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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.01% to 9136.94, DAX +0.19% to 24262.22, CAC40 +0.06% to 7861.96, STOXX 600 (0.02%) to 550.24

Jul 30 ,2025

  • Synopsis:

    • European equity markets closed mixed as a slew of European earnings/updates and macro data releases dictated sentiment. Regional gainers included Spain IBEX +0.0%, Italy MIB +1%, Germany DAX +0.2%, while Copenhagen OMX (3.2%), Portugal PSI (0.3%) and Swiss SMI (0.2%) were among laggards. Dollar extended recent gains after US data. Oil higher. Gold down.

    • Busy macro calendar in Europe. Eurozone demonstrated unexpected resilience in Q2, with GDP expanding 0.1% q/q despite mounting trade uncertainties and political challenges across major member states (Reuters). According to Eurostat's preliminary flash estimates, modest growth exceeded expectations for stagnation, while y/y growth reached 1.4% compared to the same period in 2024.Bloc's performance reflected a tale of two speeds across member nations. Spain led the way with robust 0.7% quarterly growth, followed by Portugal. France also surprised positively with 0.3% expansion, driven primarily by inventory building despite weak domestic demand. However, gains were partially offset by contractions in Eurozone's largest economies - Germany and Italy both declined 0.1%, while Ireland saw a sharper 1.0% drop. Elsewhere, ECB wage growth tracker predicts sharp deceleration in wages in Q1 2026, supporting unchanged policy in September. Eurozone economic sentiment indicator surprised on the upside and improved on June. Spanish CPI accelerated in July. IMF upgraded its UK growth forecasts and said the BoE could cut rates twice this year.

    • There were a number of heavyweight earnings to digest, including from banks/financials such as HSBC (HSBA.LN), Santander (SAN.SM), Raiffeisen (RBI.AV), Intesa Sanpaolo (ISP.IM), CaixaBank (CABK.SM) and UBS (UBSG.SW). Luxury sector was in focus after Kering (KER.FP) last night reported H1 results with mixed reactions; shares ended higher. Hermes (RMS.FP) also reported and saw its shares close lower. Food & Beverage sector outperformed as Danone (BN.FP) posted better-than-expected Q2 numbers; standout outperformer was the Specialized Nutrition division with LFL sales growth at +8.7% vs consensus of +5.0%. JDE Peet's (JDEP.NA) another strong F&B performer today, leading the Stoxx Europe 600, as it raised full-year outlook for top-line and adjusted EBIT. Notable downside movers included Adidas (ADS.GR) as its FY25 EBIT was still guided between €1.7B and €1.8B, which was noted to be below company-compiled consensus €2.09B . In healthcare, Novo Nordisk (NOVO.B.DC) shares continued to slide following yesterday's profit warning; a number of firms cut their ratings on the stock and slashed price targets. GSK (GSK.LN) reported Q2 results that exceeded expectations and guidance now anticipated to be at the upper end of the previously provided range. Hearing aids space under pressure as Amplifon (AMP.IM) missed and cut guidance. Autos & Parts under pressure on back of latest updates from Mercedes-Benz Group (MBG.GR) and and Aston Martin (AML.LN); Porsche AG (P911.GR) bucked the trend on its earnings.

    • Looking ahead to later today, the US FOMC decision is due at 2pm ET, along with the next batch of Mag 7 earnings after the US close. Tomorrow, it's another busy earnings day in Europe with the likes of Shell (SHEL.LN), Anheuser-Busch InBev (ABI.BB), BMW (BMW.GR), Lufthansa (LHA.GR), British American Tobacco (BATS.LN), Holcim (HOLN.SW), Rolls-Royce Holdings (RR.LN), Schneider Electric (SU.FP), London Stock Exchange Group (LSEG.LN), and ArcelorMittal (MT.NA) all due to report.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +0.42%, Technology +0.39%, Financial Svcs +0.32%, Travel & Leisure +0.31%, Banks +0.27%, Construct & Mtls +0.22%, Food, Beverage and Tobacco +0.20%, Energy+0.06%, Telecom (0.01%)

      • Underperformers:

        • Autos & Parts (1.84%), Chemicals (1.50%), Retail (0.43%), Health Care (0.30%), Real Estate (0.21%), Consumer Products and Services (0.19%), Basic Resources (0.14%), Insurance (0.11%), Ind Goods & Svcs (0.08%), Personal Care Drug and Grocery Stores (0.05%)

