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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX (0.1%), CAC flat, IBEX (0.1%), MIB (0.1%)

Jul 20 ,2026

  • Synopsis

    • European equity markets are set to open broadly flat to lower. Asia equities trading mostly higher Monday. Particular attention on another South Korea selloff after the long weekend, while other bourses higher led by sharp gains in Hong Kong and mainland China.

    • Crude oil futures sharply higher, extending Friday's rally, amid escalating US-Iran conflict. WTI Crude (Aug 26) +2.47% to $84.53/bbl. According to reports, Iran's Guards said two oil tankers "exploded" in southern Strait of Hormuz and number of ships transiting the Strait of Hormuz stays low during the weekend (Reuters).

    • European macro data releases out today include Germany Jun PPI, Portugal Jun PPI, Eurozone May construction output

    • In politics, Andy Burnham to officially become UK PM, making this the fifth PM in four years. Outgoing PM Starmer will deliver his final address as PM later this morning, before he and Burnham visit King Charles in Buckingham Palace. The new PM is then expected to give his own speech in Downing Street - he will promise "more breathing room" for Britain. (BBC)

    • Elsewhere, there's an ifo Institute Munich Economic Debates series event at 18:00CET title Demographic Change: Challenge and Opportunity for the Healthcare System of Tomorrow, and OMFIF event at 15:00BST title Looking back, looking forward: The world economy through the World Bank's lens. Also, an informal meeting of EU competitive ministers (through Tue).

    • This week's agenda sees ECB interest rate decision, Eurozone, France, Germany, UK Jul flash manufacturing/services PMIs, Germany Jul ZEW survey, UK Jun inflation data, Farnborough airshow as well as earnings/updates from Alstom (ALO.FP), Banco Santander (SAN.SM), BNP Paribas (BNP.FP), Carrefour (CA.FP), Compass Group (CPG.LN), Equinor (EQNR.NO), Iberdrola (IBE.SM), Nestle (NESN.SW), Nokia (NOKIA.FH), Novartis (NOVN.SW), RELX (REL.LN), Roche Holding (ROP.SW), Ryanair Holdings (RYA.ID), SAP (SAP.GR), STMicroelectronics (STMPA.FP), TotalEnergies (TTE.FP), UniCredit (UCG.IM) and Volkswagen (VOW3.GR).

    • In corporate highlights this morning, Ryanair [RYA.ID] disappointed markets with Q1 EPS of €0.52 against consensus of €0.56, declining to offer meaningful FY27 guidance. In major M&A activity, Anglo American [AAL.LN] is reportedly prepared to sell De Beers to a consortium led by its former CEO, while Samsung Biologics has launched a tender offer to acquire PolyPeptide Group [PPGN.SW] at CHF44.31/share cash. Prysmian [PRY.IM] secured a significant 10-year agreement with Molex worth up to €5.5B, supported by a €550M upfront payment, and Eurofins [ERF.FP] announced a $400M acquisition of Element Materials Technology's Life Sciences Testing business in North America. Telecom Italia [TIT.IM] saw its board unanimously deem Poste Italiane's offer consideration fair. On the broker front, notable upgrades included Saab [SAAB.B.SS] raised to buy at DNB Carnegie, Sandvik [SAND.SS] lifted to buy at Kepler Cheuvreux, and Computacenter [CCC.LN] upgraded to buy at Berenberg, while Teleperformance [TEP.FP] was cut to neutral from buy at BofA.

  • Macro/politics

    • UK

      • Help with cost of living a 'first step' for Andy Burnham in No 10 (Times)

      • Burnham plans new era of big state; National Lottery among incoming PM's proposed targets for campaign of nationalisations (Telegraph )

      • Andy Burnham must increase defence spending, says US ambassador to UK (Times )

      • UK chief financial officers turn more hopeful about AI (Reuters , citing Deloitte survey)

      • UK Jul house price index (0.4%) y/y vs prior (0.5%); (1.0%) m/m vs prior (0.6%) - Rightmove

    • Germany

      • Following the resignation of Jens Spahn, Chancellor Merz is open to a cabinet reshuffle (ZDF)

    • Hungary

      • PM Magyar to ask chess champion Judit Polgar to become president (Reuters)

  • Top company news

    • Earnings/updates

      • RYA.ID (Ryanair Holdings) -- reports Q1 EPS €0.52 vs consensus €0.56; far too early to provide any meaningful FY27 PAT guidance

      • BEAN.SW (BELIMO Holding) -- reports H1 net income CHF124.9M vs FactSet CHF113.6M [3 est, CHF111.7-114.7M]

