Jul 29 ,2026
Synopsis:
European indices ended mostly lower, with Spain underperforming the region. On the macro data front, German import prices eased in June, in line with pullback in energy prices. UK public inflation expectations survey published late Tuesday saw further easing in July update. Eurozone Q2 GDP tracking firmed to ~0.25-0.3% q/q (0.2% ex-Ireland), with Germany, France and Italy near +0.2% and Spain +0.5%, according to Goldman Sachs. July Ifo details showed manufacturing demand and activity improving while expected selling prices softened across sectors. French INSEE consumer confidence rose and expected price developments dropped sharply to Feb levels. Spanish real retail sales edged +0.3% m/m in Jun. In central banks news, BoE mortgage approval in focus , whilst the ECB published its latest wage tracker showed wage expectations which remained stable. In other news, UK PM Burnham to outline plans for social care reform. Press said among the plans drawn up is a new tax to fund a new care system, which could cost £18B a year
Amidst another busy session in terms of earnings, banks and financial services in focus with UBS Group (UBSG.SW), Deutsche Bank (DBK.GR), Intesa Sanpaolo (ISP.IM), Standard Chartered (STAN.LN), CaixaBank (CABK.SM), Aberdeen Group (ABDN.LN) and St. James's Place (STJ.LN) reporting Q2/H1 earnings. In Industrials & Technology, Legrand (LR.FP), Bureau Veritas (BVI.FP), Hexagon (HEXA.B.SS), Logitech International (LOGN.SW), Sage Group (SGE.LN), Nexans (NEX.FP) and Weir Group (WEIR.LN) updated investors with their latest numbers. In Chemicals, BASF (BAS.GR) delivered Q2 earnings above expectations and raised FY EBITDA guidance; IMCD (IMCD.NA) and Solvay (SOLB.BB) also reported positive Q2/H1 earnings. In Energy and Utilities, Eni (ENI.IM) released Q2 earnings, raising production guidance and expanding its buyback by 20%, whilst Nordex (NDX1.GR), Endesa (ELE.SM) and Elia Group (ELI.BB) issued H1/Q2 earnings. In Autos, following Mercedes-Benz Group reporting strong earnings yesterday, Porsche (P911.GR) delivered Q2 earnings above expectations and reaffirmed FY guidance. In the Luxury sector, Kering (KER.FP) and Electrolux (ELUX.B.SS) are trading sharply higher after issuing better-than-expected Q2 results, while Hermes (RMS.FP) reported earnings slightly ahead of consensus. Other notable companies reporting today include Reckitt Benckiser (RKT.LN), Danone (BN.FP), Ferrovial (FER.SM), HBX Group (HBX.SM) and Telefonica (TEF.SM)
Digest:
Sectors - STOXX Europe 600:
Outperformers: Oil & Gas +2.18%, Media +1.09%, Chemicals +0.51%, Autos & Parts +0.47%, Basic Resources +0.42%, Financial Svcs +0.12%, Health Care +0.06%, Retail +0.05%, Food & Beverage +0.04%
