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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.36%), DAX (0.11%), CAC40 (0.50%)

Jul 28 ,2026

  • Synopsis

    • European equity markets are set to open lower, with Asian equities mostly lower Tuesday. South Korea's benchmark down 9% amid steep memory selloff, triggering another trading halt. Japan and Taiwan off by 4%. China outperforming with Hong Kong-listed semis and tech platforms higher.

    • Oil extending declines after President Trump said US and Iran back talking with "good chance" of an agreement. Coupled that with warning of renewed strikes if no deal while Iran denied formal negotiations taking place. Markets nonetheless welcoming pause in hostilities with crude off 10% from last week's highs. Strait of Hormuz remains focal point of tensions and there is heightened skepticism of an agreement given Iranian demands for control with fee collection while US insisting on freedom of navigation.

    • Asian AI stocks under pressure with memory producers experiencing brunt of the selling amid latest discussions about CXMT competitive threat Circularity concerns brought back into focus following Nvidia deals with South Korean memory giants and reports it is in talks to provide ~$250B backstop for OpenAI as part of SoftBank Ohio data center project. Deals also heightened concerns about credit risks with NVDA CDS rising sharply. Asian chip equipment firms tracking ASML selloff following report in the Information China mass producing DUV machines.

    • Also on today'a agenda, in central banks, Bundesbank publishes its latest monthly report at 12noon CET. In politics, Republic of Ireland's Taoiseach Martin hosts Chancellor Merz. A joint press conf is planned. There's an informal meeting of EU fisheries ministers (through Wed), EU's Kadis among the participants. Germany's minister of transport Schnieder at the event Future Day Commercial Vehicles 2026. First day of trading of Helios Solar (HE8.GR) on the Frankfurt Stock Exchange

    • European macro data releases out today include France Jul consumer confidence, Spain Jun retail sales, Q2 unemployment rate, UK Jul shop price index - BRC, Sweden Jun trade balance, Denmark Jun retail sales, Ireland Jun retail sales

    • A busy morning for earnings, with French names kicking off the session with Safran (SAF.FP), Michelin (ML.FP), bioMerieux (BIM.FP), Air Liquide (AI.FP), Orange (ORA.FP), Cie Generale des Etablissements Michelin SA (ML.FP), Rexel (RXL.FP) and (LVMH Moet Hennessy Louis Vuitton (MC.FP) reporting H1/Q2 earnings with the latter delivering H1 results ahead of expectations signaling resilient luxury demand. In Benelux, Philips (PHIA.NA) reported Q2 earnings with results beating consensus except for order which came in weaker. In DACHs region Mercedes-Benz (MBG.GR) missed Q2 estimates and warned FY revenue would come in slightly below prior-year levels, while Sika (SIKA.SW) beat comfortably. In Southern Europe, Saipem (SPM.IM) released its Q2 earnings report missing expectations weighed by middle east tensions.

  • Politics/Macro/World News

    • Trump to host Netanyahu, Zelenskiy as Ukraine, Iran wars reach critical stages - Reuters

    • France and Spain race to contain huge wildfires before fresh heatwave begins - The Guardian

    • Investors snap up bundles of properties as housebuilders offer discounts - FT

    • Andy Burnham aims to cut welfare bill by getting young people into work - FT

    • AI to Help UK Recover From Data Crisis, Says Senior Statistician - Bloomberg

  • Top company news

    • Earnings/updates

      • France

        • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports H1 net income €5.70B vs FactSet €5.25B [6 est, €5.12-5.48B]

        • SAF.FP (Safran) -- reports H1 EPS €4.63 vs consensus €5.05; raises FY26 outlook

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports H1 EPS €1.11 vs consensus €1.21; confirms FY guidance

        • RXL.FP (Rexel) -- reports H1 net income €342.1M vs consensus €314.4M; raises FY outlook

        • CDI.FP (Christian Dior) -- Christian Dior reports H1 net income €2.39B vs year-ago €2.37B

        • BEN.FP (Beneteau) -- reports preliminary Q2 revenue €282.7M vs FactSet €290M [1 est]

        • BIM.FP (bioMerieux) -- reports H1 EPS €1.99 vs FactSet €2.03 [1 est]

