Jul 15 ,2026
Synopsis
European equity markets are set for a negative open amidst higher Asian equities Wednesday. Semis/memory driving outperformance of South Korea and Taiwan benchmarks. Hong Kong leading China markets with cloud services providers and LLM stocks rallying. Japan picking up gains. US contracts firming afterhours.
In central banks, Italy central bank's Panetta speech at 10:40CET at the Annual Meeting of the Members of the Italian Banking Assn. Bundesbank's Theurer panellist at 17:00CET at event orgainised by ikf-impulse and Nagel speech at 18:00 title 'The Euro in a Fragmented World: Stability, Sovereignty, and Global Responsibility' at event organised by Club of Hohenheim.
At 12noon CET, Chancellor Merz will, ahead of the parliamentary summer recess, answer journalists' questions on current domestic and foreign policy issues at the Federal Press Conf. In the UK, after MPs questions on Scotland, there's weekly PMQs (likely Starmer's last) at 12noon BST, also opposition day debate (topic tbc), whilst committee topics include pre-appointment hearing with the government's preferred candidate for Chair of the OBR, Jonathan Haskel, at 9:45 and again at 14:15, regulation of the consumer insurance market at 10:00 and HM Treasury and the economics of climate and nature at 14:30.
Spain's ANFAC will present its 2025 Annual Report at 11:00CET (Zoom registration link).
Macro data sees Spain Jun final CPI, Eurozone May industrial production and Sweden Jun final CPI.
A busy earnings front kicked off with Benelux region names ASML Holding (ASML.NA) and TomTom (TOM2.NA). From the DACHs region, Richemont (CFR.SW) and DocMorris (DOCM.SW) updated investors. In the Nordics, Storebrand (STB.NO), Svenska Handelsbanken (SHB.A.SS), Mowi (MOWI.NO), Skandinaviska Enskilda Banken (SEB.A.SS), Elisa (ELISA.FH), Scandic Hotels Group (SHOT.S) and Aker BP (AKRBP.NO). Rio Tinto (RIO.LN) reported Q2 production overnight.
Top company news
Earnings/updates
Benelux:
NSI.NA (NSI) -- reports H1 EPRA EPS €0.79 vs year-ago €0.99; maintains interim dividend; announces share buyback programme of up to 5% of outstanding shares; lowers FY EPRA EPS outlook
BAR.BB (Barco) -- reports H1 net income (€4.8M) vs year-ago €23.3M; guides FY26
ASML.NA (ASML Holding) - reports Q2 EPS €7.59 vs consensus €6.87; guides Q3 and raises FY26 guidance
TOM2.NA (TomTom) -- reports Q2 net result €7.2M vs consensus €5M; reiterates FY26 guidance for both revenue and operating margin
DACHs:
CFR.SW (Richemont) -- reports Q1 revenue €6.33B vs StreetAccount €5.96B
DOCM.SW (DocMorris) -- reports prelim. Q2 revenue CHF295.4M vs FactSet CHF286.1M [2 est, CHF281-291.1M]; Adj EBITDA is expected to improve further q/q
HPHA.GR (Heidelberg Pharma) -- reports H1 EPS (€0.07) vs year-ago (€0.27)
Nordics:
STB.NO (Storebrand) -- reports Q2 cash equivalent earnings after tax NOK1.38B vs consensus NOK1.15B; share buyback programme of NOK 1B initiated today
AXFO.SS (Axfood) -- reports Q2 EPS SEK2.97 ex-items vs FactSet SEK3.19 [8 est, SEK3.08-3.38]
PUBLI.NO (Ppi Public Property Invest) -- reports Q2 EPS (SEK0.06) vs FactSet SEK0.35 [4 est, SEK0.27-0.40]
NEL.NO (NEL) -- reports Q2 net loss (NOK189M) vs FactSet (NOK115M) [3 est, (NOK194)-(66M)] (unclear if comparable)
SHB.A.SS (Svenska Handelsbanken) -- reports Q2 EPS SEK2.60 vs FactSet SEK2.75 [13 est, SEK2.52-2.83]
MOWI.NO (Mowi) -- Q2 trading update: operational EBIT €231M vs FactSet €212.1M [13 est, €192-270.8M]
CAMX.SS (Camurus) -- reports Q2 EPS SEK4.05 vs FactSet SEK3.23 [5 est, SEK2.63-3.80]
AKRBP.NO (Aker BP) -- reports Q2 EPS $0.82 vs FactSet $0.94 [9 est, $0.88-1.15]
SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q2 EPS SEK4.44 vs StreetAccount SEK3.90
PNDX.B.SS (Pandox) -- reports Q2 cash EPS SEK3.48 vs FactSet SEK3.42 [5 est, SEK3.20-3.70]
AFRY.SS (AFRY AB) -- reports Q2 EPS SEK1.71 vs FactSet SEK2.35 [5 est, SEK1.71-2.80]