Underperformers: Banks (1.08%), Utilities (1.07%), Travel & Leisure (0.96%), Real Estate (0.91%), Ind Goods & Svcs (0.62%), Insurance (0.61%), Construct & Mtls (0.58%), Telecom (0.46%), Technology (0.40%), Persnl & HHold Goods (0.32%)
Company and macro news:
Wildfires threaten France and Spain with 'economic thunderbolt' (Telegraph)
Spain faces 'complex' three days with risks of heatwave and strong winds reigniting some fires (Guardian)
What to know about France's fourth heatwave of the year (F24)
Merz's fresh start quickly falls apart (Politico)
Andy Burnham refuses to commit to raising UK defence spending by 2030 (Independent)
Italian wages grew by less than inflation in second quarter says Istat (Ansa)
BMW to cut 'as many as 8,000 jobs' under pressure from Chinese rivals (Guardian)
Hermès, Kering Record Stock Spread Highlights Diverging Paths (BBG)
Company news:
Notable Gainers
+22.0% ELUX.B.SS (Electrolux SEK30.00, +5.41) -- Q2 earnings
+19.0% SMCP.FP (SMCP €6.18, +0.98) -- H1 earnings
+17.5% GRG.LN (Greggs £19.85, +2.95) -- H1 earnings
+16.4% AUTN.SW (Autoneum Holding CHF135.20, +19.00) -- H1 earnings
+15.7% KER.FP (Kering €289.90, +39.40) -- H1 earnings; HSBC upgrade
+14.8% SOP.FP (Sopra Steria Group €197.60, +25.40) -- H1 earnings
+12.2% HEXA.B.SS (Hexagon SEK95.94, +10.40) -- Q2 earnings
+9.1% IDHC.LN (Integrated Diagnostics Holdings £0.60, +0.05) -- Hena Holdings offer becomes unconditional
+9.0% WEIR.LN (Weir Group £27.50, +2.26) -- H1 earnings
+8.5% SGE.LN (Sage Group £10.20, +0.80) -- Q3 trading update
+8.0% MLP.GR (MLP €8.08, +0.60) -- prelim. Q2 earnings; initiated buy at Berenberg
+7.7% BVI.FP (Bureau Veritas €29.43, +2.11) -- H1 earnings
+7.1% ENI.IM (Eni €23.64, +1.56) -- Q2 earnings
+6.8% TRCS.LN (Tracsis £3.55, +0.23) -- acquisition of Mistral Data Services
+6.6% EKI.FP (Ekinops €2.60, +0.16) -- H1 earnings
+6.4% BRE.IM (Brembo €10.62, +0.64) -- Q2 earnings
+6.2% GXI.GR (Gerresheimer €28.18, +1.64) -- sale of Centor US
+6.1% RHM.GR (Rheinmetall €1,153.40, +66.60) -- Q2 earnings
+6.0% SAX.GR (Stroeer SE & Co. KGaA €39.80, +2.26) -- I Squared and InfraVia Capital Partners are preparing a bid to take over Ströer -- Manager magazine,
+5.3% IMCD.NA (IMCD €93.32, +4.66) -- H1 earnings
+4.5% BRBY.LN (Burberry Group £11.92, +0.51) -- Frasers Group discloses ~4.16% stake; KER.FP read-across
+4.3% DXRX.LN (Diaceutics £1.32, +0.06) -- H1 trading update
+4.2% RKT.LN (Reckitt Benckiser £53.94, +2.18) -- H1 earnings
+3.8% BAS.GR (BASF SE €50.81, +1.85) -- Q2 earnings
+3.8% STAN.LN (Standard Chartered £21.76, +0.79) -- Q2 earnings
+3.7% KRN.GR (Krones €118.00, +4.20) -- Q2 earnings
+3.6% NEX.FP (Nexans €129.40, +4.50) -- H1 earnings
