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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (1.66%) to 10489.04, DAX (2.23%) to 24897.45, CAC40 (2.18%) to 8252.66, STOXX 600 (1.61%) to 635.91

Jul 08 ,2026

  • Synopsis:

    • European equity markets ended sharply lower. Follows mostly lower close on Tuesday. Stoxx 600 at one-week low. Spain's IBEX underperforms. Oil & Gas the only sector to gain, while Basic Resources, Constructions, Autos, Real Estate and Retail were the main laggards.

    • Sentiment impacted by latest flareup in Middle East tensions, which saw US launch military strikes against Iran on Tuesday in response to Iranian targeting of commercial vessels in Strait of Hormuz. Trump said he thinks Iran MoU is over. Crude rallying and bond yields backup. Upward pressure on global rates, which was in play even before the oil bounce, another area of scrutiny with some heightened focus on structural influences. Also, attention on NATO summit. Trump said he doesn't want anything to do with Spain because of their lack of contribution to defense spending.

    • In politics, French leader Le Pen announced she will run for president in 2027, teaming with protégé Bardella as her prospective PM. In the UK, Reform UK Farage resigned as an MP to trigger a by-election bid, however rivals refusing to contest and calling it a stunt. Meanwhile, a CityAM/Freshwater poll showed that more half of voters expect taxes to increase under a Burnham government regardless of who takes over from Chancellor Reeves. Polling showed that 55% believed taxes would increase while just 9% thought they would fall.

    • Macro calendar is empty. Survey from KPMG/REC showed easing in UK jobs market downturn. Swedish inflation in line with consensus.

    • In earnings news, initial focus on energy companies with Repsol (REP.SM) issuing a Q2 trading statement with solid figures and TGS-NOPEC Geophysical (TGS.NO) releasing an operational update showing Q2 revenue well ahead of consensus. Also, Equinor (EQNR.NO) updated investors ahead of its release on 22-Jul. In the UK, Jet2 (JET2.LN) reported FY earnings and launched a £250M share buyback, whilst Vistry Group (VTY.LN) is trading sharply lower on the back of a negative H1 trading update, indicating it expects to deliver a loss before tax of ~£30M in H1.

    • On the M&A newsflow, Telenor (TEL.NO) announced it will acquire a controlling stake in Swedish broadband provider Bahnhof (BAHN.B.SS) in a transaction valuing the company at SEK 6.1B on an enterprise value basis. In connection with the transactions, Investment AB Öresund (ORES.SS) divests its entire shareholding in Bahnhof to Telenor for a price of SEK 62/share.

    • Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany May trade balance and UK Jun house price balance - RICS.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.87%, Utilities (0.42%), Telecom (0.58%), Insurance (0.70%), Technology (0.93%), Health Care (1.31%)

      • Underperformers:

        • Basic Resources (4.54%), Autos & Parts (3.67%), Construct & Mtls (3.66%), Retail (3.34%), Banks (2.85%), Real Estate (2.66%), Travel & Leisure (2.38%), Ind Goods & Svcs (2.19%), Media (2.16%), Persnl & HHold Goods (2.05%), Chemicals (1.68%), Financial Svcs (1.67%), Food & Beverage (1.62%)

    • Macro:

      • EU:

        • Spain's mega EU debt proposal sets up showdown with northern European countries -- Politico

        • EU faces tougher gas storage refill task as winter looms and high prices bite -- euronews

        • Serbia's EU membership bid hits the wall -- Euractiv

      • UK:

        • The unsustainable upward trajectory of UK debt -- FT

        • Reform falls behind Labour after Burnham bounce -- Telegraph

      • Germany:

        • Germany has an economic plan at last -- Reuters

      • France:

        • With Marine Le Pen's sentence the judiciary is giving French citizens the final say on her political future -- The Conversation

      • Italy:

        • Meloni sets Italy's terms on defense spending after NATO summit -- Decode39

    • Company news:

      • Notable Gainers

        • +26.6% VCP.LN (Victoria £0.73, +0.15) -- refinancing and trading update

        • +17.1% BAHN.B.SS (Bahnhof SEK59.60, +8.70) -- Telenor acquires controlling stake from founders and Investment AB Öresund, valuing company at SEK 6.1B EV

