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StreetAccount Summary - EU Market Recap: FTSE 100 +0.91% to 10736.23, DAX +1.36% to 25099.00, CAC40 +0.88% to 8372.28, STOXX 600 +0.82% to 644.51

Jul 24 ,2026

  • Synopsis:

    • European equity markets generally closed up on the day and at the session's best levels. Pan-European indices quickly reversed slight initial declines, extending advances before becoming range-bound, then pushed higher as Wall Street opened, extending the gains into the close.

    • Ireland +1.9%, Spain +1.6% and Greece +1.5% lead outperformers. Norway (0.6%) leads the less than a handful of country benchmarks lower and heads underperformers.

    • US completed 13th consecutive wave of strikes on Iran. Continued to frame strikes as effort to dampen Iranian influence over Strait of Hormuz transit and said strait remains open for commercial vessels with US military support. Nothing seemingly incremental when it comes to the Red Sea, which has emerged as the second chokepoint concern in the conflict with the Houthi threats/attacks on Saudi vessels this week

    • Amongst the economic data, Eurozone flash PMI surges in July, strongest since pre-Iran war, and UK PMI hit three month high on services sector recovery German consumer confidence worsened this month as weaker income expectations and a renewed preference for saving outweighed modest improvements in spending and economic outlook. UK Jun retail sales topped consensus driven by exceptionally hot weather, sports promotions, and the soccer World Cup.

    • Russia central bank cut its benchmark interest rate (25bps) to 14.0%, as expected - release, press conf. - speech, revises inflation forecast for this year upwards to +6.0-7.0%, sees inflation return to +4.0% in 2027 and stabilise at the target further on.

    • M&A news flow included ARCADIS (ARCAD.NA) confirms receiving second €51.5/share takeover proposal from WSP Global Inc., HSBC Holdings (HSBA.LN) agreeing to sell HSBC Life (Singapore) to Allianz (ALV.GR) for SG$2.7B (~$2.1B) and Accor (AC.FP) announcing sale of its ~30.7% stake in Essendi for up to ~€975M

    • Among the companies with earning/updates and among the lower percentage movers in either direction are Almirall (ALM.SM) H1 normalised net income €42.4M vs FactSet €41.1M [3 est, €38-43.3M], guides FY26, Yit (YIT.FH) Q2 IFRS EPS (€0.10) vs FactSet €0.01 [6 est, (€0.01)-0.02], Enel (ENEL.IM) Q2 operational data, APG (APGN.SW) H1 net income CHF15.2M vs year-ago CHF12.1M and Munich Re (MUV2.GR) prelim Q2 net income €2.20B vs consensus €1.79B and firmly on track to meet FY26 net result target

    • Elsewhere, healthcare names in the spotlight as EMA CHMP publishes summary of opinions for July meeting which saw the committee recommend 12 new medicines for approval (including one biosimilar and three generics), and extension of therapeutic indication for another 8. CHMP issued three (3) negative opinions for MAA, whilst 3 medicinal products were withdrawn by companies. Also, Sanofi (SAN.FP) announced it will not submit amlitelimab in atopic dermatitis for global regulatory reviews; not amending its FY26 guidance, Ipsen's (IPN.FP) Bylvay did not meet the primary endpoint in biliary atresia, and GSK's (GSK.LN) Shingrix (Recombinant Zoster Vaccine) prefilled syringe presentation approved in Canada

    • Sovereign credit rating reviews scheduled for after the close include DBRS (Belgium), Moody's (Bulgaria, Czech Republic, Turkey) and Scope (Norway)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +2.34%, Media +2.18%, Banks +1.75%, Technology +1.49%, Food & Beverage +1.25%, Ind Goods & Svcs +1.22%, Persnl & HHold Goods +1.19%, Retail +1.18%, Financial Svcs +1.11%, Basic Resources +1.05%

      • Underperformers:

        • Telecom (0.84%), Oil & Gas (0.76%), Autos & Parts +0.08%, Utilities +0.32%, Health Care +0.34%, Chemicals +0.54%, Real Estate +0.62%, Construct & Mtls +0.65%, Insurance +0.67%

    • Macro/Peripheral markets:

      • ECB:

        • Survey of professional forecasters - Q3 of 2026 - release

        • Officials avoid clear hints on possible hike for now - Bloomberg

        • Bundesbank's Nagel backs rate hold, says Sep meeting will benefit from fresh data amid Middle East uncertainty - Bloomberg

        • Lithuania central bank's Simkus expresses hawkish bias on rates -- Bloomberg

        • Slovenia central bank's Dolenc said risks "remain high," reinforced by Iran developments - release

        • Austria central bank's Kocher indicated a hike "may become needed" if outlook worsens or medium-term expectations deteriorate - Blog

      • Geopolitics

        • US hits 60 countries with new duties as Trump rebuilds tariff wall - FT

        • Trump vows to punish Iran and Houthis for attacks in Red Sea - Reuters

      • France:

        • French PM's office meets banks to try resolve far right's financing problem - Politico

        • French government negotiates with banks to enable financing for Marine Le Pen's 2027 presidential campaign - LeMonde

      • Germany

        • Chancellor announces a Cabinet reshuffle - DW

        • Merz ally challenges Germany's far-right firewall ahead of crucial state elections - Politico

      • Greece:

        • PM Mitsotakis calls for a sweeping revision of Greece's Constitution - ekathomerini

      • UK:

        • Regional mayors to take key roles in UK policy decisions as part of No 10 North plans - The Guardian

        • Burnham ready to move fast to scale up North Sea oil and gas drilling - The Times

        • BOE surveys point to easing inflation expectations, subdued growth - DMP survey and Agents Report

        • Lord Vallance appointed chair of new PM AI Taskforce - release

        • No10 North open for business - release; PM's opening remarks to staff following his arrival at No 10 North - release

    • Company news:

      • Notable Gainers

        • +27.1% SF.SS (Stillfront Group) -- Q2 EPS SEK0.44 vs FactSet SEK0.35 [4 est, SEK0.14-0.69]

        • +22.1% VALMT.FH (Valmet) -- Q2 adj. EPS €0.47 vs consensus €0.45, reaffirms 2026 guidance; launches strategic review to explore segment separation; appoints Pia Aaltonen-Forsell as CFO

        • +19.6% HOFI.SS (Hoist Finance) -- Q2 net income SEK474.0M vs FactSet SEK389.3M [3 est, SEK298-448M]

        • +13.8% ARAMI.FP (Aramis Group) -- Q3 revenue €559.2M, (5%) vs year-ago €591.2M, reaffirms FY financial targets

        • +11.8% ENRO.SS (Eniro Group) -- Q2 EPS SEK0.53 vs year-ago SEK0.04

        • +10.0% ACX.SM (Acerinox) -- Q2 EPS €0.29 vs FactSet €0.27 [1 est]

        • +9.9% SAP.GR (SAP) -- Q2 non-IFRS EPS €1.59 vs FactSet €1.75 [18 est, €1.67-1.90], narrows FY non-IFRS operating profit at constant currencies guidance

        • +9.4% AOF.GR (ATOSS Software) -- Q2 EPS €0.74 vs year-ago €0.66, reaffirms FY guidance

        • +7.5% METSO.FH (Metso Corp.) -- Q2 EPS €0.15 vs consensus €0.17

        • +7.3% DSCV.LN (discoverIE Group) -- FY adj earnings tracking ahead of the board's expectations

        • +6.7% 74SW.FP (74Software) -- H1 net income €27.4M vs year-ago €5.8M

        • +6.1% SWTQ.SW (Schweiter Technologies) -- H1 net income CHF16.4M vs FactSet CHF11.1M [2 est, CHF8.7-13.4M]

        • +5.6% SINCH.SS (Sinch) -- overweight from neutral at Cantor Fitzgerald

        • +5.2% RSW.LN (Renishaw) -- expects to report FY26 adjusted profit before tax £167M vs FactSet £157M

