Jul 29 ,2025
Synopsis
European equity markets set to open higher, whilst Asian equities mostly lower Tuesday. Hang Seng leading China market declines. Japan benchmarks extending recent pullback. Korean stocks seeing mild gains while Australia and Taiwan indexes turning lower. S&P 500 futures steady afterhours.
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. US reportedly making efforts to smooth path towards Trump-Xi meeting, though Trump later denied he was seeking summit. Press sources have highlighted US goodwill measures such as freezing tech export controls while Reuters sources noted Taiwan President Lai Ching-te to delay diplomatically sensitive US stopover.
In politics, Chancellor Merz hosts Jordan's King Abdullah II and there's the World Conf. of Speakers of Parliament (through Thu). Also, EU's Hansen attends the Pichelsteinerfest in Regen and is panellist at 13:00CET title 'The Common Agricultural Policy of today and tomorrow - competitive, productive, and resilient'. Norway's PM Støre at open public meeting in Rjukan at 19:30CET.
In central banks, ECB publishes at 10:00CET latest results of consumer expectations survey.
Economic releases due today: Spain Q2 preliminary GDP, Jun retail sales, UK Jun mortgage approvals, M4 money supply, Sweden Q2 preliminary GDP, Norway Jun retail sales, Belgium Q2 preliminary GDP.
In earnings news, DACHs names kicked off the session with Redcare Pharmacy (RDC.GR), SIG Combibloc Group (SIGN.SW) and Sika Group (SIKA.SW) reporting Q2/H1 earnings. In France, yesterday after markets closed EssilorLuxottica (EL.FP) and Rexel (RXL.FP) released Q2/H1 earnings, whilst this morning Air Liquide (AI.FP), Orange (ORA.FP), Amundi (AMUN.FP) and Sopra Steria Group (SOP.FP) issued earnings for the half year.
In Southern Europe, Acciona (ANA.SM) and Gestamp Automoción (GEST.SM) released H1 earnings results. Elsewhere, Koninklijke Philips (PHIA.NA) reported Q2 earnings with results above expectations and increased FY25 adj EBITA margin guidance range by 50 bps. Other notable names due to report today includes L'Oreal (OR.FP), Kering (KER.FP), Ferrovial (FER.SM), Logitech International (LOGN.SW), AstraZeneca (AZN.LN), Barclays (BARC.LN), and Games Workshop Group (GAW.LN).
Politics/Macro/World News
EU, US Rush to Clinch Final Details and Lock In Trade Deal - Bloomberg
Donald Trump's EU oil and gas deal is 'pie in the sky', energy experts warn - FT
ECB staff accuse Christine Lagarde of running 'unaccountable legal fortress' - FT
Rising UK food prices turn cash-strapped shoppers away from high street - The Guardian
Top company news
Earnings/updates
Benelux
PHIA.NA (Koninklijke Philips) -- reports Q2 adj EPS €0.36 vs consensus €0.27; increases FY25 adj EBITA margin guidance range by 50 bps
France
EL.FP (EssilorLuxottica) -- reports H1 adjusted net income €1.80B ex-items vs FactSet €1.82B
RXL.FP (Rexel) -- reports H1 net income €261.6M vs consensus €299.4M; confirms FY guidance
SOP.FP (Sopra Steria Group) -- reports H1 net income €142.0M, +15% vs year-ago €123.2M
VCT.FP (Vicat) -- reports H1 net income €102M, (2%) vs year-ago €104M
TRACT.FP (Teract)- - reports preliminary FY revenue €895.2M vs guidance €900-950M and year-ago €894.7M
AMUN.FP (Amundi) -- reports Q2 adjusted net income €334M vs StreetAccount €354.1M
AI.FP (Air Liquide) -- reports H1 EPS €3.12 vs consensus €3.11
ORA.FP (Orange) -- reports Q2 EBITDAaL €3.20B vs consensus €3.17B; adjusts FY25 EBITDAaL growth guidance upward
TFI.FP (TF1) -- reports Q2 net income €63M vs year-ago €66M; confirms FY25 guidance
DACHs
SIKA.SW (Sika Group) -- reports H1 net income CHF554.4M vs StreetAccount CHF601.3M
TMV.GR (TeamViewer) -- reports Q2 adjusted EBITDA €84.0M vs FactSet €79.4M [4 est, €76.2-82M]
