Aug 05 ,2026
Synopsis:
European equity markets generally ended higher. Pan-European indices opened higher, reaching the best levels of the session shortly after the open, before steadily paring advances, reaching lows in slightly negative territory. Shares then reversed losses in early afternoon before becoming range-bound below the best levels of the day after Wall Street's open, drifting lower into the close.
Ireland +1.6% and Belgium +1.2% are the outliers on the upside, and along Switzerland +0.6% lead outperformers. Denmark (1.4%) and Norway (0.4%) are among the handful of country benchmarks ending lower on the day
In the Middle East, focus on talks looking to agree a deal to reopen Strait of Hormuz. US and Qatar report progress on Iran ceasefire and reopening Hormuz strait. Al Jazeera reported, citing a senior Iranian diplomatic source, that the remaining one or two issues being discussed between Iran and Oman over the Strait of Hormuz do not appear to be particularly complex, whilst Iran's state broadcaster IRIB says these talks have nothing to do with the United States. Also, Lebanese and Israeli negotiators are meeting for the second day in Rome for a seventh round of ceasefire talks, as Israeli military continues operations in southern Lebanon
In Europe, Ukraine appears to be running desperately low on interceptor missiles as the Country's Air Force said that they had not intercepted any of the 24 ballistic missiles and four hypersonic missiles that Russia used in the attack Tue night. The strikes killed 17 in Kyiv and EU's von der Leyen condemned the Russian 'atrocities'.
Jul services PMI releases topped the economic releases, which also saw Europe's Jul Global Europe Sector PMI showing its broadest expansion since Feb as technology equipment leads, whilst France's industrial production increased less than expected in June after a renewed decline in May and Eurozone Jun PPI fell m/m on cheaper energy, though core PPI still rose.
M&A news flow included EU's Scaleup Europe fund managed by EQT (EQT.SS) +1.7% makes first investment - co-leads €1B funding round in ICEYE, Maurel et Prom (MAU.FP) unchanged, acquires Gran Tierra Energy ops in Colombia, Ecuador, for $1.33B, Motor Oil (MOH.GA) (0.8%) agrees to sell 75% stake in HELECTOR and THALIS E.S. to Aktor (AKTR.GA) (0.2%) for €300M (enterprise value, 100% basis), and reportedly, citing senior source close to the situation there are 'no discussions' happening between Astrazeneca (AZN.LN) +2.5% and Bristol Myers Squibb (BMY) regarding a potential deal.x
Among companies releasing earnings/updates that saw smaller share price percentage changes were Siemens Energy (ENR.GR) reports Q3 EPS €1.28 vs FactSet €1.17 [6 est, €1.10-1.22]; confirms its FY26 outlook, Schaeffler (SHA0.GR) reports Q2 EBIT €264M vs consensus €266.0M, reaffirms FY guidance and announces ~ 1,300 employees in direct and indirect areas are expected to accept earlier retirement offer and Legal & General Group (LGEN.LN) reports H1 Core operating EPS 12.2p vs consensus 11.7p and expects FY to be above the top end of our +6-9% target range. Also, Wolters Kluwer (WKL.NA) reports H1 adj EPS €2.83 vs consensus €2.77 and provides FY guidance, Koninklijke Ahold Delhaize (AD.NA) reports Q2 EPS €0.63 ex-items vs consensus €0.63, reaffirms FY guidance and Ryanair Holdings (RYA.ID) reports Jul passengers 22.2M, +7% y/y, load factor unchanged at 96%.
