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StreetAccount Summary - EU Market Recap: FTSE 100 +0.12% to 9023.81, DAX (1.09%) to 24041.90, CAC40 (0.69%) to 7744.41, STOXX 600 (0.41%) to 544.34

Jul 22 ,2025

  • Synopsis:

    • European equity markets closed mixed-to-lower and near worst levels. Tech, industrials and autos were the biggest decliners. Utilities, miners and media were the big gainers.

    • Tariff uncertainties linger ahead of 1-Aug deadline. Reports in Europe said EU diplomats exploring wide-ranging "anti-coercion" measures which would let the bloc target US services or curb access to public tenders in the absence of a deal. EU leaders to meet Japanese and Chinese counterparts this week. Low expectations for a deal with China, though European delegation could sign agreements with Japan on defense industry cooperation and economic security. Other main focus is earnings, with majority of EU companies beating estimates although only ~14% of STOXX 600 universe has reported.

    • Quiet macro calendar. UK public sector borrowing came in much higher than expected in June. Press touting potential pension reforms and increase in retirement age to put finances on a sustainable footing. BoE Governor Bailey told lawmakers that uncertainty of fiscal policy having impact on bond term premia, but UK not out of line with other markets. Elsewhere, survey by S&P Global showed UK households less pessimistic about their finances in the coming year. Elsewhere, BoE said to be considering shelving plans for digital pound amid skepticism over benefits.

    • In earnings news flow, out of DACHs, ALSO Holding (ALSN.SW), Dätwyler Holding (DAE.SW), Sartorius (SRT3.GR), Chocoladefabriken Lindt & Spruengli (LISN.SW), Givaudan (GIVN.SW) and Julius Baer Group (BAER.SW) reporting H1 earnings this morning. In France, Sartorius Stedim Biotech (DIM.FP) released prelim H1 earnings above expectations. In Nordics, Kesko (KESKOB.FH), Alfa Laval (ALFA.SS) and Norsk Hydro (NHY.NO) reported Q2 earnings with the latter cutting capital expenditure target for 2025 and noting a ~NOK 400M in impairments in Brazilian energy assets. In Benelux, Akzo Nobel (AKZA.NA) issued Q2 earnings update and trimmed FY25 adj EBITDA guidance due to ongoing market uncertainties ad FX rates. Out of the UK, Greencore Group (GNC.LN) reported Q3 revenue of £511.1M, a 9.9% y/y increase, and raised its FY adjusted operating profit guidance to £118-121M. Compass Group (CPG.LN) issued Q3 trading update with organic revenue +8.6% vs consensus +7.6% and upgraded FY25 guidance. Compass also announced the acquisition of Vermaat Groep B.V. for approximately €1.5B, expected to be accretive to margins and EPS.

    • Further in M&A headlines out of the UK, Centrica (CNA.LN) to acquire 15% equity stake in Sizewell C for £1.3B. Elsewhere, Sanofi (SAN.FP) to acquire Vicebio for up to $1.60B. Media reports UniCredit (UCG.IM) is set to increase its stake in Commerzbank (CBK.GR) by converting another 8% of derivatives to 28%. Also, in market rumours, El Confidencial reports Orange (ORA.FP) is willing to offer €4B to Cinven, KKR (KKR), and Providence for 50% of MasOrange (+MASORANGE.SM).

    • In other notable corporate updates, AstraZeneca (AZN.LN) announced $50B of investment in the United States by 2030, building on America's global leadership in medicines manufacturing and R&D.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +1.29%, Basic Resources +1.22%, Media +1.06%, Telecom +0.64%, Food & Beverage +0.50%, Health Care +0.49%, Real Estate +0.22%, Travel & Leisure +0.19%, Persnl & HHold Goods +0.02%, Oil & Gas (0.14%), Retail (0.28%)

      • Underperformers:

        • Technology (1.63%), Ind Goods & Svcs (1.45%), Autos & Parts (1.26%), Chemicals (1.17%), Construct & Mtls (0.91%), Financial Svcs (0.89%), Insurance (0.76%), Banks (0.43%)

    • Macro/Peripheral markets:

      • Geopolitics:

        • EU leaders seek defense ties with Japan, limited progress with China (Bloomberg)

        • France urges EU to take hard line in US trade talks (Politico)

        • UK and Germany lead push to bolster Ukraine's air defenses (Politico)

