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StreetAccount Summary - EU Market Recap: FTSE 100 +0.04% to 10748.16, DAX (0.42%) to 25983.04, CAC40 (0.57%) to 8453.09, STOXX 600 (0.12%) to 650.35

Aug 20 ,2026

  • Synopsis:

    • European equity markets closed mixed with France the leading underperformer (0.5%) and Finland topping outperformers +0.7%. Energy, utilities and food and beverage led outperforming sectors whilst retail, telecom and personal and household goods lagged. Stoxx 600 headed to the seventh daily decline in a row, down ~1% on the week. Follows mixed performance on Wednesday.

    • US-Iran development an ongoing influence due to energy dynamics. Trump announced "unprecedented" economic pressure campaign against Iran but did not go in specifics.

    • On the macro calendar, Riksbank left policy unchanged at 1.75% as expected but left door open to a hike later this year. Swiss trade surplus hit record high. German PPI for July 1.1% m/m versus 0.7% expected but ex-energy, monthly read was flat. CBI Industrial Trends survey saw improvement in UK manufacturing sector. French bond auctions saw good demand.

    • In corporate news, Aegon (AGN.NA) reported better-than-expected H1 earnings and reaffirmed its 2026 targets; Novonesis (NSIS.B.DC) reported Q2 earnings with strong organic growth, raised guidance for 2026, and approved share buyback program of up to €1B. In the UK, Standard Life (SDLF.LN) announced a major strategic partnership with CVC, Prudential Financial and Goldman Sachs to expand its Pension Risk Transfer business with up to £2B in capital commitments. JD Sports Fashion (JD.LN) trimmed its FY27 profit guidance to £700-800M, citing weak like-for-like sales. Ashtead Technology (AT.LN) issued a profit warning, guiding revenues and EBITA ~ 5-15% below consensus, respectively, due to Middle East conflict and broader project delays. Elsewhere, Mayr-Melnhof Karton (MMK.AV) and Orkla (ORK.NO) both reported broadly in line results.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +0.91%, Utilities +0.47%, Food & Beverage +0.27%, Real Estate +0.26%, Health Care +0.16%, Chemicals +0.08%, Basic Resources (0.07%), Banks (0.11%)

      • Underperformers:

        • Retail (1.02%), Telecom (0.97%), Persnl & HHold Goods (0.68%), Travel & Leisure (0.57%), Insurance (0.48%), Ind Goods & Svcs (0.40%), Financial Svcs (0.25%), Media (0.23%), Technology (0.20%), Construct & Mtls (0.17%), Autos & Parts (0.14%)

    • Macro:

      • Geopolitics

        • Trump threatens Iran's trade partners, as military strikes make way for economic pressure - The Guardian

        • Israeli warns Turkey against 'dangerous adventures' in Syria; Syria says no Turkish build-up planned - Reuters

      • Central Banks

        • Sweden's Riksbank Holds Rate and Restates Chance of Hike This Year - Bloomberg

      • EU

        • China hits out at EU probe into JD.com bid for German retailer - FT

      • UK

        • Healey 'risks £11bn Budget black hole' from Iran war - The Telegraph

        • Nearly nine in 10 leasehold flats still on the market after six months - FT

      • France

        • Bond Investors Choose Italy Over France as Elections Loom -Bloomberg

        • Rising unemployment rate scuppers Macron's pledge to achieve full employment - Le Monde

      • Germany

        • Which parties in eastern Germany are ahead according to polls - Handelsblatt

        • Ifo boss Fuest calls on government to act - Handelsblatt

      • Norway

        • Norway Readies for More US Tariffs After Trade Talks in DC - Bloomberg

    • Company news:

      • Notable Gainers

        • +31.0% ALCLA.FP (Claranova €0.80, +0.19) -- strategic distribution agreement with Vertosoft

        • +22.8% CBRAIN.DC (cBrain DKK67.40, +12.50) -- earnings

        • +11.6% CAPD.LN (Capital £1.20, +0.13) -- earnings

        • +11.4% TRMED.NO (Thor Medical NOK6.37, +0.65) -- initiated buy at ABG Sundal Collier

