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StreetAccount Summary - EU Market Recap: FTSE 100 +0.12% to 10497.12, DAX +1.50% to 24995.81, CAC40 +0.44% to 8403.99, STOXX 600 +0.88% to 641.73

Jun 30 ,2026

• Synopsis:

  • European equity markets higher, just off best levels of the day. Stoxx 600 hit new record high today. Basic resources, technology, industrials lead the best performers. Food/beverage, personal/household goods, telecom and real estate. US equities higher in midday trading. Treasuries weaker across the curve; yields up 3-4 bp; follows Monday's mostly weaker finish that saw yields at the front end and belly up ~2 bp. Dollar index flat with FX market focused on 40-year lows in the yen. Gold up 0.3%. Silver up 2.8%. Bitcoin futures down 3.7%, below $60K. WTI crude down 0.5% after gaining 2%+ to start the week.

  • No big directional drivers in play today so far. Markets moving on from US-Iran developments. Broader ceasefire agreement intact despite recent tit-for-tat attacks, which has limited oil upside. Another round of technical discussions taking place today. Sell-side turning more positive on European equity market outlook on improving macro conditions. Earning expectations more constructive. Investors also looking at names that will benefit from second-order effects of AI adoption. ECB President Lagarde kicked off the annual Sintra conference arguing that Europe is becoming less vulnerable to economic shocks. Highlighted that while it is likely to face shocks that push inflation away from target, effects on economy more contained. Meanwhile, Reuters sources said unexpectedly rapid retreat in energy prices over the past week has taken further pressure on ECB to hike rates next month, but base for small hike later remains.

  • Busy on the macro front with French inflation weaker than forecast, German state inflation mostly softer and Italian reading cooled. German retail sales jumped in May, import prices recorded the strong y/y increase since Dec-22 and employment was little changed. French consumer spending firmer than expected. In the UK, final Q1 GDP unchanged from flash at 0.6% q/q. There was also a drop in business confidence, BRC shop price inflation held at 1.2% and Zoopla house price update saw 7% fall in sales agreed.

  • In earnings news, Sainsbury (SBRY.LN) released its Q1 trading statement, with results slightly ahead of expectations and guidance confirmed. In Denmark, Maersk (MAERSK.B.DC) raised its guidance for 2026, indicating an EBIT between $2B-$4B vs prior guidance ($1.5B)-$1.0B. Elsewhere, Siemens Energy (ENR.GR) is trading higher following a positive pre-close call, whilst Kering (KER.FP) and Adidas (ADS.GR) are lower after their pre-close updates.

  • In M&A, Yara International (YAR.NO) will not proceed with acquisition of ammonia assets in the Louisiana Clean Energy Complex (LCEC) from Air Products (APD). Handelsblatt reported that Deutsche Telekom (DTE.GR) CEO is pushing to unite the company with T-Mobile US (TMUS); plans being spurred by the possibility -- seemingly raised by an analyst -- that SpaceX might target T-Mobile US. In France, Bureau Veritas (BVI.FP) announced that it will sell its Oil & Petrochemicals and Coal Testing and Inspection business for an EV of €470M. Kotak Mahindra Bank (500247.IN) to acquire Deutsche Bank's (DBK.GR) retail banking, private banking and wealth management business in India.

• Digest:

  • Sectors - STOXX Europe 600:

    • Outperformers:

      • Technology +2.53%, Ind Goods & Svcs +1.95%, Oil & Gas +1.29%, Basic Resources +1.23%, Banks +1.16%, Construct & Mtls +1.09%, Insurance +0.93%, Financial Svcs +0.91%

    • Underperformers:

      • Telecom (1.43%), Persnl & HHold Goods (1.17%), Food & Beverage (1.12%), Media (0.83%), Retail (0.41%), Real Estate (0.10%), Travel & Leisure (0.05%), Utilities (0.01%), Health Care +0.05%, Chemicals +0.22%, Autos & Parts +0.67%

  • Macro:

    • Central Banks:

      • BoE's Breeden warns AI agents risk causing market meltdowns (Bloomberg )

      • Lagarde says Europe is getting more resilient to economic shocks (Bloomberg)

      • Sources say surprisingly quick oil price retreat eases urgency for ECB to act (Reuters)

    • Trade

      • EU to increase steel tariffs on trading partners (FT )

      • EU and China seek to head off trade war with new dialogue (Politico)

    • Germany:

      • German retail sales jumps in May (Destasis)

