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StreetAccount Summary - EU Market Recap: FTSE 100 +0.23% to 9012.99, DAX +0.08% to 24307.80, CAC40 (0.31%) to 7798.22, STOXX 600 (0.08%) to 546.58

Jul 21 ,2025

  • Synopsis:

    • European equity markets ended mixed to lower, with shares, opening at the best levels of the day, moving little in either direction during the session as STOXX600 moved either side of unchanged.

    • Ireland +1.3% and Austria +0.6% lead outperformers, whilst Greece, Norway both (0.8%) and Italy, Netherlands, Switzerland all (0.4%) lead underperformers

    • US tariff headlines and conflicts in Ukraine and Gaza continue to provide backdrop to markets. Also in focus are elections over the weekend in Japan, where ruling coalition has lost its majority in the country's upper house.

    • UK parliamentary committee topics included energy security and net zero (minister Miliband), work of PM (PM Stamer) as well as environmental sustainability and housing growth (govn. ministers, getting underway around now). Chancellor Merz met with representatives of the "Made for Germany" business initiative, and around now is hosting Norway's PM Støre. A joint press conf is planned ~18:45CET.

    • Economic data releases were limited and included in UK, Rightmove's latest house price index, with the average price of property coming to the market for sale on Jun was down (1.2%) m/m to ~£373.7K and Deloitte's Q2 consumer confidence fell for the first time since Q3 of 2022 (consumer tracker)

    • Amongst the handful of earning releases were Ryanair Holdings (RYA.ID), Munich Re (MIV2.GR) prelim Q2 net income ~ €2.1B vs FactSet €1.70B [3 est, €1.65-1.73B], reaffirms FY guidance, Galp Energia (GALP.PL) and Stellantis (STLAM.IM), where share prices responded positively, the latter reversing initial falls, whilst with share pricing moving in the opposite direction were Evotec (EVT.GR) and MONY Group (MONY.LN).

    • M&A news flow included Wolters Kluwer (WKL.NA) to divest its Finance, Risk and Regulatory Reporting unit for enterprise value of ~ €450M, Greek Organisation of Football Prognostics (OPAP.GA) acquires the remaining 15.51% stake in Stoiximan for ~ €191.6M on a cash free debt free basis. Jungheinrich (JUN3.GR) agrees to sell its Russian subsidiary and Van Lanschot Kempen (VLK.NA) agrees to acquire Wilton Family Office. Also, CVC Capital Partners (CVC.NA) announces KKR agrees to acquire a significant minority stake in global travel technology company Etraveli Group and EQT X (EQT.SS) acquires Adevinta's Spanish operations.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +2.91%, Real Estate +1.27%, Travel & Leisure +1.08%, Utilities +0.83%, Chemicals +0.58%, Autos & Parts +0.38%, Banks +0.34%, Insurance +0.23%, Financial Svcs +0.02%, Retail (0.05%), Construct & Mtls (0.07%), Telecom (0.07%)

      • Underperformers:

        • Health Care (0.85%), Media (0.75%), Food & Beverage (0.67%), Oil & Gas (0.41%), Persnl & HHold Goods (0.40%), Technology (0.28%), Ind Goods & Svcs (0.22%)

    • Macro/Peripheral markets:

      • Geopolitics:

        • Ukraine and Russia peace talks possibly start on Tue or Wed in Istanbul - Mezka

      • ECB:

        • Survey on the Access to Finance of Enterprises -- release

      • Belgium:

        • Government negotiations make progress in some areas, taxation, employment, and pensions; party leaders not expecting to resume talks until after the summer holiday; next test - the budget - L'Echo, W16

      • Germany:

        • ifo President Fuest gives mixed interim assessment of the new German government - release

      • Ireland:

        • Revised National Development Plan set to be approved Coalition leaders and senior ministers; Headline figures will be announced tomorrow - Irish Times

      • Sweden:

        • Government consults on proposals to strengthen the security of supply in the electricity system; focus on investment on electricity production capacity where the need is greatest - press release

      • Turkey:

        • Wants to finalise the purchase of Eurofighter jets as soon as possible says President Erdogan, following positive signals from Germany and UK - Reuters

      • UK:

        • Chancellor eyes selling £5B in seized crypto to plug budget gap - GBN

        • Chancellor warned that a tax raid on retailers in the budget in Oct would fuel inflation and drive up food prices heading onto Christmas - RetailWeek

        • Ofwat to be abolished in biggest overhaul of water since privatisation - press release; UK water industry report has 88 recommendations including a single water regulator in England and Wales - Summary of report

        • Government revives landmark Pensions Commission to confront retirement crisis that risks tomorrow's pensioners being poorer than today's; its final report due in 2027 - release

