Aug 11 ,2026
Synopsis:
European equity markets ended the day mixed, with pan-European indices closing below the best levels of the session seen around Wall Street's open
Shares quickly gave up modest opening gains, though only stayed slightly lower on the day until around midday, and steadily extended advances before paring most of the gains during the afternoon
Belgium (0.8%), Switzerland (0.4%) and Ireland (0.3%) lead underperformers. Norway, Portugal both +0.6% and Greece, Netherlands both +0.3%, lead outperformers
Headlines connected with the Middle East remains in focus. Qatar's foreign ministry said talks between Iran and Oman on controlling Strait of Hormuz have reached advanced stage, though a successful agreement is contingent on US lifting blockade on Iran's ports. Hopes for a US-Iran deal to end the war faded after Trump demanded compensation from Tehran for US soldiers' deaths, the US President claiming the US Navy has cleared mines from the Strait of Hormuz and now has "100%" control of the key waterway.
Overnight saw Ukraine's drone forces hit Russian military base, oil refinery whilst Russian attacks on the southeastern Ukrainian city of Zaporizhzhia killed at least six people.
The limited economic updates included Italy's trade surplus decreased in Jun vs a year ago as imports +13.2% grew faster than exports +9.8%, whilst in the UK, Jul retail sales saw modest growth, with food sales boosted by the final week of the World Cup and non-food sales were hit by the decline in footfall as shoppers avoided the heat.
Amongst companies with the smaller percentage share price changes after releasing earnings/updates are CEZ (CEZ.CP) H1 adj net income CZK17.80B, +7% vs year-ago CZK16.60B, raises FY guidance, InterContinental Hotels Group (IHG.LN) H1 EPS $2.75 ex-items vs consensus $2.67 and RTL Group (RRTL.GR) H1 EPS €0.30 vs year-ago €0.20, provides updated FY guidance. Also, Norma Group (NOEJ.GR) Q2 adj EPS €0.14 vs year-ago (€0.19), confirms FY26 forecast and TAG Immobilien (TEG.GR) H1 FFO €0.53 vs FactSet €0.53, expects FFO I at the upper end of FY guidance range.
Among the limited M&A news flow was Alamadiyaf Al-Masiyyah confirming it does not intend to make an offer Capricorn (CNE.LN) and Next Geosolutions (NXT.IM) agrees to acquire the subsea businesses of CNS International S.r.l. and Maser Marine Services S.r.l.
Elsewhere, CMB.TECH (CMBT.BB) has sold one Suezmax, generating a capital gain of ~$56.9M and Exor (EXO.IM) and Philips (PHIA.NA) extend long-term relationship agreement, giving Exor flexibility to increase its stake in Philips to up to 22% from prior 20% cap. Swiss Parliament's Economic Affairs and Taxation Committee postponed a vote on proposed changes to UBS Group's capital requirements (Reuters, Bloomberg)
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Oil & Gas +1.72%, Telecom +1.11%, Technology +1.05%, Autos & Parts +0.27%, Utilities +0.22%, Travel & Leisure +0.21%, Media +0.21%, Ind Goods & Svcs +0.09%, Basic Resources +0.05%
Underperformers:
Food & Beverage (1.21%), Insurance (0.98%), Retail (0.66%), Persnl & HHold Goods (0.65%), Chemicals (0.63%), Health Care (0.60%), Financial Svcs (0.49%), Banks (0.21%), Construct & Mtls (0.13%), Real Estate (0.10%)
Macro/Peripheral markets:
France:
Socialist Party, the Greens, and the French Communist Party are struggling to draw up joint lists for Senate elections - Le Monde
Germany:
German states suspend Sunday lorry ban to ease trade disruption from record-low Rhine water levels - FT
Greece:
Seeks to acquire Stryker armored vehicles from US reserves - ekathimerini
Ireland:
H&MV Engineering valued at €1.4B in new funding transaction - press release
Cost of living concerns lead opposition parties to urge the Government to postpone plans to return fuel excise duty costs to full level - RTE
Italy:
Meloni and Denmark's Frederiksen reaffirm joint push against uncontrolled migration after Ceuta migrant surge - Politico
Norway:
Seeks public views on previously released report on the economic consequences of climate change in Norway; deadline for submitting comments is 10-Nov - release
UK:
Economists warn PM Burnham may raise taxes by up to £25B to fund spending pledges - Telegraph
UK banks' refusal to serve crypto firms risks being biggest barrier to digital assets growth, MPs and peers warn - FT
Opinion poll - Labour 24% (+2 from 2/3-Aug), Reform UK 22% (-1), Conservatives 21% (+2) - YouGov for The Times and Sky News
Can PM Burnham move fast enough for voters? - New Statesman
Ukraine:
Europe scrambles for scarce Patriot interceptors to reinforce Ukraine's defences ahead of Russian winter assault - Politico
Company news:
Notable Gainers
+14.8% SHOE.LN (Shoe Zone) -- Trading has continued positively throughout July; Reaffirms FY guidance; intends to conduct a share buyback program
+13.5% AET.LN (Afentra) -- provides operational update on its offshore Angola portfolio
+9.7% IDIA.SW (Idorsia) -- acknowledges US's DEA proposal to reclassify dual orexin receptor antagonists to the lowest schedule - Schedule V
+8.0% TWEKA.NA (TKH Group) -- H1 adj. net income €56.6M vs FactSet €56.8M, reaffirms FY guidance; made good progress on the separation process to create two separate businesses for Automation and Electrification
+7.7% SEE.LN (Seeing Machines) -- FY Trading Update: adjusted EBITDA ($2.0M)-($3.0M) vs FactSet $4.2M [4 est, ($8.2)-17.6M]
+5.7% VLA.FP (Valneva) -- initiated buy at TD Cowen
+5.6% BELL.SW (Bell Food Group) -- H1 net income CHF55.4M vs FactSet CHF44.8M [2 est, CHF42.8-46.8M]
+5.5% UN0.GR (Uniper) -- H1 adj net income €388M vs year-ago €135M; narrows FY26 guidance
+4.4% ISS.DC (ISS) -- H1 operating profit before other items (excl. IAS 29) DKK 2.06B vs consensus DKK1.93B, reaffirms FY26 outlook, commences the second tranche of its share buyback program
+2.5% ONCIN.NO (Oncoinvent) -- announces publication of clinical dosimetry data for Radspherin in the Journal of Nuclear Medicine
+2.4% PAT.GR (Patrizia) -- H1 net income €14.7M vs year-ago €4.7M; confirms FY guidance
+2.6% COLO.B.DC (Coloplast) -- hold from sell at ABG Sundal Collier
+1.8% BWY.LN (Bellway) -- FY underlying operating profit is expected to be around £320M vs FactSet £322.3M [12 est, £304.5-327M]; the shares reversed initial falls+1.8% WAWI.NO (Wallenius Wilhelmsen) -- Q2 adj EBITDA $361M vs FactSet $342.0M [8 est, $308-372M]; reaffirms FY guidance
+1.5% JUN3.GR (Jungheinrich) -- final Q2 earnings as per prelim release: reports net income €47M vs FactSet €46.8M [2 est, €46.5-47M]
