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StreetAccount Summary - EU Market Recap: FTSE 100 (0.26%) to 10651.77, DAX +0.15% to 25817.89, CAC40 (0.33%) to 8479.87, STOXX 600 (0.35%) to 650.50

Jul 06 ,2026

  • Synopsis:

    • European equity markets ended mixed to lower. Pan-European indices saw their best levels of the session around mid-morning, having reversed slight initial losses, before steadily moving lower, seeing the worst levels of the day around Wall Street's open. Shares modestly pared losses in later trade with Greece +0.9% the outlier on the upside, and among the less than a handful of country benchmarks ending up on the day. Denmark (1.2%) and Belgium, Portugal both (1.1%) led underperformers.

    • In the Middle East, in Iran, Khamenei's funeral march begins as mourners threaten Trump, and whilst Iran seeks to tighten control over strait of Hormuz, Maersk, Hapag-Lloyd say to resume sailings through Suez Canal for one of their services. Also, Israel continues strikes on Lebanon

    • The weekend saw a second night of Russian strikes on the Ukrainian capital, the attack coming after confirmation that President Trump is set to meet president Zelensky at NATO Summit, with missile defence systems high on the request list of the Ukrainian leader.

    • In central banks, Bank of Italy hosts conf (through Tue) on challenges for monetary policy transmission in a changing world (ChaMP), ECB's Schnabel chairs panel including Riksbank's Seim at 17:00CET and ECB's Lane speech at 20:30CET, whilst ECB's Lagarde in on-stage conversation at 18:00CET at 15th anniversary event of Financi'Elles, and BOE's Mann panellist at 17:30BST at Royal Economic Society (RES) conf (through Wed)

    • Earlier in central banks, Croatia central bank's Žigman delivered introductory speech and was a panellist at annual meeting of Croatian regulators, and Latvia central bank's Rutkaste participated in the Latvian Radio program 'Krustpunktā'.

    • Economic data included German factory orders rebounding a stronger-than-expected +1.9% m/m in May and Switzerland Jun unemployment rate. Also, UK Jun new car registrations +11.4% y/y to 213,166 units, hitting the best June since 2019 -- SMMT and Eurozone investor confidence improved m/m in Jul.

    • In politics, in the UK, there were MPs questions on defence followed by National Security (State Threats) Bill continuing its passage through parliament, whilst Chinese foreign minister Wang Yi starts a visit to Norway, having been in Finland (yle) and Sweden (SCMP) over the weekend.

    • In Germany, Cabinet meeting adopted the draft 2027 federal budget

    • Norway's Government and the Sweden Democrats to hold a press conf. tomorrow morning presenting one or more news item after an extraordinary government meeting as look to maintain the high pace of reform

    • EU Parliament's environment committee is voting on the proposal to extend the EU's carbon border adjustment mechanism to specific steel- and aluminium-intensive downstream products, and to strengthen anti-circumvention measures

    • Elsewhere, Federal Employment Agency and the German TUC Baden-Württemberg co-host event on the potential and challenges of AI in companies. Fitch Rating held webinar title life insurance consolidation: dynamics, risks, and regulatory influence and Politico Pro a briefing title Uneasy alliance: What to expect at this week's NATO summit.

    • The seasonal lull in company earnings/updates continues, so focus on M&A news flow. This included, Novartis agreeing to acquire Myricx Bio for $1.1B upfront, Continental to sell ContiTech to Lone Star Funds for EV of €4.0B, Thales agrees to acquire Exail Technologies after Safran drops out of bidding, EasyJet reaches agreement in principle with Castlelake on key financial terms of recommended offer and ITV agrees sale of its Media and Entertainment business to Sky for a total consideration of up to £1.6B. ITV reversed initial gains, ending down (0.4%)

    • Smaller M&A deals, with smaller percentage shares price changes include ING (INGA.NA) acquires ~40% non-controlling stake in Spanish wealth manager Singular Bank; price not disclosed, Arum and Dompé Holdings announce preliminary results of €5/share offer for BF SpA (BFG.IM), Eni (ENI.IM) to acquire 25% stake in EnergyX's Chilean subsidiary company Black Giant SpA, total phased investment $225M, EQT (EQT.SS) to acquire Orikan, terms undisclosed and CVC (CVC.NA) sells premium marina operator D-Marin to InfraVia Capital Partners, details not provided. Also, reportedly, Next (NXT.LN) to make play for Harvey Nichols

