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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.58%), DAX (0.06%), CAC40 (0.13%)

Jul 21 ,2026

  • Synopsis

    • European equity markets are set to open lower, following mixed performance on Monday. Asian markets also mixed. South Korea rally the standout. Japan also seeing big gains. Mainland China positive. Hang Seng and ASX slightly softer.

    • No change in market narrative. Focus remains on tech volatility and Middle East tensions. Upcoming first batch of big tech earnings seen as next checkpoint. Kimi K3 competitive disruption theme continued to resonate in the meantime, increasing scrutiny of hyperscaler investments and financing (debt) implications. Moonshot AI temporarily paused new subs due to capacity strains, bolstering case for increased financing via IPO.

    • US-Iran developments mixed. Houthis announced they were imposing a naval blockade on Saudi Arabia. Yet, mediators said to be continuing dialogue between US and Iran including a proposed 10-day ceasefire. US launched another round of strikes on Iranian targets Monday afternoon ET in retaliation for the deaths of three US soldiers. However, expectations remain a diplomatic offramp can be found. In terms of monetary policy implications, near term influence limited but supports cautious approach.

    • In Europe, makeup of UK PM Burnham's cabinet getting a lot of attention. Unexpectedly appointed former defense secretary Healey as chancellor. Healey seen as a safe pair of hands and executor of policy rather than a driver of policy. Held roles in the Treasury between 2002 and 2007. Fits in with expectation that Burnham's team will have a big influence on economic policy rather than the Treasury.

    • Also on today's agenda, in central banks, BOE's Benjamin speech at 11:00BST at OMFIF title 'It's all about the role of money' and Bundesbank's Nagel speech at 13:30CET at meeting with a delegation of European ambassadors on the occasion of Ireland's EU Council Presidency. Also, Hungary central bank interest rate decision at 14:00CET. A (25bps) cut in the benchmark interest rate to 5.75% is expected. ECB releases at 10:00CET it's latest survey of bank lending.

    • European macro data releases out today include Germany Jul ZEW survey, Spain May trade balance, Switzerland Jun trade balance (and monthly watch data), UK Jun claimant count change, May unemployment rate, Norway Jun unemployment rate, Finland Jun unemployment rate and Worldpanel by Numerator will release Grocery Market Share data for the four weeks ending 12th July 2026.

    • A busy day for earnings with initial focus turning to Pharma as Novartis (NOVN.SW) reported Q2 earnings comfortably beating expectations and reaffirming full-year guidance. Lindt & Sprüngli (LISN.SW) also impressed, delivering H1 net income of CHF191.7M well ahead of the CHF167.5M consensus, confirming its FY outlook. Julius Baer (BAER.SW) and BAWAG (BG.AV) both beat expectations on earnings, adding to a broadly positive tone in European financials. Airbus (AIR.FP) offered reassurance, confirming it remains on track for full-year delivery targets. Virbac (VIRP.FP) beat Q2 revenue estimates and lifted guidance to the upper end of its range. Swatch (UHR.SW) was a notable miss, with H1 net income of just CHF16M versus consensus of CHF84.3M, highlighting continued pressure on the luxury watch sector. Hamburger Hafen (HHFA.GR) issued a profit warning, cutting FY EBIT guidance to €150-170M from €175-195M. Alfa Laval (ALFA.SS) missed Q2 estimates and flagged somewhat lower demand expected in Q3. Vår Energi (VAR.NO) missed on cash from operations but confirmed production guidance and announced a combination with BlueNord.

  • Politics/Macro/World News

    • Burnham to remove VAT from household electricity bills in first major policy announcement as PM - BBC

    • Andy Burnham vows to 'bring back hope' as he unveils his cabinet - The Guardian

    • Czech central bank chief warns against joining Eurozone too early - FT

    • US, Iran Strikes Extend to 10th Day as Mediators Propose Truce - Bloomberg

    • Houthis announce Saudi naval blockade, threatening new front in US-Iran war - Reuters

    • The EU plan against Trump's attack on the German health system - Handelsblatt

  • Top company news

    • Earnings/updates

      • France

        • AIR.FP (Airbus SE) -- on track towards full-year deliveries target - CNBC

        • ATO.FP (ATOS SE) -- ATOS publishes estimated H1 of 2026 liquidity position and 2026 year-end forecast

