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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.08%), DAX (0.34%), CAC40 +0.28%

Jul 29 ,2026

  • Synopsis

    • European equity markets are set for a mixed open amidst mostly lower Asian equities Wednesday. Semi/memory sell-off continues with South Korean benchmark near four-month low. Taiwan and Japan also sharply lower. Greater China mixed with Hong Kong firming while mainland-listed semis under pressure. S&P 500 futures pulling lower afterhours.

    • Press reports UK PM Burnham is due to deliver a speech on social care reform, calling for cross-party cooperation and outlining plans to accelerate an independent review into the future of the sector.

    • Also today, Fitch Rating hosts a webinar at 13:30BST title Navigating Energy Volatility: Security, Investment and Impact on Monetary Policy. In Norway, there's Utøya Festival (through Sun). Elsewhere, it's the end of acceptance period in connection with Raiffeisen Bank International (RBI.AV) offer to acquire Addiko (ADKO.AV)

    • Macro data include, Switzerland Jul expectations - ZEW, UK Jun mortgage approvals, M4 money supply, Norway Jun retail sales, Sweden Q2 preliminary GDP, Belgium Q2 preliminary GDP, Greece Jun unemployment rate, Ireland Q2 preliminary GDP, Portugal Jun unemployment rate

    • A busy earnings calendar kicked off with DACH region names including UBS Group (UBSG.SW), Logitech (LOGN.SW), Deutsche Bank (DBK.GR), Porsche (P911.GR), BASF (BAS.GR) and RWE (RWE.GR) reporting results, while Krones (KRN.GR) and DWS Group (DWS.GR) also updated investors. In the UK, Rio Tinto (RIO.LN) reported H1 results and highlighted plans to release $5-10B of cash through portfolio management and other initiatives, while Standard Chartered (STAN.LN) reported quarterly results and revised FY guidance. In France, EssilorLuxottica (EL.FP), Kering (KER.FP), Danone (BN.FP), Legrand (LR.FP) and Bureau Veritas (BVI.FP) are out with results whilst Nexans (NEX.FP) and Alten (ATE.FP) raised 2026 targets. In Southern Europe, Grifols (GRF.SM), Ferrovial (FER.SM), Eni (ENI.IM), Recordati (REC.IM), Nexi (NEXI.IM), Telefonica (TEF.SM) and CaixaBank (CABK.SM) reported results. Elsewhere, ASM International (ASM.NA), Melexis (MELE.BB) and Electrolux (ELUX.B.SS) reported.

  • Politics/Macro/World News

    • EU proposes Brexit reset tuition fees compromise - politico

    • Burnham to seek cross-party consensus over urgent reforms to social care - Guardian; BBC

    • Pressure mounts on Germany's Merz after fractious reshuffle - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASM.NA (ASM International) -- reports Q2 net income €292.9M ex-items vs FactSet €275.0M [7 est, €260-297.4M]

        • MELE.BB (Melexis) -- reports Q2 EPS €0.76 vs FactSet €0.71 [5 est, €0.67-0.76]

        • IMCD.NA (IMCD) -- reports H1 Cash EPS €3.18 vs FactSet €3.43 [1 est]

        • ELI.BB (Elia Group SA/NV) -- reports H1 net income attributable €348.7M, +29% vs year-ago €269.6M; financial outlook for 2026 reiterated

        • BNJ.NA (Banijay Group) -- reports H1 adjusted net income €141.5M vs year-ago €146.9M; confirms FY guidance

      • DACHs:

        • UBSG.SW (UBS Group) -- reports Q2 EPS $0.87 vs consensus $0.75

        • LOGN.SW (Logitech International) -- reports Q1 EPS $1.85 ex-items vs FactSet $1.26 [13 est, $0.96-1.41]

        • RWE.GR (RWE) -- reports preliminary H1 adjusted net income €1.26B vs guidance €1550-2050M and FactSet €1.23B

        • DBK.GR (Deutsche Bank) -- reports Q2 net income €1.91B vs consensus €1.38B

        • P911.GR (Porsche) -- reports Q2 EPS €0.81 vs FactSet €0.60 [5 est, €0.45-0.73]; reaffirms FY26 outlook despite persistent challenging market conditions

        • BAS.GR (BASF SE) -- reports Q2 EPS €1.28 ex-items vs consensus €0.85; raises FY adj EBITDA guidance

        • RDC.GR (Redcare Pharmacy) -- reports H1 EPS (€0.29) vs year-ago (€0.07)

        • LAND.SW (Landis+Gyr Group) -- reports Q1 revenue $232.3M, (7%) vs year-ago $249.1M; confirms FY guidance

        • KRN.GR (Krones) -- reports Q2 EPS €2.23 vs FactSet €2.05 [3 est, €1.95-2.20]; reaffirms FY guidance

        • DWS.GR (DWS Group) -- reports Q2 net income attributable €237M vs FactSet €235.1M [2 est, €223-247.2M]; reaffirms previously disclosed expectations