+3.5% ELE.SM (Endesa €41.64, +1.39) -- H1 earnings
+3.2% GTT.FP (Gaztransport & Technigaz €192.00, +6.00) -- H1 earnings
+3.2% NEXI.IM (Nexi SpA €4.22, +0.13) -- H1 earnings
+3.2% NXQ.LN (Nexteq £0.49, +0.02) -- purchase order
+3.1% STAB1L.GR (Stabilus €13.92, +0.42) -- strategic partnership with Synapticon
+3.0% PAG.LN (Paragon Banking Group £8.48, +0.24) -- Q3 trading update
+2.8% ECOR.LN (Ecora Royalties £1.34, +0.04) -- Q2 trading update
+2.8% MMB.FP (Lagardere €18.58, +0.50) -- H1 earnings
+2.8% SOLB.BB (Solvay €27.16, +0.74) -- Q2 earnings
+2.8% TEMN.SW (Temenos CHF68.45, +1.85) -- changes to its Product & Technology leadership team
+2.5% MUB.GR (Muhlbauer Holding €41.00, +1.00) -- H1 revenue
+2.5% NICL.LN (Nichols £10.40, +0.25) -- H1 earnings
+2.2% AGY.LN (Allergy Therapeutics £0.06, -0.00) -- FY trading update
+2.2% RDC.GR (Redcare Pharmacy €69.35, +1.50) -- H1 earnings
+2.1% GLEN.LN (Glencore £5.17, +0.11) -- Q2 production
+2.0% HSP.LN (Hargreaves Services £8.06, +0.16) -- FY earnings
+2.0% NDX1.GR (Nordex €38.00, +0.76) -- Q2 earnings
+2.0% SFR.LN (Severfield £0.37, +0.01) -- AGM trading update
+1.6% DOV.IM (doValue €2.22, +0.03) -- new €330M debt facilities
+1.5% DBK.GR (Deutsche Bank €31.39, +0.46) -- Q2 earnings
+1.4% CTT.PL (CTT - Correios de Portugal €6.00, +0.09) -- Q2 earnings; share buyback program increased to €40M from €10M
+1.2% BSLN.SW (Basilea Pharmaceutica CHF52.40, +0.60) -- $30M funding under existing BARDA agreement
+1.2% MERY.FP (Mercialys €12.12, +0.14) -- H1 earnings
+0.9% UBSG.SW (UBS Group CHF42.82, +0.38) -- Q2 earnings; new $3B share buyback
+0.1% RWE.GR (RWE €55.66, +0.04) -- H1 earnings
Notable Decliners
-11.7% RMS.FP (Hermes €1,497.50, -198.00) -- H1 earnings
-10.9% ZAL.NO (Zalaris NOK98.00, -12.00) -- completion of recommended mandatory offer by Kona Bidco
-9.6% CDA.FP (Compagnie des Alpes €19.60, -2.05) -- Q3 revenue; acquisition of 33,9% of Padel City
-6.8% CABK.SM (CaixaBank €12.30, -0.90) -- Q2 earnings
-6.4% LRE.LN (Lancashire Holdings £6.18, -0.42) -- H1 earnings
-6.1% VRLA.FP (Verallia €18.30, -1.18) -- H1 earnings
-5.4% ELI.BB (Elia Group SA/NV €128.70, -7.30) -- H1 earnings
-4.8% PHO.NO (PhotoCure NOK54.10, -2.70) -- Q2 earnings
-4.5% ASM.NA (ASM International €722.00, -34.00) -- Q2 earnings
-4.3% ABDN.LN (Aberdeen Group £2.36, -0.11) -- H1 earnings
-4.0% PREC.SS (Precise Biometrics SEK0.89, -0.04) -- begins SEK110M rights issue
-3.9% MELE.BB (Melexis €66.05, -2.65) -- Q2 earnings
-3.8% DWS.GR (DWS Group €69.00, -2.75) -- Q2 earnings
-3.8% OBD.LN (Oxford BioDynamics £0.00, -0.00)
-3.6% SOI.FP (SOITEC €95.80, -3.58) -- settlement with French tax authority
-2.8% BREE.LN (Breedon Group £3.16, -0.09) -- H1 earnings
-2.2% BN.FP (Danone €70.64, -1.60) -- H1 earnings
