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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.10%), DAX30 +0.68%, CAC40 (0.11%)

Aug 07 ,2025

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities mostly higher Thursday. Taiwan outperforming on semis with Trump's chip tariffs to include exemptions. Tech also aiding gains in Korea. Japan firming while Greater China markets little changed and ASX seeing mild decline. S&P 500 futures strengthening afterhours. Bonds mixed with Treasury curve bear steepening and JGBs steady. FX market price action muted. Crude rebounding with gold and copper little changed. Bitcoin remains range bound.

    • Trade focus shifting to sectoral tariffs after President Trump on Wednesday flagged 100% rate on semiconductor imports (Bloomberg). However, chip tariffs will not apply to companies building in US or have made investment commitments, marking reprieve for companies like Apple. Meanwhile, President Trump carried out threat to sanction India over its purchases of Russian energy, signing executive order imposing 25% tariff (taking total tariffs to 50%), which takes effect in 21 days (Bloomberg, FT).

    • In central banks updates, focus on BOE interest rate decision, MPC minutes as well as latest macro forecasts at 12noon BST. Benchmark interest rate expected to be lowered by (25bps) to 4.0%. Post decision press conf at 12:30. Czech central bank interest rate decision at 14:30CET. Benchmark interest rate expected to be left unchanged at 3.5%. Norges Bank latest lending survey released at 10:00CET. BOE latest monthly decision makers panel (CFOs of UK businesses) survey published at 14:00BST. Among central banks speakers, Finland central bank's Rehn speech at 12:00CET at seminar title: The Continental Plates of World Politics Collide - How Will Europe and Finland Cope?, the event rounded-off at 15:00 with Rehn's in conversation with Mervyn King. In addition, ECB Economic Bulletin released at 10:00CET. New US trade duties will come into effect.

    • Macroeconomic updates include: Germany Jun trade balance, industrial production, Switzerland Jul unemployment rate, France Jun trade balance, Sweden Jul preliminary CPI, Norway Jun manufacturing production, UK Jul house price index - Halifax, Ireland Jul CPI, unemployment rate.

    • In corporate news, a busy morning for earnings kicked off the session with DACHs region companies including - Siemens AG (SIE.GR), Merck KGaA (MRK.GR), Rheinmetall (RHM.GR), Allianz (ALV.GR), SAF-HOLLAND (SFQ.GR), Henkel (HEN3.GR), Zurich Insurance Group (ZURN.SW), Swisscom (SCMN.SW) and Sandoz Group (SDZ.SW), reporting their most recent earnings. Out of the Nordics, Clas Ohlson (CLAS.B.SS), Shelf Drilling (SHLF.NO) and SpareBank 1 SMN (MING.NO) are also out with trading/earnings updates. From the Netherlands, KBC Group (KBC.BB) posted Q2 earnings and raised its FY total income guidance. In the UK, CRH plc (CRH.LN) released Q2 numbers yesterday after the close and announced continuation of $300M share buyback program. Also in the UK, InterContinental Hotels Group (IHG.LN), WPP Group (WPP.LN), Hikma Pharmaceuticals (HIK.LN), Spectris (SXS.LN), Harbour Energy (HBR.LN), Deliveroo (ROO.LN) and Burford Capital (BUR.LN) are expected to update the market with their latest earnings.

    • CMD/events: SSH Communications Security (SSH1V.FH) EGM vote on Leonardo (LDO.IM) taking stake in company

  • Politics/Macro/World News

    • Trump to impose 100% tariffs on semiconductor imports - Bloomberg

    • Trump's higher tariff rates hit goods from major US trading partners - Reuters

    • European earnings lag behind US as trade war saps market revival - FT

  • Top company news

    • Earnings/updates

      • DACHs

        • SIE.GR (Siemens AG) -- reports Q3 EPS pre-PPA €2.78 vs consensus €2.49; confirms its outlook for FY25

        • MRK.GR (Merck KGaA) -- reports Q2 EPS pre €2.02 vs consensus €2.13; refines 2025 guidance

        • ALV.GR (Allianz) -- reports Q2 Core net income €2.98B vs consensus €2.78B; on track to achieve its full-year operating profit outlook of €16.0B, +/- €1B vs FactSet €16.59B

        • ZURN.SW (Zurich Insurance Group) -- reports H1 net income attributable $3.07B vs consensus $3.11B

        • VIJ.GR (Viemed Healthcare) -- reports Q2 EPS $0.08 vs year-ago $0.04

        • FNTN.GR (Freenet) -- reports H1 adjusted EBITDA €257.4M vs year-ago €256.1M

        • GALE.SW (Galenica) -- reports H1 net income CHF90.7M ex-items vs FactSet CHF86.6M [4 est, CHF86-87M]; raises FY adj. EBIT guidance

