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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.27% to 10600.37, DAX (0.34%) to 24830.98, CAC40 (0.47%) to 8338.81, STOXX 600 (0.34%) to 641.53

Jul 17 ,2026

  • Synopsis:

    • European equity markets ended mixed to mostly lower Friday, but off worst levels. Stoxx 600 has seen little direction, currently sitting little changed on the week. Asian equities were sharply lower Friday. Semis/memory and SoftBank driving selloff. Crude up over 2%, trading back at $80/bbl.

    • Global markets again on defensive footing as semiconductor rout deepened into second session, with momentum selling overriding TSMC's strong earnings beat. While recent momentum unwind has been cushioned by various rotations, today has seen signs of a broader risk off trade. Technical dynamics continue to get the bulk of the blame. Hedge funds reportedly trimmed net exposure to AI baskets to lowest level this year, reflecting profit-taking after extended rally and fresh concerns over heavy capex. Renewed Middle East escalation also weighing on sentiment. Trump's declassification of intelligence on alleged Chinese election interference added geopolitical tension without derailing trade-meeting expectations.

    • In Europe, on the data front, Eurozone final CPI declined to 2.8% in Jun versus 3.2% in May and in line with flash estimate. While softer Jun inflation readings have tempered some rate-hike expectations globally, persistent Middle East supply risks and tariff uncertainties continue to cloud the outlook. Eurozone trade balance improved in May on higher primary income. Economists expect ECB to hold rates unchanged next Thur. Most anticipate one final 25 bp hike in Sep to 2.5%. In the UK, Andy Burnham said he is 'finalising' cabinet ahead of becoming PM on Monday. Several major UK lenders have raised fixed mortgage rates, some by up to 0.35%.

    • On the corporate front, a busy Q2 earnings season dominated, with heavy focus on the Nordic region. Sandvik (SAND.SS, -9.3%) reported mixed numbers; orders came in light. SKF (SKF.B.SS, -5%) posted an in-line quarter with organic growth of +1.4% and a beat on operating profit, with its automotive spin-off on track for a Q4 listing; shares fell despite the beat amid questions around tariff refund contributions. Assa Abloy (ASSA.B.SS, +4.9%) delivered a solid Q2 beat with organic growth of +4% and strong EMEIA margin improvement. Volvo (VOLV.B.SS, (0.6%) reported Q2 results broadly in line, with truck orders significantly ahead of consensus, though tariff headwinds and a softer Volvo Car (VOLCAR.B.SS, -10.8%) Q2 viewed as a big miss with revenue (6%) below consensus and operating income some (27%) below consensus. FCF guidance also disappointed. Burberry (BRBY.LN, -6.4%) reported Q1 comparable retail sales in line with consensus at +5%. RBC analysts mentioned that some investor concerns around gross margin phasing and lack of management's willingness to commit to a FY27E earnings upgrade is weighing on the stock. Danske Bank (DANSKE.DC, -0.7%) beat Q2 profit expectations and raised its full-year net income guidance. EQT AB (EQT.SS, +1%) saw positive response to its H1 result. On M&A, Johnson Matthey (JMAT.LN) completed the £1,325M sale of its Catalyst Technologies business to Honeywell, and Germany moved closer to formal talks between Unicredit (UCG.IM) and Commerzbank (CBK.GR, -3.1%). GSK (GSK.LN, -2.0%) decided not to progress development of camlipixant in refractory chronic cough after mixed Phase 3 trial results. The EU published its Electrification Action Plan, seen as modestly supportive for utilities.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Utilities +1.55%, Oil & Gas +1.17%, Real Estate +0.94%, Insurance +0.89%, Telecom +0.68%, Food & Beverage +0.33%, Health Care +0.19%, Construct & Mtls (0.03%), Chemicals (0.15%), Persnl & HHold Goods (0.19%)

      • Underperformers:

        • Technology (2.41%), Media (1.80%), Banks (1.27%), Travel & Leisure (1.14%), Basic Resources (1.07%), Autos & Parts (0.87%), Financial Svcs (0.62%), Retail (0.57%), Ind Goods & Svcs (0.48%)

    • Macro:

      • Germany and France to Draw Up Roadmap on China Trade Imbalances (Bloomberg)

