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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.3%), CAC (0.1%), IBEX flat, MIB flat

Jul 23 ,2026

  • Synopsis

    • European equity markets set to open broadly flat to lower following yesterday's gains that saw the Stoxx Europe 600 close up 0.6% and the FTSE 100 close up 1.2%. Today's session dominated by earnings and ECB decision.

    • Asia equities trading mostly higher Thursday. South Korea leading with sharp gains, followed by Hong Kong. US equities finished mostly lower in Wednesday trading, though S&P gainers/decliners were fairly evenly split. Overall, momentum extended Tuesday's bounce. Focus on post-close earnings with Alphabet (GOOGL) and Tesla (TSLA) selling off after hours, IBM (IBM) moderately lower. Dollar index extending declines. Crude oil futures higher on latest Middle East conflict dynamics. Gold and Bitcoin lower.

    • European macro data releases include France Jul manufacturing business climate, business survey, Eurozone Jul flash consumer confidence, UK Jul industrial trend orders - CBI.

    • European Automobile Manufacturers' Association (ACEA) Jun new car registrations for EU + EFTA + UK on the tape, at +13.1% y/y.

    • ECB is expected to leave its benchmark interest rate unchanged at 2.4% when announces decision at 14:15CET, press conf at 14:45. Turkey central bank is expected to leave its benchmark interest rate unchanged at 37.0% with the announcement of its decision at 13:00CET.

    • Busy session for European earnings/updates. Nestlé (NESN.SW) marginally beat H1 earnings expectations and posted organic growth of +3.6%, while also agreeing to sell 50% of its waters and premium beverages business to Platinum Equity. Roche (ROP.SW) delivered a strong H1 core EPS beat of CHF10.85 vs CHF10.17 consensus and confirmed its outlook. Galderma (GALD.SW) beat H1 core EPS and raised its FY guidance. BNP Paribas (BNP.FP) posted a solid Q2 net income of €4.35B vs €4.21B consensus. UniCredit (UCG.IM) beat Q2 net income expectations at €2.91B vs €2.83B and raised its FY26 guidance. Nokia (NOKIA.FH) beat Q2 comparable EPS and raised its FY26 operating profit guidance. Thales (HO.FP) delivered a strong H1 EPS beat of €4.82 vs €4.42 consensus and confirmed its 2026 objectives. Moncler (MONC.IM) beat H1 net income expectations. Deutsche Börse (DB1.GR) beat Q2 EPS at €3.15 vs €3.03 consensus. On the weaker side, Zalando (ZAL.GR) missed Q2 EPS significantly at €0.31 vs €0.51 consensus, Valeo (FR.FP) disappointed with H1 net income of €105M vs €160M consensus, and Daimler Truck (DTG.GR) posted a preliminary Q2 EBIT slightly below expectations. On M&A, Dassault Systèmes (DSY.FP) agreed to acquire drug-trial software maker ArisGlobal for ~$1.8B, and Segro (SGRO.LN) confirmed its board would recommend Prologis' latest takeover proposal to shareholders should a firm offer be made.

    • At the Salzburg Summit (through Fri), Bundesbank's Mauderer is a panellist at 9:20CET, and is among several bankers, company execs and politicians speaking over the two days.

  • Macro/politics

    • UK's Burnham Cuts Business Rates for Pubs, Clubs and Live Venues (BBG )

    • Consumer confidence improved for the third month in a row, thanks in large part to a bump in sentiment among baby boomers.(BRC )

  • Top company news

    • Earnings/updates

      • Switzerland

        • NESN.SW (Nestle) --

          • H1 underlying EPS CHF2.22 vs consensus CHF2.16; Organic growth +3.6%

          • For the full year, OG is expected to be in the range of 3% to 4%, with RIG accelerating versus 2025, driven by its focused growth plans. 2026 UTOP margin is expected to improve versus 2025. After a good profit delivery in H1, H2 margin is now expected to be broadly similar to H1.