        • ILM1.GR (Medios) -- reports preliminary H1 adjusted EBITDA €44M vs year-ago €46.3M

        • EBS.AV (Erste Group Bank) -- Erste Group outlines 2030 financial targets

        • NDX1.GR (Nordex) -- reports Q2 net income €111.5M vs FactSet €103.0M [3 est, €99.1-106M]; FY26 guidance confirmed

        • AG1.GR (Auto1 Group) -- reports Q2 adjusted EBITDA €58.6M vs FactSet €56.8M [4 est, €53.1-60.1M]; reaffirms FY guidance

        • BFSA.GR (Befesa) -- reports Q2 EPS €0.61 vs FactSet €0.59 [3 est, €0.52-0.69M]; reaffirms FY guidance

        • ASCN.SW (Ascom Holding) -- reports H1 net income attributable CHF5.4M vs FactSet CHF2.9M [1 est]; reaffirms FY guidance

        • O2D.GR (Telefonica Deutschland Holding) -- reports Q2 adj EPS €0.07 vs year-ago €0.09

      • France:

        • EL.FP (EssilorLuxottica) -- reports H1 adj net income €1.92B vs consensus €1.78B

        • KER.FP (Kering) -- reports H1 Recurring Attributable Net Income €355M vs StreetAccount €390.3M

        • BN.FP (Danone) -- reports H1 recurring EPS €1.92 vs consensus €1.88

        • LR.FP (Legrand) -- reports Q2 adjusted operating profit €598.9M vs StreetAccount €583.9M; 2026 full-year targets revised upward

        • BVI.FP (Bureau Veritas) -- reports H1 adj operating profit €506.5M vs consensus €490.6M; upgrades FY26 outlook post disposal

        • RCO.FP (Remy Cointreau) -- reports Q1 revenue €223.2M vs consensus €218.8M; 2026-27 objectives confirmed

        • SOP.FP (Sopra Steria Group) -- reports H1 EPS €7.62 vs FactSet €8.41 [1 est]; raises FY organic revenue growth target

        • SOI.FP (SOITEC) -- agrees main terms of resolution of dispute with French Tax authorities; settlement expected to result in forfeiture of €320M in tax loss carry-forward and a cash outflow which will not exceed €60M in Q3'27

        • NEX.FP (Nexans) -- reports H1 net income from cont ops €122.8M vs consensus €119.0M; FY26 guidance upgraded

        • FGR.FP (Eiffage) -- reports H1 revenue excluding construction €1.56B vs year-ago €1.56B

        • GTT.FP (Gaztransport & Technigaz) -- reports H1 net income €210.4M vs FactSet €209.1M [4 est, €185-219M]; 2026 objectives confirmed

        • MMB.FP (Lagardere) -- reports H1 adjusted net income €87M, +21% vs year-ago €72M

        • ATE.FP (Alten) -- reports H1 revenue €2.11B vs year-ago €2.08B; 2026 targets revised upward

        • VRLA.FP (Verallia) -- reports H1 adjusted EBITDA €352M vs FactSet €358.5M [2 est, €355-362M]

        • MMT.FP (M6-Metropole) -- reports Q2 EBITA €5.3M vs FactSet €6.8M; comments on outlook

        • MERY.FP (Mercialys) -- reports H1 recurring net earnings €64.1M; +4.1% y/y; raises FY26 guidance

        • SMCP.FP (SMCP) -- reports H1 net income €16.8M vs FactSet €15.3M [1 est]; confirms FY guidance

        • ALHG.FP (Louis Hachette Group SA) -- reports H1 net income (€8M) vs year-ago (€9M); dividend policy is confirmed

        • CDA.FP (Compagnie des Alpes) -- reports Q3 revenue €272.8M vs FactSet €286.0M [1 est]

        • DEEZR.FP (Deezer) -- reports H1 net income €6.7M vs year-ago (€7.6M); FY26 financial guidance confirmed

      • Nordics:

        • ELUX.B.SS (Electrolux) -- reports Q2 EPS (SEK3.16) vs consensus (SEK2.19)

        • SANOMA.FH (Sanoma) -- reports Q2 adjusted EPS €0.23 vs FactSet €0.25 [6 est, €0.23-0.28]; confirms FY outlook

      • Southern Europe:

        • GRF.SM (Grifols) -- reports Q2 net income €155M vs consensus €120.2M; on track to deliver its 2026 guidance

        • FER.SM (Ferrovial) -- reports H1 net income €258M vs year-ago €540M

        • ENI.IM (Eni) -- reports Q2 adj net income €2.33B vs consensus €2.09B; raises guidance; expands buyback by 20% and announces extra divi

        • REC.IM (Recordati) -- reports H1 adj net income €349.9M vs FactSet €340.1M; confirms its FY26 and FY27 financial targets

        • NEXI.IM (Nexi SpA) -- reports H1 normalised net income €354M vs FactSet €129M [3 est, €107-157M]; 2026 guidance confirmed