      • UK

        • Burnham to announce cabinet picks on Monday (Guardian)

        • Burnham vows to 'do it differently' in first speech as Labour leader (Times)

        • Jonathan Reynolds set to oversee beefed-up business department (FT)

      • Italian inflation will hit 3.1% in 2026 amid rising price expectations, the Bank of Italy said Friday (ANSA)

    • Company news:

      • Notable Gainers

        • +15.3% GF.SW (Georg Fischer CHF53.00, +7.01) -- H1 earnings

        • +15.3% NOBI.SS (Nobia SEK15.80, +2.12) -- Q2 earnings

        • +11.9% TOM.NO (Tomra Systems NOK111.50, +11.70) -- Q2 earnings

        • +11.0% EQT.SS (EQT AB SEK318.60, +31.60) -- vehicle Kamgras 1 raises offer price for Kakaku.com to ¥3,450/share vs prior ¥3,000/share; Perpetual rejects Windflower's revised A$22.07/share proposal; H1 earnings

        • +10.1% GETI.B.SS (Getinge SEK233.10, +21.40) -- Q2 earnings

        • +9.7% SAAB.B.SS (Saab SEK565.90, +50.30) -- Q2 earnings

        • +9.4% MTRS.SS (Munters Group SEK180.70, +15.55) -- Q2 earnings

        • +9.2% LINDEX.FH (Lindex Group €2.31, +0.20) -- Q2 earnings

        • +8.8% RATO.B.SS (Ratos SEK37.16, +2.96) -- Q2 earnings

        • +7.8% CEVI.SS (CellaVision SEK147.40, +10.60) -- Q2 earnings

        • +7.7% S92.GR (SMA Solar Technology €63.90, +4.50) -- Q2 earnings and raises FY guidance; Deutsche Bank upgrade

        • +7.6% BIOG.B.SS (BioGaia SEK125.40, +8.80) -- Q2 earnings

        • +7.5% EYE.LN (Eagle Eye Solutions Group £5.00, +0.35) -- FY trading update

        • +6.7% BILL.SS (Billerud SEK69.15, +4.30) -- Q2 earnings

        • +6.3% KNOW.SS (Knowit SEK89.50, +5.30) -- Q2 earnings

        • +6.2% LBIRD.FP (Lumibird €27.65, +1.60) -- enters negotiations for sale of its Medical Division to IPG Photonics for €300M

        • +6.0% ADEN.SW (Adecco Group CHF20.46, +1.16) -- BNP Paribas Exane upgrade

        • +4.9% ASSA.B.SS (Assa Abloy SEK346.40, +16.40) -- Q2 earnings

        • +4.8% TEL.NO (Telenor NOK134.90, +6.10) -- Pareto upgrade

        • +4.7% CRAD.B.SS (C-RAD SEK37.50, +1.70) -- Q2 earnings

        • +4.7% AKER.NO (Aker ASA NOK1,198.00, +54.00) -- initiates up to 1.4M share buyback program

        • +4.5% SNWS.LN (Smiths News £0.70, +0.03) -- contract

        • +4.5% SZG.GR (Salzgitter €0.00, +2.40) -- prelim H1, raises guidance

        • +4.1% ESSITY.B.SS (Essity SEK283.50, +11.10) -- Cevian now holds ~ 5.6% of share capital in company

        • +3.1% SVIK.SS (Studsvik SEK206.00, +6.10) -- Q2 earnings

        • +2.2% ENENTO.FH (Enento Group €14.88, +0.32) -- Q2 earnings

        • +0.8% BEIJ.B.SS (Beijer Ref SEK143.90, +1.20) -- Q2 earnings

        • +0.1% BETS.B.SS (Betsson SEK90.65, +0.05) -- Q2 earnings

      • Notable Decliners

        • -17.0% BHG.SS (Lightshop SEK19.50, -3.91) -- Q2 earnings

        • -15.3% LIAB.SS (Lindab International SEK121.90, -21.60) -- Q2 earnings

        • -13.0% AAK.SS (AarhusKarlshamn SEK210.00, -31.80) -- Q2 earnings

        • -11.2% MSON.B.SS (Midsona SEK12.90, -1.60) -- Q2 earnings

        • -8.7% SSH1V.FH (SSH Communications Security €2.07, -0.20) -- CEO to retire; Q2 earnings

