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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.02%), DAX (0.36%), CAC40 (0.15%)

Jul 14 ,2026

  • Synopsis

    • European equity markets are set to open lower, with Asian equities lower Tuesday as Middle East tensions weigh on risk sentiment. Heavy losses in semi/memory driving selloff in Taiwan and South Korea.

    • Oil at one-month high amid heightened tensions between US and Iran. Two sides locked in standoff over Strait of Hormuz after President Trump reinstated US naval blockade and said US would charge 20% fees for cargo ships. While return to full-blown war still considered as less likely scenario, IRGC's firing at commercial vessels and refusal to relinquish claims of control of Hormuz leaving market with lack of visible off-ramps as tracking data shows shipping flows have fallen to two-month low.

    • SK Hynix (000660.KS) and Samsung Electronics (005930.KS) unable to sustain early bounce. Geopolitical tensions, seasonality, unwinding of crowded longs, rebalancing flows and pressure from leveraged ETFs all receiving mentions. Also talk about SK Hynix Q2 earnings risk from DRAM ASPs and HBM mix (company reports next week). AI trade under pressure more broadly with Taiwan semis, China CSPs and LLM developers, Japan and Korean chip equipment and robotics names notably lower.

    • Also on today's agenda, EU ministers responsible for European affairs will be the latest to hear a presentation by the Irish presidency on its priorities. EU's Dombrovskis also among the attendees whilst EU's Roswall participates in the United Nations high-level meeting on critical energy transition minerals. Chancellor Merz will participate in the French National Day celebrations at the invitation of President Macron.

    • In central banks, Bundesbank's Theurer panellist at 15:00CET title 'Current Issues Regarding Financial Stability and the Situation of German and European Banks' at event hosted by Media Pioneer Publishing. BOE's Evans panellist at 11:30BST and David Bailey speech at 13:30 at IFBS conf, whilst BOE's Bailey speech at 21:00BST at the Annual Financial and Professional Services (Mansion House) dinner, with Chancellor Reeves also delivering a speech, commentators looking for any details of future AI regulation. Also in the UK, parliamentary committee topics include BOE Financial Stability Reports at 9:45BST (BOE's Bailey, Benjamin, Blyth and Kroszner), work of the ministry of housing, communities and local government 12noon, work of the foreign, commonwealth and development office at 14:00 as well as pre-appointment hearing with the Government's preferred candidate for the Chair of the Financial Reporting Council at 14:30.

    • European macro data releases out today include: Finland Jun CPI, Switzerland Jun PPI, and UK Jun retail sales monitor - BRC.

    • In earnings news, Evotec (EVT.GR) reported preliminary H1 earnings and lowered its guidance for 2026,whilst TRATON (8TRA.GR), delivered a strong Q2 beat with adjusted operating profit of €957M vs consensus of €753M. Also in DACHs, Hapag-Lloyd (HLAG.GR) raised its FY26 EBITDA guidance to €2.3B-€3.2B from a prior €0.9B-€2.6B range, signaling improved shipping conditions. In the Nordics, Ericsson (ERIC.B.SS) reported Q2 results broadly in line with consensus, while Norwegian Air (NAS.NO) missed EPS estimates and DNB Bank (DNB.NO) came in roughly in line.

  • Politics/Macro/World News

    • Serbia's Vučić urges EU to admit Western Balkan states as a group - FT

    • US military renews strikes on Iran - Reuters

    • China delivers significantly more goods to Germany - Handelsblatt

    • Andy Burnham secures Labour leadership with landslide support of MPs - The Guardian

    • Miliband willing to approve North Sea oil to land job as chancellor - The Telegraph

    • UK Jun retail sales monitor +1.7% vs consensus +2.9% and prior +3.4% - BRC

    • Finland Jun CPI +2.1% y/y vs consensus +2.0% and prior +2.1%

  • Top company news

    • Earnings/updates

      • DACHs

        • EVT.GR (Evotec) -- reports H1 preliminary revenue €300.1M vs FactSet €365.4M [1 est];

        • 8TRA.GR (TRATON) -- reports preliminary Q2 adjusted operating profit €957M vs FactSet €753.3M [9 est, €661.1-888.8M] and company-provided consensus €763M

