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:
UK:
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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