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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.54%), DAX (0.29%), CAC40 +0.29%

Jul 30 ,2026

  • Synopsis

    • European equity futures point to a weaker-to-mixed open. Follows Wednesday's mixed performance. Asian equity markets mostly lower. Nikkei outperforms with moderate gains, but other markets lower. Mainland China under pressure. Hang Seng weaker. Kospi seeing more volatility. US equity futures firmer, with S&P up ~0.3%. US equities lower Wednesday.

    • BOE interest rate decision at 12noon BST. The benchmark interest rate is expected to be left unchanged at 3.75%. Turkey central bank publishes minutes of last MPC meeting at 13:00CET. Elsewhere, UK Jun car production data released, Munich Re (MUV2.GR) publishes H1 natural disaster report and S&P Ratings hosts a webinar at 14:00BST title Insurance In Focus: European Mid-year Outlook 2026

    • Macro data will include Germany Q2 preliminary GDP, Jul preliminary CPI, France Q2 preliminary GDP, Jun consumer goods spending, Italy Q2 preliminary GDP, Jun unemployment rate, PPI, Spain Q2 preliminary GDP, Jul preliminary CPI, Eurozone Q2 preliminary GDP, Jul economic sentiment indicator, Jun unemployment rate, Switzerland Jul KOF leading indicator, Sweden Jun retail sales, Denmark Jun unemployment rate, Netherlands Q2 preliminary GDP, Jun PPI, Belgium Jul preliminary CPI, Portugal Q2 preliminary GDP, Jun retail sales, Greece Jun PPI, Ireland Jul preliminary HICP

    • UK car production update saw 7.5% drop in H1 2026, but outlook positive. Zoopla said summer UK housing market slowdown worse than normal.

    • A busy earnings calendar kicked off with French names Airbus (AIR.FP), L'Oréal (OR.FP), Sanofi (SAN.FP), Schneider Electric (SU.FP), VINCI (DG.FP), Societe Generale (GLE.FP), Renault (RNO.FP), Capgemini (CAP.FP), Accor (AC.FP) and Amundi (AMUN.FP) reporting results. Sanofi (SAN.FP), Schneider Electric (SU.FP), Capgemini (CAP.FP), Accor (AC.FP) and Bic (BB.FP) all upgraded guidance. In the UK, Shell (SHEL.LN) reported Q2 earnings. DACH names included BMW (BMW.GR), Adidas (ADS.GR), Heidelberg Materials (HEI.GR), Erste Group Bank (EBS.AV), Knorr-Bremse (KBX.GR) and Wacker Chemie (WCH.GR), while ING Groep (INGA.NA), ArcelorMittal (MT.NA) and Anheuser-Busch InBev (ABI.BB) were among the key Benelux names reporting. In Southern Europe, BBVA (BBVA.SM), Prysmian (PRY.IM), Telecom Italia (TIT.IM) and Pirelli (PIRC.IM) reported, with Prysmian (PRY.IM) raising FY guidance.

  • Politics/Macro/World News

    • New UK PM Burnham urged to put food on a par with defence and energy - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • MT.NA (ArcelorMittal) -- reports Q2 Adjusted EPS $0.90 vs StreetAccount $1.05

        • INGA.NA (ING Groep) -- reports Q2 net income €1.95B vs consensus €1.86B; upgrades FY26 and FY27 outlook

        • FAGR.BB (Fagron) -- reports H1 net income €46.5M, +2% vs year-ago €45.8M; confirms FY26 guidance

        • ONTEX.BB (Ontex Group) -- reports Q2 adjusted EBITDA €39.5M, +11% vs year-ago €35.7M

        • FLOW.NA (Flow Traders) -- reports Q2 adjusted net income €40.8M vs FactSet €41.3M

        • ALLFG.NA (Allfunds Group) -- reports H1 adjusted net income €141.5M, +10% vs year-ago €128.5M

