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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.14%), DAX +0.24%, CAC40 +0.05%

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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