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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.16%), DAX (0.20%), CAC40 (0.24%)

Jul 08 ,2026

  • Synopsis

    • European equity markets are set for a negative open amidst mixed Asian equities Wednesday. South Korean markets down for second day with Samsung the main drag. Taiwan clawed back initial losses amid turnaround in semis. Japan also off worst levels. Hong Kong leading China markets with tech platforms gaining strength. S&P 500 futures flat afterhours.

    • US launched strikes against Iran in response to recent targeting of vessels in Strait of Hormuz. US strikes 4-5x larger than previous tit-for-tat clashes. Latest hostilities prompting discussion about risk to crude supply after fewer vessels transited Hormuz on Tuesday and Treasury Department revoked waiver allowing Iran to sell its oil. Crude rallied to two-week high, corresponding with backup in bond yields.

    • Back in Europe, President of Türkiye Erdoğan hosts EU's von der Leyen and Costa in a working dinner. In the UK, weekly PMQs at 12noon BST follows MPs questions on Northern Ireland, committee topics include reviewing the electricity market at 9:15, work of the dept. for science, innovation and technology at 9:30, BBC royal charter review at 10:00, defence spending and finance at 13:00, AI, business and the future of the workforce at 14:30. Also, Norway's minister of trade and industry Myrseth visits the Netherland.

    • In central banks, Bundesbank's Köhler-Geib speech at 8:30CET at event hosted by World Intellectual Property Organization. Bank of Spain's Escrivá speech at 9:30CET at CEU -Maria Cristina and Salido on AI at 16:00 at Complutense Univ. of Madrid. Bank of France's Moulin presents annual report on French current account. Bundesbank's Nagel and Slovenia central bank's Dolenc speech/panel at 13:30CET on Europe's economy, at German Embassy in Slovenia. Poland central bank interest rate decision at 15:00CET. The 3.75% benchmark interest rate is expected to be left unchanged. Denmark central bank releases lending survey for Q2 at 8:00CET. IMF's World Economic Outlook Update is released.

    • Elsewhere, ECJ decisions in cases Ryanair (RYA.ID) v Commission (Italy; aid scheme; related to Covid-19) as well as Apple and Apple Distribution International v EU Commission.

    • A light macro front sees Sweden Jun preliminary CPI and May industrial production due for release.

    • In earnings, Nyxoah (NYXHBB) reported preliminary Q2 revenue €7.7M vs FactSet €7.6M and Repsol (REP.SM) reported Q2 total upstream production 558 Kboe/d vs year-ago 557 Kboe/d

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

  • Politics/Macro/World News

    • US withdraws general license allowing Iranian oil sales -- Reuters, citing US official

    • US launches military strikes against Iran in response to Hormuz ship attacks

    • Iran targets sites in Bahrain, Kuwait after wave of US strikes - Reuters

    • UK Hiring Stabilizes as Outlook Brightens, Recruiters Say - Bloomberg

    • Nigel Farage by-election gambit undercut by rivals' refusal to participate - FT

    • Marine Le Pen to run for French presidency and appeal conviction in top court - BBC

  • Top company news

    • Earnings/updates

      • Benelux:

        • NYXH.BB (Nyxoah) -- reports preliminary Q2 revenue €7.7M vs FactSet €7.6M [6 est, €7.2-8.0M]

      • Nordics:

        • ADMCM.FH (Admicom) -- reports Q2 EPS €0.04 vs FactSet €0.40 [4 est, €0.26-0.53]

        • TGS.NO (TGS-NOPEC Geophysical Co.) -- operational update: expects multi-client investment to be ~$168M in Q2 2026 vs year-ago $114M

        • KID.NO (Kid) -- reports preliminary Q2 revenue NOK914.8M vs FactSet NOK901.6M [6 est, NOK878-922.6M]

      • Southern Europe:

        • REP.SM (Repsol) --Trading Statement: Q2 total upstream production 558 Kboe/d vs year-ago 557 Kboe/d

    • M&A

      • BAHN.B.SS (Bahnhof) -- Telenor to acquire controlling stake in Swedish broadband provider Bahnhof in transaction valuing the company at SEK 6.1B on an enterprise value basis

        • ORES.SS (Investment AB Öresund) -- to divest its entire shareholding in Bahnhof to Telenor for price of SEK 62/share; proceeds from sales amount to SEK 446M

      • ALVDM.FP (Voyageurs du Monde) -- Oddo recommends Voyageurs du Monde holders accept the offer; prior rating was outperform

      • COTY (Coty) -- Announces agreement with Kering for early transition of Gucci Beauty License; to receive ~$400M for early termination

      • KER.FP (Kering) -- announces Gucci and L'Oréal have entered into 50-year exclusive beauty licence agreement, one year ahead of schedule

