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StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX +0.2%, CAC +0.2%, IBEX +0.2%, MIB +0.1%

Aug 06 ,2026

  • Synopsis

    • European equity markets set to open broadly positive. Crude fluctuating near mid-July lows. Nothing incremental on Iran with headlines continuing to point to near-term agreement on Strait of Hormuz. Iran said deal with Oman had been reached though cautioned opening Strait depends on US meeting conditions such as lifting naval blockade. Interim deal reportedly would see ships enter via northern route and exit on southern side with no tolls charged. Negotiators still hashing out the finer details though markets seem to have already factored in near-term resumption of shipping activity

    • Asian equities mostly lower Thursday. Memory driving South Korean selloff. Hong Kong tech platforms and semis under some pressure. Japan's benchmark off worst levels. Miners driving ASX's gains.

    • European macro data releases out today include Germany Jun factory orders, Jul construction PMI, Italy Jun industrial production, Spain Jun industrial production, Eurozone Jun retail sales, Switzerland Jul unemployment rate, UK Jul construction PMI, Sweden Jul CPI, Ireland Jul unemployment rate

    • In central banks, Norges Bank releases its latest lending survey at 10:00CET, the same time as ECB publishes its latest Economic Bulletin. There's Czech central bank interest rate decision at 14:30CET along with latest economic forecast. Benchmark interest rate is expected to be increased +25bps to 4.0%.

    • A busy European earnings day dominated by strong beats from the continent's largest companies. Siemens (SIE.GR) delivered a standout Q3, with EPS of €3.14 vs €2.65 expected, orders surging to €27.9B vs €24.7B consensus - driven by Smart Infrastructure orders up 42% - and FCF of €4.15B nearly doubling the €2.73B estimate, prompting a raised FY26 EPS guidance to €11.20-11.50 from €10.70-11.10. Deutsche Telekom (DTE.GR) beat on EPS at €0.58 vs €0.56, and raised its FCF AL guidance to ~€20.0B and expanded its share buyback by €3B to up to €5B. Merck KGaA (MRK.GR) Q2 ahead of consensus and raised target corridors for its full year 2026 guidance. Commerzbank (CBK.GR) posted Q2 net income of €898M vs €844.8M expected, confirming its full-year net result target of at least €3.4B. Rheinmetall (RHM.GR) beat on EPS at €6.30 vs €6.06, with backlog growing 44% to €80.5B, but trimmed FY sales guidance to €13.7-14.2B from €14.0-14.5B following the cancellation of the F126 frigate programme. Henkel (HEN3.GR) delivered H1 organic sales growth of +3.2% vs +2.5% expected, with Adhesive Technologies organic growth of +4.5% vs +3.5% consensus and EBIT margins beating in both divisions, while raising FY organic sales growth guidance to +1.5-3.5%. KBC Group (KBC.BB) beat with Q2 net income of €1.15B vs €1.11B, lifting FY total income guidance to ~+11.0% y/y and NII guidance to ~€7.05B. Fraport (FRA.GR) was a notable miss, with Q2 net income of €51.6M well below the €85.8M consensus, weighed down by strikes and Middle East geopolitical tensions impacting Frankfurt passenger volumes, though the group maintained its FY26 forecast. In Switzerland, both Zurich Insurance (ZURN.SW) and Swiss Re (SREN.SW) topped expectations, the latter posting Q2 net income of $1.30B vs $1.20B and raising its operating cost reduction target to $500M by 2028. Swisscom (SCMN.SW) beat strongly with Q2 net income of CHF337M vs CHF301M, with Swiss EBITDAaL of CHF839M well ahead of CHF809M consensus, and flagged a planned dividend increase to CHF27/share. Adecco (ADEN.SW) beat with Q2 EPS of €0.61 vs €0.50, with organic volume growth of +6% vs +4.7% expected. In the Netherlands, SBM Offshore (SBMO.NA) was a standout, with H1 EPS of $4.90 vs $3.53 and Turnkey EBITDA of $813M crushing the $619M estimate, prompting raised FY revenue guidance to ~$7.6B. NN Group (NN.NA) beat on Operating Capital Generation and hiked its interim dividend by 12% to €1.55/share. Also notable, BPER Banca (BPE.IM) posted Q2 net income of €758M vs €689.8M expected and improved its FY NII guidance. Still to report today, eyes will be on Diageo (DGE.LN) alongside its strategy update, Assicurazioni Generali (G.IM), Banca Monte dei Paschi (BMPS.IM), Mediobanca (MB.IM) and WPP (WPP.LN).

