Aug 19 ,2026
Synopsis:
European equity markets closed mostly mixed to lower, with FTSE100 faring better. Follows Tuesday's weaker close. Basic resources, healthcare, chemicals, and autos the best performers; banks, insurance, and utitlities main laggards.
Speaking at the WEF International Business Council, ECB President Lagarde highlighted that energy costs for European industry are more than twice as high as in the US and ~50% higher than in China, following the loss of cheap Russian energy. Stressed need for stronger domestic demand, reduce market fragmentation and boost investment in AI and innovation. In UK, PM Burnham said Chancellor Healey will give major speech on government's economic agenda next month. Meanwhile, economists warned on need for cautious UK fiscal policy amid bond market volatility.
On the macro calendar, Eurozone final CPI unchanged from flash at 2.9% y/y, core 2.5% y/y. Earlier, UK inflation accelerated in July, as expected. Headline CPI at 2.9% y/y versus consensus 2.9% and prior 2.6%, while core inflation at 2.6% versus 2.5% forecast and prior 2.6% and services prices met expectations with 3.4% reading from prior 3.6%. It was the highest headline inflation rate since March. Survey from UK HR data provider Brightmine showed pay growth easing to 10 month low.
In earnings news, Carlsberg (CARL.B.DC) reported solid H1 earnings and narrowed its FY operating profit growth guidance to the upper end of its range, while FLSmidth (FLS.DC) also issued a positive Q2 update and upgraded its FY margin and organic revenue outlook. In Benelux, ASR Nederland (ASRNL.NA) beat H1consensus estimates and raised its interim dividend by 9.4%. In DACHs, Geberit (GEBN.SW) and Straumann (STMN.SW) both posted beats, with Geberit guiding 5-6% FY sales growth and Straumann reaffirming its upgraded profitability outlook. Sunrise Communications (SUNN.SW) beat Q2 and reconfirmed FY guidance. In the UK, Ithaca Energy (ITH.LN) provided upbeat interim update, lowered cost guidance and upgraded shareholder return targets, with the Rosebank project on track for first production in H1 2027.
On the M&A newsflow, IlSole24Ore reported that Banca Monte dei Paschi di Siena (BMPS.IM) CEO Lovaglio is considering a dual bids for Banco BPM (BAMI.IM), Banca Generali (BGN.IM) to counter Intesa Sanpaolo (ISP.IM) exchange offer, with board meeting called for tomorrow morning. Elsewhere, Ridgeview Partners made a recommended 448p/share in cash offer to acquire Pinewood Technologies Group (PINE.LN), valuing the company ~£545M on a fully diluted basis.
Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany Jul PPI, Eurozone Jun construction output, UK Aug industrial trends orders - CBI, and Switzerland Jul trade balance (monthly watch stats).