        • Fifth round of negotiations on an upgraded Free Trade Agreement (FTA) with the Republic of Korea made good progress in several areas; further discussions are expected to be held in the Autumn - Ministerial Statement

    • Company news:

      • Notable Gainers

        • +19.9% ONT.LN (Oxford Nanopore Technologies) -- prelim H1 revenue £105M vs FactSet £99.0M [2 est, £98.6-99.4M]; FY guidance remains on track

        • +9.5% ST5.GR (STEICO) -- H1 net income €10.6M vs year-ago €19.8M; confirms its FY25 forecast

        • +8.0% B2I.NO (B2 Impact) -- prelim Q2 cash EBITDA NOK1.15B vs year-ago NOK1.33B

        • +8.0% ALZCUR.SS (AlzeCure Pharma) -- to present abstract on ACD440 at the NeuPSIG 2025 Pain Conf

        • +6.4% CAML.LN (Central Asia Metals) -- New World Resources Ltd. notes termination of BID with CAML; recommends holders accept Kinterra's cash offer

        • +6.2% PEBB.LN (Pebble Group PLC (The)) -- launches £6.5M (up to 10.7M shares) tender offer

        • +5.3% PARKEN.DC (PARKEN Sport & Entertainment) -- confirms rumours that an offer has been received for Victor Froholdt from a Portuguese club

        • +5.2% C3RY.GR (Cherry) - Lowers FY guidance

        • +5.2% RYA.ID (Ryanair Holdings) -- Q1 EPS €0.77 vs FactSet €0.60 [6 est, €0.45-0.66]

        • +5.2% BOL.SS (Boliden) -- buy from hold at Berenberg

        • +4.6% DAM.GR (Data Modul) -- prelim Q2 earnings

        • +4.0% COV.FP (Covivio) -- H1 adj. EPRA EPS €2.38 vs year-ago €2.24; raises FY recurring net result (adj. EPRA earnings) guidance

        • +4.0% CREO.LN (Creo Medical Group) -- H1 trading update: underlying operating loss on continuing basis reduced to £6.9M vs year-ago £12.1M; on track for 40-60% revenue growth for FY

        • +3.9% WRT1V.FH (Wartsila) -- hold from sell at ABG Sundal Collier

        • +3.4% MIDW.LN (Midwich Group) -- Guides H1 Adj. PBT ~£9.5M vs year-ago £17.2M; year-end outlook unchanged despite challenging market conditions continuing

        • +3.4% KBX.GR (Knorr-Bremse) -- buy from hold at Kepler Cheuvreux

        • +3.3% ATO.FP (ATOS) -- As at 30-Jun, liquidity estimated at €1.80B vs €2.18B as at 31-Dec

        • +2.6% BAS.GR (BASF) -- asks shortlisted bidders for coatings business to submit offers next month - Bloomberg

        • +2.3% VIV.FP (Vivendi) -- EC sends Statement of Objections to Vivendi for possible breach of EU merger rules regarding acquisition of Lagardère before merger approval

          • takes note of the Statement of Objections issued by the EC and denies its claims

          • buy from hold at Kepler Cheuvreux; buy from neutral at CIC Market Solutions

        • +2.1% ATCO.A.SS (Atlas Copco) -- buy from hold at ABG Sundal Collier

        • +2.0% DOM.SM (Global Dominion Access) -- divests its six photovoltaic plants in the Dominican Republic

        • +1.9% STLAM.IM (Stellantis) -- prelim H1 net loss (€2.30B) including (€3.3B) of pre-tax net charges, FactSet €1.36B [11 est, €627-2.63B]; Q2 shipment volumes 1.447M, (6%) y/y

        • +1.9% XVIVO.SS (Xvivo Perfusion) -- enrols first patient in US PRESERVE CAP study

        • +1.5% GALP.PL (Galp Energia) -- Q2 RCA net income €373M vs consensus €220M; raises FY Group EBITDA and OCF expectations

        • +1.5% JLP.LN (Jubilee Metals Group) -- Q4 Operational Update: Chrome concentrate production +19.9% y/y

        • +1.2% SCHP.SW (Schindler Holding) -- hold from reduce at Kepler Cheuvreux

        • +1.2% BEAN.SW (BELIMO Holding) -- H1 net income CHF101.3M vs FactSet CHF99.2M [2 est, CHF98.0-100.4M]

        • +1.2% HEAD.LN (Headlam Group) -- sells and leases back Tamworth distribution centre

        • +1.1% VLK.NA (Van Lanschot Kempen) -- agrees to acquire Wilton Family Office for an undisclosed amount in cash