        • Ukraine-Russia peace talks set for Wednesday in Turkey (Reuters)

      • BoE:

        • BoE rethinks digital pound amid payment innovations (Bloomberg)

      • UK:

        • Rayner demands tourist tax in clash with Reeves (The Telegraph )

        • UK retailers push for tax-free shopping to boost visitor economy (Bloomberg)

        • OpenAI partners with UK to deploy AI in justice, security, and education (Guardian)

    • Company news:

      • Notable Gainers

        • +24.7% SINCH.SS (Sinch SEK36.09, +7.15) -- intends to repurchase up to 84.5M own shares; Q2 earnings

        • +19.5% DAE.SW (Dätwyler Holding CHF147.00, +24.00) -- H1 earnings

        • +16.7% OXUR.BB (Oxurion €0.03, -0.00) -- plans to launch a treasury diversification strategy into digital assets under a €10M indicative agreement with its main investor

        • +12.0% GNC.LN (Greencore Group £2.70, +0.29) -- trading update

        • +9.9% ALVU.FP (Vente-Unique.com €15.00, +1.35) -- 9M revenue

        • +8.6% BAKK.LN (Bakkavor Group £2.41, +0.19) -- Greencore Group trading update

        • +8.0% NET.LN (Netcall £1.22, +0.09) -- FY trading update

        • +6.8% WRKS.LN (TheWorks.co.uk £0.63, +0.04) -- FY earnings

        • +6.4% NXQ.LN (Nexteq £0.67, +0.04) -- H1 trading update

        • +6.3% ASAI.LN (ASA International Group £1.36, +0.08) -- Q2 update

        • +6.0% ALSN.SW (ALSO Holding CHF292.50, +16.50) -- H1 earnings

        • +5.4% CPG.LN (Compass Group £26.60, +1.36) -- to acquire Vermaat Groep B.V. for approx €1.5B; Q3 trading update

        • +4.8% CNA.LN (Centrica £1.64, +0.07) -- to acquire 15% equity stake in Sizewell C

        • +3.6% KAMBI.SS (Kambi Group SEK133.60, +4.70) -- agrees Turnkey Sportsbook partnership with Latin American operator RedCap

        • +3.3% MTO.LN (Mitie Group £1.42, +0.05) -- Q1 trading update

        • +2.7% NHY.NO (Norsk Hydro NOK63.70, +1.70) -- Q2 earnings

        • +2.5% PNN.LN (Pennon Group £5.39, +0.13) -- JPMorgan upgrade

        • +2.4% DXRX.LN (Diaceutics £1.30, +0.03) -- H1 trading update

        • +2.4% ITP.FP (Interparfums €33.88, +0.78) -- signs fragrance license agreement

        • +2.2% BIOVIC.B.SS (Biovica International SEK0.65, +0.01) -- CEO interview

        • +2.1% WHA.NA (Wereldhave €18.10, +0.38) -- H1 earnings

      • Notable Decliners

        • -22.5% ANX.LN (Anexo Group £0.53, -0.15) -- agrees to unconditional recommended contractual offer from Alabama Bidco

        • -13.1% SF.SS (Stillfront Group SEK5.40, -0.82) -- Q2 earnings

        • -13.0% TIETO.FH (Tietoevry €14.45, -2.16) -- Q2 earnings

        • -8.2% SK.FP (SEB €73.15, -6.50) -- Berenberg downgrade

        • -8.1% DIM.FP (Sartorius Stedim Biotech €175.00, -15.45) -- prelim H1 earnings;

        • -6.6% KESKOB.FH (Kesko €19.00, -1.34) -- Q2 earnings; lowers FY guidance

        • -6.4% LISN.SW (Chocoladefabriken Lindt & Spruengli CHF126,200.00, -8,600.00) -- H1 earnings

        • -6.4% GLA1V.FH (Glaston €1.27, -0.09) -- lowers FY guidance

        • -5.9% SVIK.SS (Studsvik SEK190.00, -12.00) -- Q2 earnings

        • -5.5% GIVN.SW (Givaudan CHF3,627.00, -210.00) -- H1 earnings

        • -5.4% SRT3.GR (Sartorius €191.45, -10.85) -- H1 earnings

        • -4.9% KIE.LN (Kier Group £2.00, -0.10) -- FY trading update

        • -3.5% ASML.NA (ASML Holding €602.40, -21.70) -- sector move

        • -3.4% AKZA.NA (Akzo Nobel €57.36, -2.02) -- Q2 earnings; cuts FY EBITDA guidance