    • Macro:

      • Trade

        • Macron: EU wasn't 'feared enough' by Trump to get good trade deal (POLITICO )

        • EU trade deal will take a toll on German economy, minister says (Reuters)

      • EU Inflation

        • ECB warns US-China trade clash could drag Eurozone inflation lower (FT )

      • Germany

        • German government approves 2026 draft budget (DW)

        • Germany faces €170bn budget gap due to spending spree (FT)

      • Netherlands

        • Wilders' Far-Right Party Projected to Win Dutch Election in Poll (Bloomberg)

      • UK

        • Rachel Reeves' Autumn Budget still causing negativity - CBI (CityAM)

      • Italy

        • Italy flags interest in tapping EU SAFE fund for defence, sources say (Reuters)

    • Company news:

      • Traded Higher:

        • +33.1% CO.FP (Casino Guichard-Perrachon €0.55, +0.14) -- reports H1 net income (€210M) vs year-ago €39M

        • +23.1% IDIA.SW (Idorsia CHF3.34, +0.63) -- reports Q2 Non-GAAP EPS CHF0.00 vs FactSet (CHF0.20) [1 est]

        • +20.0% IPF.LN (International Personal Finance £2.14, +0.36) -- BasePoint Capital LLC in advanced discussions regards a possible offer for International Personal Finance of 220p/share in cash cum dividend

        • +20.0% IPF.LN (International Personal Finance £2.14, +0.36) -- reports H1 EPS 13.5p ex-items vs year-ago 11.9p

        • +20.0% ONCO.SS (Oncopeptides SEK6.31, +1.05) -- parternship with SD Pharma in Spain

        • +18.5% HUBN.SW (HUBER+SUHNER CHF109.00, +17.00) -- order

        • +14.2% SMCP.FP (SMCP €5.17, +0.64) -- reports H1 net income €11.0M vs year-ago (€27.7M)

        • +12.7% BOY.LN (Bodycote £6.49, +0.73) -- reports H1 adjusted EPS 21.3p vs FactSet 20.1p [3 est, 19.4-20.8p]

        • +11.6% GDWN.LN (Goodwin £83.00, +8.60) -- earnings

        • +11.0% PHO.NO (PhotoCure NOK68.40, +6.80) -- reports Q2 net income NOK4.9M vs FactSet (NOK0.2M) [4 est, (NOK3)-3M]

        • +10.7% JDEP.NA (JDE Peet's €26.44, +2.56) -- reports H1 underlying EPS €1.33 vs FactSet €0.85 [4 est, €0.78-0.90]; raises full-year outlook for top-line and adjusted EBIT

        • +9.5% ASCN.SW (Ascom Holding CHF4.20, +0.37) -- contract

        • +9.1% EXENS.FP (Exosens €40.05, +3.35) -- reports H1 net income €27.9M vs year-ago €2.9M

        • +9.0% GRF.SM (Grifols €13.53, +1.12) -- reports Q2 net income €117M vs FactSet €106.8M [5 est, €93-113.2M]

        • +8.2% NXT.IM (Next Geosolutions Europe €10.10, +0.76) -- contracts

        • +7.9% NEX.FP (Nexans €128.00, +9.40) -- deputy CEO and CFO to leave

        • +7.9% NEX.FP (Nexans €128.00, +9.40) -- reports H1 net income €374M vs consensus €190M; raises FY25 guidance

        • +7.8% ALFA.LN (Alfa Financial Software Holdings £2.36, +0.17) -- H1 Trading Update: revenue £62.5M, +20% y/y

        • +7.4% BN.FP (Danone €71.42, +4.88) -- reports H1 recurring EPS €1.91 vs consensus €1.83; FY25 guidance confirmed

        • +6.9% SEFER.FP (SergeFerrari Group €6.16, +0.40) -- earnings; CIC Market Solutions upgrade

        • +5.5% FII.FP (Lisi €47.30, +2.50) -- upgraded to buy from hold at TPICAP Midcap

        • +5.1% SEPL.LN (SEPLAT Energy £2.52, +0.13) -- earnings

        • +4.7% GSK.LN (GSK Plc £14.64, +0.65) -- reports Q2 core EPS 46.5p vs consensus 42.8p; confident for delivery of FY25 guidance towards top of range

        • +4.6% ALTA.FP (Altarea €106.00, +4.60) -- reports H1 FFO €62.2M vs year-ago €57.9M