        • FHZN.SW (Flughafen Zuerich) -- reports Jun traffic statistics

        • HLAG.GR (Hapag-Lloyd) -- guides FY26 EBITDA €2.3B-3.2B vs prior guidance €0.9B-2.6B and FactSet €2.37B [8 est, €1.97-3.02B]

        • DRW3.GR (Drägerwerk) -- reports preliminary Q2 EBIT ~€46M vs year-ago €20.0M and FactSet €25.1M [1 est]

        • SWON.SW (SoftwareONE Holding) -- appoints Raphael Erb as sole CEO effective 1-Aug-26; strong momentum continues since Q1 2026

        • VOS.GR (Vossloh) -- reports preliminary H1 EBITDA €80.9M vs year-ago €74.2M

        • WIHN.SW (WISeKey International Holding) -- reports preliminary H1 revenue $11.4M vs FactSet $15.5M [1 est]

        • BST.GR (Bastei Lübbe) -- reports FY EBIT €9.3M vs guidance range €10M-€11M; dividend of 25 cents per share proposed

        • DAM.GR (Data Modul) -- reports prelim Q2 EBIT €0.4M vs year-ago (€0.4M

      • Nordics

        • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports Q2 adj EBIT SEK6.50B vs consensus SEK6.48B; guides Q3

        • NAS.NO (Norwegian Air Shuttle) -- reports Q2 EPS (NOK0.53) vs FactSet NOK0.22 [2 est, NOK0.19-0.24]; guides Q3 ASK +5% y/y

        • ARJO.B.SS (Arjo) -- reports Q2 EPS SEK0.46 vs FactSet SEK0.41 [6 est, SEK0.38-0.45]; reaffirms FY guidance

        • KESKOB.FH (Kesko) -- reports June sales from continuing operations €1.17B, +7.5% in comparable terms

        • AKSO.NO (Aker Solutions) -- reports Q2 EPS NOK1.34 vs FactSet NOK1.32 [6 est, NOK1.11-1.58]

        • NCC.B.SS (NCC) -- reports Q2 EPS SEK4.62 vs consensus SEK5.56

        • NSKOG.NO (Norske Skog) -- reports Q2 EPS (NOK195.00) vs year-ago NOK0.95

        • DNB.NO (DNB Bank) -- reports Q2 EPS NOK6.50 vs consensus NOK6.52

        • XVIVO.SS (Xvivo Perfusion) -- reports Q2 EPS SEK0.52 vs FactSet SEK0.75 [4 est, SEK0.62-0.99]

        • HMS.SS (HMS Networks) -- reports Q2 adjusted EPS SEK3.65 vs FactSet SEK3.12 [6 est, SEK2.80-3.38]

        • DOM.SS (Dometic Group) -- reports Q2 EPS SEK1.27 vs FactSet SEK1.14 [7 est, SEK0.98-1.42]; extends the ongoing global restructuring program

        • BUFAB.SS (Bufab) -- reports Q2 EPS SEK1.07 vs FactSet SEK1.13 [4 est, SEK1.04-1.20]

        • LIFCO.B.SS (Lifco) -- reports Q2 EPS SEK2.25 vs FactSet SEK2.30 [7 est, SEK2.08-2.92]

        • NORION.SS (Norion Bank) -- reports Q2 adj EPS SEK1.76 vs FactSet SEK1.59 [5 est, SEK1.21-1.83]

        • AQ.SS (AQ Group) -- updates financial targets

        • AZA.SS (Avanza Bank Holding) -- reports Q2 EPS SEK4.97 vs FactSet SEK4.76 [11 est, SEK4.60-5.01]

        • DUNI.SS (Duni) -- reports Q2 EPS SEK0.11 ex-items vs FactSet SEK0.20 [1 est]

        • LIME.SS (Lime Technologies) -- reports Q2 EPS SEK2.39 vs FactSet SEK2.47 [3 est, SEK2.00-3.00]

      • Southern Europe

        • GALP.PL (Galp Energia SGPS) -- provides Q2 trading update

      • France

        • THEP.FP (Thermador Groupe) -- reports prelim H1 revenue €287.9M, +5% vs year-ago €273.2M

      • Also reporting today:

