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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.4%), DAX flat, CAC +0.1%, IBEX +0.3%, +0.1%

Jul 16 ,2026

  • Synopsis

    • European equity markets set to open mixed and in narrow ranges, having closed in a similar manner yesterday.

    • Asian equities mostly lower Thursday. Heavy losses in memory and Softbank driving steep losses in South Korea (Kospi down 6%) and Japan (Nikkei down 3%). BOK raised the base rate 25 bp to 2.75% as widely expected amid economic resilience and elevated inflation. Vote was unanimous. Taiwan semis mostly higher. Tech-driven gains in Hong Kong contrasting with losses in mainland China. S&P 500 futures up slightly afterhours. FX markets steady.

    • Crude fluctuating in narrow range. More of the same when it comes to US-Iran hostilities. Press articles reported on Situation Room meeting where Trump discussed options to expand campaign. However, challenges/risks of each option and lack of appetite to return to full-blown war supporting thoughts two sides will eventually return to talks. Trump again claimed Iran called to make a deal and Iran's Ghalibaf signaled door open to negotiations. However, unclear how dispute over Hormuz can be settled. Uncertainty has led to a sharp drop in shipping activity, renewing energy shortage concerns.

    • European macro data releases out today 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

    • On the corporate front highlights, ABB [ABBN.SW] made a significant move recommending 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] reportedly close to a €12.5B acquisition 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. On broker moves, Nokia [NOKIA.FH] saw conflicting calls with SEB upgrading to Buy while DNB Carnegie downgraded to Sell, and Richemont [CFR.SW] was upgraded to Outperform at RBC Capital Markets but downgraded to neutral from buy at CIC Corporate & Institutional Banking

    • In central banks, Bundesbank's Theurer speech/panellist at 12:35CET title' Confidence in the Future - How Financial Supervision Ensures Stability' at event orgainised by Bavarian Savings Banks Assn. SNB MPC minutes released at 9:30CET. IEA releases its Global Critical Minerals Outlook report. Chancellor Merz hosts Algeria's President Tebboune, a joint press conf is planned following the meeting. In the UK, there're MPs questions on transport at 9:30BST, whilst committee topics include affordability of the defence investment plan at 10:00 and national resilience at 10:30. There's an informal meeting of EU ministers responsible for justice and home affairs (through Fri). DIGI Spain (DIGIS.SM) first day of trading on Spanish stock exchanges

  • Politics/Macro/World News

    • President Trump leans towards expanding military operations in Iran -- media report

    • Downing Street calls in private equity bosses amid London listing woes (FT)

    • Burnham faces crucial choice for chancellor as battle for No 11 continues (BBC )

  • Top company news

    • Earnings/updates

      • France

        • SW.FP (Sodexo) -- presents its Shift & Grow 2030 plan to accelerate growth and restore competitiveness

        • PUB.FP (Publicis Groupe) -- reports H1 Sales €7.23B vs consensus €7.21B, Operating margin €1.27B vs consensus €1.18B, Headline EPS €3.52 vs consensus €3.59; upgrading its 2026 net revenue organic growth guidance to +4.5%; to +5% for the full year, compared to +4% to +5% previously; expects its 2026 free cash flow to reach circa €2.2B, compared to c. €2.1B previously

      • DACH region

        • ABBN.SW (ABB Limited) -- reports Q2 EPS $0.68 vs consensus $0.73; Revenue $9.48B vs consensus $9.47B;

        • Orders $12.04B vs consensus $10.54B (Organic growth +28% vs consensus +11%); guides Q3 and FY26

        • PGHN.SW (Partners Group Holding) -- provides business update and reports record fundraising in H1; reconfirms full-year guidance

        • HYQ.GR Hypoport SE reports Q2 total mortgage finance transaction volume on Europace €18.04B vs year-ago €17.97B

        • ZAG.AV (Zumtobel Group) -- reports FY EPS €0.03 vs FactSet €0.25 [2 est, €0.13-0.37]

      • Nordics

        • TEL.NO (Telenor) -- reports Q2 Attributable Net Income NOK 2.65B vs consensus NOK3.17B; lowers FY adjusted EBITDA guidance to flat to slightly negative organic growth vs prior guidance flat-to-low-single-digit

        • TEL2.B.SS (Tele2) -- reports Q2 Underlying EBITDAaL SEK2.97B vs consensus SEK2.99B; FY 2026 guidance reiterated

        • BRG.NO (Borregaard) -- reports Q2 EPS NOK2.35 ex-items vs FactSet NOK0.88 [8 est, (NOK0.38)-1.83]

        • ESSITY.B.SS (Essity) -- reports Q2 adj. EPS SEK4.82 vs consensus SEK4.34

        • NDA.SE.SS (Nordea Bank) -- reports Q2 EPS €0.36 vs StreetAccount €0.35

        • ACAD.SS (AcadeMedia) -- reports preliminary Q4 adjusted EBITA SEK552M vs FactSet SEK579.0M

      • Also reporting today

        • Earnings:

          • Benelux: Nedap (NEDAP.NA)

          • DACHs: Amaroq (Q11.GR)

          • Denmark: Alm. Brand (ALMB.DC)