        • +4.4% ISP.IM (Intesa Sanpaolo €5.42, +0.23) -- reports Q2 net income €2.60B vs StreetAccount €2.45B

        • +4.1% AG1.GR (Auto1 Group €25.46, +1.02) -- reports Q2 adjusted EBITDA €42.3M vs year-ago €20.7M; raises FY adj. EBITDA guidance to €160-190M vs prior €150-180M

        • +4.0% OR.FP (L'Oreal €389.70, +14.95) -- reports H1 adjusted EPS €7.07 vs consensus €7.14

        • +3.9% BFSA.GR (Befesa €27.08, +1.02) -- reports Q2 EPS €0.54 vs FactSet €0.40 [2 est, €0.40-0.40]; confirms its FY25 adj EBITDA guidance range

        • +3.7% BYG.LN (Big Yellow Group £9.40, +0.34) -- upgraded to buy at Goldman Sachs

        • +3.6% GF.SW (Georg Fischer CHF65.55, +2.30) -- agrees to divest GF Casting Solutions' automotive business to Nemak S.A.B. de C.V for $336M (enterprise value)

        • +3.4% RBI.AV (Raiffeisen Bank International €25.38, +0.84) -- reports Q2 net income €567M vs FactSet €545.8M [4 est, €319.1-760M]

        • +3.3% HNSA.SS (Hansa Biopharma SEK29.00, +0.93) -- management team appointments

        • +3.1% VPK.NA (Royal Vopak €41.56, +1.24) -- reports Q2 EPS €1.01 ex-items vs FactSet €0.82 [1 est]; FY outlook increased

        • +3.1% SANOMA.FH (Sanoma €9.90, +0.30) -- reports Q2 operational EPS €0.21 vs FactSet €0.20 [6 est, €0.18-0.23]

        • +3.0% CABK.SM (CaixaBank €8.23, +0.24) -- reports H1 net profit €2.95B vs year-ago €2.67B

        • +2.9% SCYR.SM (Sacyr Vallehermoso €3.70, +0.11) -- reports H1 net income €95.5M ex-items vs year-ago €51.8M

        • +2.8% MELE.BB (Melexis €69.30, +1.90) -- reports Q2 EPS €0.94 vs FactSet €0.67 [3 est, €0.60-0.74]

        • +2.3% RAT.LN (Rathbones Group £18.88, +0.42) -- reports H1 EPS (ex-items) 73.5p vs year-ago 78.5p

        • +2.0% SHL.GR (Siemens Healthineers €49.32, +0.96) -- reports Q3 EPS €0.64 ex-items vs consensus €0.53; upgrades FY outlook

        • +1.9% GLEN.LN (Glencore £3.12, +0.06) -- announces review of industrial asset portfolio identified ~$1B of cost savings; further details on 6-Aug

        • +1.9% GLEN.LN (Glencore £3.12, +0.06) -- reports Q2 production - Copper 176.0kt vs consensus 188.6 - revises FY prodn guidance

        • +1.8% WIZZ.LN (Wizz Air Holdings £12.26, +0.22) -- upgraded to buy from hold at Deutsche Numis

        • +1.7% P911.GR (Porsche €44.52, +0.73) -- reports prelim H1 EBIT €1.01B vs year-ago €3.06B; adjusts FY25 forecast after tariff agreement

        • +1.6% KER.FP (Kering €216.40, +3.45) -- earnings; upgraded to outperform from neutral at Santander

        • +1.5% THEON.NA (Theon International €26.75, +0.40) -- announces formation of Theon Belgium subsidiary; establishment of new facilities in Belgium.

        • +1.4% WKL.NA (Wolters Kluwer €137.45, +1.85) -- reports H1 EPS €2.70 ex-items vs consensus €2.55; upgrades FY diluted adj. EPS growth outlook to mid- to high-single-digit vs prior mid-single-digit

        • +1.2% CEM.IM (Cementir Holding €13.26, +0.16) -- earnings; Kepler Cheuvreux upgrade

        • +1.2% GALD.SW (Galderma Group CHF130.00, +1.60) -- target up at RBC Capital Markets

        • +1.2% INW.IM (Infrastrutture Wireless Italiane €10.40, +0.12) -- reports Q2 net income €93.4M vs FactSet €94.7M [3 est, €90.7-101.4M]

        • +1.2% ACA.FP (Credit Agricole €16.40, +0.19) -- completes the acquisition of Petits-fils from Clariane