    • Elsewhere, PUSU deadline in connection with Toscafund offer to acquire Spire Healthcare Group (SPI.LN).

  • Top company news

    • Earnings/updates

      • Belgium:

        • KBC Group (KBC.BB) -- Q2 net income €1.15B vs consensus €1.11B

        • Nyxoah (NYXH.BB) -- Q2 EPS (€0.58) vs FactSet (€0.39)

      • Germany:

        • Siemens (SIE.GR) -- Q3 EPS pre PPA €3.14 vs consensus €2.65; Orders €27.90B vs consensus €24.70B; FCF (cont. & discont. operations) €4.15B vs consensus €2.73B; raises FY26 outlook

        • Deutsche Telekom (DTE.GR) -- Q2 Adj. EPS €0.58 vs consensus €0.56; raises FY free cash flow AL guidance; increases share buyback program by €3B to up to €5B

        • Commerzbank (CBK.GR) -- Q2 net income €898M vs FactSet €844.8M

        • Merck KGaA (MRK.GR) -- Q2 EPS pre one-time items €2.16 vs consensus €2.08; raises FY guidance

        • Rheinmetall (RHM.GR) -- reports Q2 EPS €6.30 vs FactSet €6.06 [5 est, €4.80-6.64]; lowers FY sales guidance to between €13.7-14.2B vs prior €14.0-14.5B and FactSet €14.03B

        • Henkel (HEN3.GR) -- reports H1 Adj EPS €2.86 vs consensus €2.78; raises FY Organic sales growth guidance to +1.5-3.5% vs prior +1.0-3.0%

        • Aurubis (NDA.GR) -- Q3 Operating net income €114M vs consensus €103M; moves full-year guidance to upper end

        • Rational (RAA.GR) -- Q2 EPS €6.43 vs FactSet €6.06; confirms FY26 EBIT margin guidance

        • Fraport (FRA.GR) -- Q2 net income €51.6M vs consensus €85.8M; maintains FY26 forecast

        • Carl Zeiss Meditec (AFX.GR) -- 9M adj EPS €1.02 vs year-ago €1.23; guides FY25/26

      • Greece:

        • HELLENiQ ENERGY Holdings (ELPE.GA) -- Q2 adj net income €253M vs FactSet €208.5M

      • Italy:

        • Banco BPM (BAMI.IM) -- Q2 net income €580.6M vs FactSet €529.4M

        • BFF Bank SpA (BFF.IM) -- H1 adjusted net income €81.3M vs FactSet €73M

        • doValue (DOV.IM) -- Q2 adjusted net income €3.3M vs FactSet €12M; reaffirms FY EBITDA guidance

      • Netherlands:

        • SBM Offshore (SBMO.NA) -- H1 directional EPS $4.90 vs FactSet $3.53; increases FY26 guidance

        • NN Group (NN.NA) -- H1 Operating Capital Generation €1.07B vs consensus €1.01B; hikes interim divi by 12%

        Norway:

        • Nordic Semiconductor (NOD.NO) -- Q2 net income $16.4M vs FactSet $14.9M

        Sweden:

        • Yubico (YUBICO.SS) -- Q2 EPS SEK0.70 vs FactSet SEK0.33

        Switzerland:

        • Zurich Insurance Group (ZURN.SW) -- H1 net income attributable $3.5B vs consensus $3.48B

        • Swiss Re (SREN.SW) -- Q2 net income $1.30B vs consensus $1.20B; on track towards 2026 financial targets

