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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +1.24% to 10716.97, DAX +0.58% to 25155.41, CAC40 +0.89% to 8437.89, STOXX 600 +0.58% to 646.93

Jul 22 ,2026

  • Synopsis:

    • European equity markets ended mostly higher Wednesday. Follows Tuesday's positive close. Gainers led by Norway +1.7%, Portugal +1.2%, UK +1.3%, Sweden +1.3, Spain +1.0% and France +1%, whilst Denmark (2%) bucked the trend. Most European sectors ended higher led by Basic Resources, Banks, Food & Beverage, and Utilities. Tech, Media, Healthcare and Travel&Leisure the main laggards. WTI Crude (Sep 26) +2.75% to $86.66/bbl. Gold (Aug 26) +2.17% to $4165.00/oz.

    • In the US, equities mixed in Wednesday morning trading. Momentum not doing much following yesterday's rally with GOOGL earnings after the close the next key area of focus. However, AI compute/capex narrative in focus with multibillion dollar chip and investment deal between AMD and Anthropic and report OpenAI boosted projected compute spending to $750B through 2030 from $600B earlier this year. Middle East conflict continues to grab a lot of headlines, though equity market has tended to ignore. Rubio said US still willing to negotiate, though noted Iran has not been serious about talks. Trump this morning also threatened to destroy one Iranian bridge or power plant for each attack on a SoH ship. Oil continuing to push higher (WTI up seven of past eight sessions) against the unsettled backdrop, which now includes worries about Houthi attacks on Red Sea shipping.

    • Tariffs also gaining traction after press sources corroborated indications US President Trump poised to impose fresh levies with the 10% global rate due to expire Friday. Trump directly announced on social media that generic drug manufacturers will have two years to onshore production or face 100% duty from Aug-28.

    • On the macro data front, UK headline inflation hit softest level since March 2025, though underlying measure showed signs of stickiness. Follows mixed labor market update on Tuesday. BoE still widely expected to leave policy unchanged next week, with near-term influence on policy though to be limited. UK PM Burnham and Chancellor Healey emphasized fiscal restraint after first cabinet meeting.

    • On the European corporate front, was a busy session for earnings. After the close last night, Airbus (AIR.FP) issued its 2026 business update, announcing new medium-term targets and a surprise €5B buyback while keeping its FY26 guidance unchanged. Randstad (RAND.NA) reported Q2 adjusted net income €109M vs consensus €108M, organic growth +1.9% vs consensus +1.0% and noted activities and volumes have improved through the quarter and in early July sees a continuation of trends in June. Norsk Hydro (NHY.NO) saw Q2 figures and Q3 guidance comfortably ahead of expectations. DSV (DSV.DC) was main laggard on Stoxx Europe 600 after mixed Q2 results; focus on weak Road, muted guidance upgrade and no mention of share buyback. In Spain, Iberdrola (IBE.SM) reported results and also announced acquisition of 80% stake in Caruna for €2.1B; Santander (SAN.SM) reports Q2 underlying attributable profit €3.77B vs consensus €3.69B; reiterates all its 2026 targets.

    • Looking ahead to tomorrow's session, the ECB is expected to leave its benchmark interest rate unchanged at 2.4% when announces decision at 14:15CET, press conf at 14:45. Another busy session of earnings/updates in store for Europe tomorrow, with names including Nokia, BT Group, Roche, Nestle, Repsol, BE Semiconductor, SAP and Deutsche Börse among those reporting.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +1.83%, Utilities +1.29%, Banks +1.15%, Food & Beverage +1.02%, Telecom +0.93%, Ind Goods & Svcs +0.83%, Insurance +0.83%, Oil & Gas +0.83%, Retail +0.80%, Chemicals +0.73%, Financial Svcs +0.68%

      • Underperformers:

        • Media (0.54%), Technology (0.47%), Travel & Leisure (0.33%), Health Care (0.14%), Persnl & HHold Goods +0.15%, Construct & Mtls +0.44%, Autos & Parts +0.58%, Real Estate +0.61%

    • Macro:

      • Gas Prices

        • European gas prices approach Iran war highs as traders fret over winter supplies (FT)

