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StreetAccount Summary - EU Market Recap: FTSE 100 (0.73%) to 10639.17, DAX (1.56%) to 24763.12, CAC40 (1.64%) to 8299.09, STOXX 600 (1.18%) to 639.27

Jul 23 ,2026

  • Synopsis:

    • European equity markets ended broadly lower. Food/beverage, tech, personal/household goods, travel and banks the main laggards. Energy and healthcare the best performing sectors. Follows positive performance on Wednesday. Middle East developments remain on the radar keeping oil prices supported.

    • On the macro front in Europe, ECB policy decision the main highlight. Left policy on hold after hiking rates in June. While recent energy price gains remain a concern, comments from policymakers signal comfort in waiting for more incoming data and updated macro projections in September. Meanwhile, BRC UK consumer confidence measure improved after better S&P Global indicator at the start of the week. CBI's July Industrial Trends Survey showed orders worst since Sep-2020. French business confidence edged up in July as expected, while Eurozone June Flash Consumer Confidence improved to (15.9) vs consensus (16.8) and prior (17.7). European Automobile Manufacturers' Association (ACEA) new car registrations up 13.1% y/y in June.

    • Elsewhere, UK PM Burnham's government announces 20% cut in business rates for pubs, clubs and live music venues in England

    • Heavy earnings calendar to digest. DACH names Nestle (NESN.SW), Sartorius (SRT3.GR), Deutsche Börse (DB1.GR), Daimler Truck Holding (DTG.GR) Galderma (GALD.SW) and Temenos (TEMN.SW) were among few others updating investors; of note, Nestle also agreed to sell 50% of its waters and premium beverages business to Platinum Equity. In France, BNP Paribas (BNP.FP), STMicroelectronics (STMPA.FP), TotalEnergies (TTE.FP), SEB (SK.FP), Thales (HO.FP), Edenred (EDEN.FP), Dassault Aviation (AM.FP) and Alstom (ALO.FP) also issued Q2/H1 updates. In the Nordics, Nokia (NOKIA.FH), UPM-Kymmene (UPM.FH) and Stora Enso (STERV.FH) reported before the open. Elsewhere, Indra Sistema (ISM), UniCredit (UCG.IM), BE Semiconductor Industries (BESI.NA) and Moncler (MONC.IM) published their most recent earnings/sales updates.

    • Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Eurozone, France, Germany, UK Jul flash manufacturing/services PMI, Germany Aug consumer confidence - GfK, UK Jul consumer confidence - GfK, and Jun retail sales.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.57%, Health Care +0.81%, Real Estate (0.17%), Insurance (0.38%), Ind Goods & Svcs (0.84%), Financial Svcs (0.86%), Media (0.97%), Basic Resources (1.01%), Utilities (1.14%)

      • Underperformers:

        • Food & Beverage (4.10%), Persnl & HHold Goods (2.74%), Technology (2.65%), Travel & Leisure (2.37%), Banks (2.30%), Telecom (2.07%), Autos & Parts (1.64%), Retail (1.61%), Construct & Mtls (1.44%), Chemicals (1.42%)

    • Macro:

      • Central banks:

        • Monetary policy decisions -- ECB

        • Lagarde Speaks After ECB Keeps Interest Rates Unchanged -- Bloomberg

      • EU:

        • EU risks Donald Trump backlash with $1B fine on Google -- Skynews

      • UK:

        • Will Burnham go big or go home? -- FT

      • Germany:

        • Germany seeks energy and trading partners in Africa -- DW

      • Italy:

        • Italy says Mattei Plan has entered its "maturity" phase -- Decode39

    • Company news:

      • Notable Gainers

        • +21.6% SOI.FP (SOITEC €118.15, +20.78) -- sales

        • +14.1% VCP.LN (Victoria £0.72, +0.09) -- refinancing transaction update

        • +12.9% SK.FP (SEB €55.40, +6.30) -- earnings

        • +11.0% 8TRA.GR (TRATON €40.08, +4.02) -- earnings

        • +9.3% MNTC.SS (Mentice SEK14.75, +1.25) -- earnings

        • +7.8% COPN.SW (Cosmo Pharmaceuticals CHF69.00, +5.00) -- earnings

        • +7.4% VNV.SS (VNV Global SEK17.70, +1.22) -- portfolio company Voi publishes Q2 report

