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StreetAccount Summary - EU Market Recap: FTSE 100 +0.22% to 8992.12, DAX (0.33%) to 24289.51, CAC40 +0.01% to 7822.67, STOXX 600 (0.01%) to 547.00

Jul 18 ,2025

  • Synopsis:

    • European equities finished mixed, giving back earlier gains. Food & beverage, real estate and oil & gas lead; Healthcare, Autos/Parts and technology lag. US equities mixed in midday trading. Treasuries firmer with the curve flattening; 30Y yield oscillating around 5%. Dollar index down 0.5%. Gold up 0.4%. Bitcoin futures down 1.0%. WTI crude down 0.1%, reversing earlier strength.

    • In trade headlines, EU preparing retaliatory measures in case negotiations with Washington fail. Also, EU approved one of the strongest Russia sanctions to date. Britain and Germany signed wide-ranging treaty that deepened ties in areas including defence and transport. Survey suggested ECB may delay next rate cut to Dec, while most analysts still expect Sep cut.

    • On a light macro calendar, German PPI down (1.3%) y/y in Jun thanks to energy price retreat. Eurozone's construction output down by 1.7% in May while current account surplus expanded. Spain May Trade Balance (€2.54B) vs consensus (€3.1B) and prior (€3.88B).

    • On the reporting front, a busy day for Nordics names today, including earnings reports from Telenor (TEL.NO), Yara International (YAR.NO), Saab (SAAB.B.SS), Telia Co. (TELIA.SS), Skanska (SKA.B.SS), Boliden (BOL.SS), Danske Bank (DANSKE.DC), SKF (SKF.B.SS) amongst others. In the DACH region, Salzgitte (SZG.GR) and Schindler (SCHP.SW) posted Q2 updates; Wacker Chemie AG (WCH.GR) lowered FY outlook due to ongoing macroeconomic and geopolitical uncertainty. Out of the UK Burberry (BRBY.LN) issued Q1 trading update with comparable store sales ahead of expectations.

    • On the M&A front, Reckitt Benckiser (RKT.LN) +0.2% announced it will sell tis Essential Home business for enterprise value of up to $4.8B to Advent International, L.P. and will retain a 30% equity stake. bp (BP.LN) +1.8% agreed to sell its US onshore wind business, BP Wind Energy North America Inc. (bp Wind Energy), to LS Power, a development, investment and operating company focused on the North American power and energy infrastructure sector. Elsewhere, Senior (SNR.LN) +9.2% agreed to sell its Aerostructures business to Sullivan Street Partners for up to £200M (total enterprise value) as well as £40M share buyback.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food & Beverage +0.77%, Real Estate +0.67%, Oil & Gas +0.61%, Utilities +0.52%, Insurance +0.49%, Financial Svcs +0.46%, Construct & Mtls +0.37%, Retail +0.27%, Basic Resources +0.26%, Telecom +0.13%, Banks +0.10%

      • Underperformers:

        • Technology (0.57%), Health Care (0.56%), Autos & Parts (0.47%), Persnl & HHold Goods (0.37%), Chemicals (0.22%), Media (0.14%), Ind Goods & Svcs (0.07%), Travel & Leisure (0.04%)

    • Macro:

      • ECB

        • Trump's tariff threat complicates ECB outlook, rate cut pause expected but September delay likely (Reuters)

        • ECB faces rate cut dilemma amid trade uncertainty, survey says can afford to wait until December (Bloomberg)

        • Bundesbank chief Nagel calls for "steady hand" amid Trump's tariff threat, complicating EU decision-making (Reuters)

      • BoE

        • Mann warns inflation still too high despite slowing wage growth (Reuters)

        • Bailey says rate cuts likely if labor market weakens (The Times)

        • Bailey warns Trump's tariffs risk global economic fragmentation (Bloomberg)

      • UK

        • UK government consults on its plans to increase the discount on businesses' electricity network charges from 60% to 90%

        • UK to regulate buy-now-pay-later sector by 2026 (Bloomberg)

      • Economy:

        • Eurozone's construction output down by 1.7% in May (Eurostat)

        • Eurozone current account surplus expands in May (RTT)

      • Germany:

        • Merz balks at EU plan to splurge half a trillion of German money (Bloomberg )

        • Merz condemns 'unacceptable' backlash against liberal judge in Germany (FT )

      • Geopolitics:

        • EU agrees on an 18th sanctions package against Russia, lowering the G7's crude oil price cap to $47.6 per barrel (Reuters, FT)