        • VIRP.FP (Virbac) -- reports preliminary Q2 revenue €384M vs FactSet €378.9M [1 est]; targets FY revenue growth at upper end of guidance

        • COV.FP (Covivio) -- reports H1 Adjusted EPRA EPS €2.55 vs year-ago €2.38

        • ALVU.FP (Vente-Unique.com) -- reports 9M revenue €174.6M, +18% vs year-ago €148.0M

        • MAU.FP (Maurel et Prom) -- reports H1 Activity

      • DACHs

        • UHR.SW (Swatch Group) -- reports H1 net income CHF16M vs FactSet CHF84.3M [3 est, CHF66-102M]; guides H2

        • SCHP.SW (Schindler Holding) -- reports Q2 EPS CHF2.49 vs consensus CHF2.55

        • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- reports H1 net income CHF191.7M vs consensus CHF167.5M; confirms FY Outlook

        • HHFA.GR (Hamburger Hafen und Logistik) -- guides FY EBIT €150-170M vs prior guidance €175-195M

        • BOSN.SW (Bossard Holding) -- reports H1 net income CHF54.7M, +41% vs year-ago CHF38.7M

        • ALSN.SW (ALSO Holding) -- reports H1 net income €69.1M vs FactSet €65M [1 est]; confirms guidance for the 2026 financial year

        • NOVN.SW (Novartis) -- reports Q2 core EPS $2.41 vs consensus $2.15; remains on track to deliver our FY guidance and mid-term outlook

        • BAER.SW (Julius Baer Group) -- reports H1 adjusted net income CHF672.8M vs FactSet CHF654M

        • BG.AV (BAWAG Group) -- reports Q2 EPS €3.28 vs FactSet €3.04

        • WIE.AV (Wienerberger) -- reports prelimi Q2 EBITDA €230M vs FactSet €254M [1 est]; guides FY26

        • JUN3.GR (Jungheinrich) -- issues press release following BaFin initiation of 2025 financial statements review

      • Nordics

        • EMBLA.DC (Embla Medical hf) -- reports Q2 net income $29M vs FactSet $22.7M [5 est, $20-24M]

        • VAR.NO (Vår Energi) -- reports Q2 cash from operations $2.08B vs FactSet $2.53B; on track to meet FY production guidance; to combine with BlueNord

        • HANZA.SS (HANZA AB) -- reports Q2 adjusted EPS SEK1.79 vs FactSet SEK1.91

        • ALFA.SS (Alfa Laval) -- reports Q2 EPS SEK4.91 vs consensus SEK5.52; expect demand in Q3 to be somewhat lower compared to Q2

        • WRT1V.FH (Wartsila) -- reports Q2 EPS €0.25 vs consensus €0.27, Orders €2.85B vs consensus €2.54B

        • BOL.SS (Boliden) -- reports Q2 EPS SEK7.81 vs FactSet SEK7.76

        • HACK.SS (Hacksaw) -- reports Q2 EPS €0.16 vs FactSet €0.16

        • MTG.B.SS (Modern Times Group MTG) -- reports Q2 adjusted net income SEK470M vs FactSet SEK423.7M; reiterates full year outlook for 2026

      • Benelux

        • WHA.NA (Wereldhave) -- reports H1 Direct result per share €0.91 vs year-ago €0.91

        • CMCOM.NA (CM.com) -- reports Q2 net income (€1.1M) vs year-ago (€4.6M)

      • Also due to report today includes:

        • Earnings

          • Austria: Telekom Austria (TKA.AV)

          • Finland: Fortum (FORTUM.FH), Vaisala (VAIAS.FH)

          • France: Icade (ICAD.FP)

          • Germany: EuroTeleSites (7YF.GR), Mensch & Maschine Software (MUM.GR)

          • Norway: Equinor (EQNR.NO)

          • Other: Icelandair Group (ICEAIR.IR)

          • Sweden: Asker Healthcare Group (ASKER.SS), MedCap (MCAP.SS), Fenix Outdoor International (FOI.B.SS), Fagerhult Group (FAG.SS), Eltel (ELTEL.SS), CTT Systems (CTT.SS), Ework Group (EWRK.SS), Embellence Group (EMBELL.SS)

          • Switzerland: CPH Group (CPHN.SW)