      • Import prices see strongest y/y increase since late 2022 (Destasis)

      • Employment almost unchanged from prior month (Destasis)

    • France:

      • Jordan Bardella allies plan to soften Marine Le Pen's pension promise (Politico)

    • UK:

      • £15B new funding boost to transform Armed Forces and keep the UK safe (GOV.UK ); Defence secretary outlining details of spending plan (BBC )

      • Final Q1 GDP confirmed at 0.6% (ONS)

      • Shop price inflation steady in June (BRC)

      • Business confidence falls but international firms optimistic (Lloyds)

      • House sales agreed fall 7% in June (Zoopla)

  • Peripheral markets:

    • Italy:

      • Meloni says time for figure from Right of political spectrum of be Italy's president (ANSA )

    • Greece:

      • Government and retailers reach 'gentleman's agreement' aimed at taming grocery inflation (Kathimerini )

  • Company news:

    • Notable Gainers

      • +40.0% ABVX.FP (Abivax €116.60, +33.30) -- reports ABTECT maintenance Part 2 results for Obefazimod

      • +21.1% RENX.LN (Renalytix £0.02, -0.00) -- publishes landmark two-year real-world study in the peer-reviewed medical journal

      • +7.3% ALFEN.NA (Alfen €15.81, +1.07) -- appoints interim CFO

      • +7.1% ASML.NA (ASML Holding €1,725.80, +113.80) -- Degroof upgrade

      • +6.3% SAGA.LN (Saga Plc £6.39, +0.38) -- AGM trading update

      • +5.2% BOOZT.SS (Boozt Fashion SEK146.90, +7.30) -- prelim Q2 earnings

      • +4.8% VLX.LN (Volex £5.64, +0.26) -- Investec upgrade

      • +4.5% GMAB.DC (Genmab DKK1,795.00, +76.50) -- study results

      • +4.4% SIE.GR (Siemens AG €281.10, +11.90) -- partners with IFS connect

      • +4.3% MNTC.SS (Mentice SEK13.25, +0.55) -- orders

      • +4.0% FUM.LN (Futura Medical £0.01, -0.00) -- eports positive results from two studies on WSD4000

      • +3.7% PCELL.SS (PowerCell Sweden SEK23.02, +0.82) -- appoints CCO

      • +2.2% BIOA.B.SS (BioArctic SEK330.80, +7.20) -- partner Eisai will present new clinical and real-world evidence on lecanemab (Leqembi) at the Alzheimer's Association International Conference

      • +1.7% PRS.SM (Promotora de Informaciones €0.30, +0.01) -- shareholders approve proposed reverse stock split

      • +1.6% IWG.LN (International Workplace Group £1.87, +0.03) -- increase to share buyback of $50M, taking programme up to $150M

      • +1.1% SBRY.LN (J Sainsbury £3.19, +0.04) -- Q1 trading statement

      • +1.0% PRY.IM (Prysmian €146.25, +1.50) -- receives notice to proceed for Cook Strait HVDC link upgrade from Transpower New Zealand

    • Notable Decliners

      • -33.3% OBD.LN (Oxford BioDynamics £0.00, -0.00) -- H1 earnings; appoints new CEO; expands US commercial footprint through contract sales partnership with MK Commercial Group

      • -11.7% TEP.FP (Teleperformance €45.90, -6.08) -- Concentrix (CNXC) read-across

      • -9.7% SAVE.LN (Savannah Energy £0.06, -0.01) -- FY earnings

      • -6.8% SALM.NO (Salmar NOK463.20, -33.80) -- Pareto downgrade

      • -6.3% KER.FP (Kering €248.80, -16.85) -- pre close call

      • -4.2% ENT.LN (Entain £5.66, -0.25) -- resumed neutral at BofA

      • -4.1% DTE.GR (Deutsche Telekom €23.79, -1.03) -- Deutsche Telekom CEO Timotheus Höttges pushing to unite company with T-Mobile US - Handelsblatt

      • -4.1% AUSS.NO (Austevoll Seafood NOK77.50, -3.30) -- Pareto downgrade

      • -4.0% LSG.NO (Lerøy Seafood Group NOK38.30, -1.60) -- Pareto downgrade

      • -3.9% ALIF.B.SS (AddLife SEK164.30, -6.60) -- SEB downgrade

      • -3.7% MOWI.NO (Mowi NOK182.80, -7.00) -- to sell 9k GWT salmon farming operations in Canada East to Cooke Inc. for C$225M; Pareto downgrade

