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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX +0.3%, CAC +0.3%, IBEX +0.2%, MIB +0.1%

Jul 30 ,2025

  • Synopsis

    • European equity markets set to open marginally higher, amid a slew of earnings/updates and macro data releases.

    • A number of heavyweight earnings already on the tape, including from banks HSBC (HSBA.LN) (beat), Santander (SAN.SM) (beat) and UBS (UBSG.SW) (beat). Luxury sector in focus after Kering (KER.FP) last night reported H1 results with mixed reactions. Note that Hermes (RMS.FP) also due to report this morning. L'Oreal (OR.FP) reported mixed numbers. Mercedes-(MBG.GR) numbers out with very strong performance on FCF. Also among notable companies reporting today: Airbus (AIR.FP), VINCI (DG.FP), BAE Systems (BA.LN), GSK (GSK.LN), Taylor Wimpey (TW.LN), Aberdeen Group (ABDN.LN), Man Group (EMG.LN) among many others

    • Busy macro calendar in Europe. French Q2 prelim GDP and consumer spending data came in ahead of expectations. Growth updates (Q2 prel GDP) due from Eurozone, Germany and Italy. Spanish CPI on the agenda. IMF upgraded its UK growth forecasts and said the BoE could cut rates twice this year.

    • US and China wrapped up two days of talks in Stockholm with no major breakthroughs beyond noting discussions were constructive and progress being made on flow of rare earths. However, signs divisions over China purchases of sanctioned Russian crude, which Bessent said would be key topic of discussion. There was speculation two sides would agree to tariff deadline extension though Bessent noted final decision will be left to Trump. Bessent added likely to be another meeting in about 90 days and Trump said he believes he will meet President Xi later this year.

  • Politics/Macro/World News

    • Magnitude 8.7 earthquake strikes 126 km ESE of Petropavlovsk-Kamchatsky, Russia, at 19:24 ET

  • Top company news

    • Earnings/updates

      • DACH

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

        • BAS.GR (BASF) -- reports full Q2 numbers and confirms prelim earnings; Q2 adjusted EPS €0.48 vs year-ago €0.93

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

        • ADS.GR (Adidas) -- reports Q2 EPS €2.03 from cont ops vs StreetAccount €1.95; FY guidance confirmed taking into account elevated uncertainty due to US tariffs and macroeconomic risks

        • LOGN.SW (Logitech International) -- reports Q1 EPS $1.26 ex-items vs StreetAccount $1.01

        • IDIA.SW (Idorsia) -- reports Q2 Non-GAAP EPS CHF0.00 vs FactSet (CHF0.20) [1 est]

        • KGX.GR (Kion Group) -- reports Q2 EPS €0.72 vs consensus €0.54

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

        • BUCN.SW (Bucher Industries) -- reports H1 EPS CHF13.98 vs year-ago CHF14.07

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

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

      • Spain

        • TEF.SM(Telefonica) -- reports Q2 adjusted EBITDA €2.92B vs consensus €2.92B (€4.57)

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

        • SAN.SM (Banco Santander) -- reports Q2 underlying attributable profit €3.43B vs consensus €3.22B; on track to meet all its 2025 targets; announces new share buyback programme of c.€1.7B

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

        • CABK.SM (CaixaBank) -- reports H1 net profit €2.95B vs year-ago €2.67B

        • SCYR.SM (Sacyr Vallehermoso) -- reports H1 net income €95.5M ex-items vs year-ago €51.8M

      • France

        • OR.FP (L'Oreal) -- reports H1 adjusted EPS €7.07 vs consensus €7.14; Q2 LFL Sales Growth +2.4% vs SA +2.4%

        • KER.FP (Kering) -- reports H1 EBIT €969M vs FactSet €948.6M [7 est, €934-959M]; Comparable change Group (15%) vs StreetAccount (14.7%); Gucci (25%) vs SA (25.4%)

        • BN.FP (Danone) -- reports H1 recurring EPS €1.91 vs consensus €1.83; FY25 guidance confirmed

        • CAP.FP (Capgemini) -- reports H1 EPS €6.00 vs FactSet €5.37 [4 est, €4.97-5.73]; sees FY Revenue growth of -1.0% to +1.0% at constant currency (was -2.0% to +2.0%)

        • DBV.FP (DBV Technologies) -- reports Q2 GAAP EPS ($0.31) vs year-ago ($0.34) - 10-Q