        • UK places sanctions on Russian spies over cyber and poison attacks (FT )

        • EU budget plan sparks migration funding controversy (FT)

        • UK-Germany treaty signals stronger European ties (London Times)

        • EU agrees to start talks with Gulf nations on strategic ties (Bloomberg )

  • Peripheral markets:

    • Italy:

      • Only 16% of Italians would fight for their country, survey shows (Reuters )

      • Giorgetti worrying about fallout from trade war (Bloomberg )

    • Spain:

      • Busiest cruise port Barcelona to scale back amid over tourism concerns (Reuters )

  • Company news:

    • Notable Gainers

      • +15.9% SAAB.B.SS (Saab SEK556.30, +76.40) -- Q2 earnings

      • +15.0% VWS.DC (Vestas Wind Systems DKK120.55, +15.75) -- JPMorgan upgrade; order

      • +13.2% TRAD.SS (Tradedoubler SEK7.20, +0.84) -- Q2 earnings

      • +9.2% BEIA.B.SS (Beijer Alma SEK266.50, +22.50) -- Q2 earnings

      • +8.5% VENDA.NO (Vend Marketplaces NOK391.20, +30.80) -- Q2 earnings

      • +7.1% MIKN.SW (Mikron Holding CHF18.06, +1.20) -- H1 earnings

      • +6.6% ECR.SM (Ercros €3.15, +0.20) -- Spain's CNMC conditionally agrees to approve Esseco's offer for company

      • +6.0% GETI.B.SS (Getinge SEK200.70, +11.40) -- Q2 earnings

      • +5.6% MPCC.NO (MPC Container Ships NOK19.00, +1.00) -- provides fleet update and updated guidance

      • +5.6% IXX.GR (init innovation in traffic systems €39.80, +2.10) -- raises FY guidance following MARTA contract receiving additional funds

      • +4.7% BRBY.LN (Burberry Group £13.07, +0.59) -- Q1 trading update

      • +4.5% SNR.LN (Senior £1.96, +0.08) -- to sell Aerostructures business to Sullivan Street Partners for up to £200M; announces £40M share buyback

      • +4.4% PNN.LN (Pennon Group £5.16, +0.22) -- BofA upgrade

      • +4.4% NOLA.B.SS (Nolato SEK61.55, +2.60) -- Q2 earnings

      • +4.1% TELIA.SS (Telia Co. SEK34.74, +1.37) -- recommended offer of SEK3.25/share in cash for Bredband2 i Skandinavien; Bredband2 i Skandinavien board unanimously recommends shareholders to accept offer; Q2 EPS SEK0.50 vs consensus SEK0.43; reaffirms outlook for 2025

      • +2.7% TKWY.NA (Just Eat Takeaway.com €20.05, +0.53) -- Prosus reportedly offers to sell stake in Delivery Hero below 10% threshold, relinquish board seat to address EU scrutiny over Just Eat Takeaway deal - Bloomberg

        • +2.5% DHER.GR (Delivery Hero €22.37, +0.54)

        • +1.5% PRX.NA (Prosus €49.78, +0.75)

      • +2.5% SKF.B.SS (SKF SEK232.20, +5.70) -- gives further details on rightsizing of Industrial business; net reduction of ~1,200 positions; savings estimated at ~SEK 2B; Q2 earnings

      • +2.3% KER.FP (Kering €196.84, +4.44) -- Kering and Qatari's Mayhoola are reopening the Valentino sale dossier; contractual clauses are seen as an obstacle -- Corriere

      • +2.0% SEDANA.SS (Sedana Medical SEK13.26, +0.26) -- Q2 earnings

      • +1.8% CEVI.SS (CellaVision SEK183.80, +3.20) -- Q2 earnings

      • +1.5% SVED.B.SS (Svedbergs Group SEK55.80, +0.80) -- Q2 earnings

      • +0.7% RKT.LN (Reckitt Benckiser £50.18, +0.36) -- to divest Essential Home business for enterprise value of up to $4.8B to Advent International, L.P.; to retain 30% equity stake in Essential Home

