding (PRFO.SS), 4C Group (4C.SS), Boule Diagnostics (BOUL.SS), Eniro Group (ENRO.SS), Tradedoubler (TRAD.SS), Isofol Medical (ISOFOL.SS)

      • Switzerland: Schindler Holding (SCHP.SW), CPH Group (CPHN.SW), Rieter Holding (RIEN.SW), Mikron Holding (MIKN.SW)

      • UK: Bridgepoint Group (BPT.LN)

  • Data:

    • Economics:

      • UK Jun Claimant Count Change +25.9K vs consensus +17.9K and prior revised +15.3K from +33.1K

      • Switzerland Jun

        • Trade Balance CHF5.79B vs consensus CHF4.2B and prior revised CHF4.01B from CHF3.83B

        • Swiss Watch Exports (5.6%) to CHF 2.15B

      • Netherlands Jun Unemployment Rate 3.8% vs consensus 3.7% and prior 3.8%

      • Austria Jun CPI +3.3% y/y vs preliminary +3.3%

    • Markets:

      • WTI Crude (Aug 25): +$0.92 or +1.39% to $67.30

      • €-$ (0.0048) or (0.41%) to 1.1594

      • £-$ (0.0006) or (0.05%) to 1.3415

      • €-£ (0.0032) to 0.8642

      • S&P 500 +0.43%

      • Performance year-to-date

        • FTSE 100: +9.78%

        • DAX: +22.41%

        • CAC: +5.98%

        • MIB: +17.38%

        • Stoxx 600: +7.76%

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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