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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.26%), DAX (0.47%), CAC40 (0.28%)

Jul 22 ,2025

  • Synopsis

    • European equity markets set to open lower whilst Asian equities mixed Tuesday. Japan markets fluctuating after resuming trade following Sunday election outcome. Big tech/semis weighing on Korean and Taiwan benchmarks. China and Australia markets little changed. S&P 500 futures unchanged following quiet Monday session.

    • 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.

    • Asian officials continue efforts to strike deals. Taiwan to hold more talks with US having voiced cautious of hopes of an agreement. South Korea and Japan in Washington with auto tariffs a longstanding sticking point. India press sources doubtful about deal being reached by deadline. Meanwhile, muted reaction to Japanese election after reopening of domestic market today. Takeaways noted LDP coalition's ceding of majority was not unexpected while loss of seats not as bad as feared.

    • On today's agenda, Chancellor Merz participates in the cabinet meeting of the Lower Saxony State parliament, whilst in the evening hosts Czech Republic PM Fiala. A joint press conf is planned afterward. Informal meeting of EU justice and home affairs ministers (through Wed) whilst EU's Roswall gives an address to the Assembly of the Republic of Portugal.

    • In central banks, BOE's Evans and Benjamin panellist at 15:30BST and 19:15BST respectively, at the Federal Reserve Board Integrated review of the capital framework for large banks conf. Hungary interest rate decision at 14:00CET, the 6.5% benchmark interest rate expected to be left unchanged. ECB publishes its latest bank lending survey at 10:00CET. There's an informal dinner and exchange of views of ECB's Lagarde and EIB's Calviño. UK parliamentary committee topics include BOE Financial Stability Report at 10:15 BST (BOE's Bailey), office for nuclear regulation ay 10:00, Chancellor's annual scrutiny session for 2024-25 at 14:00 (Chancellor Reeves).

    • Macroeconomic updates due today include: UK Jun public sector borrowing, Finland Jun unemployment rate, Ireland Jun PPI.

    • In earnings news, DACHs names kicked off the session with ALSO Holding (ALSN.SW), Sartorius (SRT3.GR), Givaudan (GIVN.SW) and Julius Baer Group (BAER.SW) reported H1 earnings this morning. In France, Sartorius Stedim Biotech (DIM.FP) released preliminary 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. Other notable companies due to report today includes, ASM International (ASM.NA), SAP (SAP.GR), UniCredit (UCG.IM) and Temenos (TEMN.SW).

    • In M&A, Sanofi (SAN.FP) has entered into an agreement to acquire Vicebio, a privately held biotechnology company headquartered in London for up to $1.60B. In other corporate developments, AstraZeneca (AZN.LN) today announced $50B of investment in the United States by 2030, building on America's global leadership in medicines manufacturing and R&D.

  • Politics/Macro/World News

    • Asset managers launch active ETFs at record pace - FT

    • Giorgia Meloni's drive to reform Italian judiciary moves to Senate - FT

    • EU Readies for No-Deal Scenario in US Trade Talks - Bloomberg

    • EU Expects Little From China Summit, Eyes Deeper Ties With Japan - Bloomberg

    • Rayner demands tourist tax in clash with Reeves - The Telegraph

  • Top company news

    • Earnings/updates

      • DACHs

        • SRT3.GR (Sartorius) -- reports H1 EPS €2.44 vs FactSet €2.72 [1 est]; confirms FY25 guidance

        • GIVN.SW (Givaudan) -- reports H1 net income CHF592M vs year-ago CHF588M

        • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- reports H1 net income CHF188.9M vs consensus CHF199.6M; raises FY Sales growth guidance to +9-11% from prior guidance +7-9%

        • S92.GR (SMA Solar Technology) -- reports preliminary Q2 EBIT (€30.4M)

        • DAE.SW (Dätwyler Holding) -- reports H1 net income CHF37.9M vs FactSet CHF31.3M [1 est]

        • ALSN.SW (ALSO Holding) -- reports H1 net income attributable €43.0M, +3% vs year-ago €41.7M; reaffirms FY guidance

        • BOSN.SW (Bossard Holding) -- reports H1 net income CHF38.7M vs FactSet CHF42.7M [1 est]

        • BAER.SW (Julius Baer Group) -- reports H1 Adj. net income CHF408M vs consensus CHF410M

      • France

        • DIM.FP (Sartorius Stedim Biotech) -- reports preliminary H1 revenue €1.49B vs prior guidance €1.40B

        • ALVU.FP (Vente-Unique.com) -- reports 9M revenue €148.0M, +12% vs year-ago €132.6M

      • Southern Europe

        • NOS.PL (NOS SGPS) -- reports Q2 net income €57.4M ex-items vs FactSet €43.4M [3 est, €40.4-45M]

      • Nordics

        • SF.SS (Stillfront Group) -- reports Q2 EPS (SEK0.15) vs FactSet SEK0.23 [4 est, SEK0.05-0.32]

        • KESKOB.FH (Kesko) -- reports Q2 comparable EPS €0.29 vs FactSet €0.31 [7 est, €0.30-0.32]; expects FY Comparable operating profit in 2025 between €640-700M vs prior guidance to €640-740M

        • NHY.NO (Norsk Hydro) -- reports Q2 adjusted EPS NOK1.68 vs consensus NOK1.55; cuts capital expenditure target for 2025

        • EMBLA.DC (Embla Medical hf) -- reports Q2 net income $21M vs FactSet $21.1M [4 est, $20.6-21.6M]

        • VAR.NO (Vår Energi) -- reports Q2 EPS $0.08 vs FactSet $0.10 [11 est, $0.05-0.16]