        • IVA.FP (Inventiva) -- reports H1 revenue €4.5M vs year-ago €0.0M

        • FGR.FP (Eiffage) -- reports H1 revenue ex construction €1.56B, +4% vs year-ago €1.50B

        • GTT.FP (Gaztransport & Technigaz) -- Follow-up: Gaztransport & Technigaz reports Q2 results; interim dividend of €4 per share

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

        • VRLA.FP (Verallia) -- reports H1 net income €67.5M, (46%) vs year-ago €124.1M

        • EAPI.FP (Euroapi) -- reports H1 net income (€28.5M) vs year-ago (€34.8M)

        • POXEL.FP (Poxel) -- provides update on negotiations with creditors and announces filing of reorganization proceedings

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

        • TKTT.FP (Tarkett) -- reports H1 EPS €0.00 vs year-ago €0.27

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

        • SMCP.FP (SMCP) -- reports H1 net income €11.0M vs year-ago (€27.7M)

      • UK

        • HSBA.LN (HSBC Holdings) -- reports H1 EPS $0.65 vs year-ago $0.88; to initiate a share buy-back of up to $3B

      • Italy

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

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

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

      • Benelux

        • JDEP.NA (JDE Peet's) -- 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

        • HAVAS.NA (Havas NV) -- 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

    • M&A

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

      • IVG.IM (Iveco Group) -- Tata Motors nearing deal to acquire Iveco for $4.5B (€3.89B/INR391.82B) - Economic Times

      • 6406.JP (Fujitec) -- EQT launches tender offer for Fujitec at ¥5,700/share

      • SGO.FP (Compagnie de Saint-Gobain) -- reinforces construction chemicals platform with three bolt-on acquisitions in North America, Italy and Peru

      • VRLA.FP (Verallia) -- announces reopening of voluntary public tender offer initiated by BWGI

      • PV firms including Xinyi Solar, Baofeng Energy, Hoshine Silicon may sell polysilicon production capacity to bigger rivals - Securities Times

      • Revolut considering acquiring US lender as it seeks to rapidly obtain American banking license - FT

    • Healthcare

      • SAN.FP (Sanofi) -- FDA grants orphan drug designation to Sanofi's SAR446523 for R/R MM

      • GRF.SM (Grifols) -- Follow-up: Grifols reports Q2 results; reinstates dividend

      • DBV.FP (DBV Technologies) -- SEC filing: 10-Q

      • INDV.LN (Indivior) -- SEC filing: SCHEDULE 13D/A (Filed by Two Seas Capital LP)

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: NT 10-K

    • Other

      • UBSG.SW (UBS Group) -- UBS examining options to move HQ from Switzerland if new capital rules not softened -- Reuters, citing sources

      • VWS.DC (Vestas Wind Systems) -- Japan seeking to persuade Vestas Wind Systems to make wind turbine blades in Japan - Nikkei

      • LLOY.LN (Lloyds Banking Group) -- PLC issues a notice of redemption for the entire outstanding principal amount of its $1.50B 7.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities

      • RNO.FP (Renault) -- set to announce appointment of Francois Provost as CEO on Wednesday 30-Jul - Le Monde

      • ARCAD.NA (ARCADIS) -- appointed lead partner on an urban regeneration initiative for Transport for London

      • LNG Canada experiencing technical problems as it ramps up production at LNG plant at Kitimat - Reuters

  • Key rating changes

    • Upgrades

      • CRDA.LN (Croda International) -- to overweight from neutral at JPMorgan

      • HEIA.NA (Heineken) -- to buy from hold at HSBC

      • SCA.B.SS (Svenska Cellulosa) -- to buy from hold at Jefferies

      • CEM.IM (Cementir Holding) -- to buy from hold at Kepler Cheuvreux

      • KER.FP (Kering) -- to outperform from neutral at Santander

      • REP.SM (Repsol) -- to buy from hold at Berenberg

    • Downgrades

      • PNN.LN (Pennon Group) -- to reduce from hold at Kepler Cheuvreux

      • CWR.LN (Ceres Power Holdings) -- to neutral from buy at Goldman Sachs

      • FXPO.LN (Ferrexpo) -- to hold from buy at Peel Hunt

      • ANE.SM (Acciona Energías Renovables) -- to neutral from outperform at Oddo

      • NOVO.B.DC (Novo Nordisk) -- to equal weight from overweight at Barclays, to neutral from outperform at Oddo

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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