Jul 30 ,2026
Synopsis:
European equity markets closed mostly higher and just off the best levels of the session. Basic Resources, Banks and Construction & Materials led outperforming sectors. Health Care, Media and Telecom lagged. Follows Wednesday's mixed performance, with Stoxx 600 up ~0.7% on the week.
European earnings providing a positive backdrop for regional markets. Investors in the region looking through latest Middle East tensions and US tech updates. On macro front, BoE left rates unchanged at 3.75% as expected, but vote split slightly hawkish with 3 MPC members wanting a hike versus 2 expected. Fed left policy unchanged on Wednesday. Chair Warsh press conference offered very few takeaways. Lack of forward guidance heightened uncertainty over Fed's reaction function.
Lot of macro data to digest, which includes better than expected Eurozone Q2 GDP after German and Spanish beat and France meeting expectations. Inflation updates from Germany and Spain came in on the firmer side of expectations ahead of tomorrow's Eurozone update. Eurozone economic sentiment improved. Elsewhere, UK car production update saw 7.5% drop in H1 2026, but outlook positive. Zoopla said summer UK housing market slowdown worse than normal.
A busy earnings calendar included French names Airbus (AIR.FP), L'Oréal (OR.FP), Sanofi (SAN.FP), Schneider Electric (SU.FP), VINCI (DG.FP), Societe Generale (GLE.FP), Renault (RNO.FP), Capgemini (CAP.FP), Accor (AC.FP) and Amundi (AMUN.FP) reporting results. Sanofi (SAN.FP), Schneider Electric (SU.FP), Capgemini (CAP.FP) and Bic (BB.FP) all upgraded guidance. In the UK, Shell (SHEL.LN) and Lloyds Banking Group (LLOY.LN) reported Q2 earnings. DACHs names included BMW (BMW.GR), Adidas (ADS.GR), Heidelberg Materials (HEI.GR), Erste Group Bank (EBS.AV), Knorr-Bremse (KBX.GR) and Wacker Chemie (WCH.GR), while ING Groep (INGA.NA), ArcelorMittal (MT.NA) and Anheuser-Busch InBev (ABI.BB) were among the key Benelux names reporting. In Southern Europe, BBVA (BBVA.SM), Prysmian (PRY.IM), Telecom Italia (TIT.IM) and Pirelli (PIRC.IM) reported, with Prysmian (PRY.IM) raising FY guidance.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +2.70%, Banks +2.63%, Construct & Mtls +2.23%, Ind Goods & Svcs +1.79%, Technology +1.60%, Oil & Gas +1.29%, Chemicals +0.80%
Underperformers:
Health Care (2.29%), Media (1.72%), Telecom (0.82%), Persnl & HHold Goods (0.70%), Financial Svcs (0.63%), Food & Beverage (0.10%), Travel & Leisure (0.05%), Utilities (0.02%), Retail +0.17%, Real Estate +0.26%, Autos & Parts +0.57%, Insurance +0.68%
Peripheral markets:
Geopolitics
Central Banks
Bank of England Set to Hold Rates as Oil Prices Swing - Bloomberg
EU
Euro Zone's Biggest Economies All Grow Despite Iran War Pressure - Bloomberg
UK
Mayors plan tax rebates for voters with devolution windfall - The Times
Andy Burnham refuses to commit to 3% defence spending by 2030 - The Times
Carmakers 'delaying investment in UK factories until EV sales rules relaxed' - The Guardian
UK business secretary argues against rejoining EU customs union - FT
France
US mulls scuppering France's Washington ambassador pick over human rights spat - Reuters
Germany
AfD still clearly ahead of CDU in Saxony-Anhalt in poll - Handelsblatt
German economy grows slightly in the second quarter - Handelsblatt
Company news:
Notable Gainers
+16.1% CLN.SW (Clariant CHF8.91, +1.24) -- dismissed from Shell's (SHEL.LN) allegations related to the 2020 competition law infringement
+11.7% DSFIR.NA (DSM-Firmenich €93.10, +9.72) -- earnings
+10.9% MNDI.LN (Mondi £8.76, +0.86) -- earnings
+10.8% SU.FP (Schneider Electric €284.60, +27.80) -- earnings; FTC grants antitrust clearance for transaction involving Schneider Electric and AiDash, Inc.
+10.6% DRW3.GR (Drägerwerk €106.60, +10.20) -- earnings
+10.3% ZOO.LN (Zoo Digital Group £0.11, +0.01) -- earnings
+10.0% NK.FP (Imerys €23.84, +2.16) -- earnings
+9.6% ADP.FP (Aeroport de Paris €123.00, +10.80) -- earnings; agreement with French State
+9.5% ASM.NA (ASM International €788.60, +68.60) -- target up at Berenberg and Deutsche Bank
+9.4% ANDR.AV (Andritz €81.20, +7.00) -- earnings
+9.3% ZEHN.SW (Zehnder Group CHF69.40, +5.90) -- earnings
+8.6% SOI.FP (SOITEC €104.45, +8.25) -- renews share buyback program for up to 1.8M shares
+8.3% TFIN.IM (Trevi-Finanziaria Industriale €4.55, +0.35) -- offer by Webuild (WBD.IM)
+8.3% BB.FP (Bic €67.60, +5.20) -- earnings
+7.8% 2GB.GR (2G Energy €59.00, +4.30) -- earnings
+7.6% MRN.FP (Mersen €37.18, +2.62) -- earnings
+7.4% BAMNB.NA (Koninklijke BAM Groep €11.45, +0.79) -- earnings
+7.1% EN.FP (Bouygues €49.45, +3.29) -- earnings; contract
+6.6% IFCN.SW (Inficon Holding CHF157.20, +9.80) -- earnings
+6.4% AMUN.FP (Amundi €94.00, +5.65) -- earnings
+6.3% SYENS.BB (Syensqo €75.95, +4.50) -- earnings
+6.0% RR.LN (Rolls-Royce Holdings £14.63, +0.83) -- earnings
+5.7% AKTIA.FH (Aktia Bank €11.94, +0.64) -- earnings
+5.5% SCYR.SM (Sacyr Vallehermoso €4.82, +0.25) -- earnings
+5.3% AKE.FP (Arkema €61.10, +3.05) -- earnings
+5.1% INGA.NA (ING Groep €30.22, +1.47) -- earnings
+5.0% BBVA.SM (Banco Bilbao Vizcaya Argentaria €23.96, +1.14) -- earnings
+4.7% VPK.NA (Royal Vopak €48.86, +2.18) -- earnings
+4.7% DG.FP (VINCI SA €124.25, +5.55) -- earnings
+4.5% PRY.IM (Prysmian €119.85, +5.15) -- earnings; new CFO
+4.5% ALTA.FP (Altarea €101.80, +4.40) -- earnings
+3.7% AYV.FP (Ayvens €12.00, +0.43) -- earnings
+3.3% AIXA.GR (Aixtron €34.45, +1.11) -- earnings
+3.2% WIL.LN (Wilmington £2.87, +0.09) -- trading statement
+3.1% SY1.GR (Symrise €91.86, +2.78) -- earnings
+3.0% SCR.FP (SCOR SE €34.42, +1.00) -- earnings
+2.5% VIS.SM (Viscofan €57.70, +1.40) -- earnings
+2.4% OCI.LN (Oakley Capital Investments £5.20, +0.12) -- trading update
+2.4% DEC.FP (JCDecaux €22.96, +0.54) -- earnings
Notable Decliners
-32.9% WAVE.FP (Wavestone €30.00, -14.70) -- sales
-26.0% VANQ.LN (Vanquis Banking Group £0.86, -0.30) -- earnings
-23.5% STX.LN (Shield Therapeutics £0.04, -0.01) -- trading update
-22.4% EAPI.FP (Euroapi €0.98, -0.28) -- earnings
-20.6% RTO.LN (Rentokil Initial £3.52, -0.91) -- earnings
-20.3% PHARM.NA (Pharming Group €0.88, -0.22) -- earnings
-16.9% SESG.FP (SES €5.62, -1.14) -- earnings
-13.7% NEM.GR (Nemetschek €58.00, -9.20) -- earnings
-13.5% UCB.BB (UCB €217.00, -33.90) -- earnings
-12.0% TMV.GR (TeamViewer €5.96, -0.82) -- target down at JPMorgan
-11.5% ADS.GR (Adidas €162.45, -21.00) -- earnings; CFO steps down
-9.7% TE.FP (Technip Energies €29.46, -3.16) -- earnings
-8.9% SAN.FP (Sanofi €72.77, -7.15) -- earnings
-8.2% TKO.FP (Tikehau Capital €15.74, -1.40) -- earnings
-7.6% OUT1V.FH (Outokumpu €5.25, -0.43) -- earnings
-7.2% ATO.FP (ATOS SE €31.20, -2.42) -- earnings
-6.5% LOGN.SW (Logitech International CHF82.14, -5.68) -- target down at Deutsche Bank
-6.4% LSEG.LN (London Stock Exchange Group £86.06, -5.92) -- earnings
-6.4% BEKB.BB (Bekaert €39.25, -2.70) -- earnings
-6.3% ALFA.LN (Alfa Financial Software Holdings £1.63, -0.11) -- trading update
-5.8% SYS1.LN (System1 Group £3.25, -0.20) -- Brave Bison Group (BBSN.LN) raises offer
-5.7% ELIS.FP (Elis €24.58, -1.48) -- earnings