        • +7.1% ISM (Indra Sistemas €54.54, +3.62) -- earnings

        • +6.5% SGRO.LN (Segro £9.59, +0.58) -- board recommends best and final offer by Prologis (PLD)

        • +6.0% HUH1V.FH (Huhtamaki €29.32, +1.64) -- earnings

        • +5.8% AM.FP (Dassault Aviation €308.40, +16.60) -- earnings

        • +5.8% REC.LN (Record £0.44, +0.03) -- trading update

        • +5.6% FR.FP (Valeo SE €13.92, +0.74) -- earnings

        • +5.1% HO.FP (Thales €237.60, +11.50) -- earnings

        • +4.8% EQNR.NO (Equinor NOK397.90, +18.30) -- RBC Capital Markets upgrade

        • +4.0% AML.LN (Aston Martin Lagonda Global Holdings £0.37, +0.01) -- debt financing

        • +3.9% DTG.GR (Daimler Truck Holding $45.57, +1.73) -- earnings

        • +3.7% DSY.FP (Dassault Systemes €18.29, +0.66) -- earnings; acquisition

        • +3.6% REP.SM (Repsol €26.48, +0.93) -- earnings

        • +3.4% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €58.65, +1.90) -- earnings

        • +3.1% BP.LN (BP £5.55, +0.17) -- assumed neutral at Piper Sandler

        • +3.0% SQZ.LN (Serica Energy £2.57, +0.08) -- completes lending facilities

        • +3.0% RF.FP (Eurazeo €44.58, +1.32) -- earnings

        • +2.9% AAL.LN (Anglo American £36.44, +1.01) -- production report

        • +2.7% EZJ.LN (EasyJet £6.04, +0.16) -- trading update

        • +2.5% TTE.FP (TotalEnergies €76.39, +1.89) -- earnings

        • +2.1% A3M.SM (ATRESMEDIA €4.95, +0.10) -- earnings

        • +1.8% KNEBV.FH (Kone €47.60, +0.86) -- Inderes upgrade

        • +1.8% FPE3.GR (FUCHS SE €39.84, +0.70) -- prelim earnings

        • +1.7% KSB.GR (KSB €938.00, +16.00) -- initiated buy at Berenberg

      • Notable Decliners

        • -74.0% ATORX.SS (Alligator Bioscience SEK0.05, -0.14) -- discontinues independent development of mitazalimab; rights issue

        • -41.2% VID.LN (Videndum £2.38, -1.67) -- trading update

        • -17.7% STMPA.FP (STMicroelectronics €47.65, -10.33) -- earnings

        • -17.4% KEMPOWR.FH (Kempower €10.66, -2.23) -- earnings

        • -15.7% SCLP.LN (Scancell Holdings £0.11, -0.02) -- acquisition

        • -14.4% AIFORIA.FH (Aiforia Technologies €1.19, -0.20) -- NuWays downgrade

        • -10.4% FIA1S.FH (Finnair €4.39, -0.51) -- SEB downgrade

        • -10.2% CNA.LN (Centrica £1.61, -0.18) -- earnings; further life extension for nuclear power stations

