Jul 24 ,2026
Synopsis
European indices are set to open mixed as Asia equities trading broadly lower Friday. South Korea selling off sharply again on tracking for weekly declines, weighing on tech-heavy Japan and Taiwan bourses.
US equities finished down in Thursday trading, ending a bit above session lows. Major indices on track for weekly declines. Big tech was broadly lower with GOOGL and TSLA the notable Mag 7 decliners on their reports.
US confirmed new tariffs of 10-12.5% on some 60 countries over forced labor allegations, effective after midnight Friday ET, effectively replacing the expiring 10% levy. While trading partners debate legitimacy, implications seemingly limited as countries such as Japan anticipate any changes would not over-ride the non-stacking principle stipulated in existing trade deals, and various carveouts in others such as the USMCA. US-China working out details of the Board of Trade framework, while China confirmed they are exploring reciprocal tariff reductions on $30B of goods.
In central banks, Russia central bank is expected to lower its benchmark interest rate by 25bps to 14.0% at 12:30CET, publish latest medium-term forecast and hold a press conf at 14:00. ECB releases its latest survey of professional forecasters as well as latest consumer expectations survey results, both at 10:00CET.
Macroeconomic releases due today: Eurozone, France, Germany, UK Jul flash manufacturing/services PMI, Germany Aug consumer confidence - GfK, Spain Jun PPI, UK Jul consumer confidence - GfK, Jun retail sales, Sweden Jun PPI, unemployment rate
In corporate earnings news early today: CALN.SW , SAB.SM, SGSN.SW, SF.SS, AOF.GR, LIGHT.NA, HOFI.SS, BION.SW, VONN.SW, ALM.SW, MAP.SM, SAP.GR. VOW.GR. SAP.GR, UBI.FP, ENEL.IM.
Politics/Macro/World News
Trump imposes forced labor duties on 60 trading partners as 10% US tariffs expire (Reuters )
Top company news
Earnings/updates
SAP.GR (SAP) -- reports Q2 non-IFRS EPS €1.59 vs FactSet €1.75 [18 est, €1.67-1.90]
UBI.FP (Ubisoft Entertainment) -- reports Q1 revenue €268.2M vs FactSet €261.7M [4 est, €250.6-271M]
ENEL.IM (Enel) -- reports Q2 operational data: total installed capacity 92,103 MW vs year-ago 91,033 MW
SGSN.SW (SGS) -- reports H1 EPS CHF1.58 ex-items vs consensus CHF1.79; confirms its 2026 outlook
CA.FP (Carrefour) -- reports H1 adj. net income €345M vs consensus €302M; confirms FY guidance
ALM.SM (Almirall) -- reports H1 normalised net income €42.4M vs FactSet €41.1M [3 est, €38-43.3M]; guides FY26
LIGHT.NA (Signify) -- reports Q2 net income €17M vs consensus €24M; confirms FY26 guidance
FII.FP (Lisi) -- reports H1 EPS €1.34 vs year-ago €0.83
COL.SM (Inmobiliaria Colonial SOCIMI) -- reports H1 EPRA net income €111.4M vs FactSet €109.3M [2 est, €108-110.5M]
NOS.PL (NOS SGPS) -- reports Q2 net income €68.4M ex-items vs FactSet €57.2M [2 est, €52.7-61.6M]
EXA.FP (Exail Technologies) -- reports Q2 revenue €144M vs FactSet €148.4M [1 est]; confirms FY targets
RBT.FP (Robertet) -- reports H1 revenue €444.3M vs FactSet €455.7M [2 est, €448.4-463M]
HAVAS.NA (Havas NV) -- reports H1 net income €84M, +14% vs year-ago €74M