        • BSL.GR (Basler) -- reports H1 pretax income €7.9M vs year-ago (€2.3M)

        • SFQ.GR (SAF-HOLLAND) -- reports H1 adjusted EPS €0.83 vs year-ago €1.38

        • VBK.GR (Verbio) -- announces preliminary EBITDA for 2024/2025 financial year below forecast

        • SCMN.SW (Swisscom) -- reports Q2 net income CHF258M vs consensus CHF332M; FY25 outlook remains unchanged

        • LEG.GR (LEG Immobilien) -- reports H1 FFO €241.20 vs year-ago €217.90

        • AFX.GR (Carl Zeiss Meditec) -- reports 9M EPS €1.24 ex-items vs year-ago €1.35; reaffirms FY guidance

        • S92.GR (SMA Solar Technology) -- reports H1 EPS €1.22 vs year-ago €1.27; comments on FY25 outlook

        • SDZ.SW (Sandoz Group) -- reports H1 EPS $1.46 ex-items vs FactSet $1.29 [3 est, $1.23-1.32]

        • ITDI.GR (United Internet) -- reports Q2 Comparable EBITDA €333M vs consensus €340M; confirms FY guidance

        • UN0.GR (Uniper) -- confirms prelim H1 earnings as per 28-Jul update; FY25 forecast reaffirmed and range narrowed

        • RHM.GR (Rheinmetall) -- reports Q2 EPS pre PPA effects from cont ops €3.79 vs consensus €3.73; annual forecast remains unchanged

      • UK

        • CRH.LN (CRH plc) -- reports Q2 adjusted EBITDA $2.46B vs FactSet $2.40B [9 est, $2.34-2.43B] - 10-Q

      • Nordics

        • CLAS.B.SS (Clas Ohlson) -- reports Jul sales +10% to SEK1.01B; +12% organic

        • MING.NO (SpareBank 1 SMN) -- reports Q2 net income NOK1.13B vs FactSet NOK1.02B [7 est, NOK953-1.13B]

      • Netherlands

        • FFARM.NA (ForFarmers) -- reports H1 Underlying EPS €0.27 vs year-ago €0.18

        • SBMO.NA (SBM Offshore) -- reports H1 underlying EPS $1.57 vs year-ago $1.15; FY guidance raised

        • KBC.BB (KBC Group) -- reports Q2 Net result - Group share €1.02B vs consensus €933M; raises FY Total income guidance to at least +7% y/y vs prior guidance +5.5%

    • M&A

      • ELIS.FP (Elis) -- agrees to acquire O.C.L. Laundry Services Ltd in Ireland for an undisclosed sum

      • TCM.DC (TCM Group) -- to acquire remaining 55% of shares in Celebert ApS

    • Healthcare

      • VLA.FP (Valneva) -- Announces Removal of FDA-Recommended Pause on Use of Chikungunya Vaccine IXCHIQ in Elderly

    • Other

      • IFX.GR (Infineon Technologies) -- Street Takeaways - Infineon Technologies Q3 Earnings

      • AC.FP (Accor) -- reportedly considers US IPO for Ennismore - Bloomberg

      • RWE.GR (RWE) -- criticizes EU's commitment to buy more oil and gas from the US as part of trade deal - Handelsblatt

      • CRH.LN (CRH plc) -- CRH continues $300M Share Buyback Program

  • Key rating changes

    • Upgrades

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to overweight from equal weight at Barclays

      • FRA.GR (Fraport) -- to hold from underperform at Jefferies

      • NESTE.FH (Neste) -- to outperform from neutral at BNP Paribas Exane

      • BNP Paribas Exane upgrades AVOL.SW

      • Jefferies upgrades EVK.GR

    • Downgrades

      • CCEP.NA (Coca-Cola Europacific Partners) -- to equal-weight from overweight at Morgan Stanley

      • BNP Paribas downgrades SSPG.LN

      • Jefferies downgrades WCH.GR

  • Initiations

    • HLMA.LN (Halma) -- buy at Goldman Sachs

    • SQN.SW (Swissquote Group Holding) -- buy at Deutsche Bank

Data

  • Nikkei +0.64% to 41054.32

  • Hang Seng +0.55% to 25048.15

  • Shanghai Composite +0.12% to 3638.46

  • S&P futures +12.5 vs prior close of 6371.0

  • €-$ +0.0010 or +0.09% to 1.1671

  • $-¥ (0.05) or (0.04%) to 147.31

  • €-¥ +0.10 or +0.06% to 171.92

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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