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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.54%, DAX +1.05%, CAC40 +0.15%

Jul 23 ,2025

  • Synopsis

    • European equity markets are set to open higher amidst higher Asian equities Wednesday. S&P 500 futures advancing afterhours.

    • Japanese PM Ishiba hosting EU's von der Leyen and Costa for annual summit. In the evening, Chancellor Merz will host France's President Macron. Opening statements are planned before the start of the discussion on bilateral cooperation and current issues in European and international politics. In UK, reportedly Indian PM Modi is expected in London (through Thu) to sign his trade deal with PM Starmer. House of Commons begin summer recess. MPs return on 1-Sep. House of Lords provisionally continues for a couple of days, committee topics include growth of private markets in the UK following reforms introduced after 2008 at 10:05BST (Nicolas Véron, Senior Fellow at Bruegel and PIIE) and UK's future relationship with the US at 15:30.

    • Light macro front with Eurozone Jul flash consumer confidence due to be released.

    • A busy morning for earnings sees Benelux companies ASM International (ASM.NA), Royal KPN (KPN.NA) and Randstad (RAND.NA) release Q2 results whilst from the DACHs region, SAP (SAP.GR), Lonza Group (LONN.SW), VAT Group (VACN.SW), EFG International (EFGN.SW) and BAWAG (BG.AV) are out with results. From France, Thales (HO.FP), Eurofins Scientific (ERF.FP), Edenred (EDEN.FP), Alstom (ALO.FP) and Ubisoft Entertainment (UBI.FP). In the Nordics, Nokia (NOKIA.FH) reported prelim Q2 and lowered FY guidance yesterday after market close. Equinor (EQNR.NO), Stora Enso (STERV.FH) and SSAB (SSAB.A.SS) also posted earnings. In Southern Europe, UniCredit (UCG.IM) reported Q2.

  • Top company news

    • Earnings/updates

      • Benelux:

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

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

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

      • DACHs:

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

        • LONN.SW (Lonza Group) -- reports H1 core EPS CHF7.51 vs consensus CHF7.22

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

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

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

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

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

        • TKA.AV (Telekom Austria) -- reports Q2 net income €151M vs consensus €157M

        • MEDX.SW (medmix) -- reports H1 net income CHF6.9M vs year-ago CHF5.6M

        • TTK.GR (Takkt) -- reports preliminary H1 EBITDA €16.9M vs year-ago €29.9M

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

        • CICN.SW (Cicor Technologies) -- reports H1 EPS CHF1.88 vs year-ago CHF2.64

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

      • France

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

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

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

        • ERF.FP (Eurofins Scientific) -- reports H1 EPS €1.83 vs FactSet €1.71 [2 est, €1.69-1.72]

        • EDEN.FP (Edenred) -- reports H1 Adjusted net income €279M vs FactSet €290M [1 est]; confirms FY guidance

        • ABVX.FP (Abivax) -- Follow-up: Abivax announces phase 3 results from both ABTECT 8-week induction trials of obefazimod in moderate to severely active ulcerative colitis; call today at 16:30ET

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

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

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

      • Nordics:

        • EQNR.NO (Equinor) -- 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

        • NOKIA.FH (Nokia) -- 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

        • HIAB.FH (Hiab) -- reports Q2 EBITA €61M vs FactSet €55.0M

        • STERV.FH (Stora Enso) -- reports Q2 EPS €0.05 ex-items vs consensus €0.08

        • SSAB.A.SS (SSAB) -- reports Q2 EPS SEK1.86 vs consensus SEK1.79

      • Southern Europe:

        • UCG.IM (UniCredit) -- reports Q2 net income €3.34B vs consensus €2.54B; raises FY25 guidance and ambitions for FY27

        • G.IM (Assicurazioni Generali) -- issues 1H pre-close commentary

        • MVC.SM (Metrovacesa) -- reports H1 net income (€15.5M) vs FactSet (€0.3M) [2 est, (€0.7)-0.1M]; reiterates FY guidance

        • ENC.SM (ENCE Energia y Celulosa) -- reports Q2 net income (€9.3M) vs FactSet (€7.3M) [4 est, (€12.3)-1.1M]

    • M&A

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

      • BAMI.IM (Banco BPM) -- UniCredit confirms withdrawal of offer for BPM as condition relating to golden power authorization is not satisfied

      • UCG.IM (UniCredit) -- CORRECTION: UniCredit CEO Andrea Orcel releases press release setting out principles that are driving the company's investment in Commerzbank

      • SAB.SM (Banco de Sabadell) -- Banco Sabadell discloses additional information regarding sale of TSB that will enable BBVA to complete prospectus in connection with its offer for Sabadell (post EU close 22-Jul)

      • BAMI.IM (Banco BPM) -- UniCredit reportedly withdraws offer for Banco BPM due to golden power issue, decides not to waive - Reuters

      • GIMB.BB (Gimv) -- acquires majority stake in Hemink; terms not disclosed

      • CapVest Partners in talks to acquire majority stake in Stada Arzneimittel - Bloomberg

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche's Board of Directors proposes exchange of Genussscheine for participation certificates (Partizipationsscheine)

      • ROG.SW (Roche Holding) -- EC approves Roche's Itovebi to treat adults with ER-positive, HER2-negative, advanced breast cancer with PIK3CA mutation

      • ABVX.FP (Abivax) -- announces phase 3 results from both ABTECT 8-week induction trials of Obefazimod in moderate to severely active ulcerative colitis

    • Other

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

      • PRU.LN (Prudential) -- launches search for successor to chair Shriti Vadera - FT

      • Trump Administration seeking partnerships besides SpaceX for its Golden Dome missile defense system - Reuters

  • Key rating changes

    • Upgrades

      • RBC Capital Markets upgrades DIM.FP, SRT3.GR

      • AYV.FP (Ayvens) -- to outperform from neutral at Oddo

      • COV.FP (Covivio) -- Covivio transferred outperform at BNP Paribas Exane; prior rating was neutral

      • CPG.LN (Compass Group) -- to buy from hold at Kepler Cheuvreux

      • SAFE.LN (Safestore Holdings) -- to overweight from equal weight at Barclays

      • VAR.NO (Vår Energi) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • PSM.GR (ProSiebenSat.1 Media) -- to reduce from hold at Kepler Cheuvreux

      • BOL.FP (Bolloré) -- to neutral from outperform at BNP Paribas Exane

      • AMG.NA (AMG Critical Materials) -- to hold from buy at Deutsche Bank

      • NCAB.SS (NCAB Group) -- to hold from buy at Pareto (earlier, timing uncertain)

  • Data

    • Nikkei +3.89% to 41322.98

    • Hang Seng +1.07% to 25398.87

    • Shanghai Composite +0.39% to 3595.82

    • S&P futures +17.5 vs prior close of 6346.8

    • €-$ (0.0022) or (0.18%) to 1.1733

    • $-¥ +0.50 or +0.34% to 147.14

    • €-¥ +0.26 or +0.15% to 172.6

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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