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StreetAccount Summary - EU Market Recap: FTSE 100 (0.13%) to 10515.92, DAX (0.59%) to 24999.53, CAC40 +0.19% to 8382.43, STOXX 600 +0.10% to 642.71

Jul 15 ,2026

  • Synopsis:

    • European equity markets closed mixed trading in narrow ranges. Consumer Products and Services, Autos & Parts, Travel & Leisure outperform; Telecom, Basic Resources, Chemicals lag. Follows positive close on Tuesday that left Stoxx 600 in the black for the week.

    • Middle East again the main focus as US reimposed a blockade on Iranian ports and Hormuz remains contested, though limited spillover still suggests some faith in the escalate to de-escalate narrative. Soft US June CPI data sharply reduced expectations of a July Fed rate hike (from ~45% to 18%), supporting firmer tone in US equity futures after hours. Fed Chair Warsh reiterated the bank's commitment to lowering inflation but offered no near-term policy signals. Semi strength also focus following ASML beat and raise and more importantly, AI-driven EUV capacity expansion guidance.

    • Sentiment in Asia supported by SK Hynix volatile rally. China's Q2 GDP slowed to 4.3%, missing expectations and underscoring weak consumption, though export strength in semiconductors provided some offset. In US economic data, June core PPI (ex-food and energy) of 0.2% m/m cooler than expected, while May revised down. Headline PPI contracted 0.3% m/m on sizable energy decline. July Empire State index of 15.6 ahead of consensus, with employment index highest since Dec-22, prices indexes both down m/m (though remain elevated).

    • European sentiment also weighed by persistent Middle East risks and mixed corporate signals. Focus today on further corporate updates. Eurozone industrial production weakened in May, missing consensus and reversing April's improvement. In other news, Italy PM Meloni lost vote on electoral reform. Some analysts flagging fiscal risks of Le Pen's presidential candidacy. Incoming UK PM Burnham's team divided over who to appoint as Chancellor, with many on the left pushing for Miliband while others suggest Mahmood in pole-position. OECD warned UK must scrap triple lock and curb welfare spending given little fiscal space.

    • A busy day for earnings, with the initial attention on tech companies, including ASML Holding (ASML.NA) and TomTom (TOM2.NA), after they reported earnings. Of note, ASML beat Q2 estimates and raised FY26 guidance. Among luxury, Richemont (CFR.SW) delivered Q1 results ahead of expectations across the board, with peers seen trading higher in sympathy. In Basic Resources, Rio Tinto (RIO.LN) and Antofagasta (ANTO.LN) released Q2 production reports. In Banking, following blockbuster earnings releases from major US companies yesterday, in Europe Skandinaviska Enskilda Banken (SEB.A.SS) bucked the downward trend with positive Q2 earnings, whilst Svenska Handelsbanken (SHB.A.SS) reported disappointing Q2 results. Other notable companies reporting earnings today include Storebrand (STB.NO), Elisa (ELISA.FH), Aker BP (AKRBP.NO), B&M European Value Retail (BME.LN) and Mowi (MOWI.NO).

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 06-Jul to 10-Jul attached) ABB Limited (ABBN.SW), Alm. Brand (ALMB.DC), Publicis Groupe (PUB.FP), Telenor (TEL.NO), Aker (AKER.NO), Investor (INVE.B.SS), Nordea Bank (NDA.SE.SS), Ocado Group (OCDO.LN), Scottish and Southern Energy (SSE.LN) and Experian (EXPN.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include UK May industrial/manufacturing production, construction output, trade balance, Italy Jun final CPI, May trade balance, Eurozone May trade balance, Netherlands Jun unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Consumer Products and Services +2.37%, Autos & Parts +2.17%, Travel & Leisure +1.47%, Media +1.46%, Construct & Mtls +1.30%, Financial Svcs +1.05%, Health Care +0.95%, Food, Beverage and Tobacco +0.52%, Real Estate +0.25%,

