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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +1.0%, CAC +0.7%, IBEX +0.6% MIB +0.7%

Aug 03 ,2026

  • Synopsis

    • European equity markets set to open broadly higher, extending gains from last week and month. In July, the Stoxx 600 recorded its fourth consecutive monthly gain and hit a fresh record high. Markets navigated a volatile month as renewed US-Iran hostilities repeatedly reshaped the outlook for energy prices, inflation and interest rates. (See related EU Monthly Recap (July 2026): STOXX Europe 600 +1.16%, FTSE 100 +3.53%, DAX +2.53%, CAC +1.26%)

    • Crude selling off amid latest de-escalation in Middle East tensions. WTI Crude (Sep 26) (5.87%) to $79.70/bbl. President Trump called off planned strikes against Iran to allow room for negotiations over Strait of Hormuz. Trump said talks would begin Monday and posted parameters of deal have been agreed to. Iran echoed by noting an agreement on Strait of Hormuz close. Compromise plan circulated in press would see ships enter on Iranian side and exit on Omani side. However, it remains unclear whether Iran will still seek to charge tolls and require ships seek its approval before entering.

    • Asian equities mostly lower Monday. South Korean stocks back under pressure amid selloff in memory following Friday's record rally. Japan also pulling back. Yen extending gains after US and Japan confirmed joint intervention and vowed won't hesitate to undertake further action. Comes after authorities intervened for a second session on Friday with Japan government official telling Reuters operation remains ongoing. Bessent referenced use of Fed's Foreign and International Monetary Authorities (FIMA) Repo Facility, which provides temporary dollar liquidity with Treasuries stumped up as collateral rather than involving outright sales (and the associated upward pressure in yields that would entail).

    • European macro data releases include Italy, Spain, Sweden, Switzerland Jul manufacturing PMI and final reads for Eurozone, France, Germany, UK, Germany Jun retail sales, Switzerland Jul CPI, Austria Jul unemployment rate. Netherlands Jun Retail Sales 2.9% y/y vs consensus +3.0% and prior revised +3.4% from +2.9%.

    • In central banks, there is the first pre-release at 10:00CET in connection with ECB's latest Economic Bulletin. Elsewhere, France, Italy, Spain Jul new car registrations released and OMX Helsinki semi-annual review changes become effective at market open.

    • In corporate highlights, biggest headline is AstraZeneca (AZN.LN) reportedly holding talks about a potential acquisition of Bristol Myers Squibb (BMY), which would represent one of the largest deals in pharma history if it materialised. In other M&A news, Prysmian (PRY.IM) agreed to acquire Atkore (ATKR) for $95/share (~$3.8B EV), while Italian banking consolidation remains fluid as Banco BPM (BAMI.IM) halted merger talks with Banca Monte dei Paschi (BMPS.IM), though MPS is now reportedly considering a bid for Banco BPM instead. Holcim (HOLN.SW) announced a $807M Philippines business divestiture, and Ageas (AGS.BB) sold its Maybank stake for €1.1B. On the broker side, notable upgrades included E.ON (EOAN.GR) to Buy at Jefferies and Clariant (CLN.SW) upgraded by both Deutsche Bank and Barclays, while Stellantis (STLAM.IM) was cut to Neutral at UBS and Severn Trent (SVT.LN) downgraded to Hold at Jefferies.

  • Politics/Macro/World News

    • Labour overtakes Reform UK in polls for first time in more than a year (FT)

    • Healey: I will not allow supermarkets to rip you off (Telegraph )

    • France tightens oversight of foreign investment to protect national security (Reuters)

  • Top company news

    • Earnings/updates

      • ELE.SM (Endesa) -- to implement a voluntary departure program for the 2026-29 period targeted at ~230 employees; sees related non-recurring charge (post EU close 31-Jul)

      • PNL.NA (PostNL) -- reports Q2 normalised EBIT (€3M) vs consensus (€9M); FY26 outlook confirmed

      • STM.GR (Stabilus) -- confirms preliminary Q3 earnings and FY guidance

      • BDT.GR (Bertrandt) -- reports Q3 EPS (€1.89) vs year-ago (€2.87)

      • OVS.IM (OVS) -- reports H1 overall growth of ~+10%

      • Earnings:

        • DACHs: Amadeus FiRe (AAD.GR)

        • Nordics: Aspo (ASPO.FH)

        • Southern Europe: ENAV (ENAV.IM), Anima Holding (ANIM.IM), ElvalHalcor Hellenic Copper & Aluminium Industry (ELHA.GA)

        • UK: Senior (SNR.LN), FDM Group (Holdings) (FDM.LN)

      • Trading Update:

        • France: Bonduelle (BON.FP)

      • Sales: Moscow Exchange MICEX-RTS (MOEX.RU)

      • CMD/Events: ALNG (ALNG.NO) EGM

    • M&A

      • AZN.LN (AstraZeneca) -- in talks with Bristol Myers Squibb (BMY) - media reports

      • ATKR (Atkore) -- Prysmian (PRY.IM) to acquire Atkore for $95/share in cash, or EV of $3.8B (€3.29B)

      • AGS.BB (Ageas) -- agrees to sells its stake in Maybank Holdings Berhad to its JV partner Maybank for €1.1B