        • +10.7% KAR.SS (Karnov Group SEK80.00, +7.70) -- earnings

        • +10.2% STX.LN (Shield Therapeutics £0.05, -0.00) -- earnings

        • +10.1% MVIR.SS (Medivir SEK1.86, +0.17) -- earnings

        • +9.6% NSIS.B.DC (Novonesis DKK452.30, +39.80) -- earnings; €1B share buyback

        • +9.0% F85.GR (Contango Silver & Gold, Inc. €17.14, +1.42)

        • +7.3% ACE.SS (Ascelia Pharma SEK0.59, +0.04) -- earnings

        • +6.9% BURE.SS (Bure Equity SEK289.60, +18.60) -- earnings

        • +6.8% TYRES.FH (Nokian Renkaat €15.83, +1.01) -- JPMorgan upgrade

        • +6.6% DIM.FP (Sartorius Stedim Biotech €195.00, +12.10) -- UBS upgrade

        • +6.1% SRT3.GR (Sartorius €248.90, +14.20) -- UBS upgrade

        • +5.1% DECB.BB (Deceuninck €2.35, +0.12) -- earnings

        • +4.8% OLE.SM (Deoleo €0.48, +0.02) -- earnings

        • +4.4% SGG.SS (Sensys Gatso Group SEK44.30, +1.85) -- earnings

        • +3.7% KIN.BB (Kinepolis Group €44.35, +1.60) -- earnings

        • +3.3% BIOPOR.DC (BioPorto DKK1.25, +0.04) -- earnings

        • +3.2% DOCM.SW (DocMorris CHF10.32, +0.32)

        • +3.2% B2I.NO (B2 Impact NOK25.80, +0.80) -- earnings

        • +2.7% ACTI.SS (Active Biotech SEK5.30, +0.14) -- earnings

        • +2.7% AXFO.SS (Axfood SEK243.40, +6.30) -- Danske Bank upgrade

        • +2.4% BTLS.BB (Biotalys €2.75, +0.06) -- earnings

        • +2.2% SKA.B.SS (Skanska SEK268.20, +5.90) -- contract

        • +2.1% JYSK.DC (Jyske Bank DKK1,062.00, +22.00) -- SEB upgrade

        • +1.5% MINEST.SS (Minesto SEK1.78, +0.03) -- earnings

      • Notable Decliners

        • -18.3% NORSE.NO (Norse Atlantic NOK0.31, -0.07) -- earnings

        • -16.5% AT.LN (Ashtead Technology Holdings £3.58, -0.71) -- trading update; lowers FY guidance

        • -14.3% JD.LN (JD Sports Fashion £0.80, -0.13) -- trading update

        • -11.9% HAUTO.NO (Höegh Autoliners NOK169.50, -22.80) -- earnings

        • -10.5% GN.DC (GN Store Nord DKK90.20, -10.55) -- earnings

        • -10.5% WSTEP.NO (Webstep $14.10, -1.65) -- earnings

        • -9.9% SYNACT.SS (SynAct Pharma SEK19.32, -2.13) -- earnings

        • -9.0% TRN.LN (Trainline £1.90, -0.19)

