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StreetAccount Summary - EU Market Recap: FTSE 100 +0.60% to 9136.32, DAX +1.03% to 24217.37, CAC40 +0.72% to 7857.36, STOXX 600 +0.33% to 550.58

Jul 29 ,2025

  • Synopsis:

    • European equity markets ended mostly higher, although pan-European gape up earlier gains and closed near the session's lowest levels. Italy +1.5%, Greece +1.3% and Germany +1.0% led the outperformers. Denmark fell to ~ (11%), was the outlier to the downside.

    • In geopolitical developments, US and China to resume negotiations on Tuesday after officials left first day of talks without speaking to reporters. Commerce Secretary Lutnick said 90-day extension of US-China tariff deadline is likely outcome of talks, adding weight to SCMP article that first reported details of an extension. Nothing particularly incremental in other trade talks. Officials still working on deal with South Korea and India. Japan working on monitoring framework for implementation of US deal. Elsewhere, Trump gave Russia 10 to 12 days to move on a ceasefire with Ukraine or face secondary sanctions in comment made in his UK visit on Monday..

    • From a macro perspective, ECB consumer expectations survey showed no change in inflation or growth outlook. Spanish GDP firmer than forecast. BoE mortgage lending data on the agenda. Data from BRC and NielsenIQ showed rising UK food prices boosted shop price inflation in July.

    • In corporate news, Koninklijke Philips (PHIA.NA) traded notable higher following strong Q2 earnings and raised full-year guidance, increasing core profit margin forecast to 11.3%-11.8%. In the DACH region, Redcare Pharmacy (RDC.GR) Q2 adjusted EBITDA surpassed expectations, TeamViewer (TMV.GR) posted Q2 numbers with revenue up 16.2% y/y and Adjusted EBITDA at €84M, beating consensus by 4% and margin expanding to 44%. Sika Group (SIKA.SW) posted H1 numbers with net income of CHF 554.4M, missing expectations. SÜSS MicroTec (SMHN.SW) cut its FY outlook due to extraordinary costs and inventory corrections. From the Nordics, Novo Nordisk (NOVO.B.DC) shares plunged following its Q2 earnings and lowered FY guidance.

    • In the UK, Barclays (BARC.LN) posted better-than-expected Q2 and announced intention to initiate up to £1B buyback. AstraZeneca (AZN.LN) posted in-line Q2 core operating profit and reiterated FY25 guidance. Entain (ENT.LN) reported strong BetMGM H1, while Croda International (CRDA.LN) reported weaker -than-expected H1 Adj. Operating Profit at £146.9M vs consensus £149.0M and maintained FY outlook.

    • On M&A front, ams-OSRAM (AMS.SW) announced sale of Entertainment and Industry Lamps (ENI) business to Ushio for €114M. Media reported HSBC (HSBA.LN) hired Citi for sale of Australian retail banking arm, with process set to be launched within weeks.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers

        • Banks +1.62%, Telecom +1.60%, Ind Goods & Svcs +1.04%, Insurance +0.95%, Oil & Gas +0.75%, Construct & Mtls +0.64%, Technology +0.47%, Financial Svcs +0.42%

      • Underperformers

        • Health Care (1.58%), Basic Resources (1.14%), Retail (0.93%), Chemicals (0.64%), Real Estate(0.53%), Media (0.49%), Autos & Parts (0.16%), Persnl & HHold Goods (0.08%), Utilities (0.05%), Travel & Leisure +0.01%, Food & Beverage +0.19%

    • Macro/Peripheral markets:

      • Geopolitics

        • EU leaders champion trade deal as predictable despite backlash (Bloomberg)

        • Experts dismiss EU's $750B energy pledge as unrealistic (FT)

        • Germany, France slam EU-US deal as costly to Europe (FT)

        • Trump, Starmer affirm UK-US ties as "special relationship" (Reuters)

        • Trump's EU arms sales boast doesn't add up (Politico )