    • Notable Decliners

      • -34.2% BOUL.SS (Boule Diagnostics SEK6.78, -3.52) -- Q2 earnings

      • -21.1% SZG.GR (Salzgitter €20.70, -5.54) -- prelim Q2 earnings

      • -15.8% BETS.B.SS (Betsson SEK167.30, -31.50) -- Q2 earnings

      • -14.2% TOKMAN.FH (Tokmanni Group €9.42, -1.56) -- Q2 earnings

      • -14.1% ELUX.B.SS (Electrolux SEK61.66, -10.12) -- Q2 earnings

      • -13.6% BILL.SS (Billerud SEK83.50, -13.15) -- Q2 earnings

      • -13.5% CTT.SS (CTT Systems SEK217.00, -34.00) -- Q2 earnings

      • -11.9% FAG.SS (Fagerhult Group SEK38.20, -5.15) -- Q2 earnings

      • -11.3% BILI.A.SS (Bilia SEK114.40, -14.60) -- Q2 earnings

      • -10.9% HUM.SS (Humana AB SEK33.85, -4.15) -- Q2 earnings

      • -10.6% MTG.B.SS (Modern Times Group MTG SEK106.00, -12.60) -- Q2 earnings

      • -10.1% NETI.B.SS (Net Insight SEK3.70, -0.42) -- Q2 earnings

      • -9.1% SDIP.B.SS (Sdiptech SEK196.40, -19.60) -- Q2 earnings

      • -8.5% ATT.SS (Attendo SEK61.30, -5.70) -- Q2 earnings; to initiate SEK150M share buyback program

      • -7.5% BIOG.B.SS (BioGaia SEK99.95, -8.15) -- Q2 earnings

      • -7.1% IVSO.SS (INVISIO SEK362.00, -27.50) -- Q2 earnings

      • -7.0% ATCO.B.SS (Atlas Copco SEK132.20, -10.00) -- Q2 earnings

      • -6.7% C3RY.GR (Cherry €0.87, -0.06) -- prelim Q2

      • -6.1% NOBI.SS (Nobia SEK4.80, -0.31) -- Q2 earnings

      • -6.1% MSAB.B.SS (Micro Systemation SEK55.00, -3.60) -- Q2 earnings

      • -5.4% S92.GR (SMA Solar Technology €20.83, -1.19) -- Jefferies downgrade

      • -5.1% LINDEX.FH (Lindex Group €2.62, -0.14) -- Q2 earnings

      • -5.1% LAGR.B.SS (Lagercrantz Group SEK232.40, -12.60) -- Q1 earnings

      • -4.6% GSK.LN (GSK Plc £13.49, -0.65) -- provides update/response on FDA advisory committee review and vote against benefit-risk profiles of Blenrep combinations

      • -4.2% CRAD.B.SS (C-RAD SEK33.95, -1.50) -- Q2 earnings

      • -3.4% KNEBV.FH (Kone €54.36, -1.94) -- Q2 earnings

      • -3.0% KNOW.SS (Knowit SEK124.00, -3.80) -- Q2 earnings

      • -2.9% STLAM.IM (Stellantis €7.93, -0.24) -- US reportedly set to institute 93.5% tariff on Chinese battery-grade graphite -- Bloomberg

      • -2.5% MDG1.GR (Medigene €0.12, -0.00) -- CEO to step down

      • -1.8% WCH.GR (Wacker Chemie €66.15, -1.20) -- prelim Q2 earnings; lowers FY outlook

  • EU companies reporting Monday 21-Jul:

    • Earnings:

      • DACHs: BELIMO Holding (BEAN.SW)

      • France: Covivio (COV.FP)

      • Southern Europe: Galp Energia (GALP.PL), NOS (NOS.PL)

      • UK: MONY Group (MONY.LN)

      • Other: Ryanair Holdings (RYA.ID)

    • Trading Update:

      • France: Oeneo (SBT.FP)

      • Other: Norilsk Nickel (GMKN.RU)

Data:

  • Economics:

    • Germany Jun PPI (1.3%) y/y vs consensus (1.3%) and prior (1.2%); +0.1% m/m vs consensus 0.0% and prior (0.2%)

    • Spain May Trade Balance (€2.54B) vs consensus (€3.1B) and prior (€3.88B)

  • Markets:

    • WTI Crude (Aug 25): +$0.00 or +0.00% to $67.54

    • €-$ +0.0057 or +0.49% to 1.1652

    • £-$ +0.0020 or +0.15% to 1.3438

    • €-£ +0.0028 to 0.8671

    • S&P 500 (0.00%)

    • Performance year-to-date

      • FTSE 100: +10.02%

      • DAX: +22.00%

      • CAC: +5.99%

      • MIB: +17.92%

      • 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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