      • PPGN.SW (PolyPeptide Group) -- reports H1 preliminary net income ~€9M vs FactSet €4.7M [2 est, €2-7.3M]

      • Also reporting today

        • Earnings:

          • 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

    • M&A

      • AAL.LN (Anglo American) -- prepared to sell De Beers business to consortium led by former CEO - FT

      • PPGN.SW (PolyPeptide Group) -- Samsung Biologics launches tender offer to acquire PolyPeptide Group for CHF44.31/sh cash

      • TNXT.IM (Tinexta) -- Zinc BidCo (Advent and Nextalia) discloses provisional result of offer for Tinexta; acquires 90.34% of the share capital (post EU close 17-Jul)

      • ABVX (Abivax) -- re-engages Centerview to hold discussions with large-cap pharma companies -- La Lettre

      • TIT.IM (Telecom Italia) -- Telecom Italia's board unanimously deems Poste Italiane's offer consideration fair

      • ERF.FP (Eurofins) -- to acquire Element Materials Technology's Life Sciences Testing Services Business in North America for for enterprise value of $400M

      • ACKB.BB (Ackermans & Van Haaren) -- portfolio company Delen Private Bank agrees to acquire Van Lawick & Co.

      • IPO.LN (IP Group) -- Railpen issues statement regarding IP Group acquisition proposal

      • TFIN.IM (Trevi-Finanziaria Industriale) -- I.CO.P. files offer document with CONSOB in respect of voluntary public exchange offer for Trevi-Finanziaria Industriale (18-Jul)

    • Healthcare

      • DBV.FP (DBV Technologies) -- files ATM prospectus for up to $150M of sales

      • GALD.SW (Galderma Group) -- launches Alastin in Japan and key markets across Asia Pacific

    • Other

      • PRY.IM (Prysmian) -- signs 10-year agreement with Molex worth up to €5.5B, supported by a €550M upfront payment

      • CLN.SW (Clariant) -- received another claim for damages against four companies, including Clariant, from Dow Europe with the court of Dortmund, Germany

      • Estimated weekend box office revenues in US, Canada $193.0M, +43.9% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • ATYM.LN (Atalaya Mining) -- to outperform from sector perform at RBC Capital Markets

      • CAST.SS (Castellum AB) -- to hold from underperform at Jefferies

      • CCC.LN (Computacenter) -- to buy from hold at Berenberg

      • DOCM.SW (DocMorris) -- to neutral from sell at UBS

      • LAGR.B.SS (Lagercrantz Group) -- to buy from hold at Handelsbanken

      • LAGR.B.SS (Lagercrantz Group) -- to buy from hold at Pareto

      • LAGR.B.SS (Lagercrantz Group) -- to buy from hold at SEB

      • MTRS.SS (Munters Group) -- to buy from hold at DNB Carnegie

      • SAAB.B.SS (Saab) -- to buy from hold at DNB Carnegie

      • ALLEI.SS (Alleima) -- upgraded to hold from sell at ABG Sundal Collier

      • BILI.A.SS (Bilia) -- to buy from hold at Kepler Cheuvreux

      • SAND.SS (Sandvik) -- to buy from hold at Kepler Cheuvreux

      • TELIA.SS (Telia) -- to reduce from sell at Inderes

    • Downgrades

      • ORNBV.FH (Orion) -- to hold from buy at SEB

      • AAK.SS (AarhusKarlshamn) -- to hold from buy at Handelsbanken

      • CRBN.NA (Corbion) -- to neutral from outperform at Oddo

      • ER.SM (Ferrovial) -- to neutral from underweight at JB Capital Markets

      • TEP.FP (Teleperformance) -- to neutral from buy at BofA

    • Initiations

      • DPC (DPC Holdings) -- outperform at RBC Capital Markets

      • VGNT (Versigent Ltd.) -- buy at Goldman Sachs

      • NOBI.SS (Nobia) -- re- hold at Handelsbanken

    • Other Actions

      • ALSEN.FP (Sensorion) -- transferred buy at Chardan Capital

  • Data

    • Nikkei +0.00% to 64141.12 (closed)

    • Hang Seng +1.73% to 24986.94

    • Shanghai Composite (0.20%) to 3756.55

    • S&P futures (0.3) vs prior close of 7497.8

    • €-$ +0.0009 or +0.08% to 1.1441

    • $-¥ (0.06) or (0.04%) to 162.37

    • €-¥ +0.11 or +0.06% to 185.78

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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