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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.70%) to 9068.58, DAX (2.66%) to 23425.97, CAC40 (2.91%) to 7546.16, STOXX 600 (1.89%) to 535.79

Aug 01 ,2025

  • Synopsis:

    • European indices ended sharply lower, tracking a negative session in the US. Jul nonfarm payrolls missed, rising 73K m/m vs consensus for 115K increase. Employment in June and May were revised down by cumulative 258K. June revised down to +14K from +147K, while May revised lower to +19K from +144K. July unemployment rate was in-line at 4.2%, slightly up m/m from 4.1%

    • Focus remained on trade developments: European healthcare index weighing on broader STOXX 600 after President Trump's push to lower US drug prices through tariffs and "most-favored-nation" pricing. Shares of NOVO.B.DC, AZN.LN, GSK.LN and ROG.SW (ADRs) in negative territory, after Trump sent letters to 17 drugmakers, demanding price cuts by 29-Sept. Novo Nordisk hit a three-year low. Trump's executive order revived the MFN policy, aiming to align US prices with those in OECD countries. However, analysts note legal uncertainties persist, as similar measures were blocked in 2020. Visibility on pharma companies remains unclear. While tariffs may not take effect for a year, they could reduce margins and disrupt supply chains. European firms, already facing €16.5B in at-risk investments, fear shift to US where companies like Roche have announced $50B in new facilities

    • Swiss watchmakers, including UHR.SW and CFR.SW, face significant challenges as US President Trump's 39% tariff on Swiss imports, effective 7-Aug, escalates trade war. Levies, higher than anticipated 31%, target Switzerland's key exports, with US the largest market for Swiss watches. Swatch, with ~20% of sales from US-made products, could see 5-10% EBIT hit, per ODDO analysis, while Richemont's jewelry focus, manufactured in France and Italy, mitigates impact to under 5%. WOSG.LN also came under pressure in the UK, reflecting industry strain amid a 10% decline in Swiss watch exports to US in May. Swiss franc's 8% rise since Apr may also add pressure, compounded by weak Chinese demand and high metals costs. While price hikes may offset losses, Jefferies suggests tariffs could be negotiation tactic. Switzerland, lamenting "incomprehensible" rate, seeking negotiated solution, but tariff's impact threatens jobs and competitiveness in an already struggling luxury watch sector

    • In other macro news, Eurozone inflation held at 2% in Jul, matching Jun's rate and exceeding economists' forecasts of 1.9%. Lower energy prices, down 2.5% y/y, and euro up over 10% against US dollar tempered price pressures. Core inflation remained at 2.3%, while services inflation eased to 3.1%, lowest in over three years. US-EU trade deal, with 15% tariffs on EU goods, eased escalation risks, supporting stable inflation outlook. ING and Nordea noted stable inflation environment, with moderating wage growth and weak global price pressures, driven by China's overcapacity and stable raw material costs, keeping headline inflation near 2%. Nordea expects ECB to remain on hold through 2025, as services inflation cools across major economies. Jul print, aligning with 2% target, suggests limited pressure for a Sept ECB rate cut, with traders pricing a 45% chance of a quarter-point reduction by year-end.

    • Another busy session in terms of earnings: DACH names included Bayer AG (BAYN.GR), Erste Group Bank (EBS.AV), CANCOM (COK.GR) and Daimler Truck Holding (DTG.GR) among few others; in France, AXA (CS.FP), Euronext (ENX.FP), Vivendi (VIV.FP) and Parrot (PARRO.FP) issued Q2/H1 numbers whilst - in Southern Europe- Pirelli & C. (PIRC.IM), Davide Campari-Milano (CPR.IM), Cellnex Telecom (CLNX.SM) and Enel (ENEL.IM) also posted earnings. In the UK, International Consolidated Airlines Group (IAG.LN), Pearson (PSON.LN), Intertek Group (ITRK.LN) and Petrofac (PTEC.LN) update investors before the open. In M&A news, Ericsson (ERIC.B.SS) is in talks to invest hundreds of millions of dollars in Intel's networking infrastructure business NEX for a minority stake, Renault Group (RNO.FP) announces the acquisition of the 51% stake in the Chennai plant (RNAIPL) previously held by Nissan, Cox ABG Group (COXG.SM) acquired Iberdrola México and Legrand (LR.FP) acquired a majority stake in Cogelec (ALLEC.FP)