        • -8.0% BOUL.SS (Boule Diagnostics SEK3.50, -0.30) -- Q2 earnings

        • -7.6% DBV.FP (DBV Technologies €2.67, -0.21) -- Q2 earnings

        • -7.6% ALU.LN (Alumasc Group £2.15, -0.18) -- suspends CEO; FY trading update

        • -7.2% NOLA.B.SS (Nolato SEK46.90, -3.60) -- Q2 earnings

        • -7.1% LAGR.B.SS (Lagercrantz Group SEK229.60, -17.40) -- Q1 earnings

        • -5.6% SKF.B.SS (SKF SEK248.60, -14.90) -- Q2 earnings

        • -5.5% RIEN.SW (Rieter Holding CHF3.08, -0.18) -- H1 earnings

        • -5.4% BRBY.LN (Burberry Group £10.37, -0.61) -- Q1 trading update

        • -5.3% DKSH.SW (DKSH Holding CHF64.20, -3.60) -- H1 earnings

        • -4.3% ASML.NA (ASML Holding €1,525.60, -69.00) -- tech sector move

        • -4.2% STMPA.FP (STMicroelectronics €53.80, -2.35) -- tech sector move

        • -4.0% AF.FP (Air France-KLM €12.38, -0.51) -- Kepler Cheuvreux downgrade

        • -3.8% COTN.SW (COMET Holding CHF355.60, -14.20) -- Ninth Circuit Court of Appeals in San Francisco rules a new trial is necessary following appeal by XP Power in Comet Technologies case

        • -3.4% VBG.B.SS (VBG Group SEK322.00, -11.50) -- Q2 earnings

        • -3.0% SWED.A.SS (Swedbank SEK358.90, -11.10)

        • -3.0% TIETO.FH (Tieto Corporation €0.00, -0.53) -- reports prelim Q2 results; lowers full-year 2026 organic growth outlook primarily due to weaker-than-expected market demand

        • -2.6% AML.LN (Aston Martin Lagonda Global Holdings £0.00, -0.01) -- issues statement following press coverage about its debt financing options

        • -1.8% IFX.GR (Infineon Technologies €63.39, -1.14) -- tech sector move

        • -1.6% CAMX.SS (Camurus SEK623.50, -10.50) -- FDA has accepted for review resubmission of NDA for CAM2029 for treatment of patients with acromegaly

        • -1.1% BONAV.B.SS (Bonava SEK9.62, -0.11) -- Q2 earnings

        • -0.9% SOBI.SS (Swedish Orphan Biovitrum SEK458.40, -4.00) -- DNB Carnegie downgrade

        • -0.6% YAR.NO (Yara International NOK451.80, -2.90) -- Q2 earnings

    • EU companies reporting on Monday:

      • Earnings:

        • DACHs: BELIMO Holding (BEAN.SW)

        • France: Covivio (COV.FP)

        • Nordics: HEXPOL (HPOL.B.SS), Thule Group (THULE.SS), Devyser Diagnostics (DVYSR.SS)

        • Other: Ryanair Holdings (RYA.ID)

      • Trading Update:

        • France: Virbac (VIRP.FP), Nacon (NACON.FP)

        • UK: Big Yellow Group (BYG.LN)

      • CMD/Events: Medivir (MVIR.SS) EGM vote on previously disclosed directed share issue to Hallberg Management

  • Data:

    • Economics:

      • Austria Jun CPI +3.2% y/y vs preliminary +3.2%

      • Eurozone Jun CPI +2.8% y/y vs preliminary +2.8%

      • Italy May Construction Output +2.9% y/y vs consensus +2.3% and prior +2.7%

    • Markets:

      • WTI Crude (Aug 26): +$2.20 or +2.79% to $81.15

      • €-$ (0.0001) or (0.01%) to 1.1442

      • £-$ (0.0031) or (0.23%) to 1.3449

      • €-£ +0.0019 to 0.8508

      • S&P 500 (0.70%)

      • Performance year-to-date

        • FTSE 100: +6.74%

        • DAX: +1.39%

        • CAC: +2.32%

        • MIB: +15.44%

        • Stoxx 600: +8.33%

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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