        • +1.1% UBSG.SW (UBS Group CHF30.96, +0.34) -- reports Q2 net income attributable $2.40B vs consensus $2.05B; confident in ability to deliver on its 2025 and 2026 financial targets

        • +1.1% KGX.GR (Kion Group €52.85, +0.60) -- reports Q2 EPS €0.72 vs consensus €0.54

        • +0.9% OHLA.SM (Obrascon Huarte Lain €0.33, -0.00) -- reports H1 net income attributable (€29.7M) vs year-ago (€34.2M)

        • +0.8% EDPR.PL (EDP Renovaveis €10.33, +0.08) -- reports H1 recurring net income €137M; reaffirms financial targets for 2025

        • +0.8% TLGO.SM (Talgo €3.03, +0.02) -- The Council of Ministers has approved SEPI's investment in Talgo subject to conditions

        • +0.6% PNN.LN (Pennon Group £4.92, +0.03) -- downgraded to reduce from hold at Kepler Cheuvreux

        • +0.4% AENA.SM (Aena S.M.E. €23.85, +0.09) -- reports H1 net income €893.8M vs FactSet €910M [2 est, €901-919M]

        • +0.4% SU.FP (Schneider Electric €238.65, +0.95) -- acquires remaining 35% stake of Schneider Electric India Private Limited from Temasek to reach full ownership.

        • +0.4% ABDN.LN (Aberdeen Group £1.97, +0.01) -- reports H1 adjusted EPS 7.5p vs consensus 6.3p

        • +0.4% DGE.LN (Diageo £19.40, +0.07) -- appoints Deirdre Mahlan as interim CFO, effective 18-Aug-25

        • +0.3% VLA.FP (Valneva €3.31, +0.01) -- service agreement; resumed buy at Stifel; prior rating was buy

        • +0.3% TKTT.FP (Tarkett €16.50, +0.05) -- reports H1 EPS €0.00 vs year-ago €0.27

        • +0.1% GTT.FP (Gaztransport & Technigaz €160.40, +0.20) -- reports Q2 net income €180.0M, +6% vs year-ago €170.3M

        • +0.1% BAS.GR (BASF SE €44.03, +0.05) -- reports full Q2 numbers and confirms prelim earnings; Q2 adjusted EPS €0.48 vs year-ago €0.93

        • +0.1% TEF.SM (Telefonica €4.58, +0.01) -- reports Q2 adjusted EBITDA €2.92B vs consensus €2.92B

      • Traded Lower:

        • -36.3% FDM.LN (FDM Group (Holdings) £1.26, -0.71) -- reports H1 EPS 5.7p vs year-ago 10.3p

        • -27.9% TOBII.SS (Tobii SEK3.41, -1.32) -- Handelsbanken downgrade

        • -27.4% HBX.SM (HBX Group International €8.40, -3.17) -- earnings

        • -25.5% AMP.IM (Amplifon €15.04, -5.10) -- reports Q2 net income €48.8M ex-items vs consensus €60.9M; lowers FY revenue outlook

        • -22.0% CRE.LN (Conduit Holdings £3.00, -0.85) -- reports H1 EPS ($0.09) vs year-ago $0.62

        • -15.1% NK.FP (Imerys €21.96, -3.90) -- reports Q2 net income €47M, (36%) vs year-ago €73M

        • -13.6% CLARI.FP (Clariane €4.41, -0.69) -- reports H1 net income (€47M)

        • -12.5% IMCD.NA (IMCD €98.70, -13.94) -- reports H1 cash EPS €2.94 vs FactSet €3.34 [1 est]

        • -11.5% ADS.GR (Adidas €175.40, -22.80) -- earnings

        • -10.2% RHIM.LN (RHI Magnesita £26.65, -3.00) -- reports H1 adjusted EPS €1.37 vs year-ago €2.59

        • -9.7% AML.LN (Aston Martin Lagonda Global Holdings £0.72, -0.08) -- reports H1 EPS (15.6p) vs FactSet (21.0p) [1 est]

        • -9.1% SY1.GR (Symrise €78.86, -7.84) -- reports H1 EPS €1.92 vs consensus €1.87; updates FY25 guidance

        • -8.9% SOM.LN (Somero Enterprises £2.03, -0.20) -- trading update

        • -8.5% HACK.SS (Hacksaw SEK78.30, -7.30) -- reports Q2 EPS SEK0.11 vs year-ago SEK0.08