      • -2.2% PSN.LN (Persimmon £10.58, -0.24) -- Landmark £4.5B legal claim launched against UK's biggest housebuilders; brought by consumer champion Mark McLaren

        • -1.5% BWY.LN (Bellway £19.53, -0.30), -0.9% TW.LN (Taylor Wimpey £0.81, -0.01), -0.8% BKG.LN (Berkeley Group Holdings £35.12, -0.30), -0.4% BTRW.LN (Barratt Redrow £2.83, -0.01)

  • EU companies reporting tomorrow:

    • Earnings:

      • Nordics: Dustin Group (DUST.SS)

      • UK: Supreme (SUP.LN)

    • Trading Update:

      • UK: Topps Tiles (TPT.LN)

• Data:

  • Economics:

    • UK Q1 GDP +0.9% y/y vs prelim +1.1%; +0.6% q/q vs prelim +0.6%

    • Germany

      • Jun Prelim CPI +2.3% y/y vs cons +2.6% and prior +2.6%; (0.3%) m/m vs cons 0.0% and prior (0.2%)

        • EU Harmonised: +2.4% y/y vs cons +2.6% and prior +2.7%; (0.2%) m/m vs cons +0.1% and prior (0.1%)

      • May Retail Sales +1.8% y/y vs cons 0.0% and prior (0.3%); +1.1% m/m vs cons (0.1%) and prior revised (0.4%) from (0.3%)

    • France

      • May Consumer Spending +0.5% m/m vs cons +0.2% and prior (0.5%)

      • Jun Prelim CPI +1.8% y/y vs cons +2.1% and prior +2.4%; (0.2%) m/m vs cons 0.0% and prior +0.1%

        • EU Harmonised: +2.0% y/y vs cons +2.4% and prior +2.8%; (0.3%) m/m vs cons 0.0% and prior +0.1%

      • May PPI +3.0% y/y vs cons +4.6% and prior revised +2.3% from +2.1%; (0.3%) m/m vs cons +1.5% and prior revised (2.0%) from (2.1%)

    • Italy

      • Jun Prelim CPI +3.0% y/y vs cons +3.1% and prior +3.2%; 0.0% m/m vs cons +0.1% and prior +0.4%

        • EU Harmonised: +3.1% y/y vs cons +3.1% and prior +3.2%; +0.1% m/m vs cons +0.1% and prior +0.3%

      • May PPI +7.3% y/y vs cons +7.9% and prior +6.8%; (0.2%) m/m vs cons +0.4% and prior +0.3%

    • Germany Jun Unemployment Change (1K) vs cons +10K and prior (12K)

      • Unemployment Rate 6.3% vs cons 6.3% and prior 6.3%

    • Switzerland Jun KOF Leading Indicators 101.2 vs cons 98.2 and prior revised 98.6 from 98.0

    • Ireland Jun Prelim HICP +3.3% y/y vs cons +3.4% and prior +3.5%; +0.2% m/m vs cons +0.4% and prior (0.1%)

    • Portugal Jun Prelim CPI +3.2% y/y vs cons +3.5% and prior +3.3%; +0.1% m/m vs cons +0.3% and prior +0.2%

      • EU Harmonised: +3.1% y/y vs prior +3.1%

    • Denmark

      • May Unemployment Rate 2.7% vs cons 2.7% and prior 2.7%

      • Q1 GDP +6.2% y/y vs prelim +5.9%; +1.5% q/q vs prelim +1.9%

    • Sweden May Retail Sales +8.0% y/y vs cons +4.1% and prior +4.7%; (0.2%) m/m vs cons (0.6%) and prior revised +0.2% from 0.0%

    • Greece

      • Apr Retail Sales (0.1%) y/y vs cons +2.5% and prior +3.0%

      • May PPI +13.5% vs cons +13.6% and prior +12.8%

  • Markets:

    • WTI Crude (Aug 26): ($0.59) or (0.83%) to $70.16

    • €-$ (0.0002) or (0.02%) to 1.1421

    • £-$ +0.0006 or +0.05% to 1.3263

    • €-£ (0.0005) to 0.8611

    • S&P 500 +0.49%

    • Performance year-to-date

      • FTSE 100: +5.70%

      • DAX: +2.06%

      • CAC: +3.12%

      • MIB: +14.99%

      • Stoxx 600: +8.37%