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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