        • ARCAD.NA (Arcadis) -- reports Q2 operating EBITA €111M vs FactSet €112.0M; upgrades FY26 organic net revenue growth guidance

        • VPK.NA (Royal Vopak) -- reports Q2 EPS €0.89 ex-items vs FactSet €0.77 [1 est]; raises FY guidance

        • APAM.NA (Aperam) -- reports Q2 adjusted EBITDA €130M vs FactSet €128.6M [5 est, €123-135M]

        • DSFIR.NA (DSM-Firmenich) -- reports Q2 adjusted EBITDA €466M vs consensus €452.0M; FY LfL sales growth to be at the higher end of 2-4% target

        • ABI.BB (Anheuser-Busch InBev) -- reports Q2 EPS $1.21 ex-items vs FactSet $1.11 [13 est, $1.05-1.15]; confident in ability to deliver its FY26 outlook

        • AZE.BB (Azelis Group) -- reports H1 EPS €0.35 vs FactSet €0.53 [2 est, €0.47-0.59]; to deliver positive adjusted EBITA growth for the full year

      • DACHs

        • AVOL.SW (Avolta) -- reports H1 CORE net income attributable CHF201M vs year-ago CHF226M

        • KGX.GR (Kion Group) -- reports Q2 EPS €0.86 vs consensus €0.77; narrows FY guidance ranges

        • KBX.GR (Knorr-Bremse) -- reports Q2 EPS €1.08 vs FactSet €1.13 [6 est, €1.04-1.21]; guidance for 2026 raised

        • BANB.SW (Bachem Holding) -- reports H1 EPS CHF0.67 vs FactSet CHF0.47 [4 est, CHF0.38-0.65]

        • KARN.SW (Kardex Holding) -- reports H1 net income €22.3M vs FactSet €20.2M [4 est, €15.7-22.3M]

        • BUCN.SW (Bucher Industries) -- reports H1 EPS CHF8.90 vs FactSet CHF9.58 [3 est, CHF9.05-10.00]

        • ZEHN.SW (Zehnder Group) -- reports H1 net income €23.9M vs FactSet €23.5M [1 est]

        • SHF.GR (SNP Schneider-Neureither & Partner) -- reports Q2 EBIT €15.8M vs year-ago €6.9M; reaffirms FY guidance

        • TTK.GR (Takkt) -- reports Q2 EPS (€0.08) vs year-ago (€0.04); confirms FY guidance

        • DRW3.GR (Drägerwerk) -- reports Q2 EBIT €45.9M vs FactSet €35.6M [2 est, €25.1-46M]

        • EBS.AV (Erste Group Bank) -- reports Q2 net income €1.10B vs consensus €1.06B

        • BMW.GR (Bayerische Motoren Werke) -- reports Q2 EPS €2.05 vs FactSet €1.88 [4 est, €1.67-2.37]

        • SY1.GR (Symrise) -- reports H1 EPS €1.91 vs consensus €1.89; reaffirms FY guidance

        • ADS.GR (Adidas) -- reports Q2 EPS €2.10 vs StreetAccount €2.40

        • AIXA.GR (Aixtron) -- reports Q2 EPS €0.17 vs FactSet €0.11 [5 est, €0.05-0.27]; confirms FY guidance

        • CEC.GR (CECONOMY) -- reports Q3 adjusted net income (€64M) vs year-ago (€103M)

        • HEI.GR (Heidelberg Materials) -- reports Q2 RCO €1.09B vs consensus €1.06B; now expects FY RCO between €3.40-3.65B vs prior guidance €3.40-3.75B

        • WAF.GR (Siltronic) -- reports Q2 EPS (€1.71) vs FactSet (€1.87); confirms FY outlook and refines sales guidance

        • WCH.GR (Wacker Chemie) -- reports Q2 net income €349.6M; now expects FY26 EBITDA €625-750M vs prior guidance €550-700M

      • France

        • AIR.FP (Airbus) -- reports Q2 adj EPS €2.10 vs consensus €2.07; guides FY26 adj EBIT of ~€7.5B