-2.1% RAT.LN (Rathbones Group £16.82, -0.36) -- H1 earnings
-2.0% RED.SM (Redeia Corporacion €15.40, -0.31) -- Q2 earnings
-1.7% FSJ.LN (James Fisher & Sons £4.62, -0.08) -- H1 trading update
-1.6% PAY.LN (PayPoint £6.16, -0.10) -- Q1 trading update
-1.2% AML.LN (Aston Martin Lagonda Global Holdings £0.36, -0.00) -- Q2 earnings
-1.1% KRZ.ID (Kerry Group €84.70, -0.95) -- H1 earnings
-0.8% ZIL2.GR (Elringklinger €4.80, -0.04) -- CFO steps down at the end of 2026
-0.6% NRR.LN (NewRiver REIT £0.83, -0.01)
-0.1% ISP.IM (Intesa Sanpaolo €6.47, -0.01) -- Q2 earnings
EU companies reporting tomorrow:
Earnings:
Austria: Erste Group Bank (EBS.AV), Raiffeisen Bank International (RBI.AV), Verbund (VER.AV), Andritz (ANDR.AV), AMAG Austria Metall (AMAG.AV)
Belgium: Anheuser-Busch InBev (ABI.BB), UCB (UCB.BB), Groupe Bruxelles Lambert (GBLB.BB), Syensqo (SYENS.BB), Titan (TITC.BB), Azelis Group (AZE.BB), Bekaert (BEKB.BB), Fagron (FAGR.BB), Ontex Group (ONTEX.BB)
France: Schneider Electric (SU.FP), AXA (CS.FP), Sanofi (SAN.FP), Societe Generale (GLE.FP), Compagnie de Saint-Gobain (SGO.FP), Veolia Environnement (VIE.FP), Bouygues (EN.FP), Amundi (AMUN.FP), Euronext (ENX.FP), Unibail-Rodamco-Westfield (URW.FP), Capgemini (CAP.FP), Ipsen (IPN.FP), Accor (AC.FP), Ayvens (AYV.FP), SPIE (SPIE.FP), Renault (RNO.FP), Technip Energies (TE.FP), SCOR (SCR.FP), Vallourec (VK.FP), JCDecaux (DEC.FP), Arkema (AKE.FP), Wendel (MF.FP), Teleperformance (TEP.FP), Air France-KLM (AF.FP), SES (SESG.FP), Coface (COFA.FP), Planisware (PLNW.FP), X-FAB Silicon Foundries (XFAB.FP), Mersen (MRN.FP), Manitou BF (MTU.FP), Lectra (LSS.FP), Viridien (VIRI.FP), Worldline (WLN.FP), ATOS (ATO.FP), Casino Guichard-Perrachon (CO.FP)
Germany: Bayerische Motoren Werke (BMW.GR), Adidas (ADS.GR), Heidelberg Materials (HEI.GR), MTU Aero Engines (MTX.GR), Knorr-Bremse (KBX.GR), Symrise (SY1.GR), FORVIA HELLA (HLE.GR), Nemetschek (NEM.GR), Kion Group (KGX.GR), Aixtron (AIXA.GR), Wacker Chemie (WCH.GR), Puma (PUM.GR), Siltronic (WAF.GR), CECONOMY (CEC.GR), AlzChem Group (ACT.GR), Drägerwerk (DRW3.GR), SNP Schneider-Neureither & Partner (SHF.GR), Baader Bank (BWB.GR), Villeroy & Boch (VIB3.GR), Mediclin (MED.GR), Takkt (TTK.GR), Novem Group (NVM.GR)
Greece: National Bank of Greece (ETE.GA)
Italy: Enel (ENEL.IM), Prysmian (PRY.IM), Leonardo (LDO.IM), Banca Mediolanum (BMED.IM), Stellantis (STLAM.IM), A2A (A2A.IM), De'Longhi (DLG.IM), Brunello Cucinelli (BC.IM), Azimut Holding (AZM.IM), MAIRE (MAIRE.IM), Iveco Group (IVG.IM), Reply (REY.IM), Iren (IRE.IM), Amplifon (AMP.IM), Technogym (TGYM.IM), Rai Way (RWAY.IM), Alerion Cleanpower (ARN.IM), D'Amico International Shipping (DIS.IM), Tinexta (TNXT.IM), Ascopiave (ASC.IM), Zignago Vetro (ZV.IM), Arnoldo Mondadori Editore (MN.IM), RCS Mediagroup (RCS.IM), Industrie De Nora (DNR.IM), Elica (ELC.IM)
