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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.5%, DAX +1.1%, CAC +1%, IBEX +0.9%, MIB +1.2%

Jul 28 ,2025

  • Synopsis

    • European equity markets set to open broadly higher, extending last week's gains. US and EU successfully negotiated crucial trade deal on Sunday, averting potential trade war (Politico, Bloomberg, FT). Agreement establishes 15% tariff on most EU exports to the US, including automobiles, just days before President Trump's 1-Aug deadline. Deal was announced following a meeting between Trump and European Commission President von der Leyen at Trump's Turnberry golf club in Scotland. Von der Leyen described negotiations as "heavy lifting" but expressed satisfaction with the outcome. Under the agreement, the EU commits to purchasing $750B in US energy and investing an additional $600B in America. Europe will also replace Russian gas with US energy purchases worth $250B annually for Trump's remaining term. Steel and aluminum will continue facing 50% tariffs, while pharmaceutical and semiconductor tariff decisions remain pending. Pact removes significant uncertainty from the $1.7T transatlantic trade relationship. Some thoughts deal mostly discounted already, with analysts also noting 15% tariffs discounted into 2025 earnings. However, pharmaceutical and semiconductor sectors still face uncertainty. Also, deal still needs approval of European Parliament and all national parliaments.

    • Attention now centering on US-China negotiations as Treasury Secretary Bessent and China Vice Premier He Lifeng meet in Stockholm on Monday. SCMP sources two sides expected to agree to another 90-day tariff deadline extension. South Korea to resume trade talks this week with shipbuilding cooperation on the agenda. Fading prospects of US-India deal by 1-Aug but two sides remain positive on trajectory.

    • Focus this week on Q2 preliminary GDPs, Jul preliminary CPIs and manufacturing PMIs from across the region, EBA's results of latest EU-wide bank stress test,as well as earnings/updates from Airbus (AIR.FP), Anheuser-Busch InBev (ABI.BB), AstraZeneca (AZN.LN), AXA (CS.FP), Banco Santander (SAN.SM), Barclays (BARC.LN), BASF (BAS.GR), BMW (BMW.GR), Deutsche Lufthansa (LHA.GR), Enel (ENEL.IM), HSBC Holdings (HSBA.LN), International Consolidated Airlines Group (IAG.LN), Intesa Sanpaolo (ISP.IM), Orange (ORA.FP), Sanofi (SAN.FP), Shell (SHEL.LN), Societe Generale (GLE.FP), Telefonica (TEF.SM) and UBS Group (UBSG.SW). Of note, there's US Fed interest rate decision after the EU close (Wed), a similar decision by BOJ before EU open (Thu) and Swiss markets are closed for public holiday (Fri)

    • On today's agenda: in central banks, Bank of Spain's Escrivá speech at 9:30CET at Economic Forum organized by El Norte de Castilla. France and Saudi Arabia co-host U.N. ministerial-level conference on the two-state solution (establishment of a Palestinian state) (through Tue, livestream 20:00BST). Elsewhere, 3rd Session of the Geneva Conf. on Disarmament. Reportedly, meeting of OPEC+ joint ministerial monitoring committee (JMMC) is unlikely to alter existing plans to raise oil output and US President Trump will meet with UK PM Starmer on the penultimate day of the President's visit to Scotland.

    • Among stocks in focus this morning, EU Auto stocks seeing strong premarket gains following the EU/US tariff agreement; Heineken (HEIA.NA) out with mixed results; LVMH (MC.FP) reportedly in talks to sell Marc Jacobs for $1B; Nordex (NDX1.GR) reports stronger than consensus Q2 results and confirms FY guidance; Iveco Group (IVG.IM) reportedly exploring sale of its defense division to Leonardo SpA (LDO.IM); Forvia (FRVIA.FP) reports in-line/better than expected H1 results with FCF noted to be well ahead of consensus

  • Politics/Macro/World News

    • Euro rises after US, EU agree to tariff deal (Reuters )

    • US, China Officials to Meet in Sweden to Extend Trade Truce (BBG)

    • Share of goods in UK exports falls to record low (FT )

    • ECB's Cipollone June assessment can be confirmed and that inflation expectations are balanced (interview )

    • Bank of England poised to slow QT after rise in yields (Reuters )

    • Fitch downgrades Finland's Long-Term Foreign-Currency Issuer Default Rating to 'AA', from 'AA+'. The Outlook is Stable (link )

  • Top company news

    • Earnings/updates

      • HEIA.NA (Heineken) -- reports H1 (beia) EPS €2.08 vs consensus €2.09; now expects volume to be broadly stable for the full year 2025, following the customer disruptions in Europe in H1 and softer markets in the Americas than originally anticipated

      • NDX1.GR (Nordex) -- reports Q2 net income €31.0M vs FactSet €21.8M [3 est, €19.3-25M]; FY guidance confirmed

      • RBT.FP (Robertet) -- reports H1 revenue €446.3M vs FactSet €436.0M [1 est]