        • OR.FP (L'Oréal) -- reports H1 EPS €7.40 vs FactSet €7.50

        • IPN.FP (Ipsen) -- reports H1 EPS €7.33 ex-items vs FactSet €6.49

        • DG.FP (VINCI) -- reports H1 net income attributable €2.08B vs FactSet €1.95B

        • RNO.FP (Renault) -- reports H1 net income €721M vs FactSet €670.7M

        • GLE.FP (Societe Generale) -- reports Q2 group net income €1.79B vs consensus €1.57B; to launch extraordinary €1.5B buyback

        • IVA.FP (Inventiva) -- reports preliminary H1 revenue €0M vs FactSet €3.4M

        • AKE.FP (Arkema) -- reports Q2 EPS €1.70 ex-items vs consensus €1.54; reaffirms FY outlook

        • ADP.FP (Aeroport de Paris) -- reports H1 net income €312M vs FactSet €269.8M

        • ELIS.FP (Elis) -- reports H1 net income €163.6M, +7% y/y

        • LI.FP (Klepierre) -- reports H1 revenue €648.4M vs FactSet €654.2M

        • FDJU.FP (La Francaise des Jeux) -- reports H1 adjusted net income €180M, (19%) y/y

        • BB.FP (Bic) -- reports H1 EPS €2.81 ex-items vs consensus €2.45; raises FY outlook

        • EMEIS.FP (Emeis) -- reports H1 net income (€40M) vs year-ago (€137M)

        • EAPI.FP (Euroapi) -- reports H1 net income (€141.5M) vs year-ago (€28.5M)

        • CLARI.FP (Clariane) -- reports H1 net income (€48M) vs FactSet (€44M)

        • VCT.FP (Vicat) -- reports H1 EBITDA €367M vs FactSet €347.0M; raises FY LFL sales and EBITDA growth targets

        • NK.FP (Imerys) -- reports Q2 net income €49M, +4% y/y

        • ERA.FP (Eramet) -- reports H1 net income (€146M) vs FactSet (€125M)

        • LOCAL.FP (Solocal Group) -- reports H1 net income €15.7M; 2026 targets confirmed

        • TKO.FP (Tikehau Capital) -- FY update: management fees and other revenues +13% y/y in H1

        • THEP.FP (Thermador Groupe) -- reports H1 net income €26.2M vs year-ago €22.2M

        • WAVE.FP (Wavestone) -- reports Q1 revenue €227.0M; adjusts 2026/27 financial targets

        • VK.FP (Vallourec) -- reports Q2 net income €45M vs FactSet €79.7M

        • ATO.FP (ATOS) -- reports H1 net income (€503M) vs year-ago (€695M)

        • EN.FP (Bouygues) -- reports H1 current operating profit €782M; confirms FY26 guidance

        • AC.FP (Accor) -- reports H1 recurring EBITDA €563M vs consensus; guides FY26 and announces second tranche of buyback

        • SU.FP (Schneider Electric) -- reports H1 adjusted EPS €4.79 vs consensus €4.44; raises FY adjusted EBITA growth guidance

        • VIE.FP (Veolia Environnement) -- reports H1 net income €837M vs FactSet €825.5M

        • SAN.FP (Sanofi) -- reports Q2 business EPS €2.09 vs consensus €1.90; upgrades FY26 guidance

        • MF.FP (Wendel) -- now guides FY mid-to-high single-digit organic revenue growth

        • SCR.FP (SCOR) -- reports Q2 net income €171M vs consensus €150M

        • AMUN.FP (Amundi) -- reports Q2 adjusted net income €431M vs consensus €375M

        • DEC.FP (JCDecaux) -- reports H1 net income €140.1M vs FactSet €130M

        • CAP.FP (Capgemini) -- reports H1 normalized net income €890M; upgrades FY26 constant currency revenue growth guidance

      • Southern Europe

        • PRY.IM (Prysmian) -- reports Q2 net income €323M vs StreetAccount €357.0M; raises FY guidance