        • ROP.SW (Roche Holding) -- H1 core EPS CHF10.85 vs consensus CHF10.17; outlook confirmed

        • GIVN.SW (Givaudan) -- H1 net income CHF475M vs FactSet CHF531.7M

        • TEMN.SW (Temenos) -- Q2 (non-IFRS) EPS $1.31 vs consensus $1.25

        • DAE.SW (Dätwyler Holding) -- H1 net income CHF40.8M vs FactSet CHF47.6M

        • CMBN.SW (Cembra Money Bank) -- H1 EPS CHF3.15 vs FactSet CHF3.33

        • MEDX.SW (medmix) -- H1 net income CHF0.8M vs FactSet CHF11.4M

        • SFSN.SW (SFS Group) -- H1 net income CHF149.1M vs FactSet CHF119.6M

        • GALD.SW (Galderma Group) -- H1 core EPS $2.34 vs FactSet $2.25; raises FY guidance

      • Germany

        • SRT3.GR (Sartorius) -- H1 EPS €2.49 vs year-ago €2.44; confirms FY26 guidance

        • DB1.GR (Deutsche Börse) -- Q2 EPS €3.15 vs consensus €3.03

        • ZAL.GR (Zalando) -- Q2 EPS €0.31 non-GAAP vs FactSet €0.51

        • DTG.GR (Daimler Truck Holding) -- preliminary Q2 EBIT €838M ex-items vs FactSet €871.8M

        • DUE.GR (Duerr) -- preliminary Q2 revenue €981M vs FactSet €980.8M

        • FTK.GR (flatexDEGIRO) -- prelim Q2 net income €61.3M vs FactSet €52.8M; raises FY26 guidance

        • FPE3.GR (FUCHS SE) -- preliminary H1 EBIT €260M vs year-ago €209M

        • STM.GR (Stabilus) -- preliminary Q3 adjusted EBIT €32.2M vs FactSet €30.4M

      • France

        • BNP.FP (BNP Paribas) -- Q2 net income €4.35B vs consensus €4.21B

        • DSY.FP (Dassault Systemes) -- Q2 non-IFRS EPS €0.31 vs FactSet €0.30

        • ALO.FP (Alstom) -- Q1 revenue €4.73B vs StreetAccount €4.67B; confirms FY outlook

        • HO.FP (Thales) -- H1 EPS €4.82 ex-items vs consensus €4.42; confirms 2026 objectives

        • ITP.FP (Interparfums) -- Q2 revenue €198.8M vs FactSet €208.0M

        • FR.FP (Valeo SE) -- H1 net income attributable €105M vs consensus €160M

        • EDEN.FP (Edenred) -- H1 adj. net income €253M vs FactSet €305M; raises EBITDA guidance

        • SOI.FP (SOITEC) -- Q1 revenue €113M vs FactSet €102.6M

        • AM.FP (Dassault Aviation) -- H1 adjusted net income €496M vs FactSet €459M

        • SK.FP (SEB) -- H1 net income (€124.1M) vs FactSet (€82M)

        • GFC.FP (Gecina) -- H1 recurring net income per share €3.43 vs FactSet €3.26

        • IPS.FP (Ipsos) -- H1 adjusted net income €70.5M vs year-ago €72.2M

        • FNAC.FP (Fnac Darty) -- H1 net income (€82M) vs year-ago (€66M)

        • IDL.FP (ID Logistics Group) -- preliminary Q2 revenue €1.09B vs year-ago €893.9M

        • ALMDT.FP (MEDIAN Technologies) -- cash runway update through H1-28

        • RNO.FP (Renault Group) -- H1 worldwide PC + LCV sales 1.17M vehicles, (0.4%) y/y

      • Finland

        • NOKIA.FH (Nokia) -- Q2 comparable EPS €0.07 vs consensus €0.05; raises FY26 operating profit guidance

      • Italy

        • MONC.IM (Moncler) -- H1 net income €164.7M vs consensus €158.2M

        • UCG.IM (UniCredit) -- Q2 net income €2.91B vs consensus €2.83B; raises FY26 guidance

      • Netherlands

        • BESI.NA (BE Semiconductor Industries) -- Q2 EPS €1.11 vs StreetAccount €1.12

      • Belgium

        • SOF.BB (Sofina) -- prelim unaudited NAV €11.3B at 30-Jun vs €10.8B at 31-Dec-25

