European Equity Early Indications - 5th August 2026: earnings in focus, though stocks ex-energy are supported by the geopolitical developments
Q2
- Deutsche Post (DHL GY), +1%: Metrics higher Y/Y. Increased buyback to EUR 6.5bln (prev. 0.5bln), extended through 2027. Raises FY guidance.
- Fresenius SE (FRE GY), +3.4%: Revenue & core EPS beat. FY EPS guidance raised.
- Heineken (HEIA NA), +1.5%: Revenue and organic volumes beat. Backs FY profit view. All five global brands delivered growth in the period.
- Novo Nordisk (NOVOB DC), +1.5%: Revenue, adj. EBIT beat. Wegovy sales miss. Sales performance negatively impacted by a rebate provision reversal and non-cash impairments. Raises FY sales guidance. Wegovy pill continues its uptake in the US.
Q3
- Infineon (IFX GY), -3%: Revenue beat, Net & Segment miss. Record sales, driven by strong AI performance with significant increases in revenue & margin seen in Q4.
- Siemens Energy (ENR GY), +3%: Revenue & Orders beat. Confirms FY guidance.
H1
- Vonovia (VNA GY): adj. EBITDA higher Y/Y. Confirms guidance.
- Schaeffler (SHA0 GY): Revenue lower Y/Y, adj. EBIT higher. Confirms guidance. Expanding retirement arrangements in Germany, 1.3k expected to accept.
- Sandoz (SDZ SW): Revenue in-line, adj. EPS and EBITDA higher Y/Y. Confirms FY guidance.
- Glencore (GLEN LN), +0.5%: Revenue higher Y/Y, adj. EBITDA beat. Additional shareholder returns of c. USD 1.5bln, comprising a USD 8.5/shr special cash distribution and USD 500mln buyback. Intends to apply for a secondary listing on the ASX.
Non-earnings
- EQT (EQT SS): Co. backed EdgeConneX is reportedly in early discussions to raise as much as USD 4bln of debt for a data centre project in Texas, Bloomberg reports
- Allianz (ALV GY): Allianz GI has agreed to buy UOB's (UOB SP) asset management division for SGD 555mln.
% following the name/ticker is the pre-market indication for that stock, via Tradegate.
A standard European pre-market indications sheet ahead of a heavy reporting slate, with the mix spanning logistics, healthcare, consumer, semis, capital goods and miners. The notable feature is the skew toward capital returns: DHL's sharply enlarged buyback and Glencore's special distribution plus buyback follow a familiar pattern in this cycle, where cash-generative large caps meeting or beating estimates have paired results with returns rather than reinvestment, and stocks so announced have tended to hold gains through the open. Novo Nordisk's split print, headline beat against a Wegovy miss, is the recurring case distinction in that name: the market has repeatedly priced the obesity franchise's trajectory over group numbers, so guidance language and pill uptake commentary typically matter more than the quarter itself. Infineon's softer indication despite record AI-driven sales fits the established semiconductor pattern of prints being judged on the forward segment margin rather than trailing revenue. The non-earnings items, EQT-backed data centre debt raising and Allianz's bolt-on in Asian asset management, are continuation of two known themes: private capital funding AI infrastructure and European financials buying fee income abroad. What carries through the session is whether the earnings strength broadens beyond the buyback names, and whether the geopolitical support flagged for ex-energy stocks survives the US cash open, which in comparable sessions has been the point where Europe's early tone is either confirmed or faded.