        • +5.0% VLTSA.FP (Voltalia) -- Q2 revenue €198M vs FactSet €163.7M [1 est], guides FY EBITDA €300M-325M vs FactSet €294.0M [4 est, €286.7-310M]

        • +4.8% HUH1V.FH (Huhtamaki) -- buy from hold at SEB

        • +4.8% AUB.FP (Aubay) -- Q2 revenue €173.6M, +31% vs year-ago €132.8M, raises FY outlook

        • +4.6% FII.FP (Lisi) -- H1 EPS €1.34 vs year-ago €0.83, reaffirms its ambition for 2026

        • +4.0% JD.LN (JD Sports Fashion) -- outperform from neutral at BNP Paribas Exane

        • +3.8% SAB.SM (Banco de Sabadell) -- Q2 net income €608M vs consensus €635M, on track to meet 2026 guidance

        • +3.8% LOOMIS.SS (Loomis) -- Q2 EPS SEK9.06 vs FactSet SEK8.62 [3 est, SEK7.82-9.34]

        • +3.2% SYSR.SS (Systemair) -- acquires Temspec; terms not disclosed

        • +2.2% HAVAS.NA (Havas) -- H1 net income €84M, +14% vs year-ago €74M, reaffirms FY guidance

        • +2.0% UBI.FP (Ubisoft Entertainment) -- Q1 revenue €268.2M vs FactSet €261.7M [4 est, €250.6-271M]; shares reversed early falls

        • +2.0% CIE.SM (CIE Automotive) -- H1 net income attributable €191.3M vs FactSet €189M [1 est]

          • On earnings/updates: BION.SW (BB Biotech), ALCGM.FP (Cegedim), ALM.SM (Almirall), A3M.SM (ATRESMEDIA), TUB.SM (Tubacex), NVG.PL (The Navigator Co.), VONN.SW (Vontobel Holding), ALTR.PL (Altri), ENEL.IM (Enel) and reversing initial falls COL.SM (Inmobiliaria Colonial SOCIMI), MUV2.GR (Munich Re)

      • Notable Decliners

        • -10.6% SECU.B.SS (Securitas) -- Q2 EPS before IAC SEK2.94 vs consensus SEK2.96 [4 est, SEK2.96-3.33]

        • -9.5% LIGHT.NA (Signify) -- Q2 net income €17M vs consensus €24M, confirms FY26 guidance

        • -8.9% KCR.FH (Konecranes) -- Q2 EPS €0.38 vs consensus €0.45, guides FY26

        • -8.4% NXI.FP (Nexity) -- H1 current operating profit €12.0M vs FactSet €15.0M [1 est]

        • -8.2% CALN.SW (Calida Holding) -- H1 net income (CHF0.6M) vs year-ago CHF0.9M, reaffirms FY operating EBIT margin guidance; withdraws share buyback program

        • -7.1% NESTE.FH (Neste) -- Q2 EPS €1.00 vs consensus €1.02

        • -7.1% VCP.LN (Victoria) -- FY adj EPS (13.6p) vs year-ago (5.2p)

        • -6.6% SFSN.SW (SFS Group) -- neutral from buy at UBS

        • -6.6% GBT.FP (Guerbet) -- Q2 revenue €201.7M, (3%) vs year-ago €207.8M, provides FY financial targets

        • -5.6% TIG.LN (Team Internet Group) -- H1 Trading Update: adjusted EBITDA $19.5M vs year-ago $24.6M

        • -5.6% CRTA.LN (Cirata) -- Q2 trading update: closing Annual Contract Value $5.3M vs $4.9M in Q1

        • -4.8% MAP.SM (MAPFRE) -- H1 IFRS net income €646.2M, +8% vs year-ago €595.9M; agrees to acquire Safety Insurance Group(SAFT) for $1.54B

        • -4.5% CA.FP (Carrefour) -- H1 adj. net income €345M vs consensus €302M; confirms FY guidance