RDC.GR (Redcare Pharmacy) -- reports Q2 net income €8.9M, including items
UN0.GR (Uniper) -- reports preliminary H1 adjusted EBITDA €379M vs year-ago €1.74B; confirms FY guidance
FORN.SW (Forbo Holding) -- reports H1 EPS CHF23.70 vs year-ago CHF34.36
SMHN.GR (SÜSS MicroTec) -- reports preliminary H1 revenue €266.4M; adjusts FY margin guidance
HYQ.GR (Hypoport) -- reports preliminary Q2 EBIT ~€7.4M vs FactSet €7.1M [1 est]
LEHN.SW (LEM Holding) -- reports Q1 net income CHF2.0M vs FactSet CHF4.1M [2 est, CHF4-4.2M]
RSGN.SW (R&S Group Holding) -- reports preliminary H1 revenue CHF206.3M vs year-ago CHF109.9M
SIGN.SW (SIG Combibloc Group) -- reports H1 net income €136.1M vs FactSet €127.4M [2 est, €126.1-128.7M]
WAF.GR (Siltronic) -- reports Q2 EBITDA €86.4M vs FactSet €67.9M [6 est, €57.8-80.0M]; FY25 guidance refined due to adjusted fx assumptions
TTK.GR (Takkt) -- reports H1 EPS (€0.02) vs year-ago €0.11
DRW3.GR (Drägerwerk) -- confirms preliminary H1/Q2 earnings
Southern Europe
ANA.SM (Acciona) -- reports H1 net income attributable €526M vs FactSet €493M [1 est]; reaffirms FY guidance (post EU close 28-Jul)
ANE.SM (Corporación Acciona Energías Renovables) -- reports H1 net income attributable €455M vs FactSet €494.5M [2 est, €484-505M] (post EU close 28-Jul)
GEST.SM (Gestamp Automoción) -- reports H1 net income €75M vs FactSet €69.5M [2 est, €68-71M]; reaffirms FY guidance
THEON.NA (Theon International) -- issues H1 trading update: reports preliminary H1 EPS €0.48 vs year-ago €0.41
UNI.SM (Unicaja Banco) -- reports H1 net income €338M, +114% vs year-ago €158M
Nordics
TOBII.SS (Tobii) -- reports Q2 EPS SEK0.02 vs FactSet SEK0.12 [2 est, (SEK0.01)-0.25]
RECSI.NO (REC Silicon) -- reschedules the publication of its H1 results to 22-Aug; cites timing of EGM
Also due to report today includes:
Earnings:
Benelux:Allfunds Group (ALLFG.NA), Basic-Fit (BFIT.NA), Havas (HAVAS.NA)
France: L'Oreal (OR.FP), Kering (KER.FP), Gaztransport & Technigaz (GTT.FP), Verallia (VRLA.FP), Imerys (NK.FP), Clariane (CLARI.FP), M6-Metropole (MMT.FP), Tarkett (TKTT.FP), Thermador Groupe (THEP.FP), SMCP (SMCP.FP), Euroapi (EAPI.FP)
Germany: TeamViewer (TMV.GR)
Italy: TERNA Rete Elettrica Nazionale (TRN.IM), Infrastrutture Wireless Italiane (INW.IM), Banca Generali (BGN.IM), Amplifon (AMP.IM), Brembo (BRE.IM), Cementir Holding (CEM.IM), Piaggio & C (PIA.IM)
Other: Bank of Ireland Group (BIRG.ID)
Portugal: Corticeira Amorim (COR.PL)
Spain: Ferrovial (FER.SM), Endesa (ELE.SM), Grifols (GRF.SM), Prosegur Compania de Seguridad (PSG.SM)
Sweden: Storytel (STORY.B.SS)
Switzerland: Logitech International (LOGN.SW), Forbo Holding (FORN.SW),
UK: AstraZeneca (AZN.LN), Barclays (BARC.LN), Games Workshop Group (GAW.LN), ConvaTec Group (CTEC.LN), UNITE Group (UTG.LN), Croda International (CRDA.LN), Shaftesbury Capital (SHC.LN), Inchcape (INCH.LN), Canal+ (CAN.LN), Morgan Sindall Group (MGNS.LN), Greggs (GRG.LN), Forterra (FORT.LN), Restore (RST.LN), Essentra (ESNT.LN), Sthree (STEM.LN), NWF Group (NWF.LN), Staffline Group (STAF.LN)
Trading Update:
France: Compagnie des Alpes (CDA.FP), Inventiva (IVA.FP), SergeFerrari Group (SEFER.FP)
UK: A.G. BARR (BAG.LN), Tristel (TSTL.LN)
CMD/events: Tristel (TSTL.LN)
M&A
HSBA.LN (HSBC Holdings) -- Banco BTG Pactual buys HSBC's Uruguay business for $175M
VIV.FP (Vivendi) -- Bolloré seeks annulment of the AMF decision requiring the filing of a public buyout offer on the shares of Vivendi within a six-month timeframe
EQT.SS (EQT AB) -- and CPP Investments to acquire NEOGOV from Warburg Pincus and Carlyle
VRLA.FP (Verallia) -- BWGI announces result of tender offer for Verallia
SLR.SM (Solaria Energia) -- Stonepeak completes the acquisition of an interest in Solaria's land platform dedicated to renewables, Generia Land, S.L.