    • Looking ahead to next week's calendars (please see our StreetAccount Summary - Europe Week Ahead attached below), Jul services PMIs from across the region, Switzerland Jul CPI as well as earnings/updates from Allianz (ALV.GR), BP (BP.LN), CRH (CRH.LN), Diageo (DGE.LN), Generali (G.IM), Maersk (MAERSK.B.DC), Siemens (SIE.GR), Telecom Italia (TIT.IM) and Zurich Insurance Group (ZURN.SW will be the main source of attention

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Telecom (0.12%), Utilities (0.42%), Persnl & HHold Goods (0.86%), Financial Svcs (0.93%), Food & Beverage (0.99%), Real Estate (1.01%), Health Care (1.04%), Media (1.59%), Basic Resources (1.63%), Chemicals (1.74%), Retail (1.78%), Oil & Gas (1.83%)

      • Underperformers: Banks (2.95%), Ind Goods & Svcs (2.76%), Travel & Leisure (2.67%), Construct & Mtls (2.61%), Insurance (2.60%), Technology (2.54%), Autos & Parts (1.97%)

    • Macro:

      • Germany is now leading the charge on Europe's anti-immigration turn (Politico)

      • Volkswagen liable for defeat devices, top EU court rules (Reuters)

      • Italian govt furious after ECJ setback to Albania migrant centres (Ansa)

      • Heathrow Airport's expansion plans to cost £49B (BBC)

      • Trump to Swiss: Happy holidays! Now pay a 39 percent tariff (Politico)

    • Company news:

      • Notable Gainers

        • +8.0% CPR.IM (Davide Campari-Milano €6.58, +0.48) -- H1 earnings

        • +6.1% PSON.LN (Pearson £11.34, +0.65) -- H1 earnings

        • +5.0% MRO.LN (Melrose Industries £5.34, +0.26) -- H1 earnings

        • +4.7% ATO.FP (ATOS SE €28.53, +1.27) -- H1 earnings

        • +4.6% FNTL.LN (Fintel £2.45, +0.11)

        • +2.2% SXS.LN (Spectris £40.86, +0.88) -- and KKR reach agreement on increased offer to £41.00/sh from £40.00/sh

        • +1.9% SAN.FP (Sanofi €80.04, +1.50) -- Trump sends letters to pharma companies seeking actions on most-favored-nation pricing

        • +1.3% OXB.LN (OXB £4.63, +0.06) -- secures new four-year up to $125M term loan facility with Oaktree

        • +1.2% ERG.IM (ERG €19.16, +0.22) -- H1 earnings

        • +0.5% KIE.LN (Kier Group £2.00, +0.01)

      • Notable Decliners

        • -27.0% F3C.GR (SFC Energy €16.10, -5.95) -- prelim H2 earnings; Deutsche Bank downgrade

        • -20.6% TEP.FP (Teleperformance €69.10, -17.70) -- H1 earnings

        • -20.0% PARRO.FP (Parrot €8.96, -2.29) -- H1 earnings

        • -11.7% COK.GR (CANCOM €22.80, -3.00) -- prelim Q2 earnings

        • -10.2% FUR.NA (Fugro €11.30, -1.28) -- Q2 earnings

        • -9.6% BC8.GR (Bechtle €34.80, -3.66)

        • -9.6% BRNL.NA (Brunel International €8.43, -0.88) -- Q2 earnings

        • -9.3% SGO.FP (Compagnie de Saint-Gobain €91.60, -9.32) -- H1 earnings

        • -7.8% CS.FP (AXA €39.59, -3.35) -- H1 earnings; buyback and agrees to acquire Prima

        • -6.7% EVK.GR (Evonik Industries €16.41, -1.17) -- Q2 earnings

        • -6.7% ITRK.LN (Intertek Group £46.10, -3.30) -- H1 earnings

        • -5.3% AC.FP (Accor €42.26, -2.38) -- Deutsche Bank downgrade

        • -5.3% MLP.GR (MLP €8.04, -0.45)