On earnings/updates: BGEO.LN (Lion Finance Group) and reversing initial falls NOEJ.GR (Norma Group), RCN.LN (Redcentric), STOR.B.SS (Storskogen Group)
Notable Decliners
-19.6% PNE3.GR (PNE) -- provides update on ongoing sales process
-9.1% TECN.SW (Tecan Group) -- H1 EPS CHF2.62 ex-items vs FactSet CHF2.51 [3 est, CHF2.41-2.65]; FY guidance confirmed
-6.3% CNE.LN (Capricorn) -- Alamadiyaf Al-Masiyyah confirms it does not intend to make an offer
-6.2% COK.GR (CANCOM) -- H1 EBITA €21.5M, +110.8% y/y
-6.0% GEN.LN (Genuit Group) -- H1 underlying EPS 10.5p vs FactSet 11.6p [1 est]; FY expectations unchanged
-5.6% SPX.LN (Spirax Group) -- H1 adj EPS 150.0p vs FactSet 145.9p [6 est, 140.5-150.2p]; On track to deliver FY guidance
-5.0% JLP.LN (Jubilee Metals Group) -- issues udpate strategic transaction to accelerate copper growth; will sell its Large Waste Project (LWP)
-3.5% MNG.LN (M&G) -- sell from neutral at UBS; sell from neutral at Goldman Sachs
-3.2% LGEN.LN (Legal & General Group) -- sell from neutral at UBS
-3.1% HSHP.NO (Himalaya Shipping) -- Q2 EPS $0.52 vs FactSet $0.54 [5 est, $0.49-0.58], July average time charter equivalent earnings of $51,200/day, gross
-2.1% SZG.GR (Salzgitter) -- Q2 results inline with prelim. earnings and reaffirms FY guidance
-1.4% IWG.LN (International Workplace Group) -- H1 adj EPS $0.05 vs year-ago $0.02; reiterating 2026 and mid-term EBITDA guidance
On earnings/updates: TEG.GR (TAG Immobilien), IHG.LN (InterContinental Hotels Group), DMP.GR (Dermapharm Holding), NHY.NO (Norsk Hydro), CEZ.CP (CEZ) and reversing initial gains RRTL.GR (RTL Group), ATYM.LN (Atalaya Mining)
EU companies reporting tomorrow:
Earnings:
Austria: Wienerberger (WIE.AV), DO & CO (DOC.AV)
Benelux: ABN AMRO Bank (ABN.NA), Envipco Holding (ENVI.NA), Shurgard Self Storage (SHUR.BB)
Denmark: Vestas Wind Systems (VWS.DC), Matas (MATAS.DC), Jeudan (JDAN.DC)
Finland: Sampo (SAMPO.FH), Alma Media (ALMA.FH), Citycon (CTY1S.FH), Raisio (RAIVV.FH), Taaleri (TAALA.FH), Sitowise Group (SITOWS.FH), Kamux (KAMUX.FH), Glaston (GLA1V.FH)
Germany: E.ON (EOAN.GR), Hannover Re (HNR1.GR), TUI Group (TUI1.GR), Brenntag (BNR.GR), TKMS (TKMS.GR), Bechtle (BC8.GR), Bilfinger (GBF.GR), Freenet (FNTN.GR), K+S (SDF.GR), Jenoptik (JEN.GR), Grand City Properties (GYC.GR), thyssenkrupp nucera (NCH2.GR), Douglas (DOU.GR), INDUS Holding (INH.GR), Formycon (FYB.GR), Medios (ILM1.GR), GESCO SE (GSC1.GR), Masterflex (MZX.GR), Bike24 Holding (BIKE.GR)
Norway: Wilh. Wilhelmsen Holding (WWI.NO)
Sweden: Haypp Group (HAYPP.SS), Ferronordic (FNM.SS), G5 Entertainment (G5EN.SS)
Switzerland: St. Galler Kantonalbank (SGKN.SW), Berner Kantonalbank (BEKN.SW)
UK: Balfour Beatty (BBY.LN), Hill & Smith (HILS.LN), Evoke (EVOK.LN)
Traffic: Flughafen Zürich (FHZN.SW)
CMD/Events: NoHo Partners (NOHO.FH)
Data:
Economics:
Netherlands Jul CPI +3.2% vs preliminary +3.1%
Italy Jun trade balance €4.23B vs consensus €4.74B, prior revised €4.95B from €4.79B
UK Jul LFL retail sales +1.0% vs consensus +1.5%, prior +1.7% - BRC
Markets:
WTI Crude (Sep 26): +$0.31 or +0.38% to $82.44
€-$ (0.0002) or (0.02%) to 1.1542
£-$ +0.0001 or +0.01% to 1.3507
€-£ (0.0002) to 0.8544
S&P 500 (0.13%)
Performance year-to-date:
FTSE 100: +9.19%
DAX: +7.76%
CAC: +6.94%
MIB: +19.49%
Stoxx 600: +11.54%
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