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StreetAccount Summary - EU Market Recap: FTSE 100 +0.54% to 10572.24, DAX (0.34%) to 24915.49, CAC40 (0.05%) to 8377.86, STOXX 600 +0.16% to 643.73

Jul 16 ,2026

  • Synopsis:

    • European indices ended mostly mixed to lower, with the FTSE100 bucking the weaker trend. Follows mixed performance on Wednesday. Basic resources, telecom, utilities and financials the big laggards; media, personal/household goods and food/beverage outperform.

    • Markets remain cautious as US-Iran hostilities escalated with fresh US airstrikes targeting Hormuz, keeping oil prices mixed and supporting risk premia. Focus in Europe on Q2 results, which have so far helped underpin sentiment, with several companies beating expectations on fee income and industrial demand, offsetting broader caution around Middle East risks and AI rotation.

    • In macro data today, May UK GDP missed expectations at 1.3% y/y; yet, 3M/3M measure beat at 0.7%. Industrial production missed, down (0.5%) m/m. Trade balance improved. BoE's Breeden said UK's weak economic backdrop and slack in labor market will help limit pass-through of higher energy prices into broader inflation and wages.

    • In politics, Shabana Mahmood now expected to be named UK chancellor. Italy PM Meloni secured legislative win on electoral reform bill. Elsewhere, German chancellor Merz signaled shift toward tougher EU stance on China.

    • On the corporate front, ABB (ABBN.SW) posted a 503p/share cash offer for Rotork (ROR.LN) in a ~$5.5B deal, despite ABB's own Q2 earnings were mixed but with blowout orders beat (+28% organic vs 11% expected). Other notable M&A headline is Delivery Hero (DHER.GR) getting acquired by Uber. Elsewhere, Publicis Groupe (PUB.FP) delivered a solid H1, beating revenue and margin expectations and upgrading full-year organic growth guidance to 4.5-5%. Novo Nordisk (NOVO.B.DC) received EU approval for an oral Wegovy pill - the first oral GLP-1 for weight management in Europe - a landmark regulatory milestone. Telenor (TEL.NO) disappointed, cutting its FY EBITDA guidance to flat-to-slightly negative. Sodexo (SW.FP) unveiled its Shift & Grow 2030 strategic plan

    • Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Eurozone Jun final CPI, and Italy May construction output.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Media +1.43%, Persnl & HHold Goods +1.40%, Food & Beverage +1.27%, Retail +1.01%, Chemicals +0.75%, Real Estate +0.65%, Health Care +0.65%, Insurance +0.60%, Autos & Parts +0.43%, Banks +0.39%

      • Underperformers:

        • Basic Resources (1.38%), Telecom (1.36%), Utilities (1.29%), Financial Svcs (0.92%), Travel & Leisure (0.66%), Construct & Mtls (0.54%), Ind Goods & Svcs (0.46%), Oil & Gas (0.30%), Technology (0.02%)

    • Macro:

      • Central Banks:

        • Lagarde Watchers Cast Aside Doubts to Say She'll Finish ECB Term -- Bloomberg

        • UK lawmakers back Haskel as next chair of budget forecasting office -- Reuters

      • EU:

        • Merz Is Inching Germany Toward Backing EU Push Against China -- Bloomberg

      • UK:

        • UK economy grew 0.1% in May -- FT

        • World Cup might not be ours but Falklands definitely are, says No 10 -- Telegraph

      • Germany:

        • German chemicals lobby sees output falling again in 2026 -- Global Banking & Finance Review

        • Germany plans tougher tax crime crackdown to raise billions in revenue -- Reuters

        • German military to join French nuclear exercise for first time -- Politico

      • Italy:

        • Italy's parliament backs Giorgia Meloni's contentious electoral overhaul -- FT

        • Italy moves to shed domestic bank holdings - report -- RetailBankerInternational

    • Company news:

      • Notable Gainers

        • +94.8% A1OS.GR (All for One Group €67.60, +32.90) -- Vinci (DG.FP) offer

        • +66.8% ROR.LN (Rotork £4.86, +1.94) -- ABB (ABBN.SW) offer

        • +39.0% GHH.LN (Gooch & Housego £12.15, +3.41) -- Bidco offer

        • +30.8% ALVIO.FP (Valerio Therapeutics €0.58, +0.14) -- R&D collaboration

        • +27.8% MIPS.SS (MIPS SEK348.60, +78.00) -- earnings

        • +21.7% PRIC.B.SS (Pricer SEK4.20, +0.75) -- earnings

        • +17.1% INDT.SS (Indutrade SEK255.20, +37.20) -- earnings

        • +15.0% SHOE.LN (Shoe Zone £0.58, +0.08) -- trading update

        • +13.9% VERK.FH (Verkkokauppa.com €3.56, +0.45) -- earnings

        • +13.5% SOM.LN (Somero Enterprises £2.11, +0.25) -- trading update

        • +12.9% RFX.LN (Ramsdens Holdings £6.66, +0.76) -- FirstCash (FCFS) offer; guidance

        • +10.6% AKBM.NO (Aker BioMarine NOK104.20, +10.00) -- Aker (AKER.NO) offer

        • +10.6% VITR.SS (Vitrolife SEK95.35, +9.25) -- earnings; share repurchase

        • +8.4% DLG.IM (De'Longhi €40.76, +3.18) -- initiated buy at Goldman Sachs; publishes aide-mémoire Q2 2026 (15-Jul, timing uncertain)

        • +7.5% KOA.NO (Kongsberg Automotive NOK2.09, +0.15) -- earnings

        • +6.9% TROAX.SS (Troax Group SEK141.00, +9.20) -- SEB upgrade

        • +6.4% GMS.LN (Gulf Marine Services £0.19, +0.01) -- contract

        • +6.3% DPLM.LN (Diploma £71.15, +4.25) -- trading update

        • +6.2% BRG.NO (Borregaard NOK159.80, +9.40) -- earnings

        • +5.8% FCH.LN (Funding Circle Holdings £1.85, +0.10) -- trading update

        • +5.3% DNLM.LN (Dunelm Group £8.75, +0.43) -- trading update; Panmure Liberum upgrade

        • +5.3% GRNG.SS (Gränges SEK178.80, +8.90) -- earnings

        • +4.9% CAPD.LN (Capital £1.09, +0.05) -- trading update

        • +4.8% AELIS.FP (Aelis Farma €1.11, +0.05) -- positive study recommendation

        • +4.4% ATCO.A.SS (Atlas Copco SEK194.95, +8.30) -- acquisition

        • +4.2% ODL.NO (Odfjell Drilling NOK85.90, +3.50) -- Fearnley upgrade

        • +4.2% IOT.IM (SECO SpA €3.46, +0.14) -- Mediobanca upgrade

        • +4.1% NETI.B.SS (Net Insight SEK2.47, +0.09)

        • +3.6% BME.LN (B&M European Value Retail £2.00, +0.07) -- Deutsche Numis upgrade

        • +3.5% INWI.SS (Inwido SEK173.70, +5.90) -- SEB upgrade

        • +3.3% ICOS.IM (Intercos €13.20, +0.42) -- initiated buy at Kepler Cheuvreux

        • +3.1% SITOWS.FH (Sitowise Group €2.68, +0.08) -- authority approval for sale of Sitowise Sverige AB

