Jul 09 ,2026
Synopsis:
European equity markets closed mostly higher, following two consecutive sessions of weaker levels, including a sharp selloff on Wednesday. Basic resources, tech and retail the top gainers; healthcare, food/beverage, Personal Care Drug and Grocery Stores and energy the main laggards. FTSE lagging.
Markets looking to recover after experiencing a setback in recent sessions amid a flare-up in US-Iran tensions. Sentiment aided by reports China could allow domestic AI firms limited access to AI leader Nvidia's H200 chips, suggesting demand for AI infrastructure could get a further boost. Investors also somewhat less sensitive to US-Iran developments. US continued miliary strikes against Iran targeting ability to threaten ships in Strait of Hormuz. Yet, While Trump said ceasefire likely over he also did not put an end to talks and later claimed Iran called to make a deal. Rise in oil prices in recent sessions led to a backup in rates and some steeping in rate hike expectations.
Meanwhile, UK economy saw the biggest growth upgrade among G7 in yesterday's IMF update. Note, IMF lowered 2026 global growth forecasts though made upward revisions to Asia's major tech exporters amid the AI boom. Asia macro updates included slight easing in China CPI inflation and PPI inflation rose in-line with forecasts to highest since July 2022.
On macro data front, RICS UK house price update pointed to ongoing weakness in activity, some indicators point to stabilization. IDR survey showed steady pay awards in three months to May. German trade surplus widened sharply amid a big drop in imports, while exports beat expectations. June ECB meetings said members agreed inflation outlook deteriorated relative to April meeting after it decided to hike rates by 25 bps. Governing Council divided, but widely thought pullback in oil last month may give space to pause.
In corporate updates, Barry Callebaut (BARN.SW) missed revenue consensus but reaffirmed guidance; BlueNord (BNOR.NO) saw big miss in Q2 EPS vs estimates. Stolt-Nielsen (SNO.NO) reported better-than-expected Q2 EPS. In M&A, SalMar (SALM.NO) agreed to acquire 70% of Måsøval for ~NOK 3.4B and S-Bank launched a recommended €17.20/sh tender offer for Oma Savings Bank (OMASP.FH). Aviva (AV.LN) moved to acquire the remaining 26% of its Indian life insurance JV.
Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 06-Jul to 10-Jul attached) Hays (HAS.LN), MJ Gleeson (GLE.LN), Tryg (TRYG.DC), Gyldendal (GYLD.A.DC), Protector Forsikring (PROT.NO), Kitron (KIT.NO), Aker BioMarine (AKBM.NO), Elkem (ELK.NO), Entra (ENTRA.NO), Intea Fastigheter (INTEA.B.SS), Avarda Bank (AVARDA.SS), JM (JM.SS), Investment AB Öresund (ORES.SS), Byggmax Group (BMAX.SS), KlaraBo (KLARA.B.SS), Carasent (CARA.SS), Bulten (BULTEN.SS), Q-linea (QLINEA.SS), Netel Holding (NETEL.SS) and EMS-Chemie Holding (EMSN.SW) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Jun final CPI, France Jun final CPI, Italy May industrial production, Switzerland Jun consumer confidence - SECO, Norway Jun CPI, trade balance, Denmark Jun CPI, Netherlands May manufacturing production, Austria May industrial production, Greece May industrial production, Portugal Jun final CPI.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +3.22%, Technology +2.76%, Retail +2.01%, Banks +1.79%, Telecom +1.39%, Real Estate +1.21%, Consumer Products and Services +1.15%, Financial Svcs +0.98%,
