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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +1.1%, CAC +0.8%, IBEX +0.9%, MIB +0.6%

Jul 27 ,2026

  • Synopsis

    • European equity markets set to open broadly higher. Oil down ~(5%) as Iran and US pause strikes amid latest attempt by mediators to revive negotiations. Press reports noted Trump held off on escalating military action in bid to give diplomacy a chance though decision also borne of necessity amid dwindling supply of munitions and interceptors. Iran and Oman held talks over Strait of Hormuz, with Iran saying some progress was made and consultations to continue. Hormuz talks overshadowing Red Sea tensions after Saudi-led coalition hit Houthi targets following strike at Aramco oil facilities.

    • Asian equities mixed Monday. Semis/memory weighing on Korean and Taiwan benchmarks. Strong CXMT debut (with stock opening up more than 470% on STAR Market) contrasting with weakness in other China semis. In macro news, Singapore MAS unexpectedly tightened policy settings amid inflation risks and above-trend economic growth.

    • This week, Q2 earnings to dominate headlines with reporting activity picking up sharply into month end. There are 93 companies reporting from Stoxx 600. Analysts highlight that H1 2026 EPS growth on track to deliver best performance in three years. Central Bank policy also on the agenda again, with the BoE (Thurs) widely expected to leave policy unchanged. Updated macroeconomic projections/scenario analysis will provide latest insight on BoE thinking.

    • European macro data releases out today include Germany Jul IFO business climate, Italy trade balance, Eurozone Jun M3 money supply, UK Jul distributive trades survey - CBI. Bundesbank monthly report pre-release is out today.

    • On the corporate front highlights today, in M&A activity, Irish Continental Group [IR5B.ID] has agreed to a cash takeover at €8.00/share, while Pinewood Technologies [PINE.LN] received a non-binding offer at £4.48/share. Elsewhere, argenx (ARGX.BB) to acquire Forte Biosciences [FBRX] for $77/sh in cash HSBC [HSBA.LN] is reportedly preparing to sell its A$30B+ Australian loan book to Blackstone. Saint-Gobain [SGO.FP] is seeking to more than double its North American business despite the US housing slump, and Hugo Boss [BOSS.GR] shares are in focus amid reports Frasers Group [FRAS.LN] is manoeuvring to install CEO Michael Murray at the helm. TF1 [TFI.FP] reported a weak Q2, with net income falling 27% to €48M. On broker moves, notable upgrades include Inditex [ITX.SM] at Barclays, Thales [HO.FP] at Deutsche Bank, while Anheuser-Busch InBev [ABI.BB] was cut to equal weight at Barclays and Delivery Hero [DHER.GR] downgraded at Jefferies.

    • Among bigger names to report earnings/updates today, AstraZeneca [AZN.LN] and Vodafone [VOD.LN] this morning, with LVMH [MC.FP] and Michelin [ML.FP] reporting after market close.

  • Politics/Macro/World News

    • US pauses Iran strikes as Oman pursues Hormuz transit deal (FT)

    • US, Iran Extend Pause in Strikes as Oman Holds Hormuz Talks (Bloomberg)

    • Trump pauses plans for escalate Iran strikes, in part due to concerns over dwindling US missile defense stockpiles (NY Times),

    • NHS 'will collapse' without social care reform, PM tells BBC

    • France raises questions over UK participation in EU's €5bn tech start-up fund (FT )

  • Top company news

    • Earnings/updates

      • TFI.FP (TF1) -- reports Q2 net income €48M ex-items, (27%) vs year-ago €66M

      • LDA.SM (Linea Directa Aseguradora) -- reports Q2 net income €28.7M vs FactSet €25.2M [5 est, €25-25.6M]

      • Also reporting today

        • 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 SGPS (GALP.PL), Saipem (SPM.IM), Italgas (IG.IM), Sogefi (SGF.IM), MERLIN Properties SOCIMI (MRL.SM), Elecnor (ENO.SM), Neinor Homes (HOME.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)

    • M&A

      • ZAB.PW (Zabka Group) -- Seven & I Holdings chooses not to invest in Zabka at this time