RLF.SW (RELIEF THERAPEUTICS Holding) -- Relief Therapeutics executes binding term sheet for proposed combination with NeuroX at equity value of CHF100M
SEM.PL (Semapa) -- completes acquisition of Imedexa for €148M plus earnout
INSE.LN (Inspired) -- board strongly recommends shareholders to accept, or procure the acceptance of HGGC's offer as soon as possible
ARES (Ares Management Corp.) -- Ares Management establishes joint venture with Savion to invest in U.S. solar power generation
DG.FP (VINCI SA) -- VINCI Energies agrees to acquire Zimmer & Hälbig for an undisclosed sum
EZE.SM (Grupo Ezentis) -- issues convertible bonds with a total par amount of €1.1M to Global Tech Opportunities 30 as part of previously disclosed agreement
AURE.FP (Aurea) -- Lebronze Alloys to acquire M Lego from Aurea for an undisclosed sum
Healthcare
APLS (Apellis Pharmaceuticals) -- FDA approves Apellis Pharmaceuticals' EMPAVELI (pegcetacoplan) as first treatment for C3G or primary IC-MPGN in patients 12 years and older to reduce proteinuria
GLPG.NA (Galapagos) -- SEC filing: SCHEDULE 13D/A (Filed by EcoR1 Capital, LLC)
NYXH.BB (Nyxoah) -- announces DREAM pivotal study data for the Genio system published in Journal of Clinical Sleep Medicine
CYAD.BB (Celyad Oncology) -- announces €1M private placement
XVIVO.SS (Xvivo Perfusion) -- announces delay in CE approval for heart perfusion solution and supplement
Other
INTRUM.SS (Intrum) -- CEO Andrés Rubio to step down
ALFEN.NA (Alfen) -- appoints Michael Colijn as CEO, effective 1-Oct-25; to succeed Marco Roeleveld
UBSG.SW (UBS Group) -- UBS orders bankers to reduce sales of complex currency derivatives after heavy losses by clients - FT
ASM.NA (ASM International) -- completes share buyback program of up to €150M
ORA.FP (Orange) -- to expand credit services in Africa in partnership with JUMO
WISE.LN (Wise Plc) -- Wise confirms scheme and all special resolutions passed in connection with proposed primary listing transfer
VPK.NA (Royal Vopak) -- completes share buyback program 2025
Intraday themes include potential delay of SFDR review into 2026; Serapta denies connection to 8-year old death (28-Jul)
Rexel Q2 US Same Day sales +8.2%
Key rating changes
Upgrades
HEIJM.NA (Heijmans) -- upgraded to outperform from neutral at Oddo
Downgrades
FRVIA.FP (Forvia) -- to hold from buy at Deutsche Bank (timing uncertain)
SMHN.GR (SÜSS MicroTec) -- to hold from buy at Deutsche Bank
KOA.NO (Kongsberg Automotive) -- to hold from buy at ABG Sundal Collier
METSB.FH (Metsa Board) -- to sell from reduce at Inderes
LGEN.LN (Legal & General Group) -- downgraded to neutral from outperform at Mediobanca
Data
Nikkei (1.03%) to 40577.57
Hang Seng (1.04%) to 25295.81
Shanghai Composite +0.02% to 3598.59
S&P futures +9.8 vs prior close of 6422.8
€-$ (0.0008) or (0.07%) to 1.1582
$-¥ (0.27) or (0.18%) to 148.29
€-¥ (0.41) or (0.24%) to 171.73
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE