Jul 31 ,2026
Synopsis
European indicies are set to open higher with Asian equities rallying Friday.
Memory rally the big market story with SK Hynix (000660.KS) and Samsung Electronics (005930.KS) rebounding more than 20%. Taiwan and Hong Kong-listed semis also sharply higher. Nothing specific behind the bounce, which follows heavy recent drawdown attributed to factors including unwinding of leveraged positions,
BOJ left interest rates unchanged as expected in an 8-1 vote. Reaffirmed intent to continue raising interest rates with underlying inflation approaching 2% and financial conditions accommodative
US equities were higher in Thursday trading as stocks ended no far off best levels. However, equal-weight S&P (RSP) lagged by over 180 bp after six straight days of outperformance
Friday sees, in central banks, Swiss National Bank reporting H1 earnings
Economic: Germany Jul unemployment rate, France Jul preliminary CPI, Jun PPI, Italy Jul preliminary CPI, business/consumer confidence, Eurozone Jul flash CPI, UK Jul house price index - Nationwide, Switzerland Jun retail sales, Netherlands Jul preliminary CPI, Finland Jul preliminary HICP, Austria Jul preliminary CPI, Portugal Jul preliminary CPI, Greece May retail sales
Earnigs reported so far: UMI.BB, SUR.GR, BRNL.NA, LDO.IM, WDP.BB, ACA.FP, UNI.SM, FUR.NA, CS.FP, FPE3.GR, HOLN.SW.
Politics/Macro/World News
Spain's migrant crisis triggers Italian call for EU travel restrictions (FT )
Top company news
Earnings/updates
UMG.NA (Universal Music Group) -- reports Q2 Adj. EBITDA €674M vs consensus €710M
SHL.GR (Siemens Healthineers) -- reports Q3 adjusted EPS €0.70 vs consensus €0.53
HOLN.SW (Holcim) -- reports Q2 recurring EBIT CHF1.01B vs consensus CHF958.0M; guides FY net sales, recurring EBIT to high end of targets
SGO.FP (Compagnie de Saint-Gobain) -- reports H1 Recurring net income €1.68B vs FactSet €1.54B [1 est]; confirms FY guidance
ENEL.IM (Enel) -- reports H1 net income €3.74B vs FactSet €3.74B [3 est, €3.69-3.78B]
CLNX.SM (Cellnex Telecom) -- reports H1 adjusted EBITDA €1.69B vs FactSet €1.66B [1 est]
BC.IM (Brunello Cucinelli) -- reports H1 net income €76.1M vs FactSet €74.1M [6 est, €72-77M]; raises FY Revenue growth guidance to +10-11% vs prior +10%
TEP.FP (Teleperformance) -- reports H1 EBITA €662M ex-items vs FactSet €647.0M; reaffirms 2026 financial targets
ENX.FP (Euronext) -- reports Q2 EPS €2.42 vs FactSet €2.20 [6 est, €2.01-2.31]
AMP.IM (Amplifon) -- reports Q2 Adj. EPS €0.24 vs FactSet €0.22 [6 est, €0.19-0.24]
WLN.FP (Worldline) -- reports H1 adj net income attributable €65M vs FactSet €62M
FRVIA.FP (Forvia) -- reports H1 operating income €632M vs consensus €592.8M; FY26 guidance confirmed
CLN.SW (Clariant) -- reports Q2 adjusted EBITDA CHF171.1M vs consensus CHF149M; confirms FY guidance
ETE.GA (National Bank of Greece) -- Follow-up: National Bank of Greece guides FY EPS > €1.40 vs prior ~ €1.40 and FactSet €1.41 [18 est, €1.29-1.50]
ANA.SM (Acciona) -- reports H1 net income attributable €83M vs FactSet €83.7M [3 est, €67-96M]; reaffirms FY guidance
HAG.GR (HENSOLDT) -- reports H1 adjusted EBITDA €137M, +28% vs year-ago €107M
VIRI.FP (Viridien) -- reports Q2 net income ($26M) vs FactSet ($6.5M) [2 est, ($13)-0M]
IGG.LN (IG Group Holdings) -- reports H1 EPS 68.9p ex-items vs FactSet 61.2p [2 est, 56.2-66.3p]
EUROB.GA (Eurobank SA) -- Follow-up: Eurobank expects 2026 EPS growth well above +10%
PUIG.SM (Puig Brands) -- reports H1 net income attributable €262.8M vs FactSet €257.8M [4 est, €250-265M]; reaffirms FY outlook
MOVE.SW (Medacta Group) -- reports prelim. H1 revenue €368M vs FactSet €372.0M [2 est, €367.7-376.2M]; Reaffirms FY and mid-term outlook
VU.FP (VusionGroup) -- reports H1 revenue €839M, +29% vs year-ago €649.3M
HLE.GR (FORVIA HELLA) -- reports H1 revenue €4.04B, +2% vs year-ago €3.98B
MEL.SM (Melia Hotels International) -- reports Q2 net income attributable (€7.6M) including impairments (post EU close 30-Jul)
COTN.SW (COMET Holding) -- reports H1 net income CHF13.5M vs FactSet CHF7.5M [2 est, CHF1.4-13.6M]
LSS.FP (Lectra) -- reports Q2 net income €9.2M vs FactSet €5.6M [1 est]
POXEL.FP (Poxel) -- reports Q2 revenue €1.2M vs year-ago €1.0M