      • Tariffs

        • EU says Trump's new generic drug tariffs won't hit its exports (POLITICO)

      • Germany

        • Germany to take direct stakes in defence startups under new strategy (Reuters)

      • UK

        • June's encouraging inflation will be discounted by Bank of England (FT )

        • Update from Brightmine showed that pay settlements by UK employers held at 3.3% in three months to Jun (Reuters)

        • Streeting refuses to commit to 3% defence spending ambition (FT)

        • Rent controls set to be ditched from Burnham's cost of living blitz (i paper)

        • Funding bus fare cap from aid budget will hit world's poorest, Burnham told (Guardian)

    • Company news:

      • Notable Gainers

        • +17.3% CICN.SW (Cicor Technologies CHF136.80, +20.60) -- H1 earnings

        • +13.9% RAND.NA (Randstad €36.29, +4.42) -- Q2 earnings

        • +11.2% HIAB.FH (Hiab €58.75, +5.95) -- Q2 earnings

        • +9.1% ADEN.SW (Adecco Group CHF22.02, +1.84)

        • +8.9% DIA.LN (Dialight £4.40, +0.36) -- Q1 trading update

        • +8.5% GNC.LN (Greencore Group £2.41, +0.19) -- Q3 trading update

        • +7.9% KAMBI.SS (Kambi Group SEK174.60, +12.80) -- Q2 earnings

        • +7.0% AIR.FP (Airbus SE €208.20, +13.70) -- new mid-term outlook and €5B buyback

        • +6.4% NEDAP.NA (Nedap NV €101.60, +6.10)

        • +5.7% G1A.GR (GEA Group €62.60, +3.35) -- Q2 earnings

        • +5.5% SOON.SW (Sonova Holding CHF212.00, +11.00) -- UBS upgrade

        • +5.0% TGS.NO (TGS-NOPEC Geophysical Co. NOK146.00, +7.00) -- projects in the Norwegian Sea and offshore Newfoundland and Labrador, Canada

        • +4.7% MBB.GR (MBB €184.00, +8.20) -- prelim. Q2 earnings

        • +4.4% MPE.LN (M.P. Evans Group £17.84, +0.74) -- H1 earnings

        • +4.2% EQNR.NO (Equinor NOK379.60, +15.20) -- Q2 earnings

        • +4.1% IRE.IM (Iren €2.60, +0.10) -- Kepler Cheuvreux upgrade

        • +4.1% BOL.SS (Boliden SEK497.10, +19.50) -- DNB Carnegie upgrade

        • +4.0% MVC.SM (Metrovacesa €11.42, +0.44) -- H1 earnings

        • +4.0% CTT.PL (CTT - Correios de Portugal €6.21, +0.24) -- expression of interest from Banco CTT

        • +3.8% NCAB.SS (NCAB Group SEK78.60, +2.90) -- Q2 earnings

        • +3.5% SW.FP (Sodexo €54.60, +1.85) -- five-year global partnership with Clariant; BofA upgrade

        • +3.5% SUBC.NO (Subsea 7 NOK335.60, +11.20)

        • +3.4% NTGY.SM (Naturgy Energy Group €29.58, +0.98) -- H1 earnings

        • +3.4% HOC.LN (Hochschild Mining £4.58, +0.15) -- Q2/H1 trading update

        • +3.1% ATRAV.FH (Atria €16.82, +0.50) -- Q2 earnings

        • +2.9% SGRO.LN (Segro £8.96, +0.26) -- Prologis, Inc. announces its "Best and Final* proposal for SEGRO Plc: 0.0920 new Prologis shares for each SEGRO share and it will be final and will not be increased

        • +2.8% IQE.LN (IQE £0.47, +0.01)

        • +2.5% NORBT.NO (Norbit NOK176.60, +4.30) -- NOK 325M order

        • +2.5% WRT1V.FH (Wartsila €30.41, +0.74) -- OP Corporate Bank upgrade; ABG Sundal Collier upgrade; Handelsbanken upgrade