        • EXENS.FP (Exosens) -- reports H1 net income €35.9M ex-items vs FactSet €37.0M [2 est, €36.4-37.5M]; fully on track to deliver on 2026 guidance

        • AI.FP (Air Liquide) -- reports H1 EPS €2.86 vs consensus €2.98; expects H2 growth to be similar to, or slightly higher than, that of H1

        • ORA.FP (Orange) -- reports Q2 EBITDAaL €3.53B vs consensus €3.51B; raises FY26 guidance

      • Benelux

        • PHIA.NA (Koninklijke Philips) -- reports Q2 EPS €0.49 ex-items vs consensus €0.33

        • BFIT.NA (Basic-Fit) -- reports H1 net income €23.6M vs FactSet €25.9M [2 est, €22.8-29M]; raises FY Underlying EBITDA less rent guidance to €430-460M vs prior €415-455M and FactSet €439.05M

        • ACOMO.NA (ACOMO NV) -- reports H1 adjusted net income €33.5M, (18%) vs year-ago €40.8M

      • DACHs

        • SIKA.SW (Sika Group) -- reports H1 net income CHF552.1M vs FactSet CHF510.0M [3 est, CHF477.1-530M]

        • TMV.GR (TeamViewer) -- reports Q2 adj. EPS €0.27 vs FactSet €0.20 [2 est, €0.14-0.26]; FY 2026 Guidance reaffirmed

        • SUN.SW (Sulzer) -- reports H1 net income CHF138.8M vs FactSet CHF145.8M [3 est, CHF144-148.3M]

        • SIGN.SW (SIG Combibloc Group) -- reports Q2 adjusted net income €85.2M vs FactSet €74.8M; reaffirms FY guidance

        • LNZ.AV (Lenzing) -- reports Q2 revenue €652M vs year-ago €651M

        • HYQ.GR (Hypoport) -- reports preliminary Q2 EBIT €7.3M vs year-ago €7.4M

        • FORN.SW (Forbo Holding) -- reports H1 EPS CHF21.66 vs year-ago CHF23.70

        • LEHN.SW (LEM Holding) -- reports Q1 net income CHF9.1M vs year-ago CHF2.0M

        • MBG.GR (Mercedes-Benz Group) -- reports Q2 EPS €1.14 vs FactSet €1.26 [5 est, €1.21-1.43]; FY Group revenue now anticipated slightly below prior-year levels

        • PAL.AV (Palfinger) -- reports H1 net income €48.0M, (4%) vs year-ago €50.1M

      • Southern Europe

        • SPM.IM (Saipem) -- reports Q2 adjusted net income €53M vs StreetAccount €101.5M

        • THEON.NA (Theon International) -- reports Q2 revenue €128.6M vs FactSet €125.1M [3 est, €122.8-126.4M]

        • HOME.SM (Neinor Homes) -- reports H1 adjusted net income €54M vs FactSet €39.7M

        • ORY.SM (Oryzon Genomics) -- reports Q2 EPS $0.00 vs year-ago $0.00

        • MRL.SM (MERLIN Properties) -- SOCIMI reports H1 FFO €0.29 vs FactSet €0.29; raises FY FFO guidance

        • ART.SM (Arteche Lantegi Elkartea) -- reports H1 EPS €0.54 vs FactSet €0.46 [1 est]; raises FY guidance

        • LTMC.IM (Lottomatica Group) -- reports H1 net income €196.5M, +10% vs year-ago €179.3M; FY guidance confirmed

      • Also due to report today includes:

        • Earnings:

          • Benelux: ASM International (ASM.NA)

          • France: EssilorLuxottica (EL.FP), Kering (KER.FP), Gaztransport & Technigaz (GTT.FP), Lagardere (MMB.FP), Verallia (VRLA.FP), M6-Metropole (MMT.FP), Mercialys (MERY.FP), SMCP (SMCP.FP), Deezer (DEEZR.FP), Euroapi (EAPI.FP)

          • Italy: Recordati (REC.IM), Nexi (NEXI.IM), Piaggio & C (PIA.IM), Fiera Milano (FM.IM)

          • Nordics: Storytel (STORY.B.SS)

          • Portugal: CTT - Correios de Portugal (CTT.PL)

          • Spain: Ferrovial (FER.SM), Grifols (GRF.SM), Cox ABG Group (COXG.SM)