        • TIT.IM (Telecom Italia) -- reports Q2 EBITDA €1.19B vs consensus €1.18B; comments on outlook

        • CPR.IM (Davide Campari-Milano) -- reports H1 net income €226M vs FactSet €202M

        • PIRC.IM (Pirelli & C.) -- reports Q2 net income €142.2M vs consensus €134M; confirms 2026 targets

        • JMT.PL (Jeronimo Martins) -- reports Q2 net income €141M vs FactSet €139.0M

        • SCYR.SM (Sacyr) -- reports H1 net income attributable €78.3M vs FactSet €76M

        • PHM.SM (PharmaMar) -- reports H1 net income €0.6M vs FactSet €14.5M

        • VIS.SM (Viscofan) -- reports Q2 net income €37.7M vs FactSet €35.3M

        • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- reports Q2 net income €3.06B vs consensus €2.93B

      • UK:

        • SHEL.LN (Shell) -- reports Q2 adjusted earnings $9.84B vs consensus $8.92B

    • M&A

      • AF.FP (Air France-KLM) -- submits a binding offer for an up to 49.9% stake in TAP Air Portugal

      • ADKO.AV (Addiko Bank) -- Raiffeisen Bank International reports preliminary result of offer to acquire Addiko; exceeds minimum acceptance threshold

      • PSX (Phillips 66) -- and Shell exploring sale of Explorer Pipeline stakes -- Reuters

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa Group submits bid for minority stake in TAP Air Portugal

      • QLCO.GA (Qualco Group) -- acquires a 60% stake in Lever Development Consultants for an initial €3M

      • ALCLA.FP (Claranova) -- reports Q4 revenue €22M vs year-ago €27M

      • CVW.AU (ClearView Wealth) -- court approves scheme of arrangement under which Zurich will acquire ClearView

    • Healthcare

      • XNCR (Xencor) -- to receive $105M from Alexion to resolve Ultomiris U.S. royalty matter

    • Other

      • LOGN.SW (Logitech International) -- SEC filing: 10-Q

      • HLN.LN (Haleon) -- files mixed shelf of indeterminate amount - F-3ASR

      • SPM.IM (Saipem) -- enters into a new €1B 'Revolving Credit Facility'

      • ADP.FP (Aeroport de Paris) -- and the French State reach agreement on 2027-2034 ERA proposal including an ~€8.2B regulated investment program

      • CLN.SW (Clariant) -- dismissed from Shell's allegations related to the 2020 competition law infringement

      • KRZ.ID (Kerry Group) -- announces appointment of Genevieve Berger as Sustainability Committee Chair

      • CMBT.BB (CMB.TECH) -- SEC filing: SCHEDULE 13D/A (Filed by Compagnie Maritime Belge NV)

      • SOI.FP (SOITEC) -- renews its share buyback program for up to 1.8M shares

      • FTC sues HIMS, alleging deceptive privacy practices; EV lineup partly boosts Renault results in intraday themes (29-Jul)

      • Owners seeking to cut Virgin Media O2's debt - FT

      • UK June car manufacturing (1.2%) y/y to 68,200 units - SMMT

  • Key rating changes

    • Upgrades

      • BEAN.SW (BELIMO Holding) -- to neutral from sell at UBS

      • GXI.GR (Gerresheimer) -- to hold from sell at DZ Bank

      • RIO.LN (Rio Tinto) -- to buy from hold at Berenberg

      • RIO.LN (Rio Tinto) -- to buy from neutral at Goldman Sachs

  • Data

    • Nikkei +0.70% to 61865.37

    • Hang Seng +0.15% to 25846.55

    • Shanghai Composite (0.64%) to 3803.87

    • S&P futures +16.0 vs prior close of 7351.3

    • €-$ (0.0024) or (0.21%) to 1.1446

    • $-¥ +0.20 or +0.12% to 163.62

    • €-¥ (0.14) or (0.07%) to 187.28

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