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StreetAccount Summary - EU Market Recap: FTSE 100 +0.42% to 9061.49, DAX +0.83% to 24240.82, CAC40 +1.37% to 7850.43, STOXX 600 +1.08% to 550.22

Jul 23 ,2025

  • Synopsis:

    • European equity markets ended broadly higher, but off best levels. Autos/parts, healthcare and constructions led gainers; utilities and tech main laggards. Follows mostly weaker close on Tuesday.

    • Trade deal momentum aiding sentiment after President Trump announced agreement with Japan that will result in reduced tariff of 15% from 25% previously. Auto sector will also receive lowered 15% tariff. No breakthrough yet in EU-US trade talks but investors encouraged by Asian trade deals.

    • In politics, UK Chancellor Reeves reiterated commitment to fiscal rules in appearance to lawmakers. Increase in latest borrowing data heightened expectations for autumn tax increase. Germany's Merz and France's Macron meet to discuss defense, trade, and European policy. EU have warned Ukraine over the rule of law after Zelensky approved legislation that gives government power over independent anti-corruption watchdogs. Elsewhere, BoE Governor Bailey warned against weakening bank rules due to financial stability risks.

    • Limited macro updates of note in Europe. Eurozone Jul Flash Consumer Confidence improves slightly (14.7) vs consensus (15.0) and prior (15.3). Survey from Brightmine showed UK pay settlements held at 3% in three months to June.

    • Busy session for corporate earnings with Nordics names kicking off the session: Equinor (EQNR.NO) Q2 profit missed, revenue ahead, announced start of third tranche of buyback of up to $1.265B and $1B impairment; Nokia (NOKIA.FH) prelim. Q2 comparable operating profit/net sales below forecast and FY guidance cut yesterday after market close; Stora Enso (STERV.FH), Valmet (VALMT.FH) and Metso Corp.(METSO.FH) Q2 EPS missed while SSAB (SSAB.A.SS) beat. In Benelux, Royal KPN (KPN.NA) adjusted EBITDA AL beat, net income miss, FY outlook raised; Randstad (RAND.NA) Q2 profit missed, revenue beat whilst ASM International (ASM.NA) Q2 results disappoint, with net income below expectations due to forex and Q3 orders outlook below consensus. In France, Ubisoft Entertainment (UBI.FP) missed on Q1 net bookings amid monetisation issues at Rainbow Six Siege, but indicated Q2 sales guidance above expectations and reiterated FY targets. Also, Thales (HO.FP) H1 EPS beat, and FY25 organic sales guidance raised, Eurofins Scientific (ERF.FP) H1 EPS beat, revenue on the soft side, FY guidance confirmed, Edenred (EDEN.FP) half-year net income miss, whilst Alstom (ALO.FP) Q1 revenue beat, FY25/26 outlook and m/t ambitions confirmed. Out of DACHs region, SAP (SAP.GR) Q2 EPS bear, revenue lighter and FY guidance reiterated; Lonza Group (LONN.SW) H1 beat across metrics; VAT Group (VACN.SW) interim numbers miss for EPS, EBITDA, orders, revenue a touch ahead. In Southern Europe, UniCredit (UCG.IM) Q2 net income well ahead of forecast and FY25 guidance raised, Iberdrola (IBE.SM) H1 net income beat and said to expect strong performance over the rest of the year. In the UK, Informa (INF.LN) H1 EPS beat, further £150M share buybacks through H2 announced.

    • On the M&A newsflow, Italy's government reportedly monitoring the potential sale of Iveco Group (IVG.IM) to earlier cited potential suitor Tata Motors (500570.IN), over concerns of job cuts, media reports. Still in Italy, UniCredit (UCG.IM) confirms withdrawal of offer for BPM (BAMI.IM) as condition relating to golden power authorization is not satisfied; elsewhere, Banco Sabadell (SAB.SM) discloses additional information regarding sale of TSB that will enable BBVA (BBVA.SM) to complete prospectus in connection with its offer for Sabadell. Also, EU Commission opens in-depth investigation into Universal Music Group (UMG.NA) acquisition of Downtown Music.