      • EU

        • EU transport chief warns infrastructure unfit for war with Russia (FT)

        • EU and US spin conflicting versions of trade deal, sowing confusion (Euronews )

      • ECB

        • ECB staff blast Lagarde for undemocratic governance (FT)

      • UK

        • UK retailers warn food price inflation strains budgets (YahooFinance, Reuters)

        • UK MPs push gambling tax hike to curb harmful betting (FT)

        • BoE's Bailey blocks Reeves' Revolut meeting as "interference" (FT)

      • France

        • French seek US tariff exemption for champagne and other drinks (FT)

      • Greece

    • Company news:

      • Notable Gainers

        • +38.1% HDD.GR (Heidelberger Druckmaschinen €1.78, +0.60) -- enters into a strategic partnership with VINCORION Advanced Systems GmbH

        • +14.9% RLF.SW (RELIEF THERAPEUTICS Holding CHF3.05, +0.35) -- executes binding term sheet for proposed combination with NeuroX at equity value of CHF100M

        • +11.3% FORT.LN (Forterra Plc £1.99, +0.21) -- H1 earnings

        • +9.6% PHIA.NA (Koninklijke Philips €24.11, +2.12) -- Q2 earnings; increases FY25 adj EBITA margin guidance range by 50 bps

        • +8.5% HEIJM.NA (Heijmans €55.60, +4.40) -- Oddo upgrade

        • +7.9% UNI.SM (Unicaja Banco €2.23, +0.17) -- H1 earnings

        • +7.1% CARD.LN (Card Factory £0.96, +0.06) -- trading update; WH Smith to sell funkypigeon.com to company for £24M in cash

        • +6.2% EL.FP (EssilorLuxottica €258.90, +15.20) -- H1 earnings

        • +6.1% TFI.FP (TF1 €8.36, +0.50) -- Q2 earnings

        • +6.0% IDEX.NO (IDEX Biometrics NOK3.56, +0.20) -- first official technology partner agreement with Savyint Group

        • +5.7% TMV.GR (TeamViewer €9.51, +0.52) -- Q2 earnings

        • +5.4% GAW.LN (Games Workshop Group £155.50, +8.20) -- FY earnings

        • +5.4% IVG.IM (Iveco Group €0.00, +0.98) -- engaged in ongoing, advanced discussions with different parties for potential transactions involving its defence business

        • +4.3% BPE.IM (BPER Banca €8.24, +0.35) -- announces final result of the reopening of the offer for Banca Popolare di Sondrio; resumed outperform at Mediobanca

        • +4.0% FARN.LN (Faron Pharmaceuticals £1.88, +0.08) -- Inderes upgrade

        • +3.7% ELG.GR (Elmos Semiconductor €93.90, +3.30) -- PT increased at Berenberg

        • +3.4% RENX.LN (Renalytix £0.08, -0.00) -- contract

        • +3.4% MGNS.LN (Morgan Sindall Group £45.70, +1.50) -- H1 earnings

        • +2.9% UPR.ID (Uniphar €3.89, +0.11) -- trading update

        • +2.8% NDX1.GR (Nordex €20.88, +0.56)

        • +2.5% EKF.LN (EKF Diagnostics Holdings £0.28, +0.01)

        • +1.8% SAF.FP (Safran €280.30, +4.90)

        • +1.2% IPH.FP (Innate Pharma €2.00, +0.02)

      • Notable Decliners

        • -23.1% NOVO.B.DC (Novo Nordisk DKK0.00, -104.25) -- Q2 earnings; appoints Maziar Mike Doustdar as president and CEO

        • -21.1% TOBII.SS (Tobii SEK5.20, -1.27) -- Q2 earnings

        • -20.6% SMHN.GR (SÜSS MicroTec €33.86, -8.36) -- prelim H1 earnings; adjusts FY margin guidance; Deutsche Bank downgrade