        • -3.4% AIXA.GR (Aixtron €15.69, -0.55) -- sector move

        • -3.4% SOP.FP (Sopra Steria Group €196.20, -7.00) -- report the French Ministry of Armed Forces halted mega-digital project involving Thales and Sopra Steria

        • -2.9% NCAB.SS (NCAB Group SEK53.40, -1.60) -- Q2 earnings

        • -2.7% ALFA.SS (Alfa Laval SEK409.80, -11.40) -- Q2 earnings

        • -2.1% BAER.SW (Julius Baer Group CHF55.30, -1.20) -- H1 earnings

        • -1.0% CORE.A.SS (Corem Property Group SEK4.76, -0.05) -- reinstated hold at Nordea

        • -1.0% HUSQ.B.SS (Husqvarna SEK52.22, -0.52) -- ABG Sundal Collier downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: BAWAG Group (BG.AV),

        • Benelux: Royal KPN (KPN.NA), Randstad (RAND.NA), Galapagos (GLPG.NA), CM.com (CMCOM.NA), Ebusco Holding (EBUS.NA), Econocom Group (ECONB.BB)

        • Germany: Hochtief (HOT.GR), Mensch & Maschine Software (MUM.GR), Muhlbauer Holding (MUB.GR), Orbia Advance Corp SAB de CV (4FZ.GR)

        • Switzerland: Lonza Group (LONN.SW), VAT Group (VACN.SW), EFG International (EFGN.SW), Cosmo Pharmaceuticals (COPN.SW), Cicor Technologies (CICN.SW), medmix (MEDX.SW)

        • France: Thales (HO.FP), Eurofins Scientific (ERF.FP), Gecina (GFC.FP), Edenred (EDEN.FP), SEB (SK.FP), Vivendi (VIV.FP), Ipsos (IPS.FP), Icade (ICAD.FP), Fnac Darty (FNAC.FP), GL Events (GLO.FP)

        • Norway: Equinor (EQNR.NO),

        • Finland: Metso Corp. (METSO.FH), Stora Enso (STERV.FH), Valmet (VALMT.FH), Hiab (HIAB.FH), Rapala VMC (RAP1V.FH)

        • Italy: Moncler (MONC.IM), Saipem (SPM.IM)

        • Spain: Iberdrola (IBE.SM), Naturgy Energy Group (NTGY.SM), Indra Sistemas (IDR.SM), CIE Automotive (CIE.SM), Minor Hotels Europe & Americas (NHH.SM), Metrovacesa (MVC.SM), ATRESMEDIA (A3M.SM), AEDAS Homes (AEDAS.SM), Global Dominion Access (DOM.SM)

        • Sweden: SSAB (SSAB.A.SS), MedCap (MCAP.SS), Swedencare (SECARE.SS), Kambi Group (KAMBI.SS)

        • UK: Informa (INF.LN), Breedon Group (BREE.LN), FRP Advisory Group (FRP.LN), Centaur Media (CAU.LN)

      • Trading Update:

        • France: Alstom (ALO.FP), ID Logistics Group (IDL.FP), Exail Technologies (EXA.FP), Voltalia (VLTSA.FP), Synergie (SDG.FP), Groupe Crit (CEN.FP), Exel Industries (EXE.FP), Solutions 30 (S30.FP), Bilendi (ALBLD.FP), Adocia (ADOC.FP), Groupe OKwind (ALOKW.FP)

        • UK: Fresnillo (FRES.LN), JD Wetherspoon (JDW.LN), PensionBee Group (PBEE.LN)

  • Data:

    • Economics:

      • Finland Jun Unemployment Rate 9.9% vs consensus 9.9% and prior 10.5%

      • UK Jun Public Sector Net Borrowing £20.68B vs consensus £17.4B and revised £17.44B from prior £17.69B

    • Markets:

      • WTI Crude (Aug 25): ($1.00) or (1.49%) to $66.20

      • €-$ +0.0046 or +0.39% to 1.1743

      • £-$ +0.0022 or +0.16% to 1.3514

      • €-£ +0.0021 to 0.8689

      • S&P 500 (0.14%)

      • Performance year-to-date

        • FTSE 100: +10.41%

        • DAX: +20.76%

        • CAC: +4.93%

        • MIB: +17.49%

        • Stoxx 600: +7.23%

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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