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Eurozone, France, Germany, UK Jul flash manufacturing/services PMI, Germany Aug consumer confidence - GfK, France Jul business confidence and Spain Q2 unemployment rate, Jun PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +3.76%, Health Care +2.49%, Construct & Mtls +1.86%, Oil & Gas +1.70%, Media +1.64%, Ind Goods & Svcs +1.55%, Chemicals +1.46%, Banks +1.43%, Persnl & HHold Goods +1.26%, Travel & Leisure +1.18%, Retail +1.17%, Insurance +1.08%

      • Underperformers:

        • Utilities (2.44%), Technology (1.06%), Real Estate (0.96%), Telecom (0.88%), Food & Beverage +0.45%, Basic Resources +0.99%, Financial Svcs +1.08%

    • Macro:

      • EU:

        • EU-Japan summit, 23-Jul-25 -- EC

        • EU readies single €93B US trade retaliation package -- Politico

        • China hits out at EU ahead of tough talks in shadow of trade and Ukraine war -- FT

      • UK:

        • UK and India about to sign landmark trade deal but not everyone's happy -- Sky

        • Can Rachel Reeves avoid a new fiscal crisis? -- The Newstatesman

      • Germany:

        • Germany to ease, expand defence procurement to quickly boost military -- Reuters

        • Merz Hosts Macron in Berlin Amid Divergences: What to Watch -- Bloomberg

      • France:

        • French minister Retailleau breaks with Macron as 2027 succession race heats up -- Reuters

      • Italy:

        • Italy and Algeria boost cooperation with new security and business deals -- Reuters

    • Company news:

      • Notable Gainers:

        • +29.3% STX.LN (Shield Therapeutics £0.05, +0.01) -- Q2 trading update: unaudited ACCRUFeR net revenues of $12.8M vs year-ago $6.9M

        • +23.8% TEMN.SW (Temenos CHF72.70, +14.05) -- reports Q2 EPS $1.22 non IFRS vs FactSet $0.93 [9 est, $0.81-1.09]. FY25 guidance raised

        • +21.1% IMMU.SS (Mendus SEK9.65, +1.68) -- granted US patent for use of vididencel in ovarian cancer

        • +17.6% MCAP.SS (MedCap SEK611.00, +92.00) -- Q2 adjusted EPS SEK3.8 vs FactSet SEK3.60 [1 est]

        • +15.0% ONCO.SS (Oncopeptides SEK4.74, +0.61) -- two real-world evidence posters accepted for presentation at upcoming International Myeloma Society Annual Meeting,

        • +11.9% VALMT.FH (Valmet €29.65, +3.16) -- reports Q2 adj EPS €0.23 vs consensus €0.47; reiterates FY25 guidance

        • +10.9% HIAB.FH (Hiab €58.30, +5.75) -- reports Q2 EBITA €61M vs FactSet €55.0M

        • +8.3% MBB.GR (MBB €167.60, +13.00) -- prelim H1 adjusted EBITDA €76.4M vs FactSet €70.1M [1 est]

        • +7.7% HOC.LN (Hochschild Mining £2.91, +0.21) -- Production Report for Q2: Silver production (koz) 2,448 vs year-ago 2,589

        • +7.3% IVG.IM (Iveco Group €0.00, +1.31) -- Italy's government reportedly monitoring the potential sale

        • +6.4% VH2.GR (Friedrich Vorwerk Group €84.10, +5.00) -- reports H1 EBITDA €54.5M vs year-ago €24.4M; raises FY25 guidance

        • +6.2% STERV.FH (Stora Enso €9.29, +0.54) -- reports Q2 EPS €0.05 ex-items vs consensus €0.08

        • +6.0% ALO.FP (Alstom €22.09, +1.25) -- reports Q1 revenue €4.51B vs consensus €4.45B; FY25/26 outlook and m/t ambitions confirmed

        • +5.9% FRP.LN (FRP Advisory Group £1.26, +0.07) -- FY adjusted EPS 10.7p vs FactSet 10.9p [5 est, 10.2-11.3p]

        • +5.5% UBI.FP (Ubisoft Entertainment €9.69, +0.50) -- reports Q1 revenue €310.8M vs FactSet €334.7M [3 est, €310-380M]

        • +4.9% INF.LN (Informa £8.68, +0.41) -- reports H1 EPS 29.8p vs consensus 27.7p; hikes interim divi by 9.4% to 7.0p; announces further £150M share buybacks through H2

