Aug 10 ,2026
Synopsis
European equity markets are set to open broadly flat to lower, following last week's gains. Recall the Stoxx 600 (+1.7% for the week) closed at record highs on an exceptionally strong European Q2 earnings season which offset a volatile geopolitical backdrop. Strongest sector gainers last week included Technology +6.15%, Media +5.70%, Basic Resources +5.18%.
Crude strengthening slightly amid latest setback in Strait of Hormuz reopening talks. WTI Crude (Sep 26) +0.40% to $78.49/bbl. Still no traction after Iran issued hardline demands before agreeing to reopen. Foreign Minister Araghchi said deal with Oman in final stages while repeating that reopening depends on conditions such as US paying billions in compensation, withdrawing forces from surrounding areas, unfreezing assets and lifting sanctions. List of demands considered unacceptable to US and Trump signaled he is content to continue economic pressure campaign so long as gas prices remain around current levels.
Asian equities mostly higher Monday. Tech-heavy Japan, South Korean and Taiwan benchmarks outperforming. Hong Kong leading China market gains. In economic developments, China PPI inflation softened by more than expected to three-month low, largely reflecting drop in fuel prices with NBS also citing weather-related impacts. CPI inflation fell to lowest since January, reflecting lower food prices. Core inflation also edged down
European macro data releases out today include Eurozone Aug economic index - Sentix, Norway Jul CPI, PPI, Sweden Jun industrial production, Denmark Jul CPI, Jun traded balance, Austria Jun industrial production, Greece Jun industrial production.
Netherlands Jun Manufacturing Production (1.3%) m/m vs consensus +0.3% and prior revised +1.1% from +0.1%. Finland Jun Industrial Production +4.5% y/y vs consensus +1.1% and prior revised +0.4% from +0.6%
In Norway, Arendal Week, the largest political gathering in Norway (through Fri). Norway's Minister of Climate and Environment Eriksen is just one of a number of ministers participating in several events during the week. Also, former SNP MP Joanna Cherry appears at the Edinburgh Fringe at 14:00BST.
Politics/Macro/World News
Top company news
Earnings/updates
ARYN.SW (Aryzta) -- reports H1 net income €45.1M vs FactSet €43.7M [3 est, €36-51.2M]; reviewing all options for Germany
HYQ.GR (Hypoport) -- reports final Q2/H1 earnings: EPS €0.78 vs year-ago €0.72; reaffirms FY guidance
NB2.GR (Northern Data) -- reports Q2 revenue €54M vs year-ago €0.6M
Also reporting today
Earnings:
Benelux: Lakefront Biotherapeutics (LKFT.NA)
DACHs: GEA Group (G1A.GR), Patrizia (PAT.GR), Hypoport (HYQ.GR)
Nordics: NTG Nordic Transport Group (NTG.DC), Ilkka (ILKKA.FH)
UK: Plus500 (PLUS.LN)
Trading Update:
UK: HgCapital Trust (HGT.LN)
CMD/Events: Done.ai Group (DONE.SS) EGM vote on directed share issue as part of the consideration for acquisition
M&A
ELIS.FP (Elis) -- announces acquisition of a Mexican player providing flat linen rental and maintenance services; details not provided
PPC.GA (Public Power Corp.) -- signs new agreement with ABO Energy for acquisition of their RES project portfolio of over 2 GW in Poland and Hungary
ARYN.SW (Aryzta) -- reports H1 net income €45.1M vs FactSet €43.7M [3 est, €36-51.2M]; reviewing all options for Germany
NRMA looking to sell SIXT Australia - Australian Financial Review
Other
DTE.GR (Deutsche Telekom) -- extends third tranche of buyback program to 22-Dec, increases size to up-to-€3.99B
ACA.FP (Credit Agricole) -- Crédit Agricole launches 32M share buyback
RILBA.DC (Ringkjøbing Landbobank) -- completes/renews DKK400M share buyback program
TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS wins 4D Streamer contract offshore Australia
CO.FP (Casino Guichard-Perrachon) -- Casino Group provides status update; enters into discussions with Quatrim creditors
Estimated weekend box office revenues in US, Canada $202.0M, +53.9% y/y - Box Office Mojo
Regional Gaming Revenues - New York Sports Betting July 2026
Key rating changes
Upgrades
AMV0.GR (Aumovio SE) -- to outperform from market perform at Bernstein
PFSE.GR (PFISTERER Holding) -- to outperform from neutral at Oddo
PSN.LN (Persimmon) -- to buy from hold at Deutsche Numis
SHC.LN (Shaftesbury Capital) -- to buy from hold at Berenberg
Downgrades
CCH.LN (Coca-Cola HBC) -- to neutral from outperform at BNP Paribas Exane
UPM.FH (UPM-Kymmene) -- to underweight from equal weight at Barclays
IBST.LN (Ibstock) -- to hold from buy at Jefferies
Data
Nikkei +1.95% to 66883.89
Hang Seng +0.58% to 25817.29
Shanghai Composite +0.15% to 3945.86
S&P futures +10.0 vs prior close of 7779.8
€-$ (0.0014) or (0.12%) to 1.1554
$-¥ +0.64 or +0.41% to 158.35
€-¥ +0.54 or +0.30% to 182.96
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