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +3.30%, Health Care +1.35%, Chemicals +1.09%, Autos & Parts +1.08%, Retail +0.94%, Construct & Mtls +0.83%, Persnl & HHold Goods +0.56%, Oil & Gas +0.54%, Telecom +0.37%, Real Estate +0.08%, Food & Beverage +0.07%, Travel & Leisure +0.06%, Financial Svcs +0.02%, Media +0.01%
Underperformers:
Banks (1.50%), Insurance (1.14%), Utilities (1.10%), Technology (0.62%), Ind Goods & Svcs (0.48%)
Macro:
Company news:
Notable Gainers
+24.7% SUS.SS (Surgical Science Sweden SEK48.24, +9.66) -- earnings
+16.4% BOUV.NO (Bouvet NOK48.60, +7.10) -- earnings
+13.7% PION.B.SS (PION Group SEK6.44, +0.80) -- earnings
+13.5% AMBEA.SS (Ambea AB SEK165.50, +19.70) -- earnings
+13.4% ONT.LN (Oxford Nanopore Technologies £1.38, +0.16) -- earnings
+13.2% BICO.SS (BICO Group SEK19.24, +2.20) -- earnings; CEO steps down
+9.2% EBUS.NA (Ebusco Holding €0.25, +0.02) -- Equity invests 6M
+7.4% GEBN.SW (Geberit CHF569.00, +39.20) -- earnings
+7.3% SYNACT.SS (SynAct Pharma SEK22.00, +1.45) -- first commercial agreementon resomelagon for treatment of dengue in Brazil
+6.4% LLBN.SW (Liechtensteinische Landesbank CHF115.40, +7.00) -- earnings
+6.3% IMPN.SW (Implenia CHF67.30, +4.00) -- earnings
+6.3% FLS.DC (FLSmidth & Co. DKK524.50, +31.30) -- earnings
+5.8% DR0.GR (Deutsche Rohstoff €98.50, +5.40) -- earnings
+5.7% KMR.LN (Kenmare Resources £2.08, +0.11) -- earnings
+5.5% NANO.LN (Nanoco Group £0.03, -0.00) -- trading update
+4.8% BEWI.NO (Bewi ASA NOK22.00, +1.00) -- earnings
+4.3% EVS.BB (EVS Broadcast Equipment €29.25, +1.20) -- earnings
+3.6% FLU.AV (Flughafen Wien €52.20, +1.80) -- earnings
+3.4% NOBA.SS (NOBA Bank Group SEK89.80, +3.00) -- target up at Goldman Sachs
+2.6% CANTA.SS (Cantargia SEK1.75, +0.04) -- earnings
+2.5% ITH.LN (Ithaca Energy £2.59, +0.06) -- earnings
+2.5% SEDANA.SS (Sedana Medical SEK10.60, +0.26) -- FDA NDA acceptance for review
+1.8% SLR.SM (Solaria Energia €17.10, +0.29) -- BofA upgrade
Notable Decliners
-23.0% XSPRAY.SS (Xspray Pharma SEK10.88, -3.16) -- receives CRL from FDA for Dasynoc
-18.8% AVTX.NA (Avantium €5.82, -1.32) -- earnings; funding update
-13.8% TRN.LN (Trainline £2.04, -0.34) -- CMA investigation
-10.9% PFSE.GR (PFISTERER Holding €73.00, -8.50) -- earnings
-8.2% IDUN.B.SS (Idun Industrier SEK313.00, -28.00) -- earnings
-6.7% ALFEN.NA (Alfen €12.73, -0.92) -- earnings
-5.6% EG7.SS (Enad Global 7 SEK18.94, -1.12) -- earnings
-5.0% ROCK.B.DC (Rockwool DKK207.20, -11.20) -- earnings; raises FY revenue growth
-4.7% ULTP.LN (Ultimate Products £0.54, -0.03) -- trading update
-4.7% EMMN.SW (Emmi CHF842.00, -41.00) -- earnings
-3.9% SN.LN (Smith & Nephew £10.75, -0.43) -- CFO steps down
-3.9% FACC.AV (FACC €16.20, -0.66) -- earnings
-3.8% ODL.NO (Odfjell Drilling NOK92.80, -3.60) -- Fearnley downgrade
-3.8% DOFG.NO (DOF Group NOK132.90, -5.30) -- earnings
-3.4% BCHN.SW (Burckhardt Compression Holding CHF501.00, -17.50) -- restructuring measures