        • -3.6% NOS.PL (NOS) -- Q2 net income €68.4M ex-items vs FactSet €57.2M [2 est, €52.7-61.6M]

        • -3.6% PST.IM (Poste Italiane) -- Q2 net income €594M ex-items vs consensus €570M, reaffirms FY guidance

        • -3.0% VOW3.GR (Volkswagen) -- Q2 net income €1.54B vs FactSet €2.37B [4 est, €2.25-2.46B]; adjusts FY26 revenue growth guidance downward

        • -2.7% SGSN.SW (SGS) -- H1 EPS CHF1.58 ex-items vs consensus CHF1.79, confirms its 2026 outlook

        • -2.3% RBT.FP (Robertet) -- H1 revenue €444.3M vs FactSet €455.7M [2 est, €448.4-463M]

          • On earnings/updates: APGN.SW (APG), AED.BB (Aedifica), LIN.FP (Linedata Services), ADOC.FP (Adocia), EXE.FP (Exel Industries)

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Hochtief (HOT.GR), naturenergie holding (NEAG.SW)

        • France: LVMH Moet Hennessy Louis Vuitton (MC.FP), Cie Generale des Etablissements Michelin (ML.FP), Rexel (RXL.FP)

        • Nordics: Framery Group Oyj (FRAMERY.FH)

        • Southern Europe: Galp Energia (GALP.PL), Saipem (SPM.IM), Italgas (IG.IM), Sogefi (SGF.IM), MERLIN Properties SOCIMI (MRL.SM), Elecnor (ENO.SM), Neinor Homes (HOME.SM), Linea Directa Aseguradora (LDA.SM), Iberpapel Gestion (IBG.SM)

        • UK: AstraZeneca (AZN.LN), Quartix Technologies (QTX.LN)

      • Trading Update:

        • Benelux: Theon International (THEON.NA), Retail Estates (RET.BB)

        • France: Beneteau (BEN.FP), SergeFerrari Group (ALFER.FP)

        • Southern Europe: Puig Brands (PUIG.SM)

        • UK: Vodafone Group (VOD.LN), Cranswick (CWK.LN)

  • Data:

    • Economics:

      • Jul flash manufacturing PMI

        • France 50.0 vs consensus 51.0, prior 51.2

        • Germany 52.2 vs consensus 50.4, prior 50.3

        • Eurozone 52.0 vs consensus 51.5, prior 51.4

        • UK 52.8 vs consensus 52.0, prior 52.5

      • Jul flash services PMI

        • France 49.8 vs consensus 47.5, prior 46.8

        • Germany 49.6 vs consensus 49.0, prior 48.6

        • Eurozone 51.6 vs consensus 49.9, prior 49.4

        • UK 51.8 vs consensus 49.4, prior 48.8

      • Germany Aug consumer confidence (29.6) vs consensus (28.5), prior revised (29.3) from (29.2) - GfK

      • UK

        • Jun retail sales +4.2% y/y vs consensus +2.3%, prior revised +3.5% from +3.2%

        • Jul consumer confidence (17) vs consensus (21), prior (23) - GfK

      • Spain Jun PPI +7.0% y/y vs consensus +10.1%, prior +10.5%

      • Sweden Jun

        • Unemployment rate 9.9% vs consensus 8.6%, prior 9.4%

        • PPI +7.4% y/y vs consensus +6.6%, prior +6.6%

      • Finland Jun PPI +6.7% y/y vs consensus +7.1%, prior +7.4%

    • Markets:

      • WTI Crude (Sep 26): ($3.74) or (4.06%) to $88.45

      • €-$ +0.0009 or +0.08% to 1.1386

      • £-$ +0.0025 or +0.19% to 1.3340

      • €-£ (0.0008) to 0.8537

      • S&P 500 +0.52%

      • Performance year-to-date:

        • FTSE 100: +8.10%

        • DAX: +2.49%

        • CAC: +2.73%

        • MIB: +15.26%

        • Stoxx 600: +8.84%

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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