CDON.SS (CDON) -- reports Q2 adjusted EPS (SEK0.98) vs year-ago (SEK0.44)
ENEA.SS (Enea) -- reports Q2 EPS SEK0.66 vs FactSet SEK0.80 [1 est]
SVED.B.SS (Svedbergs Group ) --reports Q2 EPS SEK0.78 vs FactSet SEK1.03 [3 est, SEK1.00-1.10]
SHOT.SS (Scandic Hotels Group) -- reports Q2 EPS SEK2.01 ex-items vs FactSet SEK2.01 [3 est, SEK1.54-2.40]; expects strong Q3
CLA.B.SS (Cloetta) -- reports Q2 EPS SEK0.77 vs FactSet SEK0.65 [2 est, SEK0.65-0.65]
ELISA.FH (Elisa) -- reports Q2 comparable EPS €0.59 vs FactSet €0.59 [11 est, €0.56-0.63]
COOR.SS (Coor Service Management Holding) -- reports Q2 EPS SEK0.9 vs FactSet SEK1.08 [2 est, SEK1.07-1.10]
NETI.B.SS (Net Insight) -- reports Q2 EPS (SEK0.09) vs year-ago (SEK0.03); confirms preliminary numbers
INWI.SS (Inwido) -- reports Q2 EPS SEK3.40 vs FactSet SEK3.03 [5 est, SEK2.71-3.47]
ELAN.B.SS (Elanders) -- reports Q2 EPS SEK0.54 ex-items vs FactSet SEK1.02 [2 est, SEK0.72-1.31]
UK:
RIO.LN (Rio Tinto) -- reports Q2 global iron ore production 100% (Mt) 87.1 vs StreetAccount 89.6
M&A
DHER.GR (Delivery Hero) -- confirms advanced negotiations with Uber Technologies in respect to potential takeover offer
LION (Lionsgate Studios Corp.) -- Lionsgate Studios Corp.trading higher after hours on takeover interest from Bollore Group and Banijay - Reuters
ARX.CN (ARC Resources) -- shareholders vote in favor of previously announced plan of arrangement to be acquired by Shell
Healthcare
REGN (Regeneron) -- FDA grants orphan drug designation to dupilumab (Dupixent) for Netherton syndrome
ROP.SW (Roche Holding) -- FDA Grants Priority Review to Genentech's Gazyva for Adults With Primary Membranous Nephropathy
ORIC (Oric Pharmaceuticals) -- announces initiation of Himalayas-1 Phase 3 trial in mCRPC evaluating rinzimetostat in combination with NUBEQA
MOLN.SW (Molecular Partners) -- showcases Bispecific Radio-DARPins at Gordon Research Conf
+BOEHRINGER (Boehringer Ingelheim) -- FDA approves first generics of Boehringer Ingelheim's Gilotrif
Other
ALFOR.FP (Forsee Power) -- enters into exclusive negotiations with FCAP for an investment to accelerate its development
SKA.B.SS (Skanska) -- builds new university campus in Kristianstad for about SEK 1B
VH2.GR (Friedrich Vorwerk) -- secures major contract as part of jv to build H2Coastlink 1 hydrogen pipeline; contract valued in double-digit millions of euros
KTN.GR (Kontron) -- receives major order worth nearly €100M by extending existing framework agreement with European railway operator
ENR.GR (Siemens Energy) -- Follow-up: Siemens Energy begins preparations for the launch of an independent brand under the name Omterra (earlier)
ENR.GR (Siemens Energy) -- wants to rebrand and change name ahead of schedule -- Handelsblatt
INW.IM (Infrastrutture Wireless Italiane) -- Inwit to file appeal against the ruling of the court of Milan on the FASTWEB case
ARCHION prices 787.9M-share secondary offering (for holders) at ¥250-300/share
Key rating changes
Upgrades
WRT1V.FH (Wartsila) -- to reduce from sell at Inderes
HMS.SS (HMS Networks) -- to buy from hold at Handelsbanken
IMB.LN (Imperial Brands) -- to buy from neutral at BofA
MYCR.SS (Mycronic) -- to buy from hold at DNB Carnegie
Downgrades
SAND.SS (Sandvik) -- to hold from buy at Kepler Cheuvreux
BofA downgrades BBVA.SM, UNI.SM
TYRES.FH (Nokian Renkaat) -- to sell from reduce at Inderes
GL9.ID (Glanbia) -- to neutral from outperform at Oddo
Initiations
BFSA.GR (Befesa) -- initiated buy at Stifel
DIE.BB (D'Ieteren Group) -- buy at Deutsche Bank
SVS.LN (Savills) -- buy at Berenberg
Data
Nikkei +1.18% to 68540.70
Hang Seng +1.57% to 24723.84
Shanghai Composite +0.03% to 3968.26
S&P futures +15.8 vs prior close of 7591.3
€-$ +0.0020 or +0.18% to 1.1443
$-¥ (0.05) or (0.03%) to 162.21
€-¥ +0.28 or +0.15% to 185.60
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