-3.3% HLUN.B.DC (H. Lundbeck DKK42.50, -1.44) -- earnings; Lundbeckfond Invest launches a voluntary exchange offer to eligible A-shareholders in H. Lundbeck
-2.8% IRLAB.A.SS (IRLAB Therapeutics SEK1.70, -0.05) -- drug candidate IRL757 receives WHO generic name Linepemat
-2.7% NONG.NO (SpareBank 1 Nord-Norge NOK165.02, -4.58) -- SEB downgrade ( 18-Aug, timing uncertain)
-2.5% FRACTL.SS (Fractal Gaming Group SEK14.30, -0.36) -- earnings
-2.4% STMN.SW (Straumann Holding CHF96.30, -2.44) -- earnings
-2.3% SAFE.LN (Safestore Holdings £5.90, -0.14) -- Deutsche Bank downgrade
-2.2% AUSS.NO (Austevoll Seafood NOK83.00, -1.90) -- earnings
-2.1% CARL.B.DC (Carlsberg DKK873.80, -19.20) -- earnings
-2.0% LINK.NO (LINK Mobility Group Holding NOK25.96, -0.54) -- earnings
EU companies reporting tomorrow:
Earnings:
Austria: UNIQA Insurance Group (UQA.AV), Mayr-Melnhof Karton (MMK.AV), SBO (SBO.AV)
Belgium: Kinepolis Group (KIN.BB), Deceuninck (DECB.BB), Biotalys (BTLS.BB)
Denmark: Novonesis (NSIS.B.DC), ALK-Abello (ALK.B.DC), GN Store Nord (GN.DC), Gubra (GUBRA.DC), SP Group (SPG.DC), Columbus (COLUM.DC), cBrain (CBRAIN.DC), North Media (NORTHM.DC), TCM Group (TCM.DC), BioPorto (BIOPOR.DC)
Finland: Nanoform Finland (NANOFH.FH), Rapala VMC (RAP1V.FH)
Germany: CTS Eventim (EVD.GR), tonies (TNIE.GR), Nabaltec (NTG.GR), NFON (NFN.GR)
Netherlands: Aegon (AGN.NA)
Norway: Höegh Autoliners (HAUTO.NO), Odfjell (ODF.NO), Orkla (ORK.NO), Endur (ENDUR.NO), Kid (KID.NO), Panoro Energy (PEN.NO), Nekkar (NKR.NO), Norse Atlantic (NORSE.NO), Vistin Pharma (VISTN.NO), IDEX Biometrics (IDEX.NO), Webstep (WSTEP.NO), Atlantic Sapphire (ASA.NO), Norconsult (NORCO.NO), B2 Impact (B2I.NO)
Sweden: Holmen (HOLM.B.SS), Hufvudstaden (HUFV.A.SS), Bure Equity (BURE.SS), Attendo (ATT.SS), New Wave Group (NEWA.B.SS), Karnov Group (KAR.SS), Better Collective (BETCO.SS), Viva Wine Group (VIVA.SS), Fasadgruppen Group (FG.SS), Catella (CAT.B.SS), Medivir (MVIR.SS), SynAct Pharma (SYNACT.SS), Minesto (MINEST.SS), Sensys Gatso Group (SGG.SS), Mendus (IMMU.SS), Greater Than (GREAT.SS), Starbreeze (STAR.B.SS), Active Biotech (ACTI.SS), Ascelia Pharma (ACE.SS)
Switzerland: Banque Cantonale Vaudoise (BCVN.SW), Swiss Prime Site (SPSN.SW)
UK: Hays (HAS.LN), Capital (CAPD.LN)
Trading Update:
UK: JD Sports Fashion (JD.LN)
Data:
Economics:
Eurozone Jul CPI +2.9% y/y vs preliminary +2.9%
UK Jul
CPI +2.9% y/y vs consensus +2.9% and prior +2.6%
Output PPI +3.1% y/y vs consensus +3.2% and prior +3.5%
Switzerland Q2 Industrial Production +5.5% y/y vs consensus (4.7%) and prior revised (7.6%) from (7.1%)
Markets:
WTI Crude (26-Sep): +$1.51 or +1.78% to $86.45
€-$ +0.0092 or +0.79% to 1.1669
£-$ +0.0078 or +0.58% to 1.3611
€-£ +0.0018 to 0.8574
S&P 500 +0.42%
Performance year-to-date:
FTSE 100: +8.18%
DAX: +6.54%
CAC: +4.32%
MIB: +17.07%
Stoxx 600: +9.96%
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