        • -9.8% ITP.FP (Interparfums €23.56, -2.56) -- sales

        • -8.5% STERV.FH (Stora Enso €8.94, -0.85) -- earnings

        • -8.1% TEMN.SW (Temenos CHF61.95, -5.40) -- earnings

        • -8.0% NESN.SW (Nestle CHF79.57, -6.88) -- earnings; divestment

        • -7.9% MONC.IM (Moncler €46.76, -4.05) -- earnings

        • -7.8% UPM.FH (UPM-Kymmene €22.22, -1.87) -- earnings

        • -7.3% BESI.NA (BE Semiconductor Industries €227.50, -18.20) -- earnings

        • -6.9% DAE.SW (Dätwyler Holding CHF141.60, -10.40) -- earnings

        • -6.4% DIM.FP (Sartorius Stedim Biotech €165.00, -11.30) -- earnings

        • -6.3% ERF.FP (Eurofins Scientific €66.30, -4.46) -- earnings

        • -6.1% GIVN.SW (Givaudan CHF3,166.00, -206.00) -- earnings

        • -5.8% SRB.LN (Serabi Gold £2.60, -0.16) -- trading update

        • -5.7% SLIGR.NA (Sligro Food Group €11.02, -0.66) -- earnings

        • -5.6% KALMAR.FH (Kalmar €37.46, -2.22) -- Danske Bank downgrade

        • -5.1% NOKIA.FH (Nokia €8.67, -0.47) -- earnings

        • -5.1% MAB.LN (Mitchells & Butlers £2.62, -0.14) -- trading update

        • -4.9% RYA.ID (Ryanair Holdings €23.42, -1.21) -- final div

        • -4.7% ALMDT.FP (MEDIAN Technologies €3.98, -0.20) -- business update

        • -4.3% BEIJ.B.SS (Beijer Ref SEK134.80, -6.10) -- CEO steps down

        • -3.8% KEMIRA.FH (Kemira €16.26, -0.65) -- Berenberg downgrade

        • -3.4% VATN.SW (Valiant Holding CHF161.00, -5.60) -- earnings

        • -3.2% PBEE.LN (PensionBee Group £1.26, -0.04) -- trading update

        • -3.0% AJB.LN (AJ Bell £5.98, -0.19) -- trading update

        • -1.8% HUBN.SW (HUBER+SUHNER CHF189.00, -3.40) -- follow-through

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Heijmans (HEIJM.NA), Signify (LIGHT.NA), MotorK (MTRK.NA)

        • Germany: Volkswagen (VOW3.GR), ATOSS Software (AOF.GR)

        • France: TF1 (TFI.FP), Verimatrix (VMX.FP)

        • Finland: Neste (NESTE.FH), Metso Corp. (METSO.FH), Konecranes (KCR.FH), Valmet (VALMT.FH), Yit (YIT.FH)

        • Italy: Caltagirone Editore (CED.IM)

        • Spain: Banco de Sabadell (SAB.SM), MAPFRE (MAP.SM), Logista Integral (LOG.SM), Acerinox (ACX.SM), CIE Automotive (CIE.SM), Almirall (ALM.SM), Tubacex (TUB.SM)

        • Sweden: Securitas (SECU.B.SS), Loomis (LOOMIS.SS), Hoist Finance (HOFI.SS), Stockholm Nordtech Group (NTECH.SS), Stillfront Group (SF.SS), Eniro Group (ENRO.SS), Scandinavian Enviro Systems (SES.SS)

        • Switzerland: SGS (SGSN.SW), Vontobel Holding (VONN.SW), APG (APGN.SW), Schweiter Technologies (SWTQ.SW), Orell Füssli (OFN.SW), StarragTornos Group (STGN.SW), BB Biotech (BION.SW) and possibly Swatch Group (UHR.SW)

        • UK: Primary Health Properties (PHP.LN)

      • Trading Update:

        • France: Exel Industries (EXE.FP)

  • Data:

    • Economics:

      • Eurozone Jun Flash Consumer Confidence (15.9) vs consensus (16.8) and prior (17.7)

      • UK Jul CBI Industrial Trend Orders (45) vs consensus (40) and prior (45)

      • France Jul

        • Manufacturing Business Climate 101 vs consensus 94 and prior revised to 94 from 94

        • Business Survey 97.2 vs consensus 100 and prior revised to 100 from 100

    • Markets:

      • WTI Crude (26-Sep): +$5.72 or +6.59% to $92.55

      • €-$ (0.0038) or (0.33%) to 1.1376

      • £-$ (0.0063) or (0.47%) to 1.3311

      • €-£ +0.0012 to 0.8546

      • S&P 500 (1.36%)

      • Performance year-to-date:

        • FTSE 100: +7.13%

        • DAX: +1.11%

        • CAC: +1.84%

        • MIB: +14.18%

        • Stoxx 600: +7.95%

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