        • -7.9% EAPI.FP (Euroapi €2.83, -0.24) -- reports H1 net income (€28.5M) vs year-ago (€34.8M)

        • -7.4% FRAN.LN (Franchise Brands £1.28, -0.10) -- earnings

        • -7.4% ACT.GR (AlzChem Group €133.20, -10.80) -- reports H1 revenue €287.6M vs FactSet €286.0M [1 est]

        • -6.9% KRN.GR (Krones €129.80, -9.60) -- reports Q2 EPS €2.21 vs FactSet €2.31 [5 est, €2.23-2.37]

        • -6.4% CWR.LN (Ceres Power Holdings £1.23, -0.08) -- downgraded to neutral from buy at Goldman Sachs

        • -6.4% IFCN.SW (Inficon Holding CHF102.60, -7.00) -- reports Q2 EPS $0.75 vs FactSet $1.02 [1 est]; Narrows FY25 revenue outlook

        • -6.3% NOVO.B.DC (Novo Nordisk DKK325.00, -21.90) -- downgraded to equal weight from overweight at Barclays, downgraded to neutral from buy at BofA, downgraded to neutral from outperform at Oddo

        • -6.3% TW.LN (Taylor Wimpey £1.01, -0.07) -- reports H1 EPS 3.2p vs year-ago 93.8p

        • -6.2% WLN.FP (Worldline €3.36, -0.22) -- comments on €4.1B impairment of assets reflecting transformation journey ahead

        • -6.2% WLN.FP (Worldline €3.36, -0.22) -- enters exclusive talks for divestment of its Mobility & e-Transactional Services business line and other selected activities of Financial Services

        • -6.2% WLN.FP (Worldline €3.36, -0.22) -- reports H1 EPS €0.43 vs FactSet €0.58 [3 est, €0.52-0.61]

        • -6.2% KRZ.ID (Kerry Group €84.05, -5.60) -- earnings

        • -5.3% CSH.GR (CENIT €7.46, -0.42) -- prelim earnings

        • -5.2% AUTN.SW (Autoneum Holding CHF146.00, -8.00) -- earnings

        • -5.0% KETL.LN (Strix Group £0.42, -0.02) -- trading update

        • -4.6% FOXT.LN (Foxtons Group £0.58, -0.03) -- reports H1 EPS 2.7p vs year-ago 2.2p

        • -4.5% SGE.LN (Sage Group £12.05, -0.57) -- reports 9M total revenue £1.86B vs year-ago £1.70B; reiterates FY guidance

        • -4.5% HSBA.LN (HSBC Holdings £9.23, -0.44) -- reports H1 EPS $0.65 vs year-ago $0.88

        • -4.5% RMS.FP (Hermes €2,289.00, -108.00) -- reports H1 net income €2.25B vs FactSet €2.22B [3 est, €2.13-2.27B]

        • -4.3% REC.IM (Recordati €52.05, -2.35) -- reports H1 adjusted net income €327.8M, +9% vs year-ago €301.1M; FY25 targets confirmed

        • -4.1% BUCN.SW (Bucher Industries CHF386.50, -16.50) -- reports H1 EPS CHF13.98 vs year-ago CHF14.07

        • -4.0% SECU.B.SS (Securitas SEK141.10, -5.90) -- reports Q2 EPS SEK2.56 vs consensus SEK2.55

        • -4.0% FXPO.LN (Ferrexpo £0.44, -0.02) -- downgraded to hold from buy at Peel Hunt

        • -4.0% SDI.LN (SDI Group £0.83, -0.04) -- earnings

        • -3.4% MBG.GR (Mercedes-Benz Group €51.29, -1.82) -- reports Q2 EPS €0.95 vs FactSet €1.47 [6 est, €1.20-1.73]; sees FY25 revenue significantly below prior-year level

        • -2.8% SOLB.BB (Solvay €27.96, -0.80) -- reports Q2 underlying net profit from continuing operations €99M vs year-ago €116M; FactSet €118.5M [2 est, €93-143.9M]

        • -2.8% AVCT.LN (Avacta Group £0.53, -0.02) -- to present updated data analysis from phase 1a trial of AVA6000 at 2025 ESMO Congress

        • -2.8% REP.SM (Repsol €13.50, -0.39) -- upgraded to buy from hold at Berenberg

        • -2.6% WIL.LN (Wilmington £3.22, -0.09) -- responds to market speculation; confirms it is in exclusive discussions to acquire Professional Group Conversia

