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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.29%, DAX +0.34%, CAC +0.18%

Aug 13 ,2026

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asia equities trading broadly higher Thursday. South Korea rallying, followed by sharp gains in Japan's Nikkei and Taiwan on the back of tech strength. Mainland China tracking moderate gains, Hong Kong marginally higher, while Australia lagging. US futures steadied in Asia following some earlier weakness in Nasdaq. Follows mostly higher performance in the cash session in a generally uneventful session consistent with the summer holiday period.

    • Overnight attention was concentrated on US CPI, where in-line headline metrics confirmed expectations of easing inflation pressure, dovetailing with earlier weak employment data. September Fed rate hike odds declined to 40%. Latest dollar strength essentially erased earlier selling pressure into the CPI release.

    • Back in Europe, in central banks, Norges Bank interest rate decision at 10:00CET. The benchmark interest rate is expected to be increased +25bps to 4.5%, though last month's slowing of core inflation has led some commentators to expect no change. The decision on the countercyclical capital buffer rate will be published at the same time. In politics, in the UK, there's the Clacton-on-Sea by-election. Reform UK Party's Farage looking to get re-elected in what he has termed 'people versus the establishment' vote. Whilst all the major parties, including the Conservatives, Labour and Liberal Democrats, have decided not to field a candidate, there are 34 names on the ballot paper - though independent candidate Abi Hookway has stated she will not be actively standing, with the previous record for a House of Commons seat being 28 candidates. Recent Survation poll showed Farage leading on 73% with Count Binface next on 20%. In Norway, there's the political party leaders debate at 19:40CET at Arendal Week, this will be televised on NRK

    • Macroeconomic data due today include: Switzerland Jul PPI, Spain Jul final CPI, Eurozone Jun industrial production, UK Q2 preliminary GDP, Jul house price balance - RICS, monthly GDP tracker - NIESR, Jun industrial/manufacturing production, trade balance, construction output, Ireland Jul CPI.

    • A busy earnings calendar dominated. In the DACH region, HelloFresh (HFG.GR) reported Q2 earnings and specified its FY guidance, while ThyssenKrupp (TKA.GR) narrowed its FY26 forecast. Freenet (FNTN.GR) confirmed guidance. RWE (RWE.GR) confirmed preliminary H1 numbers along with FY26 and FY27 guidance and long-term earnings outlook.

    • Out of the Nordics, Pandora (PNDORA.DC) released Q2 numbers and upgraded FY26 guidance yesterday evening. Embracer Group (EMBRAC.B.SS) posted Q2 earnings this morning. Zealand Pharma (ZEAL.DC) Q2 net income beat FactSet with FY26 financial guidance unchanged. DNO ASA (DNO.NO) and AutoStore Holdings (AUTO.NO) are also among the key names reporting. Maersk (MAERSK.B.DC) is also out with its half-year report. From the Netherlands, Adyen (ADYEN.NA) reported H1 earnings and commented on financial objectives.

    • In the UK, Antofagasta (ANTO.LN), Entain (ENT.LN), Savills (SVS.LN), Costain Group (COST.LN) and Rank Group (RNK.LN) are expected to release earnings today.

  • Politics/Macro/World News

    • How Russian attacks, European protectionism and drought are trapping Ukraine's vital grain - Politico

    • Rhine drought exposes 34-year delay in tackling major German bottleneck - FT

    • UK Jul house price balance (30%) vs consensus (31%) and prior revised (32%) from (33%) - RICS

  • Top company news

    • Earnings/updates

      • DACHs

        • HFG.GR (HelloFresh) -- reports Q2 adjusted EBITDA €120.6M vs consensus €121.5M; revenue performance in constant currency is trending towards the bottom end of the 2026 guidance range

        • TKA.GR (ThyssenKrupp) -- reports Q3 adj EBIT €183M vs consensus €207.0M; narrows FY26 forecast

        • FHZN.SW (Flughafen Zuerich) -- reports Jul traffic statistics

        • FNTN.GR (Freenet) -- reports Q2 Adjusted EBITDA €120.2M vs consensus €123.1M; guidance for 2026 financial year and financial targets for 2028 confirmed

        • SQN.SW (Swissquote Group Holding) -- reports H1 net income CHF153.6M vs FactSet CHF165.7M [4 est, CHF145-187M]; Lowers FY guidance, reaffirms 2028 target

        • WAC.GR (Wacker Neuson Group) -- confimrs prelim Q2/H1 eanrings and raised FY26 guidance as per 17-Jul update

        • RWE.GR (RWE) -- confirms preliminary H1 numbers along with FY26 and FY27 guidance and long-term earnings outlook

        • S92.GR (SMA Solar Technology) -- reports final Q2/H! earnings; improvement in sales and earnings expected in H2; reaffirms FY guidance

        • MLP.GR (MLP SE) -- confirms prelim Q2/H1 earnings and FY26 guidance and 2028 mid-term planning as per 29-Jul update