        • -16.6% IGR.LN (IG Design Group £0.67, -0.13) -- FY earnings

        • -15.0% LEHN.SW (LEM Holding CHF860.00, -135.00) -- Q1 earnings

        • -12.9% BFIT.NA (Basic-Fit €23.34, -3.46) -- H1 earnings

        • -12.3% FORN.SW (Forbo Holding CHF780.00, -110.00) -- H1 earnings

        • -11.9% STAF.LN (Staffline Group £0.46, -0.06) -- H1 earnings

        • -10.7% INCH.LN (Inchcape £7.48, -0.86) -- H1 earnings

        • -10.1% XVIVO.SS (Xvivo Perfusion SEK201.20, -22.30) -- announces delay in CE approval for heart perfusion solution and supplement

        • -9.0% EKI.FP (Ekinops €4.04, -0.38) -- H1 earnings

        • -7.9% AMUN.FP (Amundi €67.20, -5.55) -- Q2 earnings

        • -7.9% PAG.LN (Paragon Banking Group £8.88, -0.75) -- trading update; Shore Capital Stockbrokers downgrade

        • -7.5% KOA.NO (Kongsberg Automotive NOK1.66, -0.13) -- ABG Sundal Collier downgrade

        • -7.1% PSG.SM (Prosegur Compania de Seguridad €2.80, -0.21) -- H1 earnings

        • -6.4% METSB.FH (Metsa Board €3.32, -0.21) -- reduce at Inderes downgrade

        • -5.6% SSPG.LN (SSP Group £1.76, -0.10) -- trading update

        • -5.6% BRE.IM (Brembo €0.00, -0.50) -- Q2 earnings

        • -5.2% GRG.LN (Greggs £16.10, -0.85) -- H1 earnings

        • -4.4% PAL.AV (Palfinger €36.45, -1.65) -- laces 2.8M treasury shares at €35.40/share; Hauck & Aufhäuser downgrade

        • -4.2% JHD.LN (James Halstead £1.49, -0.06) -- trading update

        • -3.6% BIRG.ID (Bank of Ireland Group €12.05, -0.45) -- H1 earnings

        • -3.4% SIKA.SW (Sika Group CHF198.35, -7.10) -- H1 earnings

        • -3.2% CLNX.SM (Cellnex Telecom €31.52, -1.02) -- JPMorgan downgrade

        • -3.0% BIOVIC.B.SS (Biovica International SEK0.65, -0.02)

        • -2.7% SAFH00.GR (SAF-HOLLAND €0.00, -0.46) -- prelim H1 earnings

        • -2.0% CTT.PL (CTT - Correios de Portugal €7.27, -0.15) -- Q2 earnings

        • -1.6% ELE.SM (Endesa €24.75, -0.41) -- H1 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Raiffeisen Bank International (RBI.AV)

        • Belgium: Solvay (SOLB.BB), Aedifica (AED.BB), Melexis (MELE.BB)

        • Finland: Sanoma (SANOMA.FH)

        • France: Hermes (RMS.FP), Airbus (AIR.FP), VINCI (DG.FP), Danone (BN.FP), Capgemini (CAP.FP), Aeroport de Paris (ADP.FP), Klepierre (LI.FP), Elis (ELIS.FP), La Francaise des Jeux (FDJU.FP), Nexans (NEX.FP), Wendel (MF.FP), Tikehau Capital (TKO.FP), Bic (BB.FP), Eramet (ERA.FP), Worldline (WLN.FP), Manitou BF (MTU.FP), NRJ Group (NRG.FP), Casino Guichard-Perrachon (CO.FP), Deezer (DEEZR.FP), Vantiva (VANTI.FP), SRP Groupe (SRP.FP)

        • Germany: Siemens Healthineers (SHL.GR), Mercedes-Benz Group (MBG.GR), BASF (BAS.GR), Adidas (ADS.GR), Porsche (P911.GR), Symrise (SY1.GR), Kion Group (KGX.GR), Auto1 Group (AG1.AV), Krones (KRN.GR), AlzChem Group (ACT.GR), Befesa (BFSA.GR), KSB (KSB.GR), Amadeus FiRe (AAD.GR)

