Jul 13 ,2026
Synopsis:
European indices ended mostly higher. Iran-Hormuz standoff remains the dominant driver. The US and Iran both conducted further strikes this weekend as the situation around the Strait of Hormuz remains volatile. US Central Command reported strikes against air-defense systems, coastal radar sites, drone/missile facilities, and small boats, noting its forces are postured to ensure freedom of navigation. For its part, Iran launched attacks against as many as six Persian Gulf states, including Oman (with which it has been trying to reach a deal for SoH oversight)
No major macro-economic update was scheduled for today. On the political front, focus remain in the UK, with Andy Burnham set to be formally confirmed as Labour leader (Fri) and take over as PM on 20-July, keeping questions around fiscal policy and his chancellor pick in view. Some reports suggest Burnham may revive "Help to Buy" scheme, supporting homebuilders
The earnings calendar for this week is picking up as Q2 reporting season gets underway. The calendar is dominated by Scandinavian companies, with ASM Holding (ASML.NA) update on Wednesday being the key event
Amidst a slew of earnings update hitting the tape this morning, PageGroup (PAGE.LN), Kongsberg Gruppen (KOG.NO) and Gjensidige Forsikring (GJF.NO) updated investors before the open. In the airport sector, Fraport (FRA.GR) and Heathrow (+HTR.LN) reported Jun traffic. In M&A news, AkzoNobel (AKZA.NA) stated that Nippon Paints' EUR7.5B offer significantly undervalues its Decorative Paints business and also recommended a merger of equals between AkzoNobel and Axalta. Elsewhere, Ubisoft Entertainment (UBI.FP) sold 2M copies of Assassin's Creed, whilst Fresenius (FRE.GR) issued an update related to the GKV Stabilization Act
Digest:
Sectors - STOXX Europe 600:
Outperformers: Oil & Gas +2.22%, Telecom +1.52%, Chemicals +1.32%, Media +1.28%, Utilities +1.01%, Food & Beverage +0.46%, Insurance +0.23%, Financial Svcs +0.19%, Retail +0.10%, Persnl & HHold Goods +0.06%
Underperformers: Travel & Leisure (1.22%), Construct & Mtls (0.71%), Technology (0.55%), Health Care (0.52%), Ind Goods & Svcs (0.48%), Banks (0.40%), Real Estate (0.31%), Basic Resources (0.14%), Autos & Parts (0.06%)
Macro:
Wildfire rages near Paris as heatwave scorches Europe (Reuters)
Macron to lead France's largest military parade since Second World War (Telegraph)
The plan to take down Le Pen: Frame her as a lefty (Poltico)
UK and EU strike Russian cyber networks with new sanctions (UK Gov)
UK Bonds Lead Europe Selloff as Inflation Fears Rekindled (BBG)
EU announces special panel on child safety online (EC)
Company news:
Notable Gainers
+19.7% PAGE.LN (PageGroup £1.51, +0.25) -- Q2 trading update
+9.3% MEGP.LN (ME Group International £1.14, +0.10) -- H1 earnings
+4.5% LEI.GR (Leifheit €14.98, +0.65) -- prelim H1; approves execution of the FOCUS performance program
+4.2% WOSG.LN (Watches of Switzerland Group £7.51, +0.30) -- held talks to take company private, seeking offer of significantly more than £7.50/share - Reuters
+3.8% BGO.LN (Bango £0.69, +0.03)
+3.2% GOFORE.FH (Gofore €10.02, +0.31) -- Jun sales
+2.4% CCC.LN (Computacenter £45.66, +1.08) -- Stifel upgrade; initiated buy at BofA
+2.1% GJF.NO (Gjensidige Forsikring NOK277.60, +5.80) -- Q2 earnings
+2.0% GKP.LN (Gulf Keystone Petroleum £1.76, +0.03) -- Shaikan Field operations operations update
+0.7% AVAP.LN (Avation £1.38, +0.01) -- trading update
+0.6% MACF.LN (Macfarlane Group £0.66, -0.00)
+0.6% VOW3.GR (Volkswagen €71.32, +0.46) -- H1 pre-call tonight
+0.1% AKZA.NA (Akzo Nobel €57.72, +0.08) -
Nippon Paint Holdings offers €7.5B for decorative paint business
notes Russian subsidiaries placed under temporary external administration; company currently reviewing decree and assessing its implications
Notable Decliners
-17.2% ACE.SS (Ascelia Pharma SEK0.55, -0.11) -- Orviglance update
-14.9% PLUS.LN (Plus500 £42.02, -7.38) -- H1 trading update
-7.2% GAM.FP (Gaumont €102.00, -8.00) -- Ciné Par squeeze-out offer price raised to €100/sh
-6.8% KOG.NO (Kongsberg Gruppen NOK279.00, -20.50) -- Q2 earnings
-5.1% JM.SS (JM SEK117.40, -6.30)
-2.1% FRE.GR (Fresenius €41.74, -0.88) -- issued an update related to the GKV Stabilization Act
-0.3% UBI.FP (Ubisoft Entertainment €5.83, -0.02) -- sold 2M copies of Assassin's Creed
EU companies reporting tomorrow:
Earnings
Norway: DNB Bank (DNB.NO), Aker Solutions (AKSO.NO), Norwegian Air Shuttle (NAS.NO), Norske Skog (NSKOG.NO)
Sweden: Telefonaktiebolaget LM Ericsson (ERIC.B.SS), Lifco (LIFCO.B.SS), Addtech (ADDT.B.SS), Avanza Bank Holding (AZA.SS), Fastighets Balder (BALD.B.SS), Mycronic (MYCR.SS), Peab (PEAB.B.SS), HMS Networks (HMS.SS), Bufab (BUFAB.SS), AQ Group (AQ.SS), NCC (NCC.B.SS), Norion Bank (NORION.SS), Xvivo Perfusion (XVIVO.SS), Vitec Software Group (VIT.B.SS), Dometic Group (DOM.SS), Arjo (ARJO.B.SS), Duni (DUNI.SS), Lime Technologies (LIME.SS), VNV Global (VNV.SS), LumenRadio (LUMEN.SS), Bactiguard Holding (BACTI.B.SS), BE Group (BEGR.SS), Dedicare (DEDI.SS), Lammhults Design Group (LAMM.B.SS)
UK: Watches of Switzerland Group (WOSG.LN), RM (RM.LN), Celebrus Technologies (CLBS.LN)
Trading Update::
UK: BP (BP.LN), Rio Tinto (RIO.LN), Ashmore Group (ASHM.LN), Integrafin Holdings (IHP.LN), Atalaya Mining (ATYM.LN), Robert Walters (RWA.LN)
CMD/Events: Mercedes-Benz Group (MBG.GR) pre-close call at 8:30CET, Schaeffler (SHA0.GR) pre-close call at 18:00 CET
Data:
Economics:
Norway May manufacturing production +0.7% m/m vs consensus +0.4%, prior revised (0.6%) from (0.9%)
Markets:
WTI Crude (Aug 26): +$3.26 or +4.57% to $74.67
€-$ (0.0008) or (0.07%) to 1.1400
£-$ (0.0010) or (0.07%) to 1.3379
€-£ +0.0000 to 0.8520
S&P 500 (0.37%)
Performance year-to-date
FTSE 100: +5.71%
DAX: +2.55%
CAC: +2.64%
MIB: +17.50%
Stoxx 600: +8.24%
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