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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.25% to 10679.03, DAX +0.78% to 25779.31, CAC40 +0.39% to 8508.07, STOXX 600 +0.68% to 652.77

Jul 03 ,2026

  • Synopsis:

    • European equity markets closed higher and near the best levels of the session. Stoxx 600 hit new record high. Utilities, Technology, Construction and Industrials the best performers; Travel/Leisure, Personal/Household Goods and Healthcare lag. Follows strong performance on Thursday. US is closed for Independence Day holiday.

    • Risk sentiment positive. Analysts have talked up positive regional fundamentals this week with macro picture improving after the recent pullback in oil. US NFP weaker, though did not have an impact on European macro narrative. Several strategists have recently increase year-end targets for Stoxx 600. Note, however, that concerns over crude oil outlook remain. Some thoughts that absence of Chinese buying may have been a factor in recent decline in prices.

    • Sector gains today led by Utilities getting a boost from the German government's wide-ranging competitiveness reform package, expected to accelerate economic growth (according to officials in Berlin). Package also supporting Industrials Goods & Services and Construction & Materials.

    • Elsewhere, UK's Burnham said in an interview there is movement in Labour's manifesto on tax but will stick to central pledge on main rates of income tax, VAT and national insurance.

    • On macro data front, final composite PMIs out in Europe. Eurozone composite PMI revised up to 50.0 versus flash 49.5 amid stabilization in services sector. French industrial production remained soft, Spanish reading beat. Italian retail sales also surprised on the upside. UK PMI unchanged from flash BoE DMP survey saw fall in business expectations for year ahead inflation.

    • Light corporate news. In earnings, Craneware (CRW.LN) is trading lower post trading update with group now expecting FY26 financial performance to be below market expectations. Pluxee (PLX.FP) shares are higher post Q3 sales update, with FY targets confirmed. ALSTOM (ALO.FP) published aide-mémoire ahead of Q1 2026/27 publication and Avanza Bank (AZA.SS) reported Jun preliminary net inflow. Aker BP (AKRBP.NO) out with Q2 net production numbers.

    • In M&A, Renk Group confirms media reports and announced acquisition of David Brown Defence in the form of the shares in DB Defence Holdco SARL. ACCC advances Saipem (SPM.IM) -- Subsea7 (SUBC.NO) merger to Phase 2 review over competition concerns. Czech tycoons Michal Strnad and Pavel Tykac reportedly in talks with holder Sinochem over Pirelli & C. stake (PIRC.IM).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +1.70%, Ind Goods & Svcs +1.50%, Construct & Mtls +1.50%, Technology +1.43%, Basic Resources +1.08%, Telecom +0.80%

      • Underperformers:

        • Travel & Leisure (0.66%), Persnl & HHold Goods (0.34%), Health Care (0.23%), Real Estate (0.09%), Insurance +0.10%, Media +0.14%, Food & Beverage +0.27%, Autos & Parts +0.36%, Oil & Gas +0.40%, Chemicals +0.44%, Retail +0.51%, Banks +0.53%, Financial Svcs +0.61%

    • Peripheral markets:

      • EU:

        • Calviño says capital markets union needed to fund European growth (Handelsblatt)

      • BoE:

        • BoE's Mann says she's ready to hike if price pressures last (Bloomberg)

      • Germany:

        • Merz says German reform play could lift 2027 GDP above 1% (Bloomberg)

        • Sentiment in German automotive industry deteriorates (IFO)

      • UK:

        • Burnham has not yet decided on finance minister (Reuters); Says Labour manifesto has room for movement on tax (London Times); Commits to find billions to fill UK's defense black hole (Politico)

        • Burnham floats warehouse tax hike to fund cuts for high street (Bloomberg)

        • Britain scraps planning consultation requirement on infrastructure investment (Reuters)

      • Energy:

        • European nations believe some Hormuz fees are inevitable (Bloomberg)

        • Energy profits lift Europe earnings outlook (Reuters)

      • Geopolitics:

        • Lithuania moves to end nuclear weapon ban as 'situation getting worse' (Reuters)

    • Company news:

      • Notable Gainers

        • +22.3% GNFT.FP (GENFIT €12.94, +2.36) -- NASHnext granted U.S. Medicare coverage and reimbursement

        • +14.8% MIPS.SS (MIPS SEK301.80, +39.00) -- settles alleged patent infringement litigation with BrainGuard Technologies

        • +7.9% CBG.LN (Close Brothers Group £4.40, +0.32) -- Shore Capital Stockbrokers upgrade