    • Elsewhere, ASM International (ASM.NA) nominates Chris Figee as new CFO, with Figee leaving KPN's (KPN.NA) CFO position on 1-Nov

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Financial Svcs +1.11%, Banks +0.83%, Autos & Parts +0.71%, Insurance +0.39%, Oil & Gas +0.32%, Media +0.15%, Technology +0.13%, Travel & Leisure +0.01%, Ind Goods & Svcs (0.08%), Basic Resources (0.25%)

      • Underperformers:

        • Utilities (1.81%), Health Care (1.80%), Food & Beverage (1.67%), Chemicals (1.24%), Construct & Mtls (1.13%), Retail (1.10%), Persnl & HHold Goods (0.75%), Telecom (0.62%), Real Estate (0.36%)

    • Macro/Peripheral markets:

      • OPEC+:

        • Over the weekend, agrees to raise output by 188,000 bpd from Aug - Reuters

      • Central banks:

        • ECB's Lagarde says she may step down early to run in France's 2027 presidential election - Politico

      • NATO:

        • European NATO allies highlight sharp defence spending rise ahead of Trump-led summit in Ankara - EurActiv

        • Trump rebukes Starmer over NATO defence spending as Andy Burnham advances toward UK leadership - London Times

        • Finland, the UK, the Netherlands and Poland issue a joint statement on developing the New Multilateral Defence Mechanism - release

      • Türkiye:

        • President Trump intervenes to unblock the sale of US-made F110 engines to Turkey - ekathimerini

      • France:

        • French corporate leaders lobby against proposed Zucman global wealth tax - Le Parisien

      • Germany:

        • Germany raises 2027 borrowing target to €118B on on weak tax revenue and higher debt costs - Bloomberg

        • Federal Cabinet approves draft 2027 budget - DW

      • Ireland:

        • Opinion poll: Fine Gael 20% +1, Sinn Féin 19% (1), Fianna Fáil 17% +1 - Sunday Independent/Ireland Thinks poll

      • UK:

        • Group of economists wrote a letter calling on UK's would-be prime minister Burnham to carry out a radical overhaul of the tax system to boost the economy - Bloomberg

        • BoE could give UK Gilt markets a boost this week via a change in its leverage rules - Reuters

        • Business investment plans have hit a post-pandemic low - British Chamber of Commerce survey

    • Company news:

      • Notable Gainers

        • +17.9% MSAB.B.SS (Micro Systemation) -- estimates Q2 revenue SEK122M vs year-ago SEK81M, FactSet SEK92.5M

        • +11.1% TKMS.GR (TKMS) -- won the bid to build Canada's new submarines - Globe & Mail

        • +10.3% XFAB.FP (X-FAB Silicon Foundries) -- buy from hold at Kepler Cheuvreux

        • +9.3% EZJ.LN (EasyJet) -- reaches agreement in principle with Castlelake on key financial terms of recommended 690p/share in cash offer

        • +7.5% OERL.SW (OC Oerlikon Corp.) -- outperform from neutral at Oddo

        • +6.9% ALHGR.FP (Hoffmann Green Cement Technologies) -- record production volume for H1

        • +5.0% RPI.LN (Raspberry Pi Holdings) -- appoints Tim Powell as CFO, effective 16-Oct

        • +4.5% KGH.LN ( Knights Group Holdings) -- FY underlying EPS 27.1p vs year-ago 22.9p

        • +3.3% GARO.SS (GARO) -- CEO acquires 400K warrants

        • +2.8% WIHL.SS (Wihlborgs Fastigheter) -- H1 EPS SEK2.76 vs year-ago SEK2.87

        • +2.6% EXA.FP (Exail Technologies) -- Thales agree to acquire a 35.51% stake from Gorgé family with view to acquiring 100%

          • +1.4% HO.FP (Thales)

          • +0.4% SAF.FP (Safran) -- ends discussions regarding possibly buying Exail Technologies

        • +2.3% QLT.LN (Quilter) -- buy from hold at Kepler Cheuvreux

        • +2.1% CARL.B.DC (Carlsberg) -- forms strategic JV with Sapporo Breweries in Southeast Asia, HK, and partnership in the UK

        • +2.1% BAMI.IM (Banco BPM) -- Credit Agricole now holds 29.3% of Banco BPM

          • +0.6% ACA.FP (Credit Agricole)