        • Swisscom (SCMN.SW) -- Q2 net income CHF337M vs consensus CHF301M; FY26 financial outlook remains unchanged

        • Galenica (GALE.SW) -- H1 adjusted net income CHF91.9M vs FactSet CHF86.1M

        • Adecco Group (ADEN.SW) -- Q2 EPS €0.61 ex-items vs consensus €0.50

        • OC Oerlikon Corp. (OERL.SW) -- Q2 revenue CHF412M vs FactSet CHF397.7M

        UK:

        • Diversified Energy (DEC.LN) -- Q2 adjusted EBITDA $239.7M vs FactSet $228.7M

      • Also reporting today

        • Austria: BKS Bank (BKS.AV) Belgium: 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: 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), 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: ForFarmers (FFARM.NA), Vivoryon Therapeutics (VVY.NA) Norway: 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), Rottneros (RROS.SS), Immunovia (IMMNOV.SS) Switzerland: 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

    • M&A

      • CTY1S.FH (Citycon) -- G City Ltd announces final result of offer to acquire Citycon in line with prelim outcome; commences a subsequent offer period

      • MCOV.B.SS (Medicover) -- KKR to acquire Medicover India; terms undisclosed

      • LLY (Eli Lilly) -- FTC grants antitrust clearance for transaction involving Eli Lilly and Oura

      • NOVN.SW (Novartis) -- FTC grants antitrust clearance for Novartis' acquisition of Myricx Bio

      • Wyloo Metals to sell its 60% stake in Yangibana rare earths mine -- Australian Financial Review

    • Other

      • ORSTED.DC (Ørsted) -- announced Old 300 Storage, a 250 MW/500 MWh battery energy storage system (BESS) in Needville, Texas, has reached commercial operations

      • NHY.NO (Norsk Hydro) -- to supply high-recycled aluminum product to General Motors EV

      • AVOL.SW (Avolta) -- awarded a seven-year duty-free contract at Netaji Subhash Chandra Bose International Airport in Kolkata

      • CVC.NA (CVC Capital Partners) -- FTC grants antitrust clearance for CVC Capital Partners' acquisition of DK Holdco

      • BBOX.LN (Tritax Big Box REIT) -- plc announces intention to raise ~£350M via issuance of new shares

      • T0A.GR (Trulieve Cannabis) -- shareholders approve proposed domestication from British Colombia to Delaware - 8-K

      • PIRC.IM (Pirelli & C.) -- Pirelli and Abet Group to develop technologies for remote-controlled electric ground vehicles

      • DEC.LN (Diversified Energy) -- SEC filing: 10-Q

      • DEC.LN (Diversified Energy) -- announces David Johnson retiring from the board and stepping down as chairman, effective 5-Aug-26

      • Manulife announces $3.2B long-term care reinsurance transaction with Munich Re

  • Key rating changes

    • Upgrades

      • CLN.SW (Clariant) -- to hold from underperform at Jefferies

      • EBS.AV (Erste Group Bank) -- to outperform from neutral at Oddo

      • NKT.DC (NKT A/S) -- to buy from hold at DNB Carnegie

      • OR.FP (L'Oreal) -- to hold from underperform at Jefferies

      • SFZN.SW Siegfried Holding upgraded to buy from hold at Stifel

    • Downgrades

      • HAG.GR (HENSOLDT) -- to hold from buy at Jefferies

      • INPST.NA (InPost) -- to neutral from buy at UBS

      • TE.FP (Technip Energies) -- to neutral from overweight at JPMorgan

      • SN.LN (Smith & Nephew) -- to neutral from overweight at JPMorgan

  • Data

    • Nikkei (0.85%) to 65736.66

    • Hang Seng (1.84%) to 25438.15

    • Shanghai Composite (0.02%) to 3877.59

    • S&P futures +12.0 vs prior close of 7749.5

    • €-$ (0.0004) or (0.03%) to 1.1551

    • $-¥ (0.03) or (0.02%) to 157.74

    • €-¥ (0.07) or (0.04%) to 182.20

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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