      • Underperformers:

        • Telecom (1.51%), Basic Resources (1.20%), Chemicals (1.16%), Energy(0.74%), Utilities (0.62%), Insurance (0.54%), Technology (0.53%), Ind Goods & Svcs (0.31%), Banks (0.00%), Personal Care Drug and Grocery Stores +0.06%,

    • Macro/Peripheral markets:

      • Geopolitics

        • Moscow warns that foreign troops in Ukraine would be seen as legitimate targets - The Guardian

        • Iran threatens to block more trade routes as US launches fresh strikes - BBC

      • EU

        • European Commission and Ukraine signed a new defence industrial partnership - release

        • EU readies crisis team for China rare earths stand-off - FT

        • EU to Give Companies 10 Years to Use New €30 Billion Carbon Fund - Bloomberg

      • UK

        • Starmer shares tributes and offers 'full support' to his successor in his final PMQs before stepping down - The Guardian

        • Reverse Reeves's tax raid, OECD urges Burnham - The Telegraph

      • France

        • France, others in talks with US to avoid trade probes into drug pricing - Politico

        • France Raises Regulated Savings Rate as Inflation Speeds Up - Bloomberg

      • Germany

        • Merz reaches out to AfD voters before pivotal German regional election - Reuters

        • Germany Cuts Climate Fund by Over €30 Billion Through 2030 - Bloomberg

        • Federal government relieves citizens and companies of 600 million euros - Handelsblatt

      • Italy

        • Italy's coalition vows to pursue election law reform after setback - Reuters

    • Company news:

      • Trading Higher:

        • +37.7% TROAX.SS (Troax Group SEK134.40, +36.50) -- Q2 earnings

        • +15.8% CAMX.SS (Camurus SEK609.50, +83.00) -- Q2 earnings

        • +14.6% INWI.SS (Inwido SEK167.00, +21.40) -- Q2 earnings

        • +12.1% CLA.B.SS (Cloetta SEK54.25, +5.90) -- Q2 earnings

        • +8.3% OERL.SW (OC Oerlikon Corp. CHF4.87, +0.38) -- transferred buy at UBS; prior rating was neutral

        • +8.0% DEDI.SS (Dedicare SEK57.10, +4.30) -- acquires Hyldgaard & Larsen and Sustina for initial ~DKK69.3M

        • +7.4% RELAIS.FH (Relais Group €14.50, +1.00)

        • +6.6% CFR.SW (Richemont CHF194.90, +12.15) -- Q1 revenue

        • +5.7% BYW6.GR (BayWa €2.66, +0.15)

        • +5.4% STB.NO (Storebrand NOK198.80, +10.20) -- Q2 earnings

        • +4.7% ICG.LN (ICG £18.77, +0.85) -- Q1 trading update

        • +4.6% CLBS.LN (Celebrus Technologies £1.02, +0.05)

        • +4.6% BUFAB.SS (Bufab SEK137.60, +6.00)

        • +4.2% BTRW.LN (Barratt Redrow £2.90, +0.12) -- FY trading update

        • +4.2% ELAN.B.SS (Elanders SEK50.00, +2.00) -- Q2 earnings

        • +4.0% SVS.LN (Savills £9.27, +0.36) -- initiated buy at Berenberg

        • +3.8% SEB.A.SS (Skandinaviska Enskilda Banken SEK211.90, +7.80) -- Q2 earnings

        • +3.7% DIE.BB (D'Ieteren Group €175.70, +6.20) -- initiated buy at Deutsche Bank

        • +3.6% KER.FP (Kering €253.00, +8.75) -- positive read-across from Richemont

        • +3.3% BC.IM (Brunello Cucinelli €83.50, +2.66) -- positive read-across from Richemont