        • +10.5% BSL.GR (Basler €27.60, +2.60) -- Warburg Research upgrade

        • +8.2% JET2.LN (Jet2 £14.76, +1.11) -- £250M share buyback program; FY earnings

        • +8.0% KURN.SW (Kuros Biosciences CHF21.52, +1.56) -- initiated buy at Berenberg

        • +7.2% TGS.NO (TGS-NOPEC Geophysical Co. NOK133.50, +9.00) -- Q2 operational update

        • +5.1% REP.SM (Repsol €22.98, +1.13) -- Q2 trading statement

        • +4.7% KID.NO (Kid ASA NOK125.20, +5.60) -- prelim. Q2 revenue

        • +4.6% YAR.NO (Yara International NOK451.90, +19.80) -- Danske Bank upgrade

        • +3.7% ENI.IM (Eni €21.33, +0.75) -- Santander upgrade

        • +3.2% VK.FP (Vallourec €21.21, +0.66) -- confirms ~€650M shareholder payout for 2026

        • +3.0% AFX.GR (Carl Zeiss Meditec €29.22, +0.86) -- Metzler Capital Markets upgrade

      • Notable Decliners

        • -32.2% BOKU.LN (BOKU £0.95, -0.45) -- H1 trading update

        • -10.9% AL2SI.FP (2CRSI €33.12, -3.98) -- Consortium advances EU AI gigafactory plans

        • -7.1% VTY.LN (Vistry Group £2.35, -0.18) -- H1 trading update; CEO strategy review update; CFO to step down

        • -6.5% LHA.GR (Deutsche Lufthansa €9.24, -0.64) -- Citi downgrade

        • -6.4% ADMCM.FH (Admicom €25.00, -1.70) -- Q2 earnings

        • -5.4% TLX.GR (Talanx €110.20, -6.30) -- Talanx holder Meiji Yasuda Life Insurance offers shares -- Bloomberg, citing terms

        • -5.0% ACX.SM (Acerinox €15.53, -0.81) -- BNP Paribas Exane downgrade

        • -4.6% CAST.SS (Castellum AB SEK126.50, -6.10) -- UBS downgrade

        • -4.5% BCP.PL (Banco Comercial Portugues €1.03, -0.05) -- Goldman Sachs downgrade

        • -3.7% SAB.SM (Banco de Sabadell €3.11, -0.12) -- initiated sell at Goldman Sachs

        • -3.5% MTX.GR (MTU Aero Engines €355.80, -12.80) -- Airbus JV on fully electric hydrogen fuel cell engine

        • -3.3% PIRC.IM (Pirelli & C. €6.71, -0.23) -- Citi downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Suedzucker (SZU.GR), Agrana Beteiligungs (AGR.AV), Banque Cantonale du Jura (BCJ.SW)

        • Nordics: Stolt-Nielsen (SNI.NO), Europris (EPR.NO), BlueNord (BNOR.NO), Bonheur (BONHR.NO), Plejd (PLEJD.SS), HEBA Fastighets (HEBA.B.SS), Nivika Fastigheter (NIVI.B.SS), Flerie (FLERIE.SS), 4C Group (4C.SS), Logistea (LOGI.A.SS)

      • Trading Updates:

        • DACHs: OMV (OMV.AV), Barry Callebaut (BARN.SW)

        • France: Ekinops (EKI.FP)

        • UK: Severn Trent (SVT.LN), Brooks MacDonald Group (BRK.LN), Hostelworld Group (HSW.LN)

        • Other: Pepco Group (PCO.PW)

  • Data:

    • Economics:

      • None

    • Markets:

      • WTI Crude (26-Aug): +$5.03 or +7.14% to $75.47

      • €-$ (0.0016) or (0.14%) to 1.1398

      • £-$ +0.0001 or +0.01% to 1.3360

      • €-£ (0.0013) to 0.8530

      • S&P 500 (0.88%)

      • Performance year-to-date:

        • FTSE 100: +5.62%

        • DAX: +1.66%

        • CAC: +1.27%

        • MIB: +15.29%

        • Stoxx 600: +7.38%

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.
Please refer to "Terms Of Use".

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