        • +3.1% PUB.FP (Publicis Groupe €91.44, +2.72) -- earnings

        • +2.2% LEMON.FH (Lemonsoft €4.71, +0.10) -- divestment; guidance

        • +1.9% GUBRA.DC (Gubra A/S DKK353.40, +6.40) -- milestone payment

      • Notable Decliners

        • -16.3% ORX.SS (Orexo SEK17.40, -3.50) -- earnings

        • -15.8% SBB.B.SS (Samhällsbyggnadsbolaget i Norden SEK3.34, -0.61) -- earnings

        • -11.6% TEL.NO (Telenor NOK126.10, -16.90) -- earnings

        • -10.7% TRST.LN (Trustpilot Group £2.53, -0.31) -- trading statement

        • -10.4% OCDO.LN (Ocado Group £1.52, -0.19) -- earnings

        • -9.3% FOXT.LN (Foxtons Group £0.39, -0.04) -- trading update

        • -8.8% AL2SI.FP (2CRSI €24.68, -2.34) -- detailed response to allegations in Grizzly Research report of 18-Jun

        • -8.6% AKER.NO (Aker ASA NOK1,166.00, -108.00) -- earnings; acquisition

        • -7.4% HPUR.NO (Hexagon Purus NOK10.35, -0.80) -- earnings

        • -7.1% PMI.LN (Premier Miton Group £0.36, -0.03) -- AuM update

        • -6.5% BERG.B.SS (Bergman & Beving SEK291.00, -20.50) -- earnings

        • -6.0% DFS.LN (DFS Furniture £1.36, -0.09) -- trading update

        • -6.0% PGHN.SW (Partners Group Holding CHF673.40, -43.20) -- business update

        • -5.9% ABBN.SW (ABB Limited CHF79.24, -4.92) -- earnings; acquisition

        • -5.8% BONEX.SS (BONESUPPORT HOLDING SEK207.00, -12.80) -- earnings

        • -5.4% ALCAT.FP (CATANA Group €1.91, -0.11) -- fire impact update

        • -5.2% CRST.LN (Crest Nicholson Holdings £0.66, -0.04) -- earnings

        • -5.2% SVEAF.SS (Sveafastigheter SEK29.90, -1.65) -- earnings

        • -4.7% MILDEF.SS (MilDef Group NT$174.70, -8.75) -- earnings

        • -4.7% ELHA.GA (ElvalHalcor Hellenic Copper & Aluminium Industry €4.46, -0.22) -- secondary offering

        • -4.6% TEL2.B.SS (Tele2 SEK159.85, -7.70) -- earnings

        • -4.5% SEZI.SS (Senzime SEK3.87, -0.19) -- earnings; partnership

        • -4.3% PCELL.SS (PowerCell Sweden SEK18.68, -0.86) -- earnings

        • -2.6% ESSITY.B.SS (Essity SEK273.60, -7.20) -- earnings

        • -2.2% OKEA.NO (Okea NOK31.60, -0.70) -- earnings

        • -1.9% FRAS.LN (Frasers Group £7.46, -0.15) -- earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: DKSH Holding (DKSH.SW), Georg Fischer (GF.SW), Rieter Holding (RIEN.SW), Mikron Holding (MIKN.SW)

        • Denmark: Danske Bank (DANSKE.DC)

        • Finland: Orion (ORNBV.FH), Kemira (KEMIRA.FH), Nokian Renkaat (TYRES.FH), Terveystalo (TTALO.FH), Alandsbanken (ALBBV.FH), Lindex Group (LINDEX.FH), F-Secure (FSECURE.FH), Enento Group (ENENTO.FH), Oriola (ORIOLA.FH), SSH Communications Security (SSH1V.FH), Consti (CONSTI.FH), Loihde (LOIHDE.FH)

        • Norway: Yara International (YAR.NO), Tomra Systems (TOM.NO), Pareto Bank (PARB.NO), Komplett (KOMPL.NO)