        • +1.0% DOV.IM (doValue) -- outperform from neutral at Mediobanca

          • On earnings/updates: MUV2.GR (Munich Re), HLUN.B.DC (H. Lundbeck)

      • Notable Decliners

        • -16.4% EVT.GR (Evotec) -- lowers FY25 revenues to €760M-€800M range vs prior €840M-€880M; confirms R&D expenses and adj EBITDA guidance

        • -8.1% IDEX.NO (IDEX Biometrics) -- provides business update and informs that the publication of Q2 earnings is postponed to 27-Aug; launches private placement of 9.1M new shares

        • -7.2% MONY.LN (MONY Group) -- H1 adjusted EPS 9.2p vs year-ago 8.9p; FY Adj. EBITDA within its current published consensus

        • -6.8% TFI.FP (TF1) -- hold from buy at Kepler Cheuvreux

        • -6.6% AGY.LN (Allergy Therapeutics) -- FY Trading Update: revenue £55.0M vs year-ago £55.2M

        • -6.1% SAAB.B.SS (Saab) -- hold from buy at Pareto; sell from hold at Danske Bank

        • -4.3% VWS.DC (Vestas Wind Systems) -- reduce from hold at Kepler Cheuvreux

        • -3.9% SHOT.SS (Scandic Hotels Group) -- neutral from buy at UBS

        • -3.5% GHH.LN (Gooch & Housego) -- CFO steps down

        • -3.3% NSI.NA (NSI NV) -- hold from buy at Kepler Cheuvreux

        • -2.7% VIMIAN.SS (Vimian Group) -- hold from buy at DNB Carnegie

        • -1.6% ASML.NA (ASML Holding) -- neutral from buy at Van Lanschot Kempen

          • In earnings/updates: AGR.LN (Assura) and reversing initial gains JUN3.GR (Jungheinrich)

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Telekom Austria (TKA.AV)

        • Benelux: ASM International (ASM.NA), Akzo Nobel (AKZA.NA), Wereldhave (WHA.NA), ACOMO (ACOMO.NA)

        • Denmark: Embla Medical hf (EMBLA.DC)

        • Finland: Kesko (KESKOB.FH), Tietoevry (TIETO.FH)

        • France: Dassault Aviation (AM.FP), Sartorius Stedim Biotech (DIM.FP)

        • Germany: SAP (SAP.GR), Sartorius (SRT3.GR), flatexDEGIRO (FTK.GR)

        • Norway: Norsk Hydro (NHY.NO), Vår Energi (VAR.NO)

        • Southern Europe: UniCredit (UCG.IM), Poste Italiane (PST.IM), Enagas (ENG.SM), ENCE Energia y Celulosa (ENC.SM)

        • Sweden: Alfa Laval (ALFA.SS), Asker Healthcare Group (ASKER.SS), Sinch (SINCH.SS), Electrolux Professional (EPRO.B.SS), NCAB Group (NCAB.SS), HANZA AB (HANZA.SS), Stillfront Group (SF.SS), Devyser Diagnostics (DVYSR.SS), Studsvik (SVIK.SS)

        • Switzerland: Givaudan (GIVN.SW), Chocoladefabriken Lindt & Spruengli (LISN.SW), Julius Baer Group (BAER.SW), Temenos (TEMN.SW), ALSO Holding (ALSN.SW), Dätwyler Holding (DAE.SW), Bossard Holding (BOSN.SW)

        • UK: ME Group International (MEGP.LN), Arbuthnot Banking Group (ARBB.LN), TheWorks.co.uk (WRKS.LN)

      • Trading Statement:

        • France: SOITEC (SOI.FP), Ubisoft Entertainment (UBI.FP), Roche Bobois (RBO.FP), Vente-Unique.com (ALVU.FP), HighCo (HCO.FP)

        • UK: Compass Group (CPG.LN), Mitie Group (MTO.LN), Kier Group (KIE.LN), Evoke (EVOK.LN), Luceco (LUCE.LN), Ecora Resources (ECOR.LN), ASA International Group (ASAI.LN), hVIVO (HVO.LN)

  • Data:

    • Economics:

      • UK Jul house price index +0.1% y/y vs prior +0.8%; reducing price forecast for 2025 from +4% to +2% - Rightmove

    • Markets:

      • WTI Crude (Aug 25): ($0.27) or (0.40%) to $67.07

      • €-$ +0.0084 or +0.72% to 1.1714

      • £-$ +0.0087 or +0.65% to 1.3504

      • €-£ +0.0005 to 0.8675

      • S&P 500 +0.60%

      • Performance year-to-date:

        • FTSE 100: +10.28%

        • DAX: +22.09%

        • CAC: +5.66%

        • MIB: +17.49%

        • Stoxx 600: +7.68%

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