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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.19%, DAX (0.32%), CAC40 (0.02%)

Jul 07 ,2026

  • Synopsis

    • European equity markets are set to open mixed to lower, whilst Asian equities lower Tuesday. Memory-driven selloff in South Korea triggered another futures trading halt. Losses intensifying in Japan with Kioxia a notable drag. Milder losses in Hong Kong with Tencent and Alibaba providing support. Taiwan lower despite modest gains in TSMC.

    • Selloff in technology stocks in Asia casting a shadow on US and European equity futures. Follows recent theme of rotation out of tech into other sectors amid scrutiny over AI-trade. Europe has been a beneficiary of rotation, though benchmark Stoxx 600 pulled back a bit after hitting new record highs early Monday. Strategists beginning to turn attention to Q2 earnings. Outlook positive, but thoughts that most of the good news is priced in and upside momentum might be limited.

    • In geopolitics, Russia carried out missile strike on Kyiv ahead of summit, which killed 28 people. Zelensky will hold talks with Trump and called for strong decisions in support of air defense. Britain will lead a European project to develop a new long-range missile, which will be announced on the sidelines of the summit. Officials said it will the first step to create a European pillar of Nato.

    • Also on today's agenda, UK's Office of Budget Responsibility releases its Fiscal Risks and Sustainability Report 2026. NATO meeting (through Wed), von der Leyen participates and delivers a speech at the plenary session of the NATO Summit Defence Industry Forum and EU's Kallas also among the attendees. Also in politics, in the UK, there are MPs questions on energy security and net zero at 11:30BST, followed shortly after by Opposition day debate (topic(s) tba), whilst committee topics include housing conditions in England at 10:00, defence investment plan also at 10:00, relationship between the government and the defence industry at 11:00, work of the dept. for business and trade at 14:30 and fiscal devolution in England at 15:00, international climate policy at 15:00 as well as national security assessment and COP-17 at 15:30. France's Court of Appeal will rule on Marine Le Pen's challenge to a ban on running for public office. Elsewhere, there's Tagesspiegel Background Conf on Agriculture & Food and Slovenia stock exchange overview at 10:00CET of the events on the capital markets in Q2. Also, TriCarbs BidCo extended acceptance period in connection with offer for Cint (CINT.SS) concludes 17:00 CET

    • In central banks, Bank of Italy's Panetta speech at 9:30CET at ChaMP forum, Austria central bank's Kocher chairs panel at 12noon CET, whilst BOE publishes its latest financial stability report at 10:30BST, related press conf at 11:30 and BOE's Mann panellist at 17:15BST at RES conf. The OECD employment outlook is released.

    • European macro data releases out today include Germany May industrial production, France May trade balance, UK Jun house price index - Halifax, Norway May manufacturing production, Finland May industrial production, Denmark May manufacturing production, Netherlands Jun final CPI.

    • In M&A, Shell (SHEL.LN) agreed to divest its South African downstream business to ADNOC Distribution for an implied enterprise value of $1B. Elsewhere, Grifols (GRF.SM) and Enel (ENEL.IM) both received FTC antitrust clearance for their respective transactions, easing regulatory concerns for both names. In France, Saint-Gobain (SGO.FP) pressed ahead with its bolt-on M&A strategy by acquiring Xypex, while in Switzerland, Givaudan (GIVN.SW) announced a strategic equity investment in Microcaps AG. Also in France, Voyageurs du Monde (ALVDM.FP) is set to delist after key shareholders agreed to acquire the remaining share capital.

    • In earnings news, Clas Ohlson (CLAS.B.SS) reported June organic sales growth of 14%, whilst Euronext (ENX.FP) released its monthly trading activity figures.

  • Politics/Macro/World News

    • Marine Le Pen to find out whether she can run for president - Le Monde

    • Nato braces for difficult summit as Trump puts pressure on spending - The Guardian

    • German CEOs worry Merz's €10bn tax cuts are too little to jump-start economy - FT

    • K's Burnham Rules Out Splitting Treasury To Avoid Disruption - FT

    • Qatari LNG Ship Struck in Strait of Hormuz, Testing US-Iran Deal - Bloomberg

    • Netherlands Jun CPI +2.9% vs preliminary +2.9% (00:30ET)

  • Top company news

    • Earnings/updates

      • ENX.FP (Euronext) -- Jun trading activity

      • CLAS.B.SS (Clas Ohlson) -- reports Jun sales SEK1.10B, +14% in organic growth

      • SALME.NO (Salmon Evolution) -- Q2 operational update: harvest volume 945 tonnes HOG

      • Also due to report today includes:

        • 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)

    • M&A

      • SHEL.LN (Shell Plc) -- ADNOC Distribution to acquire Shell Downstream South Africa for implied enterprise value of $1B

