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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.48%, DAX +0.61%, CAC40 +0.31%

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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