Elsewhere, 1947 Oil & Gas (+1947.LN) intends to IPO on London Stock Exchange's AIM Market and conditionally agrees to acquire Renaissance Offshore LLC, Ferrexpo (FXPO.LN) issues update on vessel incident, logistics disruption and impact to operations and reportedly, Verisure (VSURE.SS) holder offers ~ 20.1M shares via Morgan Stanley. The Swedish listed shares ended the session down (6.8%)
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +2.29%, Travel & Leisure +1.01%, Food & Beverage +0.94%, Media +0.86%, Chemicals +0.82%, Health Care +0.81%, Financial Svcs +0.78%, Retail +0.77%, Construct & Mtls +0.20%, Persnl & HHold Goods +0.20%, Ind Goods & Svcs +0.20%
Underperformers:
Telecom (1.68%), Oil & Gas (0.89%), Autos & Parts (0.79%), Real Estate (0.64%), Banks (0.63%), Technology (0.44%), Utilities (0.43%), Insurance (0.06%)
Macro/Peripheral markets:
EU:
Italy:
Former Italian PM Conte casts doubt on further military aid to Ukraine, sparking divisions on the left - Politico
Turkïye
Efforts to cultivate political and cultural influence across the Balkans have drawn renewed attention - ekathimerini
UK:
Government will overhaul public procurement rules as part of a broader drive to use public spending to support economic growth - FT
Treasury drawing up plans to increase borrowing by £9B a year - London Times
Foreign secretary Ed Miliband travels to Washington to meet Marco Rubio on Hormuz, Ukraine and Gaza - FT
Company news:
Notable Gainers
+32.4% SFOR.LN (S4 Capital) -- H1 adj EPS 2.7p vs year-ago 0.2p; announces inaugural interim divi and guides FY26
+23.1% BOY.LN (Bodycote) -- receives two possible offers from CVC and Veritas with a value 915p/share and 914p/share
+11.4% FOUR.LN (4imprint Group) -- H1 EPS $1.73 ex-items; expects FY revenue and earnings will be above the current range of analysts' forecasts
+8.1% ICOS.IM (Intercos) -- Q2 adj. EBITDA €47.5M vs FactSet €46.0M [2 est, €46-46M]; reaffirms FY current consensus on net sales is within it's original guidance range
+6.9% ZIL2.GR (Elringklinger) -- Q2 EPS €0.18 vs year-ago (€0.15); FY26 guidance and medium-term targets confirmed
+6.4% HWG.LN (Harworth Group) -- H1 trading update: identifies second site for data center; completed, exchanged or in legals on 60% of budgeted FY sales
+6.3% SFL.IM (Safilo Group) -- Q2 adj. EBITDA €49.0M incl. items and unclear if comparable to FactSet €27.4M [4 est, €26-28.3M]
+6.0% SDZ.SW (Sandoz Group) -- H1 EPS $1.71 vs FactSet $1.74 [2 est, $1.70-1.77], reaffirms FY guidance
+5.7% NXT.LN (Next) -- Q2 full price sales +9.2% vs consensus +5.9% and guidance +4.0%; increases FY pre-tax profit guidance by +£25M
+5.4% TGYM.IM (Technogym) -- buy from neutral at UBS
+5.2% FRE.GR (Fresenius) -- Q2 core EPS €0.83 vs consensus €0.80
+5.1% WCH.GR (Wacker Chemie) -- Trump administration weighs implementing tariffs and price floors on imports of polysilicon and its derivatives, decision expected later this month - Reuters