        • -2.5% HSW.LN (Hostelworld Group £1.19, -0.03) -- reports H1 adjusted EPS €0.04 vs year-ago €0.06

        • -2.4% IVA.FP (Inventiva €2.87, -0.07) -- reports H1 revenue €4.5M vs year-ago €0.0M

        • -2.2% EMG.LN (Man Group £1.73, -0.04) -- reports H1 core EPS 9.7c vs consensus 8.1c

        • -2.2% FORTUM.FH (Fortum €16.08, -0.36) -- downgraded to sell from hold at Nordea

        • -2.0% BA.LN (BAE Systems £17.81, -0.36) -- reports H1 EPS 34.7p ex-items vs consensus 34.1p; raises FY sales and underlying EBIT guidance

        • -2.0% KSB.GR (KSB €995.00, -20.00) -- reports H1 EPS €32.86 vs year-ago €33.13

        • -1.9% CRDA.LN (Croda International £25.60, -0.49) -- upgraded to overweight from neutral at JPMorgan

        • -1.9% PRS.SM (Promotora de Informaciones €0.36, -0.01) -- reports H1 net income (€28M) vs FactSet (€31.8M) [1 est]

        • -1.7% DBV.FP (DBV Technologies €1.75, -0.03) -- reports Q2 GAAP EPS ($0.31) vs year-ago ($0.34) - 10-Q

        • -1.5% HAVAS.NA (Havas NV €1.42, -0.02) -- reports H1 net income €80M, +8% vs year-ago €74M; announces 1-for-10 revere share split; confirms FY25 and medium-term FY28 guidance & targets

        • -1.5% GIVN.SW (Givaudan CHF3,447.00, -52.00) -- upgraded to neutral from sell at Van Lanschot Kempen

        • -1.5% ORY.SM (Oryzon Genomics €2.69, -0.04) -- reports Q2 EPS €0.00 vs FactSet (€0.03) [1 est]

        • -1.4% MMT.FP (M6-Metropole €13.02, -0.18) -- reports Q2 net income €38.3M, (13%) vs year-ago €43.8M

        • -1.2% SZG.GR (Salzgitter €23.52, -0.28) -- sells DESMA Schuhmaschinen GmbH to NAME & MAWI Partners S.A.S.; terms undisclosed

        • -1.1% CAP.FP (Capgemini €132.20, -1.50) -- reports H1 EPS €6.00 vs FactSet €5.37 [4 est, €4.97-5.73]

        • -1.1% TRMD.A.DC (TORM Plc DKK123.25, -1.35) -- downgraded to hold from buy at ABG Sundal Collier

        • -0.8% SQZ.LN (Serica Energy £1.73, -0.01) -- notes delayed ramp up of production at Triton; guides FY25 production 33.0-35.0 Mboe/d vs prior 33.0-37.0 Mboe/d and FactSet 35.3 Mboe/d

        • -0.7% YCA.LN (Yellow Cake £4.95, -0.03) -- quarterly operating update: estimated net asset value per share £5.77 as at 30-Jun-25 vs £5.05 as at 31-Mar-25

        • -0.4% SCA.B.SS (Svenska Cellulosa SEK126.20, -0.50) -- upgraded to buy from hold at Jefferies

        • -0.3% GFC.FP (Gecina €87.55, -0.25) -- downgraded to neutral from buy at Van Lanschot Kempen

        • -0.3% OUT1V.FH (Outokumpu €3.44, -0.01) -- downgraded to reduce from accumulate at Inderes

        • -0.3% FER.SM (Ferrovial €45.40, -0.15) -- reports H1 revenue €4.47B vs FactSet €4.53B [1 est]

        • -0.3% SAN.SM (Banco Santander €7.68, -0.02) -- reports Q2 underlying attributable profit €3.43B vs consensus €3.22B; on track to meet all its 2025 targets

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: OMV (OMV.AV), Verbund (VER.AV), Andritz (ANDR.AV), AT & S Austria Technologie & Systemtechnik (ATS.AV)

        • Belgium: Anheuser-Busch InBev (ABI.BB), UCB (UCB.BB), Groupe Bruxelles Lambert (GBLB.BB), Syensqo (SYENS.BB), Azelis Group (AZE.BB), Titan (TITC.BB), Bekaert (BEKB.BB), Fagron (FAGR.BB)

        • Denmark: DSV (DSV.DC)