      • MDM.FP (Maisons du Monde) -- reports H1 net income (€75.6M) vs year-ago (€24.3M)

      • FRVIA.FP (Forvia) -- reports H1 net income (€269M) vs year-ago €5M; FY guidance confirmed (€10.28)

      • Also reporting today

        • Earnings:

          • DACHs: Grupo Comercial Chedraui SAB de CV (2GCB.GR), naturenergie holding (NEAG.SW)

          • France: EssilorLuxottica (EL.FP), Rexel (RXL.FP), Vicat (VCT.FP), Forvia (FRVIA.FP), Verimatrix (VMX.FP)

          • Nordics: Musti Group (MUSTI.FH)

          • Southern Europe: Acciona (ANA.SM), Corporación Acciona Energías Renovables (ANE.SM), Gestamp Automoción (GEST.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Prosegur Cash (CASH.SM), Iberpapel Gestion (IBG.SM), Hellenic Exchanges-Athens Stock Exchange (EXAE.GA)

        • Trading Update:

          • Benelux: Theon International (THEON.NA)

          • France: Wavestone (WAVE.FP), Lumibird (LBIRD.FP), Nacon (NACON.FP)

          • UK: Cranswick (CWK.LN)

    • M&A

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- in talks to sell Marc Jacobs for $1B (€851.3M) - Reuters

      • TEF.SM (Telefonica) -- reportedly enters exclusive talks with Virgin Mobile Mexico owner Beyond ONE over potential sale of Mexican business -- Reuters , citing sources (earlier)

      • ABF.LN (Associated British Foods) -- may buy Hovis this week - Sky News

      • PSM.GR (ProSiebenSat.1 Media) -- MFE-MediaForEurope raises offer for ProSiebenSat.1 Media

      • SAB.SM (Banco de Sabadell) -- says acquisition offer by BBVA remains too low; must either substantially improve offer or withdraw it - Bloomberg

      • IVG.IM (Iveco Group) -- reportedly exploring sale of its defense division to Leonardo SpA - Bloomberg

      • BGN.IM (Banca Generali) -- Italian govt will not exercise special powers in Mediobanca - Banca Generali deal

      • LLC.AU (Lendlease Group) -- Second round bids land for Lendlease Group's 25% stake in Keyton - Australian Financial Review

    • Healthcare

      • ROG.SW (Roche Holding) -- Genentech's Roche Present New Insights in Alzheimer's Disease Research Across Its Diagnostics and Pharmaceutical Portfolios at AAIC

      • BAYN.GR (Bayer AG) -- Bayer Provides regulatory update on Elinzanetant for the treatment of moderate to severe hot flashes due to menopause

      • SN.LN (Smith & Nephew) -- Activist Cevian Capital boosts stake in Smith & Nephew to 8.5% from 7.5% - London Times, citing filings

      • 600276.CH (Jiangsu Hengrui Pharmaceuticals) -- enters collaboration, option, license agreement with GSK

    • Other

      • ENI.IM (Eni) -- expects operating profit from green operations to be on par with those with from oil and gas by 2035 - FT, citing CEO

      • KPN.NA (Royal KPN) -- completes previously announced €250M share buyback

      • WISE.LN (Wise Plc) -- Wise holders reject idea of moving company's primary listing to US - Sky News

      • CBG.LN (Close Brothers Group) -- issues update on on timing of supreme court JUDGMENT in respect of the "HOPCRAFT" case

      • Estimated weekend box office revenues in US, Canada $183.3M, (35.7%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • INRN.SW (Interroll Holding) -- to hold from reduce at Kepler Cheuvreux

      • SRT3.GR (Sartorius) -- to outperform at Bernstein

      • LAND.SW (Landis+Gyr Group) -- to buy from hold at Berenberg

      • REY.IM (Reply) -- to outperform from neutral at Oddo

      • MUV2.GR (Munich Re) -- to outperform from neutral at Autonomous Research

      • QLT.LN (Quilter) -- to hold from sell at Deutsche Numis

      • AM.FP (Dassault Aviation) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • BHP.LN (BHP Group) -- to market perform from outperform at BMO Capital Markets

      • CFR.SW (Richemont) -- to hold from buy at HSBC

      • UHR.SW (Swatch Group) -- to reduce from hold at HSBC

      • RCO.FP (Remy Cointreau) -- to underweight from equal weight at Barclays

      • BAER.SW (Julius Baer Group) -- Julius Baer Group transferred equal weight at Barclays; prior rating was overweight

      • KALMAR.FH (Kalmar) -- to neutral from outperform at BNP Paribas Exane

  • Data

    • Nikkei (0.96%) to 41057.24

    • Hang Seng +0.61% to 25542.03

    • Shanghai Composite +0.12% to 3598.02

    • S&P futures +30.5 vs prior close of 6425.0

    • €-$ (0.0015) or (0.13%) to 1.1743

    • $-¥ +0.10 or +0.07% to 147.81

    • €-¥ (0.07) or (0.04%) to 173.58

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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