      • PINE.LN (Pinewood Technologies Group) -- announces Ridgeview Partners makes non-binding acquisition offer of £4.48 in cash per share

      • IR5B.ID (Irish Continental Group) -- announces agreement for cash offer by BidCo of €8.00 per ICG share

      • PPT.AU (Perpetual) -- receives further revised proposal from EQT-backed Windflower at A$22.50/share

      • AZK.SM (Azkoyen) -- Ohmnia Electronics, S.L. (Clerbil, S.L.) offers to acquire Azkoyen for €10/share in cash (post EU close 24-Jul)

      • 5.HK (HSBC Holdings) -- HSBC preparing to announce sale of A$30B+ ($21B) Australian loan book to Blackstone - Australian Financial Review, citing sources

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain seeking to more than double North American business through capex and acquisitions, despite US housing slump - FT, citing CEO

      • BOSS.GR (Hugo Boss) -- Frasers Group laying groundwork to try to position CEO Michael Murray as CEO of Hugo Boss - London Times, citing sources

      • DKSH.SW (DKSH Holding) -- to acquire the Meliane oral contraceptive brand from Bayer across 30 markets in Europe, North Africa, Asia, and the Middle East for an undisclosed sum

      • LBIRD.FP (Lumibird) -- sells its 37% stake in Cilas and acquires LMJ maintenance business; terms undisclosed

    • Healthcare

      • IDIA.SW (Idorsia) -- enters into an exclusive agreement with Jamjoom Pharmaceuticals Factory for the distribution and commercialization of QUVIVIQ in Saudi Arabia and the Levant region

    • Other

      • ENT.LN (Entain) -- transitions Sports Interaction and PartyCasino to Alberta's regulated iGaming market

      • GOKA.GR (Office Properties Income Trust) -- SEC filing: SCHEDULE 13D/A (Filed by REDWOOD CAPITAL MANAGEMENT, LLC)

      • Estimated weekend box office revenues in US, Canada $141.5M, (23.7%) y/y - Box Office Mojo

      • One social media addiction case against Meta withdrawn others still pending in litigation themes (24-Jul)

      • Software, Cybersecurity outperform mostly lower Pure Plays; Anthropic releases new model in intraday themes (24-Jul)

      • Vestas, EnBW investigating blade failure at He Dreiht wind farm in the German North Sea

      • Western Australian Government grants State Significant Project status to proposed Browse to North West Shelf Project

  • Key rating changes

    • Upgrades

      • HOC.LN (Hochschild Mining) -- to buy from hold at Berenberg

      • ITX.SM (Inditex) -- to overweight from equal weight at Barclays

      • NESTE.FH (Neste) -- to buy from hold at Danske Bank

      • HO.FP (Thales) -- to buy from hold at Deutsche Bank

      • INRN.SW (Interroll Holding) -- to outperform from neutral at Oddo

    • Downgrades

      • ABI.BB (Anheuser-Busch InBev) -- to equal weight from overweight at Barclays

      • FPE3.GR (FUCHS SE) -- to hold from buy at Berenberg

      • SDLF.LN (Standard Life) -- to sector perform from outperform at RBC Capital Markets

      • BYIT.LN (Bytes Technology Group) -- to sell from neutral at UBS

      • DHER.GR (Delivery Hero) -- to hold from buy at Jefferies

      • METSO.FH (Metso Corp) -- to hold from buy at SEB, to hold from buy at Handelsbanken

      • HAVAS.NA (Havas) -- to neutral from overweight at JPMorgan

    • Other Actions

      • SCA.B.SS (Svenska Cellulosa) -- Svenska Cellulosa resumed buy at Pareto; prior rating was hold

  • Data

    • Nikkei +0.24% to 64763.75

    • Hang Seng +0.77% to 25156.24

    • Shanghai Composite +0.26% to 3824.07

    • S&P futures +65.5 vs prior close of 7447.5

    • €-$ +0.0008 or +0.07% to 1.1406

    • $-¥ (0.04) or (0.03%) to 163.60

    • €-¥ +0.10 or +0.05% to 186.60

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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