        • Finland: Outokumpu (OUT1V.FH), Metsa Board (METSB.FH)

        • France: Schneider Electric (SU.FP), Safran (SAF.FP), Sanofi (SAN.FP), Compagnie de Saint-Gobain (SGO.FP), Credit Agricole (ACA.FP), Societe Generale (GLE.FP), Veolia Environnement (VIE.FP), Euronext (ENX.FP), Bouygues (EN.FP), Accor (AC.FP), Unibail-Rodamco-Westfield (URW.FP), Renault (RNO.FP), Ipsen (IPN.FP), SPIE (SPIE.FP), Ayvens (AYV.FP), Technip Energies (TE.FP), SCOR (SCR.FP), Teleperformance (TEP.FP), Arkema (AKE.FP), Vivendi (VIV.FP), JCDecaux (DEC.FP), Air France-KLM (AF.FP), Coface (COFA.FP), Exosens (EXENS.FP), Planisware (PLNW.FP), X-FAB Silicon Foundries (XFAB.FP), Mersen (MRN.FP), Viridien (VIRI.FP)

        • Germany: Bayerische Motoren Werke (BMW.GR), Deutsche Lufthansa (LHA.GR), Covestro (1COV.GR), Wacker Chemie (WCH.GR), Puma (PUM.GR), Heidelberg Materials (HEI.GR), Nemetschek (NEM.GR), Knorr-Bremse (KBX.GR), HENSOLDT (HAG.GR), FUCHS (FPE3.GR), Aixtron (AIXA.GR), ProSiebenSat.1 Media (PSM.GR), Elmos Semiconductor (ELG.GR), CompuGroup Medical (COP.GR), SNP Schneider-Neureither & Partner (SHF.GR), Heidelberger Druckmaschinen (HDD.GR), PSI Software (PSAN.GR), Villeroy & Boch (VIB3.GR), Baader Bank (BWB.GR), Surteco Group (SUR.GR), Mediclin (MED.GR)

        • Greece: Eurobank Ergasias Services & Holdings (EUROB.GA), National Bank of Greece (ETE.GA)

        • Italy: Enel (ENEL.IM), Prysmian (PRY.IM), Mediobanca (MB.IM), Banca Mediolanum (BMED.IM), Davide Campari-Milano (CPR.IM), A2A (A2A.IM), Pirelli & C. (PIRC.IM), Reply (REY.IM), Diasorin (DIA.IM), De'Longhi (DLG.IM), Azimut Holding (AZM.IM), MAIRE (MAIRE.IM), Technogym (TGYM.IM), ENAV (ENAV.IM), Rai Way (RWAY.IM), Salvatore Ferragamo (SFER.IM), Ascopiave (ASC.IM), Tinexta (TNXT.IM), Ariston Holding (ARIS.IM), Arnoldo Mondadori Editore (MN.IM), RCS Mediagroup (RCS.IM), Safilo Group (SFL.IM), Fiera Milano (FM.IM), D'Amico International Shipping (DIS.IM), BasicNet (BAN.IM), Industrie De Nora (DNR.IM)

        • Netherlands: ING Groep (INGA.NA), ArcelorMittal (MT.NA), DSM-Firmenich (DSFIR.NA), Universal Music Group (UMG.NA), ARCADIS (ARCAD.NA), Aperam (APAM.NA), Flow Traders (FLOW.NA), Corbion (CRBN.NA), Pharming Group (PHARM.NA)

        • Norway: Subsea 7 (SUBC.NO)

        • Other: Permanent TSB Group Holdings (PTSB.ID), Íslandsbanki (ISB.IR)

        • Portugal: EDP-Energias de Portugal (EDP.PL), EDP Renovaveis (EDPR.PL), Semapa (SEM.PL), Novabase (NBA.PL)

        • Spain: Banco Bilbao Vizcaya Argentaria (BBVA.SM), Amadeus IT Group (AMS.SM), Cellnex Telecom (CLNX.SM), MERLIN Properties SOCIMI (MRL.SM), Grupo Catalana Occidente (GCO.SM), Fomento de Construcciones y Contratas (FCC.SM), Fluidra (FDR.SM), Distribuidora Internacional De Alimentacion (DIA.SM),

        • Switzerland: Holcim (HOLN.SW), Clariant (CLN.SW), Avolta (AVOL.SW), Kardex Holding (KARN.SW), COMET Holding (COTN.SW), Interroll Holding (INRN.SW), ams-OSRAM (AMS.SW)

