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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.49%), DAX (0.82%), CAC40 (0.39%)

Jul 17 ,2026

  • Synopsis

    • European equity markets set to open lower, having closed mixed yesterday. Asian equities sharply lower Friday with semis/memory and SoftBank driving selloff in Japan and Taiwan. S&P 500 futures weakening after hours following mostly lower close overnight. Bonds mixed with JGB curve steepening while Treasury yields down 1-2 bp. Crude extending rebound from lows. Gold unchanged while silver extending declines. Dollar steady against majors, yen continues to consolidate while Korean won holding at two-month high. Bitcoin retreating further.

    • On the agenda for today, focus will turn to the UK as Andy Burnham is set to become Labour leader today at a formal ceremony in London. Burnham will not officially become the PM until 20-Jul following the required constitutional sequence of events. Elsewhere, Chancellor Merz and French President Macron jointly chair Franco-German Council of Ministers as well as Defense and Security Council. Focus in Europe still on Q2 results amidst a busy morning for earnings out of Sweden.

    • In macro releases, Austria Jun final CPI out at 8:00 BST, followed by Italy May Construction Output at 9:00 BST and Eurozone Jun final CPI due at 10:00 BST.

  • Politics/Macro/World News:

    • Central Bank:

      • ECB set to wait for September to hike one last time, poll shows (Bloomberg )

      • Investors say BoE should slow or stop long-dated bond sales (FT )

    • UK:

      • Andy Burnham will promise a new path for Britain in a speech as he becomes the new Labour leader on Friday (BBC )

      • UK mortgage rates rise again after resumption of Middle East hostilities (FT )

    • Politics:

      • As Le Pen looms, Macron and Merz bid to show Franco-German engine still has clout (Politico )

  • Top company news

    • Earnings/updates

      • DKSH.SW (DKSH Holding) -- H1 EPS CHF1.67 vs consensus CHF1.60; management remains confident in delivering sustainable Core EBIT growth, reaffirms mid-term roadmap

      • TOM.NO (Tomra Systems) -- Q2 adj. EPS €0.10 vs FactSet €0.09 [9 est, €0.07-0.10]

      • DBV.FP (DBV Technologies) -- Q2 EPS ($0.12) vs FactSet ($0.11) [5 est, ($0.12)-(0.10)]

      • SKA.B.SS (Skanska) -- Q2 EPS SEK4.27 vs FactSet SEK4.29 [5 est, SEK4.07-4.71] (SEK 252.30)

      • VOLV.B.SS (Volvo) -- Q2 EPS SEK5.10 vs consensus SEK5.22; comments on US tariffs impact on operating income

      • DG.FP (VINCI SA) -- Jun airport passenger traffic (2.6%)

      • SKF.B.SS (SKF) -- Q2 adj EPS SEK4.98 vs FactSet SEK3.68 [14 est, SEK2.56-4.89]; expects organic sales to strengthen somewhat in Q3

      • SAAB.B.SS (Saab) -- Q2 EPS SEK3.96 vs FactSet SEK3.43 [7 est, SEK3.09-3.72]

      • DANSKE.DC (Danske Bank) -- Q2 net income DKK6.20B vs consensus DKK5.92B (DKK 370.00); raises FY net income guidance

      • ADP.FP (Aeroport de Paris) -- Total Paris Aeroport Jun traffic 9.38M, (3.2%) y/y

      • HUSQ.B.SS (Husqvarna) -- Q2 EPS (ex IAC) SEK2.27 vs consensus SEK2.05

      • TELIA.SS (Telia Co.) -- Q2 EPS SEK0.57 vs consensus SEK0.55; reiterates 2026 outlook

      • SWED.A.SS (Swedbank) -- Q2 EPS SEK6.37 vs consensus SEK6.36

      • S92.GR (SMA Solar Technology) -- prelim Q2 results; raises FY 2026 guidance

      • EQT.SS (EQT AB) -- H1 total AUM €291B vs year-ago €266B

      • VOLCAR.B.SS (Volvo Car) -- Q2 EPS SEK0.42 vs FactSet SEK0.31 [6 est, SEK0.19-0.45]

      • LIAB.SS (Lindab International) -- Q2 EPS SEK1.77 vs FactSet SEK2.08 [5 est, SEK1.88-2.30]

      • BILL.SS (Billerud) -- Q2 EPS (SEK0.26) vs FactSet (SEK0.69) [9 est, (SEK0.91)-(0.33)]

      • SAVE.SS (Nordnet) -- Q2 EPS SEK3.80 vs FactSet SEK3.47 [11 est, SEK3.36-3.60]