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

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

          • Sweden: Investor (INVE.B.SS), Atlas Copco (ATCO.A.SS), Swedish Orphan Biovitrum (SOBI.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)

    • M&A

      • DHER.GR (Delivery Hero) -- close to agreement to be acquired by Uber for €12.5B -- FT

      • ROR.LN (Rotork) -- ABB announces recommended 503p/share cash offer for Rotork in deal valued at ~$5.5B (EV basis)

      • REC.IM (Recordati) -- company's board deems the CVC's offer consideration of €51.29 per share to be fair

      • ALIG.SS (Alimak Group) -- acquires Pro-Bel at an enterprise value of C$200M (~SEK 1.4B/$142.5M)

      • AKBM.NO (Aker BioMarine) -- Aker offers to acquire Aker BioMarine for NOK105/share in cash and shares

      • BP.LN (BP) -- agrees to divest Ventures' minority interests in more than 10 companies in its portfolio to Verdane; terms undisclosed

      • ATCO.A.SS (Atlas Copco) -- acquires Guangdong Euroklimat Air-Conditioning & Refrigeration Co., Ltd for an undisclosed sum

      • DCC.LN (DCC) -- announces further extension to the PUSU deadline for Consortium's potential offer to 16-Jul

      • BBY.LN (Balfour Beatty) -- Communities acquires Multifamily Portfolio in Houston; terms not disclosed

      • DAL.IM (Datalogic) -- Hydra fulfills the condition relating to the exceeding of the 90% threshold of the share capital in respect of offer for Datalogic (post EU close 15-Jul)

      • DECB.BB (Deceuninck) -- Gramo BV launches mandatory public cash takeover bid on Deceuninck NV

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- receives European Commission approval of Wegovy pill as first oral GLP-1 for weight management in the EU; single, ready-to-use pen for higher dose 7.2 mg also approved

      • SOBI.SS (Swedish Orphan Biovitrum) -- board to repurchase all issued class C shares for ~SEK 0.55/sh

      • MOLN.SW (Molecular Partners) -- announces dosing of first patients in investigator-initiated Phase 2 proof-of-concept study of MP0317 in combination with chemoimmunotherapy in first line treatment for patients with advanced biliary tract carcinoma

      • SFZN.SW (Siegfried Holding) -- names Eduardo Montanha COO, effective 1-Sep

      • VITR.SS (Vitrolife) -- launches SEK 500M share repurchase program

      • MEDCL.FP (MedinCell) -- secures €28M non-dilutive financing into 2031; aligns debt structure/maturity with UZEDY & Olanzapine LAI revenue trajectory

    • Other

      • AIR.FP (Airbus SE) -- Airbus near A330 orders from Flynas and Condor -- Bloomberg

      • EXA.FP (Exail Technologies) -- wins contract for three light mine countermeasure systems with a European Navy

      • ASML to raise prices despite TSMC pushback; Google to permit third party app stores in intraday themes (15-Jul)

      • Avalon Advanced Materials announces Finnvera LOI supporting potential €100M financing for Metso equipment & services at Thunder Bay lithium processing facility

      • Senzime and Philips Medical Systems enter development and commercialization partnership

  • Key rating changes

    • Upgrades

      • CAST.SS (Castellum AB) -- to buy from neutral at Sparebank 1 Markets

      • SHA0.GR (Schaeffler) -- to neutral from sell at UBS

      • CFR.SW (Richemont) -- to outperform from sector perform at RBC Capital Markets

      • HTRO.SS (Hexatronic Group) -- to buy from hold at SEB

      • LI.FP (Klepierre) -- to outperform from neutral at Oddo

      • NCC.B.SS (NCC) -- to buy from neutral at Sparebank 1 Markets

      • NOKIA.FH (Nokia) -- to buy from hold at SEB

      • CAST.SS (Castellum AB) -- to hold from buy at Kepler Cheuvreux

      • INWI.SS (Inwido) -- to buy from hold at SEB

      • ZEG.LN (Zegona Communications) -- to strong buy from buy at Alantra Equities

      • FLOW.NA (Flow Traders) -- to hold from sell at ING

    • Downgrades

      • NOKIA.FH (Nokia) -- to sell from hold at DNB Carnegie

      • EVT.GR (Evotec) -- to hold from buy at Berenberg

      • CFR.SW (Richemont) -- to neutral from buy at CIC Corporate & Institutional Banking

      • TEP.FP (Teleperformance) -- reinstated underweight at JPMorgan; prior rating was neutral

    • Initiations

      • FME.GR (Fresenius Medical Care) -- market perform at Bernstein

      • DLG.IM (De'Longhi) -- buy at Goldman Sachs

      • ICOS.IM (Intercos) -- buy at Kepler Cheuvreux

  • Data

    • Nikkei (2.91%) to 66749.39

    • Hang Seng +2.12% to 25203.56

    • Shanghai Composite (1.25%) to 3906.25

    • S&P futures +3.0 vs prior close of 7614.8

    • €-$ +0.0002 or +0.02% to 1.1465

    • $-¥ (0.02) or (0.01%) to 162.17

    • €-¥ (0.00) or (0.00%) to 185.91

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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