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StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.8%, CAC +0.9%, IBEX +1.0%, MIB +0.8%

Jul 09 ,2026

  • Synopsis

    • European equity markets set to open broadly higher, following Wednesday's selloff that saw the Stoxx Europe 600 end down (1.6%).

    • Asian equities mixed Thursday. Intra-session volatility in South Korea with Kospi rally faltering. Japan outperforming. Taiwan flat, weighed down by TSMC. Greater China markets turning lower. S&P 500 futures up slightly afterhours.

    • Crude eyed amid latest Middle East hostilities. US and Iran launch strikes for second day; Trump claims Iran "called a little while ago", and that "they want to make a deal so badly".(BBC). On Wednesday, benchmark Brent crude jumped by more than 5% but at the moment oil has erased some of its earlier gains to now trade down.

    • European macro data releases include Germany May trade balance, Norway Jun PPI, Greece Jun CPI, Ireland Jun CPI, Denmark May trade balance.

    • UK Jun house price balance - RICS already on the tape coming in at (33%) vs consensus (30%) and prior (34%). RICS says momentum remains weak, though some indicators point to the recent downturn in activity easing.

    • Elsewhere, in central banks, Bank of Spain's Escrivá speech (livestream) at 12:30CET on the productivity challenge and business growth: the role of financing. BOE's Breeden panellist at 20:30BST at the NY Fed and Chicago Booth School of Business conf on monetary policy implementation and market functioning and there's the release at 13:30CET of minutes of last ECB MPC meeting. Eurogroup meeting, ECB's Lagarde and Cipollone, EU's Dombrovskis among the attendees. Also in politics, in the UK, nominations for the Labour leadership race will open and there's an informal meeting of EU competitiveness ministers (Internal market and industry) starts (through Fri), Norway's minister of trade and industry Myrseth among the attendees. EU's Albuquerque meets with UK Chancellor Reeves in Brussels. Elsewhere, German Banking Assn. holds press conf at 9:30CET on competitiveness and regulation, there's Politico Pro Roundtable at 9:00BST title Tech UK and Chatham House hold London conf, speakers include deputy PM Lammy at 10:00BST. Greece's PM Mitsotakis and EP's Metsola speech at 17:30CET at Economist's Annual Government Roundtable.

    • Reportedly, Volkswagen's (VOW.GR) Supervisory Board meeting will discuss possible further job cuts. Also, first day of trading of Infracore (+INFRA.SW) on SIX Swiss Exchange

    • European markets saw mixed earnings/updates, with Barry Callebaut [BARN.SW] missing revenue consensus but reaffirming guidance, and BlueNord [BNOR.NO] badly missing Q2 EPS estimates. In M&A, SalMar [SALM.NO] agreed to acquire 70% of Måsøval for ~NOK 3.4B, S-Bank launched a recommended €17.20/share tender offer for Oma Savings Bank [OMASP.FH], and Aviva [AV.LN] moved to acquire the remaining 26% of its Indian life insurance JV. Among broker changes, JPMorgan upgraded Wolters Kluwer [WKL.NA] to overweight while downgrading Stellantis [STLAM.IM] to neutral, and Berenberg upgraded Unibail-Rodamco-Westfield [URW.FP] to buy.

  • Politics/Macro/World News

    • UK pay awards hold at 3.5% in three months to May, IDR survey shows (Reuters)

    • Le Pen's strategy to win French presidency: Bring Bardella everywhere (POLITICO)

  • Top company news

    • Earnings/updates

      • SZU.GR (Suedzucker) -- reports Q1 operating EBITDA €135M vs FactSet €139.1M [1 est]

      • OMV.AV(OMV) -- Q2 Trading Update: total hydrocarbon production 291 kboe/d vs year-ago 304 kboe/d

      • AIR.FP (Airbus SE) -- reports June gross orders 71 aircraft, deliveries 89 aircraft to 49 customers

      • NDX1.GR (Nordex) -- reports Q2 order intake of 3,054 MW; +32.2 y/y

      • BARN.SW (Barry Callebaut) -- reports 9M revenue CHF9.56B vs consensus CHF9.72B; reaffirms FY profitability guidance

      • FIE.GR (Fielmann Group ) --reports prelim H1 adj EBITDA €296M vs year-ago €292.0M; remains on track to achieve its FY26 guidance (€42.60)

      • AGR.AV (Agrana Beteiligungs) -- reports Q1 EPS €0.31 vs FactSet €0.18 [1 est]; reaffirms FY guidance

      • LOGI.A.SS (Logistea) -- reports Q2 EPS SEK0.21 vs FactSet SEK0.37 [3 est, SEK0.30-0.50]

      • YPSN.SW (Ypsomed Holding) -- Ypsomed Q1 trading update: company enjoyed a strong start to the new fiscal year -- CEO

      • SIGHT.FP (GenSight Biologics) -- reports cash and cash equivalents totaled €1.7M as of 30-Jun-26 vs €3.2M as of 31-Mar-26

      • KOF.FP (Kaufman & Broad) -- reports H1 net income €23.5M vs FactSet €20.6M [1 est]

      • EPR.NO (Europris) -- reports Q2 EPS NOK1.50 vs FactSet NOK1.69 [5 est, NOK1.60-1.80]; maintains its expectation

      • BNOR.NO (BlueNord) -- reports Q2 EPS $0.40 vs FactSet $1.60 [3 est, $1.12-2.15]

      • Also reporting today

        • Earnings:

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

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

        • Trading Update:

          • France: Ekinops (EKI.FP)