        • -5.0% HEI.GR (Heidelberg Materials €194.15, -10.05) -- enters into binding purchase agreement to acquire assets of BURNCO Rock Products

        • -4.7% A5G.ID (AIB Group €6.60, -0.33) -- H1 earnings

        • -4.2% TRX.LN (Tissue Regenix Group £0.34, -0.02) -- CFO retires

        • -4.0% JMT.PL (Jeronimo Martins €20.46, -0.86) -- Q2 earnings

        • -3.9% UMI.BB (Umicore €13.28, -0.55) -- H1 earnings

        • -3.4% VIV.FP (Vivendi €3.21, -0.11) -- H1 earnings

        • -2.9% MRK.GR (Merck KGaA €107.40, -3.15) -- Trump sends letters to pharma companies seeking actions on most-favored-nation pricing

        • -2.6% PIRC.IM (Pirelli & C. €5.77, -0.16) -- Q2 earnings

        • -2.4% ENGI.FP (ENGIE €19.17, -0.48) -- H1 earnings

        • -1.9% AZN.LN (AstraZeneca £111.00, -2.20) -- Trump sends letters to pharma companies seeking actions on most-favored-nation pricing

        • -1.8% NOVO.B.DC (Novo Nordisk DKK308.80, -5.70) -- Trump sends letters to pharma companies seeking actions on most-favored-nation pricing

        • -1.7% ARGX.BB (argenx €583.80, -10.20) -- sector move

        • -1.7% IAG.LN (International Consolidated Airlines Group £3.74, -0.06) -- Q2 earnings

        • -1.4% BSS.IM (Biesse €7.06, -0.10) -- H1 earnings

    • EU companies reporting on Monday:

      • Benelux: PostNL (PNL.NA)

      • DACHs: Stabilus (STM.GR), Bertrandt (BDT.GR)

      • France: Cellectis (ALCLS.FP)

      • Nordics: Oma Savings Bank (OMASP.FH)

      • Southern Europe: Anima Holding (ANIM.IM), Intercos (ICOS.IM), WIIT (WIIT.IM), EuroGroup Laminations (EGLA.IM)

      • UK: Senior (SNR.LN)

  • Data:

    • Economics:

      • Eurozone Jul prelim CPI +2.0% y/y vs consensus +1.9% and prior +2.0%; 0.0% m/m vs consensus (0.2%) and prior +0.3%

      • Jul manufacturing PMI

        • Eurozone 49.8 vs preliminary 49.8

        • France 48.2 vs preliminary 48.4

        • Germany 49.1 vs preliminary 49.2

        • Italy 49.8 vs consensus 49.0, prior 48.8

        • UK 48.0 vs preliminary 48.2

        • Spain 51.9 vs consensus 51.5, prior 51.4

        • Sweden 54.2 vs consensus 52.2, prior revised 51.8 from 51.9

        • Norway 50.9 vs consensus 49.8, prior 49.3

        • Greece 51.7 vs consensus 52.7, prior 53.1

        • Ireland 53.2 vs consensus 53.2, prior 53.7

        • Netherlands 51.9 vs consensus 51.1, prior 51.2

        • Russia 47.0 vs consensus 48.0, prior 47.5

      • Italy Jun Retail Sales +1.0% y/y vs consensus +1.9% and prior revised +1.4% from +1.3%

      • UK Jul Nationwide House Prices +2.4% y/y vs consensus +2.1% and prior +2.1% -

      • Finland Jul prelim HICP +2.0% y/y vs consensus +1.8% and prior +1.9%

      • Netherlands Jul prelim CPI +2.9% y/y vs consensus +2.9% and prior +3.1%

      • Austria Jul prelim CPI +3.5% y/y vs consensus +3.2% and prior +3.3%

    • Markets:

      • WTI Crude (Sep 25): ($1.95) or (2.82%) to $67.31

      • €-$ +0.0136 or +1.19% to 1.1553

      • £-$ +0.0052 or +0.40% to 1.3258

      • €-£ +0.0069 to 0.8714

      • S&P 500 (1.58%)

      • Performance year-to-date

        • FTSE 100: +10.96%

        • DAX: +17.66%

        • CAC: +2.24%

        • MIB: +16.84%

        • Stoxx 600: +5.55%

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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