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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.48%, DAX +0.60%, CAC +0.70%

Jul 17 ,2025

  • Synopsis

    • European equity markets are set to open higher amid Asia equities mostly on the firmer side by midday Thursday. Major bourses continue to lack clear momentum -- Hong Kong recovered brief losses, mainland China somewhat firmer with Shanghai tracking around flat, and Japan on a firmer footing in the afternoon session. South Korea also pared losses, while Australia consistently higher and just of best levels. US futures remain softer after broad cash session gains, having regained composure after notable volatility surrounding Powell headlines. Crude oil futures rebounding, gold retracing gains, Bitcoin softer.

    • Trump scrutiny of Powell attracted most of the attention and credited for the bout of volatility across major asset classes. Headlines indicating Trump's readiness to remove Powell prompted a response from Trump that he has no plans to proceed. Inflation remained a key theme as US PPI echoed CPI results showing evidence of upward pressures from tariffs despite a softer than expected headline. Latest Fedspeak (Bostic, Williams) reinforced support for the status quo for now. Market-implied odds for a September cut edged higher toward 60%. Tariff rhetoric continued as Trump said he would send letters to more than 150 countries to set tariff terms for smaller trading partners at uniform rates for this cohort. In a separate interview elaborated the tariff rate would likely be 10% or 15%.

    • On today's agenda, Merz will make his first visit to the U.K. as Chancellor. EU's von der Leyen in Iceland, meets with PM Frostadóttir. IOBE publishes its latest Quarterly Report on the Greek Economy.

    • Macroeconomic updates include: UK Jun claimant count change, Switzerland Jun trade balance (as well as watch exports), Eurozone Jun final CPI, Portugal Jun PPI, Netherlands Jun unemployment rate, Austria Jun final CPI.

    • In corporate news, 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.

    • On 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.

  • Politics/Macro/World News

    • Trump eyes tariff rate of 10% or 15% for more than 150 countries - Bloomberg

    • Canada curbs steel imports to shield domestic industry from Trump tariffs - BBC

    • Why the EU's chaotic budget proposal doesn't add up - FT

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

  • Top company news

    • Earnings/updates

      • DACHs

        • NOVN.SW (Novartis) -- reports Q2 core EPS $2.45 vs consensus $2.37; raises FY25 core operating income guidance

        • ABBN.SW (ABB Limited) -- reports Q2 EPS $0.63 vs consensus $0.61

        • UHR.SW (Swatch Group) -- reports H1 net income CHF17M vs FactSet CHF107.0M [4 est, CHF93-132M]

        • SFSN.SW (SFS Group) -- reports H1 net income CHF111.8M vs FactSet CHF126.6M [2 est, CHF122-131.2M]

      • Nordics

        • ESSITY.B.SS (Essity) -- reports Q2 EPS SEK4.71 ex-items vs StreetAccount SEK4.73

        • TEL2.B.SS (Tele2) -- reports Q2 net profit from cont ops SEK1.20B vs consensus SEK1.05B; raises FY25 underlying EBITDAaL guidance to slightly above 10% organic growth from previously mid- to high single-digit

        • HNSA.SS (Hansa Biopharma) -- reports Q2 EPS (SEK2.53) vs FactSet (SEK1.66) [4 est, (SEK2.00)-(1.42)]

        • CAMX.SS (Camurus) -- reports Q2 EPS SEK4.08 vs FactSet SEK3.42 [5 est, SEK3.11-4.00]; reaffirms FY guidance

        • NDA.SE.SS (Nordea Bank) -- reports Q2 EPS €0.35 vs FactSet €0.34 [17 est, €0.29-0.35]

        • BWLPG.NO (BW LPG) -- reports Q2 product services estimated result of $5M

        • VOLCAR.B.SS (Volvo Car) -- reports Q2 EPS (SEK2.53) including Items and not comparable to FactSet SEK0.51

        • TOM.NO (Tomra Systems) -- reports Q2 EPS €0.08 vs FactSet €0.08 [6 est, €0.07-0.09]

        • RATO.B.SS (Ratos) -- reports Q2 EPS SEK1.64 ex-items vs FactSet SEK1.80 [4 est, SEK1.70-1.90]

        • PRIC.B.SS (Pricer) -- reports Q2 EPS (SEK0.22) vs FactSet SEK0.04 [1 est]; expects gradual recovery in demand in H2

        • DWED.A.SS (Swedbank) -- reports Q2 EPS SEK6.99 vs consensus SEK6.44

        • DKSH.DC (DKSH Holding) -- reports H1 EPS CHF1.41 vs consensus CHF1.69; confirms outlook for 2025

        • EQT.SS (EQT AB) -- reports H1 EPS €0.58 vs FactSet €0.54 [7 est, €0.50-0.60]

