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StreetAccount Summary - EU Market Recap: FTSE 100 +0.24% to 10497.29, DAX (0.20%) to 25067.09, CAC40 +0.15% to 8338.97, STOXX 600 +0.04% to 641.10

Jul 10 ,2026

  • Synopsis:

    • European equity markets ended broadly mixed. DAX underperforms. Follows mostly firmer performance on Thursday. Media, basic resources, telecom and autos the top gainers, while energy, tech and healthcare the main laggards. Sentiment impacted this week after flare-up in US-Iran tensions.

    • On European macro calendar, final inflation updates from Germany and France unchanged from flash. Survey saw weakest UK business confidence since early 2025. BoE chief economist Pill reiterated need for tighter monetary policy. UK MP Burnham has effectively secured the numbers to become prime minister next week with a majority formally nominating him as next leader.

    • Focus on M&A headlines; Apollo (APO) announced £7.15 per easyJet (EZJ.LN) share in cash offer, valuing easyJet at ~£5.7B. Further, Apollo is to obtain non-controlling stake in newly established entity holding Bayer (BAYN.GR) long-acting reversible contraceptives (LARC) business for $3B in equity capital. Emirates Telecommunications (EAND.AE) to sell its entire 16.21% stake in Vodafone (VOD.LN) to Vega, an acquisition vehicle owned by the Niel family group, for 112.5p/sh. EQT (EQT.SS) confirms media reports and announced acquisition of Copia Power from Carlyle (CG). LondonMetric Property (LMP.LN) consortium improves Picton (PCTN.LN) takeover terms, increasing Schroder Real Estate Investment (SREI.LN) exchange ratio to 0.894/sh from 0.881.

    • In other corporate news, Volkswagen (VOW3.GR) executive board presented the Supervisory board with a comprehensive package of measures comprising 12 initiatives and the 2030 target picture. In the UK, St. James's Place (STJ.LN) falls following report Sovereign Wealth, one of its largest partner firms, has decided to exit the group. Further, Hays (HAS.LN), Johnson Service Group (JSG.LN), MJ Gleeson (GLE.LN) out with trading updates. Citi flags possibility that BASF (BAS.GR) may pre-release and update guidance today. Also out of DACHs, EMS-Chemie Holding (EMSN.SW) is trading higher post better-than-expected H1 numbers.

    • Looking ahead to next week, the EU economic calendar is quiet on Monday, with no major releases expected.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +1.73%, Basic Resources +1.38%, Telecom +1.28%, Autos & Parts +0.92%, Travel & Leisure +0.88%, Banks +0.79%, Chemicals +0.67%, Construct & Mtls +0.62%, Retail +0.57%, Real Estate +0.31%, Insurance +0.29%, Financial Svcs +0.26%, Food & Beverage +0.22%

      • Underperformers:

        • Oil & Gas (0.83%), Technology (0.65%), Health Care (0.62%), Utilities (0.25%), Ind Goods & Svcs (0.17%), Persnl & HHold Goods (0.01%)

    • Macro:

      • EU:

        • EU warns Meta over Facebook and Instagram's addictive feeds -- FT

      • UK:

        • Foreign Ownership of UK Firms Soared 35% Amid Glut of Deals -- Bloomberg

      • Germany:

        • German lawmakers approve healthcare shake-up aimed at taming costs -- Reuters

    • Company news:

      • Notable Gainers

        • +21.1% IPX.LN (Impax Asset Management Group £1.14, +0.20) -- Q3 AUM update

        • +19.6% HAS.LN (Hays Plc £0.43, +0.07) -- Q4 trading update

        • +16.9% BULTEN.SS (Bulten SEK51.40, +7.40) -- enters into binding agreement to divest European automotive contract manufacturing operations to Maelir AB at agreed enterprise value (ex leasing debt) of ~€44.5M; Q2 earnings

        • +14.3% EZJ.LN (EasyJet £6.70, +0.84) -- Apollo announces £7.15 per company share in cash offer, valuing easyJet at ~£5.7B

        • +12.6% VOD.LN (Vodafone Group £1.11, +0.12) -- Emirates Telecommunications to sell out of company for $5.95B