+4.7% TRMED.NO (Thor Medical) -- first customer delivery of high-purity Thorium-228
+4.7% BEI.GR (Beiersdorf) -- H1 EPS €2.55 ex-items vs FactSet €2.51 [3 est, €2.47-2.55]
+3.9% CCH.LN (Coca-Cola HBC) -- H1 EPS €1.51 ex-items vs FactSet €1.44 [5 est, €1.42-1.48]
+3.8% NEX.FP (Nexans) -- overweight from neutral at JPMorgan
+3.8% GLEN.LN (Glencore) -- H1 EPS $0.31 ex-items vs FactSet $0.28 [7 est, $0.24-0.33]; announces additional shareholder returns of ~$1.5B
+3.5% KAMBI.SS (Kambi Group) -- partnership with Station Casinos in Nevada
+2.4% HEIA.NA (Heineken) -- H1 EPS (beia) €2.29 vs consensus €2.28; reiterates FY operating profit guidance; shareholders approve the appointment of Rafael Oliveira as CEO with effect from 1-Oct
+2.2% BAYN.GR (Bayer) -- Kerendia NICE recommendation
+2.0% SPG.GR (Springer Nature) -- H1 net income attributable €101.3M vs FactSet €99M [1 est]
On earnings/updates: HSX.LN (Hiscox), CAML.LN (Central Asia Metals), CE.IM (Credito Emiliano), LGEN.LN (Legal & General Group), HKFOODS.FH (HKFoods), TIMA.GR (ZEAL Network), JST.GR (JOST Werke), VID.LN (Videndum) and reversing initial declines AZA.SS (Avanza Bank Holding), SAVE.SS (Nordnet), KCO.GR (Kloeckner & Co.), RYA.ID (Ryanair Holdings), AD.NA (Koninklijke Ahold Delhaize), SHA0.GR (Schaeffler), AIA.GA (Athens International Airport)
Notable Decliners
-8.6% XSPRAY.SS (Xspray Pharma) -- Q2 EPS (SEK0.87) vs year-ago (SEK1.21)
-7.8% BSL.GR (Basler) -- H1 net income €23.6M vs year-ago €6.4M
-6.7% TLW.LN (Tullow Oil) -- H1 trading update: revenue ~$496M; FY FCF guidance has been upgraded to $170-250M
-6.5% ORRON.SS (Orrön Energy) -- Q2 net income from cont. ops (€1.2M) vs FactSet (€5.8M) [2 est, (€5.5)-(4.7M)]
-6.0% RSGN.SW (R&S Group Holding) -- H1 prelim EBITDA CHF34.0M vs FactSet CHF36.3M [2 est, CHF36-36.5M]
-5.5% IFX.GR (Infineon Technologies) -- Q3 adj EPS €0.44 vs consensus €0.44; guides Q4 and FY26
-4.4% IBST.LN (Ibstock) -- H1 adj EBITDA £26.0M vs FactSet £27.9M [1 est]
-4.3% NOVO.B.DC (Novo Nordisk) -- Q2 EPS DKK6.18 ex-items vs consensus DKK5.00, guides FY
-4.1% DHL.GR (DHL Group) -- Q2 EPS €0.90 vs FactSet €0.92 [6 est, €0.76-1.01]; EBIT in line with prelims; share buyback program increased and extended
-3.3% LNZ.AV (Lenzing) -- H1 net income €35.6M vs year-ago €15.2M; shares reversed initial gains
-2.7% VOE.AV (Voestalpine) -- Q1 EPS €1.14 vs consensus €1.22, reaffirms FY guidance
On earnings/updates: CENER.BB (Cenergy Holdings), SHAW.LN (Shawbrook Group), WKL.NA (Wolters Kluwer), MARR.IM (Marr), RILBA.DC (Ringkjøbing Landbobank), COFFEE.B.SS (Coffee Stain Group) and reversing initial gains ENR.GR (Siemens Energy)
EU companies reporting tomorrow:
Earnings:
Austria: BKS Bank (BKS.AV)
Belgium: KBC Group (KBC.BB), Jensen-Group (JEN.BB)
Denmark: Genmab (GMAB.DC)
Finland: Metsa Board (METSB.FH), Harvia (HARVIA.FH), Qt Group (QTCOM.FH), Capman (CAPMAN.FH), Digia (DIGIA.FH), Detection Technology (DETEC.FH), SRV Group (SRV1V.FH), Lassila & Tikanoja (LUOTEA.FH)