RENE.PL (Redes Energeticas Nacionais SGPS) -- reports H1 net income €93.4M vs FactSet €94M [1 est]
VANTI.FP (Vantiva) -- reports H1 net income (€68M) vs year-ago (€295M)
XFAB.FP (X-FAB Silicon Foundries) -- reports Q2 EPS ($0.11) vs FactSet ($0.04) [2 est, ($0.06)-(0.02)]
INRN.SW (Interroll Holding) -- reports H1 net income CHF19.8M vs FactSet CHF24.7M [3 est, CHF18.9-33.9M]
COFA.FP (Coface) -- reports H1 net income €107.8M vs FactSet €109M [1 est]
CLTN.SW (Coltene Holding) -- reports H1 net income CHF4.1M vs year-ago CHF4.3M
MTU.FP (Manitou BF) -- reports H1 net income €51M, +55% vs year-ago €33M; raises FY Revenue growth guidance to +6.5-8.0% vs prior +5%
EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- Euronext Athens reports H1 net income €27.0M vs year-ago €13.5M
CAF.SM (Construcciones y Auxiliar de Ferrocarriles) -- reports H1 net income attributable €99M vs FactSet €86.1M [2 est, €84.8-87.4M]; reaffirms its 2026 outlook
NCH2.GR (thyssenkrupp nucera) -- reports preliminary Q3 EBIT (€2M) vs FactSet (€8.8M) [1 est]
M&A
HSBA.LN (HSBC Holdings) -- sells Australian home loan and personal loan portfolio to Blackstone affiliate Virgo BidCo for A$36B ($25B)
ORA.FP (Orange) -- France explores sale of partial stake in telecom operator Orange S.A. in a deal that could be valued at ~ €1.1B - Reuters
IGG.LN (IG Group Holdings) -- plc discloses the proposed acquisition of Underdog for total consideration of up to ~$1.3B
IGG.LN (IG Group Holdings) -- Transcript Intelligence: IG Group Holdings Acquisition of Underdog Sports Holdings, Inc. plc Call
BSBR (Banco Santander (Brasil)) -- Banco Santander offers to acquire outstanding shares of Santander Brazil, maximum consideration of €1.91B at a premium of 15%
ZAB.PW (Zabka Group) -- Alimentation Couche-Tard to acquire Zabka Group for PLN32/share, or total equity value of PLN32.62B ($8.6B)
(OTHER) ICAD.FP (Icade) -- announces the acquisition of a controlling interest in Comet, a leader in the corporate events industry. Terms were not disclosed
(OTHER) ASA.NO (Atlantic Sapphire) -- Coral HoldCo launches recommended mandatory tender offer for Atlantic Sapphire at NOK0.80/share
(OTHER) AX1.AU (Accent Group) -- Takeovers Panel declines to conduct proceedings in relation to Frasers Group's application regarding Accent Group
(OTHER) AMP.SM (Amper) -- acquires the productive business unit of Freqcon GmbH for €1.7M
(OTHER) MGH.AU (MAAS Group) -- ACCC approves Heidelberg's acquisition of Maas's construction materials business
(OTHER) AKBM.NO (Aker BioMarine) -- Aker Capital announces result of optional cash offer for Aker BioMarine
(OTHER) CVW.AU (ClearView Wealth) -- Zurich's scheme to acquire ClearView Wealth now effective
Healthcare
AZN.LN (AstraZeneca) -- AstraZeneca's Efzimfotase alfa (ALXN1850) injection (subcutaneous) to be included for priority review by China's NMPA in hypophosphatasia (HPP)
ANAB (AnaptysBio) -- discloses stipulation proposing schedule governing post-trial briefing in connection with TESARO litigation - 8-K
ABVX.FP (Abivax) -- announces completion of its pre-NDA interaction with the FDA for obefazimod
DBV.FP (DBV Technologies) -- announces sale of ~$50M of ADSs through ATM program
FRE.GR (Fresenius) -- FDA approves Fresenius Kabi's NDA for Glycophos in adults and children 12 and older
Other
CLNX.SM (Cellnex Telecom) -- plans to cancel 18.3M own shares
ALPHA.GA (Alpha Bank SA) -- Alpha Bank appoints I. Kiouroukoglou as Chief of Wholesale Banking with effect as of 15-Sep
WBD.IM (Webuild) -- awarded €803M contract for Genoa undersea road tunnel
Allreal Holding receives building permit for sustainable residential property on Badenerstrasse in Zurich
Key rating changes
Downgrades
GRG.LN (Greggs) -- to sector perform from outperform at RBC Capital Markets
Other Actions
HEXA.B.SS (Hexagon) -- reinstated neutral at Goldman Sachs
Data
Nikkei +4.33% to 64547.63
Hang Seng (0.27%) to 25788.51
Shanghai Composite +0.84% to 3836.64
S&P futures +36.8 vs prior close of 7472.5
€-$ (0.0021) or (0.18%) to 1.1507
$-¥ +1.22 or +0.77% to 160.72
€-¥ +1.05 or +0.57% to 184.92
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