-5.2% BUCN.SW (Bucher Industries CHF317.50, -17.50) -- earnings
-5.0% IDIA.SW (Idorsia CHF6.21, -0.33) -- earnings
-4.9% KGX.GR (Kion Group €40.06, -2.06) -- earnings
-4.4% KBX.GR (Knorr-Bremse €103.50, -4.80) -- earnings
-4.3% STLAM.IM (Stellantis €5.06, -0.23) -- earnings
-4.0% IPN.FP (Ipsen €157.20, -6.50) -- earnings
-3.8% DIA.SM (Distribuidora Internacional De Alimentacion €40.45, -1.60) -- earnings
-3.8% TISG.IM (The Italian Sea Group €1.17, -0.05) -- clarification regarding 28-Jul press release
-3.2% A5G.ID (AIB Group €10.29, -0.33) -- earnings
-2.8% AIR.FP (Airbus SE €204.00, -5.90) -- earnings
-2.7% ASAI.LN (ASA International Group £2.52, -0.07) -- business update
-2.2% LMN.SW (lastminute.com CHF13.50, -0.30) -- earnings
-2.1% APAM.NA (Aperam €45.20, -0.98) -- earnings
EU companies reporting tomorrow:
Earnings:
Austria: OMV (OMV.AV)
Belgium: Warehouses de Pauw (WDP.BB), Umicore (UMI.BB), Proximus (PROX.BB)
France: ENGIE (ENGI.FP), Credit Agricole (ACA.FP), Forvia (FRVIA.FP), Parrot (PARRO.FP), Vantiva (VANTI.FP)
Germany: Siemens Healthineers (SHL.GR), Covestro (1COV.GR), HENSOLDT (HAG.GR), FUCHS (FPE3.GR), Surteco Group (SUR.GR), MAX Automation (MXHN.GR), R. Stahl (RSL2.GR), CENIT (CSH.GR)
Greece: Alpha Bank (ALPHA.GA)
Italy: Diasorin (DIA.IM), ERG (ERG.IM), Comer Industries (COM.IM), BasicNet (BAN.IM), Cairo Communication (CAI.IM), Biesse (BSS.IM)
Netherlands: Flow Traders (FLOW.NA), Fugro (FUR.NA), Brunel International (BRNL.NA)
Other: Bank of Ireland Group (BIRG.ID)
Portugal: Semapa (SEM.PL)
Spain: Amadeus IT Group (AMS.SM), Cellnex Telecom (CLNX.SM), Unicaja Banco (UNI.SM), Prosegur Compania de Seguridad (PSG.SM), Laboratorio Reig Jofre (RJF.SM)
Switzerland: Holcim (HOLN.SW), COMET Holding (COTN.SW), Clariant (CLN.SW), Interroll Holding (INRN.SW), Coltene Holding (CLTN.SW), Leclanché (LECN.SW)
UK: NatWest Group (NWG.LN), International Consolidated Airlines Group (IAG.LN), Intertek Group (ITRK.LN), Pearson (PSON.LN), IMI (IMI.LN), Melrose Industries (MRO.LN), IG Group Holdings (IGG.LN), Taylor Wimpey (TW.LN), ITV (ITV.LN), RHI Magnesita (RHIM.LN)
Trading Update:
DACHs: Medacta Group (MOVE.SW)
Data:
Economics:
Q2 Preliminary GDP
Finland +2.5% y/y vs consensus +1.0% and prior +1.1% (1:00ET)
France +0.7% y/y vs consensus +0.8% and prior revised +0.8% from +0.9% (1:30ET)
Austria +0.8% y/y vs consensus +0.7% and prior +0.9%
Spain +2.7% y/y vs consensus +2.5% and prior +2.7%
Netherlands +1.3% y/y vs consensus +1.2% and prior +1.4% (3:30ET)
Germany +0.9% y/y vs consensus +0.6% and prior +0.4%
Italy +1.0% y/y vs consensus +0.7% and prior revised +0.8%
Portugal +2.5% y/y vs consensus +1.8% and prior +2.3%
France Jun Consumer Spending +0.4% m/m vs consensus (0.1%) and prior revised +0.3% from +0.5% (1:30ET)
Denmark Jun Unemployment Rate 2.7% vs consensus 2.7% and prior 2.7%
Sweden Jun Retail Sales +6.6% y/y vs consensus +5.1% and prior revised +8.1% from +8.0%
Spain Jul Preliminary CPI +3.5% y/y vs consensus +3.4% and prior +3.2%
Switzerland Jul KOF Leading Indicators 103.5 vs consensus 101.0 and prior revised 102.1 from 101.2
Markets:
WTI Crude (Sep 26): ($0.27) or (0.32%) to $84.19
€-$ +0.0050 or +0.44% to 1.1520
£-$ +0.0080 or +0.60% to 1.3451
€-£ (0.0013) to 0.8566
S&P 500 +1.00%
Performance year-to-date
FTSE 100: +9.73%
DAX: +4.58%
CAC: +4.12%
MIB: +15.93%
Stoxx 600: +9.76%
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