        • UK: Shell (SHEL.LN), British American Tobacco (BATS.LN), Rolls-Royce Holdings (RR.LN), London Stock Exchange Group (LSEG.LN), Haleon (HLN.LN), Standard Chartered (STAN.LN), Anglo American (AAL.LN), Rentokil Initial (RTO.LN), Segro (SGRO.LN), Weir Group (WEIR.LN), Schroders (SDR.LN), St. James's Place (STJ.LN), Mondi (MNDI.LN), Drax Group (DRX.LN), Indivior (INDV.LN), Hammerson (HMSO.LN), Helios Towers (HTWS.LN), Elementis (ELM.LN), Spire Healthcare Group (SPI.LN), Nichols (NICL.LN), Sabre Insurance Group (SBRE.LN), Robert Walters (RWA.LN)

      • Trading Update:

        • DACHs: Medacta Group (MOVE.SW)

        • France: Equasens Group (EQS.FP), Groupe Samse (SAMS.FP), Claranova (CLA.FP)

        • UK: Next (NXT.LN), JTC (JTC.LN), Pets At Home Group (PETS.LN), Ricardo (RCDO.LN)

      • CMD/events: Claranova (CLA.FP) webinar at 18:30CET in connection with release of annual revenue and the "What's Next?" strategic plan

  • Data:

    • Economics:

      • Eurozone

        • Q2 Prelim GDP +1.4% y/y vs cons +1.2% and prior +1.5%; +0.1% q/q vs cons 0.0% and prior +0.6%

        • Jul Economic Sentiment Indicator 95.8 vs cons 94.5 and prior revised 94.2 from 94.0

          • Consumer Confidence (14.7) vs prelim (14.7)

          • Services Sentiment Indicator 4.1 vs cons 3.3 and prior revised 3.1 from 2.9

      • France

        • Q2 Preliminary GDP +0.7% y/y vs cons +0.6% and prior +0.6%

        • Jun Consumer Spending +0.6% m/m vs cons (0.3%) and prior revised (0.1%) from +0.2%

      • Germany

        • Germany Q2 Prelim GDP +0.4% y/y vs cons +0.2% and prior 0.0%; (0.1%) q/q vs cons (0.1%) and prior +0.4%

        • Jun Retail Sales +4.9% y/y vs cons +1.9% and prior +1.6%

      • Italy Q2 Prelim GDP +0.4% y/y vs cons +0.6% and prior +0.7%; (0.1%) q/q vs cons +0.1% and prior +0.3%

      • Switzerland Jul

        • KOF Leading Indicators 101.1 vs cons 97.9 and prior revised 96.3 from 96.1

        • ZEW Expectations 2.4 vs cons (1.8) and prior (2.1)

      • Portugal Q2 Prelim GDP +1.9% y/y vs cons +1.9% and prior +1.6%; +0.6% q/q vs cons +0.4% and prior (0.5%)

      • Sweden Jun Retail Sales +2.0% y/y vs cons +0.5% and prior revised (1.9%) from (1.8%)

      • Austria Q2 Prelim GDP +0.1% y/y vs cons (0.3%) and prior revised (0.4%) from (0.5%); +0.1% q/q vs cons +0.1% and prior +0.1%

      • Spain Jul Prelim CPI +2.7% y/y vs cons +2.6% and prior +2.3%; (0.1%) m/m vs cons (0.3%) and prior +0.7%

        • EU Harmonised: +2.7% y/y vs cons +2.7% and prior +2.3%; (0.4%) m/m vs cons (0.5%) and prior +0.7%

      • Netherlands Q2 Prelim GDP +1.5% y/y vs cons +1.7% and prior +2.2%; +0.1% q/q vs cons +0.5% and prior revised +0.3% from +0.4%

      • Denmark Jun Unemployment Rate 2.5% vs cons 2.5% and prior 2.5%

    • Markets:

      • WTI Crude (Sep 25): +$0.52 or +0.75% to $69.73

      • €-$ (0.0073) or (0.63%) to 1.1473

      • £-$ (0.0070) or (0.52%) to 1.3281

      • €-£ (0.0010) to 0.8639

      • S&P 500 (0.24%)

      • Performance year-to-date

        • FTSE 100: +11.79%

        • DAX: +21.86%

        • CAC: +6.52%

        • MIB: +21.80%

        • Stoxx 600: +8.40%

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