      • ALVDM.FP (Voyageurs du Monde) -- founding shareholders and principal institutional investors announce agreement to acquire remaining share capital of the company

      • GRF.SM (Grifols) -- FTC grants antitrust clearance for transaction involving Grifols and holder Flat Footed

      • SGO.FP (Compagnie de Saint-Gobain) -- has entered into definitive agreement to acquire Xypex

      • GIVN.SW (Givaudan) -- announced equity investment and strategic collaboration with Microcaps AG; details not provided

      • ENEL.IM (Enel) -- FTC grants antitrust clearance for Enel's acquisition of Dominion Energy's Solar Projects VI/VII

      • FGR.FP (Eiffage) -- acquires 80% stake in Baatz group

      • BUFAB.SS (Bufab) -- acquires UK-based DC Iron

      • SFSN.SW (SFS Group) -- Adval Tech Holding to acquire SFS Group's deep-drawing technology division; terms undisclosed

      • ADKO.AV (Addiko Bank) -- Raiffeisen Bank International intends to lower minimum acceptance threshold in voluntary public tender offer for all Addiko shares

      • RNO.FP (Renault) -- BYD has reportedly approached Renault twice for a stake in the company -- Les Echos

    • Healthcare

      • ABBV (AbbVie) -- announces TEPKINLY (epcoritamab) in combination with lenalidomide and rituximab approved by European Commission for treatment of r/r follicular lymphoma

      • ROP.SW (Roche Holding) -- Genentech and Roche present new data in Alzheimer's disease from across its integrated pharmaceutical and diagnostics portfolio at AAIC

      • ABVX.FP (Abivax) -- SEC filing: SCHEDULE 13D/A (Filed by Sofinnova Crossover I)

      • OXUR.BB (Oxurion) -- announces commercial launch of the Exagis electronic Trial Master File (eTMF) module

      • CPH.CN (Cipher Pharmaceuticals) -- and the pan-Canadian Pharmaceutical Alliance (pCPA) sign LOI for public drug plan coverage of Epuris

    • Other

      • BP.LN (BP) -- Equinor acquires bp's interest in Bay du Nord project

      • HSBA.LN (HSBC Holdings) -- HSBC withdraws from lending to riskier private credit clients - FT

      • LAGR.B.SS (Lagercrantz Group) -- publishes Sustainability Report

      • TKMS.GR (TKMS AG & Co. KGaA) -- Canada selects ThyssenKrupp as preferred supplier for Canadian Patrol Submarine Project

      • CMBN.SW (Cembra Money Bank) -- Cembra CFO Christoph Glaser to assume CRO role; new management structure

      • AVIO.IM (Avio) -- Advent International to acquire ~7% stake in Avio via €109.4M share issuance at €33.40/share

      • Syntiant Corp. files for Nasdaq IPO of indeterminate size - S-1

  • Key rating changes

    • Upgrades

      • CEZ.CP (CEZ) -- to outperform from underperform at Oddo

      • KGX.GR (Kion Group) -- to overweight from equal-weight at Morgan Stanley

      • LR.FP (Legrand) -- to overweight from equal weight at Barclays

      • MED.SW (Medartis Holding) -- to buy from neutral at UBS

      • RTO.LN (Rentokil Initial) -- to buy from neutral at Goldman Sachs

      • STJ.LN (St. James's Place) -- St. James's Place transferred buy at Peel Hunt; prior rating was add

    • Downgrades

      • ABB.SS (ABB Limited) -- to hold from buy at Pareto (earlier, timing uncertain)

      • ENR.GR (Siemens Energy) -- to underweight from equal weight at Barclays

      • DIA.IM (Diasorin) -- to underperform from neutral at BNP Paribas Exane

      • ITV.LN (ITV) -- to neutral from overweight at JPMorgan

      • PPGN.SW (PolyPeptide Group) -- to sector perform from outperform at RBC Capital Markets

    • Initiations

      • NESTE.FH (Neste) -- hold at Deutsche Bank

      • 8TRA.SS (TRATON) -- buy at Sparebank 1 Markets

      • CWK.LN (Cranswick) -- overweight at Barclays

      • COLR.BB (Colruyt Group) -- sector perform at RBC Capital Markets

      • DNLM.LN (Dunelm Group) -- neutral at BNP Paribas Exane

  • Data

    • Nikkei (1.74%) to 68526.34

    • Hang Seng (0.47%) to 23505.93

    • Shanghai Composite (1.13%) to 3995.48

    • S&P futures (22.8) vs prior close of 7591.5

    • €-$ (0.0009) or (0.08%) to 1.1433

    • $-¥ (0.21) or (0.13%) to 161.88

    • €-¥ (0.40) or (0.22%) to 185.04

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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