      • BAMI.IM (Banco BPM) -- halts talks regarding the potential merger with Banca Monte dei Paschi di Siena

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- remains focused on integration with Mediobanca

      • BAMI.IM (Banco BPM) -- Banca Monte dei Paschi di Siena considering trying to buy Banco BPM - FT

      • SON.PL (Sonae SGPS) -- Sonae's subsidiary Sonae Sierra enters into an agreement, in partnership with NBIM, to acquire a portfolio of 8 shopping centres located in Spain (post EU close 31-Jul)

      • TMUS (T-Mobile US) -- T-Mobile, Deutsche Telekom merger talks hit snag amid concerns of shareholder disapproval -- Semafor, citing sources

      • HOLN.SW (Holcim) -- to divest its Philippines business for $807M (CHF651.8M/CNY5.45B) overall

      • SBRY.LN (J Sainsbury) -- This may be the right time for J Sainsbury to look at Asda again - Mail on Sunday

      • SUBC.NO (Subsea 7) -- S.A. announces expiration of the Hart-Scott-Rodino Act waiting period for merger with Saipem

      • PPC.GA (Public Power Corp.) -- acquires portfolio of wind and solar projects with a total capacity of 277.3 MW in Poland

      • ZAB.PW (Zabka Group) -- Alimentation Couche-Tard CEO expects holders to try to get higher price for Zabka - Bloomberg (14:28 ET/20:28 CET)

      • NORSE.NO (Norse Atlantic) -- reclaims five aircraft from IndiGo and advances strategic review

      • NKR.NO (Nekkar) -- majority-owned subsidiary Globetech acquires 60% of the shares in Satco AS; price undisclosed

    • Healthcare

      • NOVN.SW (Novartis) -- announces that FDA approves Pluvicto for PSMA+ metastatic hormone-sensitive prostate cancer

      • 532523.IN (Biocon) -- launches Yesafili biosimilar to Eylea 2mg in U.S.

      • CHEMM.DC (ChemoMetec) -- CFO Kim Nicolajsen to resign, effective 3-Aug; no reason given

      • BICO.SS (BICO Group) -- appoints Erik Gatenholm as board Chair

    • Other

      • ABI.BB (Anheuser-Busch InBev) -- holder E.P.S. to sell 10M shares in company -- Reuters

      • EDR.SM (eDreams ODIGEO) -- announces the finalization of share buyback program; initiates new up to €20M (up to 5M shares) share buyback program

      • SDZ.SW (Sandoz) -- takes further steps to resolve legacy US generic medicine litigation: No impact on full-year 2026 guidance or mid-term outlook

      • DG.FP (VINCI SA) -- signs share purchase agreement with an investment services provider on 31-Jul-26

      • EDEN.FP (Edenred) -- enters €50M share buyback agreement with an investment services provider

      • Estimated weekend box office revenues in US, Canada $429.6M, +258.3% y/y - Box Office Mojo

      • J&J talc settlement and Paramount/WBD deal delayed amid legal challenges among recent litigation themes (31-Jul)

  • Key rating changes

    • Upgrades

      • EOAN.GR (E.ON) -- to buy from hold at Jefferies

      • CRBN.NA (Corbion) -- to outperform from neutral at Oddo

      • EVO.SS (Evolution) -- to neutral from sell at UBS

      • GTT.FP (Gaztransport & Technigaz) -- to buy at UBS

      • MRN.FP (Mersen) -- to buy from hold at Berenberg

      • TEL.NO (Telenor) -- to equal weight from underweight at Barclays

      • UCB.BB (UCB) -- to hold from underperform at Jefferies

      • WAF.GR (Siltronic) -- to buy from neutral at UBS

      • HO.FP (Thales) -- to equal weight from underweight at Barclays

      • CLN.SW (Clariant) -- to buy from hold at Deutsche Bank, to overweight from equal weight at Barclays

      • ITM.IM (Italmobiliare) -- to hold from reduce at Kepler Cheuvreux

      • LR.FP (Legrand) -- to outperform from sector perform at RBC Capital Markets

      • SOI.FP (SOITEC) -- to buy from hold at Kepler Cheuvreux

      • ELIS.FP (Elis) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • STLAM.IM (Stellantis) -- to neutral from buy at UBS

      • SVT.LN (Severn Trent) -- to hold from buy at Jefferies

      • IPN.FP (Ipsen) -- Ipsen transferred underperform at Jefferies; prior rating was hold

      • LI.FP (Klepierre) -- to hold from buy at Jefferies

      • MRL.SM (MERLIN Properties SOCIMI) -- to hold from buy at Jefferies

      • JD.LN (JD Sports Fashion) -- to sector perform from outperform at RBC Capital Markets

      • PHIA.NA (Koninklijke Philips) -- to neutral from buy at UBS

    • Initiations

      • Jefferies initiates EDV.LN, FRES.LN, HOC.LN, PAF.LN

  • Data

    • Nikkei (1.19%) to 63597.89

    • Hang Seng (0.04%) to 25875.01

    • Shanghai Composite (0.81%) to 3801.14

    • S&P futures +44.0 vs prior close of 7519.3

    • €-$ (0.0011) or (0.10%) to 1.1538

    • $-¥ (1.17) or (0.74%) to 156.40

    • €-¥ (1.52) or (0.84%) to 180.43

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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