        • +7.8% BFSA.GR (Befesa €31.65, +2.30)

        • +7.8% BONAV.B.SS (Bonava SEK10.36, +0.75) -- refinancing of existing debt facilities

        • +6.0% AIXA.GR (Aixtron €49.28, +2.78)

        • +5.6% ABVX.FP (Abivax €135.00, +7.20) -- underwriters fully exercise option, lifting ADS offering proceeds to $920M (€807M)

        • +5.6% TYRES.FH (Nokian Renkaat €12.83, +0.68) -- DNB Carnegie upgrade

        • +5.4% JM.SS (JM SEK149.50, +7.60) -- ABG Sundal Collier upgrade

        • +5.3% OUT1V.FH (Outokumpu €5.28, +0.27) -- assumed buy at DNB Carnegie

        • +5.3% FDE.FP (La Française de l'Energie €42.10, +2.10) -- acquires Oslo RNG plant Romerike Biogassanlegg

        • +5.2% DOV.IM (doValue €2.37, +0.12)

        • +4.8% KCR.FH (Konecranes €27.72, +1.28) -- order

        • +4.4% EOAN.GR (E.ON SE €19.18, +0.81) -- BNP Paribas Exane sees German grid package pledge as positive for E ON

        • +4.2% VID.SM (Vidrala €89.60, +3.60) -- CaixaBank upgrade

        • +4.1% RHIM.LN (RHI Magnesita £28.90, +1.15)

        • +3.9% SVED.B.SS (Svedbergs Group SEK66.30, +2.50)

        • +3.6% SPM.IM (Saipem €4.40, +0.15) -- Saipem Subsea7 merger requires ACCC Phase 2 review

        • +3.2% SKA.B.SS (Skanska SEK267.60, +8.40) -- Danske Bank upgrade

        • +2.2% MAERSK.B.DC (Maersk DKK16,700.00, +365.00) -- Goldman Sachs upgrade

      • Notable Decliners

        • -75.4% ACE.SS (Ascelia Pharma SEK0.81, -2.47) -- receives Complete Response Letter (CRL) from US FDA regarding Company's New Drug Application (NDA) for Orviglance

        • -26.0% CRW.LN (Craneware £10.82, -3.80) -- FY trading update

        • -0.8% RWAY.IM (Rai Way €4.79, -0.04) -- Equita downgrade; notes 2i and MFE-MediaForEurope's end of merger talks press release

    • EU companies reporting Monday:

      • Earnings:

        • Nordics: Catena (CATE.SS), Fabege (FABG.SS), Wallenstam (WALL.B.SS), Wihlborgs Fastigheter (WIHL.SS)

        • UK: BTG Consulting (BTG.LN), Knights Group Holdings (KGH.LN)

      • Trading Update:

        • DACHs: GEA Group (G1A.GR)

        • Southern Europe: Repsol (REP.SM)

      • Traffic: Norwegian Air Shuttle (NAS.NO), Icelandair Group (ICEAIR.IR)

      • CMD/Events: AstraZeneca (AZN.LN) sustainability highlights call at 14:30BST (link), GEA Group (G1A.GR) pre-close call, Aumovio SE (AMV0.GR) pre-close call

  • Data:

    • Economics:

      • Jun Services PMI

        • France 46.8 vs prelim 47.4

        • Italy 50.2 vs cons 50.5 and prior 49.4

        • Germany 48.6 vs prelim 46.8

        • Eurozone 49.4 vs prelim 48.9

        • Sweden 56.6 vs cons 52.6 and prior revised 54.2 from 53.9

        • Spain 54.2 vs cons 50.9 and prior 50.1

      • Italy May Retail Sales +2.2% y/y vs cons +1.8% and prior revised +1.7% from +1.6%; +0.2% m/m vs cons +0.1% and prior 0.0%

      • France May Industrial Production (0.1%) m/m vs cons (0.3%) and prior revised +0.3% from +0.1%

      • Spain May Industrial Production +3.4% y/y vs cons +2.3% and prior revised +2.3% from +2.0%

    • Markets:

      • WTI Crude (Aug 26): ($0.21) or (0.31%) to $68.48

      • €-$ +0.0010 or +0.09% to 1.1442

      • £-$ +0.0007 or +0.05% to 1.3355

      • €-£ +0.0003 to 0.8569

      • S&P 500 +0.00%

      • Performance year-to-date

        • FTSE 100: +7.53%

        • DAX: +5.26%

        • CAC: +4.40%

        • MIB: +17.52%

        • Stoxx 600: +10.23%

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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