        • -7.4% IDEX.NO (IDEX Biometrics NOK7.50, -0.60) -- earnings

        • -6.7% ORK.NO (Orkla NOK96.30, -6.90) -- earnings

        • -5.4% TNIE.GR (tonies €11.64, -0.66) -- earnings

        • -5.3% MMK.AV (Mayr-Melnhof Karton €76.50, -4.30) -- earnings

        • -5.3% NANOFH.FH (Nanoform Finland €0.91, -0.05) -- earnings

        • -5.0% ARYN.SW (Aryzta CHF42.45, -2.25) -- UBS downgrade

        • -4.8% HAS.LN (Hays Plc £0.68, -0.03) -- earnings

        • -4.7% UQA.AV (UNIQA Insurance Group €17.16, -0.84) -- earnings

        • -4.5% VISTN.NO (Vistin Pharma NOK19.30, -0.90) -- earnings

        • -4.4% GREAT.SS (Greater Than SEK9.66, -0.44) -- earnings

        • -4.2% CAT.B.SS (Catella SEK18.50, -0.82) -- earnings

        • -3.5% GUBRA.DC (Gubra A/S DKK381.00, -14.00) -- earnings

        • -3.4% FG.SS (Fasadgruppen Group SEK19.90, -0.70) -- earnings

        • -3.3% IR5B.ID (Irish Continental Group €7.02, -0.24) -- earnings; update on proxy votes

        • -3.1% SAX.GR (Stroeer SE & Co. KGaA €39.00, -1.26) -- Kepler Cheuvreux downgrade

        • -3.0% NKR.NO (Nekkar NOK14.35, -0.45) -- earnings

        • -2.9% TCM.DC (TCM Group DKK67.80, -2.00) -- earnings

        • -2.9% AGN.NA (Aegon €7.80, -0.23) -- earnings; CFO to step down

        • -2.3% SOLB.BB (Solvay €25.26, -0.60) -- Kepler Cheuvreux downgrade

        • -2.3% NORCO.NO (Norconsult NOK37.60, -0.90) -- earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: What's Cooking Group (WHATS.BB), Roularta Media Group (ROU.BB)

        • Denmark: Copenhagen Airports (KBHL.DC), Bavarian Nordic (BAVA.DC)

        • Finland: Apetit (APETIT.FH), Modulight (MODU.FH)

        • Germany: Lang & Schwarz (LUS1.GR)

        • Norway: Scatec (SCATC.NO), Arendals Fossekompani (AFK.NO), Akastor (AKAST.NO), Zalaris (ZAL.NO), Otello Corp. (OTEC.NO), ALNG (ALNG.NO), Hofseth BioCare (HBC.NO)

        • Sweden: NIBE Industrier (NIBE.B.SS), Synsam (SYNSAM.SS), Egetis Therapeutics (EGTX.SS), Vicore Pharma Holding (VICO.SS), Implantica (IMP.A.SS), SaltX Technology Holding (SALT.B.SS), Paxman (PAX.SS), I-Tech (ITECH.SS), Pierce Group (PIERCE.SS), Duroc (DURC.B.SS)

        • Switzerland: Siegfried Holding (SFZN.SW), Vetropack Holding (VETN.SW)

        • UK: Kazatomprom (KAP.LN), Hunting (HTG.LN)

      • CMD/Events: Rockwool (ROCK.B.DC) - CEO, CFO and IR meeting at DNB Carnegie, Marshalls (MSLH.LN) - leadership team live interactive presentation on the Engage Investor platform at 9:00BST (registration link), Netel (NETEL.SS) and Infrea (INFREA.SS) EGMs to vote on proposed merger

  • Data:

    • Economics:

      • Netherlands Jul Unemployment Rate 4.0% vs consensus 3.9% and prior 3.8%

      • Germany Jul PPI +3.0% y/y vs consensus +2.7% and prior +1.8%

      • Denmark Q2 Preliminary GDP +4.6% y/y vs consensus +4.6% and prior +6.2%

      • Switzerland Jul Trade Balance CHF8.73B vs prior CHF5.05B revised from CHF5.22B

      • July Swiss Watch Exports +9.6% to CHF 2.63B

      • Eurozone Jun Construction Output (0.7%) y/y consensus +0.6% and prior revised +0.7% from +1.2%

    • Markets:

      • WTI Crude (Sep 26): +$2.20 or +2.56% to $88.03

      • €-$ +0.0000 or +0.00% to 1.1680

      • £-$ +0.0031 or +0.23% to 1.3638

      • €-£ (0.0019) to 0.8566

      • S&P 500 (0.39%)

      • Performance year-to-date

        • FTSE 100: +8.22%

        • DAX: +6.09%

        • CAC: +3.73%

        • MIB: +17.18%

        • Stoxx 600: +9.82%

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