        • +4.5% HDD.GR (Heidelberger Druckmaschinen €1.64, +0.07) -- acquires Polar Mohr brand rights and technology; price not disclosed

        • +3.6% UCG.IM (UniCredit €59.96, +2.11) -- EO Andrea Orcel releases press release setting out principles that are driving the company's investment in Commerzbank (CBK.GR)

        • +3.6% UCG.IM (UniCredit €59.96, +2.11) -- reports Q2 net income €3.34B vs consensus €2.54B; raises FY25 guidance and ambitions for FY27; withdraws offer for BPM (BAMI.IM) as condition relating to golden power authorization is not satisfied

        • +3.2% EFGN.SW (EFG International CHF16.74, +0.52) -- reports H1 net income CHF221.2M vs FactSet CHF202.5M [2 est, CHF192-213M]

        • +3.2% PGH.LN (Personal Group Holdings £3.18, +0.10) -- H1 Trading Update: revenue £23.3M vs year-ago £21.0M

        • +3.1% WIE.AV (Wienerberger €30.18, +0.90) -- trading update; expects operating EBITDA of just over €380M in H1 vs year-ago €400M; reaffirms 2025 guidance

        • +2.8% LONN.SW (Lonza Group CHF572.60, +15.60) -- reports H1 core EPS CHF7.51 vs consensus CHF7.22

        • +2.7% RNO.FP (Renault €34.01, +0.89) -- reports H1 worldwide PC + LCV sales 1.17 vehicles, +1.3% y/y

        • +2.2% RI.FP (Pernod Ricard €95.60, +2.01) -- Tilaknagar Industries likely to acquire Imperial Blue whiskey brand from Pernod Ricard - Economic Times (21:35 IST / 18:00 CEST)

        • +2.1% GIMB.BB (Gimv €43.15, +0.90) -- acquires majority stake in Hemink; terms not disclosed

        • +2.1% GIMB.BB (Gimv €43.15, +0.90) -- reinvests in the Bugaboo-Joolz combination

        • +2.0% JDW.LN (JD Wetherspoon £7.96, +0.16) -- Q4 trading update: Like-for-like sales +5.1% vs StreetAccount +5.0%

        • +1.9% MUM.GR (Mensch & Maschine Software €54.30, +1.00) -- reports H1 net income €17.5M vs year-ago €18.7M; reaffirms FY25 targets

        • +1.8% LDA.SM (Linea Directa Aseguradora €1.37, +0.02) -- reports H1 net income €43.8M vs year-ago €25.4M

        • +1.6% G.IM (Assicurazioni Generali €31.99, +0.51) -- issues 1H pre-close commentary

      • Notable Decliners:

        • -13.5% SECARE.SS (Swedencare SEK41.50, -6.45) -- reports Q2 EPS (SEK0.04) vs FactSet SEK0.36 [4 est, SEK0.25-0.54]

        • -10.9% AMS.SW (ams-OSRAM CHF10.84, -1.33) -- reports prelim. Q2 revenue €775M vs prior guidance €725-825M and FactSet €778.6M [5 est, €762-786M]; reaffirms FY guidance

        • -10.8% CMCOM.NA (CM.com €6.00, -0.73) -- reports H1 normalized EBITDA €8.2M vs FactSet €9.0M [2 est, €8-10M]

        • -10.4% ASM.NA (ASM International €460.40, -52.50) -- reports Q2 net income €173.0M vs FactSet €193.9M [7 est, €177.3-218.1M]

        • -9.7% VACN.SW (VAT Group CHF311.70, -32.00) -- reports H1 EPS CHF3.52 vs FactSet CHF4.24 [3 est, CHF3.94-4.77]

        • -9.0% SSAB.A.SS (SSAB SEK59.90, -5.82) -- reports Q2 EPS SEK1.86 vs consensus SEK1.79

        • -8.5% AM.FP (Dassault Aviation €263.00, -24.20) -- reports H1 Adjusted net income €386M vs FactSet €464.7M [3 est, €428-505M]; confirms FY guidance

        • -8.1% GEMD.LN (Gem Diamonds £0.06, -0.00) -- H1 trading update: carats sold 44,360, (22%) vs year-ago 56,944