        • Remaining Companies Due to Report

          • Earnings: Belgium: Orange Belgium (OBEL.BB), Econocom Group (ECONB.BB) Germany: SAP (SAP.GR), TRATON (8TRA.GR), Vossloh (VOS.GR), LPKF Laser & Electronics (LPK.GR) Finland: 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), STMicroelectronics (STMPA.FP), Sartorius Stedim Biotech (DIM.FP), Eurofins Scientific (ERF.FP), Carrefour (CA.FP), Getlink (GET.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), 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: Kuehne & Nagel (KNIN.SW), Valiant Holding (VATN.SW), Cosmo Pharmaceuticals (COPN.SW), Cicor Technologies (CICN.SW), Meier Tobler Group (MTG.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 Updates: 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.

    • M&A

      • NESN.SW (Nestle) -- agrees to sell 50% of its waters and premium beverages business to Platinum Equity

      • DSY.FP (Dassault Systemes) -- to acquire ArisGlobal for ~$1.8B in cash at closing and up to $200M in additional consideration

      • SGRO.LN (Segro) -- Board of SEGRO concludes financial terms of Fourth Proposal are at level to recommend to SEGRO shareholders should firm offer be announced by Prologis

      • CNE.LN (Capricorn Energy) -- confirms Samos Energy proposal of 381 pence per share

      • EN.FP (Bouygues) -- Equans acquires majority stake in Australian infrastructure/construction name CV Services Pty Ltd; terms not disclosed

      • NOD.NO (Nordic Semiconductor) -- files notice on Memfault founders' stake/reinvestment tied to acquisition

      • AX1.AU (Accent Group) -- Frasers Group extends on-market takeover offer period for Accent Group to 30-Sep

      • AX1.AU (Accent Group) -- notes Frasers Group's takeover offer extension; IBC continues to recommend shareholders reject the offer

    • Healthcare

      • GSK.LN (GSK Plc) -- announces Jideytro (zidesamtinib) approved in the US for previously treated ROS1-positive non-small cell lung cancer

    • Other

      • AML.LN (Aston Martin Lagonda Global Holdings) -- Aston Martin Lagonda Glob.Hldgs PLC announces new £550M debt financing

      • AMG.NA (AMG Critical Materials) -- annoucnes $700M in new credit facilities

      • O2D.GR (Telefonica Deutschland Holding) -- realigns company for sustainable growth; to cut up to 1,100 jobs, take €265M Q2 charge

      • European Automobile Manufacturers' Association (ACEA) Jun new car registrations for EU + EFTA + UK +13.1% y/y

      • QuantumScape discloses amended collaboration agreement with Volkswagen's PowerCo SE - 8-K

  • Key rating changes

    • Upgrades

      • ENC.SM (ENCE Energia y Celulosa) -- to neutral from sell at Alantra Equities

      • EQNR.NO (Equinor) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • BOL.SS (Boliden) -- to hold from buy at Berenberg

      • SSAB.A.SS (SSAB) -- to hold from buy at DNB Carnegie

      • VAR.NO (Vår Energi) -- to sector perform from outperform at RBC Capital Markets

      • TIETO.FH (Tieto Corporation) -- to hold from buy at SEB

      • KEMIRA.FH (Kemira) -- to hold from buy at Berenberg

      • FIA1S.FH (Finnair) -- to hold from buy at SEB

      • IBE.SM (Iberdrola) -- to neutral from outperform at Oddo

    • Initiations

      • TPRO.IM (Technoprobe) -- buy at Goldman Sachs

      • KSB3.GR (KSB) -- buy at Berenberg

  • Data

    • Nikkei +0.68% to 66566.25

    • Hang Seng +1.18% to 25185.71

    • Shanghai Composite +0.09% to 3870.69

    • S&P futures (15.8) vs prior close of 7540.3

    • €-$ +0.0018 or +0.16% to 1.1432

    • $-¥ (0.04) or (0.03%) to 163.11

    • €-¥ +0.28 or +0.15% to 186.48

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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