      • GF.SW (Georg Fischer) -- H1 net income (CHF77M) vs FactSet (CHF84.5M) [2 est, (CHF99)-(70M)]

      • BHG.SS (Lightshop) -- Q2 EPS SEK0.31 vs FactSet SEK0.42 [4 est, SEK0.39-0.46]

      • CEVI.SS (CellaVision) -- Q2 EPS SEK1.37 vs FactSet SEK1.34 [2 est, SEK1.21-1.47]

      • FQT.GR (Frequentis) -- prelim H1 EBIT €15M vs year ago (€4.3M)

    • M&A

      • EXM.BB (Exmar NV) -- to sell midsize gas carriers KORTRIJK, WEPION and KRUIBEKE; to sell fully pressurized vessels JOAN and ELISABETH

      • DSY.FP (Dassault Systemes) -- in discussions to acquire drug trial software maker ArisGlobal for ~$2B - Financial Times

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- board reports preliminary observations on the public tender and exchange offer launched by Intesa Sanpaolo

      • ZAB.PW (Zabka Group) -- Seven & I Holdings confirms discussions regarding potential investment in Zabka; no decisions have been made

      • AED.BB (Aedifica) -- acquires two care properties in Spain and Finland for €21M

      • TRUE.B.SS (Truecaller) -- to acquire TextPlus for $15M in cash

      • LBIRD.FP (Lumibird) -- enters negotiations for sale of its Medical Division to IPG Photonics, for enterprise value €300M, plus potential earn-out up to €50M

      • GCARSOA1.MM (Grupo Carso SAB de CV) -- Grupo Carso SAB de CV reports on binding agreement with Total Energies EP regarding Mexico Block 30

    • Healthcare

      • NOVN.SW (Novartis) -- FDA grants Novartis traditional approval for Fabhalta (iptacopan) to slow kidney function decline in adults with primary immunoglobulin A nephropathy at risk of disease progression

      • DBV.FP (DBV Technologies) -- SEC filing: 10-Q

      • CAMX.SS (Camurus) -- announces FDA has accepted for review resubmission of NDA for CAM2029 for treatment of patients with acromegaly

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

    • Other

      • AMUN.FP (Amundi) -- announces that IPO offering of SBI Funds Management Ltd is expected to generate a capital gain of ~€300M

      • BA.LN (BAE Systems) -- named principal contractor for $1.96B sale to Kingdom of Saudi Arabia (15-Jul, timing uncertain)

      • AC.FP (Accor) -- investigated CEO Sébastien Bazin's conduct, found no wrongdoing - FT

      • TRUE.B.SS (Truecaller) -- enters into SEK 850M term loan facility

      • CINT.SS (Cint Group) -- applies to delist shares from Nasdaq Stockholm

  • Key rating changes

    • Upgrades

      • INRN.SW (Interroll Holding) -- to hold from reduce at Kepler Cheuvreux

      • TEL.NO (Telenor) -- to buy from hold at Pareto

      • SGRO.LN (Segro) -- to buy from hold at Kepler Cheuvreux

      • ADEN.SW (Adecco Group) -- to outperform from neutral at BNP Paribas Exane

      • IHP.LN (Integrafin Holdings) -- to buy from hold at Jefferies

      • NWG.LN (NatWest Group) -- to outperform from market perform at Keefe, Bruyette & Woods

      • ABB.SS (ABB Limited) -- to buy at DNB Carnegie; to buy from hold at Pareto

      • NMAN.SS (Nederman Holding) -- to buy from hold at DNB Carnegie

      • BMW.GR (Bayerische Motoren Werke) -- to buy from hold at HSBC

      • TREL.B.SS (Trelleborg) -- to hold from sell at ABG Sundal Collier

    • Downgrades

      • AF.FP (Air France-KLM) -- to reduce from hold at Kepler Cheuvreux

      • DHER.GR (Delivery Hero) -- to neutral from buy at UBS

      • LLOY.LN (Lloyds Banking Group) -- to market perform from outperform at Keefe, Bruyette & Woods

      • SOBI.SS (Swedish Orphan Biovitrum) -- to hold from buy at DNB Carnegie

      • OUT1V.FH (Outokumpu) -- to hold from buy at SEB

      • DEMANT.DC (Demant) -- to market perform from outperform at Bernstein

  • Data

    • Nikkei (5.37%) to 63245.23

    • Hang Seng (2.55%) to 24371.98

    • Shanghai Composite (3.05%) to 3764.05

    • S&P futures (71.3) vs prior close of 7577.8

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

    • $-¥ +0.02 or +0.02% to 162.41

    • €-¥ (0.01) or (0.01%) to 185.80

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