        • Greece: Piraeus Financial Holdings (TPEIR.GA), Metlen Energy & Metals (MYTIL.GA)

        • Italy: Intesa Sanpaolo (ISP.IM), Leonardo (LDO.IM), Snam (SRG.IM), FinecoBank (FBK.IM), Recordati (REC.IM), Nexi (NEXI.IM), Lottomatica Group (LTMC.IM), Hera (HER.IM), Fincantieri (FCT.IM), Iveco Group (IVG.IM), Iren (IRE.IM), Italmobiliare (ITM.IM), Alerion Cleanpower (ARN.IM), Acinque (AC5.IM), Geox (GEO.IM), Elica (ELC.IM)

        • Netherlands: Wolters Kluwer (WKL.NA), JDE Peet's (JDEP.NA), IMCD (IMCD.NA), Royal Vopak (VPK.NA), AMG Critical Materials (AMG.NA), Just Eat Takeaway.com (TKWY.NA)

        • Norway: PhotoCure (PHO.NO)

        • Other: Kerry Group (KRZ.ID), Arion Banki (ARION.IR)

        • Portugal: Banco Comercial Portugues (BCP.PL), Sonae (SON.PL)

        • Spain: Banco Santander (SAN.SM), Telefonica (TEF.SM), CaixaBank (CABK.SM), Aena S.M.E. (AENA.SM), ACS (ACS.SM), Redeia Corporacion (RED.SM), Viscofan (VIS.SM), Melia Hotels International (MEL.SM), Cox ABG Group (COXG.SM), Vocento (VOC.SM)

        • Sweden: Securitas (SECU.B.SS), Hacksaw (HACK.SS)

        • Switzerland: UBS Group (UBSG.SW), Bucher Industries (BUCN.SW), Inficon Holding (IFCN.SW), Autoneum Holding (AUTN.SW), Idorsia (IDIA.SW)

        • UK: HSBC Holdings (HSBA.LN), BAE Systems (BA.LN), GSK (GSK.LN), Taylor Wimpey (TW.LN), Aberdeen Group (ABDN.LN), Man Group (EMG.LN), Rathbones Group (RAT.LN), RHI Magnesita (RHIM.LN), SEPLAT Energy (SEPL.LN), Bodycote (BOY.LN), Aston Martin Lagonda Global Holdings (AML.LN), Conduit Holdings (CRE.LN), International Personal Finance (IPF.LN), Franchise Brands (FRAN.LN), Hargreaves Services (HSP.LN), Foxtons Group (FOXT.LN), Hostelworld Group (HSW.LN), SDI Group (SDI.LN)

  • Data:

    • Economics:

      • Finland Q2 Preliminary GDP +0.5% y/y vs consensus +0.9% and prior +0.8%

      • Norway Jun Retail Sales 0.0% m/m vs consensus +0.4% and prior revised +0.1% from 0.0%

      • Sweden Q2 Preliminary GDP +0.9% y/y vs consensus +1.7% and prior +0.9%

      • Spain

        • Q2 Preliminary GDP +2.8% y/y vs consensus +2.6% and prior +2.8%

        • Jun Retail Sales +6.2% y/y vs consensus +3.4% and prior revised +5.0% from +4.8%

    • Markets:

      • WTI Crude (Sep 25): +$0.80 or +1.20% to $67.51

      • €-$ (0.0058) or (0.50%) to 1.1531

      • £-$ (0.0018) or (0.14%) to 1.3337

      • €-£ (0.0031) to 0.8646

      • S&P 500 (0.23%)

        • Performance year-to-date

        • FTSE 100: +11.79%

        • DAX: +21.64%

        • CAC: +6.46%

        • MIB: +20.62%

        • Stoxx 600: +8.46%

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