Underperformers:
Health Care (1.06%), Food, Beverage and Tobacco (1.00%), Personal Care Drug and Grocery Stores (0.85%), Energy(0.28%), Chemicals (0.27%), Autos & Parts (0.16%), Utilities (0.15%), Media +0.36%, Insurance +0.36%, Construct & Mtls +0.74%, Travel & Leisure +0.75%,
Macro/Peripheral markets:
Geopolitics
Tehran launches more strikes after explosions reported in southern Iran - BBC
Putin likely to escalate Ukraine war, despite Trump peace push, sources say - Reuters
Oil tanker traffic through Hormuz at near standstill as attacks strain Iran truce - Reuters
Jordan reports rocket fire from Iran - Handelsblatt
Central Banks
Minutes from the ECB's June meeting confirm rise in inflation risks - FT
EU
UK
Disability benefit not fit for purpose, minister leading review says - BBC
Grid operator warns of energy crunch as heatwave strains network - The Telegraph
UK PM-in-waiting vows to rebuild 'hard power' for more dangerous world - Reuters
France
France Launches Plan to Cut Fertilizer Import Reliance - Bloomberg
Germany
German Bond Yields Dip as Traders Watch Middle East Tensions - Bloomberg
Germany buys Tomahawk cruise missiles in the USA - Handelsblatt
Company news:
Trading Higher:
+43.6% OMASP.FH (Oma Savings Bank €16.82, +5.10) -- S-Bank Plc cash tender offer at €17.20/sh
+20.9% BGO.LN (Bango £0.72, +0.12) -- trading update
+15.3% PTEC.LN (Playtech £3.71, +0.49) -- trading update
+14.2% MAS.NO (Måsøval NOK37.90, +4.70) -- Salmar to acquire 70% of shares in Måsøval
+13.6% WAF.GR (Siltronic €91.80, +10.90) -- BNP Paribas Exane upgrade
+12.9% 1SXP.GR (SCHOTT Pharma $20.15, +2.28) -- prelim earnings; RBC Capital Markets upgrade
+11.7% COTN.SW (COMET Holding CHF394.60, +40.80) -- BofA ugprade
+9.6% NOKIA.FH (Nokia €11.01, +0.98) -- parternship for AI-enabled defense operations
+7.7% XK4.GR (Gabler Group €48.00, +3.40) -- order win
+7.3% SMHN.GR (SÜSS MicroTec €81.95, +5.60) -- Industrial machinery
+7.1% BONEX.SS (BONESUPPORT HOLDING SEK237.40, +16.00) -- Medical specialties
+7.1% STMPA.FP (STMicroelectronics €61.80, +4.17) -- semis
+7.0% CCC.LN (Computacenter £43.62, +2.90) -- trading update
+7.0% BNOR.NO (BlueNord NOK537.00, +35.00) -- earnings
+6.1% DEZ.GR (Deutz AG €9.25, +0.54) -- acquisition
+5.7% AAL.LN (Anglo American £35.39, +1.92) -- Precious metals
+5.6% NDX1.GR (Nordex €42.70, +2.28) -- trading update
+5.3% HOC.LN (Hochschild Mining £4.57, +0.23) -- Precious metals
+5.3% SAGA.LN (Saga Plc £6.12, +0.31) -- initiated buy at Berenberg
+5.2% MELE.BB (Melexis €77.55, +3.85) -- semis
+4.9% JEN.GR (Jenoptik €40.62, +1.86) -- target up at Jefferies
+4.7% PCO.PW (Pepco Group PLN38.38, +1.70) -- trading update
+4.6% BIOMAR.DC (BioMar DKK115.70, +5.20) -- initiated buy at DNB Carnegie
+4.2% VACN.SW (VAT Group CHF681.80, +27.40) -- Industrial machinery
+4.2% GLEN.LN (Glencore £5.12, +0.21) -- Goldman Sachs upgrade
+4.2% INDT.SS (Indutrade SEK208.40, +8.40) -- ABG Sundal Collier upgrade
+4.1% EBS.AV (Erste Group Bank €117.60, +4.60) -- reinstated buy at Goldman Sachs
+3.9% BYIT.LN (Bytes Technology Group £4.05, +0.15) -- AGM statement
+3.7% TIMA.GR (ZEAL Network €45.10, +1.60) -- acquisition
+3.6% RVRC.SS (RVRC Holding SEK58.55, +2.05) -- acquisition
+3.5% HEIJM.NA (Heijmans €104.70, +3.50) -- renews credit facility
+3.4% LUVE.IM (LU-VE €64.20, +2.10) -- sales
+3.4% FRES.LN (Fresnillo £26.54, +0.87) -- Precious metals