        • +2.4% NHY.NO (Norsk Hydro NOK85.74, +2.04) -- Q2 earnings

        • +2.2% MUL.LN (Mulberry Group £1.40, +0.03) -- FY earnings

        • +2.2% NESN.SW (Nestle CHF86.29, +1.89) -- nears deal to sell stake in €5bn Perrier unit -- FT

        • +1.6% OPM.FP (OPmobility €13.04, +0.21) -- H1 earnings

        • +1.4% FAG.SS (Fagerhult Group SEK17.16, +0.24) -- Kepler Cheuvreux upgrade

        • +1.3% TSTL.LN (Tristel £3.90, +0.05) -- FY trading update

        • +1.1% TPK.LN (Travis Perkins £5.61, +0.06) -- Barclays downgrade

        • +0.9% SPM.IM (Saipem €4.41, +0.04) -- European Commission opens in-depth investigation into proposed merger between Saipem and Subsea7, ~$260M contract

      • Notable Decliners

        • -24.2% RCH.LN (Reach £0.45, -0.14) -- H1 earnings

        • -14.2% DSV.DC (DSV A/S DKK1,433.50, -236.50) -- Q2 earnings

        • -13.9% SECARE.SS (Swedencare SEK22.25, -3.60) -- Q2 earnings

        • -11.8% EZJ.LN (EasyJet £5.94, -0.78) -- Reuters article on the review of EU airline ownership rules

        • -8.2% VACN.SW (VAT Group CHF646.80, -57.20) -- H1 earnings

        • -7.2% BOOT.LN (Henry Boot £1.52, -0.12) -- H1 trading update

        • -6.7% IMM.LN (ImmuPharma £0.04, -0.00) -- selects Thermo Fisher Scientific as CDMO for Kapiglucagon program

        • -5.6% EFGN.SW (EFG International CHF17.12, -1.02) -- H1 earnings

        • -5.2% JHD.LN (James Halstead £1.20, -0.07) -- FY trading update

        • -4.9% LONN.SW (Lonza Group CHF541.00, -27.60) -- H1 earnings

        • -4.2% JDW.LN (JD Wetherspoon £7.14, -0.32) -- pre-close trading update; Peel Hunt downgrade

        • -3.7% ENR.GR (Siemens Energy €152.24, -5.82) -- sympathy move following GE Vernova results cited

        • -3.2% SINCH.SS (Sinch SEK37.37, -1.24) -- Q2 earnings

        • -3.1% KNEBV.FH (Kone €46.92, -1.48) -- Q2 earnings

        • -2.2% BN.FP (Danone €70.30, -1.58) -- Jefferies downgrade

        • -2.0% SSAB.A.SS (SSAB SEK97.56, -2.02) -- Q2 earnings

        • -0.3% STG.DC (Scandinavian Tobacco Group DKK68.00, -0.20) -- signs agreement to divest two fine-cut tobacco brands in transaction is valued at €176M, corresponding to a pretax Enterprise Value of ~DKK 1.3B

    • EU companies reporting tomorrow:

      • Earnings:

        • Belgium: Orange Belgium (OBEL.BB), Econocom Group (ECONB.BB)

        • Germany: SAP (SAP.GR), Deutsche Börse (DB1.GR), TRATON (8TRA.GR), Sartorius (SRT3.GR), Vossloh (VOS.GR), LPKF Laser & Electronics (LPK.GR)

        • Finland: Nokia (NOKIA.FH), UPM-Kymmene (UPM.FH), Stora Enso (STERV.FH), Huhtamaki (HUH1V.FH), Kempower (KEMPOWR.FH), Musti Group (MUSTI.FH), Pihlajalinna (PIHLIS.FH)

        • France: TotalEnergies (TTE.FP), BNP Paribas (BNP.FP), STMicroelectronics (STMPA.FP), Thales (HO.FP), Dassault Systemes (DSY.FP), Sartorius Stedim Biotech (DIM.FP), Eurofins Scientific (ERF.FP), Carrefour (CA.FP), Getlink (GET.FP), Edenred (EDEN.FP), Eurazeo (RF.FP), 74Software (74SW.FP), Burelle (BUR.FP), Nexity (NXI.FP)

        • Italy: Poste Italiane (PST.IM), ACEA (ACE.IM)