        • TEF.SM (Telefonica) -- reports Q2 adjusted EBITDA €2.93B vs consensus €2.89B

        • RED.SM (Redeia Corporacion) -- reports Q2 net income attributable €140.1M vs StreetAccount €137.5M

        • AZK.SM (Azkoyen) -- reports H1 net income attributable €7.3M vs year-ago €9.1M

        • CABK.SM (CaixaBank) -- reports Q2 net income attributable €1.63B vs consensus €1.56B

        • INW.IM (Infrastrutture Wireless Italiane) -- reports Q2 net income €79.3M vs FactSet €83.6M [4 est, €81.2-86.6M]

        • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- reports Q2 net income €30.6M ex-items vs year-ago €3.0M

      • UK:

        • RIO.LN (Rio Tinto) -- reports H1 underlying earnings $6.85B vs StreetAccount $6.81B

        • STAN.LN (Standard Chartered) -- reports Q2 EPS 75.3c vs consensus 66.1c; revises FY guidance

    • M&A

      • GXI.GR (Gerresheimer) -- to sell Centor US, global PPP business to Apax Funds

      • KBX.GR (Knorr-Bremse) -- announces sale of its HVAC unit Merak to OpenGate Capital; financial terms undisclosed

      • AZM.IM (Azimut Holding) -- Azimut acquires Yapi Kredi Portföy Yönetimi in Turkey; transaction consideration amounts to ~€305M ($349M)

      • INGR (Ingredion) -- Tate & Lyle (TATE.LN) shareholders approve purchase by Ingredion - 8-K

      • BORR.NO (Borr Drilling) -- BC Ventures completes acquisition of five rigs from Fontis Finance; deal was announced 8-Dec

      • AMG.NA (AMG Critical Materials) -- closes the sale of Graphit Kropfmhll to Asbury Advanced Materials

      • CDA.FP (Compagnie des Alpes) -- CDA acquires 33,9% in Padel City; €20M investment (including €12M through a capital increase)

      • PLSV.NO (Paratus Energy Services) -- completes sale of subsidiary Fontis' drilling operations and jack-up fleet; deal announced 23-Mar

      • GLO.FP (GL Events) -- completes acquisition of MCO Congres

      • PPT.AU (Perpetual) -- conclude that EQT proposal at A$22.50/share is not in best interests of shareholders

      • LIKE.LN (Likewise Group) -- announces proposed fundraising to raise up to approximately £29.2M, proposed acquisition of new distribution facility

      • KEOC.SS (Keo Capital AB) -- KEO Capital signs definitive agreement to acquire additional 16% indirect stake in PetroUrdaneta, increasing its interest to 40%

      • 4X0.GR (Steyr Motors AG) -- Red Cat has withdrawn its non-binding proposal regarding Steyr Motors

      • Koch explores sale of data center developer Edged in potential deal valued at +$15B - Bloomberg

      • SK Telecom, Sixth Street, GIC, La Caisse among bidders for significant stake in Bridge Data Centres - Bloomberg

    • Other

      • V1NC.GR (Vincorion) --recorded incoming orders totaling more than €100M in June alone

      • ALSEN.FP (Sensorion) -- announces reverse share split by the exchange of 50 existing shares with a par value of €0.10 for 1 new share with a par value of €5

      • STM.GR Stabilus enters into strategic partnership with Synapticon GmbH

      • BAS.GR (BASF SE) -- BASF to begin next tranche of share buyback program in Aug-26

      • BRBY.LN (Burberry Group) -- Frasers Group (FRAS.LN) discloses ~4.16% stake in Burberry Group -- filing (earlier, timing uncertain)

      • AC.FP (Accor) -- completes first tranche of share buyback programme

      • SGO.FP (Compagnie de Saint-Gobain) -- signs framework agreement with Microsoft for AI solutions

      • LDO.IM (Leonardo) -- adds open-architecture software, AI and data integration in Raft acquisition

      • TEMN.SW (Temenos) -- makes changes to its Product & Technology leadership team, effective from 3-Aug

      • XPRO (Expro) -- SEC filing: 10-Q

      • Quick Take: Rio Tinto +4.5% as Copper strength offset softer iron ore and aluminium

  • Key rating changes

    • Upgrades

      • KER.FP (Kering) -- buy from hold at HSBC

      • SIKA.SW (Sika Group) -- to overweight from neutral at JPMorgan

      • SQN.SW (Swissquote Group Holding) -- to buy from neutral at Goldman Sachs

    • Initiations

      • SBMO.NA (SBM Offshore) -- outperform at RBC Capital Markets (~30min ago)

      • KURN.SW (Kuros Biosciences) -- buy at UBS

  • Data

    • Nikkei (1.68%) to 61319.16

    • Hang Seng +1.19% to 25612.62

    • Shanghai Composite +0.83% to 3844.83

    • S&P futures (4.8) vs prior close of 7465.3

    • €-$ +0.0011 or +0.10% to 1.1400

    • $-¥ (0.38) or (0.23%) to 163.49

    • €-¥ (0.26) or (0.14%) to 186.34

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