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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX (0.07%), CAC40 +0.04%

Jul 10 ,2026

  • Synopsis

    • European indicies are set to open mixed as Asian equities rise. Japan and South Korea outperforming with memory, chip equipment and robotics rallying. Greater China markets picking up gains with internet platforms driving Hong Kong higher. Taiwan closed due to typhoon activity.

    • S&P 500 futures unchanged afterhours

    • US equities finished higher in Thursday trading, ending a bit off best levels. S&P 500 and Nasdaq now on pace for weekly gains.

    • Memory outperformance seemed to support arguments recent selloff overdone amid a still-favorable fundamental backdrop. Hype continues to build ahead of SK Hynix's (000660.KS) US trading debut on Friday after offering priced at premium to Thursday's close.

    • Middle East hostilities a press focus as oil partially retraces rally after US held off on third day of strikes. Markets remain skeptical of a resumption of war with Axios highlighting diplomatic efforts to de-escalate tensions and US officials saying two sides to continue technical talks.

    • In Central Banks Friday sees: ECB's Vujčić and Bank of Greece's Stournaras panellists at 8:15CET at Economist Government Roundtable in Greece.

    • Economic data:Germany Jun CPI +2.3% y/y vs preliminary +2.3%

    • More to come, with: 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

    • CMD/Events: Bayerische Motoren Werke (BMW.GR) pre-close call at 14:00CET (link), Porsche (P911.GR) pre-close call at 8:00CET

    • Yesterday after the close Volkswagen executive board presented its future plan; model lineup will be streamlined by up to 50%.

    • Early monring earnings reports:

      • (INTEA.B.SS) Intea Fastigheter AB reports Q2 EPS SEK0.71 vs FactSet SEK0.99

      • (TRYG.DC) Tryg reports Q2 net income DKK874M vs consensus DKK722M; comments on FY27 outlook

      • (BMAX.SS) Byggmax Group reports Q2 EPS SEK3.42 vs FactSet SEK3.20

      • (NETEL.SS) Netel Holding reports Q2 EPS cont ops (SEK0.63) vs year-ago SEK0.18

  • Politics/Macro/World News

    • Iran says it hits US military targets in Gulf, buries slain leader Khamenei (Reuters )

  • Top company news

    • Earnings/updates

      • EMSN.SW (EMS-Chemie Holding) -- reports H1 EBITDA CHF336M vs FactSet CHF324.6M

      • ELK.NO (Elkem) -- reports Q2 EPS (NOK2.09) vs year-ago (NOK0.84); Q3 expected to be impacted by seasonally lower activity

      • KIT.NO (Kitron) -- reports Q2 EPS €0.10 vs FactSet €0.09 [5 est, €0.09-0.10]

      • ALTHX.FP (THX Pharma) -- reports cash position of €17.5M as of 30-June-26 vs €19.9 M on 31-March-26

    • M&A

      • CG (Carlyle Group) -- to sell $2.6bn data center power unit, Copia Power, to EQT for fivefold return - FT

      • CG (Carlyle Group) -- CORRECTION: Carlyle Group to sell $2.6bn data center power unit, Copia Power, to EQT for fivefold return - FT

      • CG (Carlyle Group) -- EQT confirms acquisition of Copia Power from Carlyle; terms not disclosed

      • DCC.LN (DCC) -- founder believes board has exercised very poor judgment in recommending takeover 'on the cheap'; urges shareholders to join him in rejecting bid - FT

      • DKSH.SW (DKSH Holding) -- to acquire Gale & Cosm, an Italy-based distributor of specialty chemicals serving the personal care industry; terms undisclosed

      • SFSN.SW (SFS Group) -- to acquire Heartland Precision Fasteners, Inc; terms undisclosed

      • BNJ.NA (Banijay Group) -- Banijay Entertainment and All3Media completes combination creates leading global media and entertainment powerhouse

      • NOL.NO (Northern Ocean) -- Hemen Holding crosses 50% threshold in Northern Ocean, triggers mandatory takeover bid

      • BULTEN.SS (Bulten) -- enters into binding agreement to divest European automotive contract manufacturing operations to Maelir AB at agreed enterprise value (ex leasing debt) of ~€44.5M (SEK484M)

      • ZAL.NO (Zalaris) -- announces acceptances received under mandatory offer by Kona BidCo to acquire all shares in the company

      • Blackstone in bilateral talks to acquire Device Technologies - The Australian

      • OK Financial selected as preferred bidder for MG Non-Life Insurance - Maeil (post-close 9-Jul)

    • Healthcare

      • SOBI.SS (Swedish Orphan Biovitrum) -- announces CDA issues positive reimbursement recommendation for EMPAVELI (pegcetacoplan) for the treatment of C3G and primary IC-MPGN

      • IVA.FP (Inventiva) -- announces completion of EIB warrant restructuring with issuance of new EIB warrants

    • Other

      • O2D.GR (Telefonica Deutschland Holding) -- Telefonica Deutschland set to cut more than 1,000 jobs - Handelsblatt, citing sources

      • HSBA.LN (HSBC Holdings) -- HSBC marketing risky loans made by Hang Seng Bank to investors - FT

      • Amazon Shipping seeking to grow volume for its US shipping offering by offering competitive pricing lower than UPS and FDX - Supply Chain Dive (earlier today)

      • State Bank of India enters into agreement to sell 28.8M-shares in SBI Funds Management at INR574.00/sh

  • Key rating changes

    • Upgrades

      • DNB Carnegie upgrades ODF.NO, SNI.NO

      • AENA.SM (Aena S.M.E.) -- to outperform from market perform at Bernstein (16:35 CET)

      • LDO.IM (Leonardo) -- to buy at Jefferies

      • MAIRE.IM (MAIRE) -- to buy from hold at Kepler Cheuvreux

      • MB.IM (Mediobanca) -- to buy from hold at Deutsche Bank

    • Downgrades

      • ABB.SS (ABB Limited) -- to hold from buy at ABG Sundal Collier

      • SHL.GR (Siemens Healthineers) -- to hold from buy at Berenberg

      • WIZZ.LN (Wizz Air Holdings) -- to underperform from sector perform at RBC Capital Markets

      • WOSG.LN (Watches of Switzerland Group) -- to hold from buy at Jefferies

      • DUE.GR (Duerr) -- to hold from buy at Berenberg

      • MELE.BB (Melexis) -- to hold from buy at Deutsche Bank

      • INDU.A.SS (Industrivarden) -- to hold from buy at Handelsbanken

      • JUP.LN (Jupiter Fund Management) -- Jupiter Fund Management transferred add at Peel Hunt; prior rating was buy

  • Data

    • Nikkei +1.58% to 68817.24

    • Hang Seng +1.27% to 24336.20

    • Shanghai Composite +0.60% to 4060.97

    • S&P futures (11.3) vs prior close of 7588.8

    • €-$ +0.0011 or +0.10% to 1.1442

    • $-¥ (0.83) or (0.51%) to 161.55

    • €-¥ (0.80) or (0.43%) to 184.80

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