        • VPLAY.A.SS (Viaplay Group) -- reports Q2 EPS (SEK0.01) vs year-ago (SEK0.03); acquires remaining 50% of Allente and revises its financial targets

      • France

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport June traffic 9.7M, +4.1% y/y

        • VIRP.FP (Virbac) -- guides Q2 revenue €363M vs FactSet €365.8M [1 est]; confirms FY revenue growth outlook at constant exchange rates and scope of between +4-6%

        • LR.FP (Legrand) -- reports H1 revenue €4.77B, +9.0% y/y organic. 2025 full-year sales target revised upward

        • PUB.FP (Publicis Groupe) -- reports H1 headline EPS €3.51 vs consensus €3.54; raises FY25 organic growth guidance

      • Southern Europe

        • PUIG.SM (Puig Brands) -- reports preliminary Q2 revenue €1.09B vs FactSet €1.10B [8 est, €1.09-1.13B]; confirms FY guidance

      • UK

        • COA.LN (Coats Group) -- reports H1 EPS $0.05 vs FactSet $0.05 [3 est, $0.04-0.05]

        • AFC.LN (AFC Energy) -- reports H1 net income (£10.1M) vs year-ago (£8.3M)

      • Benelux

        • SLIGR.NA (Sligro Food Group) -- reports H1 net income €2M vs FactSet €7M [1 est]; formulating plans to reduce costs

    • M&A

      • GXI.GR (Gerresheimer) -- ends discussions with private equity investors regarding potential takeover offer

      • COA.LN (Coats Group) -- to acquire OrthoLite Holdings LLC for initial Enterprise Value of $770M.

      • GSF.NO (Grieg Seafood) -- releases presentation material in connection with sale of it's operations in Finnmark and Canada

      • NCC.LN (NCC Group) -- confirms early stages of strategic review for its Cyber business in the event of Escode sale

      • GPI.IM (GPI SpA) -- KKR reportedly weighing potential acquisition of GPI SpA -- Bloomberg

      • ANA.SM (Acciona) -- ACCC outlines preliminary competition concerns with Acciona's proposed acquisition of East Rockingham Waste to Energy Project

      • MED.SW (Medartis Holding) -- Medartis to buy remaining 53% stake in KeriMedical for CHF99M in cash

      • GSF.NO (Grieg Seafood) -- Cermaq Group to acquire Grieg Seafood's operations in Finnmark and Canada for enterprise value of NOK10.2B (¥147.43B)

      • NCC.LN (NCC Group) -- reportedly exploring options for cybersecurity unit including possible sale -- Sky News

      • AGLX.NO (Agilyx) -- Agilyx to acquire 44% stake in GreenDot Global for total consideration of €52M

      • TEL.NO (Telenor) -- to sell its 50% stake in Allente to Viaplay for a total consideration of SEK 1.1B

      • SESG.FP (SES) -- 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

    • Healthcare

      • NOVN.SW (Novartis) -- CFO Harry Kirsch to retire; appoints Mukul Mehta as new CFO

      • BAYN.GR (Bayer AG) -- FDA grants orphan drug designation to emodepside for GI infections caused by roundworm

      • IPN.FP (Ipsen) -- FDA grants orphan drug designation to elafibranor for primary sclerosing cholangitis (PSC)

      • GALD.SW (Galderma Group) -- Galderma reveals positive final data from a phase IV trial exploring the benefits of Restylane Lyft or Contour with Sculptra in patients with associated facial volume loss

      • HYL.BB (Hyloris Pharmaceuticals) -- reports positive results for study of Atomoxetine Oral Solution for ADHD

    • Other

      • EDP.PL (EDP-Energias de Portugal) -- informs on the extension of the electricity distribution concession in Brazil (16-Jul)

      • ALCOX.FP (Nicox) -- Nicox and Kowa Sign Key agreement worth up to €191.5M for Exclusive Rights to Glaucoma Treatment NCX 470 in U.S. and all Unlicensed Territories

  • Key rating changes

    • Upgrades

      • WIZZ.LN (Wizz Air Holdings) -- to equal weight from underweight at Barclay

      • LLOYD.LN (Lloyds Banking Group) -- to outperform from market perform at Keefe, Bruyette & Woods

    • Downgrades

      • BZU.IM (Buzzi SpA) -- to hold from buy at Kepler Cheuvreux

      • BOG.NO (Borregaard) -- to hold from buy at Kepler Cheuvreux

  • Data

    • Nikkei +0.26% to 39766.53

    • Hang Seng +0.18% to 24562.69

    • Shanghai Composite +0.16% to 3509.24

    • S&P futures (4.3) vs prior close of 6303.3

    • €-$ (0.0019) or (0.16%) to 1.1623

    • $-¥ +0.51 or +0.35% to 148.40

    • €-¥ +0.33 or +0.19% to 172.49

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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