        • -7.9% SOI.FP (SOITEC €42.16, -3.53) -- reports Q1 revenue €92M vs FactSet €122.7M [3 est, €94-178M], down (16%) y/y vs prior guidance (20%) y/y

        • -7.6% NOKIA.FH (Nokia €3.81, -0.31) -- reports prelim Q2 Comparable operating profit of €300M vs FactSet €388.11M; lowers 2025 operating profit guidance to €1.6-2.1B from €1.9-2.4B due to currency vs FactSet €2.02B

        • -7.5% BREE.LN (Breedon Group £3.58, -0.29) -- reports H1 Underlying EBITDA £115M vs FactSet £133.5M [2 est, £129-138M]; now expects result for FY will be at low end of current range of market expectations

        • -7.1% KAMBI.SS (Kambi Group SEK123.70, -9.50) -- reports Q2 EPS €0.01 vs FactSet €0.09 [3 est, €0.05-0.13]

        • -5.8% RBO.FP (Roche Bobois €35.70, -2.20) -- sales; TPICAP Midcap downgrade

        • -5.4% MEDX.SW (medmix CHF11.52, -0.66) -- reports H1 net income CHF6.9M vs year-ago CHF5.6M

        • -5.0% CPI.LN (Capita £3.24, -0.17) -- Capita announces Ofgem opens Investigation into Smart DCC Ltd (C

        • -4.7% IBE.SM (Iberdrola €15.26, -0.74) -- reports H1 net income €3.56B vs FactSet €3.34B [3 est, €3.27-3.40B]; Strong performance expected over the rest of the year

        • -4.1% SAP.GR (SAP €246.50, -10.65) -- reports Q2 EPS €1.45 vs FactSet €1.43 [21 est, €1.25-1.68]

        • -3.6% TKA.AV (Telekom Austria €9.41, -0.35) -- reports Q2 net income €151M vs consensus €157M

        • -3.6% FTK.GR (flatexDEGIRO €25.44, -0.96) -- confirms Q2 net income €39.5M vs FactSet €39.6M [5 est, €39.5-40M]

        • -3.1% KPN.NA (Royal KPN €4.01, -0.13) -- reports Q2 adjusted EBITDA AL €670M vs consensus €658.0M; raises FY outlook

        • -3.0% BG.AV (BAWAG Group €107.20, -3.30) -- reports Q2 EPS €2.65 vs FactSet €2.76 [3 est, €2.65-2.93]; FY outlook reconfirmed

        • -3.0% METSO.FH (Metso Corp. €11.18, -0.36) -- reports Q2 EPS €0.12 vs consensus €0.15

        • -2.7% COPN.SW (Cosmo Pharmaceuticals CHF60.60, -1.70) -- reports H1 net income (€2M) vs year-ago €71.2M; raises full-year EBITDA guidance by €4.5M

        • -2.5% BAMI.IM (Banco BPM €10.04, -0.25) -- UniCredit (UCG.IM) withdraws offer for BPM

        • -2.4% A3M.SM (ATRESMEDIA €4.97, -0.12) -- reports H1 net income €63.8M vs FactSet €57.1M [2 est, €56.7-57.5M]

        • -2.4% HO.FP (Thales €235.80, -5.80) -- reports H1 adj EPS €4.27 vs consensus €4.08; upgrades its FY25 sales organic growth target

        • -2.3% RAND.NA (Randstad €41.20, -0.97) -- reports Q2 adjusted net income attributable €84M vs FactSet €103.9M

        • -2.0% EQNR.NO (Equinor NOK256.00, -5.30) -- reports Q2 adjusted net income $1.67B vs consensus $1.83B; to start third tranche of buyback of up to $1.265B on 24-Jul

        • -1.9% EXE.FP (Exel Industries €41.80, -0.80) -- Q3 revenue €282.1M vs FactSet €312.7M [1 est]

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: AMAG Austria Metall (AMAG.AV), Zumtobel Group (ZAG.AV)

        • Benelux: BE Semiconductor Industries (BESI.NA), Aalberts (AALB.NA), Koninklijke BAM Groep (BAMNB.NA), MotorK (MTRK.NA), ACOMO (ACOMO.NA), Orange Belgium (OBEL.BB)