        • EPRO.B.SS (Electrolux Professional) -- reports Q2 EPS SEK0.75 vs FactSet SEK0.87 [2 est, SEK0.83-0.90]

        • NCAB.SS (NCAB Group) -- reports Q2 EPS SEK0.22 vs FactSet SEK0.30 [3 est, SEK0.26-0.36]

        • ALFA.SS (Alfa Laval)- - reports Q2 EPS SEK4.87 vs consensus SEK5.20; guides Q3

        • HANZA.SS (HANZA AB) -- reports Q2 EPS SEK1.13 vs FactSet SEK1.24 [2 est, SEK1.15-1.32]

        • DVYSR.SS (Devyser Diagnostics) -- reports Q2 EPS SEK0.08 vs FactSet (SEK0.13) [3 est, (SEK0.20)-0.00]

        • SINCH.SS (Sinch) -- reports Q2 NPAT SEK25M vs FactSet SEK30.0M [7 est, (SEK68)-206M]

      • Benelux

        • AKZA.NA (Akzo Nobel) -- reports Q2 adj EPS €1.13 vs consensus €0.93; trims FY25 adj EBITDA guidance due to ongoing market uncertainties ad FX rates

        • WHA.NA (Wereldhave) -- reports H1 DRPS €0.91 vs year-ago €0.84

      • Also due to report today includes:

        • Earnings:

          • Austria: Telekom Austria (TKA.AV)

          • Benelux: ASM International (ASM.NA), ACOMO (ACOMO.NA)

          • Finland: Tietoevry (TIETO.FH)

          • France: Dassault Aviation (AM.FP),

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

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

          • Sweden: Asker Healthcare Group (ASKER.SS), Studsvik (SVIK.SS)

          • Switzerland: Temenos (TEMN.SW)

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

        • Trading Update:

          • France: SOITEC (SOI.FP), Ubisoft Entertainment (UBI.FP), Roche Bobois (RBO.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)

    • M&A

      • RTX (RTX Corp.) -- Safran completes the acquisition of flight control and actuation activities from Collins Aerospace

      • TLW.LN (Tullow Oil) -- PLC announces SPA for sale of Kenyan assets to Gulf Energy for $120M, with additional royalty payments subject to certain conditions

      • INLOT.GA (Intralot) -- signs the definitive transaction agreement in connection with the acquisition of Bally's International Interactive

      • KVIKA.IR (Kvika Banki hf) -- Kvika banki and Arion Bank aim to request preliminary discussions with the Icelandic Competition Authority on potential merger in Aug

      • ECMPA.NA (Eurocommercial Properties) -- announces sale of EKO megastore in Sweden for SEK158M (€14.1M)

      • VK.FP (Vallourec) -- and Vinci Immobilier announce the signing of a sale agreement for the Déville-Lès-Rouen site

      • INTEG.B.SS ( Integrum AB) -- OsteoCentric Oncology Inc. announces SEK44/share in cash public offer for Integrum AB

      • SAN.FP (Sanofi) -- to acquire Vicebio for up to $1.60B

    • Healthcare

      • SRPT (Sarepta Therapeutics) -- to voluntarily and temporarily pause all shipments of ELEVIDYS (delandistrogene moxeparvovec) for Duchenne muscular dystrophy in the U.S., effective 22-Jul

    • Other

      • BP.LN (BP) -- holder Elliot reportedly urges new Chairman to focus on improving cost base and capital allocation - Bloomberg

      • UMG.NA (Universal Music Group) -- confidentially submits draft registration statement for proposed US Public offering

      • DG.FP (VINCI SA) -- VINCI awarded three construction contracts in Australia with a total value of €431M

      • ALFA.SS (Alfa Laval) -- appoints Martijn Bergink as President of the Marine Division, effective 1-Sep

      • SINCH.SS (Sinch) -- intends to repurchase up to 84.5M own shares

      • TIETO.FH (Tietoevry) -- Oyj announces Endre Rangnes appointed as President and CEO as of 21 July 2025

      • ITP.FP (Interparfums) -- announce the signature of a fragrance license agreement today running until 31-Dec-36. The first launch is expected in 2027.

      • Regional Gaming Revenues - Massachusetts June 2025

  • Key rating changes

    • Upgrades

      • PNN.LN (Pennon Group) -- to overweight from neutral at JPMorgan

      • TELIA.SS (Telia Co.) -- to buy from hold at Kepler Cheuvreux

      • UHR.SW (Swatch Group) -- upgraded to outperform from neutral at Santander

    • Downgrades

      • HUSQ.B.SS (Husqvarna) -- to hold from buy at ABG Sundal Collier

      • LGEN.LN (Legal & General Group) -- to underperform from sector perform at RBC Capital Markets

      • SK.FP (SEB) -- to hold from buy at Berenberg

      • EOAN.GR (E.ON SE) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • YCA.LN (Yellow Cake) -- outperform at RBC Capital Markets

      • FBK.IM (FinecoBank) -- buy at Kepler Cheuvreux

    • Other Actions

      • GETI.B.SS (Getinge) -- transferred buy at Handelsbanken; prior rating was buy

      • MF.FP (Wendel) -- transferred buy at Berenberg; prior rating was buy

      • CORE.B.SS (Corem Property Group) -- reinstated hold at Nordea; prior rating was hold

  • Data

    • Nikkei (0.30%) to 39698.60

    • Hang Seng +0.38% to 25089.27

    • Shanghai Composite +0.60% to 3581.15

    • S&P futures (4.3) vs prior close of 6344.8

    • €-$ (0.0012) or (0.10%) to 1.1685

    • $-¥ +0.41 or +0.28% to 147.78

    • €-¥ +0.35 or +0.20% to 172.69

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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