        • +3.0% MOWI.NO (Mowi NOK194.00, +5.60) -- Q2 trading update

        • +3.0% GFRD.LN (Galliford Try Holdings £5.58, +0.16) -- FY trading statement

        • +2.8% WOSG.LN (Watches of Switzerland Group £7.78, +0.21) -- positive read-across from Richemont

        • +2.5% RMS.FP (Hermes €1,685.00, +41.00) -- positive read-across from Richemont

        • +2.4% COST.LN (Costain Group £2.13, +0.05) -- three-year extension contract with United Utilities

        • +2.4% SFER.IM (Salvatore Ferragamo €10.28, +0.24) -- positive read-across from Richemont

        • +2.1% MC.FP (LVMH Moet Hennessy Louis Vuitton €493.35, +9.95) -- positive read-across from Richemont

        • +2.0% DOCM.SW (DocMorris CHF10.40, +0.20) -- prelim. Q2 revenue

        • +1.8% NEL.NO (NEL ASA NOK2.22, +0.04) -- Q2 earnings

        • +1.6% HTG.LN (Hunting £4.58, +0.07) -- H1 trading update

        • +1.5% BRBY.LN (Burberry Group £10.87, +0.16) -- positive read-across from Richemont

      • Trading Lower:

      • -14.5% AXFO.SS (Axfood SEK229.20, -38.70) -- Q2 earnings

      • -14.3% ENEA.SS (Enea AB SEK59.50, -9.80) -- Q2 earnings

      • -13.0% TOM2.NA (TomTom €3.99, -0.59) -- Q2 earnings

      • -8.0% SVED.B.SS (Svedbergs Group SEK57.30, -5.00) -- Q2 earnings

      • -7.5% NETI.B.SS (Net Insight SEK2.35, -0.19) -- Q2 earnings

      • -7.2% SHOT.SS (Scandic Hotels Group SEK80.30, -6.25) -- Q2 earnings

      • -6.9% NELLY.SS (Nelly Group SEK32.16, -2.44) -- Q2 earnings; SEK30M buyback

      • -6.8% EVT.GR (Evotec €3.47, -0.26) -- TD Cowen downgrade

      • -5.8% BME.LN (B&M European Value Retail £1.93, -0.12) -- Q1 revenue

      • -5.1% ELISA.FH (Elisa Oyj €35.02, -1.90) -- Q2 earnings

      • -4.9% AFRY.SS (AFRY AB SEK101.30, -5.20) -- Q2 earnings

      • -4.3% NBA.PL (Novabase SGPS €7.50, -0.34)

      • -3.8% SHB.A.SS (Svenska Handelsbanken SEK138.40, -5.40) -- Q2 earnings

      • -3.6% PREC.SS (Precise Biometrics SEK1.67, -0.06) -- merger plan with Fingerprint Cards approved by Swedish Companies Registration Office

      • -3.6% BMY.LN (Bloomsbury Publishing £6.24, -0.23) -- AGM trading update

      • -3.5% XPP.LN (XP Power £17.88, -0.64) -- Comet litigation update

      • -2.7% ELIS.FP (Elis €24.94, -0.68) -- Elis holder CPPIB offers ~19.3M shares -- Bloomberg, citing terms

      • -2.7% ANTO.LN (Antofagasta £37.42, -1.04) -- Q2 production update

      • -2.1% DHER.GR (Delivery Hero €38.50, -0.83) -- confirms advanced negotiations with Uber Technologies in respect to potential takeover offer; Uber Technologies in advanced discussions to offer bid for Delivery Hero at a premium to current price - Bloomberg

      • -2.1% ELHA.GA (ElvalHalcor Hellenic Copper & Aluminium Industry €4.65, -0.10) -- secondary offering price expected within range of €4.20-4.40/sh

  • EU companies reporting tomorrow:

    • Earnings:

      • Benelux: Nedap (NEDAP.NA)

      • DACHs: ABB Limited (ABBN.SW), Amaroq (Q11.GR)