        • +11.6% AVARDA.SS (Avarda Bank SEK190.80, +20.40) -- Q2 earnings

        • +10.1% EKI.FP (Ekinops €2.63, +0.24) -- Q2 revenue; TPICAP Midcap upgrade

        • +8.8% SPG.DC (SP Group DKK450.00, +36.50) -- H1 earnings

        • +7.8% SNI.NO (Stolt-Nielsen NOK323.00, +23.50) -- DNB Carnegie upgrade

        • +7.5% QLINEA.SS (Q-linea SEK17.00, +1.20) -- Q2 earnings

        • +6.4% MT.NA (ArcelorMittal €58.06, +3.50) -- JPMorgan upgrade

        • +6.4% SZG.GR (Salzgitter €52.05, +3.05) -- JPMorgan upgrade

        • +6.1% VOE.AV (Voestalpine €43.70, +2.50) -- JPMorgan upgrade

        • +5.8% ODF.NO (Odfjell NOK112.20, +6.20) -- DNB Carnegie upgrade

        • +5.4% GLE.LN (MJ Gleeson £2.44, +0.13) -- FY trading update

        • +4.7% BRAV.SS (Bravida Holding SEK129.90, +5.90) -- contract

        • +4.2% EMSN.SW (EMS-Chemie Holding CHF713.00, +29.00) -- H1 earnings

        • +3.0% BMAX.SS (Byggmax Group SEK51.60, +1.50) -- Q2 earnings

        • +2.6% BWLPG.NO (BW LPG NOK190.40, +4.80) -- agrees to sell the 2007-built BW Elm

        • +1.9% ARCH.NO (Archer NOK24.15, +0.45) -- contract

      • Notable Decliners

        • -14.1% JSG.LN (Johnson Service Group £1.38, -0.24) -- H1 trading update

        • -12.0% JM.SS (JM SEK124.80, -16.80) -- Q2 earnings

        • -10.9% KIT.NO (Kitron NOK91.70, -11.20) -- Q2 earnings

        • -10.4% POS.AV (PORR €39.25, -4.50) -- PORR holder IGO construction offers ~1.5M shares -- Bloomberg

        • -8.5% STJ.LN (St. James's Place £11.63, -1.08) -- trading lower following report Sovereign Wealth (one of the largest partner firms) has decided to exit the group

        • -7.1% MELE.BB (Melexis €72.00, -5.55) -- Deutsche Bank downgrade

        • -4.3% GVR.ID (Glenveagh Properties €2.42, -0.11) -- Deutsche Bank downgrade

        • -4.1% ENTRA.NO (Entra ASA NOK103.20, -4.40) -- Q2 earnings

        • -3.4% BAMNB.NA (Koninklijke BAM Groep €11.86, -0.42) -- completes €40M share buyback program

        • -2.4% DUE.GR (Duerr €17.20, -0.42) -- Berenberg downgrade

        • -1.5% JUP.LN (Jupiter Fund Management £1.70, -0.03) -- transferred add at Peel Hunt

    • EU companies reporting tomorrow:

      • Earnings:

        • Norway: Gjensidige Forsikring (GJF.NO), Kongsberg Maritime (KMAR.NO), Smartoptics Group (SMOP.NO)

        • Sweden: Sagax (SAGA.B.SS), Bravida Holding (BRAV.SS), OEM International (OEM.B.SS)

        • UK: ME Group International (MEGP.LN)

      • Trading Update:

        • France: Thermador Groupe (THEP.FP)

        • Southern Europe: Galp Energia (GALP.PL)

        • UK: Grafton Group (GFTU.LN), Oxford Nanopore Technologies (ONT.LN), PageGroup (PAGE.LN)

      • CMD/Events: Volkswagen (VOW3.GR) pre-close call at 17:00CET, Zigup (ZIG.LN)

  • Data:

    • Economics:

      • Germany Jun CPI y/y +2.3% vs consensus +2.6% and prior +2.3%

      • France Jun CPI y/y +1.8% vs consensus +1.8% and prior revised to +2.4% from +2.4%

      • Italy May Industrial Production y/y (wda) +1.1% vs consensus +1.3% and prior revised to +1.1% from +1.3%

    • Markets:

      • WTI Crude (26-Aug): ($0.80) or (1.11%) to $71.28

      • €-$ +0.0003 or +0.03% to 1.1434

      • £-$ +0.0010 or +0.07% to 1.3419

      • €-£ (0.0005) to 0.8521

      • S&P 500 +0.14%

      • Performance year-to-date:

        • FTSE 100: +5.70%

        • DAX: +2.35%

        • CAC: +2.32%

        • MIB: +17.07%

        • Stoxx 600: +8.26%

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