        • Netherlands: Aalberts (AALB.NA), BE Semiconductor Industries (BESI.NA), Sligro Food Group (SLIGR.NA)

        • Norway: TGS-NOPEC Geophysical Co. (TGS.NO)

        • Other: KRKA d.d. (KRKG.SV)

        • Portugal: NOS (NOS.PL), The Navigator Co. (NVG.PL)

        • Spain: Repsol (REP.SM), Bankinter (BKT.SM), Indra Sistemas (IDR.SM), Inmobiliaria Colonial SOCIMI (COL.SM), Vidrala (VID.SM), Laboratorios Farmaceuticos Rovi (ROVI.SM), ATRESMEDIA (A3M.SM)

        • Sweden: Acast (ACAST.SS), MEKO (MEKO.SS), Genovis (GENO.SS), Mentice (MNTC.SS)

        • Switzerland: Roche Holding (ROP.SW), Nestle (NESN.SW), Galderma Group (GALD.SW), Givaudan (GIVN.SW), Kuehne & Nagel (KNIN.SW), SFS Group (SFSN.SW), Cembra Money Bank (CMBN.SW), Valiant Holding (VATN.SW), Dätwyler Holding (DAE.SW), Cosmo Pharmaceuticals (COPN.SW), Cicor Technologies (CICN.SW), Meier Tobler Group (MTG.SW), medmix (MEDX.SW), Leonteq (LEON.SW), Bystronic (BYS.SW), Bellevue Group (BBN.SW)

        • UK: RELX (REL.LN), Airtel Africa (AAF.LN), Centrica (CNA.LN), EasyJet (EZJ.LN), Howden Joinery Group (HWDN.LN), Morgan Sindall Group (MGNS.LN), Jupiter Fund Management (JUP.LN), Naked Wines (WINE.LN)

      • Trading Update:

        • France: Robertet (RBT.FP), Stef (STF.FP), Voltalia (VLTSA.FP), Pierre & Vacances (VAC.FP), Aubay (AUB.FP), Assystem (ASY.FP), 2CRSI (AL2SI.FP), LNA Santé (LNA.FP), Aramis Group (ARAMI.FP), Sword Group (SWP.FP), Linedata Services (LIN.FP), Akwel (AKW.FP), Cegedim (ALCGM.FP), Guerbet (GBT.FP), Adocia (ADOC.FP), Bilendi (ALBLD.FP), Forsee Power (ALFOR.FP)

        • UK: 3i Group (III.LN), BT Group (BT.A.LN), AJ Bell (AJB.LN), CVS Group (CVSG.LN)

      • CMD/Events: Poste Italiane (PST.IM) EGM vote on the partial demerger plan of PostePay S.p.A. with assignment of the demerged assets to Poste Italiane and simultaneous allocation of part of the demerged assets to BancoPosta's Ring-Fenced Capital

  • Data:

    • Economics:

      • UK Jun

        • CPI +2.6% y/y vs cons +2.7% and prior +2.8%; +0.1% m/m vs cons +0.1% and prior +0.2%

          • Core +2.6% y/y vs cons +2.5% and prior +2.6%

        • RPI +3.0% y/y vs cons +3.0% and prior +3.1%; +0.3% m/m vs cons +0.3% and prior +0.2%

        • Output PPI +3.5% y/y vs cons +4.0% and prior revised +3.7% from +4.0%; 0.0% m/m vs cons +0.2% and prior +0.5%

        • Input PPI +7.3% y/y vs cons +9.0% and prior revised +9.3% from +8.7%; (2.0%) m/m vs cons +0.1% and prior revised +0.6% from +0.2%

    • Markets:

      • WTI Crude (Sep 26): +$2.47 or +2.93% to $86.81

      • €-$ +0.0007 or +0.06% to 1.1408

      • £-$ (0.0005) or (0.04%) to 1.3372

      • €-£ +0.0008 to 0.8531

      • S&P 500 +0.06%

      • Performance year-to-date

        • FTSE 100: +7.91%

        • DAX: +2.72%

        • CAC: +3.54%

        • MIB: +17.46%

        • Stoxx 600: +9.24%

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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