NXI.FP (Nexity) -- reports H1 Current operating profit €12.0M vs FactSet €15.0M [1 est]
VONN.SW (Vontobel Holding) -- reports H1 EPS CHF3.78 vs year-ago CHF2.02
NVG.PL (The Navigator Co.) -- reports Q2 net income €31.9M vs FactSet €20M [1 est]
ADOC.FP (Adocia) -- reports Q2 revenue €0M vs year-ago €0M
ALCGM.FP (Cegedim) -- reports H1 revenue €324.8M vs year-ago €322.5M
ALTR.PL (Altri SGPS) -- reports Q2 net income attributable €12.9M vs FactSet €8.4M [3 est, €7-9.5M]
GBT.FP (Guerbet) -- reports Q2 revenue €201.7M, (3%) vs year-ago €207.8M
ARAMI.FP (Aramis Group) -- reports Q3 revenue €559.2M, (5%) vs year-ago €591.2M
VLTSA.FP (Voltalia) -- reports Q2 revenue €198M vs FactSet €163.7M [1 est]
74SW.FP (74Software) -- reports H1 net income €27.4M vs year-ago €5.8M
AUB.FP (Aubay) -- reports Q2 revenue €173.6M, +31% vs year-ago €132.8M; raises FY Outlook
LIN.FP (Linedata Services) -- reports H1 revenue €82.4M vs FactSet €81.6M [1 est]
LNA.FP (LNA Santé) -- reports Q2 revenue €253.0M, +12% vs year-ago €226.4M
M&A
HSBA.LN (HSBC Holdings) -- to sell HSBC Life (Singapore) to Allianz for SG$2.7B ($2.1B)
XPRO (Expro) -- completes acquisition of Enhanced Drilling
SAFT (Safety Insurance Group) -- announces agreement to be acquired by Mapfre for $1.54B
SAFT (Safety Insurance Group) -- Follow-up: Safety Insurance Group announces agreement to be acquired by Mapfre for $1.54B
SYSR.SS (Systemair) -- acquires Temspec; terms not disclosed
Healthcare
GMAB.DC (Genmab) -- and AbbVie provide clarification on Phase 3 EPCORE DLBCL-1 trial evaluating epcoritamab in patients with relapsed/refractory DLBCL
IPN.FP (Ipsen) -- Ipsen's Phase III BOLD trial evaluating Bylvay versus placebo for patients living with biliary atresia (BA) who have already undergone a Kasai hepatoportoenterostomy (HPE) did not meet the primary endpoint
CVSG.LN (CVS Group) -- Transcript Intelligence: CVS Group Investor Meeting
Other
TPEIR.GA (Piraeus Bank) -- shares will trade ex the right to share in the previously disclosed €0.40/share capital return on 3-Aug
CO.FP (Casino Guichard-Perrachon) -- amends credit terms
ALPHA.GA (Alpha Bank SA) -- Alpha Bank to cancel 59.0M own shares
FCT.IM (Fincantieri) -- to deliver the fourth submarine to the Italian navy under the U212 NFS (Near Future Submarine) program in 2032 rather than 2034
STMPA.FP (STMicroelectronics) -- Street Takeaways - STMicroelectronics Q2 earnings
DSV.DC (DSV A/S) -- Street Takeaways - DSV A/S Q2 Earnings
AMD announces new products; Cybersecurity, Food segments slip amid weaker Pure Plays in intraday themes (23-Jul)
ECB to consider raising banks' minimum reserve requirements - Reuters
Rio Tinto signs a 5yr offtake agreement with Superchar to replace coal with bio pellets
Key rating changes
Upgrades
SUS.SS (Surgical Science Sweden) -- to buy from hold at Berenberg
Downgrades
STAN.LN (Standard Chartered) -- to neutral from buy at UBS
8TRA.SS (TRATON) -- to hold from buy at DNB Carnegie
EXA.FP (Exail Technologies) -- to neutral from outperform at Oddo
SFSN.SW (SFS Group) -- to neutral from buy at UBS
Initiations
BPT.LN (Bridgepoint Group) -- buy at Berenberg
Data
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