+3.2% SENS.SW (Sensirion Holding CHF78.40, +2.40) -- SEK-SGP4x Evaluation Kit availability; semis
+3.1% BCHN.SW (Burckhardt Compression Holding CHF455.50, +13.50) -- Industrial machinery
+2.9% ITM.LN (ITM Power £1.16, +0.03) -- grant award
+2.8% ELM.LN (Elementis £1.55, +0.04) -- initiated buy at Kepler Cheuvreux
+2.8% ANA.SM (Acciona €249.00, +6.80) -- acquisition
+2.6% VEI.NO (Veidekke NOK190.80, +4.80) -- ABG Sundal Collier upgrade
+2.3% ADEN.SW (Adecco Group CHF16.45, +0.37) -- Deutsche Bank upgrade
+2.1% YPSN.SW (Ypsomed Holding CHF359.80, +7.40) -- trading update
+2.1% NIVI.B.SS (Nivika Fastigheter SEK37.40, +0.75) -- Industrial machinery
+1.9% BRK.LN (Brooks MacDonald Group £13.75, +0.25) -- trading update
+1.8% WKL.NA (Wolters Kluwer €60.34, +1.06) -- JPMorgan upgrade
+1.5% SCHO.DC (Schouw & Co DKK624.00, +9.00) -- reinitiated buy at DNB Carnegie; prior rating was buy
Trading Lower:
-18.3% CPI.LN (Capita £2.30, -0.51) -- trading update
-12.8% PLEJD.SS (Plejd AB SEK929.00, -136.00) -- earnings
-7.1% AZN.LN (AstraZeneca £131.72, -10.16) -- CARDIO-TTRansform Phase 3 trial of AstraZeneca's eplontersen does not meet primary endpoint
-5.2% F85.GR (Contango Silver & Gold, Inc. €13.12, -0.72)
-5.2% HAG.GR (HENSOLDT €74.80, -4.10) -- mwb research downgrade
-4.8% R3NK.GR (Renk Group €43.83, -2.19) -- mwb research downgrade
-4.6% RHM.GR (Rheinmetall €1,018.40, -49.00) -- mwb research downgrade
-4.5% INTRUM.SS (Intrum SEK3.20, -0.15) -- direct issue
-4.3% EPR.NO (Europris NOK83.30, -3.70) -- earnings
-4.1% BARN.SW (Barry Callebaut CHF1,155.00, -49.00) -- sales
-3.7% DATA.LN (GlobalData £0.73, -0.03) -- trading update; Peel Hunt downgrade
-3.6% AVIO.IM (Avio €30.95, -1.18) -- approves issuance of 3.3M shares on connection with Advent International's previously disclosed acquisition of ~7% stake at €33.40/share
-3.0% HO.FP (Thales €226.40, -6.90) -- ? Defense
-2.3% HSW.LN (Hostelworld Group £1.08, -0.03) -- trading update
-2.2% KINV.B.SS (Kinnevik SEK50.76, -1.14) -- transferred hold at Kepler Cheuvreux; prior rating was buy
-2.2% 4C.SS (4C Group SEK9.24, -0.22) -- earnings
-2.1% ALSTW.FP (StreamWIDE €76.00, -1.60)
EU companies reporting tomorrow:
Earnings:
DACHs: EMS-Chemie Holding (EMSN.SW)
Nordics: Tryg (TRYG.DC), Gyldendal (GYLD.A.DC), Protector Forsikring (PROT.NO), Kitron (KIT.NO), Aker BioMarine (AKBM.NO), Elkem (ELK.NO), Entra (ENTRA.NO), Intea Fastigheter (INTEA.B.SS), Avarda Bank (AVARDA.SS), JM (JM.SS), Investment AB Öresund (ORES.SS), Byggmax Group (BMAX.SS), KlaraBo (KLARA.B.SS), Carasent (CARA.SS), Bulten (BULTEN.SS), Q-linea (QLINEA.SS), Netel Holding (NETEL.SS)
Trading Update:
UK: Hays (HAS.LN), MJ Gleeson (GLE.LN)
Sales: Volkswagen (VOW.GR)
Traffic: DFDS (DFDS.DC)
CMD/Events: Bayerische Motoren Werke (BMW.GR) pre-close call at 14:00CET (link), Porsche (P911.GR) pre-close call at 8:00CET
Data:
Economics:
May Trade Balance
Denmark DKK28.9B vs consensus DKK28.6B and prior revised DKK29.2B from DKK32.8B
Germany €19.1B vs consensus €14.8B and prior revised €14.7B from €14.5B
Jun CPI
Greece +4.4% y/y vs consensus +4.2% and prior +5.2%
Ireland +3.4% y/y vs consensus +3.4% and prior +3.6%
Markets:
WTI Crude (Aug 26): ($1.38) or (1.88%) to $72.14
€-$ +0.0017 or +0.15% to 1.1435
£-$ +0.0013 or +0.10% to 1.3400
€-£ +0.0006 to 0.8533
S&P 500 +0.55%
Performance year-to-date
FTSE 100: +5.45%
DAX: +2.56%
CAC: +2.17%
MIB: +16.55%
Stoxx 600: +8.22%
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