        • +1.7% PAG.LN (Paragon Banking Group) -- commences further buy-back program of up to £50.0M for FY26

          • On earnings/updates: WALL.B.SS (Wallenstam), FBK.IM (FinecoBank), FABG.SS (Fabege)

      • Notable Decliners

        • -33.7% APR.NO (Appear) -- guides Q2 revenue NOK 189.6M vs year-ago NOK 271M; expects FY26 revenues NOK880-920M vs previous guidance ~ NOK1B

        • -8.7% CBG.LN (Close Brothers Group) -- sector perform from outperform at RBC Capital Markets

        • -7.3% BTG.LN (BTG Consulting) -- FY Adj EPS 11.1p vs FactSet 11.0p [5 est, 10.8-11.2p]

        • -6.4% WLN.FP (Worldline) -- underperform from neutral at BofA

        • -5.5% MAERSK.B.DC (Maersk) -- Takes step towards a gradual return to the trans-Suez corridor; seen effectively increasing overall shipping capacity in the market and weighing on rates

          • -2.2% HLAG.GR (Hapag-Lloyd)

        • -4.3% CATE.SS (Catena) -- H1 EPRA EPS SEK13.39 vs year-ago SEK12.52

        • -3.0% NXT.IM (Next Geosolutions) -- Fincantieri agrees to acquire majority stakes in NextGeo, WSense, Graal Tech and Defcomm

          • +12.7% FCT.IM (Fincantieri)

        • -3.0% NOL.NO (Northern Ocean) -- Deepsea Mira completes the Shell contract

        • -2.3% CON.GR (Continental) -- to sell ContiTech to Lone Star Funds for EV of €4.0B, plans to return €2.5B to holders

        • -1.9% OCDO.LN (Ocado Group) -- Tim Steiner will continue to serve as CEO through start of 2028 financial year

        • -1.6% SESG.FP (SES) -- underweight from equal weight at Barclays

        • -1.6% DOKA.SW (dormakaba Holding) -- acquires Style Group; terms not disclosed

          • On earnings/updates: NAS.NO (Norwegian Air Shuttle), AIA.GA (Athens International Airport), BNOR.NO (BlueNord), ICEAIR.IR (Icelandair Group), PEY.LN (Partners Group Private Equity)

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: Kinnevik (KINV.B.SS), Eastnine (EAST.SS), ABG Sundal Collier Holding (ABG.NO)

      • Trading Update:

        • Southern Europe: Brunello Cucinelli (BC.IM)

        • Other: Cairn Homes (C5H.ID)

        • UK: Shell (SHEL.LN)

      • Sales: Clas Ohlson (CLAS.B.SS), Sino (XTP.GR)

      • Traffic: Finnair (FIA1S.FH)

  • Data:

    • Economics:

      • Germany May factory orders +1.9% m/m vs consensus +1.2%, prior revised (3.2%) from (3.8%)

      • Denmark May manufacturing production (3.9%) m/m vs consensus +0.5%, prior revised (1.0%) from (1.1%)

      • Switzerland Jun unemployment rate

        • 3.1% sa vs consensus 3.0%, prior 3.0%

        • 2.9% nsa vs consensus 3.0%, prior 3.1%

      • Jun construction PMI

        • Germany 44.8 vs consensus 42.0, prior 42.4

        • UK 38.4 vs consensus 40.1, prior 38.2

      • Eurozone

        • May retail sales +1.6% y/y vs consensus +1.5%, prior revised +0.9% from +1.0%

        • May PPI +5.9% y/y vs consensus +5.7%, prior revised +5.0% from +4.9%

        • Jul investor confidence (3.1) vs consensus (14.5), prior (13.4) - Sentix

      • Ireland Jun unemployment rate 5.0% vs consensus 4.8%, prior 4.9%

    • Markets:

      • WTI Crude (Aug 26): +$0.29 or +0.42% to $68.98

      • €-$ (0.0015) or (0.13%) to 1.1422

      • £-$ +0.0007 or +0.05% to 1.3360

      • €-£ (0.0017) to 0.8551

      • S&P 500 +0.67%

      • Performance year-to-date:

        • FTSE 100: +7.25%

        • DAX: +5.42%

        • CAC: +4.05%

        • MIB: +17.83%

        • Stoxx 600: +9.85%

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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