      • Denmark: Alm. Brand (ALMB.DC)

      • Finland: Fiskars (FSKRS.FH), Scanfil (SCANFL.FH), Verkkokauppa.com (VERK.FH)

      • France: Publicis Groupe (PUB.FP)

      • Norway: Telenor (TEL.NO), Aker (AKER.NO), Borregaard (BRG.NO), Okea (OKEA.NO), Kongsberg Automotive (KOA.NO), Magnora (MGN.NO), Hexagon Purus (HPUR.NO)

      • Sweden: Investor (INVE.B.SS), Nordea Bank (NDA.SE.SS), Atlas Copco (ATCO.A.SS), Essity (ESSITY.B.SS), Swedish Orphan Biovitrum (SOBI.SS), Tele2 (TEL2.B.SS), Trelleborg (TREL.B.SS), Indutrade (INDT.SS), AddLife (ALIF.B.SS), Gränges (GRNG.SS), BONESUPPORT HOLDING (BONEX.SS), Vitrolife (VITR.SS), Cibus Nordic Real Estate (CIBUS.SS), MilDef Group (MILDEF.SS), Bergman & Beving (BERG.B.SS), MIPS (MIPS.SS), Sveafastigheter (SVEAF.SS), Samhällsbyggnadsbolaget i Norden (SBB.B.SS), Nederman Holding (NMAN.SS), ITAB Group (ITAB.SS), Proact IT Group (PACT.SS), Micro Systemation (MSAB.B.SS), PowerCell Sweden (PCELL.SS), Softronic (SOF.B.SS), Orexo (ORX.SS), Nilörngruppen (NIL.B.SS), Senzime (SEZI.SS), Pricer (PRIC.B.SS)

      • UK: Ocado Group (OCDO.LN), Crest Nicholson Holdings (CRST.LN)

    • Trading Update:

      • Benelux: NSI (NSI.NA)

      • France: Exail Technologies (EXA.FP), ATEME (ATEME.FP), Abéo (ABEO.FP), PulluP Entertainment (ALPUL.FP)

      • UK: Scottish and Southern Energy (SSE.LN), Experian (EXPN.LN), Diploma (DPLM.LN), QinetiQ Group (QQ.LN), Premier Foods (PFD.LN), Dunelm Group (DNLM.LN), Trustpilot Group (TRST.LN), McBride (MCB.LN), Kenmare Resources (KMR.LN)

    • Traffic: Aeroport de Paris (ADP.FP), VINCI (DG.FP)

    • CMD/Events: RENK Group (R3NK.GR) pre-close call at 11:00CET (registration link), Sodexo (SW.FP) business update call at 14:30CET (registration link)

Data:

  • Economics:

    • Eurozone May Industrial Production (1.2%) y/y vs cons (0.5%) and prior revised +0.4% from +0.3%; (0.2%) m/m vs cons +0.2% and prior revised +0.3% from +0.1%

    • Spain Jun CPI +3.2% y/y vs prelim +3.2%; +0.6% m/m vs prelimy +0.6%

      • EU Harmonised: +3.6% y/y vs prelim +3.6%; +0.6% m/m vs prelim +0.6%

    • Norway Jun Trade Balance NOK61.9B vs cons NOK56.0B and prior NOK62.6B

    • Sweden Jun CPI +0.7% y/y vs prelim +0.7%; +0.4% m/m vs prelim +0.4%

  • Markets:

    • WTI Crude (Aug 26): ($0.97) or (1.22%) to $78.37

    • €-$ +0.0010 or +0.09% to 1.1433

    • £-$ +0.0096 or +0.72% to 1.3486

    • €-£ (0.0052) to 0.8479

    • S&P 500 +0.24%

    • Performance year-to-date

      • FTSE 100: +5.89%

      • DAX: +2.08%

      • CAC: +2.86%

      • MIB: +16.70%

      • Stoxx 600: +8.53%

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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