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

          • Other: Pepco Group (PCO.PW)

    • M&A

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- sells North American well data products business to Enverus

      • OMASP.FH (Oma Savings Bank) -- S-Bank Plc announces voluntary recommended public cash tender offer of €17.20/sh for all shares in Oma Savings Bank Plc

      • MAS.NO (Måsøval) -- holder Heimstø has enters agreement to sell its shares to SalMar

      • OWL (Blue Owl Capital) -- funds complete acquisition of 12 hospitals from Spire Healthcare Portfolio

      • REC.IM (Recordati) -- CONSOB approves Respighi BidCo's offer document in connection with acquisition of Recordati

      • AV.LN (Aviva) -- to buy remaining 26% of Aviva Life Insurance Co India from Dabur Invest Corp; terms unreported - Economic Times

      • DCC.LN (DCC) -- announces extension of PUSU deadline to no later than 5:00 pm on 15-Jul-26

      • ANA.SM (Acciona) -- agrees to acquire 80% of Vertical Earth for an undisclosed sum (post EU close 8-Jul) (€243.20)

      • GBLB.BB (Groupe Bruxelles Lambert) -- completes acquisition of majority stake in BUKO Group

      • SALM.NO (Salmar) -- to acquire 70% of the shares in Måsøval from Heimstø for an aggregate consideration of ~NOK 3.4B

      • KTN.GR (Kontron) -- Executive Board and Supervisory Board recommend that shareholders do not accept the mandatory takeover offer from Ennoconn

      • TIMA.GR (ZEAL Network) -- to acquire remaining 96.5% of shares in SevenCanyon

      • RVRC.SS (RVRC Holding) -- acquires ICANIWILL

      • PPT.AU (Perpetual) -- directors believe A$25/sh would be the minimum for any change of control transaction - The Australian, citing sources

      • SBT.FP (Oeneo) -- Group to acquire Lamouroux; terms not disclosed

      • TPG, Blackstone considering sale of Hologic's surgical unit for more than $4B - FT

    • Healthcare

      • AZN.LN (AstraZeneca) -- US FDA grants orphan drug designation to AstraZeneca drug for the treatment of ADPKD

      • REGN (Regeneron) -- NICE recommends Regeneron's Libtayo to treat recurrent or metastatic cervical cancer that has progressed on or after platinum-based chemotherapy

      • ROP.SW (Roche Holding) -- Roche receives CE Mark for blood test to identify tuberculosis infection

      • RYTM (Rhythm Pharmaceuticals) -- discloses NEJM Publication of Phase 3 TRANSCEND Trial Results in Acquired Hypothalamic Obesity

      • MGNX (MacroGenics) -- NICE recommends MacroGenics's Tzield to delay onset of stage 3 type 1 diabetes in people 8 years and over with stage 2 type 1 diabetes

      • IPN.FP (Ipsen) -- announces positive topline results from its Phase III BEOND migraine program evaluating Dysport for the prevention of episodic and chronic migraine in adults

      • NYXH.BB (Nyxoah) -- Transcript Intelligence: Nyxoah Investor Day

    • Other

      • INTRUM.SS (Intrum) -- resolves on a directed issue of approximately SEK 500M as part of the directed issue of approximately SEK 1.5B

      • HEM.SS (Hemnet Group) -- cleared after Swedish Competition Authority closes abuse of dominance case

      • SBI Funds Management discloses IPO price band of INR 545-INR 574/share

  • Key rating changes

    • Upgrades

      • Goldman Sachs upgrades ADM.LN, SAMPO.FH

      • COTN.SW (COMET Holding) -- to buy from underperform at BofA

      • GALP.PL (Galp Energia SGPS) -- to buy from neutral at JB Capital Markets

      • PNDORA.DC (Pandora) -- to buy from hold at SEB

      • URW.FP (Unibail-Rodamco-Westfield) -- to buy from hold at Berenberg

      • WAF.GR (Siltronic) -- to outperform from neutral at BNP Paribas Exane

      • WKL.NA (Wolters Kluwer) -- to overweight from neutral at JPMorgan

      • OKEA.NO (Okea) -- to buy from neutral at Sparebank 1 Markets

      • INDT.SS (Indutrade) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • STLAM.IM (Stellantis) -- to neutral from overweight at JPMorgan

      • WAF.GR (Siltronic) -- to hold from buy at Kepler Cheuvreux

      • PGHN.SW (Partners Group Holding) -- to neutral from buy at UBS

      • SGRO.LN (Segro) -- to hold from buy at Jefferies

      • TYRES.FH (Nokian Renkaat) -- to hold from buy at Danske Bank

      • BGN.IM (Banca Generali) -- to hold from buy at Kepler Cheuvreux

      • KINV.B.SS (Kinnevik) -- transferred hold at Kepler Cheuvreux; prior rating was buy

      • GJF.NO (Gjensidige Forsikring) -- to hold from buy at Norne Securities

    • Initiations

      • SAGA.LN (Saga Plc) -- buy at Berenberg

      • SCHO.DC (Schouw & Co) -- re buy at DNB Carnegie; prior rating was buy

  • Data

    • Nikkei +1.46% to 67797.13

    • Hang Seng (0.86%) to 23991.96

    • Shanghai Composite +0.53% to 3992.12

    • S&P futures +19.8 vs prior close of 7528.8

    • €-$ +0.0019 or +0.17% to 1.1437

    • $-¥ (0.26) or (0.16%) to 162.35

    • €-¥ +0.01 or +0.01% to 185.65

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