France: Maurel et Prom (MAU.FP)
Germany: Siemens (SIE.GR), Deutsche Telekom (DTE.GR), Commerzbank (CBK.GR), Merck KGaA (MRK.GR), Henkel (HEN3.GR), Aurubis (NDA.GR), Rational (RAA.GR), Fraport (FRA.GR), Scout24 (G24.GR), OHB (OHB.GR), Renk Group (R3NK.GR), United Internet (UTDI.GR), IONOS Group (IOS.GR), 1&1 (1U1.GR), Aumovio (AMV0.GR), Carl Zeiss Meditec (AFX.GR), Kontron (KTN.GR), Deutz (DEZ.GR), SÜSS MicroTec (SMHN.GR), Duerr (DUE.GR), SAF-HOLLAND (SFQ.GR), Rhoen-Klinikum (RHK.GR), ProSiebenSat.1 Media (PSM.GR), PVA TePla (TPE.GR), GFT Technologies (GFT.GR), SGL Carbon (SGL.GR), Deutsche Beteiligungs (DBAN.GR), Homag Group (HG1.GR), Westwing Group (WEW.GR), Koenig & Bauer (SKB.GR), Knaus Tabbert (KTA.GR), Leifheit (LEI.GR), Pentixapharm Holding (PTP.GR)
Greece: Metlen Energy & Metals (MTLN.GA)
Italy: Assicurazioni Generali (G.IM), Banca Monte dei Paschi di Siena (BMPS.IM), Mediobanca (MB.IM), Unipol Gruppo (UNI.IM), TXT e-Solutions (TXT.IM), Italian Exhibition Group (IEG.IM), FILA - Fabbrica Italiana Lapis ed Affini (FILA.IM), Banca Sistema (BST.IM)
Netherlands: NN Group (NN.NA), SBM Offshore (SBMO.NA), ForFarmers (FFARM.NA), Vivoryon Therapeutics (VVY.NA)
Norway: Nordic Semiconductor (NOD.NO), Hexagon Composites (HEX.NO), Selvaag Bolig (SBO.NO), REC Silicon (RECSI.NO), S.D. Standard ETC (SDSD.NO)
Other: Glanbia (GL9.ID)
Sweden: Paradox Interactive (PDX.SS), Yubico (YUBICO.SS), Rottneros (RROS.SS), Immunovia (IMMNOV.SS)
Switzerland: Zurich Insurance Group (ZURN.SW), Swiss Re (SREN.SW), Swisscom (SCMN.SW), Galenica (GALE.SW), Adecco Group (ADEN.SW), OC Oerlikon Corp. (OERL.SW), Gam Holding (GAM.SW)
UK: Diageo (DGE.LN), Admiral Group (ADM.LN), Harbour Energy (HBR.LN), Persimmon (PSN.LN), WPP Group (WPP.LN), TBC Bank Group (TBCG.LN), TP ICAP Group (TCAP.LN), Serco Group (SRP.LN), Derwent London (DLN.LN), OSB Group (OSB.LN), Wizz Air Holdings (WIZZ.LN), Serica Energy (SQZ.LN), Burford Capital (BUR.LN), Michael Page (PAGE.LN), PZ Cussons (PZC.LN)
Trading Update:
DACHs: Cie Financiere Tradition (CFT.SW)
Traffic: Norwegian Air Shuttle (NAS.NO), Icelandair Group (ICEAIR.IR)
CMD/Events: Diageo (DGE.LN) Strategy Update
Data:
Economics:
Jul services PMI
Eurozone 51.7 vs preliminary 51.6
Germany 49.8 vs preliminary 49.6
France 49.6 vs preliminary 49.8
Italy 52.5 vs consensus 51.3, prior 50.2
Spain 58.3 vs consensus 54.9, prior 54.2
UK 52.1 vs preliminary 51.8
Sweden 54.2 vs consensus 55.5, prior revised 56.5 from 56.6
France Jun industrial production +0.1% m/m vs consensus +0.3%, prior (0.1%)
Eurozone Jun PPI +4.6% y/y vs consensus +4.6%, prior +5.9%
Portugal Q2 unemployment rate 5.3% vs prior 6.1%
Markets:
WTI Crude (Sep 26): ($0.45) or (0.59%) to $75.32
€-$ +0.0017 or +0.15% to 1.1549
£-$ +0.0016 or +0.12% to 1.3467
€-£ +0.0004 to 0.8577
S&P 500 +0.09%
Performance year-to-date:
FTSE 100: +9.64%
DAX: +6.68%
CAC: +6.38%
MIB: +18.92%
Stoxx 600: +10.97%
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