          • Southern Europe: ENCE Energia y Celulosa (ENC.SM), Talgo (TLGO.SM)

          • UK: MONY Group (MONY.LN), Sthree (STEM.LN), Arbuthnot Banking Group (ARBB.LN), Gateley (Holdings) (GTLY.LN)

        • Trading Update:

          • France: Sidetrade (ALBFR.FP), Delta Plus Group (ALDLT.FP), Roche Bobois (RBO.FP), La Française de l'Energie (FDE.FP), Mauna Kea Technologies (ALMKT.FP)

          • UK: Compass Group (CPG.LN), Mitie Group (MTO.LN), Kier Group (KIE.LN), Midwich Group (MIDW.LN)

        • CMD/Events: Airbus (AIR.FP) business update at 17:30BST (livestream)

    • M&A

      • DNB.NO (DNB Bank) -- enters agreement to divest its shareholding in Luminor Holding to OTP Bank

      • IPO.LN (IP Group) -- announces Railpen's latest offer proposal continues to significantly undervalue the Company

      • PREC.SS (Precise Biometrics) -- resolves on a SEK110M rights issue following merger with Fingerprint Cards

      • KEOC.SS (Keo Capital AB) -- Keo Capital enters into a non-binding LOI for proposed business combination of KEO Energy with Lionheart Holdings

      • S&P discloses Krystal Biotech KRYS will replace TMHC in S&P MidCap 400, effective 24-Jul

      • Modella Capital considering making offer for Harvey Nichols - Sky News

    • Healthcare

      • IPH.FP (Innate Pharma) -- Announces Completion of Enrollment in Phase 1 Dose Escalation Study of IPH4502, a Novel Nectin-4 Exatecan Antibody-drug Conjugate

      • 207940.KS (Samsung Biologics) -- Street Takeaways - Samsung Biologics' tender offer to acquire PolyPeptide

    • Other

      • MBG.GR (Mercedes-Benz Group) -- pushing to dilute proposed law that would ban it from the US over its partial Chinese ownership - Bloomberg

      • BRBY.LN (Burberry Group) -- Street Takeaways - Burberry Group Q1 Sales

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Jun

      • FR.FP (Valeo SE) -- selected by Harmattan AI to develop and produce in France a sovereign electric drone motor

      • KTN.GR (Kontron) -- secures new European customer for its 5G Automotive Network Access Devices

      • FactSet Podcast - Evening Market Recap, 20-Jul

      • Indigo and CFM International sign MoU for 1,000+ LEAP-1A engines

      • Regional Gaming Revenues - Massachusetts June 2026

      • White House releases proclamation on imports of aluminum into the US

  • Key rating changes

    • Upgrades

      • AENA.SM (Aena S.M.E.) -- to overweight from equal weight at Barclays

      • BEAN.SW (BELIMO Holding) -- to buy from hold at Jefferies

      • GF.SW (Georg Fischer) -- to buy from neutral at UBS

      • HEN3.GR (Henkel) -- to outperform from neutral at Oddo

      • LEG.GR (LEG Immobilien) -- to equal-weight from underweight at Morgan Stanley

      • SWED.A.SS (Swedbank) -- to neutral from sell at Goldman Sachs

    • Downgrades

      • DHER.GR (Delivery Hero) -- to equal weight from overweight at Barclays

      • ITRK.LN (Intertek Group) -- to hold from buy at Jefferies

      • ROR.LN (Rotork) -- to neutral from outperform at BNP Paribas Exane

      • FRA.GR (Fraport) -- to equal weight from overweight at Barclays

      • DNB Bank (DNB.NO) -- to sell from neutral at Goldman Sachs

    • Initiations

      • BIOG.B.SS (BioGaia) -- re buy at Danske Bank

      • RILBA.DC (Ringkjøbing Landbobank) -- buy at DNB Carnegie

  • Data

    • Nikkei +2.86% to 65974.49

    • Hang Seng (0.02%) to 25137.07

    • Shanghai Composite +0.84% to 3828.17

    • S&P futures +37.3 vs prior close of 7484.3

    • €-$ +0.0007 or +0.06% to 1.1421

    • $-¥ +0.02 or +0.01% to 162.52

    • €-¥ +0.11 or +0.06% to 185.58

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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