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain to acquire a glass fiber plant in the United States located in Lexington, North Carolina; price not disclosed

      • LNA.FP (LNA Santé) -- and Euryale disclose sale and leaseback agreement for its eastern France HAH facility; terms not disclosed

      • ERA.AU (Energy Resources of Australia) -- holder Zentree Investments lodges appeal against Court's judgement relating to Rio Tinto's compulsory acquisition

    • Healthcare

      • ADXN.SW (Addex Therapeutics( -- announces publication of research highlighting therapeutic potential of mGlu7 modulation in regulating sleep and wakefulness

      • UCB.BB (UCB) -- to present latest data from its targeted generalized myasthenia gravis treatment portfolio at International Congress on Neuromuscular Diseases 2026

      • VERA (Vera Therapeutics) -- FDA approves Trutakna (atacicept) for adults with IgAN

      • AB.FP (AB Science) -- appoints Stéphane LEDERMANN as Chairman and CEO

      • 1177.HK (Sino Biopharmaceutical) --

        • enters into exclusive license agreement with AstraZeneca for TQC3721; to receive upfront payment $200M

        • expands exclusive strategic collaboration with GlaxoSmithKline

    • Other

      • TIT.IM (Poste Italiane) -- approves the issuance of 372.0M shares in connection with the offer to acquire Telecom Italia

      • TLX.GR (Talanx) -- holder Meiji Yasuda Life Insurance offers shares -- Bloomberg, citing terms

      • AL2SI.FP (2CRSI) -- The consortium announces its application for the European Commission's AI Gigafactory call for proposals and confirms that it is in advanced negotiations for the development of its first two European campuses in the Strasbourg region

      • +INFRA.SW (Infracore) -- 4.2M share IPO priced at CHF54/share

      • MTX.GR (MTU Aero Engines) -- Airbus and MTU Aero Engines to create JV to develop a fully electric hydrogen fuel cell engine

      • ISP.IM (Intesa Sanpaolo) -- agreement with Numero Blu Torino to be extended

      • CCH.LN (Coca-Cola HBC) -- Transcript Intelligence: Coca-Cola HBC Investor Meeting - Bitesize

      • VK.FP (Vallourec) -- announces that it completed on 30-Jun-26 its share buyback program, launched on 8-Jan-26.

      • ARCAD.NA (ARCADIS) -- wins major role to deliver critical Professional Services for UK Government Commercial Agency

      • Rio Tinto will not exercise right to become operator of Sovereign Metals' Kasiya Rutile-Graphite Project

  • Key rating changes

    • Upgrades

      • ENI.IM Eni upgraded to outperform from neutral at Santander

      • AENA.SM Aena S.M.E. upgraded to buy from neutral at BofA

      • VPLAY.B.SS Viaplay Group upgraded to buy from hold at Kepler Cheuvreux

      • JMT.PL Jeronimo Martins upgraded to buy from hold at Kepler Cheuvreux

      • TEL2.B.SS Tele2 upgraded to buy from hold at Kepler Cheuvreux

      • ORA.FP Orange upgraded to buy from hold at Kepler Cheuvreux

      • ATCO.A.SS (Atlas Copco) -- to neutral from sell at UBS

      • DTG.GR (Daimler Truck Holding) -- to overweight from equal weight at Barclays (earlier, timing uncertain)

      • YAR.NO (Yara International) -- to buy from hold at Danske Bank

    • Downgrades

      • BNP Paribas Exane downgrades ACX.SM, APAM.NA

      • RIO.LN (Rio Tinto) -- to underweight from equal-weight at Morgan Stanley

      • EMG.LN (Man Group) -- to neutral from buy at UBS

      • CAST.SS (Castellum AB) -- to neutral from buy at UBS

      • EXA.FP (Exail Technologies) -- to neutral from outperform at BNP Paribas Exane (earlier, timing uncertain)

    • Initiations

      • NORBT.NO Norbit initiated buy at Norne Securities

      • BIOMAR.DC BioMar initiated buy at Nordea

      • WRT1V.FH (Wartsila) -- neutral at Oddo

      • EGY.LN (Vaalco Energy) -- buy at Peel Hunt

      • KURN.SW (Kuros Biosciences) -- buy at Berenberg

  • Data

    • Nikkei (1.37%) to 67320.91

    • Hang Seng +2.90% to 24178.25

    • Shanghai Composite (0.15%) to 3984.35

    • S&P futures (11.8) vs prior close of 7551.3

    • €-$ +0.0009 or +0.08% to 1.1423

    • $-¥ +0.17 or +0.10% to 162.28

    • €-¥ +0.34 or +0.18% to 185.33

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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