          • Switzerland: Logitech International (LOGN.SW)

          • UK: Unilever (ULVR.LN), GSK (GSK.LN), Barclays (BARC.LN), Games Workshop Group (GAW.LN), Croda International (CRDA.LN), Inchcape (INCH.LN), UNITE Group (UTG.LN), Canal+ (CAN.LN), Restore (RST.LN), Forterra (FORT.LN), Essentra (ESNT.LN), NWF Group (NWF.LN), Staffline Group (STAF.LN), Man Group (EMG.LN)

        • Trading Update:

          • DACHs: Landis+Gyr Group (LAND.SW)

          • France: Compagnie des Alpes (CDA.FP), HERIGE (ALHRG.FP)

          • UK: Luceco (LUCE.LN), Gem Diamonds (GEMD.LN)

        • Other: Uniphar (UPR.ID)

    • M&A

      • FRAS.LN (Frasers Group) -- and Next (NXT.LN) both expected to submit bid for Harvey Nichols ahead of tomorrow's deadline for UK bidders -- Sky News

      • SGO.FP (Compagnie de Saint-Gobain) -- makes two acquisitions in the Asia-Pacific Region; terms undisclosed

      • TALO (Talos Energy) -- announces strategic offshore Mexico development farm-in

      • AMG.NA (AMG Critical Materials) -- completes acquisition of Zinnwald Lithium Plc

      • Calvary-backed consortium increases offer for Healthscope by A$40-50M - The Australian

    • Healthcare

      • NOVN.SW (Novartis) -- receives Health Canada approval for (Pr)RHAPSIDO (remibrutinib tablets) oral treatment for adults with CSU

      • SN.LN (Smith & Nephew) -- SEC filing: SCHEDULE 13D/A (Filed by Cevian Capital II GP LTD)

      • GUBRA.DC (Gubra A/S) -- Gubra announces initiation of ambitious Phase 1/2a clinical trial of lead asset GUB-UCN2 in obesity

      • 500087.IN (Cipla Ltd) -- Cipla receives U.S. FDA approval for generic Advair Diskus (Fluticasone Propionate and Salmeterol Inhalation Powder), across all three strengths

    • Other

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded an OBN contract in the AMME region

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group announces extension of consents from RCF and Quatrim creditors and extension of maturity of operational financings

      • ORA.FP (Orange) -- and Morrison announce plans to create a data center joint venture; increasing French data center portfolio to targeting capacity of 400MW

      • RNO.FP (Renault) -- releases statement on order referring diesel investigation to criminal court in Paris

      • ARCAD.NA (ARCADIS) -- announces four senior leadership appointments to drive growth across key regions and service areas

      • CAN.LN (Canal+ SA) -- signs major five-year agreement to support French film creation

      • BPT.LN (Bridgepoint Group) -- Burgundy C Nominees Limited announces proposed sale of, in aggregate, ~19.7M ordinary shares in Bridgepoint

      • Glencore Canada divests 21.5M-shares in Osisko Metals for C$34.3M, reduces stake to 11.9% vs prior 14.3%

  • Key rating changes

    • Downgrades

      • VIE.FP (Veolia Environnement) -- to equal-weight from overweight at Morgan Stanley

      • SREN.SW (Swiss Re) -- to underweight from neutral at JPMorgan

      • ESSITY.B.SS (Essity) -- to sell from neutral at Goldman Sachs

      • SBRE.LN (Sabre Insurance Group) -- to add from buy at Peel Hunt

    • Initiations

      • TRN.LN (Trainline) -- buy at Jefferies

      • TLX.GR (Talanx) -- buy at Goldman Sachs

      • MAIRE.IM (MAIRE) -- market perform at Bernstein

    • Other Actions

      • ELISA.FH (Elisa Oyj) -- transferred equal weight at Barclays; prior rating was equal weight

  • Data

    • Nikkei (4.35%) to 62104.20

    • Hang Seng (0.18%) to 25162.42

    • Shanghai Composite (1.13%) to 3814.84

    • S&P futures (26.0) vs prior close of 7448.3

    • €-$ (0.0002) or (0.02%) to 1.1367

    • $-¥ (0.01) or (0.00%) to 163.74

    • €-¥ (0.04) or (0.02%) to 186.11

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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