        • V1NC.GR (Vincorion SE) -- reports H1 net income attributable €16.9M vs year-ago €9.8M; expects FY at upper end of guidance ranges

        • SEM.AV (Semperit Holding) -- reports H1 EPS €1.39 vs year-ago (€0.54

        • HLAG.GR (Hapag-Lloyd) -- reports Q2 net income €71M vs FactSet €173.5M [3 est, €72.9-250M]

        • SIX2.GR (Sixt) -- reports Q2 net income €83.0M, +6% vs year-ago €78.4M; FY26 guidance confirmed

        • HHFA.GR (Hamburger Hafen und Logistik) -- reports H1 net income (€4.2M) vs year-ago €19.1M

      • Nordics

        • ZEAL.DC (Zealand Pharma) -- reports Q2 net income DKK3.92B vs FactSet DKK3.44B; FY26 financial guidance is unchanged

        • PNDORA.DC (Pandora) -- reports Q2 net income DKK875M vs consensus DKK634M; upgrades FY26 guidance

        • AUTO.NO (AutoStore Holdings) -- reports Q2 EPS $0.02 vs FactSet $0.01 [5 est, $0.01-0.01]

        • CTY1S.FH (Citycon) -- Oyj reports H1 EPRA EPS €0.14 ex-items vs year-ago €0.14

        • HAYPP.SS (Haypp Group) -- reports Q2 EPS SEK0.00 vs FactSet SEK0.50 [2 est, SEK0.31-0.70] (unclear if comparable)

        • MEKKO.FH (Marimekko) -- set new, medium-term (3-5 years) financial goals; reaffirms long-term financial goals

        • EMBRAC.B.SS (Embracer Group) -- reports Q1 Adjusted EPS SEK1.03 vs FactSet SEK0.32 [5 est, SEK0.17-0.41]

        • LUMO.FH (Lumo Homes) -- reports Q2 FFO €0.16 vs FactSet €0.16; FY outlook specified

        • DNO.NO (DNO ASA) -- reports Q2 net income $83.4M vs FactSet $130.8M [4 est, $75-165M]

        • MANTA.FH (Mandatum) -- reports Q2 EPS €0.13 vs FactSet €0.08 [5 est, €0.06-0.10]

        • RAY.B.SS (RaySearch Laboratories) -- reports Q2 EPS SEK0.57 vs FactSet SEK1.19 [2 est, SEK0.60-1.77]

        • ARCH.NO (Archer) -- reports Q2 net income $0.2M vs year-ago $2.0M

        • MORLD.NO (Moreld) -- reports Q2 EPS NOK0.76 vs year-ago NOK0.77

        • NETC.DC (Netcompany Group) raises FY Group revenue growth to between +16-20.5% vs prior +15-20%; keeps FY adj EBITDA margin guidance unchanged

      • France

        • VLA.FP (Valneva) -- reports H1 net income (€63.3M) vs year-ago (€20.8M); FY guidance reaffirmed

      • Benelux

        • FAST.NA (Fastned) -- reports H1 underlying net income (€15.1M) vs year-ago (€19.9M); increases FY26 operational EBITDA guidance

        • ADYEN.NA (Adyen) -- reports H1 EBITDA €641.5M vs FactSet €642.3M [17 est, €625-678.6M]; comments on financial objectives

    • M&A

      • BFIT.NA (Basic-Fit) -- Basic-fit completes acquisition of WELLYOU

    • Healthcare

      • PHARM.NA (Pharming Group) -- announces commercial launch of Joenja (leniolisib) in Japan for adult and pediatric patients with activated PI3K delta syndrome (APDS) aged 4 years and older

    • Other

      • SPM.IM (Saipem) -- announces ~$1.8B offshore contract in the Middle East

      • T0A.GR (Trulieve Cannabis) -- Transcript Intelligence: Trulieve Cannabis at Canaccord Genuity Growth Conference

      • AUTO.NO (AutoStore Holdings) -- enters into strategic supply agreement (without purchase commitments) with Amazon

        • authorizes share buyback of up to $75M

  • Key rating changes

    • Upgrades

      • SPX.LN (Spirax Group) -- to buy from hold at Panmure Liberum

      • TKMS.GR (TKMS AG & Co. KGaA) -- to outperform from market perform at Bernstein

      • JPMorgan upgrades AV.LN

    • Downgrades

      • UMG.NA (Universal Music Group) -- to reduce from hold at HSBC

      • PRY.IM (Prysmian) -- to market perform from outperform at Bernstein

      • LXS.GR (Lanxess) -- to sell from hold at Berenberg

      • JPMorgan downgrades LGEN.LN, MNG.LN

  • Data

    • Nikkei +1.72% to 68685.56

    • Hang Seng +0.17% to 25483.93

    • Shanghai Composite +0.50% to 3966.37

    • S&P futures +8.8 vs prior close of 7770.5

    • €-$ +0.0001 or +0.01% to 1.1526

    • $-¥ (0.06) or (0.04%) to 159.36

    • €-¥ (0.10) or (0.05%) to 183.63

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