        • Finland: Nokia (NOKIA.FH), UPM-Kymmene (UPM.FH), Neste (NESTE.FH), Konecranes (KCR.FH), Huhtamaki (HUH1V.FH), Kempower (KEMPOWR.FH), Pihlajalinna (PIHLIS.FH)

        • France: TotalEnergies (TTE.FP), BNP Paribas (BNP.FP), Dassault Systemes (DSY.FP), STMicroelectronics (STMPA.FP), Cie Generale des Etablissements Michelin (ML.FP), Getlink (GET.FP), Eurazeo (RF.FP), Lagardere (MMB.FP), Valeo (FR.FP), Lisi (FII.FP), OPmobility (OPM.FP), 74Software (74SW.FP), Mercialys (MERY.FP), Lectra (LSS.FP), Nexity (NXI.FP), Mr Bricolage (ALMRB.FP)

        • Germany: Deutsche Bank (DBK.GR), Deutsche Börse (DB1.GR), MTU Aero Engines (MTX.GR), DWS Group (DWS.GR), ATOSS Software (AOF.GR), Vossloh (VOS.GR), LPKF Laser & Electronics (LPK.GR)

        • Italy: Italgas (IG.IM), ACEA (ACE.IM), Webuild (WBD.IM),Zignago Vetro (ZV.IM), Caltagirone Editore (CED.IM)

        • Other: KRKA d.d. (KRKG.SV)

        • Portugal: Redes Energeticas Nacionais (RENE.PL), Altri (ALTR.PL), The Navigator Co. (NVG.PL)

        • Spain: Banco de Sabadell (SAB.SM), Repsol (REP.SM), MAPFRE (MAP.SM), Bankinter (BKT.SM), Inmobiliaria Colonial SOCIMI (COL.SM), Vidrala (VID.SM), Acerinox (ACX.SM), Tubacex (TUB.SM)

        • Sweden: Medicover (MCOV.B.SS), Eltel (ELTEL.SS), Mentice (MNTC.SS)

        • Switzerland: Nestle (NESN.SW), Roche Holding (ROG.SW), Galderma Group (GALD.SW), Kuehne & Nagel (KNIN.SW), Georg Fischer (GF.SW), Sulzer (SUN.SW), Bachem Holding (BANB.SW), Vontobel Holding (VONN.SW), Cembra Money Bank (CMBN.SW), Meier Tobler Group (MTG.SW), Leonteq (LEON.SW), Calida Holding (CALN.SW), Bellevue Group (BBN.SW)

        • UK: RELX (REL.LN), Lloyds Banking Group (LLOY.LN), Reckitt Benckiser (RKT.LN), Centrica (CNA.LN), Airtel Africa (AAF.LN), Howden Joinery Group (HWDN.LN), IG Group Holdings (IGG.LN), ITV (ITV.LN), Wizz Air Holdings (WIZZ.LN), Reach (RCH.LN), Quartix Technologies (QTX.LN), Severfield (SFR.LN)

      • Trading Update:

        • France: Interparfums (ITP.FP), Alten (ATE.FP), Pierre & Vacances (VAC.FP), Assystem (ASY.FP), Aramis Group (ARAMI.FP), Linedata Services (LIN.FP), Sword Group (SWP.FP), Amplitude Surgical (AMPLI.FP), Guerbet (GBT.FP), LNA Santé (LNA.FP), Akwel (AKW.FP), Cegedim (CGM.FP), Prodware (ALPRO.FP)

        • Nordics: The Kingfish Company (KING.NO)

        • UK: Anglo American (AAL.LN), Vodafone Group (VOD.LN), BT Group (BT.A.LN), AJ Bell (AJB.LN)

  • Data:

    • Economics:

      • Eurozone Jul Flash Consumer Confidence (14.7) vs consensus (15.0) and prior (15.3)

    • Markets:

      • WTI Crude (25-Sep): ($0.29) or (0.44%) to $65.02

      • €-$ (0.0028) or (0.24%) to 1.1727

      • £-$ +0.0024 or +0.18% to 1.3557

      • €-£ (0.0036) to 0.8651

      • S&P 500 +0.27%

      • Performance year-to-date:

        • FTSE 100: +10.87%

        • DAX: +21.76%

        • CAC: +6.36%

        • MIB: +19.05%

        • Stoxx 600: +8.39%

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