Netherlands: ING Groep (INGA.NA), ArcelorMittal (MT.NA), Universal Music Group (UMG.NA), DSM-Firmenich (DSFIR.NA), CVC Capital Partners (CVC.NA), CTP (CTPNV.NA), Royal Vopak (VPK.NA), Allfunds Group (ALLFG.NA), Aperam (APAM.NA), ARCADIS (ARCAD.NA), Koninklijke BAM Groep (BAMNB.NA), Pharming Group (PHARM.NA), Sif Holding (SIFG.NA)
Nordics: Verisure (VSURE.SS), Subsea 7 (SUBC.NO), BW Energy (BWE.NO), Outokumpu (OUT1V.FH), Aktia Bank (AKTIA.FH)
Portugal: Redes Energeticas Nacionais SGPS (RENE.PL)
Spain: Banco Bilbao Vizcaya Argentaria (BBVA.SM), Acciona (ANA.SM), Corporación Acciona Energías Renovables (ANE.SM), Fluidra (FDR.SM), Distribuidora Internacional De Alimentacion (DIA.SM), Melia Hotels International (MEL.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Gestamp Automoción (GEST.SM), Prosegur Cash (CASH.SM)
Switzerland: Avolta (AVOL.SW), Bachem Holding (BANB.SW), Inficon Holding (IFCN.SW), Bucher Industries (BUCN.SW), Kardex Holding (KARN.SW), Idorsia (IDIA.SW), Zehnder Group (ZEHN.SW), lastminute.com (LMN.SW)
UK: Shell (SHEL.LN), Rolls-Royce Holdings (RR.LN), British American Tobacco (BATS.LN), Lloyds Banking Group (LLOY.LN), BAE Systems (BA.LN), London Stock Exchange Group (LSEG.LN), Anglo American (AAL.LN), Haleon (HLN.LN), Segro (SGRO.LN), Rentokil Initial (RTO.LN), Informa (INF.LN), Schroders (SDR.LN), SEPLAT Energy (SEPL.LN), Mondi (MNDI.LN), Drax Group (DRX.LN), Greencoat UK Wind (UKW.LN), Helios Towers (HTWS.LN), Hammerson (HMSO.LN), Vesuvius (VSVS.LN), Elementis (ELM.LN), Vanquis Banking Group (VANQ.LN), Foxtons Group (FOXT.LN), Robert Walters (RWA.LN)
Other: AIB Group (A5G.ID)
Trading Update:
France: Equasens Group (EQS.FP), Groupe Samse (SAMS.FP), Marie Brizard Wine & Spirits (MBWS.FP)
UK: Oakley Capital Investments (OCI.LN), Pets At Home Group (PETS.LN), ASA International Group (ASAI.LN)
Data:
Economics:
UK Jun
Mortgage Approvals 58.2K vs cons 57.1K and prior revised to 56.57K from 56.21K
M4 Money Supply +0.8% m/m vs cons +0.2% and prior revised +0.2% from +0.1%
Switzerland Jul ZEW Expectations 10 vs cons (23) and prior (25.0)
Norway Jun Retail Sales +1.8% m/m vs cons +0.5% and prior revised (2.4%) from (2.1%)
Sweden Q2 Prelim GDP +2.8% y/y vs cons +1.9% and prior +2.0%; +1.4% q/q vs cons +0.7% an
Markets:
WTI Crude (Sep 26): +$5.66 or +7.14% to $84.92
€-$ (0.0007) or (0.06%) to 1.1382
£-$ +0.0000 or +0.00% to 1.3290
€-£ (0.0006) to 0.8565
S&P 500 (0.80%)
Performance year-to-date
FTSE 100: +9.84%
DAX: +3.96%
CAC: +3.18%
MIB: +14.46%
Stoxx 600: +8.92%
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