        • Earnings:

          • Sweden: Addtech (ADDT.B.SS), Fastighets Balder (BALD.B.SS), Mycronic (MYCR.SS), Peab (PEAB.B.SS), Vitec Software Group (VIT.B.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 (registration link), Schaeffler (SHA0.GR) pre-close call at 18:00CET (registration link)

    • M&A

      • TEM1V.FH (Tecnotree) -- announces receipt of non-binding indication of interest from Canadian strategic party at potential acquisition price range of €7.98-9.12 per share

      • GALP.PL (Galp Energia SGPS) -- expects agreement with Moeve shareholders to be signed duing 2H26

      • ICAD.FP (Icade) -- regains full ownership of the Eqho Tower in La Défense; details not provided

      • EU sets a provisional deadline of 18-Aug to rule on Electrolux Group and Midea Group JVs

      • Align Partners proposes merger of JB Financial and BNK Financial

    • Healthcare

      • NOVN.SW (Novartis) -- receives Health Canada approval for VANRAFIA

      • 4523.JP (Eisai) -- FDA approves subcutaneous Leqembi

      • 4523.JP (Eisai) -- Follow-up: FDA approves Leqembi IQLIK, subcutaneous version of Leqembi

      • BIOA.B.SS (BioArctic) -- issues press release on FDA approval of Leqembi IQLIK; US launch planned for late August-2026

      • SPI.LN (Spire Healthcare Group) -- chair Ian Cheshire to step down in coming months - Sky News

    • Other

      • INW.IM (Infrastrutture Wireless Italiane) -- INWIT acknowledges Court of Milan ruling in interim proceedings brought against TIM; to start ordinary trial

      • AI related segments continue to lead Pure Plays' declines; court revives Kenvue Tylenol lawsuit in intraday themes (13-Jul)

      • Brown-Forman CEO Lawson Whiting planning to step down -- media report

      • Crypto has declined in the past week; Miners underperforming on lower margins, AI downtrade (13-Jul)

      • Osisko Metals announces conversion of Glencore Canada's $25M convertible debenture

      • Riyadh Air considering exercising contractual options to buy 25-30 more 787 Dreamliners - Reuters

  • Key rating changes

    • Upgrades

      • IDR.SM (Indra Sistemas) -- Indra Sistemas transferred overweight at Morgan Stanley; prior rating was equal-weight

      • SZG.GR (Salzgitter) -- to buy from hold at Jefferies

      • VH2.GR (Friedrich Vorwerk Group) -- to hold from underperform at Jefferies

      • IMCD.NA (IMCD) -- to buy from neutral at UBS

    • Downgrades

      • EL.FP (EssilorLuxottica) -- to neutral from buy at Goldman Sachs

      • PSON.LN (Pearson) -- to neutral from overweight at JPMorgan

      • ZEAL.DC (Zealand Pharma) -- to hold from buy at Jefferies

      • SAB.SM (Banco de Sabadell) -- Banco de Sabadell reinstated underweight at JPMorgan; prior rating was neutral

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

      • BPE.IM (BPER Banca) -- to hold from buy at Kepler Cheuvreux

      • UNI.SM (Unicaja Banco) -- to underweight from equal weight at Barclays

      • CEVI.SS (CellaVision) -- to hold from buy at Pareto

      • CBK.GR (Commerzbank) -- to underperform from neutral at Autonomous Research

      • FIA1S.FH (Finnair) -- to sell from hold at Nordea

    • Initiations

      • BZU.IM (Buzzi SpA) -- hold at Jefferies

      • ALMB.DC (Alm. Brand) -- hold at Berenberg

    • Other Actions

      • SRG.IM (Snam) -- reinstated neutral at JPMorgan; prior rating was neutral

      • IMI.LN (IMI) -- reinstated buy at BofA

  • Data

    • Nikkei +0.38% to 67499.99

    • Hang Seng +0.32% to 24290.78

    • Shanghai Composite +0.47% to 3932.20

    • S&P futures +5.0 vs prior close of 7563.0

    • €-$ +0.0010 or +0.09% to 1.1393

    • $-¥ (0.16) or (0.10%) to 162.29

    • €-¥ (0.01) or (0.01%) to 184.89

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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