        • Sweden: Swedbank (SWED.A.SS), Assa Abloy (ASSA.B.SS), EQT (EQT.SS), Saab (SAAB.B.SS), Volvo (VOLV.B.SS), Sandvik (SAND.SS), Epiroc (EPI.A.SS), Telia Co. (TELIA.SS), Evolution (EVO.SS), SKF (SKF.B.SS), Skanska (SKA.B.SS), Nordnet (SAVE.SS), Beijer Ref (BEIJ.B.SS), AarhusKarlshamn (AAK.SS), Volvo Car (VOLCAR.B.SS), Getinge (GETI.B.SS), Lagercrantz Group (LAGR.B.SS), Sweco (SWEC.B.SS), Munters Group (MTRS.SS), Alleima (ALLEI.SS), Röko (ROKO.B.SS), Husqvarna (HUSQ.B.SS), Vimian Group (VIMIAN.SS), Billerud (BILL.SS), Beijer Alma (BEIA.B.SS), Bilia (BILI.A.SS), Alimak Group (ALIG.SS), Nolato (NOLA.B.SS), BioGaia (BIOG.B.SS), Betsson (BETS.B.SS), Lindab International (LIAB.SS), INVISIO (IVSO.SS), Instalco (INSTAL.SS), Sdiptech (SDIP.B.SS), Ratos (RATO.B.SS), Apotea (APOTEA.SS), VBG Group (VBG.B.SS), Hemnet Group (HEM.SS), engcon (ENGCON.B.SS), Alligo (ALLIGO.B.SS), Momentum Group (MMGR.B.SS), Ovzon (OVZON.SS), Truecaller (TRUE.B.SS), Lightshop (BHG.SS), Karnell Group (KARNEL.B.SS), CellaVision (CEVI.SS), Humana (HUM.SS), Bonava (BONAV.B.SS), Humble Group (HUMBLE.SS), Knowit (KNOW.SS), Absolent Air Care Group (ABSO.SS), Midsona (MSON.B.SS), Volati (VOLO.SS), Solid Försäkring (SFAB.SS), ByggPartner Gruppen (BYGGP.SS), Studsvik (SVIK.SS), Green Landscaping Group (GREEN.SS), Rugvista Group (RUG.SS), C-RAD (CRAD.B.SS), Prevas (PREV.B.SS), CTEK AB (CTEK.SS), Sedana Medical (SEDANA.SS), Nordisk Bergteknik (NORB.B.SS), Tobii (TOBII.SS), Nobia (NOBI.SS), NYORDA AB (NYOR.SS), Xbrane Biopharma (XBRANE.SS), Boule Diagnostics (BOUL.SS), Viaplay Group (VPLAY.A.SS)

      • Trading Update:

        • France: Wallix Group (ALLIX.FP)

        • Nordics: BW Energy (BWE.NO)

  • Data:

    • Economics:

      • Eurozone May Trade Balance (€7.8B) vs cons (€1.6B) and prior revised (€1.2B) from (€1.0B)

      • UK May

        • Trade Balance (£18.66B) vs cons (£23.6B) and prior revised to (£24.58B) from (£24.58B)

        • Construction Output y/y (1.8%) vs cons (1.1%) and prior revised to (1.6%) from (1.0%)

        • Industrial Production y/y +1.0% vs cons +1.2% and prior revised to 0.0% from (0.2%)

      • Italy

        • Jun CPI y/y +3.0% vs cons +3.0% and prior +3.2%; 0.0% m/m vs prelim 0.0%

          • EU Harmonised: +3.0% y/y vs prelim +3.1%; 0.0% m/m vs prelim +0.1%

        • May Trade Balance €4.79B vs cons €4.5B and prior revised €4.42B from €4.29B

    • Markets:

      • WTI Crude (26-Aug): ($0.17) or (0.21%) to $79.43

      • €-$ (0.0018) or (0.16%) to 1.1445

      • £-$ (0.0058) or (0.43%) to 1.3482

      • €-£ +0.0021 to 0.8488

      • S&P 500 (0.08%)

      • Performance year-to-date:

        • FTSE 100: +6.45%

        • DAX: +1.74